Wednesday 20th December 2017

Bid to Pass 2018 Budget Before Year End Suffers Setback Senate pillories MDAs for poor budget defence, tackles Adeosun Damilola Oyedele in Abuja Efforts by the executive to get the legislature to pass the 2018 Appropriation Bill before the end of the year has suffered a setback at the Senate. The defeat followed

arguments by senators at the resumption of plenary yesterday that the ongoing budgetary process was flawed and reflected a lack of preparedness by the executive

arm of government. The executive had pushed to restore the budget calendar year to January-December, instead of the current practice where the lifespan of a budget

commences in the middle of the year. Though the 2017 budget was signed into law in June, the executive pushed ahead with its plan to ensure the

commencement of the 2018 budget in January 2018. But the attempt appeared to be futile, as President Muhammadu Buhari did not submit the budget estimates

INEC Under Pressure to Register 80 More Parties… Page 51

to the National Assembly until November 7. Irrespective, Buhari had met with Senate President Bukola Saraki, Speaker of the House of Representatives and other principal officers Continued on page 8

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Count Me out of Being Your Running Mate in 2019, Deputy Governor Tells Ganduje… Page 50

Presidency: $1bn from ECA Not Meant Solely to Fight Insurgency Fayose drags FG, governors to court over approval Decision was based on precedent under Jonathan, says Yari Insists state assemblies will back resolution Omololu Ogunmade and Alex Enumah in Abuja The controversy over the nod given by governors under the aegis of Nigeria Governors’ Forum (NGF) to withdraw $1 billion from the Excess Crude Account (ECA) to fight the insurgency in the North-east took another turn yesterday, when Vice-President Yemi Osinbajo clarified that the

$1 billion was not solely earmarked for the fight against Boko Haram, but to tackle security challenges nationwide. Osinbajo’s clarification came just as Ekiti State governor, Ayodele Fayose, said he had dragged the federal government and the NGF to court over the matter. Continued on page 8

Culprits of Ikoyi Billions Saga Won’t Go Unpunished, Buhari Vows Omololu Ogunmade in Abuja All individuals found culpable in the Osborne Towers scandal will not go unpunished, President Muhammadu Buhari reiterated yesterday in Abuja. The president, according to a statement by his spokesman, Mr. Femi Adesina, made the promise while receiving the report of the presidential panel mandated to review

the operational, technical and administrative structures of the National Intelligence Agency (NIA). The statement said Buhari described the discovery of monies in the different currencies amounting to about $43.4 million in a flat at Osborne Towers, Ikoyi, Lagos last April, as an ‘‘unfortunate incident which rightly aroused Continued on page 8

HAILING SARAKI @ 55… President of the Senate, Dr. Abubakar Bukola Saraki (second right), sharing his birthday cake with his deputy, Senator Ike Ekweremadu (second left); Senate Minority Whip, Senator Philip Aduda (left); Leader of the Senate, Sen. Ahmad Lawan (right); and his aides, when Saraki celebrated his 55th birthday in the Senate in Abuja… yesterday

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PAGE EIGHT PRESIDENCY: $1BN FROM ECA NOT MEANT SOLELY TO FIGHT INSURGENCY The vice-president, who community policing, and all of Fayose Heads to Court the agenda for the meeting. spoke at the opening of the Secretary to the Government of the Federation and Secretaries to State Governments’ retreat in Abuja, said the $1 billion approved by the governors was meant to fight all forms of security challenges facing various states in the country. He said the money from the ECA would be used to tackle security challenges such as Boko Haram in the Northeast, kidnapping, small arms trafficking, cattle rustling, and clashes between herdsmen and farmers. According to Osinbajo, “It was on account of the security summit that the governors under the NGF decided that they would vote a certain sum of money, which has become somewhat controversial. “The $1billion is meant to assist the security architecture of the country. It is to cater to all of the issues in the states, including policing in the states,

the different security challenges that we have. “It was after the security summit that the governors’ forum met across party lines, and I must add that this is what is needed to be done to shore up our security architecture.� At the end of the last week’s meeting of the National Economic Council, the governor of Edo State, Godwin Obaseki, had made public the approval given by the governors to the federal government to withdraw the $1 billion from the ECA to fight the insurgency. But the decision has stirred up a lot of criticism, especially from the opposition Peoples Democratic Party (PDP), which claimed that the reason given for the withdrawal was a ploy to deceive Nigerians. PDP also alleged that the $1 billion was going to be used by the ruling All Progressives Congress (APC) to fund its campaigns for the 2019 elections.

But even as the presidency moved to do some damage control, the Ekiti State governor announced yesterday that he had dragged the federal government and the NGF to court over the matter. Fayose, who disclosed this to State House correspondents after a meeting of the NGF and Conference of Speakers of State Houses of Assembly at the State House, Abuja, said he filed the case in court yesterday at exactly noon. The meeting of state governors and speakers of the state assemblies was convened to discuss the amendments to the 1999 Constitution as presented to the assemblies by the federal legislature. Fayose, however, said he did not have the opportunity to express his objection to the decision before all the governors yesterday, because the matter was not listed on

the Peoples Democratic Party (PDP), but personal, pointing out that the matter had not been considered at all by the PDP, nor was he part of the NGF meeting where the decision was taken. “I’m not in support of the $1 billion and will never be in support. In my state, we have agreed to go to court to contest this. It is our legitimate right. All accruals to the federation must be shared by the three tiers of government and for me to get justice, I have to go to court. “The issue was not discussed at all. But for me, I have taken appropriate steps because the money belongs to Ekiti people not for any other use. But I am speaking for Ayo Fayose. “With the PDP and other stakeholders, we have not met. I did not attend the meeting (last week). Even if I was part of the meeting, I would have made it expressly clear that I will not support it. Every state

has its own peculiarities in terms of security. “Ekiti State has ‘hunger haram’ where hunger is afflicting people everywhere. A lot of people are being kidnapped daily. Whatever is in that money, as far as I am concerned, we should share it. “Let everybody go and solve his own problem. I have challenges and they should give me my money. It is Ekiti’s money,� he stressed. Also addressing reporters on the issue NGF chairman, Abdulaziz Yari, said Fayose had the right to protest against the decision because democracy gives room for agitation. According to him, the matter was discussed at the meeting of the NGF in November this year, also revealing that the meeting was attended by 32 of the 36 governors and there was no single dissenting voice to the decision.

any intelligence agency, which must by nature be conducted in secrecy. “Suffice it for me to assure all that justice will be done consistent with our anti-corruption policies,� the president was quoted as saying. Buhari, while commending the Presidential Review Panel on the NIA led by Kingibe, a former Minister of Foreign Affairs, for expeditious completion of its assignment,

expressed hope that the recommendations of the panel and those of the Osinbajo-led committee would assist the government in improving the operations of NIA and the overall national security architecture. “Your panel’s recommendation, informed as it is, by your collective experience and expertise in this field, should in particular help to reposition the NIA to better

perform its vital functions with greater professionalism. “The Osborne Tower incident and its aftermath have also brought to the fore the need to review the entire national security architecture, which has now been in operation as established 31 years ago. “Once again, I thank you very much for undertaking this national assignment,� the president was quoted to have informed the panel.

it had become obvious that the budget could not be passed this year. Saraki noted that the lawmakers are not “magicians�, adding that the executive needs to get down to work. “Truly, it is very disheartening and disappointing, for myself and a lot of us in the leadership, when we hear about your various experiences, because we know how much pressure we put you under to try and see that the budget is passed by the end of the year. “For example, how can anybody in the executive be so irresponsible to pick this time to travel when they had all the time to travel, and when they had poor presentations on some of their budgets?� Saraki queried. He further observed that there was an assumption that the 2017 capital budget would be implemented by 50 percent, saying this was unacceptable. “This makes it very difficult. We cannot turn into magicians. All I can do is to just continue to appeal to you to work with what you have. Let us ensure that we do our best to ensure that we have a budget that is in the best interests of Nigerians. “The simplest one is the issue of rolling over of projects. If the 2017 capital projects are not being rolled over to 2018, then that is a disaster. And it means that most of them, like I keep on saying, are misrepresenting their actual figures to the leadership of the executive,� Saraki added. Despite the concern expressed by the Senate over the poor implementation of the capital component of the 2017 budget and poor budget defence by the MDAs, the Minister of Finance, Mrs. Kemi Adeosun said yesterday that at least 50 per cent of the funds

for the capital component for this year had been released. This, she said, followed last week’s release of the second tranche of N750 billion after the initial N450 billion released at the end of October. Adeosun addressed the issue when she appeared before Senate Committee on Finance to defend her ministry’s 2018 budget estimates. “Many of those MDAs that are recording low releases, if you call them today, they would confirm that their accounts have been credited to bring them up to an average of 50 per cent, which was the plan. “Some ministries are slightly below while some are slightly above the 50 per cent general target, which considering the fact that the budget was passed in May and to be at 50 per cent (capital implementation) by December, is running pari pasu. That was the thinking,� Adeosun said. The minister said the plan to rollover partially executed projects to the 2018 budget was still in place and if done properly, there will be a seamless transition. “It is the rollover that we all have to make sure that it is done properly so that projects that have been done halfway can be completed. As you have said, the rollover is very critical,� she added. The chairman of the committee, Senator John Owan Enoh called for a more pragmatic approach to the restoration of the budget calendar to January-December, particularly as the 2017 budget was only six months old. “If we get it (2018 budget) passed in March, we would have reduced it by three months. Then in 2019, we can also reduce it further, but you want to clear it up in six months,� he said. Another member of the

committee, Senator Yahaya Bello (Kebbi, APC) said the executive was not doing justice to Nigerians by its haphazard implementation of the 2017 budget. “If the 2017 budget is not well implemented, you are not doing justice to Nigerians and they will miss out on some of the goodies contained in the 2017 budget,� he said. Bello also observed that the budget estimates that were presented at the committees did not indicate a correlation on any planned rollover from the 2017 budget. He added that the insistence on restoring the budget calendar at this time could be counterproductive, arguing that by the time the MDAs were done with the procurement process, it would be around the rainy season when most capital projects cannot be embarked on. “The best budget year you have had was in 2016 because it started in May and we were able to spend trillions,� he said.

“May I say this to you? I filed the case in court as early as noon today (yesterday). If it was not listed as part of the meeting, so how am I going to raise the issue? I have options and I have said it expressly. I have gone to court,� he said. But when doubts were expressed by reporters over his submission that such a controversial matter was not discussed at yesterday’s meeting, Fayose responded: “No, no, if it was one of the issues discussed, I would have said so. I am not a pretender. I won’t suffer in silence.� He insisted that he was opposed to the decision because the people of Ekiti State had been robbed of their own share of the money which he said would further compound the hunger ravaging the state. Insisting that the matter was not raised at all in the meeting, Fayose said his position on the matter was not that of his party,

Continued on page 9

CULPRITS OF IKOYI BILLIONS SAGA WON’T GO UNPUNISHED, BUHARI VOWS public interest and outcry�. The Economic and Financial Crimes Commission (EFCC) in April had discovered $43 million, N23 million and £27,800 in an apartment in the luxury apartment. The NIA later claimed ownership of the money, resulting in the suspension and eventual sack of the then Director-General of NIA, Mr. Ayo Oke, following the recommendations of a

three-man committee led by Vice-President Yemi Osinbajo. The president later set up another committee chaired by Ambassador Babagana Kingibe to review the operational, technical and administrative structures of NIA. The committee submitted its report to the president in the State House yesterday where he promised to ensure that culprits of the scandal were adequately sanctioned.

“All the circumstances surrounding the obtaining, keeping custody and disbursement of the funds have been examined by the vice-president’s committee and all those found to be culpable will be made to account and appropriately sanctioned. “However, it must be understood that this cannot be done in a manner that jeopardises national security or exposes the operations of

BID TO PASS 2018 BUDGET BEFORE YEAR END SUFFERS SETBACK of both chambers to lobby them to push for the passage of the 2018 Appropriation Bill before the end of the year. Based on the outcome of the meeting, both chambers on December 5 had suspended plenary to accelerate the budgetary process of meeting with the heads of ministries, departments and agencies (MDAs) of government for the defence of their respective budget estimates. Saraki had also directed the Joint Committee on Finance, Appropriation and National Planning to submit its report on the Appropriation Bill yesterday. However, the lawmakers said yesterday that the experience of the past two weeks, during the budget defence sessions with the heads of MDAs that made themselves available, had sounded the death knell on any plan to pass the 2018 budget this year. The debate was facilitated by a point of order raised by the Deputy Senate Leader, Senator Ibn Na’Allah who harped on the need for the lawmakers to adequately inform Nigerians on why the 2018 budget could not be passed before the end of the year. “By today, we would have passed the budget. The template for doing the budget which we have inherited and which we have continued to put into use has always turned out to be problematic for us, the reason being that it was a template provided under the military regime. “That template cannot give this nation the kind of budget that the nation deserves,� Na’Allah argued. Contributing, Senator Barnabas Gemade (Benue APC) said the expectation that the 2018 budget could be passed this year was unrealistic. He proposed that the 2017

budget should remain in place till March 2018, so that a sizeable part of the capital spending in 2017 can be achieved. “Subsequently, we can begin the 2018 budget from the 1st of April to allow the committees to get to the root of what is still pending in the 2017 budget so that we can rollover those projects and not have abandoned projects all over the country because of the mistakes in appropriation proposals. “There is no clear indication whatsoever that 40 per cent of 2017 capital budget has been implemented. Looking at this matter, we have to handle it in a realistic manner. “Therefore, we have to set a date for implementation of the 2017 budget based on the borrowing plan, which has been approved,� Gemade said. Also highlighting the lack of preparedness by the executive, Senator Hassan Mohammed (Yobe, PDP) recalled that the Minister of State for Power, Mr. Mustapha Shehuri had appeared before the Committee on Power on Monday and could not satisfactorily respond to many questions put before him on the 2017 budget of his ministry and the 2018 budget estimates. Mohammed said the ministry proposed N8.5 billion as counterpart funding for the Mambilla power project, though the project was listed as one of the beneficiaries of the $5.5 billion external borrowing approved by National Assembly. The senator added that the minister was unable to explain how a N500 million item for compensation for communities appropriated in the 2017 budget appeared again in the 2018 estimates or who the beneficiaries were. He called for a template to be created for the MDAs for the budget defence.

Senators Matthew Uroghide (Edo, PDP) and Lanre Tejuosho (Ogun, APC) also argued that based on the ongoing process, it would be impossible to pass the budget before the end of 2017. Senator Dino Melaye (Kogi, APC), while making his contribution, chose to go biblical saying: “The truth shall set the nation free from a budget of lies and deception.� Melaye recalled that whereas the president had said during the presentation of the budget that projects would be rolled over from the 2017 budget, there was no relationship between the 2017 budget and the 2018 budget estimates. “There is an outstanding of over N1.1 billion in stamp duties that have not been remitted into Federation Account, yet we issued a Eurobond of $5.5 billion (sic). “We won’t need that if these funds were remitted. NNPC is supposed to pay over N300 million into the Federation Account, no kobo was paid by NNPC in 2016, none was paid in 2017 and we say we are fighting corruption,� Melaye said. Melaye wondered why Nigeria continues to borrow when such monies could be remitted to the consolidated revenue fund and used to fund the budget. He urged the Senate to demand the implementation of the 2017 budget, saying: “It is our responsibility to convert this “boju boju� (Pidgin English for fake) 2018 budget to a budget that will be accepted in the margins of this country, because hunger has no political affiliations and all of us go to the same market.� Presiding, Senate President Bukola Saraki said despite the pressure put on the committees by the leadership of the Senate,

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Court Dismisses FG’s Assets Forfeiture Case, Declares Aiteo’s Benedict Peters’ Earnings Legitimate A High Court sitting in Abuja has declared that the earnings and assets accruing to oil magnate and Aiteo Energy boss, Mr. Benedict Peters, were acquired legally through legitimate sources. This follows a similar ruling quashing the multiple money laundering charges and bribery of election officials allegations levelled against Peters. Justice Valentine Ashi gave the ruling on December 7, 2017, a copy of which was made available to THISDAY, whilst pronouncing judgment in the proceedings brought before him challenging the provenance and legality of the ownership of assets and properties belonging to the Aiteo boss. According to the judge, there

was no evidence to support the suggestion that any aspect of Peters’ businesses showed any criminal conduct and as such, the allegations were baseless. In the proceedings in suit number FCT/HC/CV/ 0091/ 17, the plaintiff, Moses Uyah had alleged that Peters’ acquisition of a number of assets was fraudulent because he was unable to account for the income or earnings from which such purchases could have been lawfully funded. In consequence, he asked the court not only to find that Peters’ acquisitions of the properties were illegitimate, but that he was also living above his means and that the funds utilised for the purchases were the proceeds of corruption as

well as illegitimate dealings. On the basis of his deposition, he had asked the court to forfeit the assets to the federal government. But Peters, in response, willingly produced to the court evidence to demonstrate his business dealings over the past 25 years in the oil and gas industry. He also provided evidence from financial institutions for funding raised over several years, which allowed him to invest and conduct business that resulted in the considerable growth of the Aiteo Group. In his ruling, Justice Ashi found that on the said evidence presented at the court, Peters had established that he had a credible and verifiable means of

livelihood, had substantial personal wealth to fund his acquisitions, did legitimately fund the acquisition of the properties identified in the proceedings, and therefore could not be accused of living above his means. The judge further established that there was no evidence to support the suggestion that any aspect of Peters’ business showed any criminal conduct and as such, the plaintiff’s allegations were baseless. In dismissing the case, Justice Ashi ruled that the “said assets and properties having been legitimately acquired by the defendant cannot be forfeited to the government under any circumstances”. The judge further restrained “any person, security agency or authority

from disturbing the defendant’s quiet enjoyment of his assets and properties having been found to be legitimately acquired”. In upholding Peters’ evidence and contention, the judge found that there was no merit in the allegations of criminal conduct relied upon by Uyah and the case as a whole. In doing so, the judge observed: “…that in the absence of any specific offence and proof of the commission of a crime, the defendant legitimately and lawfully acquired the assets and properties, the subject matter of this suit…” The assets listed included 58 Harley House, Marylebone Road, London worth 2,800,000 million pounds, Apartments 4, 5, Arlington Street, London worth

11,800,000 million pounds, Flat 5, 83-86, Prince Albert Road, London worth 3,750,000 million pounds and other assets of Aiteo Energy Resources worth over $4.023 billion. Also listed by and affected by the judgment were monies in Account No 105277 in FBN Bank (UK) in the name of Mr. B and Mrs. N. Peters, monies in Account No 107127 in FBN Bank (UK) of Walworth Properties Ltd, the sum of 36,674.7 pounds held on behalf of defendant in the client Account of Clyde and Co. LLP, London, the sum of 40,620 pounds held in the correspondent Bank Account at Ghana International Bank, London, and shares in Walworth Properties Limited, Rosewood Investments and Colinwood Limited.

‘The Wedding Party 2’ Rakes in N73m on Opening Weekend Nigeria’s blockbuster movie “The Wedding Party 2: Destination Dubai” has made over N73 million on its opening weekend, its producers have said. The movie was released in cinemas across the country on Friday, December 15. The feat makes it the highest ever in the Nigerian box office, breaking the N36 million record set by the movie’s prequel, “The Wedding Party 1,” on its opening

weekend last year. Ms. Mo Abudu, chief executive of Ebony Studios, one of the producers of the movie, made the success of the sequel known on her Instagram page, reported the News Agency of Nigeria (NAN). She wrote: “What can I say, but thank you, Lord. Thank you, Nigeria. The Wedding Party 2: Destination Dubai now goes down as the highest opening weekend ever at the Nigerian

box office for both Nollywood and international films! “Last year we did N36m on #TWP1 for our opening weekend, now we have doubled that, this is evidence that Yes We Can and we have! “Nigeria let’s continue to break this record together, to be the highest grossing film of all time so that we can tell the world that We Can.” Nigerian movie lovers had been

waiting expectantly for the sequel to the inter-tribal-marriage-themed movie, which recently translated to the real-life marriage of its main characters, Dunni (Adesua) and Dozie (Banky W). The “Wedding Party 2: Destination Dubai” plot focuses on Dozie (Banky W) the groom’s brother, Nonso (played by Enyinna Nwigwe), who has continued his romance with Deirdre (played by Daniella Down), the British

bridesmaid. Nonso proposes by accident while on a dinner date and sets off a chain of hilarious events. Deirdre’s British family and some members of Nonso’s family were against the pairing, much to the chagrin of the lovebirds. However, after an unpleasant introduction ceremony in Lagos, both families reluctantly agree to a wedding in Dubai, setting off other comic and chaotic episodes

of the Wedding Party story. Besides the original movie’s main cast, other Nollywood stars including Patience Ozokwor (Mama G), Omoni Oboli and ace comedians Seyi Law and Chigurl were also featured in the sequel. The original cast includes Banky W, Adesuwa Etomi, Daniella Down, RMD and Ali Baba. Others are Ireti Doyle, Enyinna Nwigwe, Beverly Naya and Somkele Idhalama, among others.

(Gbonyin LGA); Tayo Ogundare (Oye LGA); Chief Ayodeji Arogbodo (Ido/Osi LGA) and Taiwo Oguntuase (Emure LGA). Others include Kolawole Omotunde (Ekiti West LGA); Bolaji Jeje (Efon LGA); Adesola Adeyanju (Ikole LGA); Ganiyu Bakare (Ilejemele LGA); Adeniyi Adebayo (Moba LGA) and Abiodun Dada (Ijero LGA). The applicants, in addition, are seeking for an order of court declaring that in the discharge of its constitutional duty to safeguard the security and territorial integrity of Nigeria, the Federal Government of Nigeria, being the 1st defendant’s principal (AGF), must be funded in accordance with its Appropriation Act and by means of due accruals from the Federation Account only. A declaration that the 1st-37 defendants’ appropriation and/ or approval of appropriation of the sum of $1 billion from the Excess Crude Account of the federation made at the National Economic Council meeting of December 12, 2017, without regard to the consent of the 38th defendant (the Revenue Mobilisation Allocation and Fiscal Commission), the plaintiffs (integral part of the Local Governments of the Federation of Nigeria), and the due appropriation of the various state Houses of Assembly, was unconstitutional, unlawful, ultra vires, null and void ab initio and of no effect whatsoever. The council chairmen also asked the court for a declaration that they are entitled to a full share of all revenue accrued and accruable to the Federation Account and the Federation Excess Crude Account or any other account whatsoever operated by and for the Federation of Nigeria, including the sum of $1 billion (which

was purportedly approved for the expenditure of the federal government by the 1st-37th defendants at the 83rd National Economic Council meeting of December 15, 2017, in accordance with Section 162 of the 1999 Constitution and the provisions of Allocation of Revenue (Federation Account) Act. They want the court to determine “whether by the provisions of Sections 153 (1) (h), 162 and Paragraph 18, Part 1 of the Third Schedule of the 1999 Constitution, the 1st -37th defendants can lawfully appropriate and or approve the appropriation of funds in the Excess Crude Account of the Federation of Nigeria, without affecting, reducing or obliterating the plaintiffs’ lawful share of proceeds from the Federation Account”. Furthermore, they asked: “Whether the 2nd defendant can lawfully appropriate and/ or approve the appropriation of funds in the Excess Crude Account of the Federation of Nigeria, without the consent and/or consultation of the plaintiffs. “Whether in the discharge of the federal government’s constitutional duty of safeguarding the security and territorial integrity of Nigeria, (as mandated by Section 217 of the 1999 Constitution, the federal government can lawfully resort to funding other than by means of its Appropriation Act.” The suit was supported by a 14-paragraph affidavit deposed to by one Everest Igweokolo, a litigation executive in the law firm of Messrs Ola Olanikpekun. As of yesterday, it had been assigned to any judge for a hearing.

PRESIDENCY: $1BN FROM ECA NOT MEANT SOLELY TO FIGHT INSURGENCY Yari also argued that by the governors’ decision, they were only building on the precedent set by the former administration of President Goodluck Jonathan, when according to him, $2 billion was withdrawn from the ECA to fight the insurgency. Yari claimed that it was the then Governor of Akwa Ibom State, Godswill Akpabio, who moved the motion for the concession of $2 billion to the federal government from the ECA to fight the insurgency. He said it had become imperative to build on the precedent because of the need to purchase equipment for the military to aid the battle against insecurity. Yari who stated that the decision would be backed by resolutions of Houses of Assembly, added that a similar decision was taken during the administration of President Umaru Yar’Adua. He also argued that the money in the ECA was actually being kept for emergency use, recalling that there was a time money belonging to states was illegally deducted by the federal government, a situation he said the current government was now redressing. “Gentlemen, this is a democracy and each and every person has his own way at looking at things and you cannot stop him from being a dissenting voice. “One, the Nigeria Governors’ Forum discussed this issue at our November meeting and we agreed across party lines that this thing has been done in 2014 when $2 billion was taken in agreement with the governors at that meeting. “Governor Akpabio was the one that moved the motion. This time, we realised that there was the need to purchase equipment

for the military. So, we felt we should not compromise the issue of security for the entire country. “We said as governors, we agreed to forfeit $1 billion of our own share of the Excess Crude Account which we are going to back up with the State Assemblies’ resolution at a later time. “This is not the first time a decision like this is being taken. It happened during the Jonathan era when they took $2 billion. We all agreed at that time collectively in the same chamber to withdraw $2 billion to procure equipment and logistics for the military because they were telling us, whether it was true or false, that our soldiers were being killed. “Some came on the social media, saying that they were being killed like rats because they didn’t have the training and equipment. That was what generated discussions in the same chamber and there was no controversy. There was no opposition to the decision at that time. “Secondly, there was this decision also during Yar’Adua’s time when they were sourcing funds for the Niger Delta Power Holding Company to build the independent power projects. “They took over N5 billion for power generation and we followed the same process to withdraw the money from the same account and our respective Houses of Assembly passed the resolution. “The $2 billion taken during Jonathan’s time was not backed up by any resolution from the state assemblies. So, gentlemen, we should not play politics with the issue of national security.

“By the way, in the governors’ forum, 12 members form a quorum. At the time we took this decision, we had 32 members in attendance and there was no single opposition to the decision. “So, if anybody has his own idea of how he wants things to go, we had the majority and there was not even a minority opinion at that meeting. We looked at the country, Nigeria, first before any other issue. It is only when you have a country that you can have the politics. “You see if you are not an economist, you may not understand what we are talking about. These monies are kept there for the rainy day, and how much is in the ECA? It is about $2 billion. “In the past, the federal government was deducting the money illegally. So, we were asking the federal government to give us what was our own. Then, we were appealing but they did not listen. “But thank God today, we have a listening government which also makes an attempt to pay 50 per cent (of the Paris Club refund). So, we are looking forward to the last balance of 50 per cent. “And graciously, understanding the economies of the states, the federal government has agreed to pay that, so that the state governments can pay outstanding salaries and meet their obligations to their citizens,” Yari explained. However, as Fayose and Yari made the case for and against the approval given to the federal government to withdraw the $1 billion from the ECA to wage the war against Boko Haram, the chairmen of the 16 Local Government Areas in Ekiti

State dragged the Minister of Justice and Attorney General of the Federation (AGF) and governors of the 36 states to court challenging the approval. The applicants in the suit filed yesterday before the Abuja division of the Federal High Court are seeking an order of injunction restraining the federal government and the 36 states governors, their agents, servants, privies, representatives in interest, howsoever called and by whatsoever name designated, from giving effect to the appropriation and/or approval of appropriation of the sum of $1 billion or any other sum whatsoever, from the Excess Crude Account of the Federation, as contained in the decision made on December 15, 2017, unless and by means of statutory allocation by the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC). In the suit marked FHC/ ABJ/CS/1264/17, the council chairmen asked the court to declare that the approval of the sum of $1 billion by the 36 state governors to purportedly execute the constitutional duty of the federal government, which has been sufficiently funded from the Federation Account, without their consent was ultra vires, unlawful, null and void. The suit, which was filed at the registry of the court by the counsel to the plaintiffs, Mr. Ola Olanikpekun (SAN), also listed RMAFC as a defendant. The chairmen are Deji Ogunsakin (Ado LGA); Bola Alonge (Ikere LGA); Lanrewaju Omolase (Ekiti South West LGA); Dapo Olagunju (Irepodun/Ifeelodun LGA); Samuel Adeniyi (Ekiti East LGA); Olumide Falade (Ise/ Orun LGA); Sade Akinrinmola

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NEWS

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

PDP Caucus Storms Out of House Plenary over Member’s Defection to APC Okorocha witnesses drama James Emejo Ă“Ă˜ ĂŒĂ&#x;ÔË There was a drama during the plenary session in the House of Representatives yesterday when a member of the Peoples Democratic Party (PDP) representing, Ahiazu Mbaise/ Ezinihitte federal constituency of Imo State, Hon. Raphael Nnanna Igbokwe, announced his defection to the ruling All Progressives Congress (APC). In his letter of defection which was read by the Speaker of the House, Hon. Yakubu Dogara, he cited divisions within the opposition party as a major reason for leaving

the party. Igbokwe however noted he had since registered and joined the APC since January 2017, although the information formerlly came to the House floor only yesterday. According to him, he had ceased from attending all PDP caucus meeting in the National Assembly, his ward, local government, state and national levels since 2017. Rather, he added that he had since been attending all APC caucus meetings and functions at all levels, paying his party dues and levies with proof. Igbokwe said: “My decision

Buhari Felicitates with Saraki at 55 President Muhammadu Buhari yesterday congratulated Senate President, Dr. Bukola Saraki, on his 55th birthday celebration. A statement signed by his Special Adviser on Media and Publicity, Mr Femi Adesina, said the president joined  all members of the National Assembly, friends and family in celebrating the senate president. He described Saraki as a distinguished Nigerian who has made his mark on the political scene.

to join the APC as at the time I did was as a result of the leadership crisis/division that rocked the PDP. You would recall that the judgment of the Supreme Court that finally resolved the leadership crisis was delivered in July 2017, six months after I joined the APC.� Continuing, he said: “Furthermore, the pending leadership litigations and divisions in Imo State chapter of PDP and the current legal crisis with the national leadership of PDP evidenced by the suit instituted by Prof. Taoheed Adedoja further strengthens my earlier resolve to quit the PDP.� According to him, “This letter becomes necessary to clear doubt in the minds of my colleagues, constituents, and the public as to the political

party I belong.� His defection was witnessed by Governor Rochas Okorocha of Imo State who was admitted into the chamber as an observer.  However, PDP members raised several point of orders bordering on the constitution as well as the Supreme Court ruling respectively on the declaration of a seat of any defecting member as vacant, ruling on the leadership crisis in the PDP, faulting Igbokwe’s defection. The aggrieved opposition party members further accused Dogara of breaching due process by not putting the defection application to voice vote before hitting the gavel. According to them, a panel of inquiry ought to have been constituted by the House to investigate all allegations of

division among others before the lower chamber will arrive at a resolution on the matter. Deputy Minority Whip, Hon. Binta Bello (PDP, Gombe), said there was no division or leadership crisis which the defector had taunted as reasons for abandoning the party. Hon. Ossai Nicholas Ossai (PDP, Delta) also drew the speaker’s attention to relevant sections of the constitution on the need to declare Igbokwe’s seat vacant. House Leader, Hon. Femi Gbajabialmila (APC, Lagos), who welcomed the defection, said the contention over the defector showed his calibre. The Speaker had sought the PDP members’ understanding of Section 68 (2) of the constitution which had been contentious.Â

However, the Speaker, notwithstanding the objections by the opposition, went ahead to congratulate and welcomed Igbokwe into the APC. The new APC lawmaker immediately headed towards Dogara who shook hands with him before the former proceeded to Okorocha who also congratulated him. The development angered the PDP caucus, which immediate staged a walkout from the chamber and headed to address a press briefing. Speaking on behalf of the caucus, Bello said: “Just this morning when we walked into the chamber, Mr. Speaker read a communication from one of our colleagues, cross-carpeting from PDP to APC. “And to the best of our

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He noted that at 55, and having served as a two-term governor, senator and Senate President, Saraki had demonstrated commitment in the pursuit of a prosperous, united and peaceful Nigeria. President Buhari according to the News Agency of Nigeria (NAN) prayed that God Almighty will grant him more years of good health, wisdom and fulfillment in the service of God and country.

Mark Refutes EFCC Allegations on Illegal Purchase of Apo Residence Damilola Oyedele Ă“Ă˜ ĂŒĂ&#x;ÔË Former Senate President, David Mark, has described the accusations by the Economic and Financial Crimes Commission (EFCC) that he purchased his Apo residential house illegally as spurious, contrived and baseless. In a statement issued yesterday, Mark said the antigraft agency is busy chasing shadows as the property was offered for sale, bided for and purchased in line with federal government monetisation policy which was commenced during the reign of President Olusegun Obasanjo.  According to the statement, “I had the right of first refusal. Even if I did not purchase it, someone else would have done so. I am a law-abiding citizen. I did not flout any law. “Curiously, four houses occupied by the then presiding officers of National Assembly were offered to the occupants. All of us, including me as the then President of the Senate; Deputy President of the Senate, Ike Ekweremadu; the then Speaker of the House of Representatives, Dimeji Bankole, and his Deputy, Bayero Nafada, were all given the same offer. “I am at a loss as to why it is now a subject of contention. If this persecution is about politics, my political party and

the 2019 elections, I dare say that only God and Nigerians would decide. No amount of persecution would alter the will of God. “I had refrained from commenting on this because it is already in the court. But they have taken the matter to the court of public opinion.â€? The statement signed by his media adviser, Mr. Paul Mumeh, said Mark is already challenging the allegations through a court process seeking a declaration that he followed due process and legally acquired the property from the FCDA Mark is also asking the court for a declaration that an order by the Attorney General of the Federation and one Obono Obla of the Presidential Task Force on Recovery of Government Properties, compelling him to vacate the aforesaid property without affording him a fair hearing, amounted to a denial of his fundamental human rights, unconstitutional and void. He recalled that the Federal Executive Council (FEC) decided to authorise the sale of the properties housing the principal officers of the National Assembly because the general security of the area had been altered/compromised due to the sale of the other houses in the legislative quarters to the public.Â

WE ARE DONE WITH OUR ASSIGNMENT SIR

President Muhammadu Buhari (right), receiving the report of the Presidential Review Panel on National Intelligence Agency from Chairman of the panel, Ambassador Babagana Kingibe, at the State House in Abuja....yesterday

Governors Call N’Assembly’s will to Amend Constitution to Question, Constitute C’ttee on Amendments State assemblies to conduct fresh public hearings Omololu Ogunmade in Abuja Governors on the platform of Nigeria Governors’ Forum (NGF) yesterday in Abuja subtly called to question the ability of the National Assembly to carry out people-oriented amendments to the 1999 Constitution as they constituted a fresh committee to examine amendments being carried out by the apex legislative institution. This resolution was the aftermath of a meeting of the 36 governors with speakers of the state Houses of Assembly under the aegis of Conference of Speakers of State Houses of Assembly at the old Banquet Hall of the Presidential Villa.

In a further seeming doubt of National Assembly’s good intentions to carry out effective and meaningful amendments to the constitution, the meeting also resolved that the state legislatures should begin another round of consultations and public hearings on each item being amended by the federal parliament. A communique issued at the end of the meeting and signed by the Chairman of NGF and Zamfara State Governor, Abdulaziz Yari and Chairman of Conference of Speakers and Speaker of Sokoto State House of Assembly, Ismaila Kamba, also said the meeting resolved to approach the amendment with a sense of maturity, bearing in

mind the future of democracy. “We, all the governors of the 36 states of the Federal Republic of Nigeria, under the platform of the Nigeria Governors’ Forum and the Speakers of the state Houses of Assembly, under the auspices of the Conference of Speakers at the end of a consultative meeting regarding the ongoing efforts to amend certain sections of the 1999 constitution resolved as follows: “The meeting agreed to approach this amendment with maturity and the future of our democracy at the back of our minds. The meeting agreed that the state Houses of Assembly should consult all stakeholders

and hold public hearing on all the items transmitted to them by the National Assembly in a bid to promote our democracy and strengthen its institutions. “Finally, the meeting agreed to constitute a committee to look at all the issues pertaining to the constitutional amendment and revert to members within a reasonable time,� the communique read. Section 9 of the 1999 Constitution places the exclusive power of amendment to the constitution on the National Assembly with each item proposed for amendment only supported by two-thirds of the 36 Houses of Assembly in the country.

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COMMENT

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

THANK GOD IT’S CHRISTMAS!

