Monday 1st January 2018 by THISDAY Newspapers Ltd

Analysts, Bank CEOs Foresee Bright Economic Prospects in 2018 Expect big leap in lending Caution against headwinds as politics picks up Obinna Chima Following the country’s exit from the economic recession in 2017, the stability in the foreign exchange (forex)

market, decelerating inflation, bouyant oil prices and stable production from the oil-rich Niger Delta, economic analysts and bank chief executives have predicted brighter economic

prospects and a jump in bank lending in 2018. The bank executives and economic analysts that spoke with THISDAY expressed optimism that the positive

momentum observed in the economy last year, would continue this year, but cautioned that as politics picks up in the second half of the year, this could lead

to economic uncertainty as investors sit on the fence. After snapping five consecutive quarters of contration, the Nigerian economy grew by 0.72 per

cent in the second quarter of 2017 and doubled its output to 1.4 per cent in the third quarter of the year. Continued on page 10

Leaders Felicitate with Nigerians, Pray for Peace, Prosperity in 2018…

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Monday 1 January, 2018 Vol 22. No 8292. Price: N250

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We Thank Our Readers for Their Loyalty in 2017 and Wish Them and All Nigerians a Happy New Year – Editor

In New Year Message, Buhari Unfolds Agenda for Infrastructure Rollout Vows to punish marketers hoarding, diverting fuel On restructuring, blames country’s processes not its structure Insists Boko Haram has been defeated, to tackle kidnapping Omololu Ogunmade in Abuja As Nigerians usher in the New Year, President Muhammadu Buhari this morning unfolded his government’s plan for a comprehensive rollout and investments in roads, rail and power infrastructure in the country.

He equally vowed to ensure that oil marketers who have subjected Nigerians to harrowing experiences during the Christmas and New Year celebrations by hoarding and diverting fuel would not go unpunished. The president who made Continued on page 8

INEC in Dilemma over Anambra Senatorial Re-run Poll

Onyebuchi Ezigbo in Abuja

The Independent National Electoral Commission (INEC) may have decided to go ahead with the conduct of the rerun election for the vacant Anambra Central senatorial seat but is hesitant to make its position public due to the possibility of a new ruling by the Court of Appeal on the matter. THISDAY gathered from impeccable sources at the commission at the weekend that barring any ruling by the

court, the commission will go ahead to implement the ruling of the Appeal Court sitting in Abuja which had ordered INEC to conduct the re-run within 90 days. “I think that it will be difficult for INEC to obey the Federal High Court order when we have an Appeal Court order pending on the same issue. That is what I believe is going to be the dilemma of the commission under the circumstances. Continued on page 10

Fireworks light the sky over the Opera House and Harbour Bridge during New Year celebrations in Sydney, Australia, AFP early on January 1, 2018

T H I S D AY MONDAY JANUARY 1, 2018

MONDAY, JANUARY 1, 2018 ˾ T H I S D AY

PAGE EIGHT IN NEW YEAR MESSAGE, BUHARI UNFOLDS AGENDA FOR INFRASTRUCTURE ROLLOUT the remarks in his nationwide broadcast to Nigerians, said

he was saddened that many Nigerians could not derive desirable happiness during the Yuletide season as a result of the avoidable fuel shortages. Buhari, who noted that the central idea of his broadcast was to intimate Nigerians on the efforts being made by his administration to address the huge infrastructure deficit ravaging the nation, added that he was determined to serve Nigerians to the best of his ability, and again thanked them for his prayers when he was ill. “I feel deeply humbled by your prayers and good wishes and I am more determined than ever to serve you to the best of my ability,” Buhari said. According to him, the Ministry of Power, Works and Housing was leading the country’s infrastructure revolution with a view to achieving global economic advancement through the Economic Recovery and Growth Plan (ERGP), adding that in pursuit of the agriculture revolution by his government, importation of rice will end this year. He listed the infrastructure projects being pursued by his government to include the Lagos-Kano standard gauge railway, which he said would get to Ibadan, the Oyo State capital, at the end of 2019 with the objective of transporting two million passengers and five million tons of cargo per annum. Assuring Nigerians that the construction of the Kano-Kaduna rail line will take off this year and would become a catalyst in the North-South trading route in 2021, the president said the Abuja-Kaduna rail line would also witness a boost next Thursday with the capacity to transport one million commuters every year. He also said he had approved negotiations for the Port Harcourt-Maiduguri line which would cover notable South-east cities such as Aba, Owerri, Umuahia, Enugu, Awka and Abakaliki as well as some Northern cities such as Gombe, Markurdi, Lafia, Yola, Jos and Damaturu, adding that negotiations were also ongoing to build the Kano-Niger Republic line. He pointed out that the Lagos-Calabar coastal line would also link Ore in Ondo State with a number of South-south towns. “My address to fellow Nigerians this morning is devoted mainly to informing you about the intense efforts this administration is putting to address our country’s huge infrastructure deficit. “We are going to make significant in-roads in advancing road, rail and power projects across the

country. The Ministry of Power, Works and Housing is one of the drivers of this government’s commitment to renew and increase Nigeria’s stock of infrastructure in order to achieve global economic competitiveness as targeted under the Economic Recovery and Growth Plan. “With regards to railways, we have set ourselves ambitious targets. Already in construction stage is the Lagos-Kano standard gauge railway line. The line should reach Ibadan from Lagos by the end of 2019 and will carry two million passengers per annum and five million tons of cargo will be transported every year giving a substantial boost to the country’s economy. “Construction of the KanoKaduna segment is expected to commence this year and reach Kaduna by the end of 2019. By the end of 2021, the two ends will be joined so that we will have standard gauge railway across the main North-South trading route. “The Abuja-Kaduna route will be boosted by additional rolling stock next Thursday and will be able to handle one million commuters annually. “At the same time, I have approved and negotiations will be concluded in the first part of this year for the Port Harcourt to Maiduguri line covering Aba, Owerri, Umuahia, Enugu, Awka, Abakaliki, Makurdi, Lafia, Jos, Bauchi, Gombe, Yola and Damaturu. “The Abuja to Itakpe line will go through Baro and terminate in Warri with construction of a new seaport at Warri. “Negotiations are also advanced for the construction of other railway lines, firstly from Kano to Maradi in Niger Republic passing through Kazaure, Daura, Katsina, Jibia to Maradi. “Secondly, the Lagos to Calabar the “Coastal Rail” through Ore, Benin, Agbor, Asaba, Onitsha, Sapele, Ughelli, Warri, Yenagoa, Otuoke, Port Harcourt, Aba, Uyo and Calabar is in the pipeline. “In the next few years, all these Nigerian cities will be linked by functional modern rail systems, giving enormous boost to the social and economic life of our people. “With respect to the Abuja Capital Light Rail, progress has reached 98 per cent completion, as against 64 per cent completion when we assumed office. “Only test runs remain before the start of operations. This train service will stimulate economic activities in the federal capital and provide residents with an efficient and safe transportation system. “Twelve railway substations around the capital over a 45.2 kilometre route will serve as a catalyst and

a pull factor to the economy of the area. “The light rail system will reduce traffic congestion and carbon emissions in line with the administration’s policy on climate change,” he said. On road infrastructure, the president who disclosed that Federal Road Maintenance Agency (FERMA) had been reconstituted and ordered to carry out rapid road upgrade within 12 weeks in all the six geopolitical zones, stated that the recent N100 billion raised through Sukuk bond would address 25 major highways with N16.67 billion earmarked for use in each geopolitical zone. The roads are the Oyo-Ogbomosho, OfusuOre-Ajebandele-Shagamu, Yenagoa road Junction-Kolo Otuoke-Bayelsa Palm, Enugu-Port Harcourt dual carriage way, Onitsha-Enugu expressway, Kaduna Eastern bypass, dualisation of KanoMaiduguri road, dualisation of Abuja-Lokoja-Benin road, and dualisation of the SulejaMinna road. Further stating that the federal government had approved the commencement of reconstruction of the AbujaKaduna-Zaria-Kano road, Buhari said power supply had improved considerably with the enablement of the Nigerian Bulk Electricity Trader to raise N701 billion through the Payment Assurance Guarantee Scheme to encourage power generating firms to realise at least 80 per cent of payments for power delivered to the national grid. While disclosing that power transmission had been ramped up to 7,000 megawatts (MW), he said for the first time on December 8, 2017, the country generated 5,155MW of electricity and proceeded to highlight other achievements in the power sector. “As I mentioned earlier, the Transmission Company of Nigeria can now distribute all the 7,000MW that can be generated. TCN and the Niger Delta Holding Company have added 1,950MVA of 330 down to 132KV transformer capacity of 10 transmission stations and 2,930MVA of 132 down to 33KV transformer capacity of 42 sub-stations including Ikot Ekpene, Aba, Alagbon, Ajah, Ejigbo, Funtua and Zaria. “This administration is working with the privatised distribution companies (Discos) to overcome the continuing challenges of distribution,” he said. The president also said that the massive public works currently being spearheaded by his government would lead to the nation’s recovery and simultaneously create millions of jobs, adding that government was slowly stabilising the economy

through sustainable policies and programmes captured in the economic recovery plan. “Diversification efforts have resulted in improved output particularly in the agriculture and solid minerals sectors. The relative exchange rate stability has improved the manufacturing sector’s performance. “We have got to get used to discipline and direction in economic management. The days of business as usual are numbered. “Two years ago, I appealed to people to go back to the land. I am highly gratified that agriculture has picked up, contributing to the government’s effort to restructure the economy. “Rice imports will stop this year. Local rice, fresher and more nutritious will be on our dishes from now on,” he added Appealing to “enterprising Nigerians” with useful ideas to get involved in job creation, Buhari noted that advanced countries were built through the involvement of enterprising persons. On the fuel shortages experienced during the Christmas and New Year holidays, Buhari said the action of oil marketers that created hardship for Nigerians was unacceptable. He recalled how the crisis had left many Nigerians stranded while those who defied it had to pay through their nose, warning that he would get to the root of the matter and ensure that the culprits are brought to book to serve as deterrents in the future. “I join my fellow citizens this morning to welcome and celebrate the New Year 2018. This year promises to be pivotal in our quest for change. “Unfortunately, I am saddened to acknowledge that for many, this Christmas and New Year holidays have been anything but merry and happy. “Instead of showing love, companionship and charity, some of our compatriots chose this period to inflict severe hardship on us all by creating unnecessary fuel scarcity across the country. “The consequence was that not many could travel and the few who did had to pay exorbitant transport fares. “This is unacceptable given that NNPC had taken measures to ensure availability at all depots. I am determined to get to the root of this collective blackmail of all Nigerians and ensure that whichever groups are behind this manipulated hardship will be prevented from doing so again. “Such unpatriotism will not divert the administration from the course we have set ourselves. Our government’s watchword and policy thrust is change.

“We must change our way of doing things or we will stagnate and be left behind in the race to lift our people out of poverty and into prosperity,” he said. Speaking on the agitation for restructuring, Buhari said Nigeria’s problems border mainly on processes and not structure as being agitated, disclosing, however, that the government was examining the high cost of governance with a view to improving governance. “In respect of political developments, I have kept a close watch on the ongoing debate about ‘Restructuring’. “No human law or edifice is perfect. Whatever structure we develop must periodically be perfected according to changing circumstances and the country’s socio-economic developments. “We Nigerians can be very impatient and want to improve our conditions faster than may be possible considering our resources and capabilities. “When all the aggregates of nationwide opinions are considered, my firm view is that our problems have more to do with process than structure. “We tried the parliamentary system: we jettisoned it. Now there are shrill cries for a return to the parliamentary structure. “In older democracies these systems took centuries to evolve so we cannot expect a copied system to neatly fit our purpose. We must give a long period of trial and improvement before the system we have adopted is anywhere near fit for purpose. “However, there is a strong case for a closer look at the cost of government and for the public service long used to extravagance, waste and corruption to change for the better. “I assure you that government is ever receptive to ideas which will improve governance and contribute to the country’s peace and stability," he said. As the 2019 electioneering period draws nearer, Buhari counselled politicians to avoid exploiting ethnicity and religion, cautioning that such attitude must be avoided in order to promote harmony. He also challenged other parts of the country to emulate the South-west which he said had successfully internalised religion and politics. “In this respect, the rest of Nigeria could learn from the South-western states that have successfully internalised religion, ethnicity and politics. “Political discourse should be conducted with civility, decorum and in a constitutional manner. We all have a collective responsibility to strengthen our democracy and entrench

the rule of law. “We should draw encouragement from the series of bye-elections conducted by INEC last year which were generally violence free and their outcomes adjudged to be free and fair,” he said. Submitting that security remains a top priority of his government, Buhari who recently secured the nod of the Nigerian Governors’ Forum (NGF) to withdraw $1 billion from the Excess Crude Account (ECA) to fight the insurgency in the North-east maintained that “we have since beaten Boko Haram” and described other attacks that persist as mere isolated attacks. He also said short-term measures had been evolved to combat kidnapping through what he described as tighter police methods with prescribed severe penalties for kidnappers, adding that the government was effectively engaging Niger Delta leaders with a view to addressing the challenges of the region including the Ogoni clean. “Terrorism and urban crimes are worldwide phenomena and our security forces are continuously adapting their responses to changing threats. “With regards to rampant cases of kidnappings, we are taking immediate short-term measures to combat this new evil creeping into our societies. “Tighter police methods and swift and severe punishment for those proved to be engaged in kidnapping are on the way. “With respect to the Niger Delta, government is still engaging responsible leadership of the communities to help in identifying and addressing genuine grievances of the region. “Our clean-up programme in collaboration with the United Nations is making satisfactory progress. I am grateful to all the governors and other political and community leaders of the Niger Delta states for their part in bringing relative peace to the areas,” he said.

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T H I S D AY MONDAY JANUARY 1, 2018

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Notorious Kidnap Kingpin Arrested in Warri Sylvester Idowu in Warri Residents of Warri and its environs in Delta State can now heave a sigh of relief, following the arrest of a notorious kidnap and robbery kingpin at a drinking joint by detectives from â€œBâ€? Division of the Nigerian Police led by a District Police Officer (DPO), Mr. Aniete Eyoh. The suspect, Anthony Ogbalor, alias Dracula, was arrested at about 7.30 p.m. last Wednesday after a member of his gang was apprehended five days earlier at Enerhen village in Udu Local Government area of the state. Dracula was the leader of the kidnapping gang that killed an Assistant Commissioner of Police Usman Ndanbobo who was the Ughelli Area Commander early

last year. THISDAY gathered from police sources yesterday that the build up to Draculaâ€™s arrest began penultimate Saturday when detectives from the â€œBâ€? Division, Warri, trailed a robbery gang in a snatched navy blue Toyota Corolla with registration number EPE 874 DQ, driving towards Enerhen road in Warri. The source disclosed that at a spot, the detectives wanted to ambush the occupants of the car, but realising that they were being trailed, the occupants opened fire on the police team which was replied with superior fire power. â€œIn the process, the hoodlums jumped out of the vehicle and escaped with fatal bullet wounds. The vehicle was recovered and on being searched, two cut to

size locally made guns and four live cartridges were recovered,â€? he said. It was learnt that the police, acting on preliminary intelligence, also arrested one Kesiena Henry with a grey coloured Honda Accord with registration number GBJ 419 FQ, which was recently snatched at Ozoro community, and upon interrogation he confessed that he was a member of the dreaded kidnapping syndicate. â€œKiesena exposed all activities of the gang which led to the arrest of Luckyson Egavers, Akpomeda Williams, Egbe Break and the gang leader, Anthony Ogbalor, alias Dracula. â€œMind you, Dracula has been on the wanted list of the police for high profile kidnappings and

confirmed the arrest of Dracula and members of his gang but referred THISDAY to the press briefing he held on Saturday on the arrest. In a statement, Ibrahim had said one Mr. Frank Otomi and his wife Mofe were victims of the suspects and gave their details as Henry Okejere Kesena, M, 30 years of 234 Warri-Sapele road, Warri; Anthony Ogbalor, AKA Dracula, M, 57 years of No. 1 Omodigbo street, Otoide community in Isoko North LGA; Kosin Henry, AKA Capon, M, 36 years of 134 Eboh-Iyede community, Isoko North; and Kenneth Onome, M, 34 years of Stadium road, Ughelli. Ibrahim said the suspects had on June 23, 2017 at about 19.30 hours, blocked their victims who

were driving a Hyundai sport utility vehicle with registration number LSD 344 ER along DSC roundabout, Warri, and whisked them away to an unknown destination. However, on December 23, 2017, while acting on available intelligence, a team of operatives attached to â€œBâ€? Division, Warri, led by the DPO, had arrested one Henry Okejere Kesena, a notorious kidnapper who had been under the watch of his command. â€œHis arrest and confession led to the arrest of the other suspects who equally confessed to their crimes and their involvement in several kidnappings, including the murder of the late Police Area Commander, ACP Usman Ndanbobo,â€? Ibrahim said in the statement.

per cent lower than the fourth quarter 2017 average, but 11.56 per cent higher than the first quarter 2017,â€? he added. In his contribution, the CEO of Diamond Bank Plc, Mr. Uzoma Dozie said improved business confidence in 2018 would propel banks to lend more to operators in the micro, small and medium scale enterprise (MSME) space. According to him, â€œI think banks are going to be more bullish in lending, especially to MSMEs because that is the engine of growth of any economy, which is why we need to focus on it for us to enhance growth. â€œSo, that is where banks like Diamond Bank would focus more on in 2018. We would be working with other stakeholders to provide more lending to our customers.â€? He noted that the legislation on the collateral registry as well as efforts by the government to enforce the National Identity Scheme would reduce the risk of lending. â€œI believe we would see a lot more transactions through electronic channels and if that happens, we would see a lot of businesses in the e-Commerce space and we expect to see more initiatives to take more people into the formal banking system. â€œWe ended 2017 on a positive note in terms of indices. There is reasonable liquidity in the market, inflation is going down, forex liquidity has increased and the dollar has been stable for a while, which is very important

for manufacturers. â€œNow, what we need is to ensure that the trend we saw in the last two quarters continues. As confidence improves in the market, people would consume more and take more risks which creates more opportunities for lending from the banking perspective. â€œPolitics for me is the only unknown. But I am hoping that everything in the political space would go smoothly so that it wonâ€™t distort the economy. â€œOil prices are going to be stable and this would help the government in its quest for economic diversification. Agriculture will also play a big role in that regard,â€? he added. For the CEO of Fidelity Bank Plc, Mr. Nnamdi Okonkwo, he noted that non-oil sector growth was also expected to be strong as private sector investments start coming on stream. According to Okonkwo, the stability in the forex market boosted foreign investor confidence in 2017, just as he anticipated capital importation to continue to rise this year. He also pointed out that the governmentâ€™s policy to pay down domestic debt with less expensive foreign bonds would see a significant drop in yields in the money market. â€œA resurgence in the stock market may also be imminent as several blue-chip stocks are still undervalued. â€œThe agriculture sector will get a massive boost from the

federal government in 2018. This will be in its bid to keep to its promise on diversification of the economy away from almost total reliance on oil. On that note, we believe the sector will be stable and contribute more to economic growth. â€œAlso, with concrete stability in the forex market, we believe this will reflect in improved activities in the trade sector. In addition, the ease of doing business in Nigeria has improved, according to latest reports; therefore this should boost trade across borders,â€? the Fidelity Bank boss predicted. Okonkwo also predicted that the oil and gas industry would see significant growth in 2018 as crude prices remain stable and peace is sustained in the Niger Delta region. In addition, he predicted that private sector projects in the midstream segments would come on stream later in the year. â€œICT has been and will remain a major contributor to economic activities and growth. Declining subscription levels and consumer switching from voice to data will however continue to put pressure on industry revenues in the telecoms industry. â€œOn the real estate sector, growth would depend on investments from the private and public sectors as well as favorable policies. The real estate sector will record a flat or modest recovery after the decline recorded in 2017,â€? he added.

the High Court judgment, which it said would enable it to act on the judgment. When THISDAY enquired to know the position of INEC on the matter since it had obtained the copy of the latest High Court ruling on the matter, the Director in the Department of Voter Education and Publicity, Osaze Uzzi said his office had not been briefed on any decision yet. Uzzi who spoke to THISDAY on the phone at the weekend, however, confirmed that deliberations on the lingering Anambra Central re-run election would have featured prominently in the management meeting of INEC. Uzzi said: â€œI am not aware of a decision by INEC on the Anambra Senate seat because I had travelled to Cross River

State and I am just on my way back to Abuja. â€œI can assure you that INEC will issue a statement soon to clear the air on the matter.â€? But from all indications, it appears the commission would most likely implement the order of the Appeal Court in Abuja and go ahead to conduct the senate re-run election as scheduled on January 13. A reliable source at the INEC who spoke to THISDAY but preferred to remain unnamed, said the commission would remain guided by the ruling of the Appeal Court on the issue. â€œI do not think that the commission will obey a High Court order over and above an Appeal Court judgment. I donâ€™t think it is going to be wise to do that, although INEC is yet to take a final decision on the

issue but it will do so soon and it will be in line with established practice on situations like this,â€? he said. THISDAY gathered that the issue of the Anambra Senatorial District re-run election was a key item on the agenda of the management meeting of INEC last Thursday but the commission failed to meet due to the lack of a quorum occasioned by the absence of many of the national commissioners who had travelled for the Christmas holidays. Perhaps another reason for the delay in taking a decision on the thorny issue stemmed from the fact that INEC was still waiting for the outcome of a fresh Court of Appeal ruling expected to break the deadlock on the senatorial re-run election.

robberies in Ughelli, Sapele, Warri and environs,â€? the senior police officer said. It was learnt that Dracula, who is allegedly linked with a serving commissioner in the state, had been arrested several times in the past but was always let off the hook, which emboldened him in his criminal activities. He was said to have been a political thug and had been used by some politicians to settle scores with their opponents, aside his nefarious activities. A senior military source also confirmed that Dracula had been on the wanted list of military formations in Koko, Ughelli and Warri over gun battle incidents with soldiers in the past. The Delta State Commissioner of Police, Zanna Ibrahim

ANALYSTS, BANK CEOS FORESEE BRIGHT ECONOMIC PROSPECTS IN 2018 The countryâ€™s external reserves also grew by $13.73 billion in 2017, from $26.09 billion as of January 3 to $38.731 by December 28. The countryâ€™s growing reserves strengthen the capacity of the Central Bank of Nigeria (CBN) to intervene in the foreign exchange market and end the forex shortages in the economy. The CBN, through the creation of the investorsâ€™ and exportersâ€™ window and its aggressive interventions, further led to the streghthening of the naira on the parallel market and eventual convergence of the I&E rate with the rate on the streets. With improved forex availability, the Manufacturing Purchasing Managersâ€™ Index (PMI) rose to 55.9 index points by November 2017 â€“ an expansion of 7.7 points from the 48.2 index points recorded last January. The rate of inflation also maintained a downward trajectory last year due to the gradual recovery of the Nigerian economy, as it declined to 15.90 per cent in November, from a peak of 18.72 per cent recorded in January 2017. On the basis of the economic performance last year, the manging director/CEO of First Bank of Nigeria Limited and Subsidiaries, Dr. Adesola Adeduntan said 2018 was expected to hold brighter prospects for the Nigerian economy. He added: â€œWe are all going into 2018 much more optimistic

than we were at about this time last year. We have seen the federal governmentâ€™s budget and majority of those of the state governments. â€œWe have seen the fiscal and the monetary policy stance of both the federal government and the Central Bank of Nigeria and we are all optimistic that 2018 would be a much better year than 2017. â€œWe do have an opportunity to significantly grow the economy that would enable a much bigger part of the population to benefit from the upside.â€? The FirstBank boss, however, pointed out that with a population growth rate of about 2.8 percent, there was need to grow the economy at the rate of at least 6-7 per cent for growth to have a meaningful impact on the generality of citizens. â€œAt FirstBank, the oldest and largest financial institution in Nigeria, we are poised to play our own role as always, we would be at the forefront of innovation and we would also be at the forefront of controlled lending to our various customers as part of the need to engender the growth of the entire economy. So, we are quite optimistic,â€? he said. In his presentation on the 2018 economic outlook, the chief executive of Financial Derivatives Company Limited, Mr. Bismarck Rewane also anticipated that the unemployment rate would ease marginally this year, given the anticipated uptick in the

private sector. â€œIt is a lagging economic indicator and its movement is a response to economic events or trends that have occurred. Hence the economic growth and pick up in business activities will be felt on the jobs data in 2018,â€? he explained. Continuing, Rewane cautioned that the second half of 2018 would be politically driven. Thus, he predicted that there would be increased government spending in the run up to the election. This, he noted, would be favourable for growth. â€œOn the other hand, investors may adopt the wait-and-see approach due to political uncertainties. Moreover, Nigeriaâ€™s economy remains largely vulnerable to commodity shocks. â€œThus, lower oil prices, or a dip in domestic production due to militant activities will weigh on economic activities and could possibly reverse the current progress. Any delay in policy responses will also prove detrimental. â€œHigher oil prices are positive for Nigeriaâ€™s fiscal and dollar revenue. But all things being equal, oil prices are expected to ease in the coming weeks, as the number of active U.S. oil rigs inched up by one to 931 and the UKâ€™s Forties pipeline is expected to resume operations in January. â€œSo, prices are expected to average at $61 per barrel in the first quarter of 2018, 1.13

INEC IN DILEMMA OVER ANAMBRA SENATORIAL RE-RUN POLL â€œIf you observe, this present leadership of INEC has been law-abiding and we have always obeyed court orders, but you cannot have an Appeal Court deliver a judgment on an issue and then a Federal High Court will now go and deliver a judgment on the same issue. It is an anomaly,â€? the source said. The people of Anambra Central Senatorial District have remained without representation in the upper legislative chamber since 2015 when the Appeal Court in Enugu had nullified the election of Senator Uche Ekwunife over irregularities in the primary held by the Peoples Democratic Party (PDP) in 2014. The Appeal Court judgment had also barred the PDP from fielding any candidate in the re-run election and prevented the All Progressives Congress

(APC) from fielding a fresh candidate for the re-run poll. Since then, various contending forces, including two political parties â€“ the PDP and the All Progressives Grand Alliance (APGA) â€“ have engaged each other in a bitter legal battle to secure a favorable judgment on the issue. Both the PDP and its candidate, and former governor of the state Peter Obi, went to court to challenge the Appeal Court ruling and obtained an order compelling INEC to include the PDP in the re-run election. On November 20, 2017, the Appeal Court in Abuja overruled the court in Enugu on the non-inclusion of the PDP in the re-run election and also ordered INEC to conduct the election within the next 90 days.

