Monday 15th January 2018

Lalong Apologises for Comments on Benue Killings, Ortom Thanks Nigerians Stop the bloodshed, Babangida warns Iyobosa Uwugiaren, Onyebuchi Ezigbo in Abuja and Chinedu Eze in Lagos Apparently overwhelmed by the outrage over his comments on the recent

killings in Benue State by suspected armed herdsmen, Governor Simon Lalong of Plateau State has tendered an apology to the Nigerian people and his colleagues, saying his remarks were

Miyetti Allah demands compensation, Buhari to meet Benue leaders over clashes misconstrued. Speaking with State House correspondents after meeting with President Muhammadu Buhari last week, Lalong had faulted the decision by his colleague in Benue State,

Samuel Ortom, to implement the Anti-open Grazing Law without alternatives, saying he had advised Ortom against the enforcement of the law. Lalong had said that it was not only the Fulani

people who were involved in cattle rearing and further boasted that there was relative peace in his state because his administration was able to bring the herders and farmers together.

His comment, which was seen by several Nigerians, including Ortom, as insensitive and untimely, had generated rash and harsh criticisms. Continued on page 8

Alhassan Chooses to Stay Put, Says She Won't Join Atiku in PDP… Page 12 Monday 15 January, 2018 Vol 22. No 8306. Price: N250

www.thisdaylive.com TR

UT H

& RE A S O

N

With 12% Rise in Fourteen Days Nigerian Stocks Are World’s Best Dangote cement leads gains as rally continues on the back of rising oil prices VIEW FROM ABROAD / BLOOMBERG Paul Wallace and Tope Alake The world-beating rally in Nigerian stocks may not be over yet. The main equity index in Africa’s biggest economy has surged 12 per cent this year in dollar terms, the most among 96 major bourses

tracked by Bloomberg, pushing it to the highest level since 2008. Dangote Cement Plc, controlled by Africa’s richest man, Aliko Dangote, and the largest company on the bourse, has climbed to a record high. Continued on page 8

United Capital to Appeal Ruling as Court Nullifies 9mobile Board Says sale of telco will go ahead

Davidson Iriekpen and Emma Okonjo United Capital Trustees Limited, the receiver-manager appointed by the consortium of 13 banks which lent 9mobile (formerly Etisalat Nigeria) $1.2 billion, has said it will appeal the ruling of the Federal High Court in Lagos which nullified the appointment of an interim

board for the telecoms firm. An official of United Capital who preferred not to be named also informed THISDAY yesterday that the sale of shares of 9mobile, Nigerian’s fourth largest telecoms operator, will go ahead as planned and the five bidders left in the process will be notified accordingly. Continued on page 8

Nigeria Consolidates Status as AfDB’s Largest Shareholder… Page 10

COURTING THE PRIVATE SECTOR…

President Muhammadu Buhari (left) and the Chairman of Forte Oil Plc, Mr. Femi Otedola, when Otedola paid a courtesy visit to the president at the State House, Abuja… recently state house

2

T H I S D AY ˾ ͯͳ˜ ͰͮͯͶ

T H I S D AY ˾ MONDAY JANUARY 15, 2018

3

4

T H I S D AY ˾ ͯͳ˜ ͰͮͯͶ

T H I S D AY ˾ MONDAY JANUARY 15, 2018

5P HFU TUBSUFE

XXX EJBNPOECBOL DPN

5

6

T H I S D AY ˾ ͯͳ˜ ͰͮͯͶ

T H I S D AY ˾ MONDAY JANUARY 15, 2018

! " # $ % & &

7

8

MONDAY, JANUARY 15, 2018 ˾ T H I S D AY

PAGE EIGHT LALONG APOLOGISES FOR COMMENTS ON BENUE KILLINGS, ORTOM THANKS NIGERIANS Over 80 people had lost their lives to herdsmen attacks in Benue since the beginning of the year while another 56 persons were killed in neighbouring Taraba State which also enacted a similar law last year. However, speaking with journalists in Abuja yesterday, Lalong said he was sorry for his remarks. “I humbly apologise for my comment, and I say I am very sorry. I have seen that my comments have in the last few days generated a lot of responses on the social media. I apologise for that,” Lalong said. “The responses to my comments are not necessary now; it does not matter now. I have great respect for the governor and the people of Benue State and I am for the unity of this country. I don’t want anybody to think we are fighting the Benue people; we are all brothers and sisters. “As a matter of fact, Benue and Nasarawa states were created out of the old Benue Plateau State. May the Almighty God grant the souls of the departed eternal peace and rest,” he added. The Plateau governor also used the opportunity to call on Nigerians, especially the media to help find lasting solutions to the crisis. “Let me use this opportunity to appeal to the people --those who are for or against, that at this time in our country, when lives are involved, there is urgent need for all of us to join hands to ensure we stop the crisis and restore peace, not only in Benue State but the entire Nigeria,”

he said. Lalong, in a statement by a former Commissioner for Information in the state, Mr. Yakubu Datit, also condemned the killings in Benue State and conveyed his sympathy to government and people of the state. Datti said contrary to the reports making the rounds in the media, Lalong felt that the tragedy called for the highest level of sympathy across board, irrespective of geographical, economic, social or religious divide. He said the incident was familiar to the governor because Plateau State has had its own of similar killings, an offshoot of the clashes between farmers and herders over the struggle for land. “There is no doubt that the action was as result of a premeditated attack meted out with the most callous viciousness and inhuman ruthlessness, which is highly condemnable and we pray that God should grant the affected families the strength to bear the loss,” Lalong was quoted to have said. According to Datti, in this trying moments, emotions naturally ran high and that was where the reaction that greeted the intervention by the Plateau State governor on the issue deserves some understanding. “The Plateau State governor had returned from vacation and when he heard about what happened in Benue, a state near Plateau, he quickly decided to visit the president and felicitated with him and briefed him on the measures he had taken so far to ensure that what happened

in Benue finds no space in his state. “This, most would agree, was an intelligent move and one that showed acuity in the prevention of conflict,” Dati said. The former commissioner explained that in the course of doing that, however, Lalong was met by some reporters at the State House who asked him various questions and in the course of responding, he made references to his communication with his colleague, Ortom. “But his statement that he advised the governor of Benue State on the process for surmounting the similar security challenges they experience as neighbours, has been taken out of context and blown out of proportion by those who have chosen to see nothing good in the amiable governor and always tend to seek political advantage in all situations. “What the governor had simply tried to explain was the different peculiarities in the complexities that define the security situation in Plateau and those of other states,” Dati explained. He said Lalong chose to find a solution to farmers and herders clashes in a different way from the Anti-open Gazing Law, “even when he was being pressured to go the way of Benue and Ekiti States in passing the law, he counseled that as much as the challenges are real, it would be better to put in place the structures that would support such legislation before taking such measures”. According to Dati, “The threat and

attacks suffered by Benue people were some of the consequences that Plateau governor had envisaged and had reasoned that since this could be avoided, it would be better to take the painstaking but less acrimonious route towards achieving the goal as it is human lives that are involved.” But even as Lalong was forced to swallow his insensitive remarks, Ortom yesterday expressed his appreciation to the people of the state for the solidarity they demonstrated before, during and after the burial of 73 victims of the herdsmen invasion and attacks in his state. In a statement signed by his Chief Press Secretary, Terver Akase, Ortom commended the people for conducting themselves in an orderly manner, despite the emotional atmosphere during the funeral service at the IBB Square, Makurdi, and at the graveside. “The governor appreciates the Bishops of the Benue State chapter of the Christian Association of Nigeria and other clergymen who coordinated the service, and the security agencies for ensuring that the event was hitch-free,” the statement said. “He equally thanks the civil society groups, traditional rulers and the media, both conventional and social, for providing wide coverage of the killings and burial of the victims for the global community. “Ortom especially commends the volunteers who offered selfless services in various ways to ensure that the survivors of the attacks were quickly taken for medical attention

and the victims were given a befitting burial.” The statement also quoted the governor as acknowledging the co-operation of all public and private sector organisations, as well as traders in different markets of the state who willingly closed their shops in honour of the victims of the attacks. “The governor also thanks the friends of Benue in other parts of the country and abroad who either attended the funeral service or sent condolence messages,” the statement added. The governor further added that the honour Benue people gave the victims would remain green in the annals of the state, assuring the people that his administration would do everything within the ambit of the law to guarantee the safety of lives and expressed optimism that perpetrators of the mindless attacks would be brought to justice.

IBB: Stop the Bloodshed Lalong and Ortom’s statements on the Benue crisis came just as former military president, General Ibrahim Babangida (rtd.) yesterday urged Nigerians and governments at all levels to serve as national vanguards in resolving some recent disturbing incidents affecting national security. Babangida made the call in a statement he issued from Minna, Niger State, also noting that the media should serve as national vanguards in tackling the present security challenges facing the country.

In the statement commemorating the Armed Forces Remembrance Day, Babangida said it was customary to observe the Armed Forces Day on the 15th January every year to remember officers and men of the Nigerian Armed Forces who laid down their lives for the unity of our country. He called on Nigerians to demonstrate appreciation of the courage of the gallant fallen heroes by appreciating their contribution and providing support for the welfare and upkeep of the families they left behind, especially their widows and children. He said it was necessary at this period when the nation was faced with the myriad challenges of terrorism, communal clashes, kidnappings, cultism and gangsterism, among other criminalities. “We should co-operate and support our security forces with the relevant information and intelligence to help in tackling the problems. “As people, we should inculcate our cultural values that promote good conduct, tolerance and peaceful coexistence. “We should eschew hate speeches, discrimination and other vices that trigger senseless violence and bloodshed. “We have witnessed so much bloodshed through communal clashes and conflicts that need urgent actions to stop them now. “As we enter the electioneering Continued on page 10

WITH 12% RISE IN FOURTEEN DAYS NIGERIAN STOCKS ARE WORLD’S BEST The advance will probably be sustained thanks to rising prices for oil, Nigeria’s main export, and as investors look to increase their holdings of what remain among the cheapest stocks in Africa, according to the asset management arm of South African lender FirstRand Ltd. “For investors wanting more exposure to consumers in Africa and Nigeria, in particular, the outlook is good,” said Paul Clark, a money manager in Johannesburg at Ashburton Investments, which owns

Nigerian stocks including Seplat Petroleum Development Co. “The banking sector is probably the most attractive at the moment, especially the tier-2 lenders.” Nigerian stocks are leading the world so far this year. Foreign investors have been crucial in driving the market higher. The New York-based Global X MSCI Nigeria ETF attracted record weekly net inflows through Thursday. That helped to increase the exchangetraded fund’s market capitalization

to almost $90 million, double the level in May last year. Even after the gains, Nigerian valuations are the cheapest among the major African equity indexes. Nigerian stocks trade at a forward price-to-earnings ratio of 10.2, while South Africa’s are at 14 and the MSCI Emerging Market Index is at 13. That suggests there’s further upside, according to Cape Town-based fund Allan Gray. While foreign investors turned

negative on Nigeria after following the 2014 oil crash and subsequent recession, the economy picked up last year and growth is forecast by the International Monetary Fund to accelerate to 2.1 percent in 2019. “For long-term investors, Nigerian equities were a screaming bargain,” said Nick Ndiritu, comanager of Allan Gray’s $389 million Africa equity fund, which doesn’t include South Africa. “Investor sentiment has turned more bullish on Nigeria and a

re-rating of the Nigerian stock market is now underway.” Still, there are some warning signs. The 120-day correlation between Nigerian stocks and Brent crude is now around the highest in two years. If oil prices reverse their 45 percent climb since June, Nigerian assets could take a hit. That’s one reason HSBC Holdings Plc has a negative outlook on the stocks. The U.K. bank also says Nigeria will have to free its currency further if it wants to attract

more investment. While the central bank eased some capital controls last year and opened a trading window for foreign portfolio traders, it continues to operate several exchange rates. “Nigeria’s multiple exchange rate system is likely to remain a key drag, keeping long-term investors on the side lines,” HSBC analysts David Faulkner, John Lomax and Kishore Muktinutalapati said in a note on Jan. 11. r Copyright Bloomberg

resolved on appeal,” he said. He added that the ruling of the Federal High Court would not stop the sale of 9mobile and the five bidders that had been prequalified to submit their final bids will be notified accordingly. The interim board of 9mobile, which has the support of the CBN and the Nigerian Communications Commission (NCC), had received bids from 16 bidders, which were eventually pruned down to five, in its intended sale of the company. NCC last week gave the deadline for the submission of final bids from the five bidders as January 16. EMTS, the Nigerian shareholders of 9mobile which owns 15 per cent of the company, secured a telecommunications licence from the NCC in 2007 and invited AbuDhabi-based Emirates Telecoms Group Company (Etisalat Group) andMubadala Development Company to acquire shares in the Nigerian firm. But the six Mubadala and Etisalat Group-appointed nonexecutive directors, all nationals of the United Arab Emirates, resigned last June, following the debt default by their then Nigerian subsidiary and Etisalat Group’s reporting disclosure on the Abu Dhabi Stock Exchange that it was transferring 45 per cent of its stake and 25 per cent of its preference shares in its Nigerian subsidiary to United Capital. 9mobile at the time had

blamed the economic downturn of 2015-2016 and naira devaluation, which negatively impacted on the dollar-denominated component of the loan, for its inability to repay the banks. However, United Capital was prevented by the CBN and NCC from taking over the teleco and instead collaborated with the banks to appoint the interim board, after which Barclays Africa was appointed to handle the sale of shares relinquished by Etisalat Group.

UNITED CAPITAL TO APPEAL RULING AS COURT NULLIFIES 9MOBILE BOARD Justice Ibrahim Buba of the Federal High Court had made the order last Friday following an application by Spectrum Wireless Communication Ltd, which said it invested $35 million in 2009 in Emerging Markets Telecommunications Service (EMTS), one the shareholders of 9mobile (formerly Etisalat). The judge ruled: “An order is hereby granted discharging the ex-parte order made by this court in this suit in favour of the respondent (United Capital) on the 3rd day of July 2017. “The order made pursuant to a motion ex-parte dated 3rd day of July 2017 was a nullity, made without jurisdiction and obtained by misrepresentation of the facts. Same be and is hereby discharged and vacated as prayed. “The motion for stay is struck out having set aside the order. The respondent shall reverse all steps taken by it since the order was a nullity.” Justice Buba granted the application last Friday on the grounds that it was granted based on a misrepresentation of facts made available to the court at the time. The order effectively nullified the appointments of Dr. Joseph Nnana of the Central Bank of Nigeria (CBN) as chairman, Mr. Boye Olusanya as managing director, Mrs. Funke Ighodaro as chief financial officer, Mr. Oluseyi Bickersthet and Mr. Ken Igbokwe as members of the interim board of 9mobile.