Christmastime is a time to regain our strength, our hope and our sense of humour, writes Sonnie Ekwowusi years ago. Everything in the Holy family of Jesus, Joseph and Mary bespeaks pristine values of humility, family and social dedicated service, self-abnegation, self-forgetfulness and altruism. Therefore, in re-living the exemplary life of Jesus, Joseph and Mary we should learn to build bridges across the troubled waters of political, ideological, racial, ethnic and personal differences. We should strive to build a new world order in which security of lives and property, justice, peace, love, service, respect for human dignity and respect for religious freedom can flourish. We must eschew hatred, rancour, greed and avarice. We must build an ethic of human solidarity aimed at promoting the common good and the welfare of fellow men and women. Christmas enjoins us to see our neigbours as human beings, not mere instruments to be used for our personal gain and comfort.

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n five days it will be Christmas. If you put ears on the ground at the moment you will hear the angels, the Magi, the Shepherds, men and women of our time who are inhabiting the four corners of the earth singing in exultation: “jingle bell, jingle bell, jingle all the way‌.â€? in celebration of Christmas. Christmas, unarguably, has its irresistible enchantment. From Donald Trump’s Washington, D.C to London, Paris, Ottawa, Tokyo, Brasilia, Madrid, Rome down to Abuja the houses, streets, offices and shops are decorated with special festoons and rosettes at the dawn of Christmas. People selling and buying on the internet, in market places and in street corners. Children laughing and dancing in the alleyways, fields, pathways, streets and esplanades. There is exchange of Christmas gifts and messages among people of goodwill. Families re-uniting amid family warmth and affection. Christmastime is a time to regain our strength, our hope, our joy and our sense of humour. Everything may be collapsing; your purse might have grown lean; fortune might have turned its back on you; politics and politicians may be synonymous with hypocrisy and deceits; death might have struck and snatched away your beloved one. But nothing is to be gained by losing our peace at Christmas. It is true that we live in a sad world. It is true that most men and women of our time are sadists. It is true that the fragile peace in the world is continually being threatened by the stockpiling of nuclear weapons. But with our laughter we can challenge the sad world to look at us and be hopeful. We cease to hope when we cease to smile. We cease to smile when we give in to despair. We give in to despair when we find no meaning in life. But Christmas offers us the true meaning of life. Christmastime is a time for a good beginning, a time for a new hope in life. According Michael Cook, editor of MercatorNet, “Whether or not you accept the Christian theological beliefs which underpin the celebration of Christmas, they have transformed Western society and they are in the process of transforming nations far from Bethlehem. Christmas, that is, the celebration of the moment in which the all-powerful creator of the Universe took on human flesh and entered human history, sends powerful, even unspoken messagesâ€?. At Christmas, we are invited to re-live that unfathomable mystery and historical event which took place more than 2000 years ago when Jesus Christ, the Saviour of mankind, took flesh in the womb of the Blessed Virgin Mary, to be born in a relatively humble city of David called Bethlehem. The Psalmist recaptures the expectancy of the birth of the Saviour in these poetic lines, rorate, caeli, desuper, et nubes pluant iustum (Send the just One like dew, you heavens, and let the clouds rain him down). And Isaiah will quickly add, “say to the anxious: be strong and fear not, our God will come to save usâ€?. If you take a quick glance again at the Christmas Crib, you will see the family atmosphere that was the hallmark of the first Christmas in Bethlehem more than two 2000

WE CEASE TO HOPE WHEN WE CEASE TO SMILE. WE CEASE TO SMILE WHEN WE GIVE IN TO DESPAIR. WE GIVE IN TO DESPAIR WHEN WE FIND NO MEANING IN LIFE

DEFEAT OF THE ANTI-NGO BILL Last Wednesday the anti-NGO bill sponsored at the House of Representatives by Hon. Umar Buba Jibril suffered a disgraceful defeat on th e floor of the Public Hearing Room of the House of Representatives. A disgraceful defeat because with the exception of one or two members of the House in favour of the bill all the NonGovernmental Organisations (NGOs) and Civil Society organisations (CSOs) and others that participated at the Public Hearing last Wednesday were vehemently opposed to the bill. Not even Hon. Jibril, the sponsor of the unmeritorious bill, was at the venue of the public hearing of the bill to at least introduce his bill or explain why he was sponsoring it. It is not unlikely that Hon. Jibril took to his heels upon seeing the mammoth crowd of protesting NGOs and CSOs that stormed the National Assembly in reminiscent of the storming of the Bastille. Last Wednesday was a day every Nigerian lawmaker will live to remember. It was a day members of civil society in Nigeria rose up in solidarity to kill what they felt was a veritable monster threatening democratic tenets in Nigeria. When the history of the National Assembly, Abuja is re-written the revolution that took place last Wednesday will be written in gold. As early as 6.30am the representatives of NGOs, CSOs, Churches, Mosques and so forth had encumbered the National Assembly in readiness to defeat the bill. The import of this is that the people are the real sovereigns in our democracy. Power belongs to the people. But the Nigerian political leaders behave as if power belongs to them. But the revolution that occurred last Wednesday has once again shown that power belongs to the civil society. Long live civil society! Long live Freedom! This column winds up today for the Christmas vacation. Thank you for your company in 2017. Remember that your little space you left unclothed will remain naked. Wishing you and your family a joyful Christmas and a fruitful 2018.

MAINA AND PENSION THIEVES David Adodo argues that the embattled former chairman of defunct Pension Reform Taskforce team, is not corrupt

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alam Abdulrasheed Abdullahi Maina, former Chairman of the Defunct Pension Reform Task Team has been vilified in the media—in the past few weeks, apparently as a result of falsehood being dished out via the media to members of the public by his enemies: those Maina has exposed; those who think they could change the narrative of Maina’s crusade against pension fraud. But, no matter how they try, they will fail because the Maina we know, a prince from Biu Emirate in Borno State from a Royal Family--renowned for its humility, integrity and bravery, is not corrupt. There are records to show for his faithfulness to his country and diligent services to his country. An American national honoree, and amongst the United States Black achievers awardees in 2001, Maina’s integrity and leadership asset have since been celebrated by the United States. He has worked in various ministries such as Borno State Civil Service, the Presidency (Special Duties), Ministry of Interior, Office of the Head of Service and the Customs, Immigration, and Prisons Pension Office. Appointed by former President Goodluck Jonathan in 2010 as the Chairman of the Task Team, which comprised of Independent Corrupt Practices and Other Related Crimes (ICPC), Department of State Services (DSS), Economic and Financial Crimes Commission (EFCC), Nigeria Intelligence Agency (NIA), Nigeria Police Force and other paramilitary agencies to sanitise and restructure the Pay-As-You-Go pension system, Maina’s appointment was purely on merit. For years, he was the best in transparency

and accountability--as the Acting Director of the Customs, Immigration and Prisons Pension Office (CIPPO), going by the rating of the Presidential Technical Committee headed by Director General of National Pension Commission. The team under the leadership of a very patriotic Nigerian, Malam Maina, meritoriously executed its assignments to the best interest of this country. He sanitised and restructured the pension system through the payment of many years’ pension arrears—as attested to by many Nigerians who benefited from his reform: he introduced smart cards, traced and recovered stolen pension funds / properties worth over N1.63 trillion. He cracked down on the notorious pension cartel with over 70,000 memberships. Consequently, corruption is fighting back: there have been several assassination attempts on Malam Maina and he is being persecuted through spurious allegations against him and his team, especially by the Senate Pension Probe Committee. There was a time members of a Senate Committee were alleged to have demanded the sum of N2 billion bribes from Maina pension team; and when it could not play ball, his problem began. Some agents of pension thieves had sent a petition against him to EFCC and ICPC on September 30, 2013; they were the same people who collected billions of naira in bribes, farm equipment, caterpillar, estates, large plots of land in choice places in Abuja, cars, etc., from the pension thieves standing trial. It was for the same reason that Maina-led pension team sued the Senate at the Abuja High Court, where he got a ground breaking judgment in his favour. The proceedings and findings of the said Etuk-led Pension Probe

Committee was declared null and void by the Federal High Court Abuja—going by the ruling on March 13, 2013---as having not met the constitutional requirements of Section 88 (1) of 1999 Constitution as amended. The court also gave Maina perpetual injunction against arrest as a result of the pension issue. At last Maina was vindicated but these enemies of Nigeria have refused to allow Nigeria to continue to tap from the experience and ingenuity of this exceptional civil servant. But, one thing is sure: Nigerians will continue to celebrate this hero of the pensioners. At last Maina has been vindicated; but enemies of Nigeria have refused to allow the Nigerian state to continue to tap from the experience and ingenuity of this exceptional civil servant. Nigerians will continue to celebrate this hero of the pensioners, and future administrations would certainly not allow such a talent to be left untapped. In 2015, Maina was approached by the Buhari Administration, when during the president’s visit to Dubai, the Minister of Justice and Attorney General of the Federation and the National Security Adviser were mandated by the Presidency to sit with Maina and discuss how he could help the government in the recovery of funds badly needed to move the country forward. Maina accepted to help his country, and gave out intelligence that led to the recovery of N1.3trillion to the Buhari-led government in 2017. He also promised to recover additional N3 trillion in nine months but the enemies of Nigerians who surround the president, who are in vantage positions, will not allow him to do that. The only official of government that has shown Nigerians that he has really keyed into the Buhari’s agenda of

fighting corruption is the Minister of Justice. The former Chairman of PRTT who is out of circulation, has explained that he went into hiding to save his life from pension thieves who have concluded plans to eliminate him using government apparatus. They dared him for asking the former Minister of Finance and Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, to stop multi-billion naira monthly allocations to Head of Service Office, the Police Pension office and other outfits. These funds were hitherto being shared by several high level government officials under the guise of paying pensioners. Maina, has told the world that he is ever ready to come out and spill the beans (with documentary evidences), on the continued theft of public funds by some government agencies charged with the responsibility of fighting corruption--if President Buhari would provide him adequate security cover. Maina is sincere and stainless, no wonder he challenged anyone to show where funds by government was given to him or the task team– whether the budget office or the ministry of finance or head of service has ever given him or the task team money; he asked severally but no one said a word since he asked that question in 2013. It is so sad that Nigeria as a nation that claim to be fighting corruption has continuously allowed a patriotic Nigerian like Maina to be persecuted by corruption itself by looking the other way. It keeps Nigerians wondering about the sincerity of this so-called corruption fight by government. Corruption in Nigeria has its tentacles spread across most government Ministries, Departments and Agencies. Chief Adodo, a retired civil servant, wrote from Lagos

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EDITORIAL NIGERIA AND THE HIV/AIDS BURDEN Government must do more to contain the epidemic

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he misery index in the country seems to be increasing on all fronts. At a time many countries have learnt to tame the HIV/ AIDS challenge, it is saddening that Nigeria is still in the throes of “Africa’s death sentenceâ€?. The World’s AIDS Day was marked recently with the revelation that Nigeria is the second most ravaged country in the world after South Africa. More than three million Nigerians are believed to be living with the dreaded disease. To compound the problem, the United Nations Children’s Fund (UNICEF) has also estimated that no fewer than 270,000 children below the age of 14 years were living with HIV in Nigeria in 2016. The ďŹ gure represented half the number of the total (540,000) infected children in West and Central Africa over the same period. While calling for improvement of early diagnosis and access to HIV treatment and care for children, Marie-Pierre Poirier, the UNICEF Director, West and HIV/AIDS IS STILL A Central Africa, reSERIOUS PUBLIC HEALTH vealed more chilling ISSUE IN THE COUNTRY statistics: Nigeria WITH ENORMOUS recorded 37,000 NEGATIVE IMPACT ON THE new HIV infections ECONOMY among children out of the total of 60,000 new infections in West and Central Africa over the same period. This represents 62 per cent of the new infections while four in ďŹ ve children living with HIV in West and Central Africa still do not receive life-saving antiretroviral therapy. “It is tragic that so many children and adolescents today are not receiving the treatment they need just because they have not been tested,â€? Poirier said. With a growing youth population, Nigeria is vulnerable to the prevalence of the disease except those whose duties entail curbing the spread of HIV virus redouble their efforts. A major problem

Letters to the Editor

in the attempt to tackle the challenge is the limited capacity to perform the tests needed for early infant diagnosis. “Without knowing a child’s HIV status, his or her family is less likely to seek the treatment that could prevent the tragedy of a child’s death from AIDS-related illnesses,� argued UNICEF. It added that the situation is worse among adolescents because “the annual number of new HIV infections among those aged 15 to 19 years in the region now exceeds that of children aged 0 to 14 years. These new infections occur mostly through unprotected sexual contact and among adolescent girls.�

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s recently observed by the Minister of State for Health, Dr Osagie Ehanire, HIV/AIDS is still a serious public health issue in the country with enormous negative impact on the economy. Yet one of the key issues ďŹ ngered by health authorities for the present scary state of affair is inadequate funding. For instance, less than 50 per cent of people needing anti-retroviral treatment have access while barely half the numbers of people living with HIV know their status. The worry is that the situation seems to be getting worse by the day while critical agencies of government continue to understate the national prevalence rate of the dreaded disease as well as the total number of people living with HIV and AIDS in Nigeria. Against the background that Nigeria was doing well in battling the scourge a few years ago, there is an urgent need for government, at all levels, to show renewed commitment in ďŹ ghting the disease. For that to happen, the health authorities must scale up their enlightenment campaigns, particularly in the rural areas, on the many risk behaviours that could lead to infections, including unprotected sex, said to account for about 80 per cent of new infections in the country. Nigeria has what it takes to stop new transmission and improve the lives of those living with the virus.

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.

BRITTANIA-U’AND CRUDE OIL LIFTING

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read with dissatisfaction a report by a leading national daily on December 17, 2017 titled “Ghost Companies Lift N1.1trillion Crude Oil� filed by one Daniel Adugbo in which the paper reported that some indigenous companies not registered by the Corporate Affairs Commission (CAC) have lifted Nigeria crude oil grades valued at $3.5billion (N1.1billion) in the last 10 months. The report went ahead to list the names of the 18 companies that purportedly benefited from the contract starting from Prudent Energy, Setana Energy, among others. Brittania U was number 14th on the list. While one cannot doubt the possibility of non registered companies lifting crude oil or benefiting from other major contracts in Nigeria, the listing of Brittania- U among the unregistered companies that lifted or is lifting crude oil in Nigeria is quite unfortunate. The reason is that Brittania U and its management, especially the person of Chief Mrs Uju Iferika, the Chief Executive Officer (CEO) of the company is widely known all over Nigeria and beyond. An apology has become necessary in view of the high reputation of the company, a company with an enviable track record of achievements while its CEO boasts of a unique and outstanding profile. It is worthy to acknowledge the reporter for taking time to call the CEO of the company before filling the story in order to balance the report. However, what was wrong is that Mrs Iferika, having taken time to explain to the reporter that her company was duly registered and with over 30 years of untainted service to Nigeria on the same business line, the reporter should have gone further to check the

information she offered; and if it they were found to be true, the name of her company should have been dropped from the list. I don’t need to contact the management of Brittania-U before writing this reaction. This is because I have known the company for many years as one of the leading firms in the Nigerian oil and gas industry with sprawling facilities in Lagos, its headquarters, and with branches in other parts of Nigeria, Ghana and the United States. There is no player in the Nigerian oil sector that does not know Brittania-U which operates an integrated model and is a leader in Nigeria’s petroleum industry. Unlike many other companies that are only concerned with lifting crude oil, Brittania-U is neck deep in exploration and production as well as subsurface engineering and sundry consultancy services in the oil and gas sub sectors. In conformity with the ethics of journalism, one would have expected that a reputable media giant like the one that published the report would have taken time to verify all details related to the publication especially when the CEO of the company had volunteered some information and challenged the reporter to cross check what he was told. To say that CAC could not ascertain whether Brittainia-U was registered or not is a huge aspersion on both the newspaper and CAC itself at a time when modern technology has provided humanity with the simple tools to click a button and get all the answers we need to verify both individuals and corporate organisations wherever they may be. Bonaventure Melah, Abuja

THE MIND OF LIBYA’S SLAVE MASTERS

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f, Nigerians, especially Southern Nigerians, knew how the minds of the human smugglers of Libya works there would be zero incentive for young ones to leave their kith and kindred behind and embark on perilous migration through this wretched North African country. The human traffickers or slave masters of Libya have a paid mission to ensure that only Muslim North Africans first and other Muslims next make it through the Mediterranean to populate and conquer Europe. Thus, it is not surprising that even en route to the coasts of southern Italy, Muslim migrants have been documented to throw recognised Christians overboard the overcrowded dinghies they all boarded and have them drown. The practices of the Libya’s slave masters are just reinforcements of this idea to keep African Christians out of Christian Europe. This is strange indeed and it is surely a foreboding of the next crisis that would engulf Europe when alt-right native Christians rise and promulgate decrees to expel Muslims to the lands of North Africa, Middle East, and Southeast Asia especially. Sunday Adole Jonah, Department of Physics, Federal University of Technology, Minna, Niger State

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MIDWEEKPOLITICS

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

NEWSMAKERS

The Stunted Fight against Corruption

The fight against corruption is losing steam because President Muhammadu Buhari appears not ready to go the whole hog when members of his inner circle are alleged to have engaged in corruption, writes Shola Oyeyipo

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t is no longer news that President Muhammadu Buhari was elected into office partly because he promised to be tough on corruption. True to his words, he swung into action immediately he was sworn in as president in May 29, 2015. Those arrested were mainly members of the Peoples Democratic Party, a party that had just lost powers. Although, the opposition cried fouls, accusing the president of prosecuting only its members, the All Progressives Congress countered the PDP by arguing that since members of the PDP were running the country before they lost power, they should give account of their stewardship. Today, that argument is no longer sustainable. Members of the APC have been in powers for two and a half years now. Some have been involved in shady deals. Interestingly, however, the president appears reluctant to prosecute members of his own cabinet for corruption. The zeal and the eagerness with which the president clamped members of the opposition in jail are nowhere to be found when the allegation involved members of his inner circle. Once the allegation is raised, nothing is heard of it again. Just occasional bouts of corruption allegation. This trend which has become common and is having a very negative impact on the much talked about anti-corruption crusade of the government. One such case include the arrogance displayed by the suspended Executive Secretary of the National Health Insurance Scheme (NHIS), Prof. Usman Yusuf, when allegations of impropriety were raised against him. After various petitions revealed alleged monumental fraud hovering around N900bn, which some classified as next to fuel subsidy fraud, allegedly perpetrated at the NHIS under Yusuf, the Minister of Health, Prof. Isaac Adewole, ordered Yusuf to proceed on suspension to pave way for investigations, but his response was most astounding. Yusuf said the minister lacked the power to discipline him and that only the president “by virtue of the NHIS Act particularly sections 4 and 8 thereof� could remove him from office “whether by way of suspension or otherwise.� He said Section 47 of the NHIS Act empowered the minister to merely give directives of a general nature to the Governing Council of the NHIS and such directives did not include discipline, suspension or removal of the NHIS boss. Beyond the suspension, not much had been heard of the matter even though more damning facts were unearthed by investigation. Even though, the government has satisfied itself that it had provided satisfactory answers to issue raised against Against the Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Maikanti Baru, by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, only few people share such sentiment. The allegations which bordered on nonadherence to due process in the award of NNPC contracts and acts of insubordination have not been dealt with in a manner that inspires confidence in members of the public. Many believe that the issues have been conveniently swept under the carpet Though Baru and the NNPC board contended that the law and the rules did not require a review or discussion with the minister of state or the NNPC board on contractual matters and that what was required was the processing and approval of contracts by the NNPC Tenders Board, the president in his executive capacity or as a minister of petroleum, or the Federal Executive Council (FEC), as the case may be, many people believed that a full investigation would have been proper in the circumstance.

President Buhari

The embarrassing reinstatement of former chairman of the Presidential Pension Taskforce on Pension Reforms, Abdulrasheed Maina into the civil service is yet an attestation to the fact that some persons in the administration are untouchable. Despite documentary evidence showing that top cabinet members acted in a manner that undermined the fight against corruption, those cabinet members have kept their jobs The Minister of Justice and Attorney General of the Federation, Mr. Abubakar Malami, SAN denied knowledge of any letter reinstating Maina whereas the Head of Service of the Federation, Mrs. Winfred Oyo-Ita insisted that there were letters from the AGF to the Federal Civil Service Commission (FCSC), directing Maina’s reinstatement. Even though, the president may choose not to investigate, Nigerians are confident they know what transpired. While it is obvious that the end has not been heard about the Maina saga, the latest in the series of rancorous allegations and counter allegations that are usually swept under the carpet is the issue between the Minister of Finance, Kemi Adeosun and the recently suspended Director General of the Securities and Exchange Commission, (SEC), Mounir Gwarzo.

As long as Nigerians believe that some people are being shielded from prosecution, the ďŹ ght against corruption does not stand a any chance of succeeding

Whereas it was gathered that the minister ordered Gwarzo’s suspension following official misconduct- he was accused of collecting a severance package of a N104 million, ignoring advice from SEC’s legal department not to do so, because he was still in the employment of the commission. Before he was appointed as DG SEC in 2015, Gwarzo was an Executive Director. So, the acting head of the legal department was said to have objected to the idea on the grounds that severance packages were meant for officials who have disengaged from an organisation. Gwazo was also accused of awarding contracts to companies, one of which is Outward Investment Ltd, a company allegedly controlled by his wife and himself, which has allegedly been supplying diesel to SEC since 2015. Another company, Northwind Environmetal Services allegedly controlled by Gwarzo’s brother was awarded the contract to clean the commission’s Kano zonal office. Gwarzo denied any wrong doing. Under the law, he remains innocent until his guilt is proved. SEC is currently in a tussle with Oando Plc over moves to conduct a forensic audit on the company’s affairs, an action Oando has kicked against, and had even obtained a court order restraining SEC from carrying on the audit. So very easily Gwazo attributed his suspension to his resolve to get to the root of the Oando matter which he said did not sit well with the minister. The minister denied any such claim. Apparently disturbed by the allegation, Adeosun told journalists that Gwarzo attempted to blackmail her to stave off the sanction by threatening to leak a memo to the media. Noting that Gwazo breached official procedures and protocol for mails delivery in her office, by delivering a memo to her through the SEC staff seconded to her office, Adeosun said: “The

copy of the memo was delivered in a sealed envelope with a message that any action against Mr. Gwarzo would result in same (the memo) being leaked to the press.� She added that “It was this threat of blackmail that strengthened my resolve to suspend Mr. Gwarzo and allow the Administrative Panel of Inquiry (API) to proceed with its probe.� The minister insisted that the probe of allegations of corruption against Gwarzo and into Oando PLC finances are two separate investigations that government was awaiting their reports. “In fact, in October when the original suspension order on Oando took place, a group meeting was held with the leadership of SEC, not just with him, and they presented very clear evidence that Oando had a case to answer. We were satisfied with that. That remains our position,� she added. When it was evident from that interaction that he was going to be suspended from office, the Minister said Mr. Gwarzo prepared a memo, dated November 28, on the subject of Oando PLC investigation. But as usual, Nigeria may never know what actually happened because it is typical of this present administration to ignore such weighty allegation and counter-allegation. This is no doubt a trend that is capable of defeating the anti-corruption war of the President Muhammadu Buhari-led federal government and should be collectively condemned. Those facing allegation of corruption should be asked to step aside to pave way for a through investigation. There should be no sacred cows. As long as Nigerians believe that some people are being shielded from prosecution, the fight against corruption does not stand a any chance of succeeding. If that happens, it will be a monumental tragedy.

T H I S D AY WEDNESDAY DECEMBER 20, 2017

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T H I S D AY ˾ WEDNESDAY, DECEMBER 20, 2017

PERSPECTIVE

MIDWEEKPOLITICS

Oyo-Ita Chats a New Course for the Civil Service The Federal Civil Service as a politically-independent machinery of government has taken a major step in charting a new course for itself, in a bid to make it efficient, productive, incorruptible and citizen-centred, writes Ifeanyi Omokwe

T

his was the term used by the head of the Civil Service of the Federation, Mrs Winifred Oyo-Ita, recently at the inauguration of the project management teams for the implementation of the 2017-2020 Federal Civil Service Strategy and Implementation Plan (FCSSIP), a feat described by many as a step in the right direction. Since the inception of the civil service decades back, the service has yet to come up with a clear-cut prioritised strategy to drive its transformation like the threeyear strategic plan conceived by Oyo-Ita and her team of expertise to truly actualize the mission and vision of the Federal Civil Service. One would wonder what the 20172020 Strategic Plan for the Federal Civil Service is. Launched in February 2017 and approved by the Federal Executive Council in July, the FCSSIP is a threeyear strategic plan to reposition the Nigerian Federal Civil Service in eight priority areas identified and selected based on their potential for impact in the short-term and their relevance to the economic recovery and growth plan of the President Muhammadu administration. Mrs Oyo-Ita gave the priority areas of the FCSSIP as to: “Re-design and re-launch three core-training modules, including Leadership Enhancement and Development Programme (LEAD-P) as a top talent programme. “Launch a strategic sourcing of identified skills to bring in external talent at senior levels to drive high-level impact. “Institutionalise performance management by finalising the performance management system, piloting tools and introducing non-monetary recognition. “Launch a salary review of the civil service as a first step to enhance the value proposition of civil servants. “Drive innovation in service by an establishing public service innovation unit within the Office of the Head of Civil Service of the Federation, and launching an innovation challenge towards reducing cost of governance and increasing revenue generation. “Launch an EPIC culture transformation of the civil service. “Accelerate roll-out of the full implementation of Integrated Personnel and Pay Roll Information System (IPPIS) human resource module. “Establish an enterprise content management solution to digitize content.” Objectives There are established extant rules and regulations that serve as internal control mechanisms in the civil service that need to be strengthened and enforced. These include, but not limited, to public service rules, financial regulations, prepayment audit, compliance with circulars, laws and the Nigerian constitution. Following the development, the OHCSF outlined a set of objectives to see through the implementation of the agenda to transform the civil service. Developing an efficient, productive, incorruptible and citizen-centred, EPIC, culture. The EPIC culture is to build upon the core values of the service which are meritocracy, transparency, professionalism, anonymity, integrity, discipline, impartiality, political neutrality, patriotism, and accountability. Develop an enterprise content management system to improve efficiency and eliminate redundancy through digital transformation.

Mrs Oyo-Ita

Develop entrepreneurship culture and commercial orientation aimed at transforming the civil service from being a cost centre completely reliant on government funding to a revenue generator. Improving the welfare of civil servants in terms of compensation, housing support and pensions. These goals will engender the transition of the civil service to a world-class with positive attitudes, requisite skills, productive and highly-motivated workforce. Compared to other efforts introduced by past administrations, this strategy has the likelihood of success going by the instruments put in place by the Oyo-Ita leadership of the civil service. Firstly, a detailed strategy report articulating prioritised list of interventions that drive impact in the short-term. Secondly, a detailed plan to roll out interventions with clear owners and milestones; estimated costs, impact and resourcing strategies over the 2017-2020

Compared to other efforts introduced by past administrations, this strategy has the likelihood of success going by the instruments put in place by the Oyo-Ita leadership of the civil service

period. Thirdly, a clearly-defined governance to drive each reform and track overall progress-dedicated project management teams. Also, a clearly defined partnership value propositions to support implementation, champion initiatives and bring capabilities. Lastly, the current administration has come up with a clear-change management and communication plan to ensure stakeholder buy-in and embed the strategy. What to Expect Speaking at the inauguration of the project management teams last week, Mrs Oyo-Ita assured Nigerians that the 2017-2020 strategy was one to look forward to as it would be a win-win for the country. According to her, the implementation of the strategy is expected to deliver about N120 billion savings from cleaning human resource data on the Integrated Personnel and Pay Roll Information System (IPPIS), and about N2.5 billion annual savings from digitizing content. She also said that about 25,000 civil servants would be trained through the revamped core modules, with over 200 leaders cultivated through the Leadership Enhancement and Development Programme (LEAD-P). Also, 25 ministries with performance management system tools, routines, and dialogues to drive results-based performance and at least three annual innovation challenges held to cultivate ideas, technologies and ventures for enhanced service delivery, efficiency and productivity in the public service. The HoS further said the outcomes of the strategy would include but not

limited to: “Improved staff competencies and skills through well-targeted funded programmes across all grade levels. “Result-based performance and meritocratic environment for civil servants with clarity on metrics and links to incentives. “A clear-career path value proposition, such as trainings, salaries, benefits, that retain top talents. “Cohort of senior external experts providing high-impact support. “A more innovative civil service that brings in innovation from within and outside the service to improve service delivery via dedicated innovation units and innovation challenges. “A value-driven civil service with civil servants who are efficient, productive, incorruptible and citizen-centred. “Improved productivity and governance for human resource administration across all human resource processes. “Improved-enterprise content management with digitized records, automated workflow and overall improvement in sharing information and collaboration across the civil service.” The successful implementation of the 2017-2010 Federal Civil Service Strategy and Implementation Plan will generate a crop of skilled, motivated, disciplined and innovative civil servants that will change the current perception of Nigerian civil servants and foster robust linkages between the public and private sectors in fast-tracking the socioeconomic development of Nigeria. This will most importantly form the bedrock for the successful implementation of President Muhammadu Buhari’s economic recovery and growth plan and a global upward ranking trend for Nigeria on the ease of doing business. t0NPLXF XSPUF JO GSPN "CVKB

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FEATURES

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

New Dawn for Lagos Artisans Lagos State governor, Mr. Akinwunmi Ambode has initiated capacity building initiatives for artisans, tradesmen and technicians in the state in order to reverse an annual loss of almost a billion naira to the nationals of neighbouring countries, writes Gboyega Akinsanmi

A cross section of retrained artisans and tradesmen during their graduation in Ikeja ‌ recently

D

aniel Kojo, a Beninoise national, lives in Egbe-Idimu, a Lagos suburb. Skilled in bricklaying and welding, Kojo is always engaged weeklong. No wonder he smiles home daily with reasonable wads of Naira. However, his Nigerian counterparts do not enjoy the same degree of patronage. Rather than looking inwards, they blame governments for their woes every day. Consequently, thousands of Nigerian artisans have abandoned their original trade or vocation. Some ventured into commercial motorcycle operations. Few resorted to illicit rent collection on every land transaction in neighbourhoods. Others joined the league of social deviants, picking pockets among crowds and forcing commercial drivers to part with some cash. Like the case of Kojo and others, thousands of Beninoise, Ghanaian and Togolese nationals are flooding Nigeria by the day, taking up jobs Nigerians have long abandoned and filling huge gaps that have been created in the informal sector. For Nigeria, it is a tale of record revenue loss. But for its citizens, it is a grievous report of job loss day by day. A recent survey by the Yoruba Education Trust Fund (YETFUND) lends credence to the dearth of human capital in the country’s informal sector. The survey noted that Nigerian vocational and technical schools “have not ceased to churn out graduates but that is as far as it goes. Those graduates soon find

their skills irrelevant in the labour market.� According to the survey, foreign technicians and artisans operating in Nigeria are preferred to their native counterparts. As a result, Nigeria incurs an annual loss of N960 million. This figure is the estimated value of jobs that should have been executed by

Governor Akinwunmi Ambode did not stop at creating the Wealth Creation and Employment Ministry. He equally set up a N25 billion fund christened Lagos State Employment Trust Fund (LSETF). He explained that the fund was a creation of the law of the Lagos State House of Assembly to enable micro, small and medium enterprises (MSMEs) access capital for business expansion

Nigerian technicians and artisans, but their foreign counterparts have already taken up in the country. Unacceptable trends But at a session with artisans and tradesmen in the state recently, Lagos State Governor, Ambode acknowledged huge capacity deficit, which according to him, had confronted the informal sector, not only in the state, but largely in the country. He said the outcome of the YETFUND survey “is unacceptable and should be reversed.� Ambode explained lucidly the diverse undesirable trends, which had become prevalent in the country’s informal economy. First, he lamented the rate at which many artisans and technicians “are leaving their vocations to start commercial motorcycle business due to what he ascribed to the lack of patronage. This development is distressing and disappointing.� Aside, the governor explained the core reasons many artisans in the state “have been enjoying sustained patronage.� He pointed out that several technicians had refused “to perfect their skills through different training and retraining programmes,� an area he said the artisans and technicians from “our neighbouring countries have really excelled.� However, Ambode acknowledged the failure of previous governments, with the exception of Lagos State, “to provide strategic support for this critical sector, Noting that no formal sector can effectively function without a robust informal economy.� But

sadly enough, according to him, we have not sufficiently looked into this sector and taken full advantage of it.� He said critical infrastructure “need to be provided to help actors in the formal sector function properly.� He, thus, lamented the dearth of stable power supply, good road network, enabling business environment and availability of serviceable loans among others, which he said, had compounded the woes of the Nigerian domestic economy in the last three decades. Globally, the artisan economy is indeed enormous. A recent report put the world artisan economy at $36 billion. And the rating of Nigeria has been dropping every year. With discontent, therefore, Ambode lamented that Nigeria “has not been taking advantage of the opportunities the sector offers to drive the real economy and create more wealth.� However, according to him, the ugly trends must be reversed to position Nigeria in the world of the 21st Century. Already, the governor noted that Lagos State “has taken the lead with various programmes his administration has initiated for different groups of registered artisans, technicians and tradesmen that chose to operate in the state.� Actionable initiatives Before he came into office two and half years ago, the governor explained that he had taken note of the challenges that undermined artisans and technicians in the state from

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FEATURES

Lagos State governor, Mr. Akinwunmi, Ambode (3rd right), President of LASCOTA, Alhaji Nurudeen Buhari, Sola Giwa and Durosinmi-Etti (left), with some artisans at their graduation in Ikeja ‌ recently

functioning effectively. Consequently, he commissioned a study on the challenges, which he said, had kicked thousands of informal sector actors out of active operations. From the study, he said, actionable plans have been developed to change the tale of woes to the testimony of hope. One after the other, he noted that his government had been using the report of the study “to revamp the state’s informal economy,� which he said, was by no means strategic to attaining the socio-economic development of the state. He, therefore, noted that the outcome of the study informed his decision “to establish the Ministry of Wealth Creation and Employment.� Among other functions, he said the ministry “organises and coordinates various groups of artisans and technicians in the state.� In the last two years, he said, the ministry has made huge difference in Lagos State. Ambode did not stop at creating the Wealth Creation and Employment Ministry. He equally set up a N25 billion fund christened Lagos State Employment Trust Fund (LSETF). He explained that the fund was a creation of the law of the Lagos State House of Assembly to enable micro, small and medium enterprises (MSMEs) access capital for business expansion. Obviously, the governor said the vista of opportunities the fund created “does not in any way exclude artisans, technicians and tradesmen in the state. So, in Lagos, a new beginning is dawned already. Every actor in the informal sector now has equal opportunity to access at least N500, 000 and at most five million from the fund without any bias or prejudice.� Likewise, Ambode noted that the state government had opened an online portal, which he said, was designed to facilitate interaction with all artisans and tradesmen in the state. He noted that the portal “will indeed make it easy and convenient for people in need of high quality service to meet reliable, trusted and verified service providers.� Aside, Ambode noted that the portal “is aimed at enhancing productivity, competitiveness, creativity and vitality in the sector.� From all indications, he observed that the secret of changing the game in the new world “is by building a new army of informal sector actors,� who according to

him, would provide critical support for the real sector and break the poverty cycle of decades.� Strategic interventions Providing them serviceable credit facilities is never sufficient by all standards, the Commissioner for Wealth Creation and Employment, Mr. Babatunde Durosinmi-Etti observed at the 2017 exhibition of the Lagos State Council of Tradesmen and Artisans (LASCOTA) in Ikeja. Rather, the commissioner said, building the capacity of the informal sector actors is equally strategic to revolutionising the state’s artisan economy. For him, retraining programmes will help build their creativity. Aside, he argued, it will help them compete effectively with their counterparts in any part of the world. On this, Durosinmi-Etti noted that the Ambode administration had already initiated training and retraining programmes for registered artisans, technicians and tradesmen in the state. Recently, according to him, the Ambode administration has sponsored 1,800 artisans and tradesmen under its intensive training programme. Since 2015, he said, at least 1,500 artisans and technicians have annually been benefitting from this programme, which the Lagos State Technical and Vocational Educational Board (LASTVEB) has been coordinating.