Based on the Abuja Appeal Court ruling, INEC immediately fixed January 13 for the Anambra Central Senatorial re-run. However, another judgment of the Federal High Court in Abuja threw a spanner in the works of a fresh election for the Senate seat when it ordered INEC to handover the certificate of return to another PDP candidate, Dr. Obiora Okonkwo as the substantive senator representing the zone. It also ordered Senate President Bukola Saraki to swear him in as a senator. Okonkwo had won the PDP primary held for the senatorial district in 2014, but the party fielded the name of Ekwunife to contest the National Assembly election. INECâ€™s response was to apply for the Certified True Copy of

T H I S D AY MONDAY JANUARY 1, 2018

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COMMENT

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

NIPOST AND THE CHANGE AGENDA Franklin Alao writes that NIPOST is being repositioned to serve Nigerians better

cross the continents of the world, there is doubt that the meltdown in the economies has become conspicuous and affecting standards of living across the different household irrespective of status. While some countries have risen to the challenge, others are devising paradigms and methods to shore up their resources through which they could make life better for their citizenry. That may not be all; they are also thinking out of the box to invent new ways of doing business, repositioning their economies to attract investors, and in the overall, craft ways to better the lots of their citizens. Fostering knowledge economy through economic intelligence and proper information management has lifted many countries out of the â€˜seemingly global recession as countries that have largely depended on exportation of their natural resources are beginning to take the bull by the horn by seizing the new realities of where they are daily churning out new ways of building their economies. As a prominent member of the Organisation of Petroleum Exporting Countries (OPEC), Nigeriaâ€™s main economic earner is its oil. The discovery of oil in commercial quantity first, at Oloibiri, in present day Bayelsa State, made the country to push to the secondary level its prospect in agriculture and many other naturally endowed prospects. The accompanying challenges of restiveness in later years arising from environmental degradation, pollution, and apparent drying up of the oil has forced the country to begin exploration of other doors to economy buoyancy. The teeming human capital, particularly the youth is a huge potential waiting to be tapped into in bringing Nigeria out of the economic doldrums. The Muhammadu Buhari-led administration no doubt came into office when the economy was in tatters. The security apparatus was also in tatters and corruption was eating away the remainder of anything that was of value. These issues were at the front burner while the urge to explore other areas of the economy was at its loudest. In the wake of all this, government began with far reaching introspection, checking in all sectors of the economy to locate which of the sectors will bring the much desired succour. A number of reforms were introduced into the economy, including revamping near moribund organisations- of which NIPOST was among the worst hit. As part of reengineering the economy and diversification drive, the federal government went beyond the everyday civil service syndrome of doing things through career re-orientation and build-up, shopped into the private business enterprises, and appointed to head the postal institution, a business-minded figure in the person of Mr. Bisi Adegbuyi, as Postmaster General (PMG) who was immediately mandated to hit the ground running, to save thĂŠ ship from sinking further. As part of repositioning the new NIPOST, two bills hit the National Assembly in quick succession, which among others is to enable NIPOST issue stamps both to address stamp duties and proceeds electronically

THE OLD NARRATIVE IS CHANGING AS NIPOST RECENTLY LAUNCHED A NUMBER OF INNOVATIVE PRODUCTS AND SERVICES AIMED AT COMPLETELY TRANSFORMING THE POSTAL LANDSCAPE AND CHANGING THE GAME IN LINE WITH THE CHANGE MANTRA OF THE PRESENT ADMINISTRATION

and physically. It is cheerful to note that the House of Representatives has deliberated and passed the bill in the House; while passing it to the Senate for concurrence, the bill for an act to repeal the act that set up NIPOST, and reset it for partial commercialisation. The bill has passed through all the stages of lawmaking, awaiting to be laid on the table for passage. Also the Bureau of Public Enterprise has been called in by government to fine tune the working machinery for effective take off. While legal framework is at conclusive stage, NIPOST presence is being enhanced nationwide as almost 50 new vehicles were added to its fleet, dedicating six of them to its Expedited Mail Service (EMS) to compete and boost its operations in the saturated communication market. The old narrative is changing as NIPOST recently launched a number of innovative products and services aimed at completely transforming the postal landscape and changing the game in line with the change mantra of the present administration. Today and across the world, the postal service has broken the traditional often timid stance that characterises a â€˜normalâ€™ civil service establishment by venturing into murky waters and turning it into a profitable world of business. This is done through collaborating with private sector whose investment and expertise remains the much needed tonic that the organisation needs. As part of its strategic business plans, NIPOST has concluded arrangement to engage in a multi-activity business model with operations in banking, insurance, real estate and e-commerce. The service has already aligned itself since 2017 as part of the global top three in the industry coming after Switzerland, France and Japan, while at the regional level, countries like Morocco, Tunisia have also joined the league. This news becomes heartwarming in the face of the recently awarded certificate by the Central Bank of Nigeria (CBN) to operate in the remittance of fund architecture which is envisaged to be in multibillion of dollars. Also in the pipeline is the N-YES project, which is NIPOST latest resolve to engage the teeming youth through the social media network through which steady conversation is maintained to attract the youth back to the post. Yuletide gifts well designed by NIPOST are a pointer in this direction. This game has 12 Nigerian artiste celebrities on virtual stamps, that will earn each winner bountiful rewards both in cash and gift. To crown the year end, Mr Bisi Adegbuyi, Postmaster General of the Federation, has been elected Chairman, African Postal Forum for Postmasters General. His election will bring to fore Adegbuyiâ€™s versatility as a renowned business guru expected to drive the change agenda of the present administration through value addition and diversification of the economy for the generality of all. Alao is Head Corporate Affairs, NIPOST, Abuja Headquarters

THE DAWN IS ALMOST HERE Difficult times will soon be over, writes Rauf Aregbesola

t occurred to me in Ilesa during the turning of the sod of Ilesa water project on Monday, December 18, 2017. After I had prayed in the Islamic way I also prayed with my favourite Bible verses. This is Psalm 24. I am particular about verses 7-10 which say: Lift up your heads, O ye gates; and be ye lift up, ye everlasting doors; and the King of glory shall come in. â€œWho is this King of glory? The Lord strong and mighty, the Lord mighty in battle. Lift up your heads, O ye gates; even lift them up, ye everlasting doors; and the King of glory shall come in. Who is this King of glory? The Lord of hosts, he is the King of glory. Selah.â€? The year 2017 has come to an end and we must salute you for your perseverance, patience, sacrifice, dedication and labour of love. There is no better time to acknowledge and tell you this than now. You have done well so far. What is left is just to thank you, particularly the 28 per cent of you who have endured modulated salaries. These are the 20 per cent who earn 75 per cent of their monthly pay and the eight per cent who collect 50 per cent of their salary. The remaining 72 per cent, as you all know, have been earning their full pay and are not being owed any outstanding salaries, irrespective of the spin being given to this by our traducers. Even at that, we must thank everyone for the sacrifice you have all made in other areas. This is because your relationship as workers is contractual and I want to assure you that everyone will get his or her full pay when this is over. We are unfortunate to be in this situation because we are in strange and difficult times. Most of you do not know that what we are in today is the equivalent of a state of war. In a state of war, beyond the destruction of lives and property, there is also shortage of resources to live on. If you remove the destruction and physical devastations, the acute financial constraint is the equivalent of a war condi-

tion. We are therefore in an economic war situation. Interestingly, I never shied from telling anyone this. As far back as February 14, 2014, I told the world that we were in economic war situation. This was reported by The Vanguard newspaper on the front page. Nobody remembered that I said this then. Even at that, I was struggling to pay salaries then. But before then, in 2011, when salaries was being increased, I had warned that it would be unsustainable. Nobody knew that there would be theft of over 600,000 barrels of crude oil per day for 24 months or the glutting of the international oil market that would later crash oil price and cut Nigeriaâ€™s revenue by more than 60 per cent. Notwithstanding what we are going through now, as painful as it is, the reality is that it is impossible to do beyond what we are doing. If anyone is in doubt, consider these figures. From July 2015 â€“ when we started paying modulated salaries, our income from all sources, including gross allocation from the federation account, internally generated revenue and two tranches of Paris Club Refund â€“ to November 2017, is N121.6bn. Meanwhile, our total personnel cost (excluding gratuities) within the same period would have been N104.4bn if we had paid the full salaries of N3.6bn every month. Our personnel cost therefore is 85.8 per cent of our total revenues from all sources. However, this is an academic exercise because before the allocations get to us, some deductions would have been made on commitments already made since as far back as the 1970s, up till now; and we are also paying modulated salaries. The reality, however, is that our net income is N61.7bn while our real total personnel cost is N63.98bn. This stands at 103.6 per cent of our total net revenue. I obtained these figures from the Accountant General of the State and you can individually verify them in his office. The implication of this grim statistics is that we have spent more on

salaries and emoluments than our revenues from all sources. The question to ask then is how have I been able to pay salaries and other emoluments more than the government has received? If you want to be fair to me, that is the question to ask. It has been very difficult, yet we keep begging and appealing to workers. Beyond paying workers, we still have a government to run and a popular mandate of good and progressive governance to meet. We made campaign promises and we must also deliver on them. We know some of our opponents and traducers are hiding behind the salary issue and have been instigating the workers against us. But again, what more can we ask from a government that, without prompting, between December 2010 to December 2013 paid workers 13th month salaries; which restructured leave bonus to be paid on a workerâ€™s birthday or service engagement date; which without prompting quadrupled and gave vehicle and housing allowances to workers? How could we in all honesty categorise such government as being insensitive and anti-worker? It should go without saying that if we have the resources, we will provide flying cars for the workers. We will put our lives on the line to achieve that. Nobody should therefore fail to understand the circumstance that prompted us to pay modulated salaries to 28 per cent of our workforce. When this problem began, we had to keep taking loans, up to N25 billion, in order to pay salaries. But we must face reality; we cannot continue to give what we donâ€™t have. I have extrapolated from the statistics I gave you earlier, that should we even want to give workers everything we have, it is still not adequate. Yet we must do other things. These figures show we are in a quandary. It is beyond the sentimental and emotional. The truth is: our state requires

an extraordinary push to overcome the financial challenges we face currently. The infrastructure we are putting in place is part of this extraordinary push. The roads, for instance, are to open up the state for business and wealth creation. The schools are to provide the infrastructure of the mind needed for development. The social protection programmes we put in place are to lift the vulnerable portion of our population and prevent tension and crime. None of the roads leads to my house. They are to jumpstart the economy of the state. The Gbongan to Akoda Road, Oba Adesoji Aderemi East Bypass and Osogbo Old Garage to Ila-Odo Road will open up the corridors along which they passed and it will be amazing what turnaround these will bring to the economy of the state. Whatever we are getting as IGR today will be quadrupled. That is our vision and target. We are grateful that to a large extent, you have collaborated with us and supported us. We are simply asking for further perseverance, understanding, patience and sacrifice. You must not fail to recognise, as Chief Obafemi Awolowo admonished us, that the darkest part of the night is just before the dawn. I told labour leaders in my recent meeting with them what Comrade Hassan Sunmonu said in a public function, that something told him that we will be out of these difficulties by March this year. I agree with him. It will come to pass Insha Allah! I may not figure out how this will happen now but I am reminded of the passage in the Bible where Prophet Elisha, at the height of a terrible famine his nation faced, prophesied that by the next day food would be abundantly available and for cheap, but an unbelieving nobleman guffawed and quipped that even if the heavens were to be opened, the prophecy would be impossible to come to pass.

Aregbesola is Osun State Governor

T H I S D AY Ëž Ëœ ÍŻËœ Í°ÍŽÍŻÍś

EDITORIAL TIME TO RENEW HOPE IN 2018

President Buhari should reposition his administration for the task at hand in the new year

erhaps to press home the all-pervasive gloom in the air, the Peoples Democratic Party (PDP) last Friday ďŹ red broadsides at the ruling All Progressives Congressâ€™ (APC). Even when most of the accusations were on the basis of politics, the statement in some ways reďŹ‚ected the public mood. The party said Nigerians have become overstretched by the litany of woes afďŹ‚icting the nation, arguing that it would be the height of hypocrisy for the federal government to â€œspew another round of propaganda and fake hope.â€? Indeed, nothing poisons the public mood better than the present hardship that Nigerians have been experiencing at ďŹ lling stations due to petrol shortages across the nation. For more than two weeks, the shortages had persisted despite assurances to the contrary - a tradition that largely has become a vicious circle. What is even more alarming is that the crisis will persist because of the revelation that petrol is still being subsidised - at huge cost for that matter - a luxury that the government WE HOPE NIGERIANS WILL could ill-afford. PUT BEHIND THEM A YEAR Besides, Nigerians THAT WAS OFTEN MARKED are increasingly BY ANGRY AND HATE becoming prisoners of RHETORIC SO WE CAN ALL the maxim, â€œbad gets EMBRACE A NEW SPIRIT worse.â€? THAT PLACES EMPHASIS As we are ushered ON UNITY OF PURPOSE into another year, many basic services such as education, health and infrastructure are decrepit or in short supply, while a demographic crisis is looming large on the horizon. The unemployment rate, put at more than 30 per cent by the National Bureau of Statistics (NBS), is not only frightening but breeds the risk of social, economic and security turbulence. More worrying is that some seven million people lost their jobs in the last one year alone. The security situation is treacherous. Boko Haram, the brutal insurgent group, still constitutes a major security issue as manifested by the quantum sum of $1b recently voted to bring it down. This is not to mention the other cocktail of crimes and criminal activities

Letters to the Editor

- from kidnapping, armed robbery, herdsmen-farmers conďŹ‚icts, cultism to general banditry â€“ crimes that constitute additional instability to a country already on ďŹ re. Thus Nigerians are being ushered into a new and difďŹ cult year â€“ 2018 - with some difďŹ dence. The prevalent public disillusionment occasioned by severe economic hardship is being capped by losing the dominance of the machinery of violence to non-state actors. But the situation could be worsened if politicians and other stakeholders abandon governance and related duties to the people in their bid to get re-elected into ofďŹ ces.

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EDITOR NATIONâ€™S CAPITAL

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he Independent National Electoral Commission (INEC) has since released the timetable for the 2019 general elections, beginning with the Presidential election in February 2019. Even if we admit that the elections are important, governance should not suffer at their expense. We cannot keep doing things the wrong way. It is therefore important that politicians move into the election year with discipline and decorum in conducting their electioneering campaigns. They should work hard and avoid inďŹ‚ammatory rhetoric. Nothing less is expected particularly because of the rising tension and violence occasioned by hateful speech, divisive comments and a polity obsessed with ethnicity and religion. We urge all political groups and their associates to steer the country from emerging political rifts and sectional conďŹ‚icts. Even though the country is ofďŹ cially out of recession, there are plenty of things that continue to disappoint in an administration welcomed with high hopes more than two years ago. It is therefore our hope that as we begin a new year, President Muhammadu Buhari will reposition his administration for the urgent task at hand. As we, therefore, begin 2018, we hope Nigerians will put behind them a year that was often marked by angry and hate rhetoric so we can all embrace a new spirit that places emphasis on unity of purpose as we seek to advance our country for peace and prosperity. We wish all our readers a Happy New Year!

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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.

AN OPEN LETTER TO PRESIDENT BUHARI

our Excellency, may the Almighty God, the creator of heaven and earth, the merciful Lord who granted you the grace to survive your undisclosed ailment in 2017, also heal your son, Mr. Yusuf from the injuries he sustained from a motorbike accident a few days ago. I join other Nigerians to pray for strength for the family and a speedy and full recovery for him. It is my hope that Yusuf will subsequently find it worthy to join the rank of those of us who are relentlessly advocating for a Nigeria that works, rule of law and good governance, so that our public health system, public education, public infrastructure can work to the fullest in our lifetime and serve the common good of all. You will recall on January 1, 2017, I wrote a similar â€œOpen Letterâ€? to you, where I drew your attention to â€œthe degree of hopelessnessâ€? in your â€œin-the-shockâ€? statement of December 25, 2016 when you received, in the Villa, some senior citizens residing in the Federal Capital Territory, who had come to greet you then. While I fell short of saying the demand of office had taken a toll on your health, as it could be seen from your countenance then, however, I made it very clear â€œyou have been overwhelmed by the enormous burden of leadership and responsibilities,â€? and â€œin addition to the obvious factor of old age and the sophistication of handling democratic governance, which is different from your known military style that is not in tune with current global trends.â€? I thank the gracious Lord, you were able to pull through your

sickness. On this note, I like to reiterate the obvious sir, it has become very glaring that you no longer have the sense of urgency, tact, political will and apposite leadership competence to grapple with the full attention and rigour that come with the high demands of office. I know that your aides and team are trying to cover up glaring inefficiencies, but the challenges are not by any means decreasing, while the process of addressing them meaningfully and substantially, have become very difficult. This is not in any way a disparagement, far from it. Our nation is in a precarious state, it is sitting on a tinderbox and, more than ever before we are in a dire strait under an ominous cloud of social implosion. Nigeria is in critical need of leadership that works- full circle - for 24-7/365 days. One great legacy your victory on March 28, 2015 has cemented in the annals of our democracy is an encouraging fact that an incumbent can be defeated, regardless of the imperfection of that election. You will readily admit that God has been very kind to you, even in old age, granting you the grace to preside over a nation of his people. Nigeria is a special country, blessed beyond measure, unique to the universe, sadly and badly mismanaged beyond imagination, but certainly not beyond redemption. We need a new leadership perspective, new thinking and new opportunities. I therefore urge you to toe the path of Nelson Mandela and preside over an historical transition for 2019. There is no gainsaying the soul may be willing to do some remarkable things, but obviously sir, the flesh has become very weak. Do not allow Nigeria to sink further. We need a new leader.

Mr. President, today is not better than yesterday. â€œThe situation in Nigeria is such that in February next year it will overtake India as having the most people living in extreme poverty in the world, at 82 million,â€? some global bodies have predicted. You have failed to defend the downtrodden from the sapping grips of ravenous political elite. It is not enough to tell Nigerians, especially your â€œsupportersâ€? to tarry in long-sufferings and sacrifices, and remain steadfast when the State House under your watch has become one of the most expensive in the world with a proposed budget of 11.5 billion for 2018. It appears your â€œknownâ€? austere lifestyle has given way to opulence. Yet unemployment rate has risen to 18.8 percent in the third quarter of 2017, with no respite for fourth quarter because there is no sense of urgency to address it. There is an urgent need for you to quickly address the inter-agencies rivalry that has dogged your administration and grossly exposed your government as inept and incapable of putting its own house in order and solving problems. Charity they say begins at home. The Economic and Financial Crimes Commission (EFCC) and Department of State Services (DSS) are at daggers drawn and the situation is worsening. There is a need to set up an independent investigation comprising of patriotic and decent prosecutors to look into all manner of allegations flying around against agencies and individuals under your watch. This is arguably the only option left to regain the trust of Nigerians in the failing fight against corruption. Ariyo-Dare Atoye, aristotle001us@yahoo.com

T H I S D AY MONDAY JANUARY 1, 2018

T H I S D AY Ëž Ëœ JANUARY 1, 2018

BUSINESSWORLD R A T E S MONEY MARKET OBB OVERNIGHT

A S

A T

REPO 3.83% 4.50%

CALL 1-MONTH 3-MONTH

6.33% 7.58% 8.67%

D E C E M B E R S & P INDEX INDEX LEVEL 1-DAY MONTH-TO-DATE

329.91% 0.03% 3.90%

Group Business Editor Chika Amanze-Nwachuku

Email chika.amanzenwachukwu@thisdaylive.com 08033294157

2 9 , S & P INDEX 1/4 TO DATE YEAR TO DATE

2 0 1 7

11.66% 25.84%

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

Quick Takes EcobankCommendsOkpekpeRaceOrganisers

The Managing Director, Ecobank Nigeria Limited, Charles Kie has commended Pamodzi Sports Marketing, organisers of 10km Okpekpe International Road Race on the recent upgrade of the race to silver label by International Association of Athletics Federations (IAAF). Thebankâ€™sMDstressedthattheelevationdoesnotonlylendcredence tothestandardandpopularityoftherace,butalsorepresentsamilestone in the development of sports in Nigeria. Kie said the upgrade further justiďŹ edEcobankâ€™sconsistentsupporttotheannualevent.Hereiterated that the Okpekpeâ€™s vision of a top-quality competition that aďŹ€ords top athletes from across Africa the opportunity to compete and socialise ties with the bankâ€™s pan-African posture. He maintained that the bank supports and encourages creativity and excellence among Africans, especially the young people, who are the future of the continent. He said: â€œWe are delighted to be a strong part of the success story of the Okpekpe Road Race, especially on this latest elevation to the Silver Label Race, which is the ďŹ rst to be so recognised in West Africa.â€? The annual Okpekpe international 10km Road Race has had Ecobank Nigeria as its major banking partner. The road race is the ďŹ rst and only roadraceinNigeriathathasbeengrantedfullmembershipofAssociation of International Marathons and Distance Races (AIMS) and recognised as one of the prestigious road races in the world.

Heritage Bank Supports Beauty Pageant

ASHON,CSCS SIGN PACT

L-R : Public Relations OďŹƒcer, Association of Stockbroking Houses of Nigeria (ASHON), Mrs. Ify Ejezie, Chairman, ASHON, Mr. Patrick Ezeagu; Managing Director/ Chief Executive OďŹƒcer, Central Securities Clearing House (CSCS) Plc, Mr. Haruna Jalo- Waziri and Ag. CEO, Lagos Commodities Exchange, Mr. Akin Akeredolu-Ale at the signing of Memorandum of Understanding (MoU) between LCE and CSCS in Lagosâ€Śrecently

THISDAY Model Portfolios Ends Year with 29% Aggregate Return Goddy Egene As investors review their investments in the Nigerian equities market in 2017, the THISDAY Model Portfolio (TMP) has ended the year with an aggregate return of 28.5 per cent. Given the fact that the TMP was introduced in the middle of the year, market analysts have said the 28.5 per cent return is highly impressive and points to the high skills and market intelligence adopted by the stockbroking firms involved in the TMP. TMP is an initiative of THISDAY Economic and Financial Intelligence Unit (TEFIU), designed to enable leading stockbrokers and

CAPITAL MARKET investment houses in the country share their trading skills and methodologies with ordinary investors. The investment houses involved in the project are Afrinvest Limited, FSDH Securities Limited, Capital Assets Limited, Meristem Limited and Lead Advisory Limited . TMP consists of five different portfolio types constructed individually in conjunction with five leading stockbroking firms in the country with different investment objectives. Each of the partner stock broking houses constructed a portfolio of 10 stocks selected according to their

individual best judgement and using their best and well tested stock selection and investment strategies. Each of them then deployed an imaginary fund of N10 million to invest on the 10 stocks in whatever proportions they considered best. Within six months of its deployment, the TMP recorded a growth of 28.5 per cent. This implies that the N50 million imaginary deployed , grew to N64.275 million. However, an analysis of the individual portfolios showed that three of the portfolios recorded performance higher than the aggregate growth. For instance, Portfolio C recorded a growth of 44.9 per

cent, indicating that the N10 million deployed has grown to N14.489 million. Similarly, Portfolio B ended 2017 with gain of 42.2 per cent, implying that the N10 million has improved to N14.224 million, while Portfolio B closed the year with a growth of 33.1 per cent. This means the N10 million deployed improved to N13.312 million. Portfolio A posted recorded a return of 21.7 per cent as the N10 million deployed has appreciated to N12.168 million. Portfolio E recorded the least growth of 0.81 per cent. Some stocks in the individual portfolios soared above 100 per cent. For instance, Continued on page 24

Debts: NPA to Restrict Egina FPSOâ€™s Access to Nigerian Waterways

Heritage Bank Plc has announced its partnership with Folio Media Group, publishers of the Daily Times to organise the 60th anniversary of Miss Nigeria and the 2017 edition of the beauty pageant. MissEhigueseMildredPeace,representingAdamawaStateemerged as the new â€˜Miss Nigeriaâ€™ at the grand ďŹ nale of the beauty pageant held in Lagos recently while Miss Rita Chinedu, representing Delta State and Miss Benjamin Anne Ufuomanefe, representing Ondo State were ďŹ rst andsecondrunner-ups.MissCrossRiver,AnaVictoriaLawrenceemerged as Miss Emerald Queen, after winning the task organised by Heritage Bank, which centred on assessing the contestants on their knowledge, complement, ďŹ‚uency, articulation, appearance based on ingenuity and creativity of the Nigerian contemporary hairstyles. Whilst, Miss IďŹ don Sarah representing Edo State Miss Onyeabo Amarachi representing Abia State, emerged ďŹ rst and second runner ups, respectively. The award given to her, which was an artefact (African queen bronze head in a moulded box), speaks of African culture and symbolic of the Bankâ€™s pride of its heritage. Miss Nigeria focuses on issues that aďŹ€ect Nigerian women; she is an ambassador of culture, of purpose, of the environment.Theambitionofthenewbeautyqueenistoprovidemedical and psychological help for women who are victims of rape as well as empower them. Head of Corporate Communications of Heritage Bank, Fela Ibidapo, was quoted in a statement to have said: â€œWe are partnering Folio Group to empower women.â€?