The nullification followed the dismissal by Justice Buba of the preliminary objection filed by United Capital in response to the application by Spectrum Wireless. Spectrum Wireless claimed that the ex-parte order was granted to United Capital through misrepresentation of the facts that alienated its interests in EMTS. Spectrum Wireless, which claims to hold 17.5 per cent of the shares in EMTS, is demanding for a return of its investment worth over $35 million, before the telecoms company can be sold. The management of Spectrum Wireless, which spoke to the media yesterday in Lagos, also claimed that since it invested the $35 million in 9mobile in 2009, no returns had been made to it. It said the planned sale of 9mobile must stop until every kobo of its investment has been paid. The solicitors to Spectrum Wireless warned that by virtue of the said judgment, the positions of Nnanna, Bickersteth, Igbokwe, Ighodaro and Olusanya, as security trustee nominees of the board of EMTS had been nullified and the order appointing them vacated. The solicitors, J.A. Achimogu and Co and Dr. Reuben Atabo and Co., warned that any institution or company that transacts business for the purpose of sale or acquisition of EMTS or 9mobile, does so at his or her own risk. Mr. Atabo said its client –

Spectrum Wireless and three others – invested about $100 million in Etisalat in 2009, which the firm used to expand its infrastructure base, “and as we speak, no return on investment has come to anyone of us”. He expressed his displeasure that the protracted $1.2 billion syndicated loan facilitated by United Capital for Etisalat was shrouded in secrecy, stressing that some investors were not regarded in the entire process. “When the problem arose, most of the directors abandoned the telecommunications firm because they never put their monies. It got to the stage that no audited account was prepared for us to see. Everything about the loan and Etisalat was shrouded in secrecy. “Now, they are bringing in new cronies to get 9mobile again. I think Etisalat Nigeria’s board should be seriously investigated,” Atabo said. On whether Spectrum Wireless had intimated the NCC on the matter, Atabo said: “We wrote several letters to the commission on the matter, but they claimed they were investigating and nothing has come out from the investigation before all this now came to the fore last Friday.” He maintained that Spectrum Wireless wanted its money back, as “it was not only the banks that invested in Etisalat”. “Our investment should be adequately recognised. No kobo has been returned to Spectrum Wireless since 2009,” he maintained.

He said the action of United Capital, which is fronting for the lending banks, did not take into consideration other stakeholders in EMTS, especially, the non-bank investors. According to the solicitors, the decision of the court would paved the way for more inclusive discussions with all the shareholders and investors of EMTS to reach a broad-based resolution on the future of the company that would give due consideration to the interests of all stakeholders. But in reaction to the court judgment, the United Capital official said the judgment was based on misrepresentation given by Spectrum Wireless and on “flawed technicalities”, affirming that it would appeal the judgment. He disclosed that Spectrum Wireless comprises a group that claims it has shareholders that invested through a series of other proxies in EMTS, making its claim on the ownership of 9mobile flawed. “The names of the owners of Spectrum Wireless do not feature in the shareholding structure of 9mobile, be it at the Corporate Affairs Commission (CAC) or in the books of the company. “Their claim has no locus, as they are four people removed from the shareholders of the company, so how can they lay a claim on 9mobile? They should not even have gone to court. But we are confident that the issue will be

TOP GAINERS NGN NGN CCNN 1.23 13.26 HONEYWELL 0.32 3.52 STERLBANK 0.17 1.91 SKYEBANK 0.07 0.84 LINKAGE 0.07 0.90 TOP LOSERS NGN NGN ZENITH 1.75 31.26 WAPIC 0.03 0.57 FLOURMILLS 1.65 31.35 ETI 1.00 19.03 MAYBAKER 0.16 3.10 HPE Nestle Nig Plc ₦ 1,490.00 Volume: 1.394 million shares Value: N 14.236 billion Deals: 11,385 As at 12/1/18 See details on Page 33

% 10.2 10.0 9.7 9.1 8.4 % 5.3 5.0 5.0 4.9 4.9

T H I S D AY ˾ MONDAY JANUARY 15, 2018

9

T H I S D AY ˾ MONDAY JANUARY 15, 2018

11

MONDAY, JANUARY 15, 2018Ëž T H I S D AY

12

NEWS

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

Alhassan Chooses to Stay Put, Says She Won’t Join Atiku in PDP After pledging her unalloyed support for former Vice President Atiku Abubakar, the Minister of Women Affairs, Aisha Alhassan, has denied speculations that she was planning to dump the ruling All Progressives Congress (APC). The minister also pledged allegiance to President Muhammadu Buhari, saying: “I am and I will continue to remain in APC.’’ Atiku had in December defected to the opposition Peoples Democratic Party (PDP). It was speculated that Alhassan, a former senator, and other allies of the former vice president would join him in the PDP. She had earlier in September said she would support Atiku for the 2019 presidential election even if President Buhari decided to run. “Atiku is my godfather even before I joined politics,� she said in Hausa. “And again, Baba Buhari did not tell us that he is going to run in 2019.� “Let me tell you today that if Baba said he is going to contest in 2019, I swear to Allah, I will go before him and kneel and tell him that ‘Baba I am grateful for the opportunity you gave me to serve your government as a minister but Baba just like you know I will support only Atiku because he is my godfather. If Atiku said he is going to contest.� But in a telephone interview with PREMIUM TIMES, the minister, popularly called Mama Taraba, said she was not

forced to leave the PDP on be congratulated because by minister’s supporters, Naomi Atiku had globe-trotted from too should have persevered which platform she became her action, she has extended Dogo, said it would be a one party to another, all in in the APC to see what God a senator, she would remain the lifespan of her political “suicidal mission� if she a bid to become president has in stock for him; we and Nigerians would not earnestly congratulate Mama career; she would have a lot joined Atiku in the PDP. in the APC. “Following Atiku to PDP gamble with their future.� Taraba for making a tough “Politics is all about to gain in the APC than in “Power belongs to God and but wise decision to remain or whatever party would be interest, and nobody forced PDP.’’ Also speaking, one of the a suicide mission for her; you can’t get it by force; he in APC,� she said. me to leave PDP to join APC, so no one will force me out of it,� she said. “I will continue to work for APC and that’s why I travelled out to Taraba State, to campaign for our party’s candidate Sanusi Jambawaile. “I know many may wish to see me leaving APC, but let me assure them I will remain in APC! ‘’So, how can I destroy the house we collectively built?� Although, she declined comment on Atiku’s defection from the APC, she said the party “is intact in Taraba State.’’ She added: “There is no squabble or faction, and our great party APC in Taraba is intact. That’s why we all work and campaigned together with His Excellency the former acting governor UTC. “So, we are one. No problem as some of you thought,’’ she further said. Meanwhile, the acting Chairman of APC in the state, Sani Chul, has expressed happiness with the minister’s decision to remain in the party. “We are really happy with her decision, it is clear that she has seen some changes in the areas she complained L-R: Minister of Finance, Mrs. Kemi Adeosun; President, African Development Bank (AfDB), Dr. Akinwumi Adesina; and Minister of about in recent past if there Finance, Ghana, Mr. Ken Ofori-Atta, during the regional meeting of the AfDB on accelerating Africa’s growth and development in Abidjan, are any.� Cote d’Ivoire....weekend “Yes, there were issues in APC like in any other party but clearly we are better. “And most importantly, it is the minister that should

FINANCE EXPERTS

Bakare ClariďŹ es Presidential Ambition

Udoma: Indicators Point to Better Economic Performance in 2018 Ndubuisi Francis Ă“Ă˜ ĂŒĂ&#x;ÔË The Nigerian economy will be significantly better in 2018 going by the consistent positive trend of key macroeconomic indicators since the country exited the recession in the second quarter of last year, the Minister of Budget and National Planning, Senator Udoma Udo Udoma, has said. Udoma, who spoke at the 2018 Economic Outlook Forum of the Redeemed Christian Church of God (RCCG), Kings Court Parish, Lagos at the weekend, said the optimism is shared by most international and local rating agencies, who support the view that the Nigerian economy is poised to grow rapidly in 2018. According to his Special Adviser (Media), Mr. Akpandem James,  the minister indicated that the growth would create opportunities for investment in areas such as agriculture and agro-processing, industry, mining, construction and

services. He emphasised that in order to continue on the positive trajectory, it was important that the implementation of the Economic Recovery and Growth Plan (ERGP) is sustained, assuring that government was determined to lead in that effort. Udoma appealed to the private sector to respond to the various initiatives which the government has been rolling out, adding that “there is no doubt that more work needs to be done and we all must work together to achieve sustainable results.� The minister said the ERGP was designed to tackle constraints to growth, leverage the power of the private sector, promote national cohesion and social inclusion, allow markets to function and uphold our core values. The broad objectives of the plan, he explained, include restoring and sustaining growth, building a competitive economy and investing in our people.

Shola Oyeyipo

Former vice presidential running mate to President Muhammadu Buhari in 2011 elections, Pastor Tunde Bakare, has vowed to lead Nigeria to her destiny when the vision of God for his national leadership eventually comes to fruition. While giving a state of the nation address yesterday at his Latter Rain Assembly Church, at Ogba, Lagos, Bakare, who said his January 1 declaration, in which he was quoted to have said God told him not to end his political ambition, was not a presidential declaration but however, expressed the optimism that he has a divine role to lead Nigeria out of the woods. Clarifying the prophecy about his 2018 prophecies, part of which purported his presidential ambition and, noting that some of the issues raised in it are already being fulfilled, Bakare said: “On the first day of the year, I shared 12 prophecies regarding the nature of 2018 as I had received from God. For instance, the 10th prophecy indicated that there will be an upsurge in the prices of

mineral resources as well as gas in 2018, barely had these statements been made when the price of oil topped $68 for the first since 2015. However, the 12th prophecy (regarding the sustenance of his political ambition), he said: “The twelfth prophecy has become the theme of myriad speculative interpretations and enquiries,� but to him, “While it has brought excitements to some, it has brought anxiety to others.� According to Bakare, “I have been inundated with messages from politicians and journalists as well as friends and well wishers seeking clarifications or offering advice based on their understanding of those clarifications “While saying the spirit of God said to me: ‘politics is not over for you - there is still one thing left for you to do. Run for president. I will work it out myself and make it happen in due course. Though the renowned lawyer and pastor-cum politician said after he put the matter before God, “The declaration was not a presidential campaign announcement; it was an invitation to prayers sent out

to fellow labourers imitated in our corporate destiny as nation builders.� He explained that though “to the uninitiated, the declaration was news, but my prayer partners in destiny to whom indeed the request for prayers was extended my journey and trajectory in the call to nation building is well known. It began in April 10, 1967 when, as 13 years old I saw myself in a vision discussing the future of the country with two Nigerian leaders, General Yakubu Godwin and late Chief Obafemi Awolowo. He told the people that the vision changed his life and sustained him such that as a teenager, it propelled him into student union politics at the University of Lagos, but stressed that in his declaration, no part of it indicated that he is running for any election. “Nowhere did I mention running for elections. It is however not surprising that politicians as well as the politically-minded have interpreted it as such. “I’m indeed running but not for elections; it is a race of destiny and the destination is certain. The certainty of

the destination is reminisence of the statement Jesus Christ made before Pilate. Drawing inference from the interaction between Jesus Christ and Pilate as recorded in John 18: 37 of the Bible, Bakare however said: “He will not shy away from an elective leadership position. “To everyone asking what the 12 prophecy actually means, my unequivocal response remains that if God leads me to lead my country by election into political office, I state boldly that I will accept it with all my heart.� He explained that in 2011, when he was the running mate to President Buhari, God had told him: “You are walking on a path that I have mapped out for you. The important thing to note is that it is my destiny to shepherd this country into her prophetic destiny, and the time is at hand.� Bakare remained speculative about the process he would attain the leadership position by insisting: “The method by which God intend to do it is up to Him. I am neither flagging off an election campaign nor building political alliances.�

MONDAY, JANUARY 15, 2018˾ T H I S D AY

13

NEWS

Innoson Owner Accuses EFCC of Double Standards in Dispute with GTBank Christopher Isiguzo ÓØ ØßÑß The Chairman/Managing Director of Innoson Vehicle Manufacturing, (IVM), Chief Innocent Chukwuma, yesterday in Enugu accused the Economic and Financial Crimes Commission (EFCC) of double standards in its involvement in the lingering dispute between his company and Guaranty Trust Bank (GTBank). In a statement signed by the Head Public Affairs, IVM, Mr. Cornel Osigwe, on behalf of Chukwuma which was made available to THISDAY, the automobile manufacturer said EFCC was working round the clock to bring the personality and integrity of IVM owner to disrepute. Chukwuma who was reacting to a media report in a national daily (not THISDAY) of January 12, 2018, with the caption: ‘Court stays proceedings in fraud case against Innoson others’, expressed shock that an anti-graft agency has reduced itself to a laughing stock. He stated that the charge which EFCC filed against him at the Lagos State High Court in December 2017 was a volta face and portrays EFCC as an institution which engages in double speaking. “EFCC had earlier denied that its reason for arresting Innoson was not because GTBank induced it to do so but given the huge public outcry against its action on Innoson, it rushed and filed the charge. This charge shows it acted on behalf of GTBank. “Again, the EFCC charge is a gross abuse of process. First, an earlier charge which GTBank induced the EFCC to file against Innoson was struck out. Innoson appealed against the order striking the charge out on the ground that it ought to be a dismissal and not striking out. The appeal, with Appeal No: CA/L/1328CM/2017 is, till date, still pending when EFCC filed

or re-filed, in December 2017, the same charge that was struck out. “Secondly, the charge is on the same subject matter and the same party as Charge No: FHC/L/565C/2015 that is pending at the Court of Appeal, Lagos Division, in Appeal No: CA/E/249C/2016. Both charges are smear campaign by GTB and EFCC to destroy Innoson,” the statement noted. Explaining further how his business transaction with the bank broke down irretrievably, Chuwkuma alleged that “GTBank took N560million from Innoson’s account with it. Innoson as a result sued GTBank in Suit No: FHC/AWK/ CS/139/2012 at the Federal High Court, Awka Division. In that suit, Innoson got judgment on May 16, 2013 in the sum of N4.7billion against GTBank for stealing N560million from its account with it. “Also, in Suit No: FHC/L/ CS/603/2006, Innoson got judgment in the sum of N2.4billion – garnishee order absolute – against GTBank. Both judgments attract 22 per cent interest until satisfied by GTBank. The N2.4billion judgment was subsequently affirmed by the Court of Appeal, Ibadan Division in Appeal No: CA/I/258/2011. “Satisfaction of the judgment debt which, with their respective interests, stood in excess of N11billion, became a serious problem to GTBank. In fact, to this extent GTBank had in an affidavit it filed at the Court of Appeal, Enugu Division in Appeal No: CA/E/288/2013, deposed that if it satisfies the judgment debt it will collapse and be out of business. “Consequently, in order to force Innoson to negotiate with it or to drop the judgments, GTBank got the Police to file a trumped up charge against Innoson in Charge No: FHC/L/565C/2015 at the Federal High Court, Lagos Division in December 2015. “However, through an

instrument dated February 17, 2016 the Inspector General of Police (IG), through U.S. Nwodo. withdrew the charge – Charge No: FHC/L/565C/2015. At paragraph two of the instrument, which is enclosed, the IG and Stanley Nwodo stated thus: “I have found it convenient to withdraw the said charge following a new development which borders on further investigation. “Characteristically, GTBank invited the former DPP of the federation, Mr. Diri, to take over the withdrawn charge and Diri using the name of the Attorney General of the Federation purports to have taken over the charge. The question of whether there is a charge - Charge No: FHC/L/565C/2015 – to be taken over by the DPP of the Federation acting as the Attorney General of the Federation is a subject of Appeal in Appeal No: CA/E/249C/2016 pending at the Court of Appeal, Lagos Division and an offshoot of this – a motion – is a subject of appeal in Appeal No: SC 839/2017 at the Supreme Court of Nigeria. With this, proceedings are yet to commence and none of the defendants in the charge is, as a result, required to attend the proceedings. “That Charge No: FHC/L/565c/2015 is a trumped up charge, is demonstrated by the fact that as at 2013, even as at 2012, Innoson was not involved in any transaction with GTBank – their relationship having broken down irretrievably – except the pending lawsuits in which judgments in the aggregate sum of N11billion inclusive of interests were rendered in favour of Innoson against GTBank. Therefore, to say that Innoson committed the offence of falsification of shipping documents as a collateral to GTBank to obtain a loan of N2.4 billion in October 2013 or in any other month or year is laughable,” the statement noted.