In the next one year, we will train and retrain more applicants to position our artisans and technicians for robust competition in the age of new technology. Consequently, we can reverse what we are losing to neighbouring countries

At least, the commissioner explained, that each beneficiary of the capacity building initiative went through eight-week retraining programmes, which he said, would help them learn how they could take advantage of new technology; transform their vocation and boost the state’s economy. For him, this is Ambode’s way of promoting made-inNigeria products. Durosinmi-Etti explained the significance of the retraining programmes, which the Executive Secretary of the LASTVEB, Mrs. Omolara Erogbogbo said, would enhance the productivity of the artisans and technicians in the state. For this reason, she said, Ambode had developed the Lagos State Tradesmen and Artisans Empowerment Programme (LASTAEP) to bridge the capacity-building gap in the state’s artisan economy. In line with the state’s strategic vision for the next 50 years, the executive secretary explained that state government had facilitated a memoranda of understanding (MoU) between Lagos State Painter Association and Plascon Kansai Paints as well as Lagos State Welders and Ladol Group “to prepare specialists in these areas for meaningful competition.� Under this administration alone, Ambode said the state government “has already trained and retrained thousands in the last two years. “In the next one year, we will train and retrain more applicants to position our artisans and technicians for robust competition in the age of new technology. Consequently, we can reverse what we are losing to neighbouring countries.� Pleas for patronage Ambode’s administration has kept at least 95 per cent of its promises to registered artisans and tradesmen in the state, President of Lagos State Council of Tradesmen and Artisans (LASCOTA), Alhaji Nurudeen Buhari has acknowledged. He cited Ambode’s concession to enable registered Council’s members access the Lagos State Employment Trust Fund (LSETF). Buhari, also, acknowledged the approval of N12 million subvention and provision of an 18-seater Toyota bus for the Council. He equally attested to the training and retraining programmes, which he said, the state government had organised for the registered members. In 2017 alone, he said, 1,500 artisans

have benefitted from such programmes. Likewise, he acknowledged the state’s decision “to allow members of the Lagos State Tailoring and Fashion Association wear graduation gowns for the beneficiaries of its retraining programmes.� As good as they are, however, Buhari said all these interventions “are not enough if the state’s artisan economy must revolutionised within a short period.� On this ground, he called for sustained patronage of all the Council’s registered members. He said the state government “should not forget to patronise our local products and brands in the execution of the government projects like civil works, painting, saw and granite suppliers, furniture making, tyre supplies, construction and sewing of garments.� Ambode quickly assured them of robust patronage in the future. However, he reminded them that his administration “has a tradition of promoting made-in-Nigeria products. Not only that, it is also our policy to patronise indigenous contractors and producers because we strongly believe that is the way we can create wealth and provide more jobs.� He cited the case of 114 inner-city roads the state government constructed in 2016 across 20 local government areas (LGAs) and 37 local council development areas (LCDAs). Deliberately, Ambode said the state government patronised indigenous contractors in the execution of the road projects and about N19 billion was injected in the state’s economy. Like the case of 114 inner-city roads, Ambode revealed that the state government had already invited bids from indigenous contractors “to reconstruct 183 inner-city roads. The moment the process is completed, we will start mobilising them. And in the process, they too will hire people and patronise carpenters, granite suppliers and welders among others.� He, therefore, observed that the strategic position of the state “offers endless opportunity to leverage on. Our state is one of the fastest growing economies in the world. It equally presents great opportunities that are waiting to be tapped and challenges which you are the solution provider. I will encourage you to synchronise your activities and key into these programmes to empower your members and other youths in the state.�

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IMAGES

..L-R; President NSE, Mr. Otis Oliver Anyaeji; Award receipts Engineering Manager, Shell Nigeria Exploraion and Producion Company Limited, Mr Olusanya Oladunjoye; and Managing Director, Shell Nigeria Exploraion and Producion Company Limited, Mr. BayoOjulari, at the 6th Fellowship Conferment Lecture and Ceremony of NSE in Abuja....recently Julius Atoi

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Photo Editor ĂŒĂ“Ă™ĂŽĂ&#x;Ă˜ ÔËÖË Email Ă‹ĂŒĂ“Ă™ĂŽĂ&#x;Ă˜Ë›Ă‹Ă”Ă‹Ă–Ă‹ĚśĂžĂ’Ă“Ă?ĂŽĂ‹ĂŁĂ–Ă“Ă Ă?Ë›Ă?Ù×

L-R; President, Nigerian-British Chamber of Commerce, Sam Olawore; President, British Institute of Facilities Management Nigeria (BIFM) , Wale Odufalu; Event co-ordinator, BIFM, Helen Majemite; and Vice chair, BIFM Abuja, Olumide Aina, at the 2017 BIFM C-Suite Forum in Lagos.....recently

L-R: Vice President, Nigeria Cricket Federation (NCF), Mr. Uyi Akpata; Financial Operation Manager, International Cricket Council (ICC), Mr. Kuben Piuky; Regional Director & Manager, Africa (ICC), Mrs. Patricia Kambarami and President, Nigeria Cricket Federation (NCF), Prof Adam Ukwenya, during the Federation ďŹ nal match between Lagos and Kaduna, at cricket pitch, TBS Lagos‌.recently KOLA OLASUPO

L-R ; The Event Chairman, Asiwaju Solomon Kayode Onafowokan; Baba Ijo United African Methodist Yaba, Lagos, Asiwaju, Lt Gen. Oladipo Diya (Rtd) and Patron of the Church Sir Dr Kessington Adebukunola Adebutu at the 2017 Annual Harvest of Songs, Thanksgiving Service in Lagos...Recently

L-R: Permanent Secretary, Lagos State Ministry of Information and Strategy, Mrs. Kofoworola Awobamise; Commissioner for Information and Strategy, Mr. Steve Ayorinde; Special Adviser to the Governor on Tourism, Art and Culture, Mrs. Aramide Giwanson and the Permanent Secretary in the Ministry, Mr. Fola Adeyemi, during a media brieďŹ ng on 2017 one Lagos ďŹ esta to usher in the new year, in Lagos...recently kola olasupo

L-R; Chief Investment OďŹƒcer, Novare, Mr. Pierre Groenewald; Chief Executive OďŹƒcer, IREP Nigeria, Ms. Erejuwa Gbadebo; Senior Manager, Real Estate Finance, Stanbic IBTC Capital, Nigeria, Mr. Tola Akinhanmi; and Chief Operating OďŹƒcer, Vantage Capital, Mr. Warren Van Merwe, at the West Africa Property Investment Summit in Lagos....recently

L-R: Wife of Oyo State Governor, Chief Florence Ajimobi; the Governor, Senator Abiola Ajimobi; National Leader of the All Progressives Congress, Asiwaju Bola Tinubu; National Vice Chairman (Southwest); Chief Pius Akinyelure; and Deputy National Chairman of the party (South), Chief Segun Oni, during a thanksgiving service in honour of the governor’s 68th birthday, at the Government House Chapel, Ibadan..recently Governor’s Office

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Quick Takes FirstBank Supports Food Industry

LUCKY WINNER

L-R: Group Head, Retail Banking, FirstBank, Olufunke Smith; Deputy Managing Director, FirstBank, Gbenga Shobo; FirstBank customer and promo winner, Olushola Johnson; Chief Executive OďŹƒcer, Verve International, Charles Ifedi; Business Manager, FirstBank, Laeticia Awofeso; and Business Development Manager, FirstBank, Abigail Ndubisi, during the prize presentation for the Verve Card Reactivation Promo with FirstBank in Lagos ... recently

IMF: Fed Tightening May Squeeze Portfolio Flows to Nigeria, Others Obinna Chima A key question facing global investors today is what impact the US Federal Reserve’s monetary policy normalisation process will have on capital flows to emerging markets and other economies such as Nigeria that had enjoyed huge flows in recent times, a report by the International Monetary Fund (IMF) has stated. The Central Bank of Nigeria continued to maintain a tight monetary policy regime in its quest to continue to attract portfolio inflows. But the latest IMF’s model estimates showed that normalisation—raising the policy interest rate and shrinking the balance sheet—would likely reduce portfolio inflows by about $70 billion over the next two years, which compares with average annual inflows of $240

ECONOMY billion since 2010. Shrinkage in the Fed’s $4.5 trillion balance sheet, which began in October, accounts for most of the impact on portfolio flows—defined as foreign purchases of emerging market stocks and bonds. Reduced availability of foreign capital could make it more challenging for emerging market economies to finance their deficits and roll over maturing debt, the multilateral institution stated in the report obtained on its website on Monday. That is why the Fed should move gradually and communicate its plans clearly, they added. The IMF’s latest ‘Global Financial Stability Report’ had shown that large-scale monetary accommodation

had underpinned a significant portion of portfolio flows to emerging market economies since the global financial crisis. “In particular, we estimate that about $260 billion in portfolio inflows since 2010 resulted from the “push� of unconventional monetary policy by the Federal Reserve, as opposed to domestic “pull� factors. “The estimates are based on an econometric model adapted from a 2014 paper. The Fed’s large scale asset purchases, which $170 billion of the total as investors rebalanced portfolios toward higher-yielding emerging market assets. Downward shifts in market expectations for future Fed policy rates accounted for the remaining $90 billion. “Our model results suggest that Fed monetary policy will continue to weigh on portfolio

Nigeria, EFTA Seal Pact

flows. We estimate that the reduction in the size of the Fed’s balance sheet will cut flows by $55 billion over the next two years. “Flows could fall by an additional $15 billion if short-term interest rates were to rise in line with IMF forecasts. Our estimates assume that the US policy rate will rise to just under three per cent by the end of 2019, and that the tightening process will be orderly and will not take a toll on emerging market growth,� the report added. It noted that a gradual pace of normalisation was therefore crucial to ensuring emerging markets’ ability to adjust to reduced inflows of funds. Furthermore, it pointed out that even limited withdrawals of foreign capital could result in Continued on page 24

Transactions on FMDQ OTC Exchange Rise to N130tn in 11 Months Goddy Egene Transactions in the fixed income and currency markets rose by 21.9 per cent to hit N14.85 trillion in November from N12.18 trillion in October. The increase in November has lifted the total value of transactions between January and November to N129.85 trillion. The market is operated by FMDQ OTC Securities Exchange. However, the Treasury Bills (T.bills) segment remained the most active accounting for 37.8 per cent, followed by the activities in the foreign exchange (FX) market which accounted for 32.27 per cent.

CAPITAL MARKET Money market (repurchase agreements [repos]/buy-backs & unsecured placements/ takings) accounted for 24.54 per cent, while the Federal Government of Nigeria (FGN) bonds recorded 5.35 per cent. A further analysis of the performance in November showed that transactions in the FX market settled at $15.08 billion, an increase of 8.78 per cent when compared with the $13.86 billion recorded in October. In the month under review, the Naira depreciated slightly in the Investors’ &

Exporters’ (I&E) FX Window closing at$/360.65 (from $/360.40 at the beginning of the month) whilst also trading at a discount to the parallel market which also depreciated in the month of November to $/364.00(from $/363.00 at the beginning of the month). The CBN Official Spot rate experienced a slight depreciation, dropping0.15 to close at $/ 306.00 (from $/305.85at the beginning of the month). Total value traded in the I&E FX Window settled at $4.51 billion for November, an increase of

FirstBank of Nigeria Limited has announced that it recently partnered Eventful Limited to drive Nigeria’s food economy through its sponsorship of the third edition of the Fiesta of Flavours, a world class food and beverage fair. The event took place in Lagos. This, the bank said support reinforces itscommitment to building the entire agricultural value chain from production to consumption, creating opportunities for SMEs in the food sector and enhancing the economic diversiďŹ cation of the Nigerian citizenry at large. Agriculture has a high potential for growth and economic boom and can be referred to as Nigeria’s new oil, impacting signiďŹ cantly on Nigeria’s GDP in the face of dwindling oil revenues. A statement from the bank explained that FirstBank hadinvested in agricultural businesses for several years.The bank recently held the FirstBank Agric Expo to explore the huge potentials of the sector and reinvent agriculture for sustainable national development.FirstBank’s Group Head, Marketing & Corporate Communications,Folake Ani-Mumuney said: “the Bank’s partnership with the Fiesta of Flavours reinforces our support for SMES and our resolve to drive agriculture across the entire value chain whilst promoting economic growth and sustainability. “It is interesting to note that Agriculture become Nigeria’s new sustenance and our foods are our newest exports to the rest of the world.â€? According to the CEO, EventfulLimited,Mrs.YewandeZaccheaus“FirstBank’ssponsorship of the fair for three consecutive years has been instrumental to the continuous hosting of the event and supports our ďŹ rm drive to promote Nigeria’s rich culinary heritage.â€?

4.88 per cent relative to the value recorded in October ($4.30 billion). Total value traded at the Window since inception stands at $22.37bn Turnover in the fixed Income market in the month under review settled at 6.41 trillion, a 20.39 per cent increase. Transactions in the T.bills market accounted for 87.60 per cent of the overall fixed Income market, from 85.10 the previous month. Outstanding T.bills at the end of the month stood at 10.41 trillion, which is 5.46 Continued on page 24

Nigeria recently signed a joint declaration on Economic Cooperation with the European Free Trade Association (EFTA) in Buenos Aires, Argentina.The agreement was signed on the sidelines of the World Trade Organisation (WTO) 11thMinisterial Conference. The country also represented Africa at the Ministerial Conference through its position as Vice-Chair of the conference, a statement revealed. Meanwhile, members of the Friends of Investment Facilitation for Development (FIFD) of which Nigeria is a member, unanimously adopted a Joint Ministerial Statement on Investment Facilitation in Buenos Aires. The EFTA-Nigeria declaration is an instrument that allows both parties to work on a framework that facilitates increased trade and investment ows. It will be implemented by a joint commission of both parties.The areas of cooperation include trade in goods; customs and taris and trade facilitation; trade in services; investment; protection of intellectual property rights including enforcement; trade and sustainable development; digital economy including ecommerce; trade and investment related issues pertaining to small and medium-sized enterprises; and any other areas of cooperation as mutually agreed by the parties involved.Members of the EFTA are Norway, Liechtenstein, Iceland and Switzerland.

PayU Boosts Online Payments

Businesses in Nigeria can securely request and receive payments directly from their customers without any hassles using PayU’s innovative and secure product called PayU Receive. According to a statement, PayUreceive is a secure payment solution that facilitates business-to-business and business-to-consumer payments easily via email or SMS.It allows businesses to make use of PayU’s safe and secure payment services by allowing them to send payment requests via email or sms to their customers. Customers then have the exibility of paying via their bank cards or their bank accounts. This, the ďŹ rm explained, is a convenient way for businesses to receive payment as they simply need their customers’ email address or mobile phone numbers to which a payment link can be sent. They can also send payment reminders to their customers thereby increasing the eďŹƒciency of collections on overdue accounts. “This payment solution aligns with PayU’s experience in over 16 markets globally, including Asia, Central and Eastern Europe, Latin America, Middle East and Africa, where our technological solutions are changing the payment landscape.

“CBN will provide some form of forbearance such that if a bank lends a certain percentage of its funds to SMEs, maybe its CRR would be lower than that of other banks not embracing the initiative�

CBN Governor

Mr. Godwin EmeďŹ ele

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IMF: FED TIGHTENING MAY SQUEEZE PORTFOLIO FLOWS TO NIGERIA, OTHERS significant stress on emerging market borrowers if they were to occur over a relatively short period. “For example, during the “taper tantrum� in 2013, when market participants interpreted Fed communication to signal that the central bank would reduce the pace of asset purchases sooner than expected, some $40 billion flowed out of emerging markets over a period of seven weeks as exchange rates depreciated sharply and asset prices declined. “These findings underscore the need for the Fed and other advanced-economy central banks to change policy gradually. To ensure a smooth normalisation process, monetary authorities should provide well-communicated plans on unwinding their holdings of securities and guidance on any potential changes to their frameworks,� it added. TRANSACTIONS ON FMDQ OTC EXCHANGE RISE TO N130TN IN 11 MONTHS per cent higher than the N9.87 trillion in October. On the other hand, FGN bonds outstanding value Increased by 1.48 per cent to close at 7.53 trillion, from 7.42 trillion in October. Trading intensity in the Fixed Income market for the month under review settled at 0.54and 0.11for T.bills and FGN bonds respectively, from 0.47 and 0.11respectively, recorded the previous month. T.bills between the one (1) and three(3)months maturity bucket became the most actively traded, accounting for a turnover of 1.33trillion in November. Activities in the Secured Money Market (i.e. Repos/ Buy-Backs) settled at 3.42trillion in November, 59.04 per cent (1.27trn) more than the value recorded in October. Unsecured placements/ takings closed the month at a turnover of 226.46 billion, a 14.38 per cent rise increase.

Life Insurance Firms Posted N124.6bn Gross Premium in 2016 ČŠ ŽŠÂ? Š¢ȹ ˜—Â?Â›Â˜Â•ÂœČąĹ˜Ĺ›Ć–Čą Š›”ŽÂ?Čą ‘Š›Ž

Ebere Nwoji Life Assurance underwriting Companies in Nigeria generated a total of N124.6billion gross premium in the year 2016. The companies ceded a total of N7.3billion to their reinsurers while retaining N117.2 billion as net premium. Gross claim paid by the life operators during the period stood at N67.2billion while net claims stood at N54.6billion. Management expenses stood at N15.1billion, investment income stood at N20.1billion just as profit after tax stood at N4,823,76000 Out of the total N124.5billion gross premium, about 25.36 percent of the entire life market is controlled by the Leadway Insurance company ltd which during the year under review posted N31.5billion as its gross premium. AIICO Insurance Plc which controlled 17.80 percent of the market was the next, with N22.1billion gross premium. The results were contained in the annual balance sheet of insurance firms in Nigeria recently published by the National Insurance Commission (NAICOM). The commission in the column titled Ranking and Market share of life insurance companies with gross premium income for 2016, said African Alliance Insurance Plc ranked

third with N13.4billion to hold 10.77 percent share of the life insurance market. Custodian Life Assurance Ltd took the fourth position in the race with N12.1billion gross premium to control 9.759 percent share of the market. Also, FBNlife came fifth with N9.9billion premium controlling 7.96 percent of the entire market. Mutual Benefit Life Assurance ltd took the sixth position with gross premium income

N4.1billion to control 3.31 percent of the entire market while AXA Mansard Insurance Plc took the seventh position posting N3,579,159000 to control 2.87 percent of the market. Royal Prudential life Assurance took the eighth position posting N3,4724000 to control 2.79 percent of the market, Zenith Life Assurance Ltd followed with N3.3billion gross premium to have control of 2.68 percent of the market,

Niger Insurance Plc took the 10th position gathering N3.1billion gross premium to control 2.49 percent of the market. Capital Express Assurance raised head as the 11th company in the race with gross premium of N2.8billion to control 2.37 percent of the market. LASACO Assurance Plc emerged the 12th in the rank with N2.2billion to control 1.79 percent of the market. UBA Metropolitan Insur-

ance Company occupied 13th position with gross premium of N2,097,038000 controlling 1.68 percent of the market. Next to UBA is Standard Alliance Life Assurance co ltd with gross premium of N1,836,455000 controlling 1.47 percent of the entire life insurance market. Cornerstone Insurance Plc ranked 15th position with 1,805,196000 gross premium to control 1.45 percent of the market .

BEHOLD NEW EXCOS OF FMAN

L-R: New Treasurer, Fund Managers Association of Nigeria (FMAN), Mrs Tope Omojokun; outgoing Vice-President, Mrs. Bunmi DayoOlagunju, new Vice-President, Mr. Shuaib Audu; outgoing President, Dr. Ore Sofekun; new President, Mrs. Ononuju Irukwu, new oďŹƒcer, Mrs. Ifeoluwa Dixon; new Secretary, Mrs. Henritta Bankole-Olusina and another, Mr. Emeka Okolo during election of new executive oďŹƒcers of the association in Lagos‌recently

Oando Shareholders Insist on Forensic Audit Shareholders under the aegis of the Oando Shareholders Solidarity Group (OSSG) have picked holes in recent claims by the management of the company that it dragged the Securities and Exchange Commission (SEC) to court to protect shareholders’ interest. The shareholders described the claim as “deceitful and a calculated attempt to stall SEC’s forensic audit.� South-South Coordinator of OSSG, Clement Ebitimi said: “Contrary to the claim by the company that its recent actions were not intended to undermine the regulatory powers

of the SEC, it is clear that all actions taken so far have not only undermined the SEC; the company has also succeeded in drawing unnecessary negative attention to the Nigerian capital market. He queried: “Is it not a perfect oxymoron that a company that has been accused of gross misconduct and breach of the very sacred Corporate Governance Code, for which it is now frustrating extensive audit can claim the title of a responsible company? To start with, how can a responsible company swamp itself in so much desperation to prevent

a forensic audit that can only uncover the truth? Ebitimi argued that “even the least educated creature on economic matters will discern that the management of the company is desperate to frustrate the forensic audit in order to hide something that is not yet known to the general public.� He said that stakeholders and observers are united that the forensic audit is the only means to unravel the extent of mismanagement and misconduct that have been perpetuated for years. “Let it be placed on record that the current management of Oando Nigeria Plc led by Wale

Tinubu is not in any way protecting the interest of shareholders; both majority and minority. All shareholders of the company are angry, and frustratingly tired of this management that even the word disappointment cannot describe the discontent of shareholders�, Ebitimi asserted. How can you claim to be protecting the interest of shareholders when you have consistently mismanaged the affairs of the company to the extent that the external auditors will cast a doubt on the going concern of the company, he rhetorically asked. “Majority shareholders are

unhappy; minority shareholders are bewildered, so which shareholders’ interest are you protecting if not yours?� The OSSG Coordinator also said that SEC must proceed with, and concluded the forensic audit started under its past DirectorGeneral to restore confidence in the capital market. He claimed that “contrary to what the management of the company wants the public to believe, there is nowhere in the report that suggests or explicitly states that Oando Nigeria Plc satisfactorily responded to all issues raised in the investigation of its affairs.

Intels Offers Scholarship to 66 Physically Challenged Persons Group Business Editor

Ă’Ă“Ă•Ă‹ Ă—Ă‹Ă˜Ă¤Ă?Ě‹ ĂĄĂ‹Ă?Ă’Ă&#x;Ă•Ă&#x; AgriBusiness/Industry Editor

Ă™Ă˜Ă‹ĂžĂ’Ă‹Ă˜ äĂ? Comms/e-Business Editor

Ă—Ă—Ă‹ Ă•Ă™Ă˜Ă”Ă“ Capital Market Editor

ÙÎÎã Ă‘Ă?Ă˜Ă? Senior Correspondent

Ă‹Ă’Ă?Ă?Ă— Ă•Ă“Ă˜Ă‘ĂŒĂ™Ă–Ă&#x; (Advertising) Correspondents

Ă’Ă“Ă˜Ă?ĂŽĂ&#x; äĂ? (Aviation) Ă“Ă˜ĂŽĂ‹ ĂœĂ™Ă•Ă? (Labour) ĂœĂ™Ă—Ă™Ă?Ă?Ă–Ă? ĂŒĂ“Ă™ĂŽĂ&#x;Ă˜ (Cap Mkt) ÔÓÙĂ?Ă™Ăœ Ă–Ă“Ă•Ă? (Energy) Ă‹Ă—Ă?Ă? Ă—Ă?ÔÙ (Nation’s Capital) ĂŒĂ“Ă˜Ă˜Ă‹ Ă’Ă“Ă—Ă‹ (Money Mkt) Reporters

Ă&#x;Ă—Ă? Ă•Ă?Ă‘Ă’Ă? (Money Market) Ă™Ă?Ă‹ Ă–Ă?Ă•Ă’Ă&#x;ÙÑÓĂ? (Maritime)

The Management of oil and gas logistics giant, Intels Nigeria Limited has taken its community support a notch higher by offering full scholarships to no fewer than 66 physically challenged persons. The scholarship scheme, which was set up in 2003 to assist persons with physical disabilities including polio, covers primary, secondary and tertiary education. According to a statement, some of the beneficiaries enjoyed the scholarship from primary school through to tertiary education, attaining professional qualifications in various fields of endeavours

including Economics and Law, among others. The beneficiaries also have the opportunity of working at Intels after completing their education if they so desire. One of the beneficiaries, Uchechukwu Nwafor, who is an Economics graduate of the University of Port Harcourt, said: “Words cannot capture the good works Intels is doing�. According to her, “Intels has changed my life for good. What Intels is doing cannot be quantified. The company has been able to make me achieve the desires of my heart. They have empowered me and made me independent.

Thanks to Intels I am not on the road begging for money or food to eat. No company in Nigeria has ever done what Intels has done for the physically challenged. They don’t just stop at granting scholarships, they empower you for all your life. Some of us wouldn’t have been able to go to school at all and make meaning out of our lives without Intels.� Another beneficiary of the scholarship scheme, Philip Brown, said, “I have said and will always say that through this scholarship scheme that has been going on for several years, most of us with

disability can make it in life. Intels has given us hope. It is not just the scholarship; they are the only ones that also provide employment without discrimination. Today, I am married and happy because of the support, hope and empowerment given to me and others by Intels.� Intels has won several awards and commendation for its exemplary community development and empowerment programmes. Recently, the company was honoured by the Nigerian Shippers’ Council (NSC) - an agency of government under the Federal Ministry of Trans-

portation - for its outstanding contribution to the development of its host communities. NSC conferred the “Most Outstanding Terminal Operator in Corporate Social Responsibility� award on Intels. The Executive Secretary of NSC, Mr. Hassan Bello, also commended INTELS for its huge investment and commitment to ports development in the country. Also, the Paramount Ruler of Onne Clan in Rivers State, King John Dennis Osaronu, recently commended the company, describing it as “a company Nigerians must be proud of�.

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BUSINESSWORLD

NEWS

Lafarge Launches Sustainability Report, to Reduce CO2 Emission Ugo Aliogo Lafarge Africa Plc has unveiled its 2016 sustainability report which provided a scorecard of its achievements, while giving attention to their financial performance. The group also pledged its commitment to reduce Carbon Dioxide (CO2) emission. Speaking at the launch of the report in Lagos, the Group Managing Director, Lafarge Africa Plc, Michel Purchercos, said the report was compiled in adherence to the GRI-G4 standards and the assurance of external party, CSR-In-Action Consulting. He also stated that following the Lafarge global merger in 2015, the group has been at the forefront of championing positive change by paying close its ACE culture and CRISP value, and recording significant success “in our efforts to build a motivated

workforce and sustainable business.� Purchercos further stated that they have also launched the Turn-Around Plan which he noted revolved around achieving high reliability across “its production facilities, including reviews of processes by our board.� The Lafarge GMD added though the year 2016 brought with it several challenges, they have however ended with some key wins, stressing that their 2030 plan revolved around four pillar- climate, circular economy, water and nature and people and communities. In his remarks, the Chairman, Lafarge Africa, Mobolaji Balogun, expressed confidence that with a consistent focus on their sustainable development strategy, they would be able to achieve growth as a business and add value to their stakeholders. He

maintained that organisations such as theirs have the capacity to create the transformational change through innovative business models that deliver significant societal value as they generate economic wealth. Balogun explained that that their vision is aimed at driving transformational change, adding that in doing so, they would align their efforts with international best practices such as the United Nations’ Sustainable Development Goals (UNSDGs). He added that these standards would be applied in executing their interventions in the four focused pillars-climate, circular economy, water and nature and people and communities, adding that the interventions can help to reduce Carbon Dioxide (CO2) emissions, provide better quality building solutions, improve on health and safety and build strong corporate governance.

Capacity Building: NACC Scores Itself High Jonathan Eze The Nigerian-American Chambers of Commerce (NACC) has pledged to continue in its capacity building and training to help open more market between the two countries so as to increase trade and attract more Foreign Direct Investment. In appraising its activities for the year, the National President of NACC, Chief Olabintan Famutimi, said the chamber has done so well. “We have done so much in 2017, we have contributed to the government policy by hosting the ease of doing business breakfast meeting where we talked and advised the government on what to do to make business in Nigeria more comfortable and how best to attract FDI� he said. According to him, the chamber has helped the SMEs in preparing them in capacity building, adding that, they have advocated, advised and trained

SMEs to be export ready. “Our one shop desk has been helping Nigerian companies who wants to export in knowing what to do so they can export to America and any part of the world because any product that is good and acceptable in America is accepted anywhere in the world� he stated. He noted that the potential benefits of a robust and intense FDI aimed at socio-economic growth and development thus improving the quality of life of Nigerians and increasing returns for the investors. “FDI can play an important role in its development efforts. Its potential benefits includes: Employment generation and growth; integration into the global economy; raising skills of local manpower; supplementing domestic savings; transfer of modern technologies and enhanced efficiency� I have also highlighted a few challenges with attracting more Foreign Direct Investment which

are government overbearing interference in Business; relative closed economy; corruption; weak public institutions; and poor external image. I want to appreciate the present administration of President Muhammadu Buhari for the efforts made; we have seen the launch of a One Stop Investment Centre and the results of PEBEC for which we as a Chamber contributed to is evident� he said. He disclosed that as a Chamber, Nigerians can trust them to have their business interests represented through advocacy to all relevant government authorities both in Nigeria and the United States of America. “We have and will continue to promote the development of trade, commerce, investment, and industrial technological relationships between the public and private sectors of the Federal Republic of Nigeria and the United States of America,� he said.

Buhari Inaugurates Amarava Rice Mill in Kano Jonathan Eze President Muhammadu Buhari has inaugurated a new state-ofthe-art rice mill with 288 metric tonnes per day capacity, located at Amarawa Village, in Gezawa Local Government Area of Kano State. According to him, it is a major boost to local rice production in the country’s quest to attain self-sufficiency and reduce importation of the commodity to the barest minimum. Owned and operated by Amarava Agro Processors Limited, a subsidiary of Fullmark Group, the new factory is the first made in Nigeria Rice Mill with all fabrications and installations of the factory made in Kano with almost 100 per cent local content. Speaking during the inauguration of the factory, President Buhari commended the management of Fullmark Group for its effort, which he noted is in line with the agricultural

revolution of his government to reduce importation of rice by encouraging local farmers and investors. He noted that investment in rice mills would encourage and boost the confidence of the local rice farmers and a right step in the right direction in moving Nigeria closer to complete independent from importation of rice and improve food security across the country. He explained that, “Nigeria’s continued dependence on rice importation has put a strain on the economy as well as the nation’s food flow as a substantial amount of our foreign exchange goes into rice importation yearly. With this mill in operation, Nigeria would continue to progress towards food self-sufficiency.� Also speaking at the inauguration of the factory, the chairman of Fullmark Group Mr. Sriram Venkateswaran, revealed that

the entire idea of the project was conceived, designed, manufactured, executed from start-to-finish in Kano, Nigeria. Explaining the production capacity of the factory, Mr. Sriram disclosed that Amarava Agro Processors Limited has the capacity to produce up to 288 metric tonnes of top quality per-boiled rice per day when operating in full capacity but its currently producing 250 metric tonnes per day. While commenting on the quality of the Rice produced from the mill, Sriram said, “Our rice is best in class in terms of quality which is comparable to the best available anywhere in the world and is often compared to Thai Rice.� He further revealed that beyond being the first made in Nigeria Rice Mill facility, the Amarava Agro Processors Limited Rice Mill is the first to be fully equipped with the capacity to convert waste to energy.

ELEVATING TO THE NEXT LEVEL Marie-Therese Phido

Emancipated Leadership Have you ever been in a meeting where you thought about a brilliant idea and somebody shot it down, because you were too junior to give an opinion or suggest a better way of driving a process? I have. As part of my many experiences I share. I remember being in a meeting with my boss and two other colleagues, then I had not been promoted manager. A suggestion on a particular direction came up and I did not think it would work. I spoke up and told my boss that I thought we should try another angle as the one suggested may not work. When we left the meeting, my other colleagues, who were senior to me, called me aside and told me they were shocked at my audacity in telling her that I did not think it would work. They said, I should have allowed her go on with her suggestion, tried it out, and if it did not work, then tell her that it did not work before suggesting my option. I found this advice confusing, inefficient and sub-optimal. For me it was, why waste time doing something that would not take us far, in view of the tight deadlines we work with and also especially because we were in an environment that encouraged us to think and act proactively. I had to go back and apologize for being forward and expressing a view contrary from hers during the meeting. My apology was accepted and she was surprised that I came back to apologise. After this incidence, I became a bit reticent in expressing a contrary view, even if I felt it would not work; although, I did not always succeed in keeping quiet. But, not everybody is as bold or driven by their beliefs. Sometimes this ‘boldness’ got me into trouble. How do we get people with ideas air their views in organizations and ensure that it will not engender criticisms and objections that may make them lose confidence and take away the benefit of their ideas from the organisations they serve? Many great

Not everybody is as bold or driven by their beliefs. Sometimes this ‘boldness’ got me into trouble. How do we get people with ideas air their views in organizations and ensure that it will not engender criticisms and objections that may make them lose conďŹ dence and take away the beneďŹ t of their ideas from the organisations they serve? Many great ideas and innovative solutions have been borne from very many ‘juniors’ that their leaders gave a chance

ideas and innovative solutions have been borne from very many ‘juniors’ that their leaders gave a chance. This is a burning issue that leaders need to solve. I recently read an article titled, “True Leaders Believe Dissent is an Obligation�, published by Harvard Business Review. The article resonated and stated that, “executives and entrepreneurs who have created enduring economic value, based on sound human values – recognize and embrace the “obligation to dissent. Put simply, you cannot be an effective leader in business, politics or society unless you encourage those around you to speak their minds.� The article went on to talk about how McKinsey and Company (Mckinsey), has a value that is passed on to every new hire called the “obligation to dissent�. It means the youngest most junior person in any given meeting is the most capable to disagree with the most senior person in the room. Can you imagine this happening in Nigeria? This practice is enshrined in McKinsey. Can this be one of McKinsey’s secrets for being the most celebrated consulting firm in the world? Food for thought! I have had four bosses in my career, who encouraged me to question the status quo. They taught me that there was always a better way to do something that had been done before. These bosses stretched my capabilities, made me think, feel valuable and gave me a “can do� spirit. These values I try to pass on to my subordinates. I always tell them that I never feel there is an assignment I cannot try to accomplish. That they also can do anything they decide. My slogan to them is “if you can think it, you can do it.� What am I getting at? Leadership is Everything. Leaders need to start ensuring that they build up their employees to be fearless and encourage them to develop innovative ideas. There is so much we all know as leaders and cannot do it all. We need to unleash the potentials and capabilities of our employees. Many times their ideas are much better than ours, because they are at the forefront and in the trenches with our customers and clients. As leaders, we all need to embrace humility and stop being insecure. Many leaders fail because they lack these simple traits. Holler! Today we commence our Holler segment focused on organisations that have elevated their services to the next level. I am giving a holler to Access Bank. They continue to give “five star service� and treat customers like royalty when you visit their branches. I have had cause to visit the bank a few times in the past few weeks and was happy with the service from the gate to the executive’s office. When it was to transact business in the banking hall the service was quick and efficient. What I found most remarkable is the “five star� treatment you receive as you enter the premises. It is not forced and was uniform across the branches I visited. Access Bank, keep your “five star� tenet and don’t let it become rote. I like it and I am sure your other customers do too. .

.– 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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PZ Cussons Raises Shareholders’ Hopes With a profit of N589m for the half year ended Nov 30, PZ Cussons Nigeria Plc has raised the hopes of its shareholders for improved returns, writes Goddy Egene By this time last year, PZ Cussons Nigeria Plc was in a bad shape having recorded a loss of N228.950 million for the half year ended November 30, 2016. But this year, the company has bounced back with positive performance for the H1 ended November 30, 2017. According to the results released last week, PZ Cussons, has reported a profit after tax (PAT) of N589 million for the H1 ended November 30, 2017.

Financial performance The company, which is into the manufacture, distribution and sale of wide range of consumer products under various brand names, such as detergent, soap, cosmetics, medicaments, confectionery, refrigerators, freezers, air conditioners and home appliances, recorded a turnover of N41.123 billion, up by 23 per cent compared with N33.302 billion in the corresponding period ended November 30, 2016. Cost of sale went up by 31.9 per cent from N21.834 million to N28.796 million, leading to a gross profit of N12.326 billion as against N11.468 billion in 2016. Sale and distribution expenses similarly went up by 5.0 per cent to N4.632 billion from N4.412 billion, while administrative expenses increased from N2.708 billion to N3.813 billion. The company reaped the benefits of the stable foreign exchange as its forex loss declined by 47.9 per cent to N2.572 billion from N4.938 billion in 2016. However, interest paid on borrowings remain high with net cost of finance jumping by 957 per cent to N58.458 million to N501.183 million in 2016. Consequently, profit before tax stood at N868.683 million compared with a loss of N425.177 million, while PAT improved to N589 million as against a loss of N288.9 million in 2016.