Citigroup to Pay $11.5 Million Fines

Citigroup Inc will pay at least $11.5 million in ďŹ nes and restitution to settle charges it displayed the wrong research ratings on more than 1,800 stocks, causing many customers to own shares they never would have bought, a United States (U.S.) regulator said last week. The Financial Industry Regulatory Authority (FINRA) ďŹ ned Citigroup $5.5 million and ordered it to pay at least $6 million to retail customers over errors that occurred between February 2011 and December 2015, and involved more than 38 per cent of the equity securities that the New York-based bank covered. â€œCitigroup did not admit or deny wrongdoing, but the sanctions reďŹ‚ected its cooperation, including its decisions to report the rating issues and compensate customers,â€? FINRA said. According to Reuters, the regulator said Citigroup would sometimes display to customers, brokers and supervisors the wrong ratings, such as â€œbuyâ€? instead of â€œsell,â€? while in other cases it would display ratings for companies it did not cover, or no ratings at all. As a result, brokers solicited thousands of transactions and negligently made inaccurate statements premised on wrong ratings, and many customers ended up owning stocks with â€œsellâ€? ratings despite a prohibition on such ownership, FINRA said. FINRA said the errors stemmed from problems with an electronic data feed, and Citigroup failed to timely ďŹ x the wrongly displayed ratings despite â€œnumerousâ€? red ďŹ‚ags.

suspends boats services to IOCs

Eromosele Abiodun Owing to rising huge debts, the Nigerian Ports Authority (NPA) has announced the immediate suspension of service boats operations in all its pilotage districts until the full settlement of debts. The debts are accruing from unpaid pilotage dues by international oil companies

MARITIME (IOCs) and other beneficiaries of the services. This is just as the NPA gave indication that it might prevent Engina FPSO, which is due to arrive Nigeria in January, 2018 from accessing the Nigerian waterways. The Lagos Deep Offshore

Logistics base (LADOL) is currently playing host to the fabrication of a $3.8 billion oil and gas logistics service facility commonly known as the Floating Production Storage and Offloading â€“FPSO rig, otherwise called the Egina project. The project, which has been applauded as first -ofits- kind in the sub-Saharan

Africa, is being handled by the Korea-based Samsung Heavy Industries (SHI) on behalf of Total Oil Exploration, with LADOL serving as its local content partner. According to a statement signed by General Manager, Corporate and Strategic Communications, NPA, Abdullahi Continued on page 24

â€œWhat is clear is that fiscal and monetary policies are all working towards accelerated growth in 2018. That is the objective that has been stated by the government and all the necessary building blocks in my view are being put in place to ensure the economy growsâ€? The MD/CEO, First Bank of Nigeria Limited and Subsidiaries

Dr. Adesola Adeduntan

T H I S D AY Ëž Ëœ ÍŻËœ Í°ÍŽÍŻÍś

BUSINESSWORLD DEBTS: NPA TO RESTRICT EGINA FPSOâ€™S ACCESS TO NIGERIAN WATERWAYS

Goje, the decision to stop the operation of service boats to debtor companies followed the failure and refusal of the affected companies to honour their obligations to the authority in spite of several reminders over a couple of months to this effect. According to the statement, given the fact that the companies some of whose indebtedness run into tens of millions of dollars outstanding for over two years, ignored the advice given by the NPA, the authority had no choice than to pursue this course of action, which has been communicated to all companies concerned. On the Engina FPSO, whose main component is currently sailing from South Korea to be coupled with its top side being fabricated at LADOL Free Trade Zone, Tarkwa Bay, the statement explained that the refusal of the parties involved in the project to request for towage and pilotage service from the NPA, (being the only organisation empowered to provide same in the country), is contrary to the laws of the country and would be resisted. It explained that notice has already been given to promoters of the FPSO to the effect that the vessel would not be granted access to Nigeriaâ€™s waterways and that the NPA would pursue legal remedies in its determination to ensure that no organisation impedes on the mandate of the NPA as provided in Part II of the Port Act.

MD, NPA, Hadiza Bala-Usman

NEWS

THISDAY MODEL PORTFOLIOS ENDS YEAR WITH 29% AGGREGATE RETURN Portfolio B has a stock that recorded a growth of 900 per cent, while another posted

184 per cent. Portfolio C has a stock that posted a capital gain of

144 per cent and 126 per cent respectively. Also, Portfolio D has a stock that ended the

year with a growth of 126 per cent, 98 per cent and 72 per cent, while Portfolio A

has a stock that delivered 122 per cent return among others.

Cybercrime: Govts Urged to Deploy IT in Judiciary Emma Okonji Following the increasing rate of cybercrime and the need for the judiciary to apply the full weight of the law on cyber criminals, participants at the just concluded Africa Information and Communication Technologies Alliance summit (AfICTA), which held in Abuja, have advised governments at all levels to deploy information technology (IT) in the judicial system. According to the summit, unless Nigerian and the rest of the African governments promote and use technology in the Judiciary and empower law enforcement officers, the fight against cybercrime may not yield the expected results. To effectively fight cybercrime in the continent, the capacity development summit noted that tackling cybercrime and securing critical information infrastructure must be among African governmentâ€™s key point agenda. Although cybercrime is not only limited to Nigeria and other African countries, the summit noted that all relevant stakeholders in the ICT industry should, as a matter of necessity, engage the government on the promotion and use of technol-

ogy in the judiciary so that law enforcement officers can effectively address cybercrime issues in Nigeria and Africa. AfICTA is a 30-nation private sector led alliance of ICT Associations, multi-national corporations, companies, organisations and individuals in the ICT sector in Africa. The summit was the 5th in the series, which began from Lagos in 2013 to Cairo in 2014, Johannesburg in 2015, and Windhoek in 2016. The summit with the theme â€œOne Africa, One Future: Leveraging ICT for Sustainable Development,â€? was hosted by the ADD Consortium composed of Afenoid Enterprise Limited, DigiSphere Limited and Dotengee Nig Ent in conjunction with eNigeria, powered by the National Information Technology Development Agency (NITDA), under the auspices of the Ministry of Communications. Chair of the Summit 2017 Committee, Opeyemi Onifade, welcomed all delegates, while stressing the need to tame cyber insecurity in the country. Chair of AfICTA, Dr. Jimson Olufuye in his opening speech, commended the Director-General of NITDA, Dr. Isa Ali Ibrahim Pantami and his team for sustain-

ing the existing memorandum of understanding with AfICTA and enabling the hosting of AfICTA summit in conjunction with NITDAâ€™s eNigeria under the auspices of the Ministry of Communications. Also speaking, Marilyn Cade of the ICANN Business Constituency, ICANN-BC, who gave a goodwill message via live video platform, encouraged Africa to

improve on the development of ICTs on the continent by participating in policies and advocacies for a healthy internet ecosystem. Given the low patronage of Made-in-Nigeria ICT goods and services, which resulted in considerable capital flight out of the country, the summit noted that there was need to identify low hanging fruits for gradual imple-

mentation in order to achieve the objectives of the Sustainable Development Goals (SDGs). Part of the recommendation at the summit was that AfICTA should continue to push for best practices, foster business networks and enhance intra-African trade, aimed at supporting governments to transform from its low point of 12 per cent to more than 50 per cent by 2025.

WELCOME TO THE STOCK EXCHANGE

L â€“ R :Head, Legal and Regulation Division, The Nigerian Stock Exchange (NSE), Tinuade Awe; Nollywood Veteran, Joke Silvia; Head, Corporate Services Division, NSE, Bola Adeeko, and Nollywood Veteran, Olu Jacobs, receiving a replica of the gong during the closing gong ceremony to end the 2017 trading year at the NSE in Lagos, recently

2018: Experts Remain Bullish on Nigerian Equities Market Goddy Egene Group Business Editor

Chika Amanze-Nwachuku AgriBusiness/Industry Editor

Jonathan Eze

Comms/e-Business Editor

Emma Okonji

Capital Market Editor

Goddy Egene

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

Nume Ekeghe (Money Market) Nosa Alekhuogie (AgriBusiness)

Following the positive performance recorded by the Nigerian equities market in 2017, more analysts are optimistic that the bulls will remain in control in 2018. After three years of consecutive losses, the Nigerian bourse rebounded in 2017 and posted a growth of 42.3 per cent. Assessing the market performance for 2017, analysts at Afrinvest said at the start of the year, performance was underwhelming against the backdrop of elevated macroeconomic risk and FX market distortions which weighed on sentiment. They noted, however, that improved flexibility with regards

to administrative structure of the FX market â€“ particularly the introduction of the Investorsâ€™ & Exportersâ€™(I&E) Window â€“ at the turn of the first quarter(Q1) marked a turning point in FX market stability and investorsâ€™ perception of the Nigerian market. â€œSentiment was further bolstered by resilient corporate earnings, recovery in the oil market and improved domestic oil production which moderated the risk profile of the Nigerian economy. These fuelled a year-round bull run on the Nigerian bourse, with the All Share Index touching a 3-year high of 39,534.14 in the first week of December, eventually closing the year at

38,243.19,â€? they said. Looking ahead, the Afrinvest analysts said they remain bullish on the market performance in 2018. They said: â€œOur near term outlook for the equity market remains positive due to improving fiscal and current account balances â€“ supported by rising oil prices â€“ which is expected to have positive knock-on impacts on FX market stability and earnings. However, a major downside risk is the upcoming general elections which could weigh on polity stability and lead to more short-term thinking in economic policymaking.â€? Last week, Vetiva Research has projected continuous growth in the equities market in 2018

â€œDespite the 2017 equity market rally driven by a partial liberalisation of the countryâ€™s exchange rate regime, the Nigerian Stock Exchange remains relatively undervalued,â€? analysts from the firm had said. They projected further gains for the equities market in 2018, with an estimated full year return of between 15 per cent and 20 per cent. Vetiva also presented its â€œ10 High Conviction Stocksâ€? for 2018, representing key counters on the NSE that present strong fundamentals and are expected to outperform the market in the year. With their â€œ10 High Conviction Stocksâ€? outperforming the board market return by 15 per cent and 16 per cent in 2016 and 2017

respectively, Vetiva highlighted Tier II banking stocks amongst others as key recommendations for 2018. On the broader economy, Head of Vetiva Research, Olalekan Olabode, said: â€œAs the Nigerian economy continues its recovery, possible political tension ahead of 2019 elections could cap gains from the wider economy. The second half of 2018 is likely to be blurred by possible political and social volatilities, whilst electioneering could potentially distract policy-makers and delay investment. The silver lining can be found in Nigeriaâ€™s more mature democracy in terms of credibility and transition, ensuring that the economy progresses relatively unencumbered.â€?

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BUSINESSWORLD

MARKET REPORT

After Three Years, Equities Market Rebounds with 42.3% Growth Goddy Egene and Nosa Alekhuogie

0.27 per cent to close to 37,990.74. The appreciation recorded in the share prices of GTBank, FBN Holdings Plc, Nigerian Breweries Plc, Lafarge Africa and UBA were mainly responsible for the gain recorded on that day. The three most actively traded stocks were: Transcorp (100.55 million shares), FBN Holdings (45.71 million shares) and Fidelity Bank (42.24 million shares). On the Friday, which was the last trading day of 2017, the market remained bullish with a growth of 0.66 per cent. Consequently, the index closed the year at 38,243.19, up 42.3 per cent for the year.

The Nigerian bourse recorded a growth of 42.3per cent in 2017, the first positive performance in three years. The Nigerian Stock Exchange (NSE) All-Share Index NSE ASI from 26,874.62 at the beginning of the year to close at 38,243.19 last Friday, while market capitalisation added N4.36 trillion to close higher at N13.61 trillion. The Nigerian market recorded one the best performance globally in Africa in 2017. The level of trading in the secondary market also witnessed improvement last year as the volume of transactions and market value advanced by 6.94 per cent and 108.50 per cent respectively. Similarly, a total of 67 stocks appreciated in 2017, as against 38 that depreciated. The Nigerian equities market had suffered decline in 2014, 2015 and 2016 before the rebound in 2017. Commenting on the performance of the market analysts at Meristem Securities Limited said positive sentiments dominated as investor confidence was restored following release of impressive financial scorecards, alongside developments such as the increase of Nigeriaâ€™s weighting in Morgan Stanley Capital International (MSCI) Frontier Market Indexes and the introduction of the Investorsâ€™ and Exportersâ€™ (I&E) FX window in April which increased the participation of investors in the equities market. â€œGiven that we expect the Nigerian economy to maintain its steady growth, we do not expect the market to deviate from its current trend, hence, we opine that this positive momentum will be sustained in 2018, albeit at a slower pace on the back of the high base effect in 2017,â€? they said. Daily Market Performance Meanwhile, a review of the performance of the market in the last week of the year, that it actually declined, while activity was lower because the market opened for only three days. This was due to the fact Monday and Tuesday were declared public holiday. The market had commenced the week on negative note as investors continued to sell to meet cash needs in this festive period. Although there has been sell pressure, following profit taking by investors, the market closed higher the previous week on bargain hunting. However, when trading resumed on Wednesday the index fell by 1.64 per cent to close at 37,889.57, while market capitalisation shed N225.1 billion to close lower at N13.48 trillion. A total of 22 stocks depreciated compared with 14 stocks that appreciated. Analysts at Meristem Securities Limited had attributed the bearish trading to decline in the share price of Dangote Cement Plc among other highly capitalised stocks. â€œThe market closed down following the N9.50 price loss on Dangote Cement Plc, which dragged the market. We, however, note the strong selling pressures on other heavyweight counters as even the NSE 30 which tracks the most capitalised stocks and accounted for 87.90 per cent of todayâ€™s market value, closed down by 1.31 per cent with a breadth of 0.21x. We expect this downbeat mood to be upturned by the end of the week,â€? they said. But the highest price losers in percentage terms was Okomu Oil Palm Plc with 5.0 per cent, trailed by Omoluabi Microfinance Bank Plc and Presco Plc with 4.8 per cent apiece.

McNichols appreciated by 4.7 per cent, while Nigerian Breweries Plc shed 4.2 per cent. Nigerian Aviation Handling Company Plc, Dangote Cement Plc and PZ Cussons Nigeria Plc went down by 4.1 per cent, 3.9 per cent and 3.5 per cent in that order. Ecobank Transnational Incorporated(ETI) was also among the price losers, shedding 2.8 per cent. The Togo-based holding company of the pan-African Ecobank Group, last week announced the closing of a $ 200 million 5- 7 year syndicated

debt facility with FMO, the Dutch development bank. Commenting on the loan facility, Ecobank Group Chief Executive Officer, Ade Ayeyemi, said: â€œ â€œETI is pleased to conclude this financing arrangement with FMO, who have been able to bring a significant number of players to the financing table. The transaction will greatly enhance our capacity to serve our SME clients, who continue to be a very important market segment for us.â€? Chief Executive Officer at FMO, JĂźrgen Rigterink, said: â€œFMO is proud

to have arranged this successful syndicated loan agreement for our long-standing partner Ecobank Group. Through this investment we support small and medium-sized enterprises in some of the most under-banked countries in Africa. Although SMEs in these countries provide the majority of jobs, their access to finance remains limited. We are really happy to bring new investors to these markets and help to spur economic growth where it is needed most.â€? The market rebounded on Thursday with the index, rising by

Market Turnover A further analysis of the performance showed that investors traded 1.310 billion shares worth N12.635 billion in 9,016 deals, compared with 2.243 billion shares valued at N139.789 billion that exchanged hands in 18,466 deals the previous week. The Financial Services Industry led the activity chart with 886.327 million shares valued at N4.829 billion traded in 4,998 deals, thus contributing 67.68 per cent and 38.22 per cent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 307.946 million shares worth N466.045 million in 471 deals. The third place was occupied by Consumer Goods Industry with a turnover of 61.258 million shares worth N1.507 billion in 2,001 deals. Trading in the top three equities namely â€“ Transnational Corporation of Nigeria Plc, AIICO Insurance Plc Cement Plc and Fidelity Bank Insurance Plc accounted for 736.889 million shares worth N998.336 million in 899 deals. Also traded during the week were a total of 276 units of Exchange Traded Products (ETPs) valued at N9,865.34 executed in 12 deals, compared with a total of 3,070 units valued at N455,245.00 that was transacted two weeks ago in eight week deals. Similarly, a total of 422,672 units of three Federal Government Bonds and one state bond valued at N436.190 million were traded last week week in 20 deals, compared with a total of 3,780 units valued at N3.931 million transacted in 17 deals the previous week. Price Gainers and Losers A total of 32 stocks appreciated in the last week of 2017, lower than 35 of the previous week, while 25 equities depreciated in price, same as the previous week. Double One Plc led the price gainers with 14.4 per cent, trailed by N.E.M Insurance Company Plc with 10.6 per cent, while FCMB Group Plc appreciated by 9.6 per cent. Cadbury Nigeria Plc and Law Union & Rock Insurance Plc went up by 9.3 per cent and 8.4 per cent in that order. Sterling Bank Plc, Nestle Nigeria Plc, Seplat Petroleum Development Company Plc, Total Nigeria Plc and Med-View Airline Plc chalked up 5.4 per cent, 5.0 per cent, 5.0 per cent and 4.7 per cent respectively. Conversely, Omoluabi Mortgage Bank Plc led the price losers with 8.5 per cent, followed by Livestock Feeds Plc with 6.7 per cent. Okomu Oil Palm Plc shed 5.0 per cent, just as Presco Plc, McNichols and Caverton declined by 4.8 per cent, 4.7 per cent and 4.4 per cent in that order. Other top price losers included:Linkage Assurance Plc (4.3 per cent); Dangote Cement Plc(4.2 per cent); Eterna Plc(4.0 per cent) and AXA Mansard Insurance Plc (3.9 per cent).

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BUSINESSWORLD

INSIDE BROAD STREET

A view of Lagos ďŹ nancial district

AKINWUNMI IBRAHIM

Market Awaits Maturing N149bn Treasury Bills Obinna Chima Treasury bills worth N148.86 billion are expected to mature via primary market this week. Owing to this, financial market analysts have predicted a boost in financial system liquidity with resultant decline in interbank lending rates. In the week under review, the interbank lending rates decreased across all tenor buckets amid ease in financial system liquidity. Particularly, treasury bills worth N218.22 billion matured via open market operations (OMO) during the week. Consequently, the Nigerian Interbank Offered Rate (NIBOR) for overnight, 1-month, 3-month and 6-month tenor buckets fell week-on-week to five per cent (from 6.08 per cent), 13.51 per cent (from 15.26 per cent), 15.39 per cent (from16.41 per cent) and 17.19 per cent (18.06 per cent) respectively. Also, the NITTY moderated for most maturities tracked, following renewed buy pressure as yields on the 1-month, 6-month and 12-month maturities fell to 10.24 per cent (from 11.31 per cent), 14.82 per cent (from 15.20 per cent) and 16.32 per cent (16.41 per cent) respectively. However, yields on the three months rose to 12.93 per cent (from 12.89 per cent). Forex Market According to analysts at Lagos-based Cowry Assets Management Limited, in the just concluded week, the local currency appreciated week-on-week in most foreign exchange market segments. The naira/dollar appreciated at the Investors and Exportersâ€™ window (I & E window), the Bureau De Change (BDC) and the parallel market by 0.14 per cent, 0.28 per cent and 0.27 per cent to N360.33 to the dollar, N360 to the dollar and N364 to the dollar respectively, while it closed steady against the dollar at the interbank foreign exchange market segment at N330 to the dollar. Meanwhile, all dated forward contracts at the interbank over-the-counter (OTC) segment appreciated amid sustained increase in the forex reserves -the spot , 1-month, 2-month, 3-month and 6-month contracts appreciated week-on-week by 0.05 per cent,

MARKET INDICATOR 0.28 per cent, 0.36 per cent, 0.38 per cent and 0.54 per cent, to close at N306 to the dollar, N363.85 to the dollar , N367.89 to the dollar, N372.42 to the dollar and N378.30 to the dollar respectively. â€œThis week, we retain our favourable outlook for the exchange rate amid sustained stability in global crude oil prices which should result in further build-up in foreign reserves as well as the CBNâ€™s continued intervention to meet demand at the interbank foreign exchange market,â€? Cowry Assets analysts stated. Bond Market Also, last week, prices of FGN bonds traded at the OTC segment depreciated for the 20-year, 10 per cent FGN July 2030 and 7-year, 16 per cent FGN July 2019 papers by N0.22 and N0.29; corresponding yields rose to N14.16 per cent (from 14.11%) and 14.36 per cent (from14.15 per cent) respectively. However, the 10-year 16.39 per cent FGN Jan 2022 debt and the 5-year 14.50 FGN Jul 2021 debt remained flattish week-on-week as yields stayed at 14.03 per cent and 13.95 per cent respectively. Elsewhere, FGN Eurobond prices traded on the London Stock Exchange appreciated in value for all the maturities tracked amid renewed bargain hunting. The 10-year, 6.75 per cent Jan 28, 2021, the 5-year, 5.13 per cent Jul 12, 2018 and 10-year, 6.38 Jul 12, 2023 bonds appreciated by $0.01 (yield fell to 4.58 per cent from 4.59 per cent), $0.04 (yield fell to 3.31 per cent from 3.44 per cent) and $0.09 (yield fell to 5.10 per cent) respectively. â€œThis week, we expect increases in the bond prices at the OTC market on the back of expected ease in financial system liquidity,â€? they added. Crude Oil Price Oil price last Wednesday hit $67 per barrel for the first time since May 2015, before dropping to $66.27 despite the supply disruptions in Libya and the North Sea. The prices of both crude futures fell after

hitting a near two-and-a-half year high in the previous session as analysts said the rally was gradually running out of steam. While Brent crude futures dropped to $66.27 a barrel, after breaking through $67 for the first time since May 2015, the United States West Texas Intermediate (WTI) crude futures were at $59.53 a barrel. WTI broke through $60 a barrel for the first time since June 2015 in the previous session. On Tuesday, Libya lost around 90,000 barrels per day (bpd) of crude oil supplies from a blast on a pipeline feeding Es Sider port. Repair of the pipeline could take about one week but will not have a major impact on exports, the head of Libyan state oil firm NOC told Reuters on Wednesday. The Libyan outage added to supply disruptions of recent weeks, which also included the closure of Britainâ€™s largest Forties pipeline. On Wednesday, Forties was pumping at half its normal capacity and its operator was pledging to resume full flows in early January. January MPC Meeting Following the refusal of the Senate to consider President Muhammadu Buhariâ€™s nominees for the vacant positions in the Monetary Policy Committee (MPC), its first meeting for 2018, scheduled for the third week of January, might not hold due to lack of quorum. By the end of this year, eight positions in the 12-member committee would have become vacant, making it impossible for it to form the quorum required for it to meet. The president had in October nominated Mrs. Aisha Ahmad as a deputy governor of the Central Bank of Nigeria (CBN) to replace Dr. Sarah Alade, who retired from the bank in June. He also nominated Professor Adeola Festus Adenikinju, Dr. Aliyu Rafindadi Sanusi, Dr. Robert Chikwendu Asogwa and Dr. Asheikh A. Maidugu as members to fill the positions of four others whose tenure would expire at the end of the year. Meanwhile, Alhaji Suleiman Barau, another deputy governor of the central bank, who is also a member of the committee, retired recently. The president is yet to name a replacement for him.

But upon the receipt of the nominations, the Senate said it would not consider them in line with its resolution to suspend all executive confirmation requests for positions not listed in the 1999 Constitution as amended until the Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Magu, was removed. The Senate last week adjourned to January 9 for its Christmas/New Year recess, while plenary session would begin on January 16. This development has made uncertain the January meeting of the committee, which has operational independence in setting interest rate as well as designing monetary policy for the country. Revenue Loss Nigeria lost 54.6 per cent of oil revenue, amounting to $29.7 billion that it may have earn from its sales of crude oil in 2015 if the prices of oil in the international market did not drop from $101.91 that it was in 2014 to $52.16 in 2015, an audit report from the Nigeria Extractive Industries Transparency Initiative (NEITI) disclosed last week. The report released in Abuja by NEITI, covered operations in the countryâ€™s oil and gas industry for the period of 2015. It also disclosed that within that period, a total of $597.8 million was taken from the $4.37 billion that was earmarked and remitted into the joint venture (JV) operations cash call account, maintained by the country to fund oil production between it and International Oil Companies (IOCs), and paid to the National Intelligence Agency (NIA), the Nigerian Navy, and a host of others. It said the $597.8 million expenditure from the JV cash call account was classified as non-cash call items by the Nigerian National Petroleum Corporation (NNPC). The report, which highlighted a couple of other findings, including the losses recorded by Nigeria from oil theft, irregular product swap arrangements, and transactions the NEITI considered uneconomical, that revenues from sales of oil and gas plunged from $54.5 billion in 2014 to $24.8 billion in 2015. It, however, noted that this was despite the countryâ€™s overall oil production falling slightly from 798 million barrels (mb) in 2014 to 776mb in 2015.

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NIPR Honours Emefiele, Ojobo, Others for Exemplary Leadership The Nigerian Institute of Public Relations (NIPR), at the weekend in Lagos, recognised the Central Bank Governor, Mr. Godwin Emefiele and the Public Affairs Director at the Nigerian Communications Commission (NCC), Mr. Tony Ojobo for their outstanding roles in leadership position, that have positively affected the lives of customers and telecoms consumers alike. The duo were honoured alongside with the Public Relations Officer of the Nigeria Police

Force, Mr. Moshood Jimoh; the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote; the Permanent Secretary, Ministry of Investment, Commerce and Industry, Akwa Ibom State, Mr. Oliver Otu Udoukpo; the Group Head, Corporate Communications, First Bank of Nigeria, Mrs. Folake AniMumuney, among others. While Emefiele was honoured with honorary award for his

exemplary leadership role in the financial sector, Ojobo and others were honoured as the PR Personality of the Year 2017. Giving reasons for the selection of the awardees, the President, NIPR, Dr. Rotimi Oladele, told newsmen that the awardees were carefully selected because of their commitment in bringing satisfaction to the people they represent at the various sectors on the Nigerian economy. According to him, Ojobo in particular has

shown clear commitment and passion for the PR profession and has touched several lives in the course of discharging his duties as public relations professional in the telecoms space. â€œOjobo is passionate about his job, he loves professionalism and we singled him out for the things he stand for, which are commitment to duty, humility and upholding ethical professionalism in the public relation space,â€? Oladele said.