Armed Forces Day: Atiku Hails Gallantry of Nigerian Troops Onyebuchi Ezigbo ÓØ ÌßÔË Former Vice President, Atiku Abubakar, has urged Nigerians to embrace peace, unity and brotherly relationships as a means of honouring and appreciating the gallant efforts of members of the armed forces towards restoring order in troubled parts of the country. In a statement issued yesterday in commemoration of Armed Forces Remembrance Day, Atiku said there is no doubt that if people would all live together in peace and harmony, the army would have little or no battles to fight. “I admire the bravery of members of our armed forces, and celebrate their hard efforts to keep us safe. My prayer on this day is to see a time soon when the guns and the armoured tanks lie idle because

we have no more battles left to fight. “My hope for our country is to see a time when neighbours of different tribes and tongues see one another as brother and sister, when Christians and Muslims regard each other as one under God who created all, when citizens could express opinions and grievances freely, then there will be no need for insurgency or uprising. We would all live together in peace and harmony. And, yes, our armed forces will have little to do! “We must never take for granted the great sacrifice that these brave men and women have made or are making. We must never forget them or their loved ones. On this Armed Forces Remembrance Day, I call on Nigerians all over the world to show respect and

love to our security personnel by showing respect and love to one another. “When we all live in peace and unity and love, we not only enable steady development and progress in our great country, Nigeria, but we minimise the unnecessary pain, grief and loss of life among our beloved armed forces, who have bravely signed up to keep us all safe and secure. Our fallen heroes and their families are not the only ones who suffer. “We all are victims of those who do not want our progress and development and perpetually pit one ethnic or religious group against the other. It is time for Nigerians to remember to say no to divisions and acrimony caused by people with only their selfish interests at heart.” he said.

S/N

CUSTOMER

ITEM OF IMPORT

DATE OF FUND PURCHASE

EXCHANGE RATE

USD AMOUNT

1

GMT NIGERIA LTD (INTERNATIONAL BREWERIES PLC.)

MALT-EUROPE; 2R/6R PALE BLEND BULK

11-Jan-18

306.60

0.47

2

FAREAST MERCANTILE

VITAMILK BRAND (Vitamilk Energy Black Cereal)

12-Jan-18

306.54

227.37

3

CORONATION MERCHANT BANK

BANK CHARGES

12-Jan-18

306.54

972.31

4

CORONATION MERCHANT BANK

BANK CHARGES

12-Jan-18

306.54

3,988.79

5

CORONATION MERCHANT BANK

BANK CHARGES

12-Jan-18

306.54

7,832.53

6

CORONATION MERCHANT BANK

BANK CHARGES

12-Jan-18

306.54

9,570.93 17,505.53

7

CROWN FLOUR MILLS LIMITED

WHEAT LATVIAN MILLING WHEAT

12-Jan-18

333.50

8

CROWN FLOUR MILLS LIMITED

ANIMAL FEEDS (CONSISTING OF POULTRY MEAL)

12-Jan-18

333.50

2,494.47

9

FAREAST MERCANTILE COMPANY LIMITED

QUICK QUAKER OATS

12-Jan-18

333.50

110,000.00

10

MASSILIA MOTORS LIMITED

2 UNITS NEW MITSUBISHI OUTLANDER

12-Jan-18

333.50

18,260.00

11

SACVIN NIGERIA LIMITED

HIGH DENSITY POLYETHYLENE LOTRENE

12-Jan-18

333.50

11,740.00

12

CBN

WHOLESALE RETURN

12-Jan-18

333.00

40,000.00

13

SACVIN NIGERIA LIMITED

HIGH DENSITY POLYETHYLENE LOTRENE

12-Jan-18

333.50

49,440.00

14

BSV INDUSTRIES LIMITED

CALCIUM CARBONATE

12-Jan-18

333.50

70,560.00

15

CROWN FLOUR MILLS LIMITED

WHEAT LATVIAN MILLING WHEAT

12-Jan-18

333.50

280,000.00

16

FAREAST MERCANTILE COMPANY LIMITED

QUICK QUAKER OATS

12-Jan-18

333.50

15,257.95

17

WORLDWIDE COMMERCIAL VENTURES LTD.

NOVARTIS PHARMACEUTICAL PRODUCTS

12-Jan-18

333.50

63,621.94

18

FAREAST MERCANTILE COMPANY LIMITED

QUICK QUAKER OATS

12-Jan-18

333.50

161,120.11

19

CBN

WHOLESALE RETURN

12-Jan-18

333.00

115,261.75

20

AA3027674

PAYMENT FOR SUBCRIPTION

12-Jan-18

333.50

5,490.00

21

AA3027673

PAYMENT FOR SUBCRIPTION

12-Jan-18

333.50

11,298.00

22

AA3027671

PAYMENT FOR SUBCRIPTION

12-Jan-18

333.50

27,950.25

23

SAHARA ENERGY RESOURCE NIGERIA LTD

5,000 METRIC TONS (+/-5%) OF GASOIL

12-Jan-18

330.50

80,000.00

24

ARVEE INDUSTRIES LIMITED,

INDUSTRIAL RAW MATERIAL - FOIL OF ALUMINIUM FOR LAMINATION

12-Jan-18

330.50

30,000.00

25

BSV INDUSTRIES LIMITED

POLYVINYL CHLORIDE

12-Jan-18

330.50

25,000.00

26

DANA MOTORS LTD.

KIA BRAND VEHICLES IN SEMI KNOCKED DOWN 1

12-Jan-18

330.50

57,547.00

27

DANA PHARMACEUTICALS LTD.

RAW MATERIAL FOR PHARMACEUTICAL INDUSTRY

12-Jan-18

330.50

20,000.00

28

DASCO ENGINEERING INDUSTRIES NIGERIA LIMITED

AGRICULTURAL MACHINERY- GRINDING MILLS WITH PRIME MOVERS - FUJIMEX BRAND

12-Jan-18

330.50

30,000.00

29

EKO SUPREME RESOURCES NIGERIA LIMITED

LINEAR ALKYL BENZENE

12-Jan-18

330.50

300,000.00

30

FAREAST (NEW HOME PRODUCTS INDUSTRIES LTD)

SCANFROST BRAND REFRIGERATOR IN CKD FORMAT

12-Jan-18

330.50

21,051.02

31

FAREAST (NEW HOME PRODUCTS INDUSTRIES LTD)

SCANFROST BRAND LPG COOKERS IN CKD FORMAT

12-Jan-18

330.50

56,672.00 124,040.00

32

FLOUR MILLS NIG. PLC.

FOOD ADDITIVE FOR FLOUR MILLING AND PRODUCTION

12-Jan-18

330.50

33

FLOUR MILLS NIG. PLC.

LDPE VARIOUS GRADES

12-Jan-18

330.50

167,563.90

34

GMT (FRIESLANDCAMPINA WAMCO NIGERIA PLC)

EVAPORATED UNSWEETENED FULL CREAM MILK PEAK

12-Jan-18

330.50

200,000.00

35

GMT (TATA AFRICA SERVICES (NIGERIA) LIMITED)

GLYPHOSATE 41% SL (1KG)

12-Jan-18

330.50

100,000.00

36

MIKANO INT'L LTD

CKD GENERATORS CONSISTING OF PERKINS ENGINE & STAMFORD ALTERNATOR

12-Jan-18

330.50

110,000.00

37

NATURAL PRIME RESOURCES NIGERIA LIMITED

ACUTEX, TINOPAL CBS-X (OB) ODORIFEROUS

12-Jan-18

330.50

78,287.79

38

PROMASIDOR NIGERIA LIMITED

BULK MULTI-PLY BAGS COWBELL INSTANT MILK POWDER FORTIFIED

12-Jan-18

330.50

107,338.00

39

RANONA LTD

SOYA FIBER CHINA

12-Jan-18

330.50

94,360.00

40

RELIANCE CHEMICAL PRODUCTS LIMITED

LINEAR ALKYL BENZENE

12-Jan-18

330.50

26,000.00 69,160.00

41

ROYAL POWER AND ENERGY LIMITED

CKD UPS SYSTEM 3KVA V MAX

12-Jan-18

330.50

42

ROYAL POWER AND ENERGY LIMITED

CKD UPS SYSTEM 6KVA V MAX

12-Jan-18

330.50

59,710.00

43

SEVEN UP BOTTLING CO. PLC

MIRINDA ORANGE- MIXTURE OF ODORIFEROUS SUBSTANCES

12-Jan-18

330.50

714,446.85

44

SEVEN UP BOTTLING CO. PLC

SEVEN UP EMERALD-MIXTURE OF ODORIFEROUS SUBSTANCES

12-Jan-18

330.50

242,000.00

45

SEVEN UP BOTTLING CO. PLC

MIRINDA ORANGE - MIXTURE OF ODORIFEROUS SUBSTANCES

12-Jan-18

330.50

92,462.16

46

STARSONIC NIGERIA LIMITED

INDUSTRIAL MOULDS TO BE USED IN PLASTIC MANUFACTURING.

12-Jan-18

330.50

60,000.00

47

SUNLIGHT RESOURCES LTD

CORN CURLS FOOD FLAVOR X 117 (25KG)

12-Jan-18

330.50

30,000.00

48

SUNLIGHT RESOURCES LTD

CORN GRITS T101A & 108

12-Jan-18

330.50

40,656.00

49

VEEVEE PAPERS PRODUCTS LIMITED

INDUSTRIAL RAW MATERIAL FOR CARTON INDUSTRYTEST LINER N LINER

12-Jan-18

330.50

70,000.00

50

VIK INDUSTRIES LIMITED

BORCH INJECTION MOULDING MACHINES

12-Jan-18

330.50

21,000.00

51

WANDEL INTERNATIONAL (NIG) LTD

TVS STAR HLX 100CC KS (AGD) MOTORCYCLES IN CKD TVS BRAND

12-Jan-18

330.50

30,000.00

52

CROWN FLOUR MILLS LIMITED

ANIMAL FEEDS (CONSISTING OF FISH MEAL)

12-Jan-18

326.50

132,825.00

53

CROWN FLOUR MILLS LIMITED

ANIMAL FEEDS (CONSISTING OF FISH MEAL)

12-Jan-18

326.50

508,250.00

54

CROWN FLOUR MILLS LIMITED

ANIMAL FEEDS (CONSISTING OF CLOSTAT DRY)

12-Jan-18

326.50

169,410.00

55

CROWN FLOUR MILLS LIMITED

ANIMAL FEEDS (CONSISTING OF FISH MEAL)

12-Jan-18

326.50

403,750.00

56

EXIM SATELLITE VENTURES LTD

PULP BOARD

12-Jan-18

326.50

112,406.00

57

DE-UNITED FOODS IND LIMITED

25KGX1040CTNS CHILI POWDER

12-Jan-18

326.50

32,748.80

58

DE-UNITED FOODS IND LIMITED

25KGX1040CTNS CHILI POWDER

12-Jan-18

326.50

32,748.80

59

SUNRISE PRODUCTS LIMITED

RAW MATERIALS FOR INDUSTRIES ARTIFICIAL RESIN PVC SUSPENSION GRADE SE

12-Jan-18

326.50

143,871.00

60

SUNRISE PRODUCTS LIMITED

BOPP TRANSPARENT FILM FOR PACKAGING RAW MATERIAL

12-Jan-18

326.50

25,564.00

61

SUNRISE PRODUCTS LIMITED

RAW MATERIAL FOR INDUSTRIES FOR SANITARY AND MATERNITY NAPKINS PURPOSE.NON WOVEN TISSUE/18GSM JUMBO ROLLS

12-Jan-18

326.50

23,423.32

62

MINL LIMITED

INDUSTRIAL RAW MATERIALS

12-Jan-18

326.50

30,000.00

63

MINL LIMITED

INDUSTRIAL RAW MATERIALS

12-Jan-18

326.50

110,000.00

S/N

CUSTOMER

DATE OF FUND PURCHASE

EXCHANGE RATE

1

UNITY

9-Jan-18

305.90

10,000.00

2

OTHERS SOURCES 1

11-Jan-18

305.35

132.53

3

OTHERS SOURCES 2

11-Jan-18

305.35

6.61

4

ACCESS BANK

12-Jan-18

305.80

10,000.00

5

CBN

12-Jan-18

333.00

200,000.00

6

CBN

12-Jan-18

333.00

800,000.00

7

CBN

12-Jan-18

330.00

3,057,294.72

8

CBN

12-Jan-18

326.00

1,326,641.00

9

CBN

12-Jan-18

326.00

398,355.92

1

TOTAL AMOUNT

2

AVERAGE AMOUNT

5,802,430.78 644,714.53

USD AMOUNT

14

T H I S D AY Ëž Ëœ ÍŻÍłËœ Í°ÍŽÍŻÍś

COMMENT

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

RESCUING VEHICLE DEALERSHIPS, MANUFACTURERS FROM LETHARGY Manny Philipson canvasses friendly policies and market-supportive regulations to enhance patronage of products

T

he persistent decline in sales volume of new vehicles year-on-year could prompt fresh round of rationalisation and unprecedented upsurge in the price of new automobiles, stakeholders have warned. They are worried that the combined new vehicle deliveries have continued to plunge, from more than 50, 000 units sold in 2014 to less than 10,000 units at the close of business in 2017. “Unless urgent and proactive steps are taken to stem the tide, most dealerships and vehicle assembly plants could begin to close their shops and suspend production activities.� Over a dozen dealerships including after-sales shops, representing various manufacturers have either shutdown or swap business lines. Those in operations are merely contending with the diminutive margin from their trading activities. It is however doubtful if sales would improve anytime soon, given the unimpressive purchasing power of the populace. Prices of new vehicles are also not expected to fall as exchange rate with some world major currencies isn’t anything to cheer. The dollar, for instance still exchanges for NGN365 at the parallel market. Hypothetical reports may have cleared Nigeria from recession, but there are indications that the automobile sub-sector is still gasping for breath. Given the sales statistics of the third quarter of 2017, the automobile market could be said to be precariously haemorrhaging, owing largely, to government neglect, policy somersaults and undue taxation that have left the industry worse-off year-on-year, a stakeholder affirmed. He said: At the twilight of 2016, stakeholders in the industry were enthusiastically hopeful that 2017 would transcend the previous year in performance index, but these prospects turned out to be mere wishful thinking, as the year ended, leaving much to be desired. “From a combined sales of 50, 000 new vehicles (using 2014 statistics), sales plummeted to 14, 500 units in 2016 and by the third quarter of 2017, sales have glided downwards the curve to less than 10, 000 units, the worst result in five years.� The restriction of vehicle imports through the land borders in December 2016 was at first expected to boost new vehicle sales, but sudden hike in tariffs from 22.5 per cent to 70 per cent coupled with paucity of forex deprived new vehicle marketers of the resultant aspirations. Local vehicle manufacturers have similarly been devastated as they couldn’t access forex to import knocked down components to get their lines running. Some of them eventually resorted to laying-off workers to save cost, regardless of the consequences. The result however is a total decline in the combined outputs of the plants with a conforming descent in imports of fully-built-up units and subsequent upsurge in showroom price of new vehicles – a scenario that has incapacitated patronage. A compact sedan such as Toyota Corolla for instance now sells for between N20m and N22m as against N12m or N14m two years ago and so it is with similar brands like the Nissan Sentra, which though is assembled locally, still sells for as much as between N12m and N14m. Prices of commercial vehicles such as the 17-seater commuter vans commonly used for transporting people over long distances have similarly witnessed sporadic increase in unit price. Transporters, to this end, can’t re-fleet their pool of buses and now resorted to overstretching their vehicles so much so that they become susceptible to protracted downtime or accidents.