Positive Signals Some market operators said the improved H1 performance was expected given the company’s results for the full year ended May 30, 2017 and the strategy. PZ Cussons had posted a revenue of N79.65 billion, up by 14.5 per cent from N69.52 billion posted in 2016. In line with the high inflationary trend during the review period, cost of sales went up from N49 billion to N51 billion, while sales and distribution expenses rose from N8.825 billion to N9.09 billion. However, net finance cost fell from N387 million to N195 million. Consequently, profit before tax stood at N4.811 billion in 2017, up from N3.148 billion, while profit after tax grew to N3.886 billion, from N2.129 billion in 2016. The directors recommended a dividend of N1.98 billion, which is 50 kobo per share for the shareholders. According to the company, it has adapted its management structures to create a truly customer care organisation, saying as part of a global organisation, it has benefitted from global innovations and initiatives of the group. “In this breadth, our supply chain processes and sales functions have been integrated as a single structure across the globe and across the region,� it said. PZ Cussons Nigeria noted that it is confident of its brands which are leading in the market segments they participate. “We are going to sustain the current initiatives that have proved to be positive and effective. We will also keep the focus on key brands,� it said. Speaking at the company’s annual general meeting in Abuja last October, the Chairman of the company, Chief Kolawole Jamodu said despite the challenging economic conditions, the company was able to grow both top line and bottom line. He said: “The result reflects that the underlying business is solid and reflects the

and effective. We sustained our strong cash position which makes us flexible and agile to fund operations and pursue any business opportunities that may arise.� Jamodu said the company adapted its management structures to create a truly customer care organisation, saying that as part of a global organisation, it has benefitted from global innovations and initiatives of the group. “In this breadth, our supply chain processes and sales functions have been integrated as a single structure across the globe and across the region,� he said.

Analysts’ Assessment

Jamodu

strength of our operations...Your board and management will continue to monitor the business environment and will make necessary adjust to sustain the positive growth momentum into the future.� According to him, they remain excited and confident about the future of the company. “This confidence is emboldened by the recent positive turn in the economic situation in the country which has witnessed the starting of a turnaround during the second quarter of the fiscal year. “We are confident of our brands which are leading in the markets segment in which we participate. We are going to sustain the current initiatives that have proved to be supportive

Looking at the second quarter (Q2) results, analysts at FBN Quest said given the performance, it has confirmed their view that management may have found a winning formula for its product price-volume mix. According to the analysts, while sales of N22.2 billion grew 42 per cent, PBT and PAT were up 73 per cent and 110 per cent to N1.1 billion and N628 million respectively. “Gross margin expansion of +172 basis points (bps) to 28.5 per cent and the top-line growth delivered during the period more than offset negatives coming through from a double-digit rise in operating expenses and an FX-related loss of N779 million, leading to the PBT growth. FX loss compares to a loss of N1.8 billion in Q1 2017 (end-Aug). Following the Q1 results, management had guided to more FX-related losses during this financial year on account of FX-denominated account payables. PZ Cussons has now delivered top-line growth for five consecutive quarters since Q1 2017. This confirms our view that management may have found a winning formula for its product price-volume mix,� they said.

FBN Quest explained that sequentially, PBT of N1.1 billion compares with a loss before tax of –N181 million. Sales growth of 18 per cent q/q and a relatively smaller FX loss in Q2, more than offset negatives from a gross margin contraction of -321bps q/q. “Additionally, operating expenses grew by low single digits q/q. Compared with our estimates, sales beat by 19 per cent, while PBT came in ahead by 28 per cent. The major drivers of the variance were a stronger-than-expected top-line growth and a positive surprise on the FX-related loss line. On an annualised basis, H1 2018 sales and PBT are tracking well behind consensus FY 2018 estimates of N85.6 billion and N9.7 billion respectively,� they said.

Looking ahead Looking to the future, the company said it will continue to develop innovative leading brands in markets and geographies selected for their growth potential. “We operate in specific geographies through our own infrastructure or in partnership, tailoring our channel approach for each category. We operate where our brands have a strategic advantage, in categories that offer profitable growth opportunities. We win through understanding local consumer needs, being first to market and being unconstrained by big company bureaucracy. Continuous and faster innovation will ensure our brands occupy leading positions in these categories,� the company said. PZ Cussons added that it operates an everevolving supply chain designed to service its categories. “We deliver innovative products from various sources to our customers quickly and efficiently. We work with people who share our values. Can do is our unifying strength, the thread that binds our diverse businesses around the world together,� it said.

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Gwadabe: CBN Must Deepen Forex Market The President of the Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, in this interview urges the Central Bank of Nigeria to create more sources of foreign exchange for operators in the market. Obinna Chima presents the excerpts: Is there need for the CBN to continue to sell dollars to BDCs? You see the sovereignty of any currency is the sovereignty of that nation. No nation will just fold its arm and allow others dictate the exchange rate of its currency. Every nation protects their currency. Now having said that, one of the determining factor of this currency stability is the buffer or the external reserve. And I want to congratulate the CBN. The buffers have been good and there is projection of $45 billion reserve by the end of next year. So that will continue to generate positive outlook for the exchange rate. And I am happy that the CBN Governorrecently said the central bank has the ammunition to fight anybody that will joke with its exchange rate regime. So, the sustainability of CBN intervention in ensuring continues growth, continuous stabilisation of the exchange rate is just too important. Now, for the BDCs, for the past one year, we have not been relying on the CBN sources. Our sources have been diversified from the CBN sources to IMTO sources. So, all that the CBN needs to do is to see, in conjunction with the association how we can deepen the market. It is all about deepening the forex market. We can come in with other products or other sources of supply. Even the Investors’ and Exporters’ (I&E) window, as far as I am concerned should be another window for the BDCs to be buying dollars. The CBN, like what they are doing right now, coordinating the IMTO proceeds; they should also begin to coordinate the proceeds of I&E window so that we have enough of liquidity for the BDCs to ensure the stability is maintained. Even the Diaspora remittances, you see the association is working on a lot of automation projects to enhance standards, to enhance competition, global competitiveness, in terms of our visibility even for the world to see that there is honesty and transparency in our system. So, we are building confidence and we are working with the Nigeria Interbank Settlement System (NIBSS) to ensure that most of our operations, most of our systems are being transparent and very soon our members will start doing online real-time rendition of their returns. We have perfected that with the CBN, we are only waiting for the tokens to be provided. So our members will not need to go to CBN branches to submit their returns, they will now be doing it from the comfort of their office. So, it is germane for the CBN to continue to deepen the forex market. Statistics and experience have shown that the only reliable and efficient tool to achieving this convergence is the BDC sub-sector. Why are your members agitating forincreased margin and are thereother challenges your members are facing? Right now, the BDCs are operating under what I call the challenge of multiple exchange rates. That has been a very key issue in terms of also continued transparency and stability of the forex market. However I am also not unaware of the fact that the sovereignty of the currency is the sovereignty of that nation. So, the CBN is having two or three different exchange rates to ensure liquidity. Butyou see that has been posing a challenge because even the bank rateis at N358 per dollar and we are buying N360 per dollar from the CBN. So, it is a very big challenge for our members to operate. So that has been making the business very unprofitable. It is very unprofitable to the extent thatsome members are not able to meet up with their overhead cost, salaries. Each BDC has about six staff and another challenge is the bank charges. What the banks are charging on BDC transactions is usually high, and these are some of the potent challenges we are facing. The CBN should allow a level-playing field and competitive rates among the various operators in the forex market. A situation where banks are buying dollars from CBN at N358 per dollar and sell the same dollars to BDCs at N360 does not represents a level-playing field or fair competition given the fact that we

Gwadabe

operate in the same market segment. But we have hope because you will see the CBN also review the exchange rate rules. I am sure they are working now on inflation, once they can achieve single digit inflation, then they will begin also to ensure that the exchange rate is headed south-wards to ensure growth, increased output and more employment. That is because up till now, despite the fact that inflation has dropped to15.9 per cent, it is still higher than the MPC rate. Remember that the MPC rate is 14 per cent, and we are talking about inflation rate about 16 percent. So by next year, with projections and a lot of revenue coming in, from increased oil prices, from recovery of assets, I am sure we will

Right now, the BDCs are operating under what I call the challenge of multiple exchange rates. That has been a very key issue in terms of also continued transparency and stability of the forex market. However I am also not unaware of the fact that the sovereignty of the currency is the sovereignty of that nation. So, the CBN is having two or three different exchange rates to ensure liquidity

have a lot of buffers to ensure that the major sectors are working perfectly. More especially the manufacturing sector. So, we expect a positive outlook by next year. But do you think it is possible not to have multiple exchange rates? It is very possible. When you look at determination of the exchange rate now, we have what we call managed float. And if you look at even where the exchange rate should go, if not the inflation rate that is higher than the MPC rate, am sure by now, the prediction of dollar should be N250 per dollar. It is feasible. What is your outlook for the naira in 2018? My outlook for the naira is that I see the naira going to about N300 to the dollar. The basis for my outlook is that we are going to have robust external reserves next year; we have cut down our food import and we are diversifying our exports. You will alsosee that in all we are doing now, everybody is imbibing the rules of corporate governance, Know Your Customers (KYC), Anti-money laundering rules, among others. The third quarter GDP report showed that except for the oil and gas and agric sectors, all other sectors contracted. This prompted some analysts to argue that the economy is still in recession. From the BDC industry perspective, what is yourtake on this? I think economics have already provided the answer to the issue of recession. We cannot start redefining what a recession is. Recession as defined by economists is two consecutive quarters of negative growth, and if there are statistics that indicates otherwise that we had positive GDP growth then I also want to agree with that statistic. However, I agree that it’s like a single sector driven positive GDP growth,

where it is only the oil and gas sector that is contributing most of the growth we are having. But I think it is not a bad analysis, it is also something that can keep us in our comfort zone, that we are doing well. However, in terms of the BDC sub-sector contribution, we have contributed billions of naira in turnovers. Because each BDC is doing a minimum of N15 million transactions per week, multiply that by 3,500 BDCs. So, this is the turnover we contribute to the economy. In fact, I don’t think the oil sector has the kind of turnover we are having. And with our automation drive, we believe inflow from investors as a result of the confidence so far established on the stability of the exchange rate, will double or tripple. And with the continued determination of the government to ensure peace, the diaspora remittances and estimated at $35 billion, we also predict, will go up to between $45- $50 billion. So, these are other sources that will empower the CBN with more ammunition to use the BDCs and ensure that the exchange rate continues to stabilise, and the rates continue to converge, and the spikes is no more in the market. You said that the CBN should allow BDCs access dollars from the I&E window. How workable is this? Yes, it is very workable. If you look at the IMTO window now, the proceeds come to the banks, which is been coordinated by the CBN, and it is disbursed to BDCs operators. So, the same concept or procedure can be adopted in I&E window. In fact what we are even looking at is that there should be a Diaspora window like I&E window. The modalities, the technicalities are the same. It is the same institutions that will be involved. So, it is the same players, it’s just coordinating them and make sure the same thing is applied and everybody is happy.

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BUSINESSWORLD

PERSPECTIVE

How to Cut Costs and Increase ProďŹ t in Business Sobowale Temiloluwa writes on how businesses can boost revenue while simultaneously cutting down on cost in 2018 so much and not see any significant In a few days, 2018 will be here. The race and strategic permutations to increase revenues, increase market share, increase share of wallet, increase all that can be increased, except increasing budgets will start. It is a generally agreed principle that cutting costs in areas where you over-spent in 2017 could increase margins for the brand in 2018. Most brands without consulting data and analytics (Historical data used for predictive analytics) cut cost randomly in areas where they believed does not deserve as much budget. Cutting cost randomly due to heavy overhead expenses might show a decline in revenue because the area that have huge budgets might be the driver for growth and revenue while the other thousand areas that have little funding actually don’t contribute significantly to revenue and business growth, in fact all the thousand area with little funding might just contribute about 1per cent to growth. Don’t get me wrong, some organisation spend too much on segments that contribute little to the business, but the day and age we are in, tools are available to help us in this area, and most of this tools perform some of this tasks better than human. Before you say good bye to 2017, have you learnt enough from your successes and failures in the year? The more you know of last year the better you can plan for cutting costs while increasing revenue in 2018.This next quote is the dilemma many business owners and managers face “Half the money I spend on advertising is wasted; the trouble is I don’t know which half. John Wanamakerâ€?. In this age of data and analytics you have the capability to drill down and know what is working for you and what is not. What was your goal in 2017? It might be to increase customer base by 50per cent. When the customers arrived you can easily enquire from them on your various channels and find out returns per channel. This will help you know which channels worked best for your goal and which ones were total waste of your budget. With this, you have identified your best channel for the total customer segment in your business, saving 50% on your marketing/ advertising budget already. Drilling down further you can look for your most profitable customer segment analyse the channel they came from. If you decide to further cut down on your budget, you can focus your spend on channels your most profitable customers came from, you are sure to keep your margins. Care must be taken (and where technology helps), to look at the segments and identify patterns for growth, cutting cost in a potentially growing area might be jeopardising the future market share expansion of your brand. Your goal is what determines the dataset in your system that you will use to analyse your case, you can’t just blindly copy the data strategy used by another organisation, since your goals might be different ,your result and strategy should also be different. Find here how to measure your performance in 2017 in preparation for 2018. If your goal was to increase brand awareness in 2017, do a pre-campaign and post campaign analysis looking for lift rate in brand recognition. If your goal was to increase market share, look for competitive intelligence report in your industry, what % of the market you controlled earlier and what % of the market you control now. If you are in an industry with customer base of 5million,if you had 500,000 as share of market before and 1,000,000 now, that means your share of market increased from 10per cent to 20per cent in 2017. If your goal was to increase customer satisfaction by x %, you need to look at the sentiment data,% reduction in the

change in revenue ,in fact while you are chasing the lower segment generating 20% revenue, if a major % customers generating your 80% revenue churn, you are likely to end up worse than you started the year even though you have spent more money than expected. The rule, retain your customers more, use data and analytics to dig deeper in identifying your best segments, upsell and cross sell these segments with personalized / targeted offers and products(increasing share of wallet),you are sure to see a revenue growth at a far lower cost that doing your normal market share increment campaign. If you want to turn your revenue growth to profit, you need to target your most profitable segment, using data and analytics to drill down further to customers in this segment, that have the lowest cost to serve. If you target this new segment that has high revenues and low cost to serve, you are sure going to increase margins and profitability. (Value based segmentation). That said, if you try building a data driven organisation.(marketing and decision making)you are likely to face the following challenges. 1. Limited or no data available: Solution Start by collecting the right data for your goal and move on from there, look for the 20% data that will deliver the best result for your goal.it is better to be approximately right in your decision making using data than exactly wrong using assumptions. Sobowale

negative rating by customers and an increment in positive ratings show that customers are more satisfied than they used to be. If you goal was to increase customer retention rate, then look for churn rate among your customers, if there is a reduction in the number of customers that churn between pre and post campaign then your retention rate as increased.so in brief, agree on your goal do a pre analysis to have a base case for measuring your success, then do a post analysis to look for % change between the pre and post analysis. So, let’s leave backward Looking metrics of cutting cost behind to forward Looking metrics of increasing revenue. Any time the word increase revenue comes up, most organisation tend to think first of increasing share of market, and so, the focus will be on branding, advertising and huge spend on marketing. Increasing revenue via market share growth is war against the competition, or market leaders who will not fold their hands and watch you take away market share and revenue from them. These wars cost a lot of money but the return per naira you will get on spending the money on such huge campaigns might as well be invested in other area of business with better returns. If you are a new entrant in the market, you need brand awareness and you can’t escape the initial investment in branding, advertisement and marketing. So you will say, how will I grow revenues without growing share of market and spending so much, this is simple, go for increased customer share of wallet using data driven marketing. “65% of a company’s business comes from existing customers, and it costs five times as much to attract a new customer than to keep an existing one satisfied.� Source quoted as Gartner As you can see, it is just simple wisdom to keep existing customers rather than try to acquire new ones like most businesses do in the Nigerian market. In fact research as shown that

an increase in customer retention by 5% can increase profits between 25%-100%. That means if a business is spending so much to increase customer base and it sees just little difference in profitability or no profitability at all, the business has a very high rate of customer churn (customers leaving shortly after they were acquired). So having solved the issue of customer churn, we move to issue of increasing share of wallet of the customer. Share of wallet (SOW) is the percentage of the customer’s total spends that you can capture over the lifetime of the customer relationship. It is that simple, if you have 10 products and you acquired a customer through one of the product, your ability to upsell and cross sell will determine how profitable you will become. A proper data driven marketing structure will make it possible to identify customers who will be interested in your offer, even though they never asked for it, Various intelligent marketing technology have been built that can help you target personalised campaigns/products to specific customer segment, increasing the share of pocket from this customer. A note of caution, not all the customer you send offers too will take it ,but if the offer is good enough and your technology has identified historical patterns of people who bought the product in the past ,you have a chance of seeing a huge take rate of your offer. A single digit take rate on two new products offers to existing customers can increase revenues/profits by 100-500%. Since no business ever has limitless resource to go round all customers (offers, discounts, personal services) etc, then you need to know how to prioritise your offers to customers who give you the most margins. Here the 80/20 rule is the key, if you can identify the 20% segment that gives you 80% revenue, then going after such customers in your data base and upselling such means your revenue and profit will see a leap, the other side of the coin is this, if you spend all your limited resources on the 80% that give you a 20% revenue, then you might spend

2. Lack of resources and tools Solution When starting out you don’t need a big analytics or data manipulation tool to start, a simple software on your laptop can start you out on the journey and you can expand to bigger databases as you go along. Human resource is also a problem, you need to get external help to start, enforce skill transfer to your internal teams over the period of the project. 3. We have so much activity running at the same time how do we know which is most effective. Solution From the beginning plan for measurement, make sure measurement parameters for each activity have unique and recognisable patterns, this makes it possible to identify what works and what is not working, during and after the campaign/project. Over all, you need to start small, do trial experiments, learn from the experiments, discard what is not working, and scale what is working. Doing this over time builds you into a data driven organization. Becoming a data driven organization gives you so much competitive advantage over the competition who don’t, you suddenly see revenues and profit grow, while your cost reduce year on Year. How cool will it be for you to increase Year on Year revenue by 200% while cutting cost by 40%, only data and analytics makes this kind of dream a reality. All the best as you wind down year 2017, taking all the lessons learnt from failures and successes, while you plan ahead for 2018. – Sobowale Temiloluwa is the CEO of insightful business analytics limited, a data and analytics company focused on strategic brand marketing and business analytics. He is a co-founder at www.entrepreneurship. ng. EMAIL: Temiloluwa@conversiontracker.com

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EDUCATION ‘Access to TETFund will Guarantee Research, Capacity Building for Private Varsities’ Chief Bisi Ogunjobi is the Pro-Chancellor, Samuel Adegboyega University, Ogwa, Edo State, owned by the Apostolic Church. He explained to Funmi Ogundare why the act setting up the Tertiary Education Trust Fund (TETFund) should be reviewed to allow private universities access to it, and efforts made by the institution to establish a Centre for Research and Development of Esan Land, in the language and culture of the community, among other issues. Excerpts: there are about eight or 10, not to talk of squatters. When you look at that, the facilities cannot cope with the number of students. The commitment of teachers today cannot be compared with what obtains in the past. If you also compare the facilities in Nigeria with those outside the country in the area of laboratories and libraries, we don’t have these facilities and internet and power supply are not available in the universities, then you can see that it is a little bit difficult for our students to compete with their counterparts globally. You cannot continue to say you want to expand the universities and charging fees not related to the cost of training the students. If in a federal university they are paying N40,000 or N50,000, when it cost not less than N1.5 million to train a student and for you to have quality teachers, they must be well remunerated, facilitates in the library and IT must be there, the environment that the students live must be conducive. If the government is saying they want to provide quality education, the students must bear part of the cost which means they must increase the school fees. There must be reality in what the government says and what it pays.

Establishing a faith-based university will have its teething problems, what were they and how were you able to surmount them? At the time of establishing the university, one of the most critical challenges was funding which we received from church members and contributions which we had regularly in the church, we also had the university support groups that were requested to give to the institution. For instance, the residence of the vice-chancellor was built entirely by Ibadan metropolitan area and you have other areas donating money and material, while some individuals donated generators. They levied each area to make the contribution. The second challenge was processing the application; so an academic committee was set up, made up of professors and members of the church, as well as engineers to build the university. Another group pursued the license and prepared the academic brief for the university which was processed with the National Universities Commission (NUC). I happened to be the Chairman of the Board of Trustees that worked on obtaining the license. After we obtained the license in 2011, then the university was inaugurated by former Governor of Edo State, Adams Oshiomhole. Ogunjobi

Since the establishment of the institution in 2011, how many of its programmes have been accredited and what efforts were made in equipping some of its faculties for NUC accreditation? We have all our programmes fully accredited and with the funding, we had to equip the library, hostels, laboratories, sports field and tarred the road, which were inspected by the NUC before being granted a license. At the moment, we have the Health Sciences and Law Faculties and we have submitted to the NUC and waiting for approval. As part of our expansion programme, we have the College of Basic and Applied Sciences, Humanities, College of Basic and Social Sciences. In College of Basic and Applied Sciences, we have eight courses; Biochemistry, Chemistry, Computer Science, Industrial Chemistry, Mathematics, Microbiology, Physics and Statistics. In the College of Humanities, we have English Language, French, History and Diplomatic Studies, Religious Studies and Philosophy. In the College of Management and Social Sciences, we have Accounting, Banking and Finance, Business Administration, Economics, Mass Communication and Public Administration. All these courses are fully accredited. Now we are trying to expand, the expansion will be in two directions; the first is to have new courses which are Law and Health Sciences. The second expansion direction is to have postgraduate studies. We have established a postgraduate department and appointed a director who is a professor from the University of Ibadan and we have 10 courses which have been approved by NUC and by next session, we should be able to start. As the pro-chancellor, how do you promote good relations between the university management, staff and students? We do have a retreat in the university for the council members, community and students. We had one two years ago and another last year. This year, we brought in the community to improve the community relations. We now had the formal forum with the representatives of the local community and the management of the university. I chaired the first meeting of the

forum to improve and enhance the relationship between our host community. As part of the efforts being made by the university, we ensured that the issue of cultism and drug abuse is monitored very closely. In August last year, there was a seminar organised by the NDLEA in Abuja, some of our lecturers and students attended it and we decided to domesticate it in the campus. So we had a three-day seminar focusing on drug abuse by the students. My foundation, Bisi Ogunjobi Foundation was a co- sponsor of that seminar. We have worked very hard to ensure that students run away from the dangers of cultism and drug abuse which is very common among most Nigerian institutions. With your wealth of experience in the banking sector, how did you assist in building the capacity of staff and students, and ensuring research and innovation? We have gone beyond a classical university. We have integrated the ivory tower into the local community by setting up the Centre for Research and Development of Esan Land (CERDEL), which is the first of its kind in Nigeria by any university. We do research in the language and culture of the people and making the place a centre of knowledge in the community. We have close relations with the Association of Esan Professionals, we have signed a MoU with them and they are working with us, we have had colloquium on the dance, marriage culture, food and the centre was commissioned two years ago. It is something unique in the country. What is happening is that the Esan Language is almost extinct, because of the university, we are reviving writing and reading of the language, which is the only university doing that. We held conferences in October on endangered cultures, languages and identity in the 21st century; the case of the Esan people and other minorities of Nigeria. It was fantastic, we had people come from all over the world who participated and we are publishing the outcome of the conference in two volumes. So this gives an opportunity to develop a start from them for us to write in their special areas, intermingled with writers

Does the institution award scholarships to students from the community? We have a lot of scholarships which is being provided. For instance, any member of the church that has a child in the university gets 10 per cent discount on the tuition fee. Then for performance, we have many scholarships being offered. For instance, the Oladele Olutola Foundation is sponsored by the president of Apostolic Church Nigeria, Pastor Olutola; it sponsors about five students every year. Bisi Ogunjobi Foundation also provides three scholarships every year. We have quite a number of other support from other foundations. This is different from the prizes you get as a performing student within the university.

Are you canvassing for a general increase in tuition fees? We have some primary schools in this country that charge more than the universities. If you can put your child in a private primary school where you pay more than N100,000 or N200,000 and you don’t want to pay the same amount for a student in a federal university, does it make any logic? I don’t think it is logical for both the parents and the government. The parents who can afford to pay N300,000 for a child in the primary school and almost half a million for a child in secondary school, should then be able to afford that amount in a federal university. But not all parents can afford that, so to address the issue of parents who don’t have that capacity, that is why the issue of scholarships come in and ability to pay must be factored into it. In Europe, most of the students are either on scholarships or they take loans, but here nobody wants to take loans and pay back and also pay higher school fees. At the end of the day, scholarships cannot go round. The government is not providing that is why we have a situation where the quality of teachers and facilities and ultimately the quality of education has been falling.

How would you rate the quality of education in the country? I think when we talk about the quality of education in Nigeria, it is relative in two senses; current level of education compared to what it was when we were students 50 years ago. Secondly it can also be compared across border, in terms of comparing Nigerian education with other African countries or European universities. It is a well- known fact that there had been a decline in the standard of education. There has been student explosion and therefore the facilities are overstretched because the pace of development of facilities in our universities in all aspects both academic and general facilitates is much slower than student population. As a result, the quality of service provided to the students and the environment in which they live are much lower today compared to what obtains before. When I was in the university, we were only two to a room, but if you go there today,

So what is the way forward in that instance? At the moment what is happening is that the private universities are asking the government to allow private universities have access to TETFund, particularly with respect to research and capacity building. The response of the government is extremely slow, there is justification for it. For the private universities, the TETFund is contributed by the private sector, so we are clamouring that we should be able to benefit from it. As at the time the act was set up, there were very few private universities if any. So I think the country has moved beyond that, therefore the act should be reviewed in a way that can allow the private universities to have access to it. The terms and conditions can be sorted out. As a member of association of pro-chancellors of private universities, we have been advocating for that and we are prepared to look at the appropriate conditions under which we could have access.

of history, culture from other universities aside Nigeria. The students are being encouraged to learn their languages because most of them are not from Ishan, some are now getting interested especially those who want to study languages. Instead of doing French, they are considering Esan Language as one of the languages taught in the university as from next session.

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Technical Varsity Promises Skills-oriented Education, Introduces New Courses Uchechukwu Nnaike With all set for the commencement of academic activities on January 7, 2018, the Technical University, Ibadan has promised to train youths who will contribute significantly to the socio-economic advancement of Nigeria and other climes. The university said its graduates will be innovators, creators of jobs, employers and ultimately builders of society. The Vice-Chancellor, Professor, Ayobami Salami, who made this known while briefing journalists last week, said as the first technical university in Nigeria and West and Central African Sub-regions, the institution’s focus on Science, Technology,

Engineering and Mathematics (STEM) disciplines is informed by the need to provide youths with the knowledge and skills that are applicable to actual world problems. He said the institution was established to create access to a unique model of university education, adding that its strategic emergence on the higher education port of the country is meant to, through the painstaking cultivation of a cadre of technical professional with fitting entrepreneurial skills, frontally combat the mounting plague of youth unemployment in Nigeria. “All students admitted to study here will compulsorily undergo trainings in two vocations selected by them at our

Centre for Entrepreneurial and Vocational Studies. In conflating theory with practical, we expect to produce graduates that are demonstrably rounded in knowledge and sound in skills.� Salami stressed that trainings at the centre would be provided by competent hands from the fields. “By this I mean we are not going to use our conventional lecturers. The instructors will be highly skilled artisans and industry experts. They are the ones who will conduct the continuous assessment and examinations. While they take 40 per cent, the conventional lecturers will take 60 per cent.� He said the university would commence with 15 fully Na-

tional Universities Commission (NUC)-accredited academic programmes, some of which are relatively new in Nigerian universities. Some of the new programmes are Cybersecurity, Biomedical Engineering, Software Engineering and Mechatronics Engineering. “Already our curriculum is a product of the inputs of academics and industry experts. This has enabled us to avoid the mistake of assuming what industries and companies expect rather than their actual needs. With a policy like this, it is unlikely that we will produce graduates who are not fit for industries and companies anywhere. Another unique feature of the institution he said is its

location, adding that it enjoys considered placement in the Ibadan Free Trade Area where about 175 local and foreign manufacturing companies will establish presence and carry out their operations. “This is a deliberate and conscious decision that is intended to give students easy and direct access to ample opportunities for industrial exposure and hands-on experience. “It will also engender strong collaboration with the university in the provision of services aimed at accelerating the growth and expansion of the industries located around the university area,� the VC said. While leading journalists on a tour of facilities to ascertain

the institution’s preparedness for take-off, Salami said the university has a befitting accommodation for students; 53 blocks of flat which would serve as a temporary hostel for students for one session after which a private developer would have completed work on the on the hostel within the university. In terms of security, he said: “We have fully in place a network of security within the university and the hostel. We have different layers of security which include human and technological resources. The entire university premises are under 24-hour CCTV surveillance.� The classrooms, science laboratories, library, clinic and other facilities are ready for take-off.

Midwestern Oil, Gas Awards Scholarship, Donates Classrooms in Delta In pursuit of its Corporate Social Responsibility (CSR), Midwestern Oil and Gas, a marginal field operator, has awarded 42 scholarships to different categories of students in Delta State. The Managing Director of the company, Mr Charles Odita, an engineer, who announced the awards recently in Kwale during an elaborate ceremony that drew industry stakeholders and community leaders, said the company, along with its JV partner, Suntrust Oil Company are “constantly searching for ways and means of improving the lives of our people both in the host community and in Delta State in general.� Odita explained that the CSR philosophy of the company is to consider it as a strategy that not only improves the lot of the people, but also provides a friendly environment that encourages productivity. The scholarship awardees, which were selected from previously organised written tests, include 13 students in the secondary school category and 29 university students. The company had earlier advertised the offer wherein students were advised to apply. They were given their scholarship award letters during the ceremony. The awardees were drawn from various universities and fields of studies, including Medicine, Law, Engineering, Computer Science, Pharmacy, Laboratory Technology, among others. They will enjoy the scholarship throughout the duration of their study, provided they maintain a given academic standard of performance. While the secondary school students will receive N50,000 each every session, the undergraduates will receive N150,000 each for the 2017/2018 session. The state Commissioner for Basic Education, Mr. Chinedu Ebie, represented

by the Chief Inspector of Education, Ndokwa West LGA, Mrs. Patience Okwuchi, commended the company for the faithfulness in pursuing its CSR every year. The company has consistently awarded scholarship to Delta indigenes for 12 years. He enjoined the beneficiaries of the awards to justify the support the company is giving them in their educational pursuit and charged the community to ensure that facilities provided for the development of the community by the company are well preserved and taken care of. The company also donated a block of modern five classrooms, fitted with modern toilet facilities as well as borehole to Lagos-Ogbe Primary School, in Ogbeani community. The traditional ruler of the community, the Oduosa of Utagba-Ogbe Kingdom, HRM, Nze-Uku Isaac Obi, who inaugurated the project, commended the company for always filling the development gap in the surrounding communities. He called for the provision of furniture and other facilities in the school. Although Okwuchi expressed delight that the gesture has rescued students from studying under the tree, the Chairman of Community Accredited Contact man Committee (CACC), Mr. Emeke Ikuni, regretted that most of the provisions of the MoU signed between the community and the company are yet to be fulfilled. He pointed out that the provision of 500KVA transformer and community bus are some of the unfulfilled provisions of the MoU. He however expressed satisfaction that the classrooms will transform the learning environment of the students, stressing that “the physical environment for learning affects the learner.�

L-R: The Founder, Arise Women, Siju Iluyomade; Dafara Village Head, Esu Joseph Makeri; Mrs. Mary Akem; and Rev. Augustine Bawa, during the inauguration of library/donation of text and note books to pupils of Dafara Primary School in Kuje, Abuja... recently

MAPOLY Students Protest COEASU Seeks Three Months Strike Reshufing of JAMB on Tuesday until the governor Application Process Femi Ogbonnikan in speaks to them. Abeokuta Protesting students of the Moshood Abiola Polytechnic (MAPOLY), Abeokuta, Monday, took to the streets and major highways within the state capital to demand for an immediate resolution of the three-month old industrial crisis between the state government and the Academic Staff Union of Polytechnics (ASUP). Traders at the popular Kuto Market and its environs had to quickly lock their shops for palpable fear of being attacked by the rampaging students. The early morning protest staged by the students disrupted economic and vehicular activities; the industrial action, according to the students has halted their second semester examination for the 2016/2017 academic session. Speaking to journalists over the protest, the Chairman, National Association of Nigerian Students (NANS), Ogun State axis, Olawale Balogun insisted that the protest will continue

Balogun said the protest tagged ‘Black Week’ was aimed at appealing to the state government and the MAPOLY chapter of ASUP to resolve their differences. But the state government delegation, led by the Secretary to the State Government (SSG), Taiwo Adeoluwa, who attempted speaking to the protesting students was rebuffed as the students insisted on seeing the governor. Meanwhile, the government has expressed disappointment over what it described as uncivil conduct of the students by rebuffing every attempt by the government’s delegation to address them. The SSG in a chat with the media after the failed attempt said though government frowned at the confrontational way the students deployed in driving home their plights, it would continue to interface with all relevant stakeholders to ensure that all issues are resolved.

Kuni Tyessi in Abuja

The Colleges of Education Academic Staff Union (COEASU) has called for the reshuffling of the way choices of institutions have been categorised, saying that colleges of education have been placed as number three and the last on the list, thereby making it unattractive for applicants. The union also said with this status quo, after the selection of the best from the first choice list, the COE system is left with no choice but the low performing candidates. The President of the union, Mr. Nuhu Ogirima, who stated this in a communique when the union paid a courtesy visit to the Registrar of the Joint Admissions and Matriculation Board (JAMB), Prof. Ishaq Oloyede, also lauded the efforts of the board for its uprightness which led to the remittance of over N5 billion to the nation’s treasury. “We humbly request that you use your good office to address, through the instru-

mentality of the board, the attrition in subscription to teacher-education. We do view this call an imperative given the fact that the current application process pre-disposes candidates much more towards university education. “Notwithstanding the overwhelming preference of seekers of admission for university education, the provision for college of education as third choice in JAMB form sought to obscure the system from others. Consequently, after the selection of the very best from the first choice list, the COE system is left with no choice but the very low performing candidates. “This does not augur well for the teacher education system, especially at the COE level. The union would therefore appreciate if the board, without prejudice to her establishment law, explores the possibility of partnership with stakeholders in the COE system towards enabling measures that could improve on the admission status of the colleges of education nation-wide,� he added.

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Grace School at 50: Edun Tasks Govts on Proper Funding The Administrator, Grace Schools, Gbagada, Lagos, Mrs. Tokunbo Edun has called on governments at all levels to give education the priority it deserves if the country wants to achieve its development goals. Briefing journalists in Lagos to announce the forthcoming 50th anniversary celebration of the school, Edun stated that the major problem in the sector has been poor funding as no government has met the minimum funding level recommended by UNESCO. “With illiteracy rate still as high as 35 per cent in a population of about 120 million people, it means a large number of our people cannot

quite clearly participate actively in the development process due to illiteracy and poverty.� She also decried the high cost of running a private school, saying that on a weekly basis the school spends N500,000 on diesel used to maintain generators due to unstable power supply in the country. Her “Among the challenges facing Grace Schools and other private schools is the issue of poor facilities, due to poor electricity supply we spend so much money to maintain generators leading to a situation where are spend about half a million naira weekly to buy diesel for our generators. This is different from the cost of service and general maintenance of the

generators.� She also condemned what she described as exorbitant charges, levies and taxes being demanded by government agencies. For example Lagos private schools have to pay for display of bill boards, registration taxes and sundry levies. She disclosed that recently the Association of Private Educators, An umbrella organisation for owners of elite private schools, had to institute legal action against the Industrial Training Fund which demanded that each private school in Lagos should contribute N30 million to the fund. As she put it, “we were not convinced that we should pay that kind of huge amount to

an organization funded by the federal government She added instead of supporting private schools, government agencies see them as sources of revenue generation. While promising that the management and staff will work hard to ensure a glorious future for the school, she said for 17 years Grace High School has been awarding scholarship to indigent but brilliant student from public schools. The scholarship is for senior secondary one (SS1) to first degree. She said series of activities have been line up to celebrate the 50th anniversary among which is a book launch schedule for January 13, 2018.