Expressing his joy for the award, Ojobo said: â€œI am very happy to be honoured with the PR Personality of the Year Award by my professional body, the Nigerian Institute of Public Relations. It goes to show that some of the little things we do to drive advocacy and protect consumersâ€™ interest, are being recognised by Nigerians. â€œI dedicate the award to God and to NCC for giving me the platform to express myself

on my job. At NCC, we will continue to do what we are doing and improve on what we do to address telecoms consumers and operatorsâ€™ concerns. I believe in professionalism and I want to leave a legacy and maintain the set standard.â€? NCC serves over 150 million subscribers and it is challenging to do so because of the huge number but we will continue to work for the common good of the telecoms consumers, Ojobo added.

Youth Corps Member Wins Ford Car in Jumia Black Friday Promo A 22 year old youth corps member from Imo State, has passed out from the recent batch of the National Youth Service Corps with a brand new Ford Figo car, courtesy of the Jumia Black Friday promo sales, which ran from November 13 to December 13, 2017. Jumia, an online market place, had partnered Coscharis Motors, makers of Ford brand of cars, for a discounted sales on all its brand of cars during the Jumia Black Friday sales. The climax of the sale, is the promo sales, where Coscharis gave out one of its Ford Figo cars, which sells for N5 million, as prize for the promo sales. FCMB also partnered Jumia to provide 10 per cent discount on every purchase made on Jumia website during the promo period, while using the FCMB debit card as means of payment. The winner, Clinton Nnajiaku, who served with Eko Electricity in Lagos, won the car promo prize by shopping online on Jumia website, during the Jumia Black Friday sales. Expressing his joy, during the car presentation in Lagos, Nnajiaku said he was delighted to have won a brand new Ford Figo car. According to him, â€œI was saving N30, 000 to purchase a 18 Play Station gaming device, but while browsing online during the Jumia Black Friday sales, I saw it at N15, 000 and I confirmed

it to be of high quality and I quickly paid with my FCMB debit card and got a 10 per cent discount from the bank. I ended up buying it for N13,500 and I was happy it was a good buy, the delivery was fast and safe. â€œFew weeks later, I got a call from Jumia that I have won a brand new Ford Figo car and I was so glad, because what that means is that I am passing out from the National Youth Service Corps with a brand new car. I thank Coscharis for giving away the car through promo. I am one person that believes in hardwork and so my philosophy has always been that people must work hard to earn anything, but I have won the promo car without hardwork and I thank God Almighty for that.â€? Presenting the car to the winner, the General Manager, Marketing and Corporate Communications at Coscharis Group, Mr. Abiona Babarinde, said the gesture to give away the car, was based on the partnership between Coscharis and Jumia for the first time on Black Friday sales. He explained that Cosharis cars were sold during the Black Friday sales for a discount of between 20 per cent to 60 per cent, depending on the brand of car. â€œThe partnership between Jumia and Coscharis is key to our business and designed to further showcase our brand,â€? Babarinde said.

MTNâ€™s â€˜Season of Surprisesâ€™ Initiative Closes MTNâ€™s unique give-back initiative tagged â€˜Season of Surprisesâ€™ came to a formal close on Saturday December 23, 2017. It was initiated by the company to express appreciation to Nigerians across the country. Speaking on the initiative, Chief Operating Officer, MTN Nigeria; Muhammad Zia Siddiqui said it was borne out of a desire to give back. According to him, it is MTNâ€™s way of expressing love and appreciation to the public. â€œWe believe in giving back, irrespective of tribe, age, status and telco affiliation. In the spirit of the season, we are expressing sincere appreciation and saying thank you to allâ€? he said. Nigerians have in turn commended MTN for this initiative describing it as a thoughtful and kind gesture by the company. For instance, Johnson Nwani in Enugu State, who received a

gift courtesy of the campaign stated that through the initiative, the brand has truly shown genuine care for Nigerians. While commending MTN for touching lives irrespective of their network operator, the 43- year old trader further called on other corporate entities to emulate the company. â€œWhat MTN has done is a clear indicator that the brand truly cares for Nigerians and we are delighted. This is not the first time that Iâ€™m receiving freebies from a company but I feel especially appreciated today because the Season of Surprises is different from others. I hope that other companies will borrow a leaf from MTN,â€? he said. The â€˜Season of Surprisesâ€™ train passed through some states across the federation including Abuja where shoppers in major shopping malls were handed shopping vouchers from MTN to pay for their purchases.

COURTESY VISITT

L-R: Country Head (Nigeria), Commonwealth Enterprises and Investment Council (CWEIC), Obinna Anyanwu; Vice Chairman, Famfa Oil Limited and International Advisory Board Member of CWEIC, Mrs. Folorunso Alakija; and the Councilâ€™s CEO, Richard Burge, during a courtesy visit to companyâ€™s head oďŹƒce in Lagosâ€Śrecently

Sunnet Wins Multiple Awards at NTITA 2017 Forum Sunnet, a system integrator for organisations that use technology to manage and optimise their businesses, has won two prestigious awards at the first edition of the Nigeria Tech Innovation and Telecoms (NTITA) Awards organised by the Association of Telecoms Companies of Nigeria (ATCON). The awards are the ICT Company of the Year and ICT CEO of the Year 2017. The Managing Director and Chief Executive Officer of the Company, Mr. Paul Olagunju , who received the two awards alongside his winning team from Sunnet, thanked the organisers of the event for recognising their efforts in the industry. Olagunju disclosed that Sunnet was committed towards adding value to the services of its array of clients that are spread across

all sectors of the economy, using innovation and cutting-edge technology that will help their business grow beyond bounds. Speaking on the preparation before the winning, Olagunju said receiving such award required lots of dedication and efforts towards being the best in service delivery and relationship with customers, stressing that Sunnet truly deserve the award because it has always stood unique from its competitors. The award, which further demonstrates its passion for technological innovation, creativity and desire to always put her customers first by offering excellence services, puts the brand ahead of others. According to him, Sunnet is an internationally recognised Information Communication Technology (ICT) service pro-

vider that develops integrated, state of the art software solutions and products that are uniquely designed to enhance the growth of businesses in all economic spheres. He noted that the award, which is result of hard work by the diligent team at Sunnet, is a motivation to work harder, saying that over the years, it has evolved into an IT Powerhouse with a focus of enabling businesses through the strategic partnerships with world class organisations. He added that while not resting on its oars, the bottom line for the brand is the enhancement of African business growth through its uniquely designed products and services. â€œCurrently Sunnet is fully operational in Lagos, Abuja, Port-Harcourt, Accra and Ghana.

The company has successfully deployed its services in Nigeria, Ghana, Sierra Leone, Liberia, Benin, Lome, Burkina Faso, Ivory Coast, Burundi, Cameroon and Congo and the award is a call to look forward to expanding to the other parts of Africa and beyond,â€? Olagunju said. He called for respite for telecos in the area of multiple taxation, adding that there should be synergy between all organs of government on its taxation implementation policy. He noted that multiple taxation remained a high element cost that prevents companies from achieving its full potentials as well as a strain on re-investment adding that government should urgently address the challenge to further enhance the growth of the ICT industry.

CITN Confers Fellowship Awards on Members In line with its professional conduct, the Chartered Institute of Taxation of Nigeria (CITN), conferred fellowship awards to qualified members. The ceremony, which took place during the organisationâ€™s Annual Dinner Awards and Fellowship Conferment held in Lagos recently, saw 308 members receiving various categories of Fellowship Awards respectively. The President, CITN, Dr.

Cyril Ikemefuna Ede during his special, said the ceremony was for members who had applied and fulfilled conditions set by the Council. â€œThe award segment of this ceremony was put on hold by Council this year to allow us to reappraise the process to make it more glamorous and appealing, â€œEde said. While congratulating the awardees, he explained the

award is an indication of their progression as members of CITN tax professionals. Ede also pointed out that the elevation comes with responsibilities that also require higher levels of professionalism geared at improving the profession towards moving the Institute forward. He, however, urged them to devote time and energy by engaging in laudable ventures that

would promote the profession and the Institute sustainability. â€œCITN has continued to play its role in the tax system with emphasis on its statutory responsibilities as spelt out in the Chartered, â€œhe said. Additionally, Ede noted that CITN is happy the government harkened to its call for renewed emphasis on taxation for effective revenue mobilisation both in words and action.

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ANALYSIS

Adeduntan: Fiscal and Monetary Policies are Working Together for Accelerated Growth The Managing Director/CEO of First Bank of Nigeria Limited and Subsidiaries, Dr. Adesola Adeduntan, in this exclusive interview with Chika Amanze-Nwachuku, Nume Ekeghe and Ugo Aliogo, spoke extensively on sundry issues in the financial sector as well as the economic outlook for 2018. Excerpts: Year 2017 was a very tough year for the banking industry in particular. Can you give a general assessment of the banking sector and the economy as a whole for the year 2017? 2017 started off on a very tough note. If you recall, we ended 2016 with declining productivity with gross domestic product (GDP) contraction which started in 2016 and that went on for the first quarter of 2017. But what has also happened in 2017 with the GDP result for Q2 and Q3 have shown that the economy is out of recession. And with the economy being out of recession, there is a positive outlook. A key driver of the positive outlook is the positive outlook for oil as Nigeria remains â€˜an oil storyâ€™. With the positive trajectory that the oil prices have taken and the success the government has recorded in maintaining peace in the Niger Delta, the production of crude oil has stabilised and the price of crude oil has moved up. So we have been able to earn money much more than we did in 2015 and in 2016. So that basically has flowed into the economy. Even though the year started on a very difficult note, what we have seen is that there is gradual easing especially when you look at supply of foreign currency and that has impacted on the performance of the banks and all the sectors of the economy in general. You would also agree with me that the various initiatives of the Central Bank of Nigeria (CBN) that formally commutated in the opening of Investors & Exporters (I&E)-window has also eased the supply of foreign currency into the economy. That has also impacted positively on the activities of the Nigerian Stock Exchange(NSE) and you can see some rebound in the activities at the stock exchange. Generally, things are trending north and getting better. Our expectation of 2018 is that it would be a much better year than 2017 on the back of the relative stability of the price of crude oil and governmentâ€™s success in restoring peace in the Niger Delta. These would improve governmentâ€™s revenue receipts in foreign currency and there should be more foreign currency that should be largely available in the economy. The introduction of I&E window by the central bank has also allowed the return of foreign portfolio investors into Nigeria which also means the supply of foreign currency into the economy would also improve. Do you think the country is on the right track in terms of its fiscal and monetary policies? What is clear is that fiscal and monetary policies are all working towards accelerated growth in 2018. That is the objective that has been stated by the government and all the necessary building blocks in my view are being put in place to ensure the economy grows. Even though we are out of a recession, imagine that our population growth rate is somewhere between 2.8 to 3percent and the last Q3 growth rate was 1.4. For the economy to grow and pull more and more people out of poverty, our economic growth rate needs to be much higher than where it is now. The kind of growth that is required is around 6 to 7 percent for us to get more people out of the poverty . The implication is that the engine of the economy must be fired up more significantly in 2018 to ensure that the growth rate far exceeds where it is today, so we can get more people out of poverty.

Adeduntan

Speaking of growth rates, SMEâ€™s are the driving factor to this growth; are there plans to increase credit to SMEâ€™s? I would take that question from two perspectives; from the perspective of FirstBank and also from the perspective of the banking industry. As you are aware, the Bankers Committee, which is the committee of the central bank and that of the Chief Executive Officers (CEOs) of banks just concluded our annual retreat some weeks back and financing SMEs was actually a major part of that. You would also remember that in late 2016 and early 2017, the bankers committee committed 5 percent of all banks profit after tax for investment in SMEs in general. Part of what we did at this last retreat was to look at how to further accelerate the deployment of that fund in a way that allows for growth. The modalities are still being fine-tuned. But what is clear is that the bankers committee led by the Governor of Central Bank of Nigeria, actually mean

If you followed our results quarter on quarter (qoq), you would discover that our NPLs have been trending downwards. We have come down from close to 30 per cent and we are now below 20 per cent which is quite signiďŹ cant. As we journey into 2018, we expect further reduction in the course of 2018 until we work it down to a level we believe is commensurate with our type of business

business and we want to actually push that money out aggressively into the economy. We believe that this economy would only grow at the right pace when we empower SMEs. For FirstBank specifically, we have always been the biggest lender to the SME sector. We have a partnership with the Lagos business school where we train SMEs. We also have our SME tool kit through which they further enhance their capabilities. We will continue to play our own part to accelerate the sustainable growth of SMEs. At FirstBank, it is not always about profitability, we are also concerned about the overall growth of the economy which is why we have always been present in all the key strategic sectors of the economy. Our goal and ambition is that we would continue to lend to SMEs to support their various growth initiatives. Continued on page 29

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INTERVIEW

ADEDUNTAN: FISCAL AND MONETARY POLICIES ARE WORKING TOGETHER FOR ACCELERATED GROWTH Still on SMEs, the CBN recently said it would lower Cash Reserve Ratio (CRR) to SME friendly banks. Would this serve as an incentive? It would surely serve as an incentive. I cannot be specific on what we discussed at the meeting but we looked at several ways in which we can channel more resources into that segment of the economy and what you said is just one out of the several things I believe is in the offing. Like I said, at the bankers committee, we are fully convinced that we must put the financing of SMEs as priority. When we release the modalities for this fund I mentioned about, the country would hail the bankers committee. Can you give us an update on nonperforming loans (NPLs)? If you followed our results quarter on quarter (qoq), you would discover that our NPLs have been trending downwards. We have come down from close to 30 per cent and we are now below 20 per cent which is quite significant. As we journey into 2018, we expect further reduction in the course of 2018 until we work it down to a level we believe is commensurate with our type of business. What is also important to highlight over NPLs is the very strong growth that the bank has recorded in terms of topline numbers which is quite significant for a bank of our size. We have grown about 6 percent year on year (YoY). We are strategically repositioning the institution more as a transactions-led institution rather than a credit-led institution and that basically has defined what we are doing around digital banking and transaction banking. Today as I speak with you, we are the first financial institution in Nigeria and the second financial institution in Africa that has issued 10million cards to its customers. Also, as I speak to you today, we have close to 6 million customers on our various digital banking platforms and that is also quite significant and is the largest number in the industry. We are achieving our strategic objectives of migrating more and more of our customers away from our branches on to our various digital platforms. Indeed as I speak to you today again, over 75 percent of our customer induced transactions are initiated via our alternative channels. This means that less than 25 percent of our transactions take place in the branches. When you are looking at that bank that has been quite successful in making the transition from being a branch-led type of bank into a digital-led institution, it is FirstBank. That doesnâ€™t mean that our branch networks are not important, but gradually more transactions are now taking place on our various alternative channels. What then is the fate of traditional banking, are you considering closing down some of your branches? For now, the answer is no. One of the things we are working on and we are hoping to launch on a very large scale is our agency banking. We are currently coming to the conclusion of the piloting stage of our agency banking. We are piloting in six states in the six geopolitical zones and that pilot scheme should come to an end at the end of 2017. We expect that to launch across the entire country in the Q1 2018 and for you to be successful with agency banking, you would still need your brick and mortar branches in a hub-and-spoke arrangement. We believe some of the branches may after that become redundant and it is only at that time we may consider closing some of those branches. But for now, a significant number of them are still required and we still havenâ€™t achieved the kind of milestone that we ought to achieve as a country from a financial inclusion perspective. At FirstBank, we want to be a leader in that space by deepening financial inclusion and enhancing financial penetration in our country. We currently have over 700 branches spread across the entire country plus a number of agents we are hoping to onboard in 2018.

Adeduntan

We believe that not only are we chasing profitability, but we are also a key strategic partner to the government in pushing economic empowerment and development and that is what our agency banking is aiming to do. What are your projections for retail lending in 2018? We currently have by far the largest retail footprints. With the improvement in government earnings, we have seen improvement in salary payments. President Muhammadu Buhari recently directed that all states should pay the backlog of salaries and once salary payments become regular, it brings some predictability into the cash flow of workers in general and then you can provide financing to them on the back of that. There is a tag on effect that affects the entire economy. The more consumption, the more investment people make, the higher the economic activities. We expect that this general positive environment that has resulted in more earnings to government would pervade the entire economy and there would be higher and faster economic growth in the course of 2018. Still on lending, CBN warned it would blacklist loan defaulters. Can you give some insights into how that can work? Also, given the high NPLs your bank has experienced, are you going to take more precautions towards lending going forward? We have successfully rebuilt our credit risk management system such that it can

Today as I speak with you, we are the ďŹ rst ďŹ nancial institution in Nigeria and the second ďŹ nancial institution in Africa that has issued 10million cards to its customers. Also, as I speak to you today, we have close to 6 million customers on our various digital banking platforms and that is also quite signiďŹ cant and is the largest number in the industry

withstand shocks and irrespective of the stage of the economic cycle, we have what it takes to be able to ride that particular wave. So we have strengthened our capability in terms of people, processes, and policies and we have also implemented technology solutions that strengthen that entire risk management framework. For us, we believe we have the right framework, the right policies and the right people to ensure that the kind of NPLs we have experienced in the past would never reoccur again. That for me was my most important assignment upon assumption of office as the Chief Executive of the Bank and it is one of the legacies that I hope to bequeath to the next generation of leaders of our iconic bank. The central bank as a regulator to the entire industry is doing a lot to strengthen the overall credit environment and I am aware that there are lots of things they are working on. A key part of it is the credit bureau. Also the BVN is an initiative of the bankers committee. All of them are aimed at strengthening the entire economy. Part of the challenges we have always had before was how to fully identify a borrower because a retail borrower can show up in bank A as Mr. A and then show up in another bank as Mr. B., but with the advent of the BVN, that has become an obsolete thing. There are series of initiatives that in the fullness of time would strengthen the overall economy and it would make lending much safer. You assumed ofďŹ ce about two years ago, can you give us your scorecard? One of the objectives we set for ourselves when we assumed office in January 2016, was to make this bank a digitised bank. I mentioned earlier during this interview that today we have about six million customers on our various digital platforms, so that is quite significant. I also mentioned that FirstBank is the first Nigerian financial institution to have issued 10 million cards to our customers. Also, not only are we the first institution to have done that in Nigeria, we are actually the second financial institution on the continent of Africa to have done that. Over the last two years, we have also increased our equity holding in FBN Bank DR Congo, (Democratic Republic of Congo) from 75 percent equity holding to 100 percent equity holding. We evaluated the business opportunity in DRC and we came to the conclusion that it is a market that holds significant upsides if we can tap it. It is a

country of about 80 million people with a land mass 2 to 3 times of Nigeria. We also looked at the stage of evolution of the banking industry and we believe that FirstBank can play a prominent role in assisting that country to leapfrog itâ€™s banking industry. I have also mentioned that our NPL ratio has trended down significantly from about 30 percent to now less than 20 percent. The other key matrices we have worked on significantly are our cost to income ratio. When you look back to this bank about three years ago, cost to income ratio used to be in the sixties, today we have worked it down successfully to the mid-fifties. Over the last year, the listed entity which is FBN Holdings Plc share price has moved up by more than 170 per cent. Today, the stock has become a darling of the stock exchange. The investment community has seen value and they have seen what we are doing and that we are making long term structural changes to the institution that would ensure sustainable growth and earnings going into the future. Not only are we repositioning the institution, the investment community are already seeing a significant upside That is the best barometer. Our share prices have moved from a low of about N2.80 and we actually closed yesterday (Dec. 20) at about N9. All these have happened within the last two years. For us, we believe that the future is very bright and the changes we are making are not cosmetic; they are fundamental changes to the way the institution is being run. The changes run very deep into the structure and culture of the institution There was actually a very interesting report on FBN Holdings by Rencap recently and you would see that the investment communities are seeing the changes we are making and the transformation we are undertaking and they believe it is much more different from what has happened in the past. They believe we are going about it in a more sustainable way and all our stakeholders, not just our shareholders would see the upside. That is our commitment to the market. The Board of Directors of FirstBank and that of the listed entity FBN Holdings Plc have equally been very supportive of the various changes. What should customers expect from FirstBank in 2018? In 2018, our customers should expect to continue to enjoy unparalleled excellent customer experience. We remain open for business; we have one of the strongest liquidity in the market (indeed our liquidity ratio has consistently been in region of 50%), so we would continue to lend. Equally very important is that we are building a culture of innovation so they should also expect more innovative products from our bank in the course of 2018. What is your outlook for the Nigerian economy in 2018? We are all going into 2018 much more optimistic than we were at about this time last year. We have seen the budget of the Federal Government and majority of the state governments. We have seen the fiscal and the monetary policy stands of both the federal government and the Central Bank of Nigeria and we are all optimistic that 2018 would be a much better year than 2017. We do have opportunity to significantly grow the economy that would enable a much bigger part of the population to benefit from the upside. As I mentioned earlier that with a population growth rate of about 2.8 percent, we need to at least grow the economy at the rate of about 6-7 percent for that growth to have meaningful impact on the quality of living of the generality of our citizens. At FirstBank, the oldest and largest financial institution in Nigeria, we are poised to play our own role as always, we would be at the forefront of innovation and we would also be at the forefront of control lending to our various customers as part of the need to engender the growth of the entire economy. So we are quite optimistic.

T H I S D AY MONDAY JANUARY 1, 2018

T H I S D AY Ëž Ëœ JANUARY 1, 2018

BUSINESS/MONEYGUIDE

Firm Highlights Benefits of Mutual Fundsâ€™ Investments Obinna Chima Mutual funds provide wealth creation opportunities for low income investors, a report has stated. Mutual funds are pools of funds that a professional fund manager brings together from various investors to invest in selected underlying securities. The underlying securities can be one or a combination of the following: stocks (shares), money market instruments, fixed income securities, real estate, and commodities. According to the report by FSDH Merchant Bank, the pooling of a large number of relatively small investment sums enables low income investors to gain access to all the benefits of a professional investment manager whose job is to deliver superior return on a long-term basis. Most mutual funds are openended investment schemes. This means that the Fund Manager

creates additional units for new investors on demand, based on the Net Asset Value (NAV) per unit and the amount of money to be invested. The Fund Manager is able to provide active liquidity for the mutual fund by creating new units for new investors and redeeming units from existing investors who want to sell units for cash. â€œMutual funds offer a range of benefits to investors including portfolio diversification, lower transaction costs and superior returns. â€œThe existence of a Trustee and Custodian ensures the safety of investments, as the Trustee ensures that the fund is managed in line with approved investment guidelines and the Custodian holds the fund assets. â€œMost importantly, mutual fund investments are affordable for low-income investors as some funds only require an initial investment of N5,000,â€? the report explained. Although mutual fund

assets in Nigeria have grown significantly in the last five years, its ratio to the countryâ€™s Gross Domestic Product (GDP) is very low at 0.33 per cent. The latest data from the Securities and Exchange Commission (SEC) on the NAV of all registered mutual funds in Nigeria had shown that the collective NAV grew by 295 per cent between 2012 and December 8, 2017, to N402 billion. Money Market funds dominated the NAV of mutual funds at 68 per cent. â€œFSDH Research believes low-income investors can take advantage of the investment opportunities in mutual funds to create wealth over a long period of time. â€œOur illustration shows that an investment of N100,000 in a mutual fund can easily grow to N1,083,470.59 in 25 years. â€œThis is possible if the mutual fund earns 10 per cent return consistently on a yearly basis,â€? the report added.

Nigerians Express Mixed Reactions over 2017 The latest poll by NOIPolls has revealed that despite the challenging economic situation and other negative socio-economic indices such as unemployment, inadequate basic social amenities, price inflation, high exchange rate, poverty, among others that characterised 2017, a larger proportion (41 per cent) of the adult population of Nigerian described 2017 as a good year, mainly due to the good health they have enjoyed within the year. On the other hand, 32 percent of Nigerians consider 2017 as a bad year mainly due to bad economy and hardship. Further findings revealed that most Nigerians were mostly concerned about their safety/security and financial status during the holidays. This could be due to the heightened incidences of road accidents, armed robbery and

burglary commonly reported during this season in Nigeria. Moreover, the poll revealed that almost half (45 percent) of adult Nigerians did not travel during the Yuletide holidays while 22 per cent travelled. But, the main expectations of Nigerians for 2018 were business expansion (20 percent), improved economy (17 percent), and more job opportunities (16 percent) amongst other expectations. â€œWhile these expectations are interwoven, the onus is on the government to create an enabling environment for business growth across the country, which will then translate to more job opportunities and an improved economy,â€? the report added. Also, the report indicated that 17 per cent of Nigerians were concerned about their standard of living which is directly proportional to their financial

status and residents from the South-west zone were mostly particular about this issue. The GDP per Capita, in Nigeria, when adjusted by Purchasing Power Parity is equivalent to 31 percent (2,177 USD) of the worldâ€™s average which stands at 16,000 USD. This was reflective of the level of optimism of Nigerians despite any circumstance they might be facing. Also, the poll identified that 23 per cent described the year as â€˜fairâ€™ and the other hand, 32 per cent termed it as a â€œbad yearâ€?. Also, the poll identified that the top three reasons why Nigerians described 2017 so far as fair year were because of poor economic situation (24 percent), slightly improved standard of living (17 percent) and high cost of living (15 percent) amongst other reasons.