HYPOTHETICAL REPORTS MAY HAVE CLEARED NIGERIA FROM RECESSION, BUT THERE ARE INDICATIONS THAT THE AUTOMOBILE SUBSECTOR IS STILL GASPING FOR BREATH

Dealerships have blamed hike in price of the various brands of vehicles on paucity of forex, hike in tariffs and uncertainty in government policies. “Tariffs, for instance, suddenly surged form 22.5 per cent to 70 per cent (for passenger cars) and from 10 per cent to 35 per cent (for commercial vehicles) at the implementation of the National Automotive Industry Development Plan (NAIDP) in late 2014,� stakeholders lamented. Although there hasn’t been a corresponding rise in levy paid on used vehicles, 35 per cent duty is still currently charged - a scenario they claimed is unhealthy for business, which thus pitched franchised marketers and vehicle assemblers against government. Government, as it is, wouldn’t want the NAIDP to fail, having painstakingly invited various FDIs (foreign direct investments) to stake their hard earned funds in establishing assembly plants in Nigeria. Market fundamentals of vehicle assembly are very strong, so stakeholders need sustainable support and the right kind of encouragement. Friendly policies and market-supportive regulations are also needed to enhance patronage of the end products of the vehicle assembly plant if the industry must be sustained. The growth of the automobile industry as well as the market has lately been constrained by high import tariffs and duties as well as nonconforming government policies. Government, of course has a role to play in the growth and acceleration of the market - in particular around regulations, helping with seamless credit schemes, granting tax holidays and disseminating information to both manufacturers and consumers. Essentially too, bickering among stakeholders and various interest groups must stop. A particular company has since inception been at loggerheads with other interests and competitions with some interests contesting ownership of the facility where the company current operates. This has also stiffed operations and development. Once these factors are in place, vehicle assemblers can begin to also appoint small scale motor dealers to market their products and gradually, used car imports would go into extinct. Otherwise of what relevance is Nigeria’s alliance to the Paris Agreement which it signed in Marrakesh in 2016, a stakeholder rhetorically asked. He claims 80-90 per cent automobile environmental impact is due to fuel consumption and emissions of air pollution and greenhouse gases emitted by old and decrepit vehicles that climate scientists say drives global warming. The Paris Agreement’s central aim is to strengthen the global response to the threat of climate change by keeping global temperature rise this century well below two degrees Celsius above pre-industrial levels and to pursue efforts to limit the temperature increase even further to 1.5 degrees Celsius. The agreement also aims to strengthen the ability of countries to deal with the impacts of climate change. To reach these ambitious goals, appropriate financial flows, a new technology framework and an enhanced capacity building framework will be put in place, thus supporting action by developing countries and the most vulnerable countries, in line with their own national objectives. Philipson is principal partner at Media Advocate Limited

NIGERIA AND THE LAKE OF BLOOD (1) President Buhari has failed to fulfil his promise to Nigerians, argues Emmanuel Ojeifo “A voice is heard in Ramah, a voice of mourning and great weeping; Rachel wailing for her children and refusing to be consoled, for her children are no more� – Jeremiah 31:15.

A

t the time of writing this article, I refrained from accessing any of my social media handles because they were all bogged down with harrowing images of victims of Fulani herdsmen massacre in the Benue being carried in a solemn procession for burial. Anyone with a vestige of humanity who sees those photos and videos and the mood on the faces of Benue indigenes all dressed in black, mourning inconsolably, would know that this is not politics as usual. Current happenings in our country call for deep but sober reflection. To borrow the words of the American writer Thomas Paine, “These are [indeed] times that try men’s souls.� After Buhari was declared winner of the presidential election on April 1, 2015, he said in his acceptance speech to Nigerians: “I pledge myself and my government to the rule of law, in which none shall be so above the law that they are not subject to its dictates, and none shall be so below it that they are not availed of its protection. You shall be able to go to bed knowing that your constitutional rights remain in safe hands.� Past and current happenings in our nation have proven Buhari’s abysmal failure in fulfilling that pledge. Again and again, we have seen that

rampaging squads of herdsmen are above the law, that herds of cattle have more value than human lives, and that government could watch helplessly while a bunch of serial killers and barbarians amuse themselves with the blood of innocent Nigerians. Those who go to bed believing that their rights are in safe hands never wake up; they are murdered in their sleep. On this basis of this alone, Buhari has failed a basic test of presidential leadership, namely the security and protection of lives and property, which is the fundamental raison d’etre of government. When a government that promised to change the sorry order of things in the Federal Republic of Nigeria now presides over the funerals of its children instead of planning their future, it is a sign that our nation is doomed. This calls for a concerted effort to rescue our nation from ‘Inhumanity Nigeria Inc.’ parading itself as a constituted government. My former teacher, friend, mentor and newly appointed Vice- Chancellor of the recently approved Dominican University of Nigeria, Rev. Professor Anthony Akinwale, O.P. has generously asked me to apologise to all those whose sensibilities I offended when I advocated that we give Buhari a chance in 2015. In a reply to a recent Facebook post I made, railing against President Buhari’s gross insensitivity to the systematic liquidation of human lives across the country, Father Akinwale said, “Father Emmanuel, many of us saw this long before you. That is why you owe us an apology.�

In the period leading to the 2015 election, I had a running battle with the highly respected Professor of Thomistic Thought. He told me clearly that he had witnessed General Buhari’s first tragic outing as Head of State from 1983 to 1985, and that such a man could not be trusted with the destiny of 180 million people. He reminded me that I was not yet born when Buhari stole power through the butt of the gun and further eroded the democratic gains made by President Shagari’s administration. On the contrary, I thought we could give Buhari a chance on account of his assurances of being “a former dictator,� now “a converted democrat,� as he said in his Chatham House speech in February 2015. After watching past and current happenings in the life of our nation under Buhari’s watch, I am pained to admit that Professor Akinwale was right. The last three years have shown that Buhari has not changed. If anything, he’s become worse with power. Consequently, I feel no shame to publicly apologise to all Nigerians for the position I took in my numerous newspaper articles to advocate for the government of ‘change.’ My reasoning was that Buhari had sufficient moral and military credentials to wage the battle against corruption on account of the widespread perception of his incorruptibility, and to wage the battle against Boko Haram, which had at the time created a lake of blood in the heart of our nation. I thought that as a former military leader he would do better than President Jonathan was doing at the time.

When I published an essay on “Corruption, ethnicity and religion in Nigeria� on the back page of The Guardian in February 2015, among the many reactions I received was one from John Githongo, Kenya’s former anti-corruption czar. Mr Githongo sent me an email thanking me for the piece and for referencing the book, It’s Our Turn To Eat, written about him by the British journalist Michela Wrong, which chronicled his battle against the corruption establishment in Kenya. Like many others, Mr Githongo also expressed optimism that Nigeria would be better with Buhari in power. I thought I was in the right company. I also recall two very warm remarks made about Buhari’s leadership during the period after his accession to power. The first was from President Barack Obama at a nuclear summit in Washington DC in 2015. Obama had introduced Buhari to a European leader as someone who was doing well to tackle Nigeria’s problems. The second moment that was captured on camera was the Archbishop of Canterbury’s defence of Buhari in chat with Queen Elizabeth and former British Prime Minister David Cameron, when Cameron passed a snide remark about Nigeria being a “fantastically corrupt� country. Archbishop Justin Welby had cut into the conversation to say, “This president is different.� All of these gave me the impression that Nigeria was set to get a totally different snapshot. Ojeifo is a Catholic priest of the Archdiocese of Abuja

15

T H I S D AY Ëž Ëœ ÍŻÍłËœ Í°ÍŽÍŻÍś

EDITORIAL BEFORE THE‘CATTLE COLONIES’ There is need for a wholesale discussion on the future of animal husbandry

A

s part of the basket of solutions being proffered to end the incessant bloodshed between herdsmen and farmers across the country, the federal government has proposed the idea of creating ‘’Cattle Colonies’’ which, according to the Minister of Agriculture and Rural Development, Chief Audu Ogbeh, would not transfer communal land ownership to herdsmen wherever it was established. “Cattle colony is not using herdsmen to colonise any state. It is going to be done in partnership with state governments that will like to volunteer land for it. The federal government will fund the project and those wishing to beneďŹ t from it will pay some fees,â€? said Ogbeh while allaying fears of those opposed to the idea. While there is nothing wrong in proffering workable and sustainable solutions to the spiral of violence and bloodshed between farmers and herdsmen in various theatres across the country, the federal government should carry out more discussions with critical stakeholders before taking a ďŹ nal stand. Besides, with over 4000 people killed in the past two years, A NATIONWIDE as documented by MOBILISATION both local and foreign PROGRAMMES SHOULD groups, there is a lot BE UNDERTAKEN ON THE more that Nigerians VALUES OF LIVESTOCK need to know about IMPROVEMENT AND this problem before BREEDING CENTRES we can arrive at any FOR THE PRODUCTION sustainable solution. OF QUALITY HEIFERS Already, some TO IMPROVE PASTORAL governors of the afSTOCK fected states don’t seem comfortable with the idea of ‘’cattle colonies’’ and this is a serious issue that must be addressed since any ďŹ nal resolution of the crisis would have to be honest, just and politically correct to endure. We also believe that there is nothing wrong with commercial ranches which the extant laws currently permit in some states. The cattle owners should be encouraged through policy and legal measures to invest in the establishment of modern dairy farms. Like many stakeholders have suggested, a nationwide mobilisation programmes should

Letters to the Editor

be undertaken on the values of livestock improvement and breeding centres for the production of quality heifers to improve pastoral stock. That ranching is an enduring solution is not in doubt. But there is need for a more coordinated transition from nomadism to ranching and that will take time and the commitment of all. This is where the intervention by the federal government becomes appropriate. Although agriculture is on the concurrent list, the federal government needs to provide a guideline that sets the standards on the implementation of the desired transition. There are similar programmes in some countries like Chad, Ethiopia and Niger, where the existence of long-standing and well-designed mechanisms for pre-empting and resolving conicts between farmers and pastoralists enable them to live in peace. Besides, as we have repeatedly canvassed on this page, we need a holistic approach to the challenges associated with nomadism.

W

T H I S DAY EDITOR DEPUTY EDITORS ˜ MANAGING DIRECTOR DEPUTY MANAGING DIRECTOR CHAIRMAN EDITORIAL BOARD

EDITOR NATION’S CAPITAL

T H I S DAY N E W S PA P E R S L I M I T E D EDITOR-IN-CHIEF/CHAIRMAN GROUP EXECUTIVE DIRECTORS ˜ ˜

˜ GROUP FINANCE DIRECTOR DIVISIONAL DIRECTORS ˜ ˜ DEPUTY DIVISIONAL DIRECTOR

SNR. ASSOCIATE DIRECTOR ASSOCIATE DIRECTORS ˜ CONTROLLERS ˜ ˜

GROUP HEAD DIRECTOR, PRINTING PRODUCTION TO SEND EMAIL: ďŹ rst name.surname@thisdaylive.com

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.

WHAT KILLED MY SISITER?

A

s law abiding citizens of the country, we the members of Awuna’s Family from Ajio, Ishagev-Ya in Kwande Local Government Area of Benue State, have refused to take the law into our hands even though we have been pushed to the

wall. I wrote and submitted a petition to the IGP’s office in Abuja and I equally wrote to the Executive Secretary, National Human Rights Commission, regarding the death of our sister, Torkwase Queen Awuna, known by her husband’s family as Ade Queen. I did all that against a police sergeant, Mr. Iorember Ade, who is at the same time the husband to our late sister. Also, I have written to the Commissioner of Police in Benue State, where the incident took place, yet all the above mentioned authorities have been very careless on the issue because in my petition I pleaded with them to stop the burial of my sister by her husband and his family until the autopsy is conducted to ascertain the cause of her death. Her husband and his family have attributed her death to hepatitis but the authorities in question have failed to do so. Within the month of November 2017, our sister was rushed to the Police Clinic in Makurdi unconscious. She was later taken to the Federal Medical Centre Makurdi

e therefore call on President Muhammadu Buhari to provide the platform for a wholesale discussion on the future of animal husbandry in relations to the transition from nomadism to ranching. We urge a package of incentives, including soft loans, liberal access to land, training and provision of inputs to herders and others in order to facilitate the transition and ameliorate the challenges associated with it. The federal government should dedicate funds to advance the herders as long-term, low-interest loans while states that embark on such progressive agricultural policies should be generously grant-aided. If done properly, we can then employ and re-train the herdsmen in modern settled cattle farming. The animals will be healthier; the handlers will earn decent incomes, have decent accommodation, own property and have schools for their kids. Ancillary industries will also emerge and employment opportunities will blossom. We must understand that times have changed. In the history of humanity, the stage of development at which man wandered for a livelihood belongs to the stone age. Apart from stopping the spiral of violence, we must also stop the ‘nomadic culture’ by beginning to reap the fullest beneďŹ ts of our natural endowments through aggressive modernisation of our modes of agricultural production.

but finally died at the University Teaching Hospital Makurdi. After her demise, her husband and his family attributed her death to hepatitis. Nevertheless, even though our late sister was having hepatitis but she has never been admitted in any clinic or hospital as a result of any complication arising from hepatitis. Her first time of being admitted in a healthcare environment was after the beating by her husband. On January 7, 2018, the family of the police officer and our family met at our family house in Ajio for a discussion with the officer in attendance and our family through my father, Mr. Daniel Awuna, said clearly that we will not approve the burial of our daughter scheduled for January 13, 2018 until the investigation regarding her death is concluded. My father also told the family members of the officer that we have decided to investigate her death because of the fact that their son and some members of their family have attributed the death of our sister to hepatitis. That was the outcome of the meeting. Yet, the officer and his family still ignored our stand and suggestion for autopsy. They went ahead and buried our sister on January 13, 2018. We are going to wait for the authorities to do their job and I will advise that they to do it fast before we run out of patience. Awunah, Pius Terwase, Mpape. Abuja

SHORT CAMPAIGN WINDOW AND ECONOMY

T

he spigot of cash-flow to Nigeria’s masses effectively got turned-off when Muhammadu Buhari was inaugurated as President of the Federal Republic of Nigeria on May 29, 2015. The rapid-process implementation of the Treasury Single Account (TSA) mopped up cash available for disbursement as loan facilities by commercial banks, the Economic and Financial Crimes Commission (EFCC) playing the dutiful role a Rottweiler hound chased away investment prospects by cash holders, and the general distrust the new president had for the democratic system of Nigeria did not help matters. Thus, federal ministerial portfolios were reduced or merged, budget implementations were pitiably below those of the past Peoples Democratic Party (PDP) government, and the economy huffed and puffed until the Buhari team gleefully informed us that we have entered ‘’recession’’ and Nigerians must then be “patient� to reap the “dividends� of some much touted “anti-corruption crusade.� Basically, cash stopped flowing and the lag in its downward trickling rate was felt badly by grassroots politicians and the poor. In all honesty, since this APC-led government is averse to public spending, the hope of a cash-flow infusion on an appreciable scale into Nigeria’s economy is a longer campaign window before the next general election. If the Independent National Electoral Commission (INEC) chose the route of a shorter campaign window because that would put less stress on the health of President Buhari, then a return to the heydays of the PDP is what Nigeria needs. Sunday Adole Jonah, Department of Physics, Federal University of Technology, Minna, Niger State

16

T H I S D AY ˾ ͯͳ˜ ͰͮͯͶ

17

T H I S D AY ˾ MONDAY, JANUARY 15, 2018

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

How Buhari Lost the Plot When he was elected president in 2015 President Muhammadu Buhari came into power with a mass followership but today he no longer enjoys that support, no thanks to his style of governance, write Tobi Soniyi, Segun James and Shola Oyeyipo