Habit Worthy of Emulation Ë› Ă?Ă?Ă?Ă˜ĂžĂ–ĂŁ Ă—Ă?Ăž Ă‹ ʨà Ă?Ě‹ĂŁĂ?Ă‹ĂœĚ‹Ă™Ă–ĂŽ ĂĄĂ’Ă™Ă?Ă? ĂŒĂ‹ĂžĂ’Ě‹ĂžĂ“Ă—Ă? Ă?Ă›Ă&#x;Ă‹ĂžĂ?ĂŽ ĂŒĂ‹ĘľĂ–Ă?Ě‹ Ă?ĂœĂ™Ă˜ĂžË› Ă’Ă?ĂœĂ? ĂĄĂ‹Ă? Ă?Ă™Ă˜Ă?ĂžĂ‹Ă˜ĂžĂ–ĂŁ ĂœĂ‹Ă‘Ă“Ă˜Ă‘ ĂĄĂ‹Ăœ Ă™Ă? ĂĄĂ“Ă–Ă–Ă? ĂŒĂ?ÞåĂ?Ă?Ă˜ Ă’Ă“Ă? Ă—Ă&#x;Ă— Ă‹Ă˜ĂŽ Ă’Ă“Ă— Ă‹Ăž ÞÒÓĂ? ÞÓ×Ă?Ë› Ă? ĂĄĂ™Ă&#x;Ă–ĂŽ ÒËÚÚÓÖã ĂœĂ?Ă—Ă‹Ă“Ă˜ ĂŽĂ“ĂœĂžĂŁ Ă‹Ă˜ĂŽ Ă—Ă?Ă?Ă?ĂŁ ĂœĂ‹ĂžĂ’Ă?Ăœ ĂžĂ’Ă‹Ă˜ ÞËÕĂ? Ă?Ă™Ă‹Ă•Ëœ Ă’Ă‹Ă Ă? Ă‹ ĂŒĂ‹ĂžĂ’ Ă™Ăœ Ă‹ Ă?ÒÙåĂ?ĂœË› Ă? ĂĄĂ‹ĂžĂ?Ă’Ă?ĂŽ Ă‹Ă? Ă’Ă“Ă? Ă—Ă&#x;Ă— Ă?Ă’Ă‹Ă?Ă?ĂŽ Ă’Ă“Ă— Ă‹ĂœĂ™Ă&#x;Ă˜ĂŽ ÞÒĂ? Ă’Ă™Ă&#x;Ă?Ă? Ă?Ă™Ăœ Ă‹ ĂŒĂ‹ĂžĂ’Ëœ Ă?Ă?ĂœĂ“Ă™Ă&#x;Ă?Ă–ĂŁ ĂšĂ™Ă˜ĂŽĂ?ĂœĂ?ĂŽ ÞÒĂ? Ă“Ă—ĂšĂ™ĂœĂžĂ‹Ă˜Ă?Ă? Ă™Ă? ĂžĂ?Ă‹Ă?Ă’Ă“Ă˜Ă‘ Ă?Ă’Ă“Ă–ĂŽĂœĂ?Ă˜ ÑÙÙÎ Ă’ĂŁĂ‘Ă“Ă?Ă˜Ă? Ă’Ă‹ĂŒĂ“ĂžĂ? Ă?Ă‹ĂœĂ–ĂŁË› ĂŁĂ‘Ă“Ă?Ă˜Ă? Ă?Ă™Ăœ Ă?Ă’Ă“Ă–ĂŽĂœĂ?Ă˜ Ă“Ă? Ă˜Ă™Ăž Ă™Ă˜Ă–ĂŁ Ă‹ĂŒĂ™Ă&#x;Ăž ÞÒĂ?Ă— ĂžĂ&#x;ĂœĂ˜Ă“Ă˜Ă‘ Ă&#x;Ăš Ă‹Ăž Ă?Ă?ÒÙÙÖ Ă™Ăœ Ă‹Ăž ÞÒĂ?Ă“Ăœ Ă?ĂœĂ“Ă?Ă˜ĂŽËŞĂ? ĂšĂ‹ĂœĂžĂŁËœ Ă?Ă&#x;ĂžĂ? Ă‹Ă˜ĂŽ Ă˜Ă?Ă‹ĂžË Ăž Ă“Ă? Ă“Ă—ĂšĂ™ĂœĂžĂ‹Ă˜Ăž ÞÒËÞ Ă?Ă’Ă“Ă–ĂŽĂœĂ?Ă˜ Ă–Ă?Ă‹ĂœĂ˜ ÑÙÙÎ Ă’ĂŁĂ‘Ă“Ă?Ă˜Ă? Ă’Ă‹ĂŒĂ“ĂžĂ? ÞÙ Ă•Ă?Ă?Ăš ÞÒĂ?Ă—Ă?Ă?Ă–Ă Ă?Ă? Ă’Ă?ËÖÞÒã Ă‹Ă˜ĂŽ ĂšĂœĂ?Ă Ă?Ă˜Ăž Ă“Ă–Ă–Ă˜Ă?Ă?Ă?Ă?Ă? Ă?ĂœĂ™Ă— Ă?ĂšĂœĂ?Ă‹ĂŽĂ“Ă˜Ă‘ ÞÙ ÙÞÒĂ?Ăœ Ă?Ă’Ă“Ă–ĂŽĂœĂ?Ă˜Ë› Hygiene tips for children Ă?Ă‹Ă?Ă’ ÞÒĂ? Ă?Ă?Ă?Ă?Ă˜Ă?Ă? Ă™Ă? ĂŒĂ‹ĂžĂ’Ě‹ĂžĂ“Ă—Ă? ĂŒĂŁ Ă—Ă‹Ă•Ă“Ă˜Ă‘ Ă“Ăž Ă‹ ĂŽĂ‹Ă“Ă–ĂŁ Ă™Ă?Ă?Ă&#x;ĂœĂœĂ?Ă˜Ă?Ă?Ë›

Ăž Ă“Ă? Ă?Ă&#x;ĂœĂšĂœĂ“Ă?Ă“Ă˜Ă‘ ÒÙå ĂŒĂ‹ĂŒĂ“Ă?Ă? ĂĄĂ’Ă™ Ă”Ă&#x;Ă?Ăž ÖÙà Ă? ÞÙ Ă?ÚÖËĂ?Ă’ Ă‹ĂœĂ™Ă&#x;Ă˜ĂŽ Ă“Ă˜ ĂĄĂ‹ĂžĂ?Ăœ Ă‘ĂœĂ™ĂĄ Ă&#x;Ăš Ă“Ă˜ĂžĂ™ Ă—Ă?Ă?Ă?ĂŁ ĂžĂ?Ă?Ă˜Ă‹Ă‘Ă?ĂœĂ? åÓÞÒ Ă?Ù×ÚÖĂ?ĂžĂ? ĂŽĂ“Ă?Ă–Ă“Ă•Ă? Ă?Ă™Ăœ Ă?Ă Ă?Ă˜ ÍŻÍŽ Ă—Ă“Ă˜Ă&#x;ĂžĂ? Ă?ÒÙåĂ?ĂœË› ĂœĂœĂ?Ă?ĂšĂ?Ă?ÞÓà Ă? Ă™Ă? ÞÒËÞ ĂŁĂ™Ă&#x; Ă˜Ă?Ă?ĂŽ ÞÙ Ă?Ă?Ăž Ă&#x;Ăš ĂœĂ™Ă&#x;ĂžĂ“Ă˜Ă? Ă?Ă™Ăœ ĂŁĂ™Ă&#x;Ăœ Ă?Ă’Ă“Ă–ĂŽËŞĂ? ĂšĂ?ĂœĂ?Ă™Ă˜Ă‹Ă– Ă’ĂŁĂ‘Ă“Ă?Ă˜Ă?Ë› Ă™Ă&#x; Ă˜Ă?Ă?ĂŽ ÞÙ ĂĄĂ‹Ă?Ă’ ÞÒĂ? Ă?Ă‹Ă?Ă?Ëœ Ă˜Ă?Ă?Ă• Ă‹Ă˜ĂŽ ĂŒĂ™ĘľĂ™Ă— Ă™Ă? Ă˜Ă?ĂĄĚ‹ĂŒĂ™ĂœĂ˜Ëœ Ă‹Ă? Ă‹Ă˜ĂŽ ĂĄĂ’Ă?Ă˜ ĂžĂ’ĂœĂ™Ă&#x;Ă‘Ă’Ă™Ă&#x;Ăž ÞÒĂ? ĂŽĂ‹ĂŁË› Ă–ĂŽĂ?Ăœ Ă?Ă’Ă“Ă–ĂŽĂœĂ?Ă˜ Ă˜Ă?Ă?ĂŽ ÞÙ Ă’Ă‹Ă Ă? Ă‹Ăž Ă–Ă?Ă‹Ă?ĂžËœ ĂŽĂ‹Ă“Ă–ĂŁ ĂŒĂ‹ĂžĂ’ Ă?Ă?ĂšĂ?Ă?Ă“Ă‹Ă–Ă–ĂŁ Ă“Ă˜ ĂĄĂ‹ĂœĂ— Ă?Ă–Ă“Ă—Ă‹ĂžĂ?Ă?Ë› Ă™Ăœ Ă?Ă’Ă“Ă–ĂŽĂœĂ?Ă˜ ĂĄĂ’Ă™ Ă’Ă‹Ă Ă? ĂœĂ?Ă‹Ă?Ă’Ă?ĂŽ ĂšĂ&#x;ĂŒĂ?ĂœĂžĂŁ Ă‹Ă˜ĂŽ Ă’Ă‹Ă Ă? ÞÙ ĂŽĂ?Ă‹Ă– åÓÞÒ ĂšĂ?ĂœĂ?Ă“Ă?ĂžĂ?Ă˜Ăž ĂšĂœĂ™ĂŒĂ–Ă?Ă—Ă? Ă™Ă? ĂŒĂ™ĂŽĂŁ Ă™ĂŽĂ™Ăœ Ă“Ă˜ ÞÒĂ?Ă“Ăœ Ă‹ĂœĂ—Ă? Ă‹Ă˜ĂŽ ÞÒĂ?Ă“Ăœ ĂšĂœĂ“Ă Ă‹ĂžĂ? ĂšĂ‹ĂœĂžĂ?Ëœ ĂŽĂ‹Ă“Ă–ĂŁ Ă?ÒÙåĂ?Ăœ Ă“Ă? Ă“Ă—ĂšĂ?ĂœĂ‹ĂžĂ“Ă Ă?Ë›

Ă˜Ă?Ă“Ă?Ăž Ă™Ă˜ ĂœĂ?Ă‘Ă&#x;Ă–Ă‹Ăœ Ă’Ă‹Ă˜ĂŽĚ‹ĂĄĂ‹Ă?Ă’Ă“Ă˜Ă‘Ë? Ă“ĂŽ ĂŁĂ™Ă&#x; Ă•Ă˜Ă™ĂĄ ÞÒËÞ ĂĄĂ‹Ă?Ă’Ă“Ă˜Ă‘ Ă’Ă‹Ă˜ĂŽĂ? Ă“Ă? ÞÒĂ? Ă—Ă™Ă?Ăž Ă?ĘĽĂ?Ă?ÞÓà Ă? ĂĄĂ‹ĂŁ ÞÙ ĂšĂœĂ?Ă Ă?Ă˜Ăž ÞÒĂ? Ă?ĂšĂœĂ?Ă‹ĂŽ Ă™Ă? Ă“Ă–Ă–Ă˜Ă?Ă?Ă?Ă?Ă?ËŁ Ă’Ă“Ă? Ă“Ă? ĂŒĂ?Ă?Ă‹Ă&#x;Ă?Ă? ÞÒĂ? Ă‘Ă?ĂœĂ—Ă? Ă?ĂœĂ™Ă— Ă‹Ă˜ Ă“Ă˜Ă?Ă?Ă?ĂžĂ?ĂŽ ĂšĂ?ĂœĂ?Ă™Ă˜ Ă?Ă‹Ă˜ Ă?ĂšĂœĂ?Ă‹ĂŽ Ă—Ă™Ă?Ăž Ă?Ă‹Ă?Ă“Ă–ĂŁ ĂžĂ’ĂœĂ™Ă&#x;Ă‘Ă’ ÞÒĂ? Ă’Ă‹Ă˜ĂŽĂ?Ë› ÙåĂ?Ă Ă?ĂœËœ ĂŁĂ™Ă&#x; ĂĄĂ™Ă&#x;Ă–ĂŽ Ă˜Ă?Ă?ĂŽ ÞÙ ĂžĂ?Ă‹Ă?Ă’ Ă?Ă’Ă“Ă–ĂŽĂœĂ?Ă˜ ÞÒĂ? ĂŒĂ?Ă?Ăž ĂĄĂ‹ĂŁ ÞÙ Ă?Ù×ÚÖĂ?ĂžĂ? ĂšĂœĂ™ĂšĂ?Ăœ Ă’Ă‹Ă˜ĂŽ ĂĄĂ‹Ă?Ă’Ă“Ă˜Ă‘Ë› Ă’Ă? Ă?ĂžĂ?ĂšĂ? Ă“Ă˜ ĂšĂœĂ™ĂšĂ?Ăœ Ă’Ă‹Ă˜ĂŽ ĂĄĂ‹Ă?Ă’Ă“Ă˜Ă‘ Ă“Ă˜Ă?Ă–Ă&#x;ĂŽĂ?Ë? Ă“ĂœĂ?Ăž ĂĄĂ?ĘľĂ“Ă˜Ă‘ ÞÒĂ? Ă’Ă‹Ă˜ĂŽĂ? ĂžĂ’Ă™ĂœĂ™Ă&#x;Ă‘Ă’Ă–ĂŁ åÓÞÒ Ă?Ă–Ă?Ă‹Ă˜ ĂĄĂ‹ĂžĂ?Ăœ Ă?Ă? Ă?Ă˜Ă™Ă&#x;Ă‘Ă’ Ă?ÙËÚ ÞÙ Ă?ĂœĂ?Ă‹ĂžĂ? ÑÙÙÎ ÖËÞÒĂ?Ăœ Ă‹Ă˜ĂŽ ĂœĂ&#x;ĂŒ Ă’Ă‹Ă˜ĂŽĂ? ÞÙÑĂ?ÞÒĂ?Ăœ Ă?Ă™Ăœ Ă‹Ăž Í°ÍŽ Ă?Ă?Ă?Ă™Ă˜ĂŽĂ?

L-R: The Head, RiverBank School, Regina Jemide, receiving the certiďŹ cation plaque from the CEO, Wowbii Interactive, Terae Onyeje, while the Managing Director, Equipment Hall, Gbolahan Olayemi watched in admiration during the formal certiďŹ cation of RiverBank School as a BuddZone, an interactive learning environment, by Wowbii Interactive, in Lagos‌ recently

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RiverBank School Named First WOWBii BUDDZone in Nigeria There was a ground breaking event in the Nigerian education sector recently when WOWBii Interactive announced that the RiverBank School, Victoria Island, Lagos has been certified as its first BUDDZone in Nigeria. The CEO of WOWBii Interactive, Terae Onyeje, formally presented the certificate to the Head of School, Mrs. Regina Jemide at the official ceremony held at the school premises. According to Onyeje, “A BUDDZone is a learning area offering educational itinerary designed to enable educators use technology resources to drive interactive learning. “The partnership with the school allows WOWBii to

deliver an ecosystem that truly reflects 21st century learning. As the foremost proponent of interactive learning in Africa, WOWBii is looking forward to more options to drive EdTech across the continent. “We are on a mission to transform the way Africa works and learns, one interactive panel at a time. We are continually working with educators to create interactive curriculumaligned electronic content that will develop a new generation of learners who will play an active role in their learning,� Onyeje said. The Founder, WOWBii Interactive, Mr. Gbolahan Olayomi, who was also present at the ceremony

said: “BUDDZone facilitates sensory-based learning, catering to different learning styles including visual, auditory and tactile learning styles; deepening engagement and improving learning outcomes.â€? To augment the immersive learning experience of its SmartBUDD™ interactive classrooms, Onyeje also presented a 3D printer to the school. Receiving the certificate and 3D printer, Jemide said WOWBii’s interactive solution brings an immersive learning experience to the children, transforming the dynamics of teaching and learning. “Technology is the future, without technology, I don’t think

anyone will be able to function optimally. The RiverBank School is in the business of raising child leaders, this is the time to let them get in tune with what is happening in the world. “I believe that WOWBii’s interactive solution will take their learning to the next level such that our children can grow to be global citizens, competing and contributing meaningfully to the larger society,� Jemide added. Founded in 2009, The RiverBank School is committed to educating the whole child based on Montessori principles and using a Christian and family approach that ensures that the full academic potential of every child is realised.

Foreshore School Organises Xmas Concert Funmi Ogundare The Foreshore School, Ikoyi recently held a Christmas concert to mark the end of the year. The programme featured among others orchestra, piano and violin performance, as well as music and drama presentation on the birth of Jesus by the pupils. In her remarks, the Head Teacher, Ms Busola Aina said the concert was designed to inculcate in the pupils the joy of Christmas, saying that it can be enjoyed in its simplicity without doing anything out of

the extraordinary. “Christmas can be celebrated in your own way; it does not have to be so elaborate but can be enjoyed in its simplicity.� Emphasising on the musical performance of the pupils, she said music is a compulsory subject in the school’s curriculum, adding that the skills they acquired was as a result of continuous training. “When we were developing our curriculum, we thought of what will make our children stand out anywhere they find themselves aside just academics.�

The Director of the school, Mrs. Olubunmi Egbeyemi corroborated Aina, saying that it is about developing a total child that can multitask apart from just sitting in the classroom for academics. She said by January 2018, the school would employ a Physical Education (PE) teacher that would coach the pupils on extra-curricular activities such as karate, swimming and volleyball, adding, “we also have an extracurricular teacher for ballet. There is need to develop their skills so it is not just about sitting in the classroom, we want to have

and develop a total child. Music for instance helps in developing their minds and extra-curricular activity is so key as this keeps the children busy.� Egbeyemi also commented on the ongoing school expansion project, saying that when it celebrated its 10th anniversary earlier this year, the management saw the need to be a member of the Association of International School Educators of Nigeria (AISEN) so that the school can take part in the association’s competitions and compete with other schools of the same standard.

ĂœĂŁ Ă’Ă‹Ă˜ĂŽĂ? åÓÞÒ Ă?Ă–Ă?Ă‹Ă˜ ÞÙåĂ?Ă– ĂšĂ?Ăœ Ă“Ă—ĂšĂ™ĂœĂžĂ‹Ă˜Ăž ÞÓ×Ă?Ă? ÞÙ ĂĄĂ‹Ă?Ă’ ÞÒĂ?Ă“Ăœ Ă’Ă‹Ă˜ĂŽĂ?Ëœ Ă?Ă˜Ă?Ă&#x;ĂœĂ? ÞÒËÞ ĂŁĂ™Ă&#x;Ăœ Ă?Ă’Ă“Ă–ĂŽĂœĂ?Ă˜ ĂĄĂ‹Ă?Ă’ ÞÒĂ?Ă“Ăœ Ă’Ă‹Ă˜ĂŽĂ?Ë? ĂŒĂ?Ă?Ă™ĂœĂ? ÞÒĂ?Ă“Ăœ Ă—Ă?Ă‹Ă–Ă?Ëž Ă‹Ę°Ă?Ăœ Ă?Ă™Ă—Ă“Ă˜Ă‘ Ă?ĂœĂ™Ă— Ă™Ă&#x;ĂžĂŽĂ™Ă™Ăœ Ă™Ăœ Ă‹Ę°Ă?Ăœ ĂšĂ–Ă‹ĂŁĂ“Ă˜Ă‘ åÓÞÒ ĂšĂ?ĂžĂ?Ë› Ă˜ Ă?Ă‹ĂœĂ? Ă‹Ă˜ĂŽ ĂšĂ–Ă‹ĂŁĂ‘ĂœĂ™Ă&#x;Ă˜ĂŽĂ? ĂĄĂ’Ă?ĂœĂ? ÞÒĂ?ĂœĂ? Ă“Ă? Ă˜Ă™ Ă‹Ă?Ă?Ă?Ă?Ă? ÞÙ ĂœĂ&#x;Ă˜Ă˜Ă“Ă˜Ă‘ ĂĄĂ‹ĂžĂ?ĂœËœ ĂĄĂ?Ăž ĂĄĂ“ĂšĂ?Ă? Ă‹Ă˜ĂŽ Ă’Ă‹Ă˜ĂŽ Ă?Ă‹Ă˜Ă“ĂžĂ“Ă¤Ă?ĂœĂ? Ă‹ĂœĂ? ÑÙÙÎ ĂĄĂ‹ĂŁ Ă™Ă? Ă•Ă?Ă?ĂšĂ“Ă˜Ă‘ ÞÒĂ?Ă“Ăœ Ă’Ă‹Ă˜ĂŽĂ? Ă?Ă–Ă?Ă‹Ă˜Ë› ÙåĂ?Ă Ă?ĂœËœ ĂŁĂ™Ă&#x; ĂĄĂ™Ă&#x;Ă–ĂŽ Ă˜Ă?Ă?ĂŽ ÞÙ Ă—Ă™Ă˜Ă“ĂžĂ™Ăœ ÞÒĂ? ĂŁĂ™Ă&#x;Ă˜Ă‘Ă?Ăœ Ă?Ă’Ă“Ă–ĂŽĂœĂ?Ă˜ ĂĄĂ’Ă™ Ă—Ă“Ă‘Ă’Ăž ĂšĂ&#x;Ăž ÞÒĂ?Ă“Ăœ Ă’Ă‹Ă˜ĂŽĂ? Ă“Ă˜ĂžĂ™ ÞÒĂ?Ă“Ăœ Ă—Ă™Ă&#x;ÞÒ Ă™Ăœ ĂœĂ&#x;ĂŒ ÞÒĂ?Ă“Ăœ Ă?ĂŁĂ?Ă? ĂŒĂ?Ă?Ă™ĂœĂ? ÞÒĂ? Ă?Ă‹Ă˜Ă“ĂžĂ“Ă¤Ă?Ăœ Ă?Ă Ă‹ĂšĂ™ĂœĂ‹ĂžĂ?Ă?Ë› Children’s nails keep dirt and germs. Ă?Ă?ĂšĂ“Ă˜Ă‘ ĂŁĂ™Ă&#x;Ăœ Ă?Ă’Ă“Ă–ĂŽĂœĂ?Ă˜ËŞĂ? Ă˜Ă‹Ă“Ă–Ă? ĂžĂœĂ“Ă—Ă—Ă?ĂŽ Ă‹Ă˜ĂŽ Ă?Ă–Ă?Ă‹Ă˜ Ă“Ă? Ă?Ă?Ă?Ă?Ă˜ĂžĂ“Ă‹Ă– Ă?Ă™Ăœ ĂĄĂ‹ĂœĂŽĂ“Ă˜Ă‘ Ùʼ ÞÒÙĂ?Ă? Ă—Ă?Ă?Ă?ĂŁ Ă‘Ă?ĂœĂ—Ă? ÞÒËÞ Ă’Ă“ĂŽĂ? Ă&#x;Ă˜ĂŽĂ?Ăœ ÞÒĂ? Ă˜Ă‹Ă“Ă–Ă?Ë› Ă?ĂœĂ‹ĂžĂ?Ă’Ă“Ă˜Ă‘ ÞÒĂ?Ă“Ăœ Ă?Ă•Ă“Ă˜ åÓÞÒ Ă‘Ă?ĂœĂ— Ă“Ă˜Ă?Ă?Ă?ĂžĂ?ĂŽ Ă˜Ă‹Ă“Ă–Ă? Ă?Ă‹Ă˜ Ă–Ă?Ă‹ĂŽ ÞÙ Ă?Ă•Ă“Ă˜ Ă“Ă˜Ă?Ă?Ă?ĂžĂ“Ă™Ă˜ Ă‹Ă˜ĂŽ ĂœĂ‹Ă?Ă’Ă?Ă?Ë› Attend to your children’s teeth: Ă?Ă‘Ă&#x;Ă–Ă‹Ăœ ĂŒĂœĂ&#x;Ă?Ă’Ă“Ă˜Ă‘ Ă“Ă? Ă‹Ă˜ Ă?Ă?Ă?Ă?Ă˜ĂžĂ“Ă‹Ă– ĂšĂ‹ĂœĂž Ă™Ă? ĂŽĂ?Ă˜ĂžĂ‹Ă– Ă’ĂŁĂ‘Ă“Ă?Ă˜Ă? Ă?Ă™Ăœ Ă•Ă“ĂŽĂ?Ë› Ă’Ă“Ă–ĂŽĂœĂ?Ă˜ Ă?Ă’Ă™Ă&#x;Ă–ĂŽ Ă“ĂŽĂ?Ă‹Ă–Ă–ĂŁ ĂŒĂ? ĂŒĂœĂ&#x;Ă?Ă’Ă“Ă˜Ă‘ Ă‹Ę°Ă?Ăœ Ă?Ă Ă?ĂœĂŁ Ă—Ă?Ă‹Ă– ÞÙ ĂšĂœĂ?Ă Ă?Ă˜Ăž ĂŒĂ‹ĂŽ ĂŒĂœĂ?ËÞÒ Ă‹Ă˜ĂŽ ÞÙÙÞÒ ĂŽĂ?Ă?Ă‹ĂŁË› Ă“ĂŽ ĂĄĂ’Ă™ Ă’Ă‹Ă Ă? Ă”Ă&#x;Ă?Ăž ĂœĂ?Ă–Ă“Ă?Ă’Ă?ĂŽ Ă?Ă&#x;Ă‘Ă‹ĂœĂŁ ĂžĂœĂ?Ă‹Ăž Ă?Ă’Ă™Ă&#x;Ă–ĂŽ ĂŒĂœĂ&#x;Ă?Ă’ ĂĄĂ“ĂžĂ’Ă“Ă˜ Í°ÍŽ Ă—Ă“Ă˜Ă&#x;ĂžĂ?Ă? ÞÙ Ëà ÙÓÎ ÞÒĂ? ĂœĂ“Ă?Ă• Ă™Ă? Ă?Ëà ÓÞÓĂ?Ă?Ë› Ăž Ă“Ă? Ă?Ă?Ă?Ă?Ă˜ĂžĂ“Ă‹Ă– ÞÒËÞ ĂŁĂ™Ă&#x; ĂžĂ?Ă‹Ă?Ă’ Ă?Ă’Ă“Ă–ĂŽĂœĂ?Ă˜ Ă&#x;Ă˜ĂŽĂ?Ăœ ÞÒĂ? Ă‹Ă‘Ă? Ă™Ă? ÍŻÍŽ ÞÙ ĂŒĂœĂ&#x;Ă?Ă’ Ă‹Ă˜ĂŽ ĘŽĂ™Ă?Ă? ÞÒĂ?Ă“Ăœ ĂžĂ?Ă?ÞÒ ĂšĂœĂ™ĂšĂ?ĂœĂ–ĂŁË› Don’t forget your children’s hair: ÖÞÒÙĂ&#x;Ă‘Ă’ Ă—Ă™Ă?Ăž ĂšĂ‹ĂœĂ?Ă˜ĂžĂ? Ă‘Ă™ ĂžĂ’ĂœĂ™Ă&#x;Ă‘Ă’ Ă‹Ă–Ă– ÞÒĂ? ĂžĂœĂ™Ă&#x;ĂŒĂ–Ă? Ă™Ă? Ă?Ă?ĂžĂ‹ĂŒĂ–Ă“Ă?Ă’Ă“Ă˜Ă‘ Ă?Ă•Ă“Ă˜ Ă?Ă–Ă?Ă‹Ă˜Ă?Ă“Ă˜Ă‘ ĂœĂ™Ă&#x;ĂžĂ“Ă˜Ă?Ëœ Ă˜Ă™Ăž Ă‹Ă? Ă—Ă&#x;Ă?Ă’ ËÞÞĂ?Ă˜ĂžĂ“Ă™Ă˜ Ă“Ă? ÚËÓÎ ÞÙ Ă’Ă‹Ă“Ăœ Ă?Ă‹ĂœĂ?Ë› ÙåĂ?Ă Ă?ĂœËœ ĂĄĂ‹Ă?Ă’Ă“Ă˜Ă‘ Ă?Ă’Ă“Ă–ĂŽĂœĂ?Ă˜ËŞĂ? Ă’Ă‹Ă“Ăœ ĂŽĂ‹Ă“Ă–ĂŁ ̙ÓĂ? Ă?Ă’Ă™ĂœĂžĚš Ă“Ă? Ă‹Ă? Ă?Ă?Ă?Ă?Ă˜ĂžĂ“Ă‹Ă– Ă‹Ă? ÞÒĂ?Ă“Ăœ ĂŒĂ‹ĂžĂ’Ě‹ Ă“Ă˜Ă‘Ë› Ă’Ă“Ă–Ă?Ăž ĂĄĂ‹Ă?Ă’Ă“Ă˜Ă‘ ÞÒĂ?Ă“Ăœ Ă’Ă‹Ă“Ăœ åÓÞÒ Ă?Ă’Ă‹Ă—ĂšĂ™Ă™Ëœ Ă—Ă‹Ă?Ă?Ă‹Ă‘Ă? ĂĄĂ?Ă–Ă– Ă‹Ă˜ĂŽ ĂœĂ“Ă˜Ă?Ă? Ă™Ă?Ă? åÓÞÒ ĂĄĂ‹ĂžĂ?ĂœË› Ă™Ă&#x; Ă?Ă‹Ă˜ Ă?âÚĂ?ĂœĂ“Ă—Ă?Ă˜Ăž åÓÞÒ ĂŽĂ“Ă?Ă?Ă?ĂœĂ?Ă˜Ăž Ă?ÒË×ÚÙÙĂ? ÞÙ Ă?ÒÙÙĂ?Ă? ÞÒĂ? ĂŒĂ?Ă?Ăž Ă™Ă˜Ă? Ă?Ă™Ăœ ĂŁĂ™Ă&#x;Ăœ Ă?Ă’Ă“Ă–ĂŽË› Ă? ĂŁĂ™Ă&#x;Ăœ Ă?Ă’Ă“Ă–ĂŽ Ă’Ă‹Ă? Ă?Ă?Ă‹Ă–Ăš ĂšĂœĂ™ĂŒĂ–Ă?Ă— ÞÒĂ?Ă˜ ĂŁĂ™Ă&#x; Ă?Ă‹Ă˜ Ă&#x;Ă?Ă? ĂŽĂ‹Ă˜ĂŽĂœĂ&#x;Ă?Ă? Ă?ÒË×ÚÙÙĂ? ĂœĂ?Ă?Ù××Ă?Ă˜ĂŽĂ?ĂŽ ĂŒĂŁ ĂŁĂ™Ă&#x;Ăœ ĂšĂ’Ă‹ĂœĂ—Ă‹Ă?ĂŁË› Regularly change clothes and shoesË? Ă˜ Ă“Ă—ĂšĂ™ĂœĂžĂ‹Ă˜Ăž Ă™Ă?ĂžĂ?Ă˜ Ă?Ă™ĂœĂ‘Ă™ĂžĂžĂ?Ă˜ ĂšĂ‹ĂœĂž Ă™Ă? Ă?Ă’Ă“Ă–ĂŽĂœĂ?Ă˜ËŞĂ? ĂšĂ?ĂœĂ?Ă™Ă˜Ă‹Ă– Ă’ĂŁĂ‘Ă“Ă?Ă˜Ă? Ă“Ă? Ă?Ă’Ă‹Ă˜Ă‘Ă“Ă˜Ă‘ ÞÒĂ?Ă“Ăœ Ă?ÖÙÞÒĂ?Ă? Ă‹Ă˜ĂŽ Ă?Ă’Ă™Ă?Ă? Ă™Ă˜ ĂœĂ?Ă‘Ă&#x;Ă–Ă‹Ăœ ĂŒĂ‹Ă?Ă“Ă?Ë› Ă“ĂœĂžĂŁ Ă?ÖÙÞÒĂ?Ă? Ă‹Ă˜ĂŽ Ă?Ă’Ă™Ă?Ă? ĂĄĂ’Ă“Ă?Ă’ Ă?Ă™Ă˜ĂžĂ‹Ă“Ă˜ ĂŽĂ?Ă‹ĂŽ Ă?Ă•Ă“Ă˜ Ă?Ă?Ă–Ă–Ă? Ă‹Ă˜ĂŽ Ă?ĂĄĂ?Ă‹Ăž Ă?Ă‹Ă˜ Ă–Ă?Ă‹ĂŽ ÞÙ Ă?ĂžĂ“Ă˜Ă•ĂŁ Ă™ĂŽĂ™Ăœ Ă‹Ă˜ĂŽ Ă?Ă•Ă“Ă˜ Ă“Ă˜Ă?Ă?Ă?ĂžĂ“Ă™Ă˜ Ă?Ă&#x;Ă?Ă’ Ă‹Ă? Ă?ÙÙÞ Ă‹Ă˜ĂŽ Ă˜Ă‹Ă“Ă– Ă?Ă&#x;Ă˜Ă‘Ă&#x;Ă?Ë› Ă‹Ă“Ă˜ĂžĂ‹Ă“Ă˜Ă“Ă˜Ă‘ ĂœĂ™Ă&#x;ĂžĂ“Ă˜Ă? ÞÒËÞ Ă‹Ă“ĂŽĂ? Ă“Ă˜ ÞÒĂ? Ă—Ă‹Ă“Ă˜ĂžĂ?Ă˜Ă‹Ă˜Ă?Ă? Ă™Ă? ĂšĂœĂ™ĂšĂ?Ăœ Ă’ĂŁĂ‘Ă“Ă?Ă˜Ă? Ă‹Ă? ĂĄĂ?Ă–Ă– Ă‹Ă? ĂžĂ?Ă‹Ă?Ă’Ă“Ă˜Ă‘ Ă•Ă“ĂŽĂ? Ă‹ĂŒĂ™Ă&#x;Ăž Ă’ĂŁĂ‘Ă“Ă?Ă˜Ă? Ă“Ă? Ă?Ă?Ă?Ă?Ă˜ĂžĂ“Ă‹Ă– Ă?Ă™Ăœ Ă•Ă?Ă?ĂšĂ“Ă˜Ă‘ ĂŁĂ™Ă&#x;Ăœ Ă?Ă’Ă“Ă–ĂŽ Ă?Ă–Ă?Ă‹Ă˜ Ă‹Ă˜ĂŽ Ă’Ă?ËÖÞÒã Ă“Ă˜ ÞÒĂ? Ă–Ă™Ă˜Ă‘ ĂœĂ&#x;Ă˜Ë› Ă˜Ă‘ĂœĂ‹Ă“Ă˜ ÞÒĂ? Ă’Ă‹ĂŒĂ“ĂžĂ? Ă“Ă˜ ĂŁĂ™Ă&#x;Ăœ Ă?Ă’Ă“Ă–ĂŽ ĂĄĂ’Ă?Ă˜ Ă’Ă? Ă™Ăœ Ă?Ă’Ă? Ă“Ă? ĂŁĂ™Ă&#x;Ă˜Ă‘ ĂŒĂŁ Ă&#x;Ă?Ă“Ă˜Ă‘Ë? ĂœĂ?Ă—Ă“Ă˜ĂŽĂ?ĂœĂ?Ëœ ÚÙĂ?ÓÞÓà Ă? ĂœĂ?Ă“Ă˜Ă?Ă™ĂœĂ?Ă?Ă—Ă?Ă˜ĂžĂ? Ă‹Ă˜ĂŽ ĂŒĂŁ Ă?Ă?ĘľĂ“Ă˜Ă‘ ÑÙÙÎ Ă?âË×ÚÖĂ? ĂŁĂ™Ă&#x;ĂœĂ?Ă?Ă–Ă?Ë› Ăž Ă“Ă? Ă—Ă™Ă?Ăž Ă–Ă“Ă•Ă?Ă–ĂŁ ÞÒËÞ ĂŁĂ™Ă&#x;Ăœ Ă?Ă’Ă“Ă–ĂŽ ĂĄĂ™Ă&#x;Ă–ĂŽ Ă“Ă˜Ă?Ă&#x;Ă–Ă?Ă‹ĂžĂ? ÞÒĂ?Ă?Ă? Ă’Ă‹ĂŒĂ“ĂžĂ? Ă?Ă™Ăœ Ă–Ă“Ă?Ă?Ë›

Ě‹ Omoru writes from the UK

35

T H I S D AY Ëž Ëœ Í°ÍŽËœ Í°ÍŽÍŻÍľ

‘Academics can be More Attractive with Investment in Capacity Building’ Kuni Tyessi in Abuja The Vice-Chancellor of Veritas University, Prof. Michael Kwanashie, has emphasised that in order to make the academia more attractive, government, especially at the federal and state levels will need to increase funding for capacity building. He stated this recently during the 10th anniversary and sixth convocation lecture of the

institution in Abuja, where 103 students graduated from different disciplines and 11 distinguished themselves with first class. While describing education as an expensive venture, he said the sector in Nigeria has been facing some challenges especially in the area of funding and in order to equip institutions and make them reach global standards, enormous sums of money must be invested.

“It is general knowledge that over the years, the education system in Nigeria has been facing some challenges, both public and private, even though the nature seems to differ. University system today complains about lack of funds. You have TETFund in the public institutions setting up buildings, pouring in money for research and staff development, and yet public institutions keep lamenting that government is not

giving enough in public universities. Education is a very expensive business and government knows that. “To equip all the institutions and make them reach global standards, enormous sums of money to be invested is required. So the argument of most universities, and I am now speaking for the public universities, is that government is not putting in enough money. “Government is not rapidly

increasing capacity building in the system. You have to build capacity in the system and it is the duty of the government to build capacity in the system to encourage young men and women to venture into academics and to encourage them to get the best and transfer that knowledge to others. “If universities are underfunded and under-staffed, the quality of graduates will also be low. At the basic level, it is the same story,

except in some few elite private schools and that is because the government is not investing enough.� He said all the graduands will fit properly into the Nigerian economy because they have been equipped with skills that will make them competitive and also entrepreneurial skills that will make them start up their businesses without waiting for the government.