FirstBank Gets Recognition in Fight against Electronic Fraud FirstBank Nigeria Limited has announced that it won two of the three awards at the Nigerian Electronic Fraud Forum (NeFF) 2017 aannual dinner and awards night that took place in Lagos recently. The financial institution said in a statement that FirstBankâ€™s FraudDesk emerged as the â€œBest FraudDeskâ€? and the â€œmost Cooperative FraudDeskâ€? in the industry. It explained that the awards were clear recognition of efforts by the bank in combating electronic fraud as well as curbing cyber-crime, thereby frustrating all forms of criminal activities targeted at its valued customers in every nook and cranny of the country. The winner of the respective categories was generated through an industry-wide online survey carried out by the Central Bank of Nigeria in partnership with the Nigeria Interbank Settlement System (NIBBS). The Bank with the majority of votes across all sectors was accorded the winner of the

respective category. According to the statement, the awards proved that investment in security of customersâ€™ funds does have its rewards. It explained that ffollowing the appointment of Dr. Adesola Kazeem Adeduntan as FirstBankâ€™s CEO, its mmanagement embarked on a re-engineering programme of the bankâ€™s technology, operations and up scaling the skill of its personnel with security of its customerâ€™s funds as key priority, given the bankâ€™s massive investments in alternate electronic transaction channels and ttechnology. â€œA key asset in the fight against cybercrime and electronic fraud is FirstBankâ€™s world class Security Operations Center (SOC) and FraudDesk with capability to track and monitor customers transactions and carry out intervention efforts and recovery when the need arise using advanced fraud analytics tools and security systems. â€œFirstBank SOC facility with advanced Security technology runs a 24/7 operation with

highly skilled staff and State of the art security tools and appliances, the department operates within the office of the Group Executive Technology and Servicers Mr. Callistus Obetta,â€? the statement added. In his remarks on the awards, Adeduntan said: â€œGiven the growing adoption of alternative channels by the banking community in Nigeria and the increasing threat posed by cybercriminals on the Nigerian payment system, protecting our customers is a challenge the banking industry will continue to face. â€œThe need to collaborate on all fronts in order to be steps ahead of the cybercriminals remains the only option available to combatting cybercrime which is why FirstBank FraudDesk and other functions within its operation will continue to champion the industry collaborative spirit to ensure security and the protection of evolving electronic payment climate of the financial sector of the Nigerian economy.â€?

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‹

Money Market Indicators (in Percentage) Month

August 2017

Inter-Bank Call Rate

22.63

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

14.00

Treasury Bill Rate

13.35

Savings Deposit Rate

4.08

1 Month Deposit Rate

8.86

3 Months Deposit Rate

10.14

6 Months Deposit Rate

11.51

12 Months Deposit Rate

11.40

Prime Lending rate

17.69

Maximum Lending Rate

31.20 Ëž Ă™Ă˜Ă?ĂžĂ‹ĂœĂŁ Ă™Ă–Ă“Ă?ĂŁ Ă‹ĂžĂ? Ě‹ ÍŻÍąĎą

OPEC DAILY BASKET PRICE AS AT WEDNESDAY DECEBER 20, 2017

The price of OPEC basket of fourteen crudes stood at $62.16 a barrel on Wednesday, compared with $61.72 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), ZaďŹ ro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela) SOURCE: OPEC headquarters, Vienna

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MARKET NEWS

NSE Reviews Composition of Market Indices Goddy Egene The Nigerian Stock Exchange (NSE) has review of the NSE-30, and the seven sectoral indices of the exchange. They are NSE Consumer Goods, NSE Banking, NSE Insurance, NSE Industrial, NSE Oil & Gas, NSE Pension and the NSE Lotus Islamic Indices. These indices are normally reviewed bi-annually (June

and December) except for NSE Pension index that is reviewed once in the year (December). The review process will see the entry of some major companies and the exit of others from the various indices. Following the latest review for last December, three new stocks came into the NSE 30 Index and three exited. Okomu Oil Palm Plc, Presco Plc and Conoil Plc came while Diamond

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Bank Plc, Sterling Bank Plc and Fidelity Bank Plc exited. There were no changes in the NSE Consumer Goods and NSE Banking, NSE Industrial, and NSE Oil/Gas indices. The NSE Insurance Index saw the entry of Prestige Assurance Plc, Sovereign Trust Insurance Plc and Unity Kapital Insurance Plc, just as Equity Assurance Plc, Linkage Assurance Plc and Universal Assurance Plc exited.

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Ecobank Transnational Incorporated, Dangote Flour Mills Plc, United Capital Plc joined NSE Pension Index, while Beta Glass Company Plc, International Breweries Plc and Skye Bank Plc left. Forte Oil Plc entered the NSE Lotus Islamic Index, while Lafarge Africa Plc exited. The NSE-30 and NSE Industrial Indices are modified

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market capitalization index with the numbers of included stocks fixed at 30 and 10, respectively. The stocks are selected based on their market capitalisation from the most liquid sectors. The liquidity is based on the number of times the stock is traded during the preceding two quarters. To be included, the stock must have traded for at least 70 percent of the number of times the

O F

market opened for business. The Nigerian bourse began publishing the NSE 30 Index in February 2009 with index values available from January 1, 2007. On July 1, 2008, the NSE developed four sectoral indices and developed the NSE Pension Index in 2013, with a base value of 1,000 points, designed to provide investable benchmarks to capture the performance of specific sectors.

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T H I S D AY MONDAY JANUARY 1, 2018

Ëœ ÍšËœ ÍşÍ¸ÍšÍś Ëž T H I S D AY

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

POLITICS

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

20 Issues that Will Shape Politics in 2018 While we expect some surprises in the new year, the issues that will dictate the pace of politics in 20118 are already taking shape. Tobi Soniyi, Segun James and Shola Oyeyipo identify 20 of them

olitics and surprises are no strange bed fellows. Although, we expect surprises in the new year, some of the issues that will dictate the pace of politics in 2018 are carry overs from 2017.

1. The Economy. People will remain agitated by the economy in the new year. For many Nigerians, 2017 was a disaster economically. Many are therefore hoping that the federal government will save them the hardship they went through in 2017. They are also looking forward to a better year hoping to recover some lost ground in the new year. But recovering will be tough. This is because, the government does not appear to have the answers to the economic challenges the nation faces. Individuals will have to make adjustments and perfect their surviving strategy in a difficult economic environment. If anything, 2017 should be instructive and should serve as a guide. Head or tail, the economy and its challenges will continue to dominate the headlines in the new year. 2. Herdsmen will Remain on Rampage It has become crystal clear that government has no answers to the challenges posed by marauding herdsmen. Hardly a week passes by without reports of horrendous killings perpetuated by the herdsmen. Last month ten persons were reported dead in Ogabifo, Omala Local Government Area of Kogi State when herdsmen invaded the farming community. The invaders, described as herdsmen, were said to be armed with several weapons, including AK47. The invaders were said to have set several houses and farmlands ablaze, leaving many injured. The attack was said to have been preceded by the invasion of a farmland in the community by the herdsmen and their cattle, who destroyed the crops there. More often than not, government is eerily quiet. But when it speaks, it is the usual lamentation of a helpless government. The assurances often contained in such statements lack believability. By failing to stop these herdsmen, government unwittingly undermines its agriculture policy. Many farmers are now afraid to venture out because of fear of attacks. This in turn makes projection in the agricultural sector unrealisable. The consequence is that, agriculture which President Muhammadu Buhari is banking on to turn the economy around will not perform optimally. Nigerians must therefore prepare to continue to live with the threat posed by these herdsmen while those living in areas highly vulnerable to these attacks will be well advised to make their own security arrangement. 3. Endless Kidnapping Just like they have no answer to the threat posed by herdsmen to the nationâ€™s security, law enforcement agencies have proved incapable of stopping the spate of kidnapping across the country. In 2017 policemen were kidnapped. In the new year, kidnapping will continue. Politicians will become prime targets for kidnappers. 4. Buhari to Continue with Reconciliatory Move Expect the president to continue to adopt more reconciliatory tones. Perhaps it is the year former National Security Adviser,Sambo Dasuki and other political detainees will eventually regain their freedom. The president will accommodate dissents not because he

INEC Chair, Mahmood Yakubu

is a changed person but because reality is beginning to dawn on him. He will need a lot of support for his re-election bid and in the process can not afford to continue to make more enemies. In the new year, the president will reach out to adversaries and mend fences with enemies so as to project himself as the peopleâ€™s candidate. 5. Scandals. Some abuses of powers by this administration will eventually come into the open in the new year. Echo of unresolved scandals such as the return and promotion of the former chairman of the Task Force on Pension Reforms, Abdulrasheed Maina will continue to rent the air. The refusal to prosecute a former Secretary to the Government of the Federation, Babachir Lawal and a former Director General of the National Intelligence Agency, Ayo Oke will haunt the government in 2018. 6. Nigeriaâ€™s Energy Sector Will Remain in Turbulence No one should be under the illusion that 2018 is the year the problems in the energy sector will be finally resolved. This certainly is not the year. So, expect the struggle to continue with power generation and distribution in the new year. In 2017, Nigeriaâ€™s energy sector had challenges that threatened its sustainability, yet it struggled to survive but not without some defining scars that could have been avoided or do not make economic sense.

Expect the struggle to continue with power generation and distribution in the new year

Buhari, will reshuďŹ„e cabinet

Specifically in the electricity sector, revenue shortfalls that accumulated from the inability of the Nigerian Electricity Regulatory Commission (NERC) to allow the 11 electricity distribution companies (Discos) charge cost reflective tariffs for electricity they supply to their customers shot up to N460 billion. The NERC had accumulated up to three tariff exercises it refused to allow to operate and this amongst other indecision of the government affected the commercial values of the market. However, the government took significant steps to address the operational challenges of the sector by initiating amongst others, the Power Sector Recovery Programme (PSRP) with the supports of the World Bank and N701 billion financial support for generation, its execution of the PRSP with regards to addressing the distribution and commercial ends of the market would define the economics and workings of the electricity market in 2018. 2018 which would be leading to the general elections in 2019, is predicted to be a tough year for the electricity in that the execution of the PSRP which is a remarkable piece of policy statement, would define the growth of the sector. If the government truly follows its plans in the document, it would have to cough up billions of money to provide subsidy for electricity consumption on the back of its sidestepping of tariff reviews. Also, experts are of the view that helping the Discos get over their debt overhang would really be a big plus for the sector, but then, 2018, being close to an election year could be tricky with regards to the government taking hard decisions needed to get the sector back on, one of which is tariff. On the other side, progress in generation capacity, mini grid development and transmission expansion is expected in 2018. 7. Oil and Gas At press time, there appears to be no end in sight to the problem of inadequate supply of fuel at filing stations despite the assurances by government officials. That is

a sad indication of one of the challenges the country will grapple with in the new year. Like the power sector, the oil and gas sector witnessed a topsy-turvy condition, helped mostly by low oil production levels and prices which later began to inch up in late 2017, however, the spot-on challenges of the oil sector were the countryâ€™s abysmally low refining capacity which leaves her relying on imported fuel, the Niger Delta issues which the minister of state for petroleum resources, Dr. Ibe Kachikwu, described as â€˜the big elephant in the roomâ€™, funding for joint venture oil exploration, and then commercialisation plans for gas â€“ all of which should be addressed by the Petroleum Industry Bill (PIB). However, experts believe that in 2018, Nigeria would be expected to address the challenges in its downstream petroleum sector, or continue to witness dire anomalies like fuel scarcity and prolonged queues. Nigeria, according to them would have to find a way to largely address the rising petrol import bills which according to the NNPC indicates that subsidy has crawled back into the system. The 2018 budget however has no provision for subsidy, so, the NNPC would be expected to shoulder this albeit unlawfully, and this could lead to intergovernmental frictions. The Niger Delta issues upon which all other expectations of the sector rest, are also there. A troubled Niger Delta would derail the governmentâ€™s new joint venture funding plans which is somewhat built on incremental production. Similarly, gas would have to be given some more priority to power the economy considering the volatilities of oil and global push for cleaner energy sources. The PIB has remained in the woods for a long time and would need some accelerated push to make the countryâ€™s oil industry realise its plan, and this is even more important as the government plans to open bids for marginal oil field blocks in 2018. If the bids do not CONTâ€™D ON NEXT PAGE

˾ MONDAY, JANUARY 1, 2018

POLITICS

MONDAY DISCOURSE

2 0 I S S U E S T H AT W I L L S H A P E P O L I T I C S I N 2 0 1 8

PDP National Chairman, Uche Secondus

measure up to the transparency mark the government of Muhammadu Buhari pushes around, then the government should expect loads of backlash and loss of credibility leading into the 2019 polls. 8. Ekiti and Osun States Election Going by the timetable released by the Independent National Electoral Commission (INEC), the Ekiti State governorship election is to hold on July 14, 2018, while the Osun State election is scheduled to hold later on September 22, 2018. The body also fixed the commencement date of campaigns for Ekiti governorship election at April 15, 2018, while that of Osun State is June 24, 2018. These two elections are expected to ingnite stiffer rivalry between the ruling All Progressives Congress (APC) and the newly resuscitated opposition Peoples Democratic Party (PDP). 9. INEC will Come under Scrutiny How prepared is the Independent National Electoral Commission for the next general elections will become an issue. Apart from the fact that it will conduct two governorship elections in 2018, the Independent National Electoral Commission will come under the searchlight as politicians and citizens alike will seek to know the commission’s level of preparedness for the next general election. No doubt, how the commission handles the two gubernatorial elections will be a pointer to what to expect during the general elections. 10. Boko Haram Resurgence to Continue Contrary to claims by the Presidency, the war against Boko Haram is far from over. This is however not to disregard the modest success recorded by the administration in the fight against the insurgents. Before Buhari came into power, Boko Haram had already taken the war to Abuja. Now, Abuja residents move freely without fear. They are no longer under the apprehension of possible bomb attacks. At least, this government succeeded in restricting the attacks to Borno State in the North-east. That is a no mean achievement. However, the decision of the Nigerian Governors’ Forum to authorise the federal government to withdraw $1 billion from the Excess Crude Account to fight Boko Haram

How prepared is the Independent National Electoral Commission for the next general elections will become an issue.

Aisha Al-Hassan, will she lose her job?

is an indication that the war is far from over. In 2018, Boko Haram will fight back and seek to reclaim lost ground. 11. More Gaffes The level of incompetence in the administration of President Muhammadu Buhari is unparalleled. Three contradictory letters were issued regarding the appointment of the board of the Niger Delta Development Commission. The removal of the Director General of the National Pension Commission, Mrs Chinelo Anohu-Amazu was wrong both in fact and in law. Recall that the nominations of Maimuna Aliyu and Sa’ad Alanmu as members of the board of the Independent Corrupt Practices and Other Related Offences Commission were withdrawn after it was revealed that the same commission was investigating them. When Nigerians thought they had seen enough gaffes, the president dished out another surprise by appointing about five dead men into boards of parastatals. Francis Okpozo, who died in 2016, was appointed chairman of the Nigerian Press Council. Ironically, when he died, the president in a statement by his spokesperson, Femi Adesina, commiserated with “the family and friends of the late senator, whose championing of social justice in the Niger Delta, during his long history of service to the people, endeared him to many.” Also Donald Ugbaja, a late former deputy inspector general of police, who died a few weeks ago was appointed a board member of the Consumer Protection Council. A third person, Christopher Utov, was appointed board member of the Nigerian Institute of Social and Economic Research. He is believed to be the same person as a Catholic priest from Benue State who died on March 18. Since the president has chosen to retain some of the incompetent hands working with him, expect more gaffes in the new year. 12. A New Cabinet This is the year, the president will finally wean himself of his fear to change his cabinet. This was projected to take place in 2017 but the president did not make up his mind and also had difficulty getting replacements for the ministers even though he became convinced some of them needed to go. Expect the president to finally do away with some dead woods in his cabinet. And there are many of them. 13. Pressure on the President to Declare/ Declaration The charlatans will intensify their calls on President Muhammadu Buhari to seek a second term in office. They will claim that he is the best thing to happen to Nigeria. Eventually,

Dasuki, likely to regain freedom

the president will succumb to the pressure and announce that he is seeking a second term. More so, INEC wants all candidates for the general elections to emerge in the new year. 14. The Biafra Cause The Indigenous Peoples of Biafra had been proscribed while its leader Nnamdi Kanu had fled, but the last has yet to be heard on the agitation for a sovereign state of Biafra. Those who share the ideals and the cause of IPOB will find alternative ways to express themselves. IPOB followers are not likely to disappear in 2018, they will likely re-strategize. Also the confusion generated by Kanu’s sudden disappearance will not subside so soon. Without admiring it, the president will continue to find ways to appease the Igbos. 15. Niger Delta Won’t Remain Quiet The federal government made some promises to the Niger Delta but these promises remain largely unfulfilled. As usual, militants will issue threat, government will rush to pacify them and the cat and mouse game will continue. 16. Getting Ready for 2019 As the pre-election year, expect horse trading, defection from one political party to the other, mudslinging, legal tussle and other intrigues usually associated with a pre-election year. There is no doubt that the new year promises intense power tussle, allegations and counter allegations in the political arena. The drama will begin to unfold sooner than expected. There will also be a realignment of forces during the year. It is going to be a defining moment for the nation’s politics. 17. Anti-corruption War to Continue, But.. Politics will take precedence over the fight against corruption. Those opposed to the president’s ambition to get re-elected for a second term will come under scrutiny. Many will shelve their political ambition because they fear anti-corruption agencies will come after them.

This is the year, the president will ﬁnally wean himself of his fear to change his cabinet

Gradually, this administration has been losing the war against corruption. Perhaps, 2018 may the year the war will be finally lost. Intense rivalry among agencies will continue to undermine the fight against corruption. Nevertheless, EFCC will record a modest achievement. Perpetrators of corrupt practices will devise new ways how to continue to ply their trade. Expectedly, more Nigerians will be guests of the Economic and Financial Crime Commission (EFCC) in the new year. Also, a lot of Nigerians are eagerly looking forward to seeing how some of the biggest cases pending before the anti-graft agency are resolved. 18. PDP Will Struggle Considering that the former ruling party, which is now the main opposition party, PDP, was able to mend its cracked fence to a significant extent last year after the Supreme Court named Senator Ahmed Makarfi its authentic National Chairman, the expectation is that it should be able to give the ruling APC a good run for its money by standing as a formidable opposition. The PDP will be expected to play the roles of a strong opposition party in the days preceding the 2019 general election. But more than anything else, two important things will define the future of the PDP; the ongoing reconciliation efforts and the conduct of the party primary. Nevertheless, internal wrangling will make sure that the party remains crippled. In 2018, APC will not be PDP’s problems. Disgruntled members of the party will continue to pose a threat to PDP’s existence. 19. APC Convention/Primary Despite express provisions of its constitution, the ruling APC refused to hold its statutory meetings, particularly the National Executive Council (NEC) and convention. This flagrant disregard for its constitution will however not exceed 2018. The party will have to stage a convention. The frictions within the party will escalate as those who want the national chairman, John Odigie-Oyegun to go will mount pressure. But because the party is in power, it will not be too difficult to reign in the trouble makers within the party. 20. Restructuring Debate Even though, those pushing for the country to be restructured are no longer as loud as they used to be, the clamour for a restructured Nigeria will continue in the new year. is not in sight soon. In fact, just as the APC relied on the change mantra to during the 2015 general elections to win power, restructuring will become a campaign issue especially by those hoping to sweep the APC out of power. In the new year, there will be meetings on restructuring as proponents of the idea seek to come up with a united front.

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FEATURES

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

Obasekiâ€™s Commitment to Edo People As part of efforts to drive a people-focused governance, the Edo State governor, Godwin Obaseki, has established a direct communication channel between his office and the people of the state through the Talk to Governor Godwin Obaseki initiative, writes Ugo Aliogo

Edo State governor, Mr. Godwin Obaseki...delivering the dividends of democracy to Edo people

his initiative is one of its kinds. A governor sending out people to know the problems that exist in our areas for them to be able to proffer solutions is laudable. I am happy that work has started. We made mention of Giwa Amu around that airport in Oredo Local Government Area and it's been done already. Kudos to Edo State Government, for involving us in the budget process and bringing governance closer to the people.â€? These are the words of Kingsley Agho, a university graduate based in Edo State. Since his childhood days, one of his dreams has been to enjoy the dividends of good governance such as provision of basic social amenities and inclusive governance that carry the citizens along in the budget process. But over the years, Agho dreams became a mirage due to failed infrastructure and poor governance. He grew to see bread disappear from the breakfast table and food became rationed. He was born under a repressive military regime where workers were not paid their salaries and universities embarked on incessant strikes. Every day he woke up, he perceived

the pungent smell of helplessness and deprivation. Today, his story has taken a positive twist with the implementation of the Talk to Governor Godwin Obaseki (Talk GGO), an initiative of the Edo State Government. This initiative is being implemented in accordance with recommendations of stakeholders at the

The state government is attentive to the needs of its people, and therefore the public should speak up and let the governor know what they are thinking. The public also needs to participate actively in the project

A representative of Talk to GGO discusing with a trader on the importance of the Initiative

recently concluded Edo State Economic Summit Alaghodaro 2017. The initiative was inaugurated November 13 and the state government has begun its implementation of the outcomes of the summit through this initiative. The Talk to GGO initiative is geared towards bringing development closer to the people in the state by establishing direct communication lines between the state government and its citizens. To this end therefore, the government has employed, trained and equipped over 450 youths who would visit all residents of the state with the aim of collecting information vital to the economic development of the state, beginning with the Oredo, Ikpoba Okha, and Egor Local Government Areas. The Talk to GGO representatives are charged with the duty of collating information pertaining to the state of infrastructure across the entire state, number of households their needs, health, educational facilities and feedback. The collated data will give an adequate representation of the infrastructural and economic landscape in the state and further help influence government policy. The state Commissioner for Physical Planning and Urban Development, Hon.

Edorodion Erimona, noted that the state government is constantly thinking of ways to directly engage with its residents and stakeholders so that they can understand the best ways to implement government policies. He also noted that the initiative is for the benefit of all, adding that it would help the administration to update its records and obtain inputs from the citizens as they begin to implement their plans for 2018. Erimona also stated that the response they have received from the people of the state has been amazing, â€œthe people spoke, we responded, and now they are encouraged to speak even louder.â€? He further stressed that governance is all about participation and that without the people, there cannot be government. Therefore, he urged the people to keep up the good work by informing their families and friends to participate in the initiative. The framework of the initiative is one which provides an understanding to the building of proper infrastructural planning data, building healthcare and educational systems, policy making institutions and its benefits to entrepreneurs and business concerns in the state. Another member of the Governor

˾ MONDAY, JANUARY 1, 2018

FEATURES

Representatives of Talk to GGO discussing with a resident

Representatives of the Talk to GGO going for ﬁeld activity

Obaseki-led administration who has thrown his weight behind the initiative is the Commissioner for Information, Hon. Paul Ohombamu. On his part, he remarked that the length of time between the recommendation and implementation of the initiative showed the determination and willingness of the government to deliver on its campaign promises within the shortest time possible. He said: “The state government is attentive to the needs of its people, and therefore the public should speak up and let the governor know what they are thinking. The public also needs to participate actively in the project. They can participate in whatever way they feel comfortable either by speaking to the Talk to GGO representatives or through the www.talktoggo.com website.” According to a reliable source, it was gathered that the data collation began from Oredo, Egor and Ikpoba Okha Local Government Areas and would spread to other local governments in the state. The source also affirmed that stakeholders and citizens in the Diaspora can also partake in the initiative by reaching the governor through social media platforms, including the official “Talk to GGO”

website, Facebook and Twitter pages. The source further stated that feedback from the initiative and recommendations from the Alaghodaro 2017 summit prompted the recently commenced agriculture

The initiative which provides a direct line of communication between Edo State citizens and the state government has seen an unprecedented surge in feedback from the residents; demonstrating their willingness to partner with the government in the development of their state

empowerment initiative, the revamping of the College of Agriculture, Iguoriakhi, and the $150 billion Shobe Farm project, which is expected to create more than 85,000 jobs. It was also revealed that the state government has reacted positively to the active involvement of its citizens in the recently concluded budget process through the Talk to GGO portal. It added: “The initiative which provides a direct line of communication between Edo State citizens and the state government has seen an unprecedented surge in feedback from the residents; demonstrating their willingness to partner with the government in the development of their state. “The initiative is one of the recommendations from stakeholders at the recent economic summit held in the state. The initiative will help the government plan effectively for the year 2018. It is an initiative aimed at bringing development to the state through the active participation of citizens in the budget process. Research has been done and it has showed that the initiative is workable. “In the area of employment generation, the government has employed over 450 youths through this initiative. It is expected

that the initiative will encourage active citizenship participation in governance, and involvement of citizens in budget process. “Public support is needed to help make the initiative a success. When people are aware of the benefits this initiative can bring, it will be easier for them to talk to the group of young people that will be sent out to collect this information.” Commending the initiative, the Special Adviser to the Governor on Basic Education, Dr. Joan Oviawe, commended the state government for the initiative and identified her ministry as a key beneficiary. She stated that through the initiative they have been able to listen to students and identify some key weaknesses in the administration of some of schools, especially in the rural areas, stressing that with this information, they have included the recommendations of these students into “our plans for 2018 and would implement a gradual capacity enhancement programme for our teachers beginning early next year.” She therefore encouraged residents to actively participate in the initiative and engage with the government on whatever issues they face.