A

There can be no question that the foremost challenge is poverty. The president’s handling of the economy is one of the factors threatening to wipe off his support base. Many Nigerian poor, especially from the northern part of the country expected the president to deliver economic blueprint that would take them out of poverty. This, the president has not been able to do. Initially, many sympathised with the president as he blamed the past administration for not saving for the raining days. But, people got tired of listening to the blames. They expected him by now to have made things happened to better their lots. Whichever part of the country you go, there is a unanimity of opinion that the president has failed to deliver economically. To change this perception, the government has to declare a state of emergency in the economy by acting with urgency and steadfastness to ensure that the suffering in the land is ameliorated. If he fails to do this, he should not blame the people for abandoning his rather he should blame himself for not doing enough to retain his base.

fter promising so much and delivering so little, President Muhammadu Buhari is turning out not to be the messiah the Nigerian people have been waiting for. How did a president who was a darling of many Nigerians suddenly become the man many like to hate and treat with contempt? While it is not yet possible to conclusively explain the president’s inability to deliver on good governance, a pattern is emerging that helps to explain why his government is turning out to be a huge disappointment. Fighting those Who Helped him to Win Power As soon as he came into power in 2015 the president declared war on those who helped him to win power. It is easier for the president to forget so soon how, Bukola Saraki mobilised resources for his election. Today, in Kwara many are blaming Saraki for misleading them into supporting the president. All in the name of fighting corruption, the Buhari government filed spurious charges against Saraki. One of the charges was withdrawn when an independent counsel told the Attorney General of the Federation and Minister for Justice, Abubakar Malami, SAN, that the charge was not sustainable due to lack of evidence. That was a clear case of witch-hunt. “The Senate President would be foolish to support Buhari for a second term after the humiliation he has suffered in his hands,” an ally of Saraki told THISDAY POLITCS in confidence. Without the support of a former Lagos State governor, Bola Tinubu, Buhari would not have won the All Progressives Congress’ presidential primary which took place in Lagos. The former Lagos State governor also mobilised resources and released his private jet for the president’s campaign. Suddenly, the president forgot this support. At a time, Tinubu was practically banned from coming to Aso Rock. In the circumstances, both Saraki and Tinubu will have a tough time persuading their supporters and followers to rally behind Buhari for a re-election. If the president could not appreciate their support, he should at least let them be. Former Vice-President Abubakar who also supported the president was also humiliated. The president’s men ensured that he was left in the cold. As if this was not enough, the contract between his company, Intels and the Nigerian Ports Authority was cancelled in a most callous manner. The alleged violation of the constitution which was given for the cancellation of the contract was not such that could not be remedied. Today, the likes of Atiku, Tinubu and Saraki must be regretting helping Buhari to win power. Not even former President Goodluck Jonathan worked against their interests even when they did not support him. Divisive Governance Style Despite attempts by his aides to diffuse tension generated by the president’s decision to restrict juicy appointments to his tribesmen, Buhari remains insensitive to the nation’s sensibilities. After already handing over internal security (the police, Department of State Security Service, civil defence corps and immigration) to people from the north, the president appointed Ahmed Abubakar the Director General of the National Intelligence Agency. Already, the army, the air force and

President Muhammadu Buhari

the customs are already firmly the hands of northerners. For a president who likes to flaunt his credentials as one of those who fought during the civil war to keep Nigeria as one country, one expects him to know that lack of trust is one of the reasons that led to war. He should know that distrust among the ethnic nationalities that made up the country was largely responsible for instability in the government. Rather than promote trust among the Nigerians people, the president chose to do otherwise. “Those who keep on defending the appointments made by Buhari should be left to their conscience”, a member of the APC who spoke under anonymity said. To Buhari aides, there is no difference between being appointed the Director General of Voice of Nigeria and the Director General of the Nigerian National Petroleum Corporation. After all they are both DGs. But, Nigerians know better and they are not deceived! A Reactionary Leader The fatal clashes between Fulani herdsmen and farmer did not just start today. Such clashes had become deadly even before Buhari took over power. Many therefore expected a president who promised to handle security issues more competently to have an idea of what to do in this regard. Immediately he

As rightly pointed out by Nobel laureate, Prof. Wole Soyinka, the herdsmen have declared war against Nigeria

came into office, there also warning signals as the herdsmen went on rampage across the country. States government looked up to the president for solution. They were disappointed when non was forthcoming. This explains why some states came up with their own anti-grazing laws. Meanwhile, the herdsmen became embolden by the inaction of a government. The result is indiscriminate killings everywhere. As at press time, the government does not have an idea how to resolve the issue. Initially it toyed with the idea of ranching. Now all we hear is cattle colony, whatever that means! What is obvious is that there is no concrete measure in place to solve a critical national issues. Rather than blame the media for a problem that is purely economic, the government should admit the fact that it has failed to come up with a lasting solution and also failed to restrain the aggressors. While the attacks on Benue have been more devastating in recent times, states in the northern part of the country have not been spared idea by the herdsmen, cattle rustlers and bandits. As rightly pointed out by Nobel laureate, Prof. Wole Soyinka, the herdsmen have declared war against Nigeria. It is unfortunate that Buhari’s apologetic government can seem to see this. Soyinka had said: “However, the present national outrage is over impunity. It rejects the right of any set of people, for whatever reason, to take arms against their fellow men and women, to acknowledge their exploit in boastful and justifying accents, they have declared war against the nation, and their weapon is undiluted terror. Why have they been permitted to become a menace to the rest of us? That is the issue!” There is Hunger in the Land Today provides a welcome opportunity to take stock of where the president stands in meeting the challenges facing the nation.

The Fight against Corruption At the beginning, it was easier to defend the government’s war against corruption. Not any more. The contradiction in the Buhari’s war against corruption is best illustrated by the case filed last week at the Federal High Court by the Attorney General of the Federation. After denying any involvement in the return and reinstatement of the former chairman of the now defunct presidential task force on pension reforms, Abdulrasheed Maina, the AGF went and filed a case to stop the National Assembly from probing the scandal. Nigerians deserve an answer to the question posed by , the Chairman of the Senate Committee on Media and Public Affairs, Senator Aliyu Sabi Abdullahi when he asked: “We are wondering what the AGF is afraid of. When he appeared before our committee, he was well received and fairly treated. He indeed expressed his happiness with the protection given to him by the committee handling the Maina case. Why then is it very important and urgent for him to stop the investigative hearing? What is the AGF trying to hide? As the AGF, his office plays a critical and pivotal role in coordinating the anticorruption war. Besides, the claim by the opposition that the fight against corruption is one sided can no longer be declared as base less. When the president’s men or associates err, the urgency to prosecute them is not there. For instance, despite the clear evidence that the allegation upon which the immediate past Secretary to the Federal Government, Babachir Lawal was relieved of his job can sustain some offences, he has not been charged with Even the Economic and Financial Crimes Commission which should take the credit for the modest achievement recorded by the government is not given the support it needed to do more. Those closed to the president have sought to ridicule the Acting Chairman of the commission, Ibrahim Magu. The cumulative effect of all these is that the war against graft has lost steam. There is also a confidence crisis. Many are losing confidence in the president’s team to drive a credible anti-corruption process. Those who supported the president because he campaigned to be tough on corruption are no longer sure the president is doing what he promised.

18

T H I S D AY ˾ MONDAY, JANUARY 15, 2018

POLITICS

LEADERSHIP SPECIAL

Obasanjo in Search of Transformational Change Former President Olusegun Obasanjo has warned that except African leaders imbibe new ways of doing things, good governance will remain elusive on the continent. He spoke at an event organised by the Africa Initiative for Governance at the Blavatnik School of Government, University of Oxford. Agha Ibiam who covered the event, reports:

L-r: Segun Adeniyi; Chienye Ogwo; Ofovwe Aig-Imoukhuede; Emokiniovo Akpughe; Emmanuel Taiwo; Oluwapelumi Simpson; Olusegun Obasanjo; Abdul-Fatawu Hakeem; Chukwunonso Iheoma; Efosa Edobor; Yemisi Ayeni; Herbert Wigwe and Aigboje Aig-Imooukhuede at the lecture

I

ntroducing former president Olusegun Obasanjo at the Blatvanik School of Government (BSG), Oxford University was just a formality, as he is already known to the international community. Obasanjo was at the school to speak on ‘Leadership in the African Context – How to Drive Transformational Change in African Countries’, an event that was organised by the Africa Initiative for Governance (AIG) in which he serves as the chairman of the Panel of Advisors. It was on this platform that the former president used to inform African leaders to have a paradigm shift and imbibe news ways of doing thing and by extension, good governance. Obasanjo was not the first guest speaker at the BSG since the interaction was conjugated few years back. Last year, AIG took Prof. Attahiru Jega, a former executive chairman of Nigeria’s Independent National Electoral Commission (INEC), who was also the inaugural AIG Fellow of Practice to speak on the topic, “Electoral Integrity in Africa: Lessons from Nigeria’s 2011 and 2025 Election.” For this year, the mantle fell on Obasanjo, a man who has tested power in and out, either as a military or as a civilian. An all-rounder as he was also described. A man Aig-Imoukhuede poured endless and bountiful encomiums on as he sat on the ‘round-bottom’ chair, cladded in his usual regalia ‘agbada’. Before his speech, Obasanjo had attended a meeting where the partnership between the Blavatnik School of Government and AIG was discussed. At that meeting were three groups. For the BSG were the Dean of the Blavatnik School of Government, Prof. Ngaire Woods; Director of Development, Dr. Kirstine Knox; Head of Executive Office, Hillary Coyne-Bar; and the Head of Partnerships and Fellowship Office, Gail Allan. The second group comprised members of the AIG advisory panel and included President Obasanjo, Chairman of the THISDAY Editorial Board, Mr. Segun Adeniyi, and Mrs Yemisi Ayeni, while the AIG board members present were former President of Council of the Nigerian Stock Exchange (NSE) and founder of AIG, Mr. Aigboje Aig-Imoukhuede, Mrs. Ofovwe Aig-Imoukhuede, and the Group Managing Director/CEO of Access Bank Plc, Mr. Herbert Wigwe. However, journalists were barred from this meeting except on one occasion when THISDAY was asked to ‘dash in and dash out’ for photographs. Obasanjo, who always like to preserve

and promote his Yoruba culture anywhere, anytime, demonstrated it during the meeting that lasted for over three hours. Before the meeting commenced proper, Obasanjo needed a writing pad apparently to jot down salient points emanating from the meeting. He spoke to Segun Adeniyi who sat at the far end of the oblong long table in typical Yoruba language to collect a wring material from his daughter, Funke as she was not part of the meeting, but sat outside with Obasanjo’s security aide. AIG has entered a five-year partnership with the BSG. With such a plan in view, AigImoukhuede is optimistic that such exposure will provide intensive post-graduate world-class training in governance and public policy for 25 students over the next five years. It is also designed to target graduates between age 25 and 35, with or without public sector work experience. “Starting in 2017, five scholarships will be awarded to candidates from Nigeria and Ghana. These are candidates who can demonstrate academic excellence, proven leadership and commitment to public service. Upon graduation, the scholars will be expected to return home and apply their learning experiences in the public sector,” Aigboje said. At the meeting, the inaugural recipients of the AIG Scholarships for the 2017/18 academic session were presented. The students are: Emokiniovo Akpughe (Nigeria), Efosa Trevor Edobor (Nigeria), Abdul-Fatawu Z. Hakeem (Ghana), Chukwunonso Iheoma (Nigeria), Oluwapelumi Simpson (Nigeria) and Emmanuel Taiwo (Nigeria). Their field of study is on Masters of Public Policy (MPP). “This is a wonderful opportunity given to me by AIG as it will expose me to world class knowledge by learning from world-class professors at the university. And after the opportunities it will offer me are endless,” Taiwo said. The Blavatnik School of Government was founded at the university of Oxford in 2010, and it exists to inspire and support better government and public policy around the world. The school teaches current and future

Whatever any human being anywhere can do, an African can do it given the same opportunit

public leaders through innovative programmes, conducting deep research into pressing issues facing policy makers around the world, and convening leaders and experts to foster better public policy. The school was made possible through a £75 million donation to the University of Oxford by an American philanthropist Leonard Blavatnik. Obasanjo mounted the podium dazzling with lights, not as a theologian, but as a veteran politician as he holds a doctorate in theology). His introduction was very pungent, as he said, “Leadership is a subject that is relevant and always topical in any human institution or organization and more so in the African context of today. This issue of leadership is one that usually poses dilemma to analysts when it comes to its examination. This is particularly so in that it has a plethora of dimensions. Indeed, the concept of leadership has attracted a lot of scholastic and intellectual attentions particularly in the quest to define its subject-matter and styles. As a matter of fact, even though leadership remains one of the most relevant aspects of any human community, its theory, definition and styles have been both challenging and varied, depending on the situation.” Setting the stage with such powerful introduction, held the entire audience spellbound in a matter of minutes. Obasanjo who did not intend to go into semantics, details of definition and styles, noted that the job of any leader is to lead and influence others to do what they have to do for the collective objective willingly to achieve the group or corporate goal. Leaders, he said don’t always function or perform alike. Indeed, he maintained that no two leaders will do or act exactly in the same over what needs to be done in any one particular situation. To drive home his point, Obasanjo cited late President Umaru Musa Yar’Adua and former president Goodluck Jonathan as example, saying, as the former was worse, the latter was worst. “Indeed, today’s reflections on Africa elicit both a smirk and a grin at the same time. Particularly, when the world at large, and Africa in particular, is grappling with twin issues of economic growth and poverty. For the cynics, undiscerning and the uninformed nothing much has changed about the continent, still a black continent full of monkeys and apes in the street with disease, poverty and corruption. “There are both happy and sad stories to tell about Africa. For the cynics, nothing reflects

the African situation more than the desperation of African youths to flee the continent. The phenomenon is sad and tragic. The cynics may be forgiven for their view. But I tell you; it is a manifestation of an old, ever-festering challenge of population management with good governance. But for as long as those who are supposed to act on these issues err on the side of some awkward sentiments of religion, culture and nature, so long will it be difficult to deal effectively with the issues including the demography issue,” Obasanjo said. Leadership in Africa The story of leadership in Africa according to him, is not only about missed opportunities or of its many missed starts. Afro-pessimists may as well dwell on these or continue to revel in the often mis-understood jinx of Africa remaining perpetually as “the continent of the future”. I think Africa’s time is now and the signs are not too difficult to read. He maintained that transformational leadership is required, and it is key. He took a pause to dwell on historical overview of transformational leadership in Africa and what it means, and equally delved a bit into his personal experiences as an active participant in managing transformative change in Nigeria. Obasanjo asked some rhetorical questions during his speech. How does the African conceive leadership? Are leaders in Africa conscious of change – transformative change? How have we as leaders in Africa acquitted ourselves in driving transformative change? Are there case studies to drive home these inquisitions? What are the issues and circumstances that hinder such changes and what needs to be done to actualize such changes or sustains them, and do we already have a modicum of them within the continent? These were many questions begging for answers during his speech. He strongly provided answers to them by saying that, “Historically, African leadership was potent and formidable during the pre-colonial era; a leadership interwoven with the life of the entire community. People’s knowledge of their leader during this period was inalienable and intimate. The leaders themselves had what embedded spiritual dimension that they were God-sent and that their act of governance was in accordance with the spirit and letters of their ancestors and the divinities. The period witnessed the golden age of monarchs and paramount chiefs on the continent.