Anti-corruption Day: Three Undergraduates Win Debate Prizes Senator Iroegbu in Abuja Three Nigerian undergraduates have won categories of cash prizes for coming top at the grand finale of the Expression Undergraduate Debate Challenge 2017 to commemorate the 2017 International Anticorruption Day celebrated every December 9. The programme anchored by Youngsters Foundation Communication Associate with support from the UK Department for International Development (DFID) and BEN TV, London held at the Banquet Hall of the NAF Event Centre, Abuja. The project is designed to be an annual platform that leverages the culture of citizen debate to stimulate and raise youth voices and participation in contemporary national issues. The event featured 36

undergraduate teams from different tertiary institutions in Nigeria who emerged from three different auditions in November 2017. According to the Executive Director, Youngsters Development Initiatives, Mr. Kingsley Bangwell, the three finalists won N500,000, N300,000 and N200,000 respectively. He announced that the winners are from Team Quota (University of Ibadan), Team Dunamis (University of Ibadan) and Team Roar (University of Jos). “Here are the full details of the winners: First is Team Quora - Adeyemi Idowu 500L Some staff of EY and some officials of the Arrows of God Orphanage, Ajah, Lagos, during the company’s visit to donate some items as part of its Law and Thanni Obafemi, Charity Day‌ recently 200L Philosophy; second is Team Dunamis - Adesokan Adediran 300L Law and Nwagbara Izuchukwu Temilade, 300L Law; and third Uchechukwu Nnaike the community, it is like creat- back to the community because is to build a better working Team Roar - Chinedu Isagbha, ing a better world for people, it is no use taking from the world. “Every year we set this day 300L Law and Henry Tabansi, As part of their annual particularly the less privilege community without ploughing 200L Political Science.â€? corporate social responsibility and we believe that it is better back. So when you take and apart to interact with the cominitiative tagged ‘EY Charity to sleep well than to eat well. you plough back it makes a munities around us. We have chosen for some years now to Day’, staff of Ernst & Young, So as you are making the little better working world.â€? Babatunde said the company touch base with the less privilege Lagos recently visited an or- money, you must be able and phanage and a home of children ready to plough back so that also helps schools through an in the orphanage homes, to touch with disabilities to give back to everybody can sleep well rather initiative known as ‘Teaching base with special needs children than you eating well and not Assistance’. “What we do here is and to support schools. We have their host communities. Apart from the funds set aside being able to sleep well because we pull some of our profession- an educational initiative where other participants were given for the food stuffs, toiletries when some segments of the als together and disperse them we help secondary schools within certificates of participation. and other items, the staff also economy are not sleeping it to schools to be training them our vicinity to revamp their free of charge from the freewill infrastructure.â€? The clergyman explained that sacrifice their time by going all will affect you.â€? She announced that the the competition is centered on out to visit the beneficiaries. This On the importance of reach- window we don’t go through issues in theology, adding that year’s beneficiaries were the ing out to the less privilege in the commercial window. We also company would inaugurate a it is open to youths in Anglican Arrow of God Orphanage, Lekki the society, he said: “We are visit schools, we sink boreholes fully equipped library at a school Churches in Lagos Mainland and the Children’s Development represented in 170 countries EY and equip laboratories, among in Lagos Island in January 2018, Dioceses, and they are given Centre, Surulere. has been around in this country others to make life better for adding that once the company donates to a school, it goes the opportunity to choose from Speaking during the visit, for well over 50 years and we all of us.â€? Also speaking, the Head back after some time to assess five essay topics. the Deputy Regional Managing pull together well over 450 He said the criteria for selec- Partner, Mr. Dayo Babatunde, professional accountants. To us of Talents for EY West Africa, the facility to ensure that it is tion is that the individual has to be said the company focuses on it is a thing of joy, it shows that Mrs. Jane Onobhayedo, said being put to good use and if an Anglican and must be between building a better working world we identify with the community. the donation helps to bring the need be, to donate other things the ages of 17 to 25, adding that in “and when we plough back to We believe we must plough company’s purpose alive, which that are lacking in the school. assessing the entries, they focussed on the individual’s ability to reason, argue constructively without taking sides, demonstrate the spirit of Anglican spirituality taking into account the distinctive qualities of the church. “In the essay entries, we also The Goddy Jidenma speaking in several schools emerged the best student in continue to grow from strength consider the creativity of the Foundation, a non-profit and across the country such as the school’s 2014 WASSCE to strength as it gears towards writers and the person’s ability non-governmental organisation Loyola Jesuit College Abuja, won the inaugural award. the achievement of its goals to tell a story. This competition dedicated to the promotion of Nnamdi Azikiwe Secondary The recent prizes went and objectives. will help to write better and education in Nigeria recently School, Abagana, Anambra to Master Okeowo Yusuf Oke encouraged the stuthe importance of writing. It awarded prizes for excellence State, Pacelli School for the Abayomi and Master Adeniyi dents to strive for excellence helps you to understand the to the two students of Birch Blind, Lagos and Birch Free- Ismail Olayekeen who were and greatness through hard appreciation of being different. Freeman High School, Surulere man School High School, best students in the school in work and determination and Writing is about having new Lagos, who made the best Lagos. The award came the 2015 and 2016 WASSCE advised students to put more ideas; it is about whether your results in the West African with a monetary reward respectively. efforts in their studies so ideas are accepted. Addressing the students that they can perform better Senior School Certificate to motivate the students. “We encourage them to use Examination (WASSCE). It was first instituted in and teachers at the assembly in the next WASSCE. their writings to demonstrate The parent of the winner The foundation was estab- the school in November ground, the Principal, Mrs. new ideas and become indepen- lished in 2007 to promote the 2014 to further encourage Oluwakemi Oke thanked of the 2016 prize, Mrs. dent; through this process they ideals and passions of Goddy the students to work hard the foundation for choosing Adeniyi also expressed are able to bring innovations Jidenma who died in 2006 and strive for excellence in and retaining the school as a thanked the foundation for and inventions are brought into in Lagos. It has instituted their studies. Master Bakare beneficiary of such prize. She establishing such a laudable their work. prizes of excellence and public Mubarak Oluwatosin who prayed that the foundation will programme.

EY Reaches Out to Less Privilege Children

Foundation Honours Winners of Essay Contest Ugo Aliogo The Babatunde Edu Foundation has rewarded the three winners of the inaugural edition of the Babatunde Edu Memorial Youth Essay Competition with cash prizes. Speaking at the presentation ceremony in Lagos organised by the foundation in conjunction with BAHM Anglican Church, the convener, Rev. Jaiye Edu, said the event was a theological essay competition for young people between the ages of 17 and 25, adding that the competition was organised in memory of his late father Chief Babatunde Edu. According to him, due to his father’s love for academics, the competition was organised to honour his memory, stressing that on his path, he noticed that there was a gap among the youths especially in the areas of knowledge and theological understanding.Edu added that the expectation is that the competition would encourage more theological reflections, while bringing them closer to God. The first prize of N100,000 went to Ademola Ademola; Mesoma Aghazu won the second prize of N50,000; while Madu Favour got the third prize of N30,000. The

Goddy Jidenma Foundation Rewards Exceptional Students

36

T H I S D AY WEDNESDAY DECEMBER 20, 2017

T H I S D AY WEDNESDAY DECEMBER 20, 2017

37

38

T H I S D AY WEDNESDAY DECEMBER 20, 2017

T H I S D AY WEDNESDAY DECEMBER 20, 2017

39

40

T H I S D AY WEDNESDAY DECEMBER 20, 2017

T H I S D AY WEDNESDAY DECEMBER 20, 2017

41

42

T H I S D AY Ëž , DECEMBER 20, 2017

BUSINESS/MONEYGUIDE

Militancy, Political Uncertainty Seen as Key Risks for Nigeria, Others Obinna Chima Following Nigeria’s exit from recession in 2017, investor sentiment across West Africa is likely to experience uplift in 2018, a report has stated. The report, however, pointed out that political uncertainty ahead of Nigeria’s 2019 presidential elections and on-going security concerns were among the key risks for businesses operating in the region. The specialist global risk consultancy Control Risks stated this in their annual political and security risk forecast ‘RiskMap’. Control Risks’ Senior Partner for West Africa Tom Griffin stated: “2017 has been a tough and turbulent year for businesses in the region, however with Nigeria exiting recession, and foreign exchange shortages easing, we see a strong improvement in investor sentiment emerging. “Another major engine of growth will be Cote d’Ivoire, where economic expansion is projected at around seven per cent next year. There will be only a handful of elections in the region in 2018, meaning continuity will largely prevail

with policy decisions having the biggest impact on the business environment. “In Nigeria however, although presidential elections are next slated for 2019, campaigning has already started. The uncertainty that generates, as well as the need for cash that an election brings, mean that political instability and regulators whose actions will be difficult to predict remain among our top risks for businesses in the year ahead.� Control Risks in the report identified key risks facing businesses in West Africa in 2018 to include terrorism and militancy, irregular regulators, political instability, among others. They explained: “Business assets and personnel in West Africa will remain vulnerable to attacks by transnational or domestic militant groups. “In particular, al-Qaeda and its affiliates will continue to pose a threat to operators in the Sahel, while the oil and gas industry in Nigeria’s Niger Delta will remain exposed to attacks by domestic militant groups. “Failure to resolve the underlying political and socio-economic grievances at

the root of these movements will see the threat persist in 2018.â€? Continuing, the report noted that as countries in the region, notably commodity-dependent economies, face growing fiscal pressures, operators were likely to see regulatory bodies increasingly act as revenue-generating bodies, strengthening local content provisions, introducing stricter fiscal terms, reviewing contracts or erratically imposing fines in companies in the hope of boosting state finances. This, it stressed would periodically give rise to commercial disputes, legal challenges, and the need for businesses to engage with government stakeholders. “Protracted political and socio-economic grievances will continue to fuel popular discontent and a desire for regime change in parts of the region. “Cameroonian President Paul Biya’s re-election bid amid a continued crisis in the Anglophone regions will exacerbate tensions, while Togolese citizens will continue to protest for the end of the 50-year GnassingbĂŠ dynasty.

‘Obligors Show Deliberate Reluctance Towards AMCON’ Leading legal luminaries including the former Chief Judge of the Federal High Court, Hon. Justice I. N. Auta and the President of Court of Appeal, Hon. Justice Zainab Adamu Bulkachuwa have joined the campaign by the management of Asset Management Corporation of Nigeria (AMCON) in calling for a paradigm shift in debt recovery processes in Nigeria. Such shift, according to them would act as act as panacea, if indeed the Corporation were to meet its mandate of resolving its huge outstanding obligation. Current AMCON management under the leadership of its Managing Director/Chief Executive Officer, Mr. Ahmed Kuru upon assuming office and reviewing the challenges as well as bottlenecks inhibiting

recoveries mounted a strong campaign that the current practice where habitual and recalcitrant debtors are treated with kid gloves, especially by agencies of government would not help AMCON resolve these loans before its sunset date. According to Justice Auta, the approach to debt recovery and resolution must change at this point in the life of AMCON especially going into 2018 and beyond because the Corporation came as a child of necessity at the time it was created with all the good intentions in the world to recalibrate the beleaguered economy of the country at the time. He added: “Nigeria witnessed the 2007 global financial crisis, which was caused by insolvency, illiquidity, poor corporate governance and

outright financial crimes. However, with the creation of AMCON by the federal government, no bank has been liquidated, depositors’ funds are safe and no bank has been subject to collection queues. “The financial crisis led to the depression in value of the securities created against these defaulting loans thereby leaving the banks with an unfortunate inability to recover their losses. The effect of such monumental exposure was that banks were unable to sustain the equilibrium of lending required to maintain a vibrant economy. This in turn led to higher interest rates and an inability to perform the bank’s primary functions of financial intermediation like the pooling of savings and lending.� Explaining further he said,

Shittu Lauds CIBN Role in Financial Sector Development Nume Ekeghe Ă‹Ă˜ĂŽ Ugo Aliogo The Minister for Communication, Hon. Abdul-Raheem Shittu, has applauded the efforts of the Chartered Institute of Banks of Nigeria (CIBN) in strengthening growth in the financial services sector in the country. Shittu who disclosed this yesterday in Lagos at the Launch of Alhaji Amusa Oladimeji Gbadamosi Otiti Foundation (AMOGOF) and with the Presentation of a Book entitled: ‘Beyond the Banking Hall,’ said most often than not, people forget the efforts of who play key role in developing and strengthening the financial service sector. He also stated that any country without a viable financial service sector was not likely to develop economically, adding that there is a need to appreciate the efforts

of CIBN in the sector. Shittu said: “I want to commend the role CIBN is playing in the nation especially in strengthening the financial service sector. Also, it is noteworthy to state here that any country without a viable financial services sector cannot develop economically. Therefore, we must commend CIBN for their efforts.� Shittu who expressed dismay in the sharp drop of reading culture in the country, said there was need to improve the readership in the country in order get things right. The Minister lauded the sterling qualities of Alhaji Amusa Otiti, describing him as a man with sufficient lessons in fortitude, courage, discipline and trust in God and also commended the book in written on Otiti. He explained that the book

would be a lesson for everyone and should be placed in libraries and personal use, adding that the content of the book must be put on social media to benefit those who have poor reading culture. Shittu added: “We are here to launch a book written on Baba Otiti. I am proud to say that Baba Otiti has numerous enlightening books on subjectmatters of his interest especially banking and financial services. I know that everyone who have been an icon in the sector in the last 30 years have benefitted in one way or the other from the books baba has written on various issues. Lessons from books such as this are not things you can buy from the market. They necessarily have to do with practical experiences and reports documented which are found in this book.�

Broad street

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

AUGUST 2017 Broad Money (M2)

21,851,454.31

-- Narrow Money (M1)

9,890,813.10

---- Currency Outside Banks

1,523,239.91

---- Demand Deposits

8,367,573.19

-- Quasi Money

11,960,641.22

Net Foreign Assets (NFA)

9,732,990.89

Net Domestic Assets(NDA)

12,118,463.42

-- Net Domestic Credit (NDC)

26,821,446.81

---- Credit to Government (Net)

4,824,226.22

---- Memo: Credit to Govt. (Net) less FMA

7,834,536.74

---- Memo: Fed. and Mirror Accounts (FMA)

-3,010,310.52

---- Credit to Private Sector (CPS)

21,997,220.59

--Other Assets Net

-14,702,983.39

Reserve Money (Base Money)

5,486,804.65

--Currency in Circulation

1,868,735.07

--Banks Reserves

3,268,266.17 Ëž Ă™Ă&#x;ĂœĂ?Ă? Ě‹

MANAGED FUNDS Month

AUGUST 2017

Inter-Bank Call Rate

22.63

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

14.00

Treasury Bill Rate

13.35

Savings Deposit Rate

4.08

1 Month Deposit Rate

8.86

3 Months Deposit Rate

10.14

6 Months Deposit Rate

11.51

12 Months Deposit Rate

11.40

Prime Lending rate

17.69

Maximum Lending Rate

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

OPEC DAILY BASKET PRICE AS AT, MON, DEC 18 2017 The price of OPEC basket of fourteen crudes stood at $61.64 a barrel on Monday, compared with $61.48 the previous Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), ZaďŹ ro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). SOURCE: OPEC headquarters, Vienna

43

T H I S D AY Ëž , DECEMBER 20, 2017

MARKET NEWS

NSE CEO, Onyema Becomes Associate Member of CIS Goddy Egene and Nosa Alekhuogie

held at the Stock Exchange House. CIS is the body statutorily empowered to train and certify professionals in the Nigerian capital market. It is the only professional body in Nigeria authorised to carry out qualifying examinations into the stockbroking profession. The Institute controls the activities of its members and matters associated with it. Speaking at the ceremony,

The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, was yesterday inducted as an associate member of the Chartered Institute of Stockbrokers (CIS) of after passing the requisite examination of the institute. The induction ceremony was

the President of CIS, Mr. Oluwaseyi Abe, said: “We are witnessing a rare manifestation of humility and leadership by example, as the CEO of the exchange, Onyema, is formally inducted as an associate member of the institution. Today’s induction ceremony is unique because Onyema, despite his qualifications and experience as a well-grounded investment and securities expert quali-

fied to practice in the United States and Nigeria, voluntarily enrolled as a member of CIS, sat and passed the institution’s examination.� He added that went that were not just witnessing an induction ceremony, “we are showcasing exemplary leadership, a demonstration to the commitment to the rule of law and processes, uncommon dedication and patriotism of

PRICES FOR SECURITIES TRADED AS OF

the highest order.� Abe congratulated Onyema and urged him to maintain the good name and reputation of the institute as he continues to contribute positively to growth of the institution and indeed the Nigerian economy. “Your induction as an associate of this noble profession, is a landmark event that confers on you a new level of respect and honour. It is

a mark of character, capacity and competence,� he said. Expressing his delight after receiving his certificate as an associate member of CIS, Onyema said: “I am very humbled by your recognition of my modest contributions to our market. I believe that my writing the CIS examination was a matter of cause and a continuous quest for knowledge and high performance.

A S AT 1 9 / 1 2 / 2 0 1 7

Price List (Equities) PRICES FOR PREMIUM BOARD SECURITIES FINANCIAL SERVICES Price List (Equities) PRICES FOR PREMIUM BOARD SECURITIES FINANCIAL SERVICES S/N 1

28 29 30 31

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

32

ZENITH INTERNATIONAL BANK PLC

796,843.01

25.38

-0.94

279

62,512,010

33

279

62,512,010

OTHER FINANCIAL INSTITUTIONS FBN HOLDINGS PLC

MARKET CAP(Nm) 316,955.44

PRICE

%CHANGE

TRADES

VOLUME

8.83

-1.89

383

63,801,280

35 FOOD PRODUCTS

383

63,801,280

S/N

662

126,313,290

BANKING

BANKING S/N 2 OTHER FINANCIAL INSTITUTIONS FINANCIAL SERVICES INDUSTRIAL GOODS S/N 3 BUILDING MATERIALS INDUSTRIAL GOODS PREMIUM BOARD TOTALS Price List (Equities) PRICES FOR MAIN BOARD SECURITIES AGRICULTURE S/N 4 5 6 CROP PRODUCTION S/N 7 FISHING/HUNTING/ TRAPPING S/N 8 LIVESTOCK/ANIMAL SPECIALTIES AGRICULTURE CONGLOMERATES S/N 9 10 11 12 13 DIVERSIFIED INDUSTRIES CONGLOMERATES CONSTRUCTION/REAL ESTATE S/N 14 BUILDING CONSTRUCTION S/N 15 16 INFRASTRUCTURE/ HEAVY CONSTRUCTION S/N 17 REAL ESTATE DEVELOPMENT S/N 18 19 20 REAL ESTATE INVESTMENT TRUSTS (REITS) CONSTRUCTION/REAL ESTATE CONSUMER GOODS S/N 21 AUTOMOBILES/AUTO PARTS S/N 22 23 24 25 26 BEVERAGES--BREWERS/ DISTILLERS S/N 27 BEVERAGES--NONALCOHOLIC S/N

MARKET CAP(Nm) DANGOTE CEMENT PLC 3,893,755.94 BUILDING MATERIALS

CROP PRODUCTION FTN COCOA PROCESSORS PLC OKOMU OIL PALM PLC. PRESCO PLC FISHING/HUNTING/TRAPPING ELLAH LAKES PLC. LIVESTOCK/ANIMAL SPECIALTIES LIVESTOCK FEEDS PLC.

DIVERSIFIED INDUSTRIES A.G. LEVENTIS NIGERIA PLC. JOHN HOLT PLC. S C O A NIG. PLC. TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC.

BUILDING CONSTRUCTION ARBICO PLC.

MARKET CAP(Nm) 1,100.00 67,966.09 72,000.00 MARKET CAP(Nm) 511.20 MARKET CAP(Nm) 2,580.00

MARKET CAP(Nm) 1,853.10 194.58 2,111.93

TRADES

VOLUME

228.50

-0.65

48 48 48

1,043,408 1,043,408 1,043,408

710

127,356,698

PRICE

%CHANGE

TRADES

VOLUME

0.50 71.25 72.00

-

3 10 16 29

1,000,000 9,904 17,450 1,027,354 VOLUME

TRADES

-

0

0

44

0

0 VOLUME

45 46 47 48 49 50 51 52 53 BANKING

PRICE

%CHANGE

TRADES

0.86

4.88

20

517,758

20

517,758

49

1,545,112

TRADES

VOLUME

3 1 0

177 1,240 0

56,907.19

1.40

2.19

119

360,335,999

32,462.61

16.90

-

7-UP BOTTLING COMP. PLC.

FOOD PRODUCTS

54

30

157,350

153

360,494,766

57

153

360,494,766

PRICE

%CHANGE

TRADES

VOLUME

4.79

-

0

0

0

58 59 60 61

0

62

PRICE

%CHANGE

TRADES

VOLUME

63

28.00 6.60

-

10 0

20,862 0

10

20,862

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

7,275.51

2.80

-

5

23,033

5

23,033

MARKET CAP(Nm) 2,000.00

PRICE

%CHANGE

TRADES

VOLUME

100.00

-

1

1,000

11,305.89

45.22

-

0

0

26,682.70

MARKET CAP(Nm) 2,386.33

BEVERAGES--BREWERS/ MARKET DISTILLERS CAP(Nm) CHAMPION BREW. PLC. 15,658.99 GOLDEN GUINEA BREW. PLC. 242.22 GUINNESS NIG PLC 210,276.75 INTERNATIONAL BREWERIES 446,640.99 PLC. NIGERIAN BREW. PLC. 1,127,438.86

BEVERAGES--NON-ALCOHOLIC

S/N

55 56

10.00

-

0

0

1

1,000

16

DN TYRE & RUBBER PLC

S/N 42 43

%CHANGE

-

REAL ESTATE DEVELOPMENT

AUTOMOBILES/AUTO PARTS

S/N

MARKET CAP(Nm) 65,321.00 MARKET CAP(Nm)

44,895

PRICE

%CHANGE

TRADES

VOLUME

0.50

-

2

10,900

2

10,900

PRICE

%CHANGE

TRADES

VOLUME

64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 INSURANCE CARRIERS, BROKERS AND SERVICES S/N 80

2.00 0.89 96.00

-4.76 -

33 0 43

861,218 0 94,822

51.96

-0.27

42

223,702

S/N

104

421,473

222

1,601,215

82 83

142.19

-0.22

PRICE

%CHANGE

TRADES

VOLUME

101.97

-

10

12,031

10

12,031

TRADES

VOLUME

PRICE

%CHANGE

81 MICRO-FINANCE BANKS

84 85 86 MORTGAGE CARRIERS, BROKERS AND SERVICES S/N

60,000.00 246,840.00 78,333.48 16,653.42

12.00 20.57 29.85 2.10

1,861.25

0.50

-

0

0

1,028.21

5.77

-

0

0

MICRO-FINANCE BANKS FORTIS MICROFINANCE BANK PLC NPF MICROFINANCE BANK PLC MORTGAGE CARRIERS, BROKERS AND SERVICES ABBEY MORTGAGE BANK PLC ASO SAVINGS AND LOANS PLC INFINITY TRUST MORTGAGE BANK PLC RESORT SAVINGS & LOANS PLC UNION HOMES SAVINGS AND LOANS PLC. OTHER FINANCIAL INSTITUTIONS

2,534,405 13,267,066 1,183,267 863,874

18.34

-

35

166,324

13.45

-

0 404

0 18,014,936

%CHANGE

TRADES

VOLUME

-3.60 -

48 40

315,643 35,988

88

351,631

MARKET CAP(Nm) 1,766.22 3,064.57 MARKET CAP(Nm) 89,335.73 241,232.78

MARKET BANKING CAP(Nm) ACCESS BANK PLC. 300,850.90 DIAMOND BANK PLC 33,582.56 ECOBANK TRANSNATIONAL 308,272.46 INCORPORATED FIDELITY BANK PLC 66,062.54 GUARANTY TRUST BANK PLC. 1,174,304.05 JAIZ BANK PLC 17,678.55 SKYE BANK PLC 6,940.15 STERLING BANK PLC. 28,502.51 UNION BANK NIG.PLC. 132,159.68 UNITED BANK FOR AFRICA PLC 348,834.10 UNITY BANK PLC 5,961.56 WEMA BANK PLC. 19,287.23 INSURANCE CARRIERS, BROKERS AND SERVICES AFRICAN ALLIANCE INSURANCE COMPANY PLC AIICO INSURANCE PLC. AXAMANSARD INSURANCE PLC CONSOLIDATED HALLMARK INSURANCE PLC CONTINENTAL REINSURANCE PLC CORNERSTONE INSURANCE COMPANY PLC. EQUITY ASSURANCE PLC. GOLDLINK INSURANCE PLC GREAT NIGERIAN INSURANCE PLC GUINEA INSURANCE PLC. INTERNATIONAL ENERGY INSURANCE COMPANY PLC LASACO ASSURANCE PLC. LAW UNION AND ROCK INS. PLC. LINKAGE ASSURANCE PLC MUTUAL BENEFITS ASSURANCE PLC. N.E.M INSURANCE CO (NIG) PLC. NIGER INSURANCE CO. PLC. PRESTIGE ASSURANCE CO. PLC. REGENCY ALLIANCE INSURANCE COMPANY PLC SOVEREIGN TRUST INSURANCE PLC STANDARD ALLIANCE INSURANCE PLC. STANDARD TRUST ASSURANCE PLC UNIC DIVERSIFIED HOLDINGS PLC. UNITY KAPITAL ASSURANCE PLC UNIVERSAL INSURANCE COMPANY PLC WAPIC INSURANCE PLC

167 101 60 41

3,676.41

MARKET PRICE CAP(Nm) CADBURY NIGERIA PLC. 25,167.91 13.40 NESTLE NIGERIA PLC. 1,160,488.39 1,464.05

HOUSEHOLD DURABLES

-1.48 -4.99 -0.50 -1.90

48,590.70

FOOD PRODUCTS--DIVERSIFIED

38 NIGERIAN ENAMELWARE PLC. 39 VITAFOAM NIG PLC. HOUSEHOLD DURABLES PERSONAL/HOUSEHOLD S/N PRODUCTS 40 P Z CUSSONS NIGERIA PLC. 41 UNILEVER NIGERIA PLC. PERSONAL/HOUSEHOLD PRODUCTS CONSUMER GOODS FINANCIAL SERVICES

4.26

%CHANGE

MARKET CAP(Nm) 711.32

36 37 FOOD PRODUCTS-DIVERSIFIED

PRICE

0.70 0.50 3.25

MARKET CAP(Nm) 36,960.00 165.00

REAL ESTATE INVESTMENT TRUSTS (REITS) SKYE SHELTER FUND PLC UNION HOMES REAL ESTATE INVESTMENTTRUST (REIT) UPDC REAL ESTATE INVESTMENT TRUST

%CHANGE

PRICE

INFRASTRUCTURE/HEAVY CONSTRUCTION JULIUS BERGER NIG. PLC. ROADS NIG PLC.

UACN PROPERTY DEVELOPMENT CO. LIMITED

PRICE

34

DANGOTE FLOUR MILLS PLC DANGOTE SUGAR REFINERY PLC FLOUR MILLS NIG. PLC. HONEYWELL FLOUR MILL PLC MULTI-TREX INTEGRATED FOODS PLC N NIG. FLOUR MILLS PLC. NASCON ALLIED INDUSTRIES PLC UNION DICON SALT PLC.

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

23.23 2.94

-

3 10 13

672 62,085 62,757

PRICE

%CHANGE

TRADES

VOLUME

22.50 41.99

4.45

22 29

23,232 314,435

51

337,667

790

20,391,137

PRICE

%CHANGE

TRADES

VOLUME

10.40 1.45

0.58 -0.68

119 80

3,566,324 7,116,359

16.80

-4.00

70

695,952

2.28 39.90 0.60 0.50 0.99 7.78 10.20 0.51 0.50

1.79 -0.25 3.45 -1.00 -1.77 0.39 -1.96 -

141 325 8 10 34 56 232 10 2 1,087

7,915,846 38,945,789 627,500 167,109 1,981,316 441,977 8,231,027 276,765 12,000 69,977,964

PRICE

%CHANGE

TRADES

VOLUME

10,292.50

0.50

-

0

0

3,673.01 21,105.00

0.53 2.01

3.92 -

45 7

2,461,094 47,380

3,000.00

0.50

-

1

10,000

14,418.11

1.39

2.96

10

377,667

7,364.75

0.50

-

0

0

7,000.00 2,411.47

0.50 0.53

-

0 0

0 0

1,913.74

0.50

-

0

0

3,070.00

0.50

-

0

0

642.04

0.50

-

0

0

3,661.72 3,050.39 4,800.00

0.50 0.71 0.60

3.45

0 2 12

0 130,000 15,425,000

4,000.00

0.50

-

0

0

7,445.51 3,869.74 2,759.15

1.41 0.50 0.50

0.71 -

27 1 0

699,513 200,000 0

3,334.38

0.50

-

0

0

4,170.41

0.50

-

0

0

6,455.52

0.50

-

0

0

4,670.54

0.50

-

0

0

1,291.15

0.50

-

0

0

6,933.33

0.50

-

0

0

8,000.00

0.50

-

0

0

6,825.20

0.51

2.00

52

1,297,967

157

20,648,621 VOLUME

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

11,799.67

2.58

-

0

0

2,972.63

1.30

-3.70

1 1

50,000 50,000

PRICE

%CHANGE

TRADES

VOLUME

1.30 0.50

-

0 0

0 0 111

MARKET CAP(Nm) 5,460.00 7,370.87 6,005.46

1.44

-

1

5,664.87

0.50

-

0

0

2,949.22

3.02

-

0

0

1

111

TRADES

VOLUME

MARKET CAP(Nm)

PRICE

%CHANGE

44

˜ ͺ͸˜ ͺ͸͹͵ ˾ T H I S D AY

Nigeria Daily Stock Market Report: Wednesday, December 20, 2017 dŚŝƐ ĂLJ ĨƌŝŶǀĞƐƚ ϰϬ /ŶĚĞdž ĞƉƌĞĐŝĂƚĞƐ ϰϮďƉƐ

THISDAY AFRINVEST 40 INDEX

dŚĞ dŚŝƐĚĂLJ ĨƌŝŶǀĞƐƚ /ŶĚĞdž ĚĞƉƌĞĐŝĂƚĞĚ ϰϮďƉƐ LJĞƐƚĞƌĚĂLJ ƚŽ ĐůŽƐĞ Ăƚ ϭϱϮϰ͘Ϯϰ ƉŽŝŶƚƐ ͘ dŚĞ ŶĞŐĂƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ ĐĂŶ ďĞ ůĂƌŐĞůLJ ĂƩƌŝďƵƚĞĚ ƚŽ ůŽƐƐĞƐ ŝŶ 'h Z Edz ;ͲϬ͘ϯйͿ E/d, ;ͲϬ͘ϵйͿ ĂŶĚ E' D ;Ͳ Ϭ͘ϳйͿ ǁŚŝĐŚ ĐƵŵƵůĂƟǀĞůLJ ĂĐĐŽƵŶƚ ĨŽƌ ϰϬ͘ϲй ŽĨ ƚŚĞ ŝŶĚĞdž͘ dŚĞ dŚŝƐ ĂLJ ĨƌŝŶǀĞƐƚ /ŶĚĞdž ŚĂƐ ŐĂŝŶĞĚ ϱϮ͘ϰй LJĞĂƌ ƚŽ ĚĂƚĞ͘

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

Ticker

Current Price

ƋƵŝƟĞƐ DĂƌŬĞƚ ^ƵƐƚĂŝŶƐ EĞŐĂƟǀĞ ůŽƐĞ ͙ E^ ^/ ĚŽǁŶ ϰϲďƉƐ

dŚĞ EŝŐĞƌŝĂŶ ƋƵŝƟĞƐ ŵĂƌŬĞƚ ĐůŽƐĞĚ ƚŚĞ ĚĂLJ ŶĞŐĂƟǀĞ ĂƐ ƚŚĞ ůů ^ŚĂƌĞ /ŶĚĞdž ƐŚĞĚ ϰϲďƉƐ ƚŽ ƐĞƩůĞ Ăƚ ϯϳ͕ϳϴϯ͘ϳϲ ƉŽŝŶƚƐ ǁŚŝůĞ zd ƌĞƚƵƌŶ ƌĞƚƌĞĂƚĞĚ ƚŽ ϰϬ͘ϲй͘ ĐĐŽƌĚŝŶŐůLJ͕ ŝŶǀĞƐƚŽƌƐ ůŽƐƚ EϳϬ͘ϭďŶ ĂƐ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝnjĂƟŽŶ ĨĞůů ƚŽ Eϭϯ͘ϰƚŶ͘ dŚĞ ĚĂLJ͛Ɛ ŶĞŐĂƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ ŝƐ ĂƩƌŝďƵƚĂďůĞ ƚŽ ůŽƐƐĞƐ ŝŶ E' D ;ͲϬ͘ϳйͿ͕ E'^h' Z ;Ͳϱ͘ϬйͿ ĂŶĚ d/ ;Ͳϰ͘ϬйͿ͘ ,ŽǁĞǀĞƌ͕ ĂĐƟǀŝƚLJ ůĞǀĞů ƐƚƌĞŶŐƚŚĞŶĞĚ ĂƐ ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ ƚƌĂĚĞĚ ƐƵƌŐĞĚ ϮϮϭ͘ϲй ĂŶĚ ϰϮ͘Ϯй ƚŽ ĐůŽƐĞ Ăƚ ϲϰϵ͘ϲŵ ƵŶŝƚƐ ĂŶĚ Eϱ͘ϰďŶ ƌĞƐƉĞĐƟǀĞůLJ͘ /ŶƐƵƌĂŶĐĞ /ŶĚĞdž ƵĐŬƐ ϲͲĚĂLJ ŽǁŶƚƌĞŶĚ WĞƌĨŽƌŵĂŶĐĞ ĂĐƌŽƐƐ ƐĞĐƚŽƌƐ ǁĂƐ ŶĞŐĂƟǀĞ ĂƐ Ăůů ŝŶĚŝĐĞƐ ƚƌĞŶĚĞĚ ƐŽƵƚŚǁĂƌĚƐ ƐĂǀĞ ĨŽƌ ƚŚĞ /ŶƐƵƌĂŶĐĞ ŝŶĚĞdž ǁŚŝĐŚ ŐĂŝŶĞĚ Ϭ͘ϴй ŽŶ ĂĐĐŽƵŶƚ ŽĨ ƵƉƟĐŬƐ ŝŶ KEd/E^hZ ;нϮ͘ϵйͿ ĂŶĚ >/E< ^^hZ ;нϯ͘ϱйͿ͘ KŶ ƚŚĞ ŽƚŚĞƌ ŚĂŶĚ͕ ƚŚĞ ĂŶŬŝŶŐ ŝŶĚĞdž ƚŽƉƉĞĚ ƚŚĞ ůŽƐĞƌƐ ĐŚĂƌƚ͕ ĚĞƉƌĞĐŝĂƟŶŐ Ϭ͘ϳй ĚƵĞ ƚŽ ůŽƐƐĞƐ ŝŶ d/ ;Ͳϰ͘ϬйͿ ĂŶĚ E/d, ;ͲϬ͘ϵйͿ͘ dŚĞ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚĞdž ƚƌĂŝůĞĚ͕ ĚŽǁŶ Ϭ͘ϰй ŽǁŝŶŐ ƚŽ ƉƌŽĮƚ ƚĂŬŝŶŐ ƐƵƐƚĂŝŶĞĚ ŝŶ E' D ;ͲϬ͘ϳйͿ ĂŶĚ t W K ;ͲϬ͘ϱйͿ ǁŚŝůĞ ƚŚĞ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ĂŶĚ Kŝů Θ 'ĂƐ /ŶĚŝĐĞƐ ĐůŽƐĞĚ ƚŚĞ ĚĂLJ Ϭ͘Ϯй ůŽǁĞƌ ĂƉŝĞĐĞ ƉƌŝŵĂƌŝůLJ ĚƵĞ ƚŽ ůŽƐƐĞƐ ŝŶ E'^h' Z ;Ͳϱ͘ϬйͿ͕ E/' Z/ E Z t Z/ ^ ;ͲϬ͘ϮйͿ ĂŶĚ &KZd ;ͲϮ͘ϯйͿ͘ /ŶǀĞƐƚŽƌ ^ĞŶƟŵĞŶƚ tĞĂŬĞŶƐ