IMAGES

L-R; Lagos State Commissioner of Police, Imohimi Oluwole Edgal and, Commissioner for Environment Lagos State, Dr. Babatunde Adejare during visit to Commissioner of Police in Lagos...Recently

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

L-R: Pastor in Charge of Province 23, the Redeemed Christian Church of God, Sola Agunbiade; Assistant Pastor (CSR), Ade Omokorede; Assistant Pastor Mrs Adeoye Ogunleye; National Elder, Pastor Lawrence Oshiyemi and Special Assistant .to the General Overseer.(Missions), Pastor Brown Oyitso, during the commissioning of traďŹƒc signal light donated to Gbagada community by the church, in Lagosâ€Śrecently

Left to Right: Mr. Festus Akintoye,Guest Speaker, Mrs Glory Ohamara. MD,Favy Ventures Distributors,Mrs Biyi Yunji-Olugbodi, Executive Vice-Chairman, Honeycomb Confectioneries Ltd and Mr Micheal Godwin Representing GTP Bread Depot at the Honeycomb Confectioneries Distributors and Business Partners Forum in Lagos...recently

L-R: Wife of Osun State Commissioner for Finance,Chief Mrs. Atinuke Oyejide; Dr. Mrs. Sekinah Bola Oyebamiji; and Professor Emeritus Ademola Oyejide, during the presentation of Excellence Award to Mr. Bola Oyebamiji at the Oke Ada Ikire Day, in Ikire, Osun State... recently

L-R: Former Corporate Communications Manager, (NBC), Akomen Omijeh, Legal, Public AďŹ€airs and Communications Director, Nigerian Bottling Company Limited (NBC), Sade Morgan; an oďŹƒcial of RDF Strategies, Dr. Nkiru Balonwu; and Chief Executive OďŹƒcer, RiHaGo Auction Limited, Seye Morgan at the Amity Annual Awards held in Lagos... recently

L-R; Lt. Col. Charles Onwujuba (Rtd); Dr. Benson Aghazu, Chairman, The Nnewi Hotels Ltd; Chief Gabriel Onwugbenu, Chairman, Iju Industries Ltd.; HRH Nnaemeka Achebe, Obi of Onitsha, and Prof. Kingsley Chiedu Moghalu, former Deputy Governor, Central Bank of Nigeria, during Prof. Moghaluâ€™s visit to the Obi of Onitsha in Onitsha...recently

Cross River State Governor, Professor Ben Ayade (3rd left) supported by his deputy, Professor Ivara Esu,(2nd left), Princess Florence Ita-Giwa, former eputy governor, EďŹ ok Cobham, Speaker of the state house of assembly, Rt Hon John Gaul Lebo(1st right) and Senator Gershom Bassey (1st left) ďŹ‚agging oďŹ€ the Carnival Calabar n calabar...recently

MONDAY, JANUARY 1, 2018Ëž T H I S D AY

NEWS

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

Board Members Appointed to Company Concessioned to Private Sector

Okpozo regrets appointment of late husband APDA urges Buhari to sanction those behind shabby appointments Onyebuchi Ezigbo Ă“Ă˜ ĂŒĂ&#x;Ă”Ă‹ Ă‹Ă˜ĂŽ Adibe Emenyonu Ă“Ă˜ Ă?Ă˜Ă“Ă˜ Ă“ĂžĂŁ ĂĄĂ“ĂžĂ’ Ă‹Ă‘Ă?Ă˜Ă?ĂŁ ĂœĂ?ĂšĂ™ĂœĂž After scrambling to Â explain away the appointment of dead persons to the boards of federal parastatals last week, it has also emerged that in the list released by the Office of the Secretary to the Government of the Federation, Aluko Julie Olubukola, C. C. Udenwa, Iro Danfuloti and Mohd Omeiza Lawal, were announced as board members of the National Iron Ore Mining Company (NIOMCO), Itakpe, Kogi State, a company that has been concessioned to a private sector operator. On August 1, 2016, well over a year ago, the federal government renegotiated the concession agreement with Global Steel Holdings Limited (GSHL) for NIOMCO, Itakpe. GSHL â€œrevertedâ€? the Ajaokuta Steel Complex to the federal government â€” to free it from all â€œcontractual

encumbrancesâ€? that had left it uncompleted and nonfunctional for decades â€” but retained NIOMCO. The new agreement, according to The Cable, coming after four years of mediation, was signed at a ceremony presided by Vice-President Yemi Osinbajo in his office at the Presidential Villa. The Minister of Solid Minerals and Steel Development, Kayode Fayemi, signed on behalf of the government, while Prammod Mittal, chairman of GSHL, signed for his company. The federal government was even able to negotiate a higher concession fee payable by GSHL from three per cent of turnover to four per cent Yet, the government has now managed to appoint board members for a company it has concessioned! It was gathered that the confusion came from â€œlack of consultationâ€? with the ministry before the list was released.

â€œThe list was prepared in 2015, but the concession agreement was signed in 2016,â€? said an official of the presidency. Meanwhile, Mrs. Anna Okpozo, wifeÂ of late Senator Francis Okpozo, one of the dead whose name appeared in the list of board appointees of President Muhammadu Buhari, yesterday reacted to the appointment of her late husband as Chairman of Nigeria Press Council, saying that the appointment came too late. Until his death, Senator Okpozo was a member of the All Progressives Congress (APC) Board of Trustees and Chairman of the partyâ€™s Elders Council in Delta State. Though Mrs. Okpozo, while speaking in Benin City, Edo State, acknowledged the appointment of one of her sons, Harrison Okpozo, as member of Board of National

Commission for Museums and Monuments, she urged Buhari to consider any member of the Okpozoâ€™s family to replace her late husband, who she said worked tirelessly for the nomination and subsequent victory of the APC at the presidential poll in 2015. According to her, â€œI want to tell Mr. President that my husband that he gave appointment is no longer alive. To be frank, if not for my husband he would not have got the votes he got in Delta State during his primaries, and the main election he tried even though he was starved of funds. â€œDuring the presidentâ€™s inauguration, my husband was in Abuja. When the president was away attending to his health, my husband fell sick. I appeal to the president to consider any other person from the family to take the place of my late husband.â€?

Based on the embarrassments the appointments have caused the country, the Advanced Peoples Democratic Alliance (APDA) has demanded that sanctions be meted out to theÂ officials responsible for the errors in the recent board appointments released by the federal government, describing it as national embarrassment. The party said that applying such sanctions will help to avoid future avoidable mistakes.Â In a statement issued by its National Publicity Secretary, Tosin Adeyanju, APDA asked President Buhari to be diligent and thorough in the process ofÂ appointing people to political offices in the future to avoid the embarrassment being witnessed by the administration over the appointment of Â nineÂ dead people into the board of federal parastatals and agencies. Adeyanju, said the list would otherwise have accommodated

qualified living Nigerians.Â The party decried the explanation of some aides of the president that the board appointments were compiled since 2015 making it difficult to identify the dead among them, citing the inclusion ofÂ the name of a recently sacked House of Representatives member that lost his seat in 2017 as a result of supreme Court rulingÂ as Chairman of one of theÂ boards.Â APDA warnedÂ the presidency not to take Nigerians for granted but be dedicated to doing what is right at all times in the discharge of its duties to the nation.Â It frowned at a situation whereby sensitive issues that borders on board appointments would be treated in such a shabby manner with officers responsibleÂ apportioning blames and not taking responsibility for this national embarrassment.Â

Army to Investigate Alleged Extortion by Soldiers on Maiduguri Road PaulObiĂ“Ă˜ ĂŒĂ&#x;Ă”Ă‹ The Nigerian Army yesterday said it would investigate an alleged extortion by soldiers along the Maiduguri-Gamboru Ngala Road in Borno State. The extortion, according to sources had led to suffering of commuters and citizens due to long cues resulting from the extortion. The Director of Army Public Relations, Brig Gen Sani Usman, in a statement said: â€œThe Nigerian Army has noted with great concern about an allegation of complacency and extortion against soldiers by someone with twitter handle called â€œDanbornoâ€? on Social Media, in which he alleged long queues of trucks along Maiduguri-Gamboru Ngala road, Borno State. â€œHe also alleged that each truck owner pays the sum of N300,000 to soldiers for escorting them.

Consequent upon this, the Chief ofArmy Staff, Lieutenant General TY Buratai, has ordered for immediate investigation over these allegations. â€œThe Nigerian Army as a professional military institution thrives on discipline, selflessness and dedication to duty and operates within the confines of the laws, Code of Conduct and Rules of Engagement.â€? Usman explained that the army â€œwould not tolerate any act of misdemeanour by any of its personnel. Similarly, we encourage members of the public to take advantage of our toll free telephone number 193 to report any observed lapses or allegation against any officer or soldier. â€œWe would like to also call on the members of the public especially affected individuals in Borno State to cooperate and volunteer information to the investigation team.â€?

Ortom Promises Prompt Payment of Salaries Governor Samuel Ortom of Benue State has assured workers in the state of prompt payment of salaries in 2018. The governor made the statement in his new year goodwill message to Benue people yesterday in Makurdi He said despite the recession earlier in the year, the state was able to record numerous milestones in 2017. â€œLet me reassure you that we are almost at the end of the tunnel and as we enter the new year, the wage bill menace will be surmounted and our dear workers will begin to receive their salaries as and when due.â€?

He said as Governor, he remains hopeful and resolute that the difficult and challenging economic scenario will be over in 2018. â€œIndeed it is almost over. We are on the threshold of a new economic boom. All that I request from you is continued support of our economic policies as we march onto greatness. Benue is rising and will surely get to its desired development destination.â€? He said the administration believes that there are no shortcuts to economic development even as he said adequate infrastructure and appropriate policies are required to increase commercial activities and stimulate economic growth and development in the state.

CULTURAL FESTIVAL

L-R: President, Offa Descendants Union, Alhaji Najeemdeen Usman Yasin; Minister of Information and Culture, Alhaji Lai Mohammed; and the Olofa of Offa, Oba Mufutau Okikiola Muhammed-Gbadamosi, at the 2017 Ijakadi Offa festival in Offa, Kwara State....weekend

TEF Opens Application for $100m Entrepreneurship Programme Obinna Chima The Tony Elumelu Foundation (TEF) is now accepting applications for business ideas that can transform Africa through its entrepreneurship programme. To apply, those interested have been asked to complete an online application, which has a deadline of March 1, 2018. According to a statement, the programme provides critical tools for business success, which includes 12 weeks of intensive online training which guides creating and managing a business; a world-class mentor to guide during the early

transformation stages of the business; $5,000 in seed capital to prove the concept, plus access to further funding; as well as access to the largest network of African start-ups and TEFâ€™s own global contacts The programme, in its fourth cycle, is TEFâ€™s 10-year, $100 million commitment to identify, train, mentor and fund 10,000 African entrepreneurs by 2024. Commenting on the commencement of application for the 2018 session, TEFâ€™s founder and philanthropist, Mr. Tony Elumelu said: â€œWhen we launched the TEF Programme and committed $100 million to empowering

Africaâ€™s entrepreneurs, I knew we would create impact, but I never imagined it would be impact of this magnitude. â€œWe have unleashed a movement of African entrepreneurs -- a force so strong, so inspiring, that I am confident they will collectively transform Africa. We need Africaâ€™s best and brightest entrepreneurs to come learn, grow their businesses and build our continent.â€? 1,000 entrepreneurs would be selected based on the viability of their idea, including: market opportunity; financial understanding; scalability; and leadership and entrepreneurial

skills demonstrated in the application. For someone to be eligible, the business must be based in Africa, it must be for profit and must be zero to three years old, as well as applicants must be at least 18 and a legal resident or citizen of an African country The CEO of the Foundation, Parminder Vir said: â€œWe encourage women, French and Portuguese speakers to apply. Our 3,000 alumni are already growing their businesses and improving lives. If you have a transformational business or an idea, we have an opportunity for you.â€?

NEW YEAR FELICITATIONS…

MONDAY, JANUARY 1, 2018˾ T H I S D AY

NEW YEAR FELICITATIONS…

Leaders Felicitate with Nigerians, Pray for Peace, Prosperity in 2018 Our Correspondents Former military President, General Ibrahim Badamasi Babangida (rtd), former Vice President, Atiku Abubakar, and Senate President, Dr. Bukola Saraki, yesterday urged Nigerians to renew their commitments to the country in the new year. In his new year message obtained yesterday, Babangida also stressed the need for Nigerians to contribute to nation building and shun all forms of negative tendencies. “I have the hope that the nation we so sacrifice to keep going and to this age can only be better notwithstanding various security and economic challenges that has become a world order; confronting every country of the world in different magnitude and in different way. “As Nigerians our unique strengths and characters to overcome our challenges collectively have never been in doubt, what we need now more than ever is to galvanise these unique qualities for the good of all as permissible under a democratic set up,” Babangida said. Furthermore, he called on all Nigerians to imbibe the values of democracy by respecting each other’s rights and pursue individual goals in tandem with national objectives for a better Nigeria and not better individuals that will not reflect on us all. According to him, a season like new year often offer new inspiration to give each other support , “we should at this point truly believe that we are great in our diversity , in it lies our strength and uniqueness. On his part, Saraki called on Nigerians to pray for an improved national economy in 2018. He said a strong economy would enable the government to achieve physical development and improved standard of living for the people. The senate president said while God has blessed Nigeria with all the potential for a strong economy capable of taking care of her growing population, it is unfortunate that there is so much underdevelopment in the country. Also, the Deputy Senate President, Senator Ike Ekweremadu, in his new year message has assured Nigerians of a speedy conclusion of the ongoing constitution amendment exercise to ensure better governance and greater future for Nigeria. In his new year message contained in a statement signed by his Media Adviser, Mr. Uche Anichukwu, Ekweremadu said the alteration bills are important to Nigeria’s development. He added that the bills are currently before the state Houses of Assembly, and urged the State legislators to uphold national interest and follow their conscience. Also, the Speaker of the House of Representatives, Hon. Yakubu Dogara, urged Nigerians to review and renew their resolve and commitment to the unity and progress of the country as a people of common destiny. In his message to mark the New Year, he charged Nigerians to draw on the lessons learnt in the outgoing year to strengthen the bonds of unity, solidarity and peace among us. Dogara, who commended the resilience and determination of Nigerians in the midst of daunting challenges, expressed optimism that better days are ahead. “The new year presents an opportunity for stock taking and a strong resolve to sustain the gains of Nigeria’s exit from economic recession. Improvement of Nigeria’s economy, security and welfare of Nigerians must remain our priority in the new year.” Similarly, House Deputy Speaker, Hon. Yussuff Lasun, said the National Assembly was aware of the hardship in the country, adding that it is working with the executive in ensuring that 2018 is better. He, however, appealed to Nigerians to give President Muhammadu Buhari a chance to address some of the problems facing the country. The Deputy Speaker noted that the country can only develop in the atmosphere when peace reigns, stressing the need to eschew violence, bitterness and suspicion.

Mark: Make 2018 a Year of Fulﬁllment Former Senate President, Senator David Mark, has urged the governments and citizens alike to brace up to the challenges of nationhood and work harmoniously to make 2018 a year of fulfillment. Mark in a goodwill message to Nigerians to mark the New Year, noted that 2017 was challenging but expressed optimism that 2018 would be fulfilling if governments at all levels make the people the centre point of its policies and programme. He acknowledged the resilience and perseverance of citizens in the midst of socio-economic and political difficulties in 2017 and urged them to reignite their undying spirit and enter 2018 with vigor and hope. Mark reminded the present administration that the period of buck-passing should be over for a more purposeful governance in order to deliver the dividends of democracy to the people. “I think the period of blame-game should be over by now. It is time this administration give Nigerians purposeful leadership and deliver the dividends of Democracy to the Nigerian people,” he stressed. The former Senate President noted that the present administration has had enough gestation period to deliver on its mandate, pointing out that dissipating energy trading blames is needless.

APC Remains Committed to Election Promises, Says Oyegun The All Progressives Congress (APC) has welcomed Nigerians to the New Year with a promise that it would fulfill all its electoral promises to Nigerians. The party said Nigerians should have the assurances that things would be better in the days ahead. In his goodwill message issued yesterday by its National Chairman,

Wife of the Minister of Power, Works and Housing, Dame. Abimbola Fashola (middle) ﬂanked by her guests praising God during the annual praise and worship night she organised in at Surulere, Lagos......recently

Chief John Odigie-Oyegun, the ruling party said though 2017 was a challenging one for many Nigerians, there are indications of better days ahead. “We are acutely aware of our current national challenges, particularly on the economy. However, we assure Nigerians that the administration is not asleep, but working assiduously to address these challenges and meet the expectations of Nigerians. “We remain focused and solidly committed to delivering on our party’s 2015 election promises which were largely hinged on curbing corruption, restoring the economy and the security of the nation,” he said. While assessing the performance of the APC-led federal government, Oyegun said President Muhammadu Buhari’s administration is making good progress and is already delivering on many fronts. According to him, the administration has done well in such areas as “restoring our country to its deserved standing among the comity of progressive nations; fighting corruption and repairing our value system; diversifying our economic revenue base, creating jobs and economic opportunities for Nigerians.” He also said federal government has succeeded in bringing succor to the insurgency-ravaged North-east; reforming the oil, defence, pensions, and other critical sectors; creating a world-class transport system, among others.

Ngige: 2018, A Brighter Year for Nigerians The Minister of Labour and Employment, Senator Chris Ngige, has assured Nigerians of a brighter 2018 as efforts are in top gear by the Federal Government to stem job losses and further create new ones. Ngige in a New Year message yesterday, urged Nigerians not to tremble over the recent statistics on job losses released by the National Bureau of Statistics (NBC) as the development is effectively modulated by a similar release by the Central Bank of Nigeria (CBN) which indicates over a seven million job growth in the agricultural sector. “I wish to assure Nigerians that 2018 will not be as bleak as 2017 in terms of job losses as the federal government has put enough checks to forestall a repeat of what was encountered in 2017. As a matter of fact, the figure released by the NBC must be placed alongside statistics by the Central Bank of Nigeria (CBN) which shows that over seven million jobs have been created in the agricultural sector. This is the only way to arrive at a balanced job situation in the country,” Ngige said.

Fayose, Aluko Predict Boom for Nigeria Ekiti State Governor, Chief Ayodele Fayose, has urged Nigerians and particularly the people of his state to hope for an abundant future and not be deterred by the current challenges they are contending with. In his New Year message to the people in Ado-Ekiti, the governor said: “The insufficiency of today will turn out to the abundance of tomorrow if we all improve on our efforts and dedication.” According to a statement by his Chief Press Secretary in Ado Ekiti yesterday, the governor while thanking the people of the state for the rare opportunity given him to lead them twice, Fayose expressed satisfaction that he did not betray the confidence reposed in him by the people. He added that the chance afforded him the opportunity to correct some erroneous impression some had about him, and the deliberate mischief peddled against his person towards the twilight of his first term in office. Also, a chieftain of the All Progressives Congress (APC), Senator Gbenga Aluko, predicted that the 2018 would be a year of economic recovery for Nigeria. Aluko , in his new year message said: “The 2018 must be a year of economic recovery for Nigeria and political recovery for Ekiti.

Obi Wishes Nigerians a Productive 2018 The former Governor of Anambra State, Mr. Peter Obi has joined other men of goodwill in wishing Nigerians a productive 2018. In his New Year message made available to the press, Obi urged Nigerians and her leaders to focus their energy on improving the economy. In his words: “Over four million Nigerians lost their jobs in 2017 and the unemployment rate increased from 14 per cent to 19 per cent. We also witnessed non payment of salaries, contractors and suppliers all over the country all of which should be worrisome to us.” The former governor said the situation called for a declaration of state of emergency on the economy. Obi also prayed to God to grant Nigerian leaders at all levels the wisdom to take right decisions and make sacrifices that would let the country remain focused even when facing the vicissitudes of the time. Further, Obi appealed to those in authority to see the challenges nations are facing as an opportunity to approach governance from entirely different perspectives, which, according to him, should include drastic cut in the cost of governance and prudent management of resources for public good as well as savings for the future.

FCT Minister Calls for Inclusive and Safe Neighourhoods

With Buhari, Nigeria will Be Great again, Says Kalu

The Minister of the Federal Capital Territory (FCT), Malam Muhammad Musa Bello, has urged all residents to use the occasion of the new year to resolve to redouble their efforts towards the development of FCT and the building of inclusive and safe neighbourhoods. Bello gave this charge in his New Year message to the residents of the territory. Abuja, he noted was conceived to be a symbol of our oneness and national unity, and consequently has a responsibility to show good example of peace, tolerance and good neighbourliness to one another. The minister, urged residents to ensure maximum surveillance over their neighbourhoods, business and worship premises always. According to him, “2017 was indeed, an eventful year and the country went through challenging times. Today, however, with the leadership of President Muhammadu Buhari and his war on corruption, Nigeria is on the march to recovery again.”

Former Governor of Abia State and chieftain of the All Progressives Congress (APC), Dr. Orji Kalu, has described President Muhammadu Buhari as an impeccable and selfless leader who is passionate about the welfare of Nigerians. He stressed that despite the shortcomings of the last administration, the APC-led government is on track in restoring the lost glory of Nigeria. According to the front-line politician, the religious, cultural and ethnic diversity of Nigeria should be seen as an asset for the sake of nation building. While advocating peaceful co-existence among ethnic groups in the country, Kalu emphasised that development can only take place in a rancour-free atmosphere. In his goodwill message in commemoration of the New Year and signed by his Special Adviser, Kunle Oyewumi, Kalu faulted perpetrators of hate campaign, adding that Nigeria has come to stay as a united and indivisible entity. He said: “it is imperative to appraise ourselves as individuals and as a nation in order to build a prosperous nation in 2018.

MONDAY, JANUARY 1, 2018˾ T H I S D AY

NEW YEAR FELICITATIONS…

Tambuwal, Ugwuanyi, Ajimobi, Others Tell Nigerians to Have Positive Attitude Our Correspondents Sokoto State Governor, Alhaji Aminu Tambuwal, Oyo State Governor, Senator Abiola Ajimobi, and Governor Ifeanyi Ugwuanyi of Enugu State yesterday urged Nigerians to have positive attitude going into the New Year saying every available indices indicate that the country is on the brink of greatness. In a message issued by his spokesman, Malam Imam Imam, to journalists in Sokoto, to commemorate the coming of the 2018 New Year, Tambuwal said the prospect of a better nation would be realised if the people cooperate and work together for the betterment of the nation. “2018 would be a year of great significance for Nigeria as such working together with a united purpose will guarantee success for our nation. This is imperative not just for our well-being, but for the benefit of the future generation of Nigerians,” he said. Also, Ajimobi, congratulated Nigerians on the occasion of the New Year, urging them to keep hope alive on the ability of the President Muhammadu Buhari-led administration to take the economy through a remarkable turnaround. He dmitted that the country went through a lot of social and economic challenges in 2017, assuring that the novel programmes and policies of the federal government would bring the needed succour to the people in 2018. The governor particularly expressed sympathy with Nigerians on the pervading fuel scarcity, which, he said, spoilt the fun of the Yuletide for many people, assuring that it was a phase that would soon fizzle out. On his part, Ugwuanyi felicitated with the people of the state in particular and Nigerians in general, urging them to renew their faith in God and be committed to things that would promote peace, unity and progress. The governor reiterated that “Enugu State is in the hands of God”, stressing that, “in all we do, we give God due glory, honour and adoration”. He prayed that the state would continue to grow from strength to strength. Ugwuanyi wished Nigerians a happy and prosperous 2018 and thanked the people of the state for their prayers, support, love and solidarity, reassuring them of his resolve to continue to serve them selflessly with the fear of God to fully realise the dreams of the state’s founding fathers.

Wife of the Rivers State Governor, Justice Eberechi Suzzette Nyesom-Wike dancing with children during the State Christmas Children Party at the Government House Port Harcourt....recently of the people, saying “our eyes are firmly set at finishing high; finishing strong and finishing well. The government, he pointed out, will on its part, not relent in its efforts to ensure that it makes a positive, inclusive, and lasting impact on the lives of our people, adding that “to achieve this, the consolidation of the rebuilding mission of our dear state will be vigorously pursued this year, so as to ensure completion of all ongoing projects.

2018 Holds Great Promises for Lagosians, Wike Promises Rivers Sustained Delivery of Ambode Assures Developmental Projects Rivers State Governor, Nyesom Ezenwo Wike, has declared that 2018 will be another year of sustained execution of developmental projects across the state. The governor noted that his administration will intensify efforts at keeping all campaign promises to the Rivers people in 2018. In a New Year message, Wike said: “To this end, massive investments in infrastructure, access to education and training, qualitative healthcare and the creation of economic opportunities will remain some of our key priorities. “In so doing, no part of the state will be left behind just as we shall also ensure that every person is carried along on our way to building sustainable prosperity for us and our children.” The governor while acknowledging that the challenges of development are great due to the harsh economic climate, urged Rivers people to keep hope alive and embrace the New Year with courage and the hope to reap the fruits of their hard work. While wishing the people a prosperous 2018, Wike said the state recorded key achievements in 2017.

Greater Opportunities Await Us in 2018, Says Ayade Cross River State Governor, Senator Ben Ayade, has assured of his commitment to consolidate on his administration’s industrialisation drive by ensuring full crystalisation in 2018 of ongoing developmental projects across the state. Ayade who spoke in his New Year message signed by his Senior Special Assistant on Media and Chief Press Secretary, Mr. Christian Ita, also said there will be increased momentum on the construction work on the Bakassi Deep Seaport and the 274-kilometre Calabar-Bekwarra-Katsina-Ala Super Highway in 2018. Promising that 2018 is a year laden with hope, the governor said: “The new year stands before us, like a chapter in a book, waiting to be written. We will write that story by asking you to remain hopeful as we will never waver or dither on our pursuit of fulfilment for our people.” The governor also promised to ensure the timely completion of work on the Mbok-Yala-Bekwarra-Obudu Ranch dual carriageway and Boki East-West link road amongst other.

Amosun Assures of Accelerated Development in Ogun Ogun State Governor, Senator Ibikunle Amosun, has assured the people of the state of accelerated development in 2018. Giving the assurance in his New Year broadcast, the governor noted that the “Mission to Rebuild” Ogun State, embarked upon by his administration, has continued to gather momentum, and is yielding bountiful results across our state. According to him, his government would leave no stone unturned in developing the state and improving on the lives

Lagos State Governor, Mr. Akinwunmi Ambode, yesterday expressed optimism that 2018 holds great promises for Lagos and Lagosians, assuring that the state will record landmark achievements in major sectors of the economy in the New Year. Ambode, in his New Year message signed by his Chief Press Secretary, Mr. Habib Aruna, said while the outgoing year witnessed a massive leap in terms of infrastructural development in the state, some of the reforms in key sectors of the economy will take full flight from the beginning of 2018. ‘We have good reason to be very optimistic about what 2018 holds in stock for our State and every Lagosian. The commencement and realisation of some of our reform programmes especially in the Public Transport, Environment, Tourism and Health sectors will transform the landscape of the State and improve the quality of lives of all Lagosians,” he said. The governor said his administration would not rest on its oars, but will continue to up the ante on infrastructural renewal, noting that the 2018 budget of N1.046trillion which is currently at the House of Assembly for approval will be dedicated majorly to completing some critical projects currently ongoing as well as commence some new ones.