19

T H I S D AY ˾ MONDAY, JANUARY 15, 2018

POLITICS

LEADERSHIP SPECIAL

O B A S A N J O I N S E A R C H O F T R A N S F O R M AT I O N A L C H A N G E “Colonialism in the 19th century compelled another kind of leadership for Africa. With the occupation of Africa, direct emasculation of the African development including abuses and atrocities were recorded on the continent perpetrated by the colonial masters. Fired by patriotism and a burning desire to liberate their people from the clutches of imperialism, the African leaders of the colonial period resolved to prosecute an agenda which would bring freedom and egalitarianism to the rank and file of their people. “The colonial African leaders, it must be noted, were not directly at the helm of affairs during the period. They were, at best, at the periphery of power, as absolute authority was vested primarily in the white colonial masters. The constraints and shortcomings they grappled with during the period, therefore, necessarily had to be second-hand, transferred or indirect. African leaders of the colonial period (traditional chiefs and nationalists) deserve to be credited for their will-power and doggedness in fighting the cause of freedom and independence for African nations, in spite of the fact that they were not directly within the power corridor. History has recorded their monumental achievements against all odds. They sought for independence and got it by negotiation, with some of them imprisoned or by taking up arms with some of them dying in the process,” he noted. His Perspective on Transformational Leadership “Two years before fortuitous circumstances thrusted leadership of my country on me in 1974, I was at the Royal College of Defence Studies. A considerable part of my stay was spent thinking and meditating at length on the political, economic and social problems and future of Nigeria. I interacted with colleagues and travelled within Europe and visited Latin America, Australia and Asia. “Thus, when the mantle of leadership fell on me, it was an opportunity to reflect on my thoughts and put them into practical uses. It would be understood why and how we successfully prosecuted an enviable, healthy and vibrant economic policy, executed a most robust foreign policy and ended the political aberration called military government in the country in 1979. That opened the floodgates for sweeping spate of democratisation across the continent of Africa. It was how we provided leadership for the political transformation at that time. So, for me leadership is reflective, active and reactive,” Obasanjo said. According to him, between 1979 and 1999, he was active in the international scene. To him, it was a good interacton and a good experience and a good learning process. He believed that the prison experience was a good school for leadership training and preparation for high political office. The three years, three months and three days, he spent in jail following a phantom coup were spent reflecting on how to serve God and humanity. Rather than waiting to come into office to react, I seized the initiative to travel across the globe, during the period of being president-elect. And on being sworn-in as president, his earlier travelling created both formal and informal networks to bail Nigeria out of its pariah status among the comity of nations and negotiate debt relief, which was eventually secured. That, again he said was how the political leadership can drive transformative change within context. Contemporary Leadership and Transformation Leadership in Africa On the upside, the former president said experiences have shown that, there is an emerging African leadership that is responding positively to the challenges of today. He said: “I remember that while we were inaugurating the Africa Leadership Forum, (ALF), in 1986 former German Chancellor, Helmut Schmidt had averted our minds to the fact that economic literacy would be a major solution to Africa’s leadership challenge. On the development plane, experiences since then have shown that some leaders in Africa with modicum of economic knowledge are responding positively to the challenges of leadership in development and economic management. It is not surprising that at

say, “‘it always seems impossible until it is done’” Shrewdness and Openness to Work with Others We must maintain vigilance for pursuing adopted objectives, even when they look like a waste of time. An example of this element saw our creation of the Excess Crude Account, which at that time meant saving excess revenue and channelling them towards critical development goals. Shrewdness in policy development and creative implementation is a virtue that must not be ignored. Transformational leadership is not a popularity context. It cannot pretend to be. It must do what it has to do, when it has to do it and without failing. You must be seen to be honest with others and they must see palpable honesty, integrity and ethics in you for them to do your bidding and give you their trust and confidence. And this was what you find in our debt relief management. When the international community knew that we were serious with our reform efforts they cooperated and became very responsive and helpful.

Obasanjo

the commanding heights of the economies doing well in Africa today are some of the best economic managers who had proven their mettle in major international financial institutions and focused professionals who know their onions. The example of Rwanda, Ethiopia and Cote d’Ivoire are apt. President Allassane Outarra is focusing on transformative potential in Cote d’Ivoire; with economic comeback after his election in 2011 led to the death of over 3,000 Ivoriens. He has changed the narrative to get ahead of the economic curve by posting a double-digit GDP growth, exporting electricity to neighbouring Ghana and Mali and exporting processed versions of Ivory coast’s rich raw materials and agricultural produce like cocoa, cotton, rubber and palm oil and making his country live with the largest percentage of middle class market in all of Africa. The story is the same in many African countries. Over the past decade, six of the world’s 10 fastest-growing countries were African. In eight of the past ten years, Africa has grown faster than East Asia, including Japan. Even allowing for the knock-on effect of the northern hemisphere’s slowdown, the IMF expects Africa to continue to grow, some by as much as of mid-to-high single-digit economic growth, and some double-digit till most become middle income nation by 2025. For this to happen, African leaders, he said, needed to mobilise internal resources for development and encourage direct foreign investment flows. Africa must be able to incentivize 25 per cent of annual global flow of Foreign Direct Investment, which stood at $1600 billion for 2016. Only $ 55 billion came to Africa and a quarter of that would have been $ 400 billion. Africa, no doubt, will contend with the competitiveness of globalisation. But a more integrated world markets must be leveraged to open a wide potential for greater growth, and it presents an unparalleled opportunity for us in developing countries, especially continental Africa, to raise our living standards. Even the most undiscerning observer will agree that the last decade and a half have been principally reasonably different for Africa and Africans. The difference has been leadership. We have undertaken far reaching reforms which is meant to remove the old order and establish a new order, and which should enable Africa to move in tandem with the rest of the world. Continuing, he said, “I was elected as President of Nigeria in February of 1999 and

Africa does not need to be where it is if African leaders have chosen the right option

was inaugurated as president in May 1999, when Nigeria was a pariah nation. Everywhere people had poor opinion about us. We were scorned at and viewed as a liability in the comity of nations. The situation demanded that I worked to stave off that perception. As a country under political transformation, I applied myself scrupulously to the task at hand. For the eight years that I served, I reached out to world leaders and continue to do so beyond my presidency. That was termed shuttle diplomacy in governance. I travelled extensively, canvassing global understanding and our mainstreaming into the New World Order not only for Nigeria, but for the whole of Africa. By the time I finished my two-terms, I had travelled to 97 countries.” Elements of Transformational Leadership Like most social science concepts, in defining and or understanding human endeavor, Obasanjo argued that several elements or factors came together to provide the pillars for transformational leadership. He said: “In my experience I should point out a few, which were evident as I lived through life and learnt from it. They include reflection and engagement; proactivity and shrewdness and openness to work with others (values). “Again, I should reiterate my experience shortly after I was elected. I engaged in what may be called shuttle diplomacy in governance instead of the going cap in hand for donor dictated partnership terms that often saw our leaders accepting all manner of conditionalities. The lesson here is that, proactive leadership was critical at the time in Nigeria’s history. I commenced the campaign for debt relief early in my first term and got sympathetic hearings, but not much action from political leaders of creditor countries. After my first term, I realized that my talks at the highest political levels needed follow-up at the levels below. So, I head-hunted Ngozi Okonjo-Iweala from the World Bank, appointing her as Nigeria’s Minister of Finance. “The plan, for bringing Ngozi in, was that she would follow-up at a lower level after I had secured understanding at the political leadership level. Even then, the fact that Nigeria was the sixth largest oil-producing country in the world was regularly used as the reason to deny debt relief. I would then explain that Nigeria’s population of about 150 million at the time – now running to 200 million - and its stage of development should justify such relief. Ultimately, the Paris Club creditors gave us a debt relief of about $18 billion and we paid up about $12 billion to rid ourselves of the debt. The lesson again is that transformational leadership abhors complacency. It requires proactivity, thinking outside the box, resilience and consistency. African leaders are becoming more strategic, open and liberal-minded. We no longer take no for an answer. As Nelson Mandela would

His Conclusion Obasanjo’s conclusion was that good governance is the by-product of good leadership, and good governance is unequivocally germane for development in all ramifications of human life, dignity and quality of existence. According to him, there is no substitute for dialogue in terms of face-to-face and eyeball-to-eyeball discussion and negotiations for understanding and effective result. Therefore, if Africa is to be relevant in global division of labour, global decision-making and competitiveness, its leaders need to wake up to the clarion call of positive developmental paradigm shift that would significantly benefit the African continent and humanity globally. “However, of significant importance is the performance of all sectors of the entire national life such as the private sector, the academic, the civil society, the religious and financial institutions, market women, youth and even ordinary farmers. All hands must be clean, efficient, effective, productive, progressive and on deck performing well with one objective to making Africa the continent of the 21st century. Whatever any human being anywhere can do, an African can do it given the same opportunity. That is my belief and my philosophy. Africa does not need to be where it is if African leaders have chosen the right option. Better late however, than never. “This could mean a total cognitive reengineering that would evolve a change of attitude and approach to leadership and governance at all levels and in all walks of life. The knowledge age poses an additional challenge to African leaders of today. To claim this 21st century for Africa, the key is leadership. But leadership can be both a learning experience and a practice in the art of self-transcendence. With the advantage of hindsight, my commitment to this model of leadership helped me to appreciate the importance of formalizing a structure to institutionalize the memory of my service for posterity. “Within the framework of the Olusegun Obasanjo Presidential Library, we aspire not just to pay tribute to the past, but also to add value to a spectrum of undertakings which seek to evolve a home-grown architecture to help “fire the imaginations of young African leaders,” as Nigeria’s first President, Dr. Nnamdi Azikiwe, once observed. It is not all an unmitigated failure, we have some oases in the desert. But we need critical mass sustainably and continually. I am optimistic that the 21st century can be the century of Africa. “My confidence springs from what I see of up-and-coming young African leaders, which is inspiring, and which fills me with hope for the future. I am inspired by their ‘can do’ spirit, enthusiasm, dynamism, inquisitiveness and ready-to-go attitude as if to say where past generations fail, we will succeed.” Obasanjo said However, pundits said that how can a man who worked so hard during his time as president, judging from what he preached, but back home, anoint and support past and present leaders that are antithetical to his beliefs. That to them doesn’t really tally.

20

T H I S D AY Ëž Ëœ ÍŻÍłËœ Í°ÍŽÍŻÍś

FEATURES

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

The Adamawa Massacre Daji Sani writes on the killing of over 70 people by suspected herdsmen in villages in Adamawa State

T

he attacks on Dong and Lawaru villages of Numan Local Government Area in Adamawa State at the beginning of the year left 79 persons killed, with several people injured and churches, houses and shops burnt down completely by suspected herdsmen. Still, no arrest has been made and the suspected herdsmen have carried on with impunity, ravaging other villages in the state. Most of the residents in the villages of Numan, Demsa, and Girei Local Government Areas of the state said they ended last year and began this year with sorrows and pains due to series of attacks meted out on them by herdsmen without any resistance. The affected residents believe the herdsmen are being sponsored by top officials in government to actualise political, religious and primordial sentiments. The villagers said they were more pained following the nonchalant attitude of the state government regarding these killings as if those killed do not matter, alleging government ignored the reports of an Administrative Panel of Enquiry set to bring the crisis to an end. The Administrative Panel of Enquiry was set up by the state government in 2016 as an outcome from a series of dialogue between farmers and herdsmen. The panel was saddled with the responsibility of suggesting modalities to end the crises across the state. Before the latest killings, the panel had finished and submitted its report to the state government. The government’s inability to implement the recommendations supposedly gave impetus to herdsmen to continue their rampage on these villages. Since 2016 till date over 2000 people have lost their lives while more than 6000 people have been displaced and properties worth billions of naira destroyed in the clashes between herdsmen and farmers in the state. The victims of the attacks on the two villages have said that the attackers came with the motives of annihilating all of them following the kind of sophisticated weapons they were carrying. They maintained that the herdsmen cannot afford the kind of weapons they brought to fight them. The attacks have caused serious fears in the minds of residents of the two affected communities with very tense atmosphere. The residents are now suspicious of any strange face or vehicle that comes in and out of the communities because of the fear that their killers might come back as they promised. Over 4000 residents have fled the villages to take refuge in Numan, and Gombe State while a handful were seen evacuating the

The attacks on Dong and Lawaru villages of Numan Local Government Area in Adamawa State at the beginning of the year left 79 persons killed, with several people injured and churches, houses and shops burnt down completely by suspected herdsmen. Still, no arrest has been made and the suspected herdsmen have carried on with impunity, ravaging other villages in the state

Mass burial for victims of the attacks carried out in villages in Adamawa State by suspected Fulani herdsmen

Some residents removing the debris of destroyed houses after the attack on Dong Village by suspected herdsmen

Elders of Dong Village pointing at where they buried 15 people killed by herdsmen

debris of the attacked buildings trying to start life as their houses, shops, vehicles, food items and other valuables were destroyed completely by the merciless herdsmen. However, a river, which is their main source of drinking water separates the two

villages of Lawaru and Dong, as they are predominantly farmers belonging to Bwaite tribes popularly known as Bachama and few Muslim who came from other states purposely to do business had fled the villages even before the arrival of the attackers.

"With what transpired in Dong and Lawaru villages lately, we have come to the conclusion that some top Nigerian government officials are supporting the herdsmen to perpetrate their nefarious activities on targeted villages to gain some political, religious and primordial

21

T H I S D AY Ëž Ëœ ÍŻÍłËœ Í°ÍŽÍŻÍś

FEATURES

The villagers said they were more pained following the nonchalant attitude of the state government regarding these killings as if those killed do not matter, alleging government ignored the reports of an Administrative Panel of Enquiry set to bring the crisis to an end sentiments." These were the exact words from a retired Area Court Judge from Adamawa State Judiciary, Mr. Dawson K. Tufano, who is resident in Dong Village. He accused the government and Nigerian Air Force of conspiracy against the Bwaite tribes popularly known as the Bachamas. Tufano, while narrating the December 4, 2017 attack on his village, said before the arrival of a large number of well-armed Fulani herdsmen to launch an attack on their villages, they had gotten earlier information of their plans and immediately they alerted the security authorities. He said the security authorities responded by sending mobile police to man the area but before the arrival of the attackers the mobile police had been withdrawn from the areas for no reason. "As a result of the development, we had no options than to prepare for war against the herdsmen so as to defend our father's land and valuables from being destroyed. The retired Judge said while they were in a fierce battle with the herdsmen, three aircraft came from nowhere and started throwing bombs on their own side, supporting the herdsmen to kill several people while many were injured as houses and properties were completely razed down due to the Air Force bombings. "The whole thing was a calculated attempt to destroy us, if not why is it that the Air Force was only bombarding our people while leaving the large number of well-armed herdsmen who were twice the number of our population. "Secondly, the herdsmen were chanting "Allahaukabar" in Arabic language commonly used by Muslims and thanking Mr. President for giving them support to win the war; and they promised to come back to wipe-out the remaining people still alive." Tufano, who was in tears, further said: “From where l was hiding during the attack l saw the herdsmen carrying sophisticated weapons which l believed these herdsmen cannot afford those heavy weapons l saw." "We are now living in fear. At every loud sound our people will start running thinking that the herdsmen have returned to fill their promise," he said He said 58 dead bodies were recovered and buried in Dong Village while some people are still missing, noting he cannot give the casualty figures in other neighbouring villages affected by the crises. Tufano further explained that they had formally presented their complaints to VicePresident Yemi Osinbajo, when he visited the affected areas. The State Chairman of Christian Association of Nigeria (CAN), Archbishop Stephen Dami Mamza, condemned the act in totality while donating relief materials from Adamawa CAN to victims of the clash in Dong Village. He called on Christians to pray and fast. He said CAN was making frantic effort to talk with the state government to stop the future occurrence and put an end to these crises bedeviling mostly Christians in the North-east. Also, he enjoined Christians not to be afraid, adding that CAN is on the neck of the government to stop those perpetrating such evil act in the name of herdsmen. The Village Head of Dong, Mr. Jared Hanya also said 58 people were killed while others are still missing with several people injured.