/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ʹ ĂƐ ŵĞĂƐƵƌĞĚ ďLJ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ ;ĂĚǀĂŶĐĞͬ ĚĞĐůŝŶĞ ƌĂƟŽͿ ĚĞĐůŝŶĞĚ ƚŽ Ϭ͘ϲdž ĨƌŽŵ Ϭ͘ϵdž ƌĞĐŽƌĚĞĚ ƚŚĞ ƉƌĞǀŝŽƵƐ ƐĞƐƐŝŽŶ ĂƐ ϭϰ ƐƚŽĐŬƐ ĂĚǀĂŶĐĞĚ ĂŐĂŝŶƐƚ Ϯϱ ĚĞĐůŝŶĞƌƐ͘ dŚĞ ƚŽƉ ƉĞƌĨŽƌŵĞƌƐ LJĞƐƚĞƌĚĂLJ ǁĞƌĞ >/s ^dK < ;нϰ͘ϵйͿ͕ hE/> s Z ;нϰ͘ϱйͿ ĂŶĚ d ZE ;нϰ͘ϬйͿ ǁŚŝůĞ ƚŚĞ ǁŽƌƐƚ ƉĞƌĨŽƌŵŝŶŐ ƐƚŽĐŬƐ ǁĞƌĞ /> ^/E' ;Ͳϱ͘ϬйͿ͕ E'^h' Z ;Ͳϱ͘ϬйͿ ĂŶĚ E Z ;Ͳϱ͘ϬйͿ͘ &ŽůůŽǁŝŶŐ ƚŚĞ ĞdžƚĞŶĚĞĚ ďĞĂƌŝƐŚ ƐĞŶƟŵĞŶƚ ǁĞ ĂŶƟĐŝƉĂƚĞ Ă ƌĞďŽƵŶĚ ŝŶ ĐŽŶƐĞƋƵĞŶƚ ƐĞƐƐŝŽŶƐ ŽŶ ĂĐĐŽƵŶƚ ŽĨ ďĂƌŐĂŝŶ ŚƵŶƟŶŐ͘

/Ŷ ŝƚƐ ,ϭ͗ϮϬϭϴ ĞĂƌŶŝŶŐƐ ƌĞƐƵůƚ͕ /Ed Z t͛Ɛ ŐƌŽƐƐ ƌĞǀĞŶƵĞ ŐƌĞǁ Ϯϴ͘ϵй zͲŽͲz ƚŽ Eϭϳ͘ϰďŶ ;ĨƌŽŵ Eϭϯ͘ϱďŶ ŝŶ ,ϭ͗ϮϬϭϳͿ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ƐƚĞĂĚLJ ƐĂůĞƐ ŐƌŽǁƚŚ ʹ ƵƉ ϯϳ͘ϬйzͲŽͲz ĂƐ Ăƚ Yϭ͗ϮϬϭϴ͘ ^ŝŵŝůĂƌůLJ͕ ĐŽƐƚ ŽĨ ƐĂůĞƐ ŐƌĞǁ ϯϯ͘ϳй zͲŽͲz ƚŽ Eϵ͘ϰďŶ ƌĞůĂƟǀĞ ƚŽ Eϳ͘ϬďŶ ƌĞĐŽƌĚĞĚ ŝŶ ,ϭ͗ϮϬϭϳ ǁŚŝůĞ ŽƉĞƌĂƟŶŐ ĞdžƉĞŶƐĞƐ ŝŶĐŚĞĚ Ϯϳ͘ϵй ŚŝŐŚĞƌ zͲŽͲz ƚŽ Eϰ͘ϱďŶ͘ >ŝŬĞǁŝƐĞ͕ ŐƌŽƐƐ ƉƌŽĮƚ ĨŽƌ ƚŚĞ ƉĞƌŝŽĚ ĞdžƉĂŶĚĞĚ Ϯϯ͘ϳй zͲŽͲz ƚŽ Eϴ͘ϬďŶ ;ƵƉ ĨƌŽŵ Eϲ͘ϱďŶ ŝŶ ,ϭ͗ϮϬϭϳͿ͘ dŚĞ ĐŽŵƉĂŶLJ ĂůƐŽ ƌĞĐŽƌĚĞĚ ƉŽƐŝƟǀĞ ŐƌŽǁƚŚ ŝŶ ŽƉĞƌĂƟŶŐ ŝŶĐŽŵĞ ʹ ƵƉ ϭϴ͘ϴй zͲŽͲz ƚŽ Eϯ͘ϲďŶ͘ WƌĞͲƚĂdž ƉƌŽĮƚ ĂƐ Ăƚ ,ϭ͗ϮϬϭϴ ƐƚŽŽĚ Ăƚ EϬ͘ϯďŶ ǁŚŝĐŚ ŝƐ ĂŶ ŝŵƉƌŽǀĞŵĞŶƚ ĨƌŽŵ Ă ůŽƐƐ ŽĨ Eϭ͘ϱďŶ ŝŶ ƚŚĞ ƉƌŝŽƌ ƉĞƌŝŽĚ͘ ŽŶƐĞƋƵĞŶƚůLJ͕ ƚŚĞ ĐŽŵƉĂŶLJ ƌĞĐŽƌĚĞĚ ĂŶ ĂŌĞƌ ƚĂdž ůŽƐƐ ŽĨ EϱϮ͘Ϯŵ ŝŶ ,ϭ͗ϮϬϭϴ͘ YϮ͗ϮϬϭϴ ƐƚĂŶĚĂůŽŶĞ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ůĂƌŐĞůLJ ƵŶĚĞƌǁŚĞůŵŝŶŐ ĂƐ /Ed Z t͛Ɛ ŐƌŽƐƐ ƌĞǀĞŶƵĞ ĚĞĐůŝŶĞĚ ϭϱ͘ϲй YͲŽͲY ĨƌŽŵ Eϵ͘ϰďŶ ƚŽ Eϳ͘ϵďŶ ŝŶ YϮ͗ϮϬϭϴ ǁŚŝůĞ ĐŽƐƚ ŽĨ ƐĂůĞƐ ŵŽĚĞƌĂƚĞĚ ϭϳ͘ϲй YͲŽͲY ƚŽ Eϰ͘ϮďŶ ĂŶĚ ŐƌŽƐƐ ƉƌŽĮƚ ŵŽĚĞƌĂƚĞĚ ϭϯ͘ϭй YͲŽͲY ƚŽ Eϯ͘ϳďŶ͘ ,ŽǁĞǀĞƌ͕ ŽƉĞƌĂƟŶŐ ĞdžƉĞŶƐĞ ĨŽƌ ƚŚĞ ƉĞƌŝŽĚ ĐůŝŵďĞĚ Ϯϱ͘Ϯй YͲŽͲY ƚŽ EϮ͘ϱďŶ͘ ŽŶƐĞƋƵĞŶƚůLJ͕ ƚŚĞ ĐŽŵƉĂŶLJ ƌĞĐŽƌĚĞĚ ůŽƐƐ ŽĨ Eϭ͘ϮďŶ ĨŽƌ ƚŚĞ ƉĞƌŝŽĚ͘ ĞƐƉŝƚĞ ƚŚĞ ǁĞĂŬ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ĐŽŵƉĂŶLJ͕ ŝŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ƚŽǁĂƌĚƐ ƚŚĞ ƐƚŽĐŬ ŚĂƐ ďĞĞŶ ďƌŽĂĚůLJ ƉŽƐŝƟǀĞ ĂƐ ƚŚĞ /Ed Z t ŚĂƐ ŐĂŝŶĞĚ ϭϴϭ͘ϲй zd ͘ tĞ ĂƩƌŝďƵƚĞ ƚŚŝƐ ƚŽ ŽƉƟŵŝƐŵ ĨƌŽŵ ƚŚĞ ƉƌŽƉŽƐĞĚ ŵĞƌŐĞƌ ŽĨ /ŶƚĞƌŶĂƟŽŶĂů ƌĞǁĞƌŝĞƐ ǁŝƚŚ ŽƚŚĞƌ ďƌĞǁĞƌŝĞƐ ƵŶĚĞƌ ƚŚĞ ŽǁŶĞƌƐŚŝƉ ŽĨ ŝƚƐ ƉĂƌĞŶƚ ĐŽŵƉĂŶLJ͕ ŶŚĞƵƐĞƌͲ ƵƐĐŚ /Ŷ Ğǀ ; /Ŷ ĞǀͿ͕ ŝŶ EŝŐĞƌŝĂ͘

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

Price Change Index to Date

ROE

ROA

P/E

P/BV

52.4%

52.4%

20.1%

6.3%

7.1x

0.8x

3.9%

11.0%

61.5%

61.5%

26.0%

4.3%

8.3x

2.1x

5.1%

12.0%

Divinden Earnings d Yield Yield

THISDAY AFRINVEST 40 1,524.24

-0.42%

39.90

-0.3%

2

Nigerian Brew eries PLC

142.19

-0.2%

9.8%

-3.9%

-3.9%

18.9%

8.6%

35.0x

6.4x

2.5%

2.9%

3

Zenith Bank PLC

25.38

-0.9%

13.1%

72.1%

72.1%

21.7%

3.2%

5.0x

1.0x

8.0%

19.9%

4

Dangote Cement PLC

6.3%

21.2%

228.50

-0.7%

6.3%

31.3%

31.3%

30.4%

15.7%

15.8x

4.5x

3.7%

0.0%

7.7%

80.7%

80.7%

78.4%

19.0%

38.1x

25.2x

1.7%

2.6%

0.6%

4.5%

77.2%

77.2%

15.1%

2.0%

4.2x

0.6x

6.3%

23.7%

17.2%

2.2%

4.5x

0.8x

7.4%

22.4%

14.4x

0.5x

2.3%

7.0%

0.6x

3.6%

-20.6%

6.6x

2.3%

5

Nestle Nigeria PLC

1,464.05

6

Access Bank PLC

10.40

7

United Bank for Africa PLC

10.20

0.4%

5.6%

126.7%

126.7%

8.83

-1.9%

5.6%

163.6%

163.6%

2.6%

0.3%

16.80

-4.0%

2.8%

63.4%

63.4%

-14.6%

-1.3%

8

FBN Holdings Plc

9

Ecobank Transnational Inc

10

Lafarge Africa PLC

43.48

0.0%

1.6%

12.2%

12.2%

47.1%

9.8%

540.05

0.0%

2.0%

42.1%

42.1%

-12.4%

-6.7%

3.9x

0.7x

25.7%

11

SEPLAT Petroleum Development C

12

Unilever Nigeria PLC

41.99

4.5%

1.6%

31.9%

31.9%

50.3%

8.4%

25.9x

9.8x

0.2%

3.9%

13

Stanbic IBTC Holdings PLC

40.92

0.0%

2.9%

172.8%

172.8%

28.7%

3.4%

9.4x

2.5x

1.5%

10.6%

14

Guinness Nigeria PLC

96.00

0.0%

1.3%

22.1%

22.1%

4.5%

1.4%

67.5x

3.4x

0.7%

5.99

-19.3%

0.0%

1.3%

27.4%

27.4%

40.7%

4.2%

2.7x

0.6x

43.48

-2.3%

1.5%

15

Oando PLC

16

Forte Oil PLC

0.5%

-48.5%

-48.5%

44.3%

3.7%

11.0x

4.9x

17

11 PLC

170.00

0.0%

0.4%

-39.1%

-39.1%

32.6%

12.0%

9.0x

2.5x

4.8%

11.1%

18

Total Nigeria PLC

230.00

37.0%

0.0%

0.5%

-23.1%

-23.1%

37.3%

7.4%

8.6x

3.0x

2.6%

11.7%

0.0%

10.5%

9.1%

19

Okomu Oil Palm PLC

71.25

1.2%

77.4%

77.4%

37.4%

25.9%

9.5x

3.1x

2.1%

20

UAC of Nigeria PLC

16.90

0.0%

0.6%

2.4%

2.4%

6.3%

2.2%

10.8x

0.7x

5.8%

9.2%

21

Conoil PLC

28.00

0.0%

0.4%

-25.3%

-25.3%

12.8%

3.5%

8.1x

1.1x

11.1%

12.3%

22

Fidelity Bank PLC

2.28

1.8%

1.2%

171.4%

171.4%

8.0%

1.1%

2.0x

0.3x

6.1%

50.3%

23

Dangote Sugar Refinery PLC

20.57

-5.0%

1.4%

236.7%

236.7%

23.8%

10.3%

8.0x

3.5x

2.4%

12.5%

24

Flour Mills of Nigeria PLC

29.85

-0.5%

0.7%

75.9%

75.9%

10.4%

2.6%

8.2x

0.8x

3.1%

12.2%

3.93

0.0%

0.4%

1.0%

18.9%

7.6%

101.97

0.0%

0.3%

-21.0%

-21.0%

-56.7%

-13.9%

4.9x

28.00

0.0%

0.3%

-27.4%

-27.4%

-12.2%

-1.2%

1.5x

2.3%

0.4%

20.0%

20.0%

3.8%

0.6%

3.8x

0.1x

19.6%

4.1%

5.6x

1.0x

25

Custodian and Allied Insurance

26

7 UP Bottling Co PLC

-16.5% -8.1%

28

FCMB Group Plc

1.32

29

Transnational Corp of Nigeria

1.40

2.2%

0.6%

60.9%

60.9%

1.45

-0.7%

0.5%

64.8%

64.8%

2.5%

0.3%

5.8x

0.1x

0.0%

0.5%

79.6%

79.6%

42.9%

25.9%

3.5x

1.3x

2.2%

28.2%

2.2%

4.7%

7.6%

26.1% 17.9%

30

Diamond Bank PLC

31

Presco PLC

72.00

32

PZ Cussons Nigeria PLC

22.50

0.0%

0.4%

55.2%

55.2%

10.7%

5.0%

21.3x

2.2x

33

International Brew eries PLC

51.96

-0.3%

0.8%

180.9%

180.9%

24.6%

7.4%

54.4x

12.4x

34

Cadbury Nigeria PLC

13.40

-3.6%

0.3%

30.2%

30.2%

4.5%

1.6%

38.2x

2.2x

2.6%

35

Union Bank of Nigeria PLC

7.78

-1.8%

0.4%

63.0%

63.1%

5.6%

1.2%

10.0x

0.5x

10.0%

36

Chemical and Allied Products P

37

Sterling Bank PLC

38

GlaxoSmithKline Consumer Niger

33.93

0.0%

0.2%

6.0%

6.0%

84.3%

38.5%

14.8x

10.4x

0.99

-1.0%

0.2%

30.3%

30.3%

6.1%

0.6%

5.2x

0.3x

1.8%

6.5%

0.0%

0.3%

44.4%

44.4%

61.2%

23.6%

4.7x

1.7x

1.4%

21.2%

0.1%

20.4%

20.4%

11.9%

3.9%

10.0x

1.2x

2.5%

10.0%

3.0%

0.1%

40.4%

40.4%

9.6%

4.4%

8.1x

0.8x

AXA Mansard Insurance PLC

40

Continental Reinsurance PLC

1.39

T o p 10 G a ine r s

12.3%

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

P ric e

P ric e C hg %

LIVEST OC K

0.86

4.9%

T R A N SC OR P

UN ILEVER

41.99

4.5%

FB NH

63.8

-1.9%

4.15

4.0%

Z EN IT H B A N K

62.5

-0.9%

ET ER N A

T ic k er

Vo lum e

P ric e C hg %

360.3

2.2%

A IIC O

0.53

3.9%

GUA R A N T Y

38.9

-0.3%

LIN KA SSUR E

0.60

3.4%

T H OM A SWY

22.3

0.0%

C ON T IN SUR E

1.39

3.0%

LIN KA SSUR E

15.4

3.4%

FCM B

1.32

2.3%

D A N GSUGA R

13.3

-5.0%

T R A N SC OR P

1.40

2.2%

FCM B

11.5

2.3%

WA P IC

0.51

2.0%

UB A

8.2

0.4%

F ID ELIT YB K

2.28

1.8%

F ID ELIT YB K

7.9

1.8%

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

T o p 10 L o s e r s T ic k er C ILEA SIN G D A N GSUGA R NCR

6.7% 19.2%

0.0%

39

T ic k er

17.1%

22.74 2.01

P ric e

P ric e C hg %

T ic k er

Value

1.33

-5.0%

Z EN IT H B A N K

1594.3

P ric e C hg % -0.9%

20.57

-5.0%

GUA R A N T Y

1556.5

-0.3%

6.30

-5.0%

FB NH

567.0

-1.9%

C H A M P ION

2.00

-4.8%

T R A N SC OR P

504.6

2.2%

ET I

16.80

-4.0%

D A N GSUGA R

284.3

-5.0%

NA HCO

3.75

-3.8%

D A N GC EM

239.9

-0.7%

NP FM CRFB K

1.30

-3.7%

WA P C O

168.0

0.0%

13.40

-3.6%

UB A

84.0

0.4%

C A D B UR Y

Price Change YTD

Guaranty Trust Bank PLC

1

ŽŵƉĂŶLJ ŝŶ &ŽĐƵƐ͗ /ŶƚĞƌŶĂƟŽŶĂů ƌĞǁĞƌŝĞƐ WůĐ ;/Ed Z tͿ 27 Julius Berger Nigeria PLC /ŶƚĞƌŶĂƟŽŶĂů ƌĞǁĞƌŝĞƐ WůĐ ŝƐ Ă ďĞǀĞƌĂŐĞ ƉƌŽĚƵĐƟŽŶ ĐŽŵƉĂŶLJ ǁŝƚŚ ƉƌŽĚƵĐƚƐ ƌĂŶŐŝŶŐ ĨƌŽŵ ǀĂƌŝŽƵƐ ďĞĞƌ ďƌĂŶĚƐ ƚŽ ŶŽŶͲĂůĐŽŚŽůŝĐ ďĞǀĞƌĂŐĞ ĚƌŝŶŬƐ͘ /ƚ ŝƐ ƚŚĞ ƐĞĐŽŶĚ ůĂƌŐĞƐƚ ďƌĞǁŝŶŐ ĐŽŵƉĂŶLJ ŝŶ EŝŐĞƌŝĂ ďLJ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝnjĂƟŽŶ ;EϭϴϬ͘ϳďŶͿ͘ /Ed Z t ǁĂƐ ĨŽƵŶĚĞĚ ŝŶ ϭϵϳϭ ĂŶĚ ĐŽŵŵĞŶĐĞĚ ƉƌŽĚƵĐƟŽŶ ŝŶ ĞĐĞŵďĞƌ ϭϵϳϴ ǁŝƚŚ ƚŚĞ ůĂƵŶĐŚ ŽĨ dƌŽƉŚLJ ůĂŐĞƌ͘ dŚĞ ĐŽŵƉĂŶLJ ǁĂƐ ůŝƐƚĞĚ ŽŶ ƚŚĞ EŝŐĞƌŝĂŶ ^ƚŽĐŬ džĐŚĂŶŐĞ ŝŶ ϭϵϵϱ ĂŶĚ ŚĂƐ ŝƚƐ ďƌĞǁĞƌLJ ĂŶĚ ĐŽƌƉŽƌĂƚĞ ŚĞĂĚƋƵĂƌƚĞƌƐ ůŽĐĂƚĞĚ KŵŝͲ ƐŽƌŽ͕ /ůĞƐĂ ŝŶ KƐƵŶ ^ƚĂƚĞ͕ ǁŝƚŚ ĚŝƐƚƌŝďƵƟŽŶ ĐĞŶƚĞƌƐ ŝŶ /ďĂĚĂŶ͕ >ĂŐŽƐ ĂŶĚ /ůŽƌŝŶ͘ /Ŷ Ă ƌĞĐĞŶƚ ĚĞǀĞůŽƉŵĞŶƚ /Ed Z t ĂŶŶŽƵŶĐĞĚ ƚŚĂƚ ƚŚĞ ĐŽŵƉĂŶLJ ŚĂĚ ƌĞĐĞŝǀĞĚ ƚŚĞ ƌĞŐƵůĂƚŽƌLJ ƉƌĞͲĂƉƉƌŽǀĂů ĨƌŽŵ ƚŚĞ ^ĞĐƵƌŝƟĞƐ ĂŶĚ džĐŚĂŶŐĞ ŽŵŵŝƐƐŝŽŶ ;^ Ϳ ĨŽƌ Ă ƉƌŽƉŽƐĞĚ ŵĞƌŐĞƌ ďĞƚǁĞĞŶ /ŶƚĞƌŶĂƟŽŶĂů ƌĞǁĞƌŝĞƐ WůĐ ;/Ed Z tͿ͕ /ŶƚĂĨĂĐƚ ƌĞǁĞƌŝĞƐ ůŝŵŝƚĞĚ ĂŶĚ WĂďŽĚ ďƌĞǁĞƌŝĞƐ ůŝŵŝƚĞĚ ǁŝƚŚ ĐŽŵƉůĞƟŽŶ ƐƵďũĞĐƚ ƚŽ ƚŚĞ ĂƉƉƌŽǀĂů ŽĨ ƚŚĞ ƐŚĂƌĞŚŽůĚĞƌƐ ŽĨ ƚŚĞ ƌĞƐƉĞĐƟǀĞ ĐŽŵƉĂŶŝĞƐ ĂŶĚ ĮŶĂů ƌĞŐƵůĂƚŽƌLJ ĂƉƉƌŽǀĂůƐ ĨƌŽŵ ƚŚĞ ^ ͘

Previous Current Price Weighting Change

C A VER T ON

1.27

-3.1%

NB

59.8

-0.2%

C UT IX

2.00

-2.9%

N EST LE

52.7

0.0%

Investment Research

Brokerage Ayodeji Ebo | aebo@afrinvest.com

Robert Omotunde | romotunde@afrinvest.com

Bolaji Fajenyo | bfajenyo@afrinvest.com

Omotola Abimbola | oabimbola@afrinvest.com

45

˾ WEDNESDAY, DECEMBER 20, 2017

MARKET NEWS

Lagos Civil Servants Urged to Embrace E-dividend The Head of Service of Lagos

State, Mrs. Folasade Adesoye has urged civil servants in the state to take advantage of the Securities and Exchange Commission’s electronicdividend campaign to register for their dividend payments. Adesoye made the call in Lagos at a one-day sensitisation workshop held at Alausa, Ikeja. Represented by the Permanent Secretary, Office of the Head of Service, Mrs. Fiyinfoluwa Ogunbanke, the Head of Service, commended the SEC

on its efforts at ensuring that the era of non receipt of benefits of their investments becomes a thing of the past. According to Adesoye, the introduction of the e-Dividend presents an opportunity for civil servants to tap into the initiative in order to enjoy the benefits of their investments in the capital market. “This event is meant to educate and enlighten public servants on the operation of the E-dividend Mandate Management System and

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

how investments in the capital market will give public servants opportunity to earn additional income. I am happy with this initiative by the SEC and I believe that this will assist civil servants in Lagos State to claim their outstanding dividends and also receive their dividends electronically in the future,” she added. In her remarks, the Permanent Secretary Ministry of Finance in Lagos State, Mrs. Olufunlola Balogun told the civil servants that investing

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 18-Dec-2017, unless otherwise stated.

a reasonable portion of their saved income or earnings in the capital market will make it possible for them to earn additional income and improve their standard of living. “For those who have invested in the capital market and have accumulated unclaimed dividends, it will give you an opportunity to understand how to receive the unclaimed dividend as well as future dividends,” she stated. Also speaking at the event, the Acting Director General

of SEC, Dr. Abdul Zubair, enjoined the workers to take advantage of the free registration period, which ends on December 31, 2017, to enrol. Represented by the Director, External Relations of SEC, Henry Rowlands, the acting DG told the workers that once they register, they would start receiving all their unclaimed dividends through their bank accounts and future dividends, would, in like manner, be paid directly to them as well.

Zubair said the e-dividend registration is one of the initiatives by the commission to restore investors’ confidence as well as attract retail investors back to the capital market. While enjoining workers to key into the initiative, he explained that “the advantage of the e-dividend is not only to enable investors collect subsequent dividends electronically, but will also allow all accrued dividends to be credited to investors bank accounts.”

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 180.91 182.36 42.74% Nigeria International Debt Fund 235.18 236.77 11.37% 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 17.70% ACAP Income Funds 0.64 0.64 83.39% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 18.86% 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 19.02 19.60 54.08% ARM Discovery Fund 393.06 404.91 36.87% ARM Ethical Fund 27.66 28.49 23.79% ARM Money Market Fund 1.00 1.00 17.71% 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 152.39 153.46 44.88% AXA Mansard Money Market Fund 1.00 1.00 17.83% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 18.68% Paramount Equity Fund 12.07 12.38 28.96% Women's Investment Fund 98.08 100.60 15.94% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 17.63% CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 18.29% Coronation Balanced Fund 1.10 1.12 11.17% Coronation Fixed Income Fund 1.02 1.06 4.04% 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 1,144.70 1,145.87 12.74% FBN Heritage Fund 149.40 150.72 34.56% FBN Money Market Fund 100.00 100.00 18.10% FBN Nigeria Eurobond (USD) Fund - Institutional $112.57 $113.47 9.23% FBN Nigeria Eurobond (USD) Fund - Retail $112.04 $112.94 9.46% FBN Nigeria Smart Beta Equity Fund 169.68 172.19 51.10% 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 1.41 1.43 51.06% Legacy Short Maturity (NGN) Fund 2.98 2.98 15.87% 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 2,985.59 3,023.86 35.70% Coral Income Fund 2,454.37 2,454.37 17.75% 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 16.97% INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 1.00 1.00 17.60% Vantage Balanced Fund 2.10 2.12 24.85%

Vantage Guaranteed Income Fund 1.00 1.00 18.51% Kedari Investment Fund (KIF) 114.68 114.68 18.19% 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 1.20 1.22 21.11% Lotus Halal Fixed Income Fund 1,051.18 1,051.18 11.49% 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 14.01 14.03 44.46% 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 1.25 1.27 25.05% PACAM Fixed Income Fund 11.00 11.07 5.88% PACAM Money Market Fund 10.00 10.00 16.77% 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 124.45 126.51 22.74% 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 14.33% 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 2,241.90 2,255.05 22.44% Stanbic IBTC Bond Fund 176.80 176.80 14.84% Stanbic IBTC Ethical Fund 1.00 1.01 30.52% Stanbic IBTC Guaranteed Investment Fund 219.16 219.16 17.27% Stanbic IBTC Iman Fund 180.31 182.55 38.85% Stanbic IBTC Money Market Fund 100.00 100.00 17.31% Stanbic IBTC Nigerian Equity Fund 9,662.41 9,775.61 27.42% Stanbic IBTC Dollar Fund (USD) 1.06 1.06 6.00% 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 1.34 1.33 19.11% United Capital Bond Fund 1.56 1.56 27.72% United Capital Equity Fund 0.93 0.95 38.02% United Capital Money Market Fund 1.00 1.00 17.07% 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 12.74 12.92 18.21% Zenith Ethical Fund 13.45 13.60 7.88% Zenith Income Fund 19.00 19.00 14.87%

REITS NAV Per Share

Yield / T-Rtn

11.41 132.36

1.01% 6.77%

Bid Price

Offer Price

Yield / T-Rtn

11.95 143.69 109.59

12.05 146.81 111.67

38.17% 45.25% 44.63%

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

4.68 9.77 17.86 19.84 148.85

4.72 9.85 17.96 20.04 150.85

68.93% 38.76% 50.70% 24.24% 17.17%

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.

46

T H I S D AY WEDNESDAY DECEMBER 20, 2017

T H I S D AY WEDNESDAY DECEMBER 20, 2017

47

48

T H I S D AY WEDNESDAY DECEMBER 20, 2017

T H I S D AY WEDNESDAY DECEMBER 20, 2017

49

WEDNESDAY, DECEMBER 20, 2017Ëž T H I S D AY

50

NEWSXTRA

Stop Harassing Our Leaders, PDP Warns Buhari, APC Ekweremadu, Secondus point way to victory Reconciliation panel set to meet Adedoja Onyebuchi Ezigbo Ă&#x201C;Ă&#x2DC; Ă&#x152;Ă&#x;Ă&#x201D;Ă&#x2039; The Peoples Democratic Party (PDP) has demanded a stop to alleged harassment and intimidation of its members by the ruling All Progressives Congress (APC) government led by President Muhammadu Buhari. The warning by the PDP came just as the National Chairman of the party, Uche Secondus, said the new executive was poised to rediscover the winning magic of the party and to reignite the fire that once made Nigeria a shining beacon in Africa. Similarly, the Deputy Senate President, Ike Ekwerenmadu, has said the opposition would field a presidential candidate with popularity that would outmatch any candidate presented by the APC in the 2019 election. Secondus, who spoke yesterday when members of PDP Board of Trustees (BoT) paid the National Working Committee (NWC) a courtesy call at the party national secretariat, Wadata House, Abuja, said the rate at which leaders of the party were being harassed was getting out of hand. The national chairman was particularly angry over the alleged hounding of the former Senate President, David Mark, by the Economic and Financial Crimes Commission (EFCC), adding that, â&#x20AC;&#x153;there is no where in the world where a former Senate President has been harassed like this before. â&#x20AC;&#x153;APC should stop intimidating our leaders, we will no longer take it, enough is enough! They donâ&#x20AC;&#x2122;t need

to attack us, they should fulfill what they promised us. Enough of this, we are not in a military government. What I am telling them is that God is not sleeping. When the time comes, the people will speak through their votes.â&#x20AC;? Speaking at a two-day retreat for the newly elected NWC on the determination of the party to return back to power in 2019, Secondus said efforts will be geared towards repackaging the PDP and to unveil it to the Nigerian electorate so as to regain their confidence. According to Secondus, PDP will be taking a cue from the International Republican Institute (IRI) which said the party lost the election because of its inability to recognise the power of social media and its failure to harmonise its communication channels. â&#x20AC;&#x153;We must therefore begin to invest in our party with the aim of repackaging and eventually unveiling a reformed PDP to the Nigerian electorate, so as to regain their confidence. We must redefine who we are in the minds of Nigerians, down to the grass-root level,â&#x20AC;? he saidâ&#x20AC;? Secondus said the two-day retreat is a self-reawakening; to give everyone a say in the outcome, a chance to fully participate in crafting the key strategies to move the party forward. In his remarks, Ekwerenmadu said the emergence of Secondus as PDPâ&#x20AC;&#x2122;s national chairman has struck fear in the minds of the APC leaders who sees him as an experienced political tactician capable of swaying victory to his side

Innoson Motors Chairman, Chukwuma Accuses GTBank of Being behind His Arrest EFCC: He refused to honour our invitation Christopher Isiguzo Ă&#x201C;Ă&#x2DC; Ă&#x2DC;Ă&#x;Ă&#x2018;Ă&#x; The Chairman/Managing Director of Innoson Vehicle Manufacturing (IVM), Chief Innocent Chukwuma, last night alleged that a commercial bank, Guaranty Trust Bank (GTB), was behind his arrest by the Economic and Financial Crimes Commission (EFCC). Heavily armed operatives from the anti-corruption commission and policemen yesterday morning stormed the residence of the IVM owner located at Savage Crescent, GRA, Enugu and arrested him. THISDAY gathered that there was however an initial resistance by security men at his residence as they refused the EFCC operatives entrance, resulting in the firing of teargas canisters by the policemen accompanying the EFCC agents. They equally cordoned off all the exit routes from the residence, causing gridlock as most people who were involved in early morning

activities experienced serious delays. The operatives later succeeded in gaining access to the building after over-powering his security men and eventually took him away. A statement by the EFCC Head, Media and Publicity, Wilson Uwujaren, said Chukwuma was arrested following his refusal to honour the commissionâ&#x20AC;&#x2122;s invitation. He added that the auto manufacturer had earlier jumped an administrative bail granted him in a case being investigated by the Capital Market and Insurance Fraud Unit of the commissionâ&#x20AC;&#x2122;s Lagos office. The spokesman of the antigraft agency added that instead of honouring the invitation, Chukwuma mobilised six truck loads of thugs pretending to be staff of his company to his residence, where they manhandled EFCC operatives. He said it took a reinforcement

Contâ&#x20AC;&#x2122;d on Pg 52

On the partyâ&#x20AC;&#x2122;s presidential ticket, Ekweremadu urged the NWC to provide a level playing ground for all interested and qualified aspirants. He said: â&#x20AC;&#x153;Of utmost importance in the build up to 2019 election year is our choice of presidential candidate. The fate and political fortunes of the party depend on the partyâ&#x20AC;&#x2122;s presidential candidate. â&#x20AC;&#x153;The party must therefore identify a candidate with the credentials, reach, charisma, competence and popularity to outmatch any candidate presented by the ruling APC and any other party for that matter.â&#x20AC;? The Jostle for the PDPâ&#x20AC;&#x2122;s presidential ticket seemed to have taken off as one of the presidential hopeful and former

Governor Jigwa State, Sule Lamido, yesterday stormed the national secretariat of the PDP with his supporters. Lamido later met with the new leadership of the party behind closed doors.  Meanwhile, the leadership of the PDP has said the Anambra State Caretaker Committee led by Chukwudi Umeaba would remain in office until a fresh state congress is held. In a statement issued by the National Publicity Secretary, Kola Ologbondiyan, the party said the Anambra State congress would be held at a later date and time to be determined and announced by the NWC. â&#x20AC;&#x153;That the Anambra State Caretaker Committee led by Umeaba continues to subsist and pilot the affairs of the party

in the state until a state congress is held. â&#x20AC;&#x153;The NWC of the PDP yesterday, December 19, 2017, reviewed the state of our great party in Anambra State and resolved as follows: â&#x20AC;&#x153;That the ward congresses as declared by the Appeals Committee are upheld. That the local government congresses as declared by the appeals committee are upheld. â&#x20AC;&#x153;All members of the party, particularly in Anambra State should be guided by this resolution.â&#x20AC;? Meanwhile, in a bid to forestall any relapse to legal tussle in the PDP, the Chairman of the partyâ&#x20AC;&#x2122;s reconciliation committee, Governor of Bayelsa State, Hon. Seriaka Dickson, has expressed his preparedness

to engage  the aggrieved chairmanship aspirants, Prof. Taoheed Adedoja. Dickson who gave the hint at retreat for the newly elected national executive of the party, said the committee would meet with Adedoja with a view to persuading him to withdraw his suit against the party. Adedoja, a former Minister of Youth and Sports, said he filed a suit at an Abuja Federal High Court to challenge the outcome the election which saw the emergence of Secondus as the national chairman. The aspirant claimed that his name was wrongly spelt as â&#x20AC;&#x153;Taoheed Oladojaâ&#x20AC;? thereby misleading delegates and robbing him of victory at the convention.

DREAM COMES TRUE

L-R Minister of State for Education, Prof. Anthony Anwuka; former Head of State and Chancellor, PAMO University of Medical Sciences, General Abdulsalami Abubakar (rtd); former Governor of Rivers State, Dr. Peter Odili; Prof. Michael Diejomaoh, during the presentation of provisional licences to new private universities in Abuja....yesterday

Count Me out of Being Your Running Mate in 2019, Deputy Governor Tells Ganduje Governor orders respect for his deputy Ibrahim Shuaibu Ă&#x201C;Ă&#x2DC; Ă&#x2039;Ă&#x2DC;Ă&#x2122; The Deputy Governor of Kano State, Professor Hafiz Abubakar, has disclosed that he is not interested in seeking re-election along with the state Governor Abdullahi Umar Ganduje, in 2019. Hafiz, in a leaked audio obtained by THISDAY in Kano yesterday, said he was sidelined by a Ganduje-led group in the formation of party structure and leadership at his ward and local government levels. According to him, â&#x20AC;&#x153;When they were campaigning for election, my picture was juxtaposed with the governor, president and our leader, Rabiu Musa Kwankwaso. Â â&#x20AC;&#x153;But today at my birthplace, my picture was replaced with

somebody elseâ&#x20AC;&#x2122;s picture. What have I done to my birthplace? I do not deserve this even as a university lecturer at Bayero University, where I hope to return in 2019 at the expiration of my tenure. â&#x20AC;&#x153;Pray for me to return to the university by May 2019. This is the prayer I am doing. Those who want to continue should go on, but my prayer is to go back to Bayero University. â&#x20AC;&#x153;I will not be part of a system whereby the leadership of my party, (APC), All Progressive Congress would be formed at my Mandawari ward, my birthplace, and my brother removed without consulting me. â&#x20AC;&#x153;I will never continue in this situation. I did not bring myself here. I was engrossed

in my academic activities when I was picked as the deputy governorship candidate. â&#x20AC;&#x153;The God that chose me is not sleeping. Whether I am in the university, God knows the best. I pray to him to choose the best for me,â&#x20AC;? he added.  However, in his reaction, the state Governor, Ganduje, said he was shocked by the statement made by Hafiz. To this end, the governor directed the immediate reinstatement of the removed chairman, while calling on politicians to always contact party leadership and politicians holding higher offices before embarking on issues of sensitive nature. A statement signed by the Commissioner for Information,

Youth and Culture, Malam Muhammad Garba, and made available to THISDAY indicated that Ganduje also tasked politicians and other members of the public to accord the same respect to the deputy governor in their dealings with him. He reiterated the commitment of the APC to work towards ensuring justice and fairness in the selection of credible candidates and conduct of primary elections in areas where consensus candidate for councillor and chairmanship positions for local government could not be produced. Ganduje also called on members of the APC to desist from any act capable of causing disunity in the party ranks.