Obiano Assures Anambra People of Prosperous New Year Anambra State Governor, Chief Willie Obiano, has assured the people of the state that 2018 would bring immense prosperity to the footsteps of individual families and communities. In a New Year message signed by James Eze, his Senior Special Assistant on Media, the governor assured that the key to unlock the prosperity of the state is neatly embedded in the 2018 budget which came under the instructive heading: ‘Budget of Value-for-Money, Economic Diversification and Job Creation.’ According to him, his administration had made sure that the basic needs of families such as job creation and income diversification were adequately covered in the 2018 budget and expressed confidence that a faithful implementation of the budget would prove to be the ultimate socio-economic game changer the state needs. “We shall tackle unemployment and create more economic elbow room for Ndi Anambra. This can be seen in the 43 per cent increase in the budget from N116.5bn in 2016 to N166.9bn this year,” he explained further pointing out that the people of the state had so much to look forward to in the New Year. “Ndi Anambra, I know that we are coming out of a difficult year. It was a year that challenged everyone of us individually and collectively. But there’s always a silver lining behind every cloud. Ndi Anambra this year shall be better than the outgone year,” the governor further assured.

Better Days Ahead for Nigeria, Says C&S Prelate The Prelate and Baba Aladura of the Eternal Sacred Order of the Cherubim and Seraphim Church (ESOCS) worldwide,

Dr. David D.L. Bob-Manuel, has declared that better days are ahead for the country, but enjoined all Nigerians to embrace righteousness and be law abiding for God’s promise to manifest. Bob-Manuel who made this declaration in his New Year message, urged the citizenry to pursue and adopt a lifestyle of holiness and righteousness, for these are the key criteria to attracting God’s divine favour and blessings which we all crave. “We know too well the economic stress and pressure that is plaguing the citizens of our country presently. Let us therefore look up to God for remedy. Better days would come,” the Prelate said. Bob-Manuel who declared the year 2018 as the “Year to flourish in righteousness,” called for the hunger for oneness of heart, oneness of spirit, and brotherly love amongst Christians with godly persuasions.

Kashamu: Let’s Welcome 2018 with Hope for Better Tomorrow The lawmaker representing Ogun East senatorial district at the National Assembly, Senator Buruji Kashamu, has advised his constituents and Nigerians to be full of hope for a better 2018. In a statement he issued yesterday to herald the New Year, Kashamu said without hope we cannot live in the present, let alonetomorrow and the future. He said in spite of the challenges that confront us as a people, we cannot afford to throw up our hands in despair and total surrender. Kashamu thanked the people of Ogun East senatorial district for their unflinching support and promised to deliver more dividends of democracy to his constituents, adding that he will continue his philanthropic gestures to all Nigerians, in general, and the good people of Ogun State, in particular, in the New Year.

Embrace 2018 with Optimism, Glo Charges Nigerians Telecommunications company, Globacom, has congratulated Nigerians on the successful completion of 2017 and cross over to 2018. Globacom in a message of felicitation issued from its headquarters in Lagos urged Nigerians to embrace the New Year with optimism and renewed hope in the sustenance of the Nigerian project. The company said the old year was full of challenges of different sorts, adding that it was a test of Nigerians’ resilience to weather all the storms without giving up. Globacom said it believes the worst is over.

Ex-Enugu APC Guber Candidate, Ezea, Salutes Nigerians Former governorship candidate of the All Progressives Congress (APC) in Enugu State, Mr. Oke Ezea, has saluted the people of Enugu State and Nigerians for making it to the new year, 2018, urging them to rededicate themselves to God. In his New Year message personally signed by him, he urged Nigerians to be grateful to the Almighty God for sparing their lives and asked all to keep faith with the President Muhammadu Buhari-led administration, noting that he would deliver on all his promises especially in building infrastructure, tackling corruption and ensuring security of lives and property especially in the Boko Haram ravaged North-east. Ezea urged his followers in the state to be more committed in the new year and be United promising that the party is strategically working to ensure victory in 2019 and provide dividends of democracy to all of them especially in the state.

MONDAY, JANUARY 1, 2018˾ T H I S D AY

NEWS

NNPC Says It’s Cleared Lagos, Abuja Fuel Queues Turns focus on other states

Chineme Okafor ÓØ ÌßÔË The Nigerian National Petroleum Corporation (NNPC) has said that scarcity of petrol in Abuja and Lagos has become a thing of the past, adding that it has successfully cleared petrol queues in both cities and was now heading to repeat the same in other states of the federation. The corporation in a

statement yesterday from its Group General Manager, Public Affairs, Mr. Ndu Ughamadu stated that with the situation in Abuja and Lagos contained, it would not focus on increasing truck-outs of petrol to other states, in order to restore normalcy across the country. The statement, which quoted NNPC’s Group Managing Director, Dr. Maikanti Baru on the efforts made so far by

Taraba Lawmaker Kidnapped Wole Ayodele ÓØ ËÖÓØÑÙ A member of Taraba State House of Assembly, Hosea Ibi, was at the weekend kidnapped by unknown persons at his country home in Takum, Taraba State. Ibi, who represents Takum 1 Constituency in the assembly was said to have been kidnapped at about 10.30p.m. by three men who stormed his house on a motorbike and forcefully took him away to an unknown destination. Confirming the incident in a telephone interview yesterday, the state Police Commissioner, Mr. Dave Akinremi, who confirmed the incident said men of the command are already on the trail of the kidnappers. “We got information last night that three men riding on a motorcycle accosted somebody whom we later confirmed to be the lawmaker representing Takum I, Hon. Hosea Ibi, forced him to climb the bike with them and took him away. “I quickly mobilised my

men who are currently on the manhunt to close in on the kidnappers. The kidnappers have not yet establish contact with anybody, but we are trailing them using our intelligence and we will surely rescue the lawmaker,” he said. Narrating how the incident took place, a neighbour of Ibi, Mr. Job Bayonga said the men broke into the house of the lawmaker at about 10:27p.m. and collected all the mobile phones from the occupants of the house before taking their target away. “The entire neigbourhood was thrown into shock and nobody was really sure of what was going on. But we are very hopeful that with the presence of governor Darius Ishaku, the police would do a good job” he said. Takum is the governor’s hometown as well as former Minister of Defence, Gen. Theophilus Yakubu Danjuma (rtd) and the governor has been in the town before Christmas where he has been receiving people on homage.

the corporation to clear the fuel queues, came just as a coalition of civil society groups under the aegis of Civil Society for Development Initiative (CSDI) came down hard on oil marketers in the country, stating that they were behind the scarcity at a time Nigerians were celebrating the Christmas and New Year festivities. Baru was quoted as saying: “As far as the truck out is concerned, we have more than doubled the number of trucks that are going out into the country. “Yesterday (Saturday), we loaded and distributed products from coastal and strategic inland depots like Jos. We loaded I,733 trucks yesterday and the actual normal number of trucks we require to keep the country wet is about 700 but we had been doing 800 to 850 trucks before the petrol scarcity. “We have stepped up the number of truck-outs to 1,733 as a minimum and we have sustained this for a week and there will be more than enough

products for motorists in the weeks ahead.” Insisting that the scarcity could have been avoided, Baru said marketers had engaged in the unlawful practice of hoarding and diversion of the product to prolong the situation. He said most state capitals would get more supplies of products latest yesterday to restore normalcy. “We have maintained our position that this scarcity is self-inflicted by marketers. The NNPC has more than 30 days sufficiency of petroleum products, especially petrol, and at the current consumption rate of about 27 to 28 million litres per day, we should be very comfortable until the end of January 2018, even if we don’t import a drop of petrol into this country,” he explained. He equally warned marketers diverting petroleum products to stop, stressing that they bought petrol at N133.28k per litre from the depots and would in addition to the transportation cost of

N7.20k per litre, still make a comfortable margin. THISDAY’s monitoring of the situation in Abuja showed that the queues had reduced significantly or were even non-existent in most of the service stations visited yesterday. Meanwhile, the National Coordinator of CSDI, Mr. Abolore Bakare, yesterday blamed oil marketers for attempting to browbeat the government into reintroducing subsidy payments. He claimed that the fuel scarcity was artificial and the handiwork of those in the oil and gas downstream, in their attempt to foist their exploitative interests on NNPC through the subsidy regime and price hike. “We have it on good authority that oil marketers proposed an increase in the pump price to N171.05k which the NNPC declined. That was why they have decided to create the artificial scarcity. “It is glaring to all Nigerians that the downstream operators

have made up their minds to sabotage effort of government at all cost. That’s why they’re hoarding fuel at filling stations across the country,” Bakare alleged. He added: “We were appalled that when officials of NNPC, including the GMD, Maikanti Baru, the PPPRA executive secretary and Minister of State for Petroleum Resources, were on a supervisory tour of filling stations, these sabotours stuck to their guns.” The group also said it was suspicious of the complicity of the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in the fuel crisis experienced nationwide. Also citing the refusal of both bodies to honour the invitation of the Senate Committee on Petroleum (downstream), it urged NNPC not to acquiesce to the demands of the marketers.

We Expect Good Governance in 2018, ASUU Tells Buhari Ademola Babalola ÓØ ÌËÎËØ The Academic Staff Union of Universities (ASUU) has again bemoaned the parlous state of Nigeria’s economy and the sufferings inflicted on the hapless citizens in the just concluded year 2017. To this end, the body in a statement by the Chairman of the union, University of Ibadan Chapter, Dr. Deji Omole, said Nigerians expect good governance and not another year of blame game played by the administration in 2017. According to Omole, the ordinary Nigerians have sacrificed a lot for this nation by enduring various anti-poor policies imposed on them by the ruling class. The ASUU boss then charged governments at the state and federal levels to reciprocate by providing good leadership and invest consciously, transparently and heavily in the key sectors of the economy, especially education and energy where the masses can benefit. While noting that Nigerians don’t want to hear of cabal stories in 2018, Omole said

that President Muhammadu Buhari must confront corruption without border. He lamented that shielding of president’s men from corruption probe was a dangerous trend in 2017 which must not be replayed in 2018. Omole who noted that in Nigeria today, government officials are not only corrupt but corruption is official, stated that what the masses expect in 2018 is good governance not blame game. “That the ordinary Nigerian has sacrificed a lot for this nation by enduring various anti-poor policies imposed on them by the ruling class. Governments at states and federal levels should reciprocate by providing good leadership and invest consciously, transparently and heavily in the key sector of the economy especially education and energy where the masses can benefit. Corruption should be confronted without border because in Nigeria today, government officials are not only corrupt but corruption is official. What we expect is good governance not blame game.”

PEACEFUL MISSION

Former Ogun State Governor, Gbenga Daniel (left), receiving Aare Onakakanfo, Chief Gani Adams, during his courtesy visit, at his GRA residence in Shagamu....recently

20,210 Babies will Be Born Today in Nigeria, Says UNICEF Kuni Tyessi ÓØ ÌßÔË The United Nations Children’s Fund (UNICEF) has disclosed that 20,210 babies will be born today in Nigeria, adding unfortunately that half of them are unlikely to reach the year 2072. India, it has been estimated will have 69,070, followed by China with 44,760, while Nigeria comes third on the list. Others are Pakistan with 14,910, Indonesia with 13,37, United States of America will have 11,280, the Democratic Republic of Congo will have 9,400. Ethiopia and Bangladesh will have 9,020 and 8,370 respectively. Also, Kiribati’s Christmas

Island, a small island in the Pacific, will most likely welcome 2018’s first baby; the United States, its last. Terry Durnnian, Acting Representative of UNICEF, Nigeria, said while many babies will survive, some will not make it past their first day, hence the need for the federal, state and local government and partners to join the fight to save the lives of millions of children by providing proven, low-cost solutions. He said in 2016, an estimated 2,600 children died every day of the year, on the day they were born. For almost two million newborns, their first week was also their last. In all, 2.6 million children died before the end of

their first month. He said: “Among those children, more than 80 per cent of all newborn deaths are due to preventable and treatable causes such as premature birth, complications during delivery, and infections like sepsis and pneumonia. “This New Year, UNICEF’s global resolution is to help give every child more than an hour, more than a day, more than a month - more than survival. We call on the government and partners to join the fight to save the lives of millions children by providing proven, of low-cost solutions. “Over the past two decades, the world has seen unprecedented progress in child

survival, halving the number of children worldwide who die before their fifth birthday to 5.6 million in 2016. But despite these advances, there has been slower progress for newborns. Babies dying in the first month account for 46 per cent of all deaths among children under five. “We are now entering the era when all the world’s newborns should have the opportunity to see the 22nd century. Unfortunately, nearly half of the children born this year likely won’t. A child born in Sweden in January 2018 is most likely to live to 2100, while a child from Nigeria would be unlikely to live beyond year 2072” he added.

MONDAY, JANUARY 1, 2018˾ T H I S D AY

NEWSXTRA

Withdraw Dead Appointees, SERAP Tells Buhari Davidson Iriekpen A civil society organisation, Socio-Economic Rights and Accountability Project (SERAP), has urged President Muhammadu Buhari to withdraw without further delay, the list of appointments to the boards of agencies and parastatals in order to remove a clear and recognisable danger to the integrity of these bodies. It also urged the president to allow the civil service system to carry out the appointments in strict conformity with established rules and Nigeria’s international anticorruption obligations and commitments. Buhari had last Friday approved the constitution of the governing boards of agencies and parastatals, appointing 209 chairmen and 1,258 members to fill the board positions. However, it has been discovered that at least eight members on the list have since passed away. Among others, Buhari appointed Rev. Christopher Utov as a Member of Nigerian Institute of Social and Economic Research. Rev Utov, the proprietor of Fidei Polytechnic, Gboko passed away on March 17, 2017. In a statement yesterday by its Deputy Director, Timothy Adewale, SERAP said: “Appointing at least eight dead people as board members would seem to suggest that the 1,467 appointments approved

by Buhari were unscreened for competence, merit, equity, aptitude and conflicts of interest. Going ahead with these appointments would neither advance due process nor Buhari’s oft-expressed commitment to prevent and combat corruption. It would create a lack of trust and confidence among the general public.” According to the organisation, “Taking partisan politics out of the appointments to boards of agencies and parastatals is one surest way for Buhari to show that his government is truly one of change, that would do things differently from successive governments that apparently handed out board appointments to reward party members, supporters and cronies.” The statement read in part: “Withdrawing the appointments and directing and allowing the civil service systems to follow due process to reappoint chairpersons and members to the boards of these agencies and parastatals would bring the government’s practices and operations into conformity with Nigeria’s international anticorruption obligations, particularly the UN Convention against Corruption. Nigeria has ratified the convention. “It’s absolutely important for Buhari to ensure that the process through which board appointments are made is

Ibadan Elders, Mogajis Begin Peace Moves to End Ibadan Obaship Crisis Ademola Babalola ÓØ ÌËÎËØ There appears to be truce in sight to the four-month-old crisis on the installation of 21 new kings in Ibadan land by the Oyo State Government as Mogajis (family heads) joined the Central Council of Ibadan Indigenes (CCII) to end the imbroglio. A spokesperson of Authentic Mogajis in Ibadan, Chief Wale Oladoja, told journalists yesterday that a meeting of the Truth and Reconciliation Committee (TRC) convened by a prominent Ibadan elder, Dr. Lekan Are, had set the ball rolling in a way “that the pride and dignity surrounding the Obaship crisis in Ibadan land will be amicably resolved within the shortest time possible.” Oladoja, said the Reconciliation Committee had Chief Are as Chairman while the President General of the CCII, Chief Yemi Soladoye would serve as the Coordinator. The Authentic Mogajis like Alhaji Abass Oloko (Mogaji Oloko), Chief Abduljelyl Karheem (Mogaji Adanla), Alhaji Moshud Gbolagade (Mogaji Akere), Alhaji Ademola Oladosu (Mogaji Olasomi) are members of the reconciliation committee. Also listed are a former military Administrator of Lagos State, General Raji Rasaki (rtd); a former Commissioner for Information and CCII chieftain, Chief Adegboyega Arulogun; Primate Ola Makinde; the Aare Musulumi of Yorubaland; Alhaji

Dauda Makanjuola; Prof. Adeola Adeyemi; Chief Lere Adigun; Dr. Kunle Oyedele and other eminent elders in Ibadan. The maiden meeting, according to Oladoja, was held last Thursday evening at Kakanfo Inn Ibadan and had all the aforementioned in attendance. To sustain the new rapprochement, Oladoja said their camp had agreed to the peace moves in a way that the pride and dignity of Olubadan, Oba Saliu Adetunji, as the paramount traditional ruler in Ibadan would be protected. He said the meeting was successful because of the presence of “respectable and prominent peace-loving Ibadan elders in the meeting. Oladoja thanked all Ibadan sons and daughters for allowing peace to reign, stressing that “we are still solidly behind Kabiyesi and we shall not waver. We use this opportunity to felicitate with all Ibadans on the Christmas and New Year celebrations. We wish to assure them that truce is on the way and our prayer is that the ongoing reconciliation ends well. “As true born and Mogajis, we are sheathing our swords especially now that our respected Ibadan elders under the leadership of Dr. Lekan Are had waded in to reconcile the issue and we are ready to give peace a chance. We shall continue to communicate with Ibadan people as family heads,” Oladoja added.

transparent and merit-based. A merit-appointment system would produce a better qualified board, and ultimately improve the governance architecture and access of Nigerians to essential public services. It should be the practice of this government to make board appointments on the basis of ability, and not because of political influence or connection. “Taking these appointments out of the hands of a small elite group and strengthening the civil service systems and allowing them to deal with board appointments and other similar appointments

in a professional, efficient and effective way would greatly decrease political influence or bias in the appointment process, and make the operations of these agencies and parastatals less dependent on partisan politics, which would in turn help improve the ability of the government to deliver effective policies and the much-needed good governance, growth and development to Nigerians. “Letting the civil service systems get on with board appointments would also assure basic bureaucratic ‘hygiene,’ and help to facilitate the establishment of strong boards

that would be better placed to ‘deliver the goods’ to Nigerians in the democratic context. It would ultimately bring about higher effectiveness and improved government legitimacy. “Specifically, Article 8 of the convention makes it mandatory for the government to promote integrity in public administration and to synchronise systems, measures and mechanisms for handing out public jobs. Similarly, Article 7, paragraph 1, requires the government to establish and strengthen systems for board appointments based on the principles of transparency, efficiency, and objective criteria

such as merit, equity, and aptitude. The government is equally obligated to establish systems to prevent conflicts of interest and influence peddling in board appointments. “The president also appointed Chief Donald Ugbaja as a Member of the Consumer Protection Council (CPC). Chief Ugbaja, a former DIG of the Nigerian Police, died on November 29, 2017. Another person, Senator Francis Okpozo, was appointed as Chairman of the Nigerian Press Council. But Okpozo, a Senator in the Second Republic, died on December 16, 2016.”

TETE-A-TETE

Rivers State Governor, Nyesom Ezenwo Wike (right), and former River State Chief Judge, Justice Iche Ndu, during the end of year/Elelenwo day and thanksgiving service, at Saint Mark Anglican Church, Elelenwo....yesterday

Fayose’s Aide Resigns, Says Governor Playing God Victor Ogunje ÓØ ÎÙ ÕÓÞÓ

as Special Assistant, General Matters, till today, December Owing to the crisis pummelling 29, 2017. the Peoples Democratic Party “I thank you most sincerely for (PDP) in Ekiti State over the giving me the rare opportunity adoption of Deputy Governor, to serve at both appointments. Prof. Kolapo Olusola by Please accept the assurances of Governor Ayodele Fayose as my kindest regards.” his preferred successor, a notable When asked in a telephone loyalist of the governor, Chief chat by THISDAY yesterday why Segun Akinwumi, has resigned he resigned from the Fayose his appointment in the Fayose administration, Akinwumi administration after serving for said he took the decision to more than three years. quit because Fayose has been Akinwumi was appointed as playing God on the choice of Director General/Special Adviser a successor. on Procurement Matters where He claimed that Fayose had he served for three years before first told him and other aides he was later appointed Special to work for former Attorney Assistant on General Matters. General and Commissioner Akinwumi, who is also for Justice, Mr. Owoseni Ajayi a former Chairman of and later former Commissioner Ilejemeje Local Government, for Works, Mr. Kayode Oso, as in his resignation letter dated successor. December 29, 2017 did not give The former aide, who any reason for stepping down maintains that he remains in from office. PDP and has no reason to leave The five-paragraph letter the party, said Fayose reneged reads: “I hereby tender my on his promise to leave the resignation with immediate Government House with his effect. deputy at the expiration of their “Sir, you would recall that on tenure in October 2018. October 24, 2014, you appointed Akinwumi said: “I am a me Director General/Special product of establishment for Adviser on Procurement Matters the past 39 years and under in your government, the position the tutelage of Baba Awolowo. I held until I was redeployed people were brought in under

establishment, it was Baba Ayo Fasanmi that brought us into politics. “Bringing somebody (Olusola) from nowhere, bringing somebody from the sidelines will not work. It is someone within the system that we want in the PDP. “Fayose should stop playing God in our party, let the national leadership and people that matter tell him not to play God again in our party because you cannot mock God. “Fayose had told us that he would serve out his tenure together with his deputy. No God has spoken to anybody about it, no one can play God no matter how highly placed and anyone that plays God will become an ex-person. “This was a man (Fayose) that said in public glare on April 24, 2014 that Owoseni Ajayi should not contest to be deputy governor but a governorship material. “Fayose also promised before the whole world that when his tenure finishes in 2018, he and his deputy, (Olusola) Eleka would leave the Government House together. “Eleka should be advised to dust his papers and go back to classroom because imposition

won’t work in our party. Politics has not got to a level in which somebody will be begged to contest the governorship in which the whole state is your constituency. He said further: “How can you just wake up one day and impose (Olusola) Eleka on other party members and leaders? PDP is not a one-man party, one man cannot just decide who is the party’s flag bearer at a governorship election expected to be keenly contested. “This was the same governor who asked us to be working for Owoseni Ajayi telling us that himself and the deputy governor would serve out their tenure together, that both of them are leaving the Government House together. “Later, he said we should stop working for Owoseni Ajayi, that the person now to work with was Kayode Oso and we started wondering what was going on. “He later came to tell us that it is no longer Oso again that we should now work for (Olusola) Eleka. We asked questions, he said he would not tolerate any question from us that we should just carry out his order. Eleka cannot work, we need a popular and acceptable candidate.”

MONDAY, JANUARY 1, 2018Ëž T H I S D AY

NEWSXTRA

EFCC Investigates 196Â Ex-diplomats for Receiving Salaries after Retirement Payment to another 800 ex-employees of MDAs stopped Ndubuisi Francis Ă“Ă˜ ĂŒĂ&#x;Ă”Ă‹ The Economic and Financial Crimes Commission (EFCC) is currently investigating 196 foreign service officers (ex-diplomats) who have continued to receiving salaries after exiting the federal service. The federal government also disclosed that inÂ the course ofÂ its routine audit assignment, the Presidential Initiative on Continuous Audit (PICA) stopped the salaries of over 800 ex-employees of the government who had continued to draw monthly salaries even after exiting the federal service as well as removed over 50,000 ghost workers from the federal payroll. PICA was said to have discovered that 196 Foreign Service officers continued to receive salaries after exiting the federal service, with the sum of 192 million reportedly collected by the officers in question as salaries even after leaving the service. â€œThe case was handed over to the EFCC for further investigation and recovery of the aforementioned funds on completion of the investigation,â€? she said. The Special Adviser (Media) to the Minister of Finance, Mr. Oluyinka Akintunde, in what he listed as the notable achievements of his principal, Mrs. Kemi Adeosun, in the last two years, said the minister was instrumental to the establishment of PICA, described as â€œa critical initiative in the implementation of a Continuous Audit Programme.â€? Akintunde stated that the Federal Executive Council (FEC) had on Â March 9, 2016, approved the establishment of PICA to ensure full accountability of all public funds expended under President Muhammadu Buhari Administration.â€? Since its establishment, the

Continuous Audit Team, he stressed, had undertaken series of investigations and recoveries for the government, including infractions by the staff of Pension Transitional Arrangement Directorate (PTAD), verification of subsidy claims, personnel costs to Ministries, Departments and Agencies (MDAs), and ghost workers scammers. He also noted that another major initiative of the minister was the setting up of the Efficiency Unit (E-Unit), adding the federal government currently saves at least N15 billion annually from the services of the E-UNIT. Although the National Assembly has declared subsidy on premium motor spirit (PMS) illegal, Akintunde listed the verification of subsidy claims as one of Adeosunâ€™s achievements. He stated: â€œIn its efforts to ensure steady supply of petroleum products nationwide, the federal government took measure aimed at settling outstanding debts owed to members of the Petroleum Products Marketers Association of Nigeria (DAPMA). â€œAn inter-agency committee under the leadership of PICA was set up to verify the claims. Other members of the committee are the Nigeria Customs Service, Debt Management Office, DPRRA and BOF. The committee verified and recommended some payments to members of DAPMA and has thus far made remarkable savings for the federal government,â€? he disclosed. According to him,Â 72 marketersÂ had been verified with total claims ofÂ N45,999,999,865.98 and a total saving of N887,108,438.31. Another achievement, the ministerâ€™s media aide said was the reduction in personnel cost to ministries, departments and agencies (MDAs) of

Nigerâ€™s N21.7bn Windfall Gets State Assemblyâ€™s Nod Laleye Dipo Ă“Ă˜ Ă“Ă˜Ă˜Ă‹ Niger State has raked in an unprecedented N21.7 billion from the federal government in the last couple of months. N8.6billion was harvested from the Excess Crude Account (ECA), N5.9billion from the development fund and N7.2 billion from the Paris Club fund refund. The state House of Assembly last Friday gave its nod to the executive arm of government to spend the amount. Governor Abubakar Bello had earlier in the week presented a supplementary budget capturing the total amount before the legislature and when the legislators met last Thursday, they gave the go ahead for the money to be expended. The assembly said in a

statement by its Head of Media and Protocol, Sabo Adamu, that the Committee on Finance and Appropriation presented its report to plenary which was favourably considered by the committee of the whole house. Though Sabo Adamu in the statement explained that the House committee headed by Alhaji Abdullahi Mamagi â€œscrutinisedâ€? the supplementary appropriation bill, he did not give details of what the money would be spent on or the period when the windfall was realised. The statement also explained that the assembly received the report of its committee on local government which looked into the amendment of the local government law 2001 and that for the sharing of money in the state joint local government account.

government. â€œPrior to the establishment of PICA, the personnel cost across Federal MDAs was high, making it difficult to channel enough funds to develop needed critical infrastructure. â€œThe intensive and diligent forensic audit of Integrated Payroll and Personnel Information (IPPIS) and nominal roll carried out by PICA led to monthly reduction of personnel cost (salaries) from 151 billion in February 2016 to 138 billion by August, 2016. â€œSimilarly, the exercise led to reduction in pension cost from 15 billion to 14.5 billion monthly. This reduction has since been sustained through efforts of the Honorable Minister of Finance,â€? he said. The elimination of ghost workers which was touted by the previous administration as a major achievement, was

also listed as one of Adeosunâ€™s highpoints. â€œIn the course of the period through its routine audit assignment, PICA has stopped the salaries of over 800 exemployees, who had continued to draw monthly salaries even after exiting the Federal Service as well as removed over 50,000 ghost workers from the federal payroll. â€œThe details of the affected employees who had already collected the sum of 34 million before discovery have been handed over to the EFCC for investigation and prosecution. For the first time in the history of this nation, the Federal Government is prosecuting the payroll fraudsters who created fictitious names and accounts. About nine principal suspects were on November 1, 2017 charged before Justice U.P. Kekemeke of Court 14.