The members of Adamawa State CAN in Dong Village to commiserate with families that lost their loved ones

House bombed by the Air Force

Business centre destroyed by suspected herdsmen

He lamented that the village was completely burnt down including churches and food and non-food items, paralysing the economic strength of his people. However the church leader of the Lutheran Church of Christ (LCCN) in Lawaru Village, Mr. Denis Andrawus, revealed that 21 people were killed in his area. According to him, the herdsmen attempted to burn down the church but could not “so they destroyed the furniture and several items inside the church." Andrawus also revealed that the son of the pastor of an Apostolic Church in Lawaru

was among those killed while the wife of the pastor was seriously injured and his house razed down completely by the herdsmen. Mrs. Happy Yawa, who hails from Dong Village, said the weapons the herdsmen came with, an individual would not have used his money to buy them adding that some of them cannot operate the weapons. Also speaking, the church secretary of the Lutheran Church of Christ in Nigeria in Dong Village, Mr. Leron Matahhula. who spoke on behalf of his pastor, Rev. Promise Bappah said the herdsmen attempted to burn the church so they destroyed the interior of the

church and its windows and doors. He further explained that the incident started when the Fulani herdsmen encroached into the farms of some farmers in Tambo Village with their cows and when the farmers accosted them they started shooting at the farmers, killing one and injuring four persons. According to him, the development attracted many farmers in the neighbouring villages who teamed up to chase the herdsmen in fierce battle out of their farms. They later returned to bury their dead and took the injured persons for treatment in Specialist Hospital in Yola, the state capital.

22

T H I S D AY ˾ ͯͳ˜ ͰͮͯͶ

23

T H I S D AY Ëž Ëœ ÍŻÍłËœ Í°ÍŽÍŻÍś

BUSINESSWORLD

Group Business Editor Chika Amanze-Nwachuku

Email chika.amanzenwachukwu@thisdaylive.com 08033294157

ÍŻ Í° Ëœ Í° ÍŽ ÍŻ Íś MONEY MARKET OBB OVERNIGHT

REPO ͡˛͎͎Ϲ ͡˛ͳ͜ Ϲ

CALL 1-MONTH 3-MONTH

͎ͯ˛ͳ͎Ϲ ͯͯ˛ͳ͎Ϲ ͯͰ˛ͲͰϹ

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

S & P INDEX 1/4 TO DATE

͹͹͡˛ʹͳϹ ̋ ͎˛Ͱͳ Ϲ ͹˛͎͡Ϲ

YEAR TO DATE

͹˛͎͡Ϲ ͹˛͎͡Ϲ

EXCHANGE RATE ͹͎ͳ˛͎͜˚ͯ ̊ ̊

THUMBS UP As FirstBank’s Payment Cards Hit 10m

PROMOTING STOCK TRADING

L-R: Managing Director, Meristem Registrars Limited, Mrs. Mubo Olasoko; ďŹ rst runner up of MeriGame Championship Season 2, Mr. Victor Ephraim; overall winner, Mr. Olaleye Olamide; second runner up, Mr. Moses Ogundiya; and the Deputy Group Managing Director, Meristem Securities Limited, Mr. Sulaiman Adedokun, at the ceremony to present cheques to the winners of Season 2 of MeriGame Championship in Lagos on ... recently sunday adigun

THISDAY Model Portfolios Soar to 38 on Continuing Bull Run Goddy Egene The aggregate return on the THISDAY Model Portfolio (TMP) rose to 38.1 per cent last week as the equities market hit a new high. The performance, which shows the resilience of stocks in the portfolios, was 5.5 per cent higher than the 32.6 per cent level it was two weeks ago. An analysis of the TMP showed that all the five portfolios recorded growth last week. TMP is an initiative of THISDAY Economic and Financial Intelligence Unit (TEFIU), designed to enable leading stockbrokers and investment houses in the country share their trading skills and methodologies

CAPITAL MARKET 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. So far the TMP has posted an aggregate gain of 38.1 per cent, indicating that the N50 million imaginary fund deployed in the TMP has appreciated to N69.063. While the aggregate growth stood at 38.1 per cent, Portfolio C, which has maintained the highest growth, soared to 67.9 per cent last week, from 48.3 per cent the previous week. The N10 million deployed by the portfolio has improved to N16.789 million. Portfolio D that climbed

to 48.8 per cent two weeks ago, recorded further jump to hit 58.8 per cent. This implies that N10 million deployed by Portfolio D has appreciated to N15.886 million. Similarly, Portfolio B rose from 39.7 per cent to 50.2 per cent, showing that its value has grown from N10 million to N15.062 million. In the same vein, Portfolio A has improved to 34.7 per cent, up from 25.3 per cent two weeks ago. The N10 million deployed has improved to N13.472 million. Portfolio E, which has recorded the least return, stood at 9.7 per cent last week. The N10 million