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INEC Under Pressure to Register 80 More Parties Civil societies bemoan delay in reform of Electoral Act Onyebuchi Ezigbo ÓØ ÌßÔË The Independent National Electoral Commission (INEC) yesterday said it might still register eighty more political associations whose applications are pending to join in the contest for the 2019 general election. The commission said its hands are tied on the issue of party registration because of constitutional provision, adding that until there is a new legislation to curtail it, more parties would continue to spring up. The commission’s position came just as the members of the civil society coalition under the auspices of the Situation Room has expressed concern over the continued delay in the passage of the amendments to the Electoral Act as amended 2010. The Chairman of INEC, Prof. Mahmood Yakubu, who was represented by INEC National Commissioner, Dr. Kunle Ogunmola, at the National Stakeholders Forum on Elections, said that the commission would continue to register new parties as long as they meet the constitutional requirement.

“We will continue to register parties as long as they comply with the provisions of the constitution. For now, we have registered 21 more parties, making a total of 67 now. We have about 80 more applications from various associations, wanting to get registered as political parties. Our hands are tied. There is no way we can regulate it for now. We will continue to register them until the time stipulated by the constitution for us to put a stop to it,” he said. The INEC chairman added that the commission was working with all stakeholders including development partners to ensure it delivers a most credible election in 2019. He said the commission had experimented with the electronic transmission of results during the last Anambra State governorship election with the hope that by 2019, the device would be deployed full scale. According to the INEC boss, the commission had recently commenced constituency delimitation in some states in collaboration with the authorities of the National Population Commission

Fayose Opposes Extension of Service Chiefs’Tenure Ekiti State Governor, Mr. Ayodele Fayose, has described the extension of the tenure of the Chief of Defence Staff, Chief of Army Staff, Chief of Air Staff and Chief of Naval Staff as part of the script already written on the looting of the $1 billion the federal government was set to withdraw from the Excess Crude Account (ECA) purportedly to fight Boko Haram insurgency in the North-east region. Fayose, who addressed journalists in Ado Ekiti yesterday, pointed out that he had nothing against the service chiefs, whose tenure was extended by President Muhammadu Buhari, noted that it was clear that those behind the idea of withdrawing $1 billion from the ECA must

have opined that appointing new service chiefs will obstruct their plans for the spending of the $1 billion for the funding of All Progressives Congress (APC) elections in 2019. Contrary to expectations that President Buhari would appoint new officers to take over from them since their constitutionally recognised tenure had variously expired, the president last Monday had approved the extension of the tenure of the Chief of Defence Staff, General Abayomi Gabriel Olonisakin; the Chief of Army Staff, Lieutenant General Tukur Yusufu Buratai; the Chief of Air Staff, Air Marshal Sadique Baba Abubakar, and the Chief of Naval Staff, Vice Admiral Ibok-EteIkwe Ibas.

NBA Ilorin Honours Ayo Salami, National Pilot MD, Five Others Former President Court of Appeal, Justice Isa Ayo Salami (rtd), was among the seven worthy members of the public who last weekend received meritorious award in Ilorin, Kwara State. Those who also received meritorious awards are: The Managing Director and Editor-in-Chief, National Pilot Newspaper, Alhaji Billy Adedamola; Kwara State Attorney General and Commissioner for Justice, Mr. Kamaldeen Ajibade (SAN) and the Founder, Alhikma University, Alhaji Abdulraheem Oladimeji. The Dean, Faculty of Law, Igbinedion University, Professor Rasheed Ijaodola, Proprietor of Crown Hill University, Mr.

Morgan Frank Akpan and the President, Kam Industries, Alhaji Kamrudeen Ibitoye Yusuf. The awards were presented during the 2017 annual bar dinner of the Nigerian Bar Association (NBA), Ilorin Branch. Speaking at the colourful event held at the Banquet Hall, Ilorin, the Chairman of NBA, Ilorin Branch, Issa Manzuma stated that the awardees were singled out for honour given their contribution to development of humanity and the nation He noted that the individuals had distinguished themselves in their various field of endeavours, hence the need to recognise them.

(NPC). “By the time the issue of independent candidate comes into the fore, there will be more problems for INEC. Because right now, we are thinking of how we will design our ballot paper to take care of all the registered political parties.” Speaking at the event, the Attorney General of the Federation and Minister of Justice, Abubakar Malami,

represented by Mrs. Juliet Ibekaku, said the victory of the opposition party in the 2015 would not have been possible without the electoral reform introduced by previous government. He said the president was committed to ensuring reform of the electoral process, especially in actualising full autonomy for INEC. The Inspector General of Police who was represented

by Assistant Inspector General, Kabilla, said security agencies are going to ensure that the electoral process is not truncated through violence. Commenting on the performance of police during the Anambra State governorship, Kabila said the security agents tackled several threats including detonating explosives that would have disrupted the exercise. Earlier, while speaking

to journalists, the Executive Director of Policy and Legislative Advocacy, Clement Nwankwo, said though the country’s electoral process has witnessed some improvement, a lot more reforms are needed to enhance the credibility of elections. He said INEC can achieve in the area of credible election if legislations are passed to empower it deploy new technologies.

BOOK PRESENTATION

L-R: Celebrant, Kadaria Ahmed; Vice President Yemi Osinbajo; and Dr. Wale Babalakin, at the launch/presentation of “50 Voices - The Best of STWK” in Lagos .... recently

Treat All Geopolitical Zones Fairly, Wike Tells FG on $1bn ECA Funds

Dickson calls for exclusion of 13% derivation fund from $1bn ECA deduction

Governor Nyesom Wike of Rivers State yesterday called on the federal government to treat all geopolitical zones in Nigeria equally with reference to recent release of $1 billion to tackle the Boko Haram insurgency in the North-east. This was as Governor of Bayelsa State, Henry Seriake Dickson, requested the federal government to exclude the 13 per cent derivation funds accruable to oil producing states from the $1billion to be deducted from the Excess Crude Account (ECA) for national security. Addressing visiting House of Representatives Committee members on Local Content in Port Harcourt, Rivers State yesterday, the governor restated his call for the release of funds from the ECA to tackle environmental challenges confronting the Niger Delta. He said: “There should be balance in the way the federal government handles issues affecting different parts of the country. As they tackle Boko Haram with $1billion, they must remember that the environmental challenges facing the Niger Delta is the major security challenge. “If something happens or there is crisis in the Niger Delta, there will be no excess crude for anyone to draw from.” Issues of development and security, Wike stressed, should not be politicised as political

parties were mere vehicles that convey politicians to desired destinations. “This country belongs to all of us. We must work to salvage Nigeria. We shall always talk about the interest of Nigeria,” he said, just as he commended the House Committee on Local Content for their role in ensuring that Shell did not leave Rivers State. Chairman, House of Representatives Committee on Local Content, Emmanuel Ekon lauded Wike for quality leadership that has revived the PDP as main opposition party in Nigeria which, he noted, was heading for a one party state before the PDP’s revival. “Governor Wike by his contributions, provided an alternative for all politicians, even those in the APC,” Ekon noted. Ekon’s committee, in Rivers for a two-day retreat, stated that it has influenced creation of several jobs for Nigerians with several illegal expatriates deported. Meanwhile, Dickson as demanded that the 13 per cent derivation component of $1billion be deducted and sent to the various oil producing states to prevent subjecting them from making double contributions to the security funds. In a statement signed by the Commissioner for Information and Orientation, Mr. Daniel

Iworiso-Markson, yesterday, Dickson posited that the implication of the withdrawal inclusive of the 13 per cent, was that the oil producing states would be making double contributions to the security funds. He stressed that the oil producing states would be contributing not only their statutory allocations like other states, but also their 13 per cent derivation fund constitutionally designed to address special circumstances including security, occasioned by the hazards of oil production. The governor stated further that he had discussed the issue with both the Vice President who is Chairman of the National Economic Council (NEC) and the Chairman of the Nigerian Governors’ Forum (NGF). Dickson noted that while Bayelsa was not against the withdrawal of the funds to enhance national security, the utilisation of the funds should benefit the entire security agency and service and cover every part of the country. The governor said: “Our position generally has been that leaders should collaborate on issues of national security and the economy. On these matters, there should be no partisanship or showmanship because these issues touch on the core of our nation and the individual

wellbeing of everybody. “Secondly, as it has been done before, Bayelsa has no opposition to the withdrawal of money for national security expenditure targeted at improving the capacity of our military and security agencies to protect the territorial integrity of the country and all Nigerians. “Our position is that the 13 per cent derivation element be deducted and sent to the states. Not do do so means that the oil producing states would be contributing from both ends: we will be contributing our statutory allocations like every other state, and then the 13 per cent derivation which is meant to address special circumstances as oil producing states, including security challenges. The Bayelsa governor further demanded that a committee of the NGF be set up to interface with the Chairman of the NEC and leadership of the national security agencies to receive briefings on the details of items to be procured. According to him, it is necessary for the committee to be briefed on the modalities of procurement to allay concerns already expressed by a cross segment of the populace. Dickson said that Bayelsa like other states, would be interested in knowing what component of these security procurements would directly benefit the security architecture in Bayelsa.

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Consumers Urge FG to Sack Non-performing DISCOs David-Chyddy Eleke ÓØ áÕË Electricity customers in Anambra State have called on the federal government to consider sacking distribution companies (Discos) that have performed below expectation. The consumers insisted that there was need to change non performing Discos, citing Enugu Electricity Distribution Company (EEDC) as one of those that have commenced unnecessary exploitation of customers. The customers made the call during a protest against the services of EEDC in Ekwulobia,

Aguata council of the state yesterday, saying EEDC was not supplying sufficient power; not giving them pre-paid metres and charging exorbitant bills. The aggrieved customers who were no fewer than 500 carried placards with various inscriptions like ‘Attention Sir Emeka Offor Help the poor masses’, ‘EEDC give us prepaid meter’, ‘Non-Indigenes need pre-paid metres’. Others were ‘Ekwulobia traders need pre-paid metre’, ‘Give us good electricity supply’, ‘Is Ekwulobia different from other towns?’ among

others. Speaking on behalf of the protesters, their leader, Mr. Ebere Nnopu, said the ‘killer bills’ system of the EEDC was no longer acceptable, and urged them to metre their customers expeditiously. Nnopu, who described the

harsh treatment of EEDC as economic sabotage, said most businesses in the area which rely on electricity for their operations had died and many people rendered jobless. “We cannot take this poor service anymore, we are suffering, no power, no

prepaid metres and the bills are crazy. We want the EEDC to buckle up or handover to who can serve us better,” he said. Addressing the crowd, the Ekwulobia EEDC Network acting Manager, Mr. Ogbonna Kanu, said they had noted

their grievances and promised to address them. Kanu said the low energy supply from EEDC was not their fault as they distribute only from the electricity made available to them by the generating and transmission firms.

EFCC ARRRESTS INNOSON MOTORS CHAIRMAN, CHUKWUMA from the Enugu office of the anti-graft agency to effect the arrest of the industrialist who is currently being grilled by a team of investigators. The embattled vehicle manufacturer has been involved in a lingering financial dealing with the bank. Speaking through phone, he said he was surprised at the arm-twisting strategy of the

EFCC, noting that his arrest was connected with a case he had with GTBank. He claimed that the court ruled in his favour and instead of complying with the ruling, the bank resorted to using EFCC to “witch hunt” him with the intention of embarrassing, frustrating and frightening him out of court.

Abdulsalami Calls for More Investment in Tertiary Education Six private varsities get provisional licences Kuni Tyessi ÓØ ÌßÔË Former Head of State, Gen. Abdulsalami Abubakar (rtd), has called on the private sector to extend investments to the education sector, in order to help the country survive. Speaking at the presentation of provisional licences to six new private universities yesterday in Abuja, he lamented that the number of universities in the country was far from adequate. Abdulsalami who is the Chairman and Chancellor of one of the new universities, PAMO University of Medical Sciences, stressed that the government was incapable of providing the required number of universities that would accommodate the teeming population of applicants in the country. “There are 74 private universities that have been licensed, making the total number if universities in the country to 160, this is far too small. “I will encourage all those who can afford to establish private universities to please do that because government alone cannot do it. “I will like to see more of this licensing of private universities. There is no nation that can survive without education. We should do more not only to establish schools and universities, but to ensure quality education is being imparted,” he said. The former head of state also urged Nigerians to embrace their collective responsibility of maintaining peace in the country. Also lamenting an inadequate number of universities, Executive Secretary of NUC, Prof. Rasheed Abubakar, stressed the need for universities to double the number of students admitted in order to

adapt to the changes going on in the world and in the country. While noting that the number was inadequate to meet the nation’s demands of access to university education, he disclosed that the NUC was committed in the business of processing applications for establishing private universities through the provision of a conducive environment. Commending the resilience of the new proprietors for passing through the rigorous but transparent system to earn the provisional licence, he urged them to strictly abide by the terms of operation, reminding them that sanctions including the withdrawal of licence, awaits any university that runs fowl of the minimum standard expected of them. On his part, the Minister of Education, Malam Adamu Adamu, encouraged the universities to champion the revolution of University education system in the country, by maintaining academic and professional standard in their universities. Represented by the Permanent Secretary in the ministry, Sunny Echono, he urged the proprietors to solicit means of sustaining funding and also to work hard to ensure the highest standards through adoption of best practices in order to achieve academic excellence. The six new private universities are: Admiralty University, Ibusa, Delta State; Spiritan University, Nneochi, Abia State; Precious Cornerstone University, Ibadan, Oyo State; Pamo University of Medical Science, Port-Harcourt, Rivers State; Atiba University, Oyo, Oyo State; and Eko University of Medicine and Health Science, Ijaniki, Lagos State.

ACHIEVERS

L-R: Managing Director/Editor-in-Chief, National Pilot Newspaper, Alhaji Billy Adedamola; former President, Court of Appeal, Justice, Isa Ayo Salami; Dean, Faculty of Law, Igbinedion University, Professor Rasheed Jimoh Ijaodola; and Vice Chancellor, Al-Hikmah University, Prof. Taofeek Ibrahim, after being conferred with Lifetime Achievement Award, during the 2017 Ilorin Branch of NBA’s annual Bar dinner and awards in Ilorin....weekend.

PDP CAUCUS STORMS OUT OF HOUSE PLENARY OVER MEMBER’S DEFECTION TO APC knowledge here and the Speakers’ knowledge, there’s a Supreme Court judgment that any member elected under a party should vacate his seat if he’s cross-carpeting to another party. “We raised different point of order to that effect but it didn’t yield any result and so therefore, we want to say we are going back to the Supreme Court to re-interpret to the chamber that same ruling that was done in the past. “And secondly, based on our constitution, we have raised the constitutional point of order and nothing was done to that effect.” According to her, “The Speaker ruled against us and therefore, we are not happy with the ruling of Mr. Speaker. “He ruled against the

constitution which he swore to protect and also against the supreme court judgment. “Had the letter come earlier than now, it would have been a different case. To the best of our knowledge, we don’t have division in the party now.” She said the PDP might have to seek the interpretation of the Supreme Court “if they do not allow us go by what the constitution says, because the Supreme Court is the final arbiter, which made the judgment which we are sticking to”. The deputy minority whip added: “We raised Section 68 Sub-section 2 of the Constitution, to the ruling of the supreme court as well as the constitutional provisions. We stand that the seat must

be declared vacant.” Also, Ossai said: “We need to interpret that particular Section 68 (2) which Mr. Speaker asked me to read. “And his interpretation is that the content upon which the member is defecting will be looked into by the House and a resolution will be reached. “But the case today is that if that particular point or the issue the concern, this document ought to be perused by all 360 members and an investigative panel should have been set up to investigate it and report back to the House.” He said: “And that decision was not taken and that’s why I reminded the Speaker that as a presiding officer, any ruling he makes today becomes a tradition of the House- and we don’t want

that tradition to be sustained. “So, you’ll find out that there’s a lacuna upon his ruling because he could have allowed proper investigation into the matter. “There was a case challenging the foundation of PDP and that foundation came to a conclusion by the Supreme Court ruling which has rested the matter. “And I reminded the Speaker last time and I still reminded him today and that’s why the Speaker didn’t go into issues on division; he went into the issues in Sub-section 2, to look at the material upon which a member defecting should supply, and that member has supplied; all you needed to do is to set up a panel to look into those materials and report back to the House for the House to come to conclusion.”

Faleke Cautions Bello to Leave Buhari out of Double Voter Registration Saga James Emejo ÓØ ÌßÔË The deputy governorship candidate of the All Progressives Congress (APC) in the 2015 gubernatorial election in Kogi State, Hon. James Abiodun Faleke, has cautioned the state Governor, Yahaya Bello, against involving President Muhammadu Buhari into his double voter registration saga with the Independent National Electoral Commission (INEC). In a statement issued yesterday, Faleke said the governor’s decision to register with the electoral commission multiple times was not only shameful but an attitude that is opposite to the principles

that the president stands for. Faleke, who is the Chairman, House of Representatives Committee on Customs, however advised Bello to stop dragging the name of the president in the mud and deal with his decision to embark on double registration. Bello had been accused of double registration by the electoral umpire and sacked three of its staff involved in the illegal action. The electoral body also said it would have prosecuted the governor but for the immunity he enjoys. Nonetheless, the governor had during a media interview last Monday denied any involvement in the double

registration accusation, claiming that having received regular mentorship from Buhari, he has always operated above board in his official duties. However, Faleke said: “Yahaya Bello should stop using the president’s name to commit illegality. I make bold to tell the governor that he has disgraced the good people of Kogi State with his criminal act of double registration. “I can confirm that Bello did his first registration in Abuja on January 30, 2011, while he did the second illegal registration on May 22, 2017 at the Government House, Lokoja. “I challenge him to go to court on this. It is an incontrovertible fact. The governor ought to

have known that for a body like INEC to come up with such a decision, it must have gotten its facts right. “After the registration, the governor’s camp in wild celebration to prove that the governor had succeeded in registering in Kogi State at last, went to town with pictures of the registration process backed by statement signed by the Director-General of his media team, Kingsley Fanwo, explaining why the governor had to re-register in Kogi. “It is very unfortunate that the governor even went ahead to induce some INEC staff to remove the hard-drive from the computer.”

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

Pinnick: Eagles to Play Four Friendlies Before World Cup England, Nigeria clash scheduled for June 2 at Wembley Duro Ikhazuagbe As part of Nigeria’s build up to the 2018 FIFA World Cup in Russia, the Nigeria Football Federation (NFF) has confirmed that four international friendlies have been lined up for the Super Eagles. Speaking at the final of the NFF/Zenith Bank Under-15 Football Tournament at the Agege Stadium in Lagos yesterday, President of the Nigeria Football Federation (NFF), Amaju Pinnick, confirmed that Eagles were going to take on the Three Lions of England at the Wembley Stadium on June 2, 2018. He also revealed that another international friendly match has been fixed for May 27 for Eagles but did not confirm the country. The NFF chief further hinted what would have been a fifth friendly fixed for June 6 was cancelled because of its closeness to June 16,the date Nigeria will play her opening group game against Croatia at the Kaliningrad Stadium in Kaliningrad, Russia. “The fear of injuries also necessitated the cancellation of the June 6 date. The game will ordinarily have come up two days after the final 23-player squad lists would have been submitted. We cannot afford to take that risk,” stressed Pinnick who is also a CAF executive committee member. Meanwhile, up to three-quarters of Moscow’s hotel rooms have already been reserved for the 2018 FIFA World Cup, whereas only three weeks ago, this figure was 10 per cent lower, Head of the Moscow City Department of Sport and Tourism, Nikolay Gulyaev, said at a news conference yesterday.

Most Moscow hotel reservations for the FIFA 2018 World Cup were made by fans from US, China and Mexico. “I would not try to predict how this amount is divided up between foreign and Russian fans, however (I could suggest) that the majority are Russians up to 75 per cent of hotels have been booked for these dates (2018 FIFA World Cup), but three weeks ago, before the World Cup draw, it was 10 per cent lower. The price levels are as follows: a one-star hotel room would cost about 5,000 rubles ($85), while a five star accommodation would run for 50,000 rubles ($850) per night,” the public official said. “Currently, Moscow has 1,183 hotels available for booking, at different rating levels. Next year, we’ll have even more hotels on offer and will open new accommodation sites. We are monitoring the prices and have already revealed 33 cases of price gouging, specifically for the dates of the championship. We registered similar cases of price spikes during the recent FIFA Confederations Cup, then we were able to convince the hotels to scale down the prices. However, the temptation still remains high,” Gulyaev noted. The 2018 Russia-hosted FIFA World Cup will take place in 11 Russian cities from June 14 to July 15 next year. Nigeria is drawn in Group D and will open her campaign against Croatia. This will be followed by Iceland on June 22 at the Volgograd Arena in Volgograd while a fifth World Cup group game against Argentina will hold at the Krestovsky Stadium in Saint Petersburg on June 26.

The victorious South-east Under-15 Football Team celebrating with the NFF/Zenith Bank Future Eagles trophy after defeating North-west 5-2 at the Agege Stadium… yesterday

S’East Wins NFF/Zenith Bank Future Eagles Trophy The curtain was drawn on the Nigeria Football Federation and Zenith Bank sponsored Future Eagles Tournament yesterday as the South east team defeated North West in the final of the U-15 to emerge champion. The final match played at the Agege Stadium saw the South east team outplaying their counterpart with the match ending 5-2 in their favour. Most Valuable player and highest goals scorer of the competition, Divine Nwachukwu, scored a hattrick to help his team to victory with other goals from

Franklin Eneh and Oluebube Oguduba completing the scoreline. Saifulahi Ibrahim however scored the two goals for North West. Speaking after the final, the 1st Vice President of the Nigeria Football Federation and the Coordinator of the championship, Seyi Akinwumi, expressed his happiness on the successful organisation of the tournament. “We decided to name them the Future Eagles because that is the aim of the competition,” he said. “The kids have shown that they have potential and all we

have to do is to monitor them by bringing them to camp. The only thing lacking is exposure and we can only do that by working with them alongside some great coaches. “We are going to monitor their career and academics, anyone found wanting in any of the two will be drop and others will take their place.” An elated Group Managing Director of Zenith Bank, Peter Amangbo, has congratulated the champions while also reiterating the commitment of the bank to sports development in the

country. According to him, talents abound in Nigeria and the only way out is to look for them from the grassroots through different age grade competitions. “We are not going to relent on what we are doing now by investing in grassroots football. It is obvious the future of Nigeria football is in the kids and I want to say a big congratulations to all the participating teams.” North Central team at the weekend defeated South West team in the U-13 finals played in Kano.

Rivers United FC players abandoned training yesterday to stage a peaceful protest at the Government House in Port Harcourt over the non-payment of their sign on fees for the 2014/2015 season. The some of the players carried placard with various inscriptions asking the government to pay up the outstanding monies owed them. Some of the placards read: ‘We don’t have pension. Pay us our money’, ‘Give us what we worked for.’ Rivers State Governor, Nyesom Woke, later met the protesting players.

Although a source hinted that the governor approved the payment of the sign-on fee six months ago, the players concerned expressed worries over the delay in the payment of the money. “I see no reason why they have not paid us when the governor has ordered them to do so. We want answers and keeping quiet will not resolve the issue for us,” revealed one of the players. Spokesman of the team, Sammy Wejinya, however said that no player of Rivers United has ever been owed salaries. “No player of Rivers United has

ever been owed salaries. These were monies owed in 2014, to players of Sharks and Dolphins FCs, by the previous administration,” observed Wejinya. Rivers United barely escaped relegation in the 15th position last season after they finished runners-up the previous term. Another club owned by a state government is on the verge of taking to the stress to protest poor funding. Sunshine Stars of Akure who escaped relegation on the last day of the 2016/17 Premier League season, is facing a severe financial crisis.

Sunshine is owing its players salaries, forcing some of them to dump the side for other clubs. The NPFL new season is scheduled to kick off on January 14 but Sunshine, who will travel to Owerri to take on Heartland, is allegedly unsure about honouring the encounter as the team’s financial crisis worsens. Ondo State Governor Rotimi Akeredolu was reported recently to have ordered the Ministry of Sports and Youths Development and the Ondo State Football Agency to seek ways of funding the club outside the government.

Sterling Bank’s 1dament Promo Excites Football Fans NPFL: Rivers Utd Protests Non-payment of 2014/15 Sign on Fees Sterling Bank, has unveiled a new promo tagged 1dament to reward new and existing customers this Christmas season and in the New Year. The promo that kicked off in the first week of December will end in March 2018. Commenting on the 1dament Promo, Chief Marketing Officer, Sterling Bank, Henry Bassey said “Sterling Bank is in the business of making its loyal customers happy, thus the 1dament promo. It Is a season of joy, and since we care at Sterling bank, we decided to make this season and the first quarter of the New Year memorable for our loyal customers as they come first in the scheme of things. “To qualify for the grand prize which is a Home in Lekki, new customers are required to open an account with a minimum of N500,000 and maintain same in their account for 90 days; while existing customers must increase existing balance by a minimum of N500,000 and keep for 90 days. “Exquisite prizes up for grab in the promo include all-expense paid trips for eight customers

to watch select Russia 2018 World Cup matches, and an all expense paid trips to watch select English Premier League games as well as UEFA Champions League matches for another eight customers. “To qualify, new customers are required to open an account with N100,000 and maintain same in their account for 30 days; while existing customers are required to increase their balance by a minimum of N100,000 and keep for 30 days”, he said. Bassey further disclosed that additional 20 winners will win a trip to an international Holiday destination by opening with or increasing existing balance by a minimum of N50,000 and keep for 30 days as the 2nd prize winner(s). “We plan to take our customers to have a firsthand feel of the World Cup or watch a UEFA Champions league”. Other prizes include 512 customers winning N100,000 each by opening or increasing existing balance by a minimum of N10,000 and maintaining same in their account for 30 days.

Niger Tornadoes Management Committee Dissolved Laleye Dipo in Minna The Niger state government on Monday dissolved the management committee of the professional premier league side Niger Tornadoes of Minna. The dissolved committee was headed by Malam Adamu Aliyu, the principal private secretary to

Governor Abubakar Sani Bello. A statement announcing the dissolution signed by the Director of Sports Alhaji Baba Sheshi said the dissolution was on the directive of the state governor. The letter with reference No: GHS/COS/045 dated 14th December 2017 states: “ Mr Governor has approved the

dissolution of the Tornadoes Management Committee with immediate effect “The ministry wish to appreciate and thank you for your meritorious and selfless service you rendered to the team and state in general, we wish you the best in your future undertakings,” a copy of the letter made available to THISDAY read

in part. It was however learnt that lack of cooperation between the dissolved management team and other stakeholders was responsible for the dissolution of the management committee. A new management is to be inaugurated by the state government after the Christmas break.

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Wednesday December 20, 2017

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MISSILE Oyegun to Secondus “Our party wholeheartedly welcomes opposition because we believe that democracy cannot thrive without a vibrant but responsible opposition that puts the nation first. This will often challenge you to balance partisan interests with overall national considerations” – National Chairman of the All Progressives Congress (APC), Chief Odigie Oyegun in a riposte to his newly elected opposition party counterpart, Uche Secondus of the Peoples Democratic Party (PDP) who issued a red card to the APC, subtly cautioning Secondus on the need to balance party politics against the national interest.

FEMIFALANA GUEST COLUMNIST

Health As Human Right T

he non-justiciability and non-observance of the fundamental objectives and directive principles of State policy contained in Chapter two of the Constitution has severe socio-economic consequences for Nigeria. The right to health which is part of socioeconomic rights is connected to political, economic and social welfare and security for all citizens. Its enforceability is crucial for the sustenance of Nigeria, the lack of which may result in human insecurity, widespread diseases and endemic infections and lack of access to health care, all resulting in deprivation, as well as a retarded economic development and poor standards of living. The right to health necessitates that the Nigerian government and judiciary take positive action to ensure the right to health for Nigerians. The Nigerian executive and judicial arms of government are obliged to take proactive steps in safeguarding that Nigerians have acceptable socio-economic infrastructures to live a purposeful life. When Nigeria lives up to its duty to safeguard its citizens these rights, they would have developed a knowledge based economy and a future generation. In the words of Mahatma Gandhi, “It is health that is real wealth and not pieces of gold and silver.” The Nigerian archetypal law on fundamental objectives and directive principles of state policy is identical to the Article 37 of the Constitution of India. Article 37 of the Indian Constitution provides the fundamental objectives and directive principles of state policy, wherein it clearly stipulates that its provisions shall not be enforceable by any court. The Constitution however takes cognizance of the importance of these principles by regarding them as fundamental in the governance of the country and as such the State has a duty to apply these principles in making a remarkable 1957 case of State of Madras v Champakam Dorairajan, the Supreme Court held that since fundamental rights are enforceable and the Directive Principles are not, then Directive Principles must conform to and run ancillary to fundamental rights for them to be enforceable. The Supreme Court of India modified its position on the subordinate character of Directive Principle in Minerva Mills Ltd v Union of India when Justice Bhagwati rejected the view that Directive Principles were ancillary to fundamental rights in terms of importance. His Lordship stated that the fact that Directive Principles are not enforceable in a court of law does not mean they cannot create obligations or duties binding on the state. The Lord Justice proposed that once it is proven that the Directive Principles impose an obligation; the State would be bound by a constitutional mandate to carry out such duties. Thus, Justice Chandrachud in Kesavananda v Bharati rightly conceived that: “the Constitution accords a place of pride to fundamental rights and a place of permanence to the Directive Principles”. It is readily observed that the courts in India are more proactive than the courts in Nigeria, as they have held that fundamental rights in a robust manner include Fundamental Objectives and Directive Principles. Flowing from the above, human rights in Nigeria could be classified into civil-political and socio-economic rights. Civil-political human rights pertain to civil and political liberties or empowerments (for example the right to life, freedom from torture, freedom from slavery, freedom from discrimination, freedom of religion, freedom of assembly and the freedom of movement).

Minister of Health, Prof. Isaac Adewole Socio-economic human rights, on the other hand, interconnect to the social needs of people (food, shelter, education and health). Civil, economic, political and social rights are a comprehensive class of human rights guaranteed under the International Covenant on Civil and Political Rights (ICCPR) and International Covenant on Economic, Social and Cultural Rights (ICESCR) as well as other international and regional human rights treaties Socio-economic rights are the most questioned in legal debate in Nigeria and lack both legal and political recognition given the fact that the Nigerian Constitution considers that social and economic rights as non-justiciable. Although these duties and responsibilities are imposed upon the government, the critical question is what happens when these provisions are not observed? If they are not observed could it be argued that the provisions are merely decorative? Section 13 of the Nigerian 1999 Constitution (as amended) states: It shall be the duty and responsibility of all organs of government, and of all authorities and persons, exercising legislative, executive or judicial powers, to conform to, observe and apply the provisions of this Chapter of this Constitution.

The Right to Life and Health The ‘right to life’ is a central human right that is always enforceable in a court of law. But the right to life is worthless except citizens of Nigeria have negligible access to food, clean water, satisfactory shelter and the right to health. Safe guarding the ‘right to life’ requires that socio-economic rights such as the right to health to be taken into account. The right to health is guaranteed by section 17(c) & (d) of the Nigerian 1999 Constitution (as

The right to life is worthless except citizens of Nigeria have negligible access to food, clean water, satisfactory shelter and the right to health

amended) which states: The State shall direct its policy towards ensuring that: (c) the health, safety and welfare of all persons in employment are safeguarded and not endangered or abused; (d) there are adequate medical and health facilities for all persons. Since the fundamental objectives are not enforceable it has been argued that the right to health enshrined in section 17(c) & (d) of the Constitution (as amended) is not justiciable. An issue is justiciable if it can be tried according to the law. However, the right to life cannot be sustained without good health. Section 33(1) of the Constitution which has guaranteed the right to life provides that “Every person has a right to life and no one shall be deprived intentionally of his right to life, save in execution of the sentence of a court in respect of a criminal offence of which he has been found guilty in Nigeria.” It seems quite clear that the Nigerian courts are reluctant to declare that the right to health a human right under Chapter 2 of the Constitution. In the case of Femi Falana v. Attorney-General of the Federation the Federal High Court dismissed an application to secure the right of the applicant to life and health. The Applicant had prayed the court to declare an act as unconstitutional where senior civil servants had access to be treated abroad since junior civil servants were not granted such medical treatments. It was the view of the court that section 17 of the Constitution which guarantees the right to health is not justiciable. But in Sunday Akinyemi v. Attorney General of the Federation & Anor. the federal high court linked the right to health to the right to life. In that case the applicant who was standing trial in a criminal case was remanded at Ikoyi prison in Lagos on the orders of the trial judge. During the trial he took ill and was admitted at the Lagos University Teaching Hospital where he was diagnosed of cancer of the colon. As the medical condition of the applicant deteriorated in prison custody he filed an application at the Federal High Court for the enforcement of his fundamental right to life. Since the defendants were not prepared to fund his foreign medical trip he prayed the Federal High Court to allow him to travel abroad for urgent medical treatment at his own expense. Notwithstanding that the applicant had been denied bail by the Lagos High Court, Justice M.B Idris of the Federal High Court said: There is no doubt that life is ultimate measure of all things and for that reason the right to life is unarguably the most fundamental of all liberties. Without the right to life, no other right can be enjoyed, and it is for that reason that it is guaranteed under section 33 of the Constitution, and Article 4 of the African Charter on Human and Peoples Rights… However, the National Council on Health is under an obligation to “ensure that children between the ages of zero and five years and pregnant women are immunized with vaccines against infectious diseases”. 58 Under the National Programme on Immunization Act, there is no limitation with respect to age as the Government is required to effectively control, through immunization and the provision of vaccines the occurrence of certain deadly diseases such as tuberculosis, poliomyelitis, diphtheria, whooping cough, tetanus, neonatal tetanus, measles, diseases of women of child-bearing age and so on. The National Council on Health shall ensure the delivery of basic health services to the people

of Nigeria and prioritize other health services that may be prescribed from time to time by the Minister of Health after consultation with the National Council on Health. The “basic minimum package” means the set of health services as may be prescribed from time to time by the minister of Health after consultation with the National Council on Health. Without prejudice to the right of any Nigerian, no public officer shall be sponsored for medical check-up, investigation or treatment abroad at public expense except in exceptional cases on the recommendation and referral by the medical board and which recommendation or referral shall be duly approved by the Minister or the Commissioner of Health of the state as the case may be. A health care provider, health worker or health establishment shall not refuse a person emergency medical treatment for any reason whatsoever.” In breach of the provisions of the Act the federal government has not allocated one percent of the budget to the National Health Fund. Neither has the Minister of Health prescribed the basic minimum package of health services for the Nigerian people and set out the categories of persons who are eligible for exemption from payment for health care services at public health establishments. At this juncture, I am compelled to call on the National Assembly which has begun deliberations on the 2018 Appropriation Bill to ensure that sufficient fund is provided for funding the basic minimum package of health services for the masses. The houses of assembly of the states should also bear in mind the statutory duty imposed on state governments with respect to the funding of health care services. Other legislations for the protection of the right of the Nigerian people to health include the National HIV/AIDS Agency Act, National Agency for Food and Drug Administration and Control Act, Food and Drugs Act, Dangerous Drugs Act, Counterfeit and Fake Drugs and Unwholesome Processed Foods (Miscellaneous Provisions) Act and Quarantine Act. The National Environmental Standards and Regulations Enforcement Agency (Establishment) Act and other environmental protection legislations and regulations have also protected the right to health. Indeed, article 24 of the African Charter on Human and Peoples Rights Act has guaranteed the right to a satisfactory and safe environment in a manner that the right to life and health are preserved and protected.

Conclusion I know the defenders of the status quo are going to say that the federal and state governments cannot afford to fund health care for all citizens. My answer is that the governments can if they are prepared to make health care for all citizens a priority. This has been demonstrated by Cuba, which has for over 50 years funded free health care for all her citizens. That country which is ahead of many developed countries in the area of medical services has no oil, gold or diamond. Since it may be argued that the population of Cuba is only 12 million what of China, which has guaranteed affordable health care for her teeming popular of 1.4 billion people. If we do not want to follow the example of Cuba and China we can learn from western countries which have extended medical services to the poor and disadvantaged people by opting for medical insurance. The ruling class in has already opted for the latter and has enacted the National Health insurance Scheme Act. Our duty is to make the law work in the overall interest of the masses of our people.

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