â€œThose arraigned were Usman Aliyu Dayo, Osuntope Opeyemi, Johnson Adedokun, Ojeifo Robert Sylvanus, Oyebade Ebenezer Ayodeji, Florence Olaolu Dada, Olaolu Haruna Dada, Blessing Ejeh and Aderibigbe Isaac Taiwo. â€œThe suspects are employees of the Office of the Accountant General of the Federation, Federal Ministry of Environment, Federal Ministry of Agriculture and Rural Development, Federal Ministry of Water Resources and Federal Civil Service Commission,â€? he said. Akintunde also disclosed that on payroll shortfall verificationÂ that the federal government in 2016 received claims of shortfalls in personnel cost from various MDAs across the country. â€œTo address these claims, PICA raised teams comprised of over 300 accountants, auditors

and administrative officers to undertake the verification of the shortfalls. To accurately profile the actual payroll costs of each of the agency, PICA designed a template to capture the vital financial information/data required for the exercise,â€? he said, adding that in all, over N30 billion was saved on account of the audit exercise. â€œHowever, it is important to note that the shortfall across most of the MDAs visited was as a result of shortfall in personnel cost in 2016 Appropriation. â€œ Others such as the Nigeria Army were due to the recruitment of about 10,000 soldiers based on presidential directive while shortfall in Defence Mission was on account of foreign exchange differentials,â€? the media aide said.

CELEBRATION IN THE AIR

L-R: Presbyter, Wesley Cathedral, Olowogbowo, Lagos, Rev John Olanrewaju Solubi; Alhaji Wasiu Banjo; Chief Tayo Soyode; Senator Anthony Adefuye; and Prof. Olusoga Onafowora, at the 2017 annual Nine Lessons Carol and thanksgiving service by Senator Adefuye at his Lekki Phase 1 residence in Lagos....recently

Amaechi, Obaseki: Peterside Would Have Done Better in Rivers The Minister of Transportation, Chibuike Amaechi, and Governor of Edo State, Godwin Obaseki, have described the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, as a man of good character and who would have done good to the fortunes of Rivers State governance. The duo stated this at the weekend during the 47th birthday celebration of Peterside in Port Harcourt. Amaechi described the NIMASA boss as a steadfast character who has stayed with him for long amongst an initial three people he reluctantly

called his political sons. â€œBy their character we shall know them. I remember when I was told that Dakuku will sell out when we were fighting for governorship under Dr. Peter Odili. Today, he is the only one remaining among those I can call my political sons,â€? he stressed. He commended Peterside for the turnaround he has brought out in NIMASA, saying before he was appointed, the agency was a cesspit of corruption but has since been given a facelift and even paying revenue into the federationâ€™s account. Edo State Governor, Godwin Obaseki disclosed that it was Dr. Peterside that inspired him to contest for the governorship

of his state. According to him, â€œI followed him (Peterside) during his campaigns and I saw the passion and energy he gave. He really showed that he had what it takes to govern the state.â€? While commending the NIMASA boss for giving the agency a new narrative, he regretted that Rivers state lost a great opportunity to tap from his managerial acumen and development-oriented policies. The Edo governor was however quick to say that the state has another opportunity to give Peterside a chance to change the state for the better. â€œBy the grace of God, you will get it back (referring to

Petersideâ€™s governorship ambition loss in 2015). You are doing a good job at NIMASA but you would have done more in Rivers State. The country realises the potentials in you and what you have to offer,â€? he stressed. In his remarks, Dr Dakuku Peterside lamented the poor state of situation in Rivers, insisting that the Wike-led administration is bereft of ideas to lead a progressive economy. He assured that in the coming elections, Rivers people would rise and reject the â€œinept, reckless and irresponsibleâ€? administration of Nyesom Wike.

T H I S D AY ˾ MONDAY, JANUARY 1, 2018

MONDAYSPORTS

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

2018 Will be More Glorious for Nigerian Football, Says Pinnick

President of the Nigeria Football Federation (NFF), Mr. Amaju Melvin Pinnick has expressed the satisfaction of the federation with on-field and off-field results for Nigerian football in 2017, while expressing conviction that the New Year will bring forth more honours and even greater global recognition for the Nigerian game. In the year 2017, the Super Eagles qualified for the FIFA World Cup finals with a match to spare from a so-called ‘Group of Death’; the Home-based Eagles qualified for the African Nations Championship (CHAN) starting in Morocco in a fortnight and; the Under-20 and Under-17 girls swept aside opposition to reach the final round of qualification for their respective FIFA Women’s World Cup finals taking place in 2018. Off the field, a string of victories in the boardroom has given Nigerian football a louder voice in international football politics and; a number of worthwhile sponsorship deals with corporate organisations has greatly reduced the financial burden on the nation’s supreme football –ruling body. “Largely, it has been an excellent year, on and off the field. The bookmakers, analysts and football fans all over the world thought we were going to find it difficult in our World Cup qualifying group, but we made it to Russia with a match to spare. Now, we have already kick-started the preparations to the finals with a landmark agreement with the team on funds and renewal of the Technical Adviser’s contract to keep him fully focused on the job. “Like the World Cup, qualification for the CHAN was also down to hard work and focus. We are ready to work even harder and focus much more ardently on our objectives in the year 2018, because we want to win the CHAN and achieve our best-ever outing at the FIFA World Cup,” Pinnick told thenff.com at the weekend. The CAF Executive Committee Member and Member of the Organising Committee for FIFA Competitions also revealed that big plans are afoot for the women’s game. “It is unfortunate that the coach we had contacted and approved for the Super Falcons’ job opted for something else before the contract was signed, but that is water under the bridge and we have moved on. In a few weeks, we will unveil a highly qualified coach for the team and we will then take it from there. “Already, we have signed a contract for a friendly match with the women’s national team of France for 4thApril 2018 in Paris. We are also mindful of the on –going campaigns of the Falconets and Flamingoes for World Cup tickets and we will continue to give them maximum support. “We were absent from the youth tournaments in 2017 because we lost out of the qualifiers wanting to do things right. We have no regrets for insisting on doing what is right. We have already set the machinery in motion for a credible and enduring system

that Nigerians will be proud of in a short while.” Pinnick insisted victories in the boardroom were major achievements considering Nigeria’s near zero presence in football politics’ top table for several years hitherto. “Now, we have someone high up in CAF and important in FIFA and we have people in FIFA committees and CAF committees. That is a step in the right direction. “I admit there were a couple of glitches in administration but that only showed we are human, but we have put measures in place to forestall unwholesome experience in the future. It is going to be a very busy, busy first half of 2018 and I have told the secretariat to wake up and move at the same pace as the Executive. In 2018, we will be thorough, we will be diligent, we will be professional and there will be zero tolerance for negligence and laxity. We are taking a winning mentality into 2018 and anyone not cut out for that will have to excuse us. “The World Cup is the big one in 2018 and I believe we are going to be very ready when the tournament kicks off. We have lined up four friendly matches starting with the game with Poland in Warsaw on 23rdMarch. There will be other matches on 27th March, 28th May (in Nigeria) and 2nd June. “Certainly, we have been able to activate our plans thanks to tremendous support from the Federal Government. We are forever grateful to the President of the Federal Republic, His Excellency President Muhammadu Buhari (GCFR), Vice President Yemi Osinbajo (GCON) and the Honourable Minister of Youth and Sports, Solomon Dalung who is always there for the Federation, intervened for us at critical times and made out time to watch the Super Eagles’ World Cup qualifying matches.” The NFF boss also handed big kudos to other highly –placed personalities who contributed in no small measure to the NFF’s achievements in 2017. “The President of the Senate, Speaker of the House of Representatives, other cabinet ministers, the Executive Governors of Akwa Ibom, Kano, Lagos and Edo states and chairmen of sports committees of the National Assembly were pillars of support and I commend them. “Our partners and sponsors have been marvellous. AITEO Group, Zenith Bank, Guinness Nigeria PLC, Emzor Pharmaceuticals, IGI, NIKE, TGI, Payporte, SuperSport and Radio Brila have all stood behind us like rocks and we are very, very grateful. In a few weeks, we will be signing more sponsorship contracts, which means we will have many more organizations and personalities to appreciate at the end of 2018. “I cannot fail to appreciate the members of the Fourth Estate of the Realm (the media). They kept us on our toes and have continued to play a creditable role in the development of Nigerian Football,” concludes Pinnick.

Nigeria and Arsenal forward, Alex Iwobi (left), given hot chase by two West Brom defenders during their New Year eve English Premier League clash yesterday. The match ended 1–1

NBBF Invites 20 for Commonwealth Games Preparation Twenty players have been invited by the Nigerian Basketball Federation (NBBF) for the first phase of camping ahead of the 2018 Commonwealth Games. In a memo signed by the Secretary General of the NBBF, Chimezie Asiegbu and sent to the respective clubs, the camping exercise which will be supervised by the duo of D’Tigers Assistant Coaches, Abdulrahman Mohammed of Gombe Bulls and Aderemi Adewunmi of Kwara Falcons will open in Lagos on January 5. The 20-man list is dominated by seven players from Kano Pillars while Gombe Bulls who recently made their continental debut have four in the provisional list. Mark Mentors of Abuja have two players while ASPAC Basketball Club of Benin, Rivers Hoopers, Bauchi Nets, Kwara Falcons, Niger Potters and Civil Defenders of Abuja all have one player each

on the list. Also on the list is Bulls inspirational Captain, Yakubu Abdulwahab, Mark Mentors reliable leader, Usman Musa and Kano Pillars three-point legend, Usman Abubakar. A member of the 2017 Afrobasket silver winning team and Most Valuable Player of the FIBA Africa Zone 3 Club Championship elimination, Abdul Yahaya was expectedly recalled to the fold alongside Dike Azouma who powered the D’Tigers to their first 3x3 continental trophy in 2017. Pillars Captain, Ogenyi Mathew will also have a chance to fight for national team jersey alongside fast rising Okpe Ocheibi Victor who was named as part of the starting five during the club championship elimination. The D’Tigers will be participating in the XXI commonwealth Games, 2018 Gold Coast, in Queensland, Australia

between April 4 and 15, 2018. According to NBBF, players and officials are expected to report to camp with their training kits and travelling documents as traveling arrangements and registration of players are expected to commence immediately. FULL LIST OF INVITED PLAYERS 1. Yakubu Abdul Wahab Gombe Bulls 2. Usman Musa Mohammed - Mark Mentors 3. Usman Abubakar – Kano Pillars 4. Saliu Precious Osigbodi Aspac 5. Okpe Ocheibi Victor – Mark Mentors 6. Okeke Jamil – Gombe Bulls 7. Ogenyi Mathew – Kano Pillars 8. Koko Victor Anthony –

River Hoopers 9. Istifanus Yakubu Sylvanus – Gombe Bulls 10. Dung Eli Abraham – Kano Pillars 11. Dike Azuoma – Kano Pillars 12. Akita Akpata – Bauchi Nets 13. Ademola Dele Daniel – Kano Pillars 14. Abdul Yahaya – Kano Pillars 15. Dennis Ibikoro – Unattached 16. Godwin David – Kwara Falcon 17. Ibe Abuchi Agu – Gombe Bulls 18. Gideon George – Niger Potters 19. Subel Lucky – Kano Pillars 20. Joel Ejigba – Defenders OFFICIALS 1. Abdulrahman Mohammed - Coach 2. Adewumi Aderemi –Coach.

Anthony Joshua: I Don’t Respect Fury Heavyweight champion Anthony Joshua has said that he does not respect Tyson Fury, but that the former world heavyweight champion is “welcome to enter a ring” with him. Fury accepted a backdated two-year ban for testing positive for a banned steroid in February 2015 and can fight again pending a return of his licence. “What we are achieving as heavyweight champions is phenomenal,” Joshua told BBC Radio 5 live’s Sportsweek. “But for someone in my own industry to discredit it, I can’t respect that person.” Fury’s last fight saw him beat Wladimir Klitschko in 2015 to claim the WBA, IBF and WBO

titles. It came before a legal battle with UK Anti-Doping (Ukad) for a positive test he blamed on eating uncastrated wild boar. In October 2016, he gave up his titles to focus on mental health problems and the British Boxing Board of Control (BBBofC) suspended his licence “pending further investigation into antidoping and medical issues”. In the meantime, Joshua has become WBA, IBF and IBO heavyweight champion, although Fury mocked him in May by saying he “could come back with no comeback fights and still box rings around that body builder”. “I don’t respect him,” said

Joshua. “I don’t have much respect for many boxers in the heavyweight division. It’s not an act with me. I’m being honest. I used to. I used to say very nice things. “If I speak well of Tyson Fury and say ‘what he’s achieved is so hard and I respect him’ it builds the credibility of the heavyweight championship belt up. “But when Tyson Fury says ‘Anthony Joshua is a bum’ and ‘look at him, he’s struggling against this opponent’ it discredits everything I’ve achieved.” Joshua says a unification bout against WBO champion Joseph Parker is “95%” complete for

the end of March and called another possible rival for next year in WBC champion Deontay Wilder a “big mouth”. On a possible bout with Fury, he said: “He is a lively opponent when he is fit. “He has his own battles and demons to face and once he has got over them he’s more than welcome to enter a ring with me. It’s something we should be focusing in on 2018. “With all due respect to Tyson Fury, it would be wise if his handlers got him a few fights. Get the body ticking over again and get that love for the sport back. Get a few wins under the belt and then we can get it cracking.”

Monday January 1, 2018

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MISSILE FDC to CBN â€œThe fast-paced growth recorded in Ghana, within a short space of time, signiďŹ es the need for Nigeria to embrace an accommodative stance, reduce interest rates and increase liquidity to boost its recovery.â€? A recent report released by the Financial Derivatives Company (FDC) urging the Central Bank of Nigeria (CBN) to reduce interest rates on lendIng to spur growth in the economy.

SONNIANYANG

GUEST COLUMNIST

Sustainable Diversification, A Long Way Off

ave for a newspaper editorial the recent closure of Dangoteâ€™s tomato processing factory in Kano has not attracted much public commentary â€“ as far as I know. But the unfortunate development and the reasons advanced for it merit extended examination, especially in the light of the optimism recently expressed by both President Muhammadu Buhari and CBN Godwin Emefiele, about the prospects of the economy going forward. According to the Dangote Company, it has had to shut down its tomato processing plant because of unfair competition from Chinese imports that are largely smuggled into the country. With the Nigerian market as their target, Chinese producers are said to have â€˜crashedâ€™ the price of the product by up to 50%. Some of them have gone as far as setting up shop in at least one ECOWAS country, the better to access the Nigerian market. Even retail packs are being smuggled into the country. The five per cent import tariff imposed on tomato paste has proven ineffective in discouraging its importation. So has the Central Bank of Nigeria policy of not selling foreign exchange for its importation (tomato paste is one of the 41 products on the CBN list of items that are not to be imported with foreign exchange from its coffers). In the circumstance, of course, Nigerian tomato farmers are not getting prices that can keep them in business and are therefore unable to produce enough to feed the Dangote processing plant. The successful and widespread processing of locally grown produce like tomato for local consumption is precisely the sort of outcome President Buhari expects from the policies of his government. It is a mantra for the regime that Nigerians must produce what they consume and consume what they produce. In this way, the country can cut down on imports, reduce pressure on its foreign reserves and insulate itself somewhat from the vagaries of the international market for crude oil. The net result would be economic diversification, growth of employment and output as well as meaningful national development. The government in fact, believes that such an outcome is already being achieved, going by the recent pronouncement of the Minister of Agriculture, Chief Audu Ogbeh. According to Chief Ogbeh, the country is on track to self-sufficiency in a number of food products, including rice. Central Bank Governor, Godwin Emefiele thinks so too. In a recent speech to the Chartered Institute of Bankers, Emefiele credited extant policies with the resumption of growth and the relative stability of the naira that the country has witnessed in recent months. In particular, the CBN governor said that the policy emphasis on the promotion of local production, exemplified by the restriction on the sale of foreign exchange from official sources for the importation of 41 items, has succeeded in bolstering reserves, which grew by over US$10 billion from US$23 billion in October, 2016 to US$33 billion by October, 2017. According to him, the countryâ€™s average monthly import bill has declined from a high of US$5.5 billion to US$2.1 billion in 2016. For the first half of 2017, average monthly import bill stood at US$1.9 billion. He said further that Nigeria now produces many of the items on the famous list of 41 products that it used to import, including toothpicks. He further told the bankers that we are so close to self sufficiency in rice production that Thailand, which used to export 1.2 million tonnes of the stuff to us, is now feeling the unsalutary effect of the 99 per cent decline in the volume of our off-take of its rice. On the back of these positive developments, the CBN boss expressed optimism that if the present policies are maintained, our reserves should hit the US$40 billion mark next year. That would of course, impact positively on the fortunes

CBN Governor, Godwin EmeďŹ ele of the much-battered national currency. Against the high hopes of the Buhari; government and the rosy picture of an economy on the mend painted by Godwin Emefiele, the collapse of local tomato production (for reasons other than nature-induced crop failure) and the Dangote retreat from local processing of the product, represent a significant setback. Should the unfortunate development be generalised across many products, it might turn out that both the government and the CBN governor counted their chickens before they were well and truly hatched. The situation with tomato may well be a warning that what we are trumpeting as successes in the pursuit of increased local production, diversification and value addition are not sustainable. It is well known that Nigeria is not yet a producerâ€™s paradise â€“ by a long shot. From agriculture to mining, processing of any sort and manufacturing, if the issue is production; all the usual suspects remain present and fully accounted for: inadequate or non-existent/ functioning infrastructure, limited or no access to finance at costs that make competitive sense, limited application of modern science and technology, dependence on importation for equipment and machinery as well as spare parts for same, high costs of operation, dearth of appropriate skills, unequal foreign competition (legal and illegal), incoherent and unpredictable regulatory/ policy environments, pre-modern socio-cultural attitudes and practices, wide prevalence of rent-seeking activities, etc. Although casual observation marks out Nigeria as a country that should be an economic powerhouse given its resource endowments, size and a large, mostly young and dynamic population, the sober reality is that ours is neither a very competitive economy nor a particularly productive one. Since this essay is hinged on the fortunes of an agricultural product, international comparisons of yields in selected farm produce can serve to illustrate the point here. In tomato production, for instance, average yield per hectare in Nigeria is 5/7 tonnes against 50/80 tonnes in the US, Italy and China. Should we be surprised that Chinese producers can â€˜crashâ€™ the price of tomato paste by over 50 per cent, as complained by the operators of Dangoteâ€™s processing plant? With yields in China at many multiples of what Nigerian farmers can produce, the real surprise is that the Chinese â€˜crashedâ€™ the price of only 50 per cent! Nigeria is further rendered uncompetitive by the likelihood that Dangoteâ€™s plant was imported stock, lock and barrel. Chinese tomato processors on the other hand, likely bought their equipment from Chinese manufacturers and therefore have few or none of the issues with maintenance and replacement parts

that Dangote might have to deal with. For rice, a product that Nigerians have become inordinately fond of, average yield in the country is three tonnes per hectare. The international benchmark is six tonnes. But, the one that shows us up as laggards extraordinaire is cassava yields. In total volume produced, Nigeria is the worldâ€™s number one. And we eat it the most. In fact, cassava, along with its derivatives, is a staple of the Nigerian diet. In production though, average yield for cassava in our country is 10 tonnes per hectare whereas in Thailand, where the people donâ€™t eat the stuff directly, it is upwards of 22 tonnes per hectare! Elsewhere, yields of 50/60 tonnes per hectare have also been demonstrated. As if low productivity is not enough of a disadvantage, Nigerian tomato producers (as well as producers of virtually everything else), must contend with unequal competition from overseas producers who often benefit from open and hidden help from their governments. I refer here to direct and indirect subsidies that foreign producers who export to Nigeria receive but which are not available to our own producers. Take power for example: farmers and manufacturers in many of the countries that export to Nigeria benefit from relatively cheap power supplied by state-owned entities at less-than-market prices. The point being made here is not quite the same as the usual complaint about non-availability or inadequacy of power (and utilities generally) in Nigeria. The point is that elsewhere, power is not only available but because it is supplied by the state, users in such countries are unlikely to be paying market prices for it. The story is the same with availability and costs of funds. State-owned banks and finance houses extend credit and guarantees that are cheaper and easier to access than what the CBN and the Bank of Industry have been able to offer with their schemes and programmes. In some countries, unwritten policies ensure that as long as misappropriation for private gain is not involved, no delinquent borrower from state-owned finance houses that is in production, employing workers and exporting its products to earn foreign exchange can be foreclosed upon or shutdown. Instead, when such borrowers run into trouble, they get more help to stay afloat! Even the limited protection that the present international trading arrangements (WTO and ECOWAS rules are in reference here) offer is denied to Nigerian producers because of smuggling. Like other manifestations of corruption, smuggling in Nigeria is an industrialscale activity. In most places in the world, smuggling largely involves the surreptitious conveyance through customs, of limited items of contraband; perhaps a few packs of cigarettes or the occasional bottle of drink hidden in-between clothes in a suitcase. In Nigeria though, thousands of containers and whole shiploads of contraband are â€˜smuggledâ€™ into the country and sold openly; advertised in the media even. Powerful interests regularly secure duty exemptions and waivers or pay minimal duties for imports of items that complete with locally-produced ones. The furore that erupted when the CBN restricted access to foreign exchange from official sources for the importation of 41 items that it felt could, and should, be produced locally showed clearly that powerful interest groups are dead set against the expansion and diversification of local production. These interests even succeeded in mobilising the media to support their campaign against the measure. It is not a little curious that in the same breadth that he was claiming success for a policy package that restricted imports, CBN governor Emefiele was promising for 2018, an improved (presumably higher) naira exchange rate on the back of higher reserves. Given the handicaps that

they already face, can Nigerian producers survive and thrive under a naira that is substantially stronger than what it is at the moment? Has the CBN thought through the implications for local production of a stronger naira? If our reserves are tending northwards, shouldnâ€™t our focus be on how to use them to sustain expanded local production and diversification instead of encouraging importation? There are strong indications that what is being celebrated today is, to a large extent, the result of fortuitous developments for which we should not be in a hurry to claim too much credit, for either effort or policy. President Buhari, as usual, has been quite honest about the reported increase in food production. On some of the occasions he has spoken about it, he acknowledges the contribution of nature in the form of abundant rains. Going forward, and in the interest of sustainability, our agriculture should not depend on nature to that extent. No country that has raised its agriculture game depends to a critical extent, on rainfall and nature generally. Modern agriculture that generates the type of yields that put ours to shame is driven by the widespread application of science and technology. It is also bolstered by subsidies at every level and price support schemes. Even the Western nations who worship at the altar of neoliberalism do not believe that the gospel of markets and limited government should be extended to agriculture. The president is also right about corruption. If that monster is not effectively decapicitated, industrial-scale smuggling will not be curtailed and local production will not, thrive for long. The closure of Dangoteâ€™s tomato processing plant was a pointer to what can happen in this connection. And if, because of buoyant foreign reserves, Nigeria returns to the era of â€œcheapâ€? dollars, as many are yearning for, we should add rice, toothpicks, vegetable oil, margarine, etc. to the list of items, the local production of which is likely to go the way of tomato paste. On the foreign reserves front, the heavy lifting seems to have been accomplished by higher earnings from crude oil. More of the stuff is being produced and sold at higher prices these days than in late 2015/early 2016. Which, is not to belittle the effects of import restriction/ reduction. As we cannot absolutely guarantee that our luck will hold out with crude oil sales, more import restriction/reduction should be the focus of effective (as opposed to nominal) policy. Even if the successes about which the government and the CBN are so pleased were to be attributable generally to effort and policy, in the area of import restriction/reduction at least, the lesson we ought to learn contradicts the neo-liberal worldview that lies behind the overall thrust of current policy. At the height of the recession and foreign exchange crisis from which the country is said to be emerging, the clamour was for more deregulation and market-determined â€˜reformsâ€™. Mr. Emefiele stubbornly refused to yield. Should this not urge pause on the country in the unconditional surrender of policy and national development to so-called market forces? Our relative and absolute backwardness in production (as typified by agricultural production in general and tomato production in particular) suggests that we have a very long way to go before we arrive at a diversified and competitively productive economy. And to get there, we have a lot of work to do; the sort of work that requires literally rolling up our sleeves and getting our hands dirty, in short, the sort of work we are yet to do. r "OZBOH XIP IBT CFFO WBSJPVTMZ B KPVSOBMJTU CBOLFS BOE $PNNJTTJPOFS GPS &DPOPNJD %FWFMPQNFOU JO "LXB *CPN 4UBUF XSJUFT 1PSU )BSDPVSU

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