Ă“ĂœĂ?Ăž Ă‹Ă˜Ă• Ă™Ă? Ă“Ă‘Ă?ĂœĂ“Ă‹ ĂœĂ?Ă?Ă?Ă˜ĂžĂ–ĂŁ Ă?Ă—Ă?ĂœĂ‘Ă?ĂŽ ÞÒĂ? Ę¨ĂœĂ?Ăž Ę¨Ă˜Ă‹Ă˜Ă?Ă“Ă‹Ă– Ă“Ă˜Ă?ÞÓÞĂ&#x;ĂžĂ“Ă™Ă˜ Ă“Ă˜ Ă“Ă‘Ă?ĂœĂ“Ă‹ Ă‹Ă˜ĂŽ ÞÒĂ? Ă?Ă?Þ̋ Ă?ĂœĂ“Ă?Ă‹ ÞÙ Ă“Ă?Ă?Ă&#x;Ă? ÍŻÍŽ Ă—Ă“Ă–Ă–Ă“Ă™Ă˜ Ă?Ă‹ĂœĂŽĂ? ÞÙ Ă?Ă&#x;Ă?ÞÙ×Ă?ĂœĂ? Ă‹Ă?ĂœĂ™Ă?Ă? ÞÒĂ? Ă?Ă&#x;ĂŒĚ‹ĂœĂ?Ă‘Ă“Ă™Ă˜Ë› ÓÞÒ ÞÒÓĂ? ĂŽĂ?Ă Ă?ÖÙÚ×Ă?Ă˜ĂžËœ ÞÒĂ? ĂšĂœĂ?Ă—Ă“Ă?Ăœ Ę¨Ă˜Ă‹Ă˜Ă?Ă“Ă‹Ă– Ă“Ă˜Ă?ÞÓÞĂ&#x;ĂžĂ“Ă™Ă˜Ëœ Ă‹Ă˜ĂŽ Ă“Ă‘Ă?ĂœĂ“Ă‹ËŞĂ? Ă—Ă™Ă?Ăž Ă Ă‹Ă–Ă&#x;Ă‹ĂŒĂ–Ă? ĂŒĂ‹Ă˜Ă• ĂŒĂœĂ‹Ă˜ĂŽ ĂŒĂ?Ă?Ù×Ă?Ă? ÞÒĂ? Ă?Ă?Ă?Ă™Ă˜ĂŽ ĂŒĂ‹Ă˜Ă• Ă“Ă˜ Ă?ĂœĂ“Ă?Ă‹ ÞÙ Ă‹Ă?Ă’Ă“Ă?Ă Ă? ÞÒÓĂ? Ă?Ă?ËÞ˛ Ă“Ă˜Ă‹Ă˜Ă?Ă“Ă‹Ă– Ă‹Ă˜Ă‹Ă–ĂŁĂ?ĂžĂ?Ëœ ĂĄĂ’Ă™ Ă?ÚÙÕĂ? Ă™Ă˜ ÞÒĂ? Ă?Ă?Ă‹Ăž Ùà Ă?Ăœ ÞÒĂ? ĂĄĂ?Ă?Ă•Ă?Ă˜ĂŽËœ Ă?Ă‹Ă“ĂŽ Ă“Ăž ĂĄĂ‹Ă? Ă“Ă˜ Ă–Ă“Ă˜Ă? åÓÞÒ ÞÒĂ? ĂŒĂ‹Ă˜Ă•ËŞĂ? ĂŒĂœĂ‹Ă˜ĂŽ ĂšĂœĂ™Ă—Ă“Ă?Ă? ÞÙ ĂšĂ&#x;Ăž Ă“ĂžĂ? Ă?Ă&#x;Ă?ÞÙ×Ă?ĂœĂ? Ę¨ĂœĂ?Ăž Ă‹Ă˜ĂŽ Ă?Ă™Ă˜ĂžĂ“Ă˜Ă&#x;Ă™Ă&#x;Ă?Ă–ĂŁ Ă“Ă—ĂšĂœĂ™Ă Ă? Ă“ĂžĂ? ĂŒĂ&#x;Ă?Ă“Ă˜Ă?Ă?Ă? ÞÙ Ă?Ă?ĂœĂ Ă? ÞÒĂ?Ă— ĂŒĂ?ĘľĂ?ĂœË› Ă’Ă? ĂœĂ?Ă?Ă™ĂœĂŽĚ‹ĂŒĂœĂ?Ă‹Ă•Ă“Ă˜Ă‘ Ă‹Ă?Ă’Ă“Ă?Ă Ă?Ă—Ă?Ă˜Ăž Ă“Ă? ĂœĂ?Ă—Ă“Ă˜Ă“Ă?Ă?Ă?Ă˜Ăž Ă™Ă? Ă‹ Ă?Ă“Ă—Ă“Ă–Ă‹Ăœ Ă—Ă“Ă–Ă?Ă?ĂžĂ™Ă˜Ă? Ă‹ĘľĂ‹Ă“Ă˜Ă?ĂŽ ÞåÙ ĂŁĂ?Ă‹ĂœĂ? Ă‹Ă‘Ă™ ĂĄĂ’Ă?Ă˜ ÞÒĂ? Ă‹Ă˜Ă• ĂĄĂ‹Ă? Ă˜Ă‹Ă—Ă?ĂŽ ÞÒĂ? ËŠ Ă“ĂœĂ?Ăž Ă“Ă˜Ă‹Ă˜Ă?Ă“Ă‹Ă– Ă˜Ă?ÞÓÞĂ&#x;ĂžĂ“Ă™Ă˜ Ă“Ă˜ Ă“Ă‘Ă?ĂœĂ“Ă‹ËŞ ÞÙ Ă‹Ă?Ă’Ă“Ă?Ă Ă? Ă?Ă&#x;Ă?ĂžĂ‹Ă“Ă˜Ă?ĂŽ Ă‹Ă–ĂžĂ?ĂœĂ˜Ă‹ĂžĂ“Ă Ă? Ă?Ă’Ă‹Ă˜Ă˜Ă?Ă–Ă? ĂžĂœĂ‹Ă˜Ă?Ă‹Ă?ĂžĂ“Ă™Ă˜ à ÙÖĂ&#x;Ă—Ă?Ă? Ă™Ă? ÍŻÍŽÍŽ Ă—Ă“Ă–Ă–Ă“Ă™Ă˜ ĂžĂœĂ‹Ă˜Ă?Ă‹Ă?ĂžĂ“Ă™Ă˜Ă? Ă“Ă˜ Ă?Ă?Ă?Ă—ĂŒĂ?Ăœ Í°ÍŽÍŻÍł Ă‹Ă˜ĂŽ Ă‹ĂŁ Í°ÍŽÍŻÍ´Ë› Ă“ĂœĂ?Ăž Ă‹Ă˜Ă• Ă’Ă‹Ă? Ă?Ă&#x;Ă?ĂžĂ‹Ă“Ă˜Ă?ĂŽ Ă“ĂžĂ? Ă?ĂŽĂ‘Ă? Ă“Ă˜ ÚËã×Ă?Ă˜Ăž Ă?Ă‹ĂœĂŽ Ă“Ă?Ă?Ă&#x;Ă‹Ă˜Ă?Ă? åÓÞÒ Ă“ĂžĂ? Ă˜Ă?ĂžĂ‹Ă˜Ăž Ă“Ă?Ă?Ă&#x;Ă‹Ă˜Ă?Ă?Ëš Ă˜Ă?ĂžĂ‹Ă˜Ăž Ă‹Ă?ĂžĂ“Ă Ă‹ĂžĂ“Ă™Ă˜ ĂžĂ?Ă?Ă’Ă˜Ă™Ă–Ă™Ă‘ĂŁËœ ĂĄĂ’Ă“Ă?Ă’ ĂĄĂ‹Ă? ĂšĂ“Ă™Ă˜Ă?Ă?ĂœĂ?ĂŽ Ă‹ĂŒĂ™Ă&#x;Ăž Ă?Ă?Ă Ă?Ă˜ ĂŁĂ?Ă‹ĂœĂ? ËÑÙ˛ Ă’Ă“Ă? Ă‹Ă–Ă?Ă™ Ă“Ă˜Ă?Ă™ĂœĂ—Ă?ĂŽ ÞÒĂ? Ă‹Ă˜Ă•ËŞĂ? Ă?Ă™Ă˜Ă?Ă“Ă?ĂžĂ?Ă˜Ă?ĂŁ Ă“Ă˜ Ă—Ă‹Ă“Ă˜ĂžĂ‹Ă“Ă˜Ă“Ă˜Ă‘ ÞÒĂ? Ă’Ă“Ă‘Ă’Ă?Ă?Ăž Ă‹Ă?ÞÓà Ă? Ă‹ĂœĂŽ ĂœĂ‹ĂžĂ“Ă™ Ă“Ă˜ ÞÒĂ? Ă“Ă˜ĂŽĂ&#x;Ă?ĂžĂœĂŁËœ ÞÒĂ? Ă‹Ă˜Ă‹Ă–ĂŁĂ?ĂžĂ? Ă?Ă‹Ă“ĂŽË› Ă’Ă? Ă–Ă‹Ă&#x;ĂŽĂ‹ĂŒĂ–Ă? Ă?Ă?Ă‹ĂžĂ? Ă’Ă‹Ă Ă? Ă?Ă‹ĂœĂ˜Ă?ĂŽ ÞÒĂ? Ę¨Ă˜Ă‹Ă˜Ă?Ă“Ă‹Ă– Ă“Ă˜Ă?ÞÓÞĂ&#x;ĂžĂ“Ă™Ă˜ Ă?Ă?ĂœĂ“Ă?Ă? Ă™Ă? Ă‹ĂĄĂ‹ĂœĂŽĂ? Ă‹Ă˜ĂŽ Ă‹Ă?Ă?ÙÖËÎĂ?Ă?Ë› Ă?Ă?Ă?Ă˜ĂžĂ–ĂŁËœ ÞÒĂ? ĂŒĂ‹Ă˜Ă• ĂŒĂ‹Ă‘Ă‘Ă?ĂŽ ĂžĂ’ĂœĂ?Ă? Ă˜ĂžĂ?ĂœĂ?ĂĄĂ“ĂžĂ?Ă’ Ă‹ĂĄĂ‹ĂœĂŽĂ? Ă“Ă˜ Ă?Ă–Ă?Ă?ĂžĂœĂ™Ă˜Ă“Ă? ÚËã×Ă?Ă˜Ăž Ă‹Ă? ˊÞÒĂ? Ă?Ă‹Ă?ĂžĂ?Ă?Ăž Ă—Ă™ĂŒĂ“Ă–Ă? ĂšĂ?Ă˜Ă?ĂžĂœĂ‹ĂžĂ“Ă™Ă˜ ĂŒĂ‹Ă˜Ă• Ă‹Ă?ĂœĂ™Ă?Ă? Ă?ĂœĂ“Ă?Ă‹ËŞËœ ÞÒĂ? ËŠĂ’Ă“Ă‘Ă’Ă?Ă?Ăž Ă?Ă‹ĂœĂŽ ĂžĂœĂ‹Ă˜Ă?Ă‹Ă?ĂžĂ“Ă˜Ă‘ ĂŒĂ‹Ă˜Ă•ËŞËœ Ă‹Ă˜ĂŽ ÞÒĂ? Ă’Ă“Ă‘Ă’Ă?Ă?Ăž Ă“Ă?Ă?Ă&#x;Ă?Ăœ Ă™Ă? Ă?ĂœĂ Ă? Ă?Ă‹ĂœĂŽĂ?Ë› Ù××Ă?Ă˜ĂžĂ“Ă˜Ă‘ Ă™Ă˜ ÞÒĂ? Ă‹Ă?Ă’Ă“Ă?Ă Ă?Ă—Ă?Ă˜ĂžĂ? Ă“Ă˜ Ă‹Ă˜ Ă“Ă˜ĂžĂ?ĂœĂ Ă“Ă?ĂĄ åÓÞÒ Ëœ ÞÒĂ? Ă’Ă“Ă?Ă? âĂ?Ă?Ă&#x;ÞÓà Ă? ĘŠĂ?Ă?ĂœËš Ă‹Ă˜Ă‹Ă‘Ă“Ă˜Ă‘ Ă“ĂœĂ?Ă?ĂžĂ™Ăœ Ă™Ă? Ă“ĂœĂ?Ăž Ă‹Ă˜Ă• Ă™Ă? Ă“Ă‘Ă?ĂœĂ“Ă‹ Ă“Ă—Ă“ĂžĂ?ĂŽ Ă‹Ă˜ĂŽ Ă&#x;ĂŒĂ?Ă“ĂŽĂ“Ă‹ĂœĂ“Ă?Ă?Ëœ ĂœË› ĂŽĂ?Ă?ÙÖË ĂŽĂ?ĂŽĂ&#x;Ă˜ĂžĂ‹Ă˜ Ă?Ă‹Ă“ĂŽË? ËŤ Ă? Ă?Ă‹Ă˜ Ă‹ĘľĂ?Ă?Ăž ÞÒËÞ Ă™Ă&#x;Ăœ Ă?Ă&#x;Ă?ÞÙ×Ă?ĂœĂ? Ă’Ă‹Ă Ă? ĂŒĂ?Ă?Ù×Ă? Ă—Ă™ĂœĂ? ĂžĂ?Ă?Ă’Ă˜Ă™Ă–Ă™Ă‘ĂŁ Ă?Ă‹Ă Ă ĂŁ Ă‹Ă˜ĂŽ ĂĄĂ? ĂĄĂ“Ă–Ă– Ă?Ă™Ă˜ĂžĂ“Ă˜Ă&#x;Ă? ÞÙ Ă?Ă˜Ă?Ă™Ă&#x;ĂœĂ‹Ă‘Ă? ÞÒÓĂ? ËʾÓÞĂ&#x;ĂŽĂ? åÓÞÒ Ă™Ă&#x;Ăœ Ă?Ù××ÓÞ×Ă?Ă˜Ăž ÞÙ ĂĄĂ™ĂœĂ–ĂŽ Ă?Ă–Ă‹Ă?Ă? Ă?Ă?ĂœĂ Ă“Ă?Ă? ĂŽĂ?Ă–Ă“Ă Ă?ĂœĂŁ Ă‹Ă? ĂĄĂ? ĂĄĂ™ĂœĂ• ÞÙ Ă?Ă˜Ă?Ă&#x;ĂœĂ? ÙÚÞÓ×ËÖ ĂšĂ?ĂœĂ?Ă™ĂœĂ—Ă‹Ă˜Ă?Ă? Ă‹Ă˜ĂŽ Ă‹Ă Ă‹Ă“Ă–Ă‹ĂŒĂ“Ă–Ă“ĂžĂŁ Ă™Ă? Ă‹Ă–Ă– Ă™Ă&#x;Ăœ Ă‹Ă–ĂžĂ?ĂœĂ˜Ă‹ĂžĂ“Ă Ă? Ă?Ă’Ă‹Ă˜Ă˜Ă?Ă–Ă?Ëœ ÞÙ Ă—Ă?Ă?Ăž Ă‹Ă˜ĂŽ Ă?âĂ?Ă?Ă?ĂŽ ÞÒĂ? Ă?âÚĂ?Ă?ĂžĂ‹ĂžĂ“Ă™Ă˜Ă? Ă™Ă? Ă™Ă&#x;Ăœ Ă?Ă&#x;Ă?ÞÙ×Ă?ĂœĂ?Ë› Ă? Ă‹ĂŽĂŽĂ?ĂŽË? ËŤ Ă’Ă? ĂŒĂ‹Ă˜Ă• Ă?Ă&#x;ĂœĂœĂ?Ă˜ĂžĂ–ĂŁ ĂšĂœĂ™Ă?Ă?Ă?Ă?Ă?Ă? Ùà Ă?Ăœ ;͜ ĂšĂ?Ăœ Ă?Ă?Ă˜Ăž Ă™Ă? Ă“ĂžĂ? Ă?Ă&#x;Ă?ÞÙ×Ă?Ăœ ĂžĂœĂ‹Ă˜Ă?Ă‹Ă?ĂžĂ“Ă™Ă˜Ă? ĂžĂ’ĂœĂ™Ă&#x;Ă‘Ă’ Ă?Ă?Ă–Ă?Ě‹Ă?Ă?ĂœĂ Ă“Ă?Ă? Ă?Ă’Ă‹Ă˜Ă˜Ă?Ă–Ă?˛ˏ Ă’Ă?Ă?Ă?Ëœ Ă‹Ă?Ă?Ă™ĂœĂŽĂ“Ă˜Ă‘ ÞÙ Ă’Ă“Ă—Ëœ ĂĄĂ?ĂœĂ? Ă?Ă–Ă?Ă‹Ăœ Ă“Ă˜ĂŽĂ“Ă?Ă‹ĂžĂ“Ă™Ă˜Ă? ÞÒËÞ ˍÞÒĂ? Ă‘Ă“Ă‹Ă˜Ăž Ă?ĂžĂœĂ“ĂŽĂ?Ă? ÞËÕĂ?Ă˜ ĂŒĂŁ ÞÒĂ? Ă?Ă&#x;ĂŒĚ‹ Ă‹Ă’Ă‹ĂœĂ‹Ă˜ Ă–Ă?Ă‹ĂŽĂ“Ă˜Ă‘ ĂŒĂ‹Ă˜Ă• ĂŒĂœĂ‹Ă˜ĂŽ ĂžĂ™ĂĄĂ‹ĂœĂŽĂ? Ă?Ă™Ă?ĂžĂ?ĂœĂ“Ă˜Ă‘ Ă“ĂžĂ? ĂŒĂ‹Ă˜Ă•Ă“Ă˜Ă‘ ĂžĂ?Ă?Ă’Ă˜Ă™Ă–Ă™Ă‘Ă“Ă?Ă? Ă‹ĂœĂ? ĂĄĂ?Ă–Ă– Ă‹Ă–Ă“Ă‘Ă˜Ă?ĂŽ ÞÙ ÞÒĂ? ËŤĂ?Ă‹Ă?Þ̋ ÚËĂ?Ă?ĂŽ ĂžĂ?Ă?Ă’Ă˜Ă™Ă–Ă™Ă‘Ă“Ă?Ă‹Ă– Ă‹ĂŽĂ Ă‹Ă˜Ă?Ă?Ă—Ă?Ă˜Ăž Ă“Ă˜ ÞÙÎËã˪Ă? Ă?Ă Ă?Ăœ Ă?Ă Ă™Ă–Ă Ă“Ă˜Ă‘ Ę¨Ă˜Ă‹Ă˜Ă?Ă“Ă‹Ă– Ă?Ă?Ă™Ă?ĂŁĂ?ĂžĂ?ײˏ ĂŽĂ?ĂŽĂ&#x;Ă˜ĂžĂ‹Ă˜ Ă‹Ă–Ă?Ă™ ĂœĂ?Ă Ă?Ă‹Ă–Ă?ĂŽ Ă“Ă˜ Ă‹ ĂœĂ?Ă?Ă?Ă˜Ăž Ă“Ă˜ĂžĂ?ĂœĂ Ă“Ă?ĂĄ ÞÒËÞ ÞÒĂ? ĂŒĂ‹Ă˜Ă• ĂĄĂ“Ă–Ă– Ă‹Ă?Ă’Ă“Ă?Ă Ă? ͹͎ Ă—Ă“Ă–Ă–Ă“Ă™Ă˜ Ă?Ă&#x;Ă?ÞÙ×Ă?Ăœ ĂŒĂ‹Ă?Ă? Ă‹Ă˜ĂŽ ;͎ ĂšĂ?Ăœ Ă?Ă?Ă˜Ăž ÎÓÑÓÞËÖ ĂŒĂ‹Ă˜Ă•Ă“Ă˜Ă‘ ĂžĂœĂ‹Ă˜Ă?Ă‹Ă?ĂžĂ“Ă™Ă˜Ă? ĂŒĂŁ Ͱ͎ͯ͡˛ Ă? Ă?Ă‹Ă“ĂŽË? ËŤ Ă&#x;Ăœ Ă?ĂžĂœĂ‹ĂžĂ?Ă‘ĂŁ Ă“Ă? Ă?Ă™Ă?Ă&#x;Ă?Ă?ĂŽ Ă™Ă˜ Ă?Ă“Ă‘Ă˜Ă“Ę¨Ă?Ă‹Ă˜ĂžĂ–ĂŁ Ă‘ĂœĂ™ĂĄĂ“Ă˜Ă‘ Ă™Ă&#x;Ăœ Ă?Ă&#x;Ă?ÞÙ×Ă?Ăœ ĂŒĂ‹Ă?Ă?Ë› Ă? ĂšĂ–Ă‹Ă˜ Ă™Ă˜ Ă’Ă‹Ă Ă“Ă˜Ă‘ Ă—Ă“Ă˜Ă“Ă—Ă&#x;Ă— Ă™Ă? ͹͎ Ă—Ă“Ă–Ă–Ă“Ă™Ă˜ Ă?Ă&#x;Ă?ÞÙ×Ă?Ăœ Ă‹Ă?Ă?Ă™Ă&#x;Ă˜Ăž Ùà Ă?Ăœ ÞÒĂ? ĂžĂ’ĂœĂ?Ă? ĂŁĂ?Ă‹ĂœĂ?Ë› ËŤ Ă&#x;Ăœ Ă‹Ă‘Ă‘ĂœĂ?Ă?Ă?Ă“Ă Ă? ÎÓÑÓÞËÖ Ă—Ă‹ĂœĂ•Ă?ĂžĂ“Ă˜Ă‘ Ă“Ă˜Ă“ĂžĂ“Ă‹ĂžĂ“Ă Ă?Ă?Ëœ Ă?Ă˜ĂžĂ‹Ă“Ă–Ëœ Ă—Ă“Ă‘ĂœĂ‹ĂžĂ“Ă˜Ă‘ Ă™Ă&#x;Ăœ Ă?âÓĂ?ĂžĂ“Ă˜Ă‘ Ă‹Ă˜ĂŽ Ă˜Ă?ĂĄ Ă?Ă&#x;Ă?ÞÙ×Ă?ĂœĂ? ÞÙ Ă‹Ă–ĂžĂ?ĂœĂ˜Ă‹ĂžĂ“Ă Ă? Ă?Ă’Ă‹Ă˜Ă˜Ă?Ă–Ă?Ëœ Ă˜Ă‹Ă—Ă?Ă–ĂŁ Ă“ĂœĂ?Ăž Ă˜Ă–Ă“Ă˜Ă?Ëœ Ă“ĂœĂ?ĂžĂ—Ă™ĂŒĂ“Ă–Ă?Ëœ Ă‹Ă˜ĂŽ Ă?Ă‹ĂœĂŽĂ?Ë› Ă’Ă‹Ăž Ă“Ă? ÞÒĂ? ĂĄĂ‹ĂŁ Ă?Ă™ĂœĂĄĂ‹ĂœĂŽ Ă?Ă™Ăœ Ă&#x;Ă? Ă‹Ă˜ĂŽ ĂĄĂ? Ă‹ĂœĂ? Ă—Ă‹Ă•Ă“Ă˜Ă‘ Ă?Ă“Ă‘Ă˜Ă“Ę¨Ă?Ă‹Ă˜Ăž ĂšĂœĂ™Ă‘ĂœĂ?Ă?Ă? Ă‹Ă–ĂœĂ?Ă‹ĂŽĂŁË› ÓÞÒ ÞÒĂ?Ă?Ă? ĂœĂ?Ă—Ă‹ĂœĂ•Ă‹ĂŒĂ–Ă? Ă?Ă?Ă‹ĂžĂ?Ëœ Ă‹Ă˜Ă‹Ă–ĂŁĂ?ĂžĂ? Ă?Ă‹ĂŁËœ Ă“ĂœĂ?Ăž Ă‹Ă˜Ă• ĂŽĂ?Ă?Ă?ĂœĂ Ă?Ă? Ă‹ ĂŒĂ“Ă‘ ÞÒĂ&#x;Ă—ĂŒĂ? Ă&#x;Ú˛

Continued on page 24

‘Nigeria Needs High Speed Broadband to Boost Economy’ Emma Okonji The Chief Executive Officer of Spectranet 4GLTE, Mr. Ajay Awasthi has commended the federal government’s effort at deepening broadband penetration for rapid economic development, as enshrined in its National Broadband Policy (2013-2018). Awasthi said that what Nigeria needs in order to achieve faster economic growth, is high speed broadband connectivity, driven by

ICT the fourth generation Long Term Evolution (4G LTE). He spoke to technology journalists in Lagos at the weekend, citing China’s economy, which he said, worth over $752 billion for eCommerce and online shopping, driven by high speed broadband connectivity that is available to all its citizens at affordable rate. Awasthi noted that Nigeria’s huge population could

offer the country such opportunity, if only the federal government could make high speed broadband connectivity available to all Nigerians at affordable rate. He however said Spectranet, which has its footprint in Nigeria would be willing to help the country achieve high speed broadband connectivity and also bridge the digital divide by connecting as many Nigerians as possible, to the Spectranet best-in-class high speed broadband internet

access. “Nigeria has a laudable National Broadband Policy, but not many Nigerians have access to broadband services due to several factors. Nigeria needs reliable, affordable high speed broadband connectivity that is secured that will enhance quality of service, good customer experience that will bring about innovations and creativity in boosting the nation’s economy,� Awasthi Continued on page 24

Adeduntan

T H I S D AY Ëž Ëœ ÍŻÍłËœ Í°ÍŽÍŻÍś

24

BUSINESSWORLD ‘NIGERIA NEEDS HIGH SPEED BROADBAND TO BOOST ECONOMY’

said. Listing the four pronged strategy of Spectranet for 2018 to include: Superior customer service; Arms-length distribution; Best-in-class customer experience; and better engagement of employees, Awasthi said Spectranet already has over 200,000 customer base in Nigeria, with plans to double the number in the next one year, in order to give more Nigerians the opportunity to explore the eCommerce and online shopping business that are currently driving global economies. On the issue of high cost in delivering broadband services in Nigeria, Awasthi said: “The cost of providing broadband services in Nigeria is high and the cost kept increasing and it is likely to further increase by another 10 per cent in the coming months. So the federal government and the NCC must rise to their responsibilities to address the issue of high cost of providing broadband services in the country.� He said out of the over 100 licensed Internet Service Providers (ISPs) in the country, only few are currently existing and providing broadband services, while others have been adversely affected by the high cost of providing broadband services. Although he said reduction in the cost of broadband services is good as currently bring clamoured for by Nigerians, he however warned that operators should not be compelled to overstretch ourselves in order to reduce cost and then compromise on the quality of service. The quality of service, which is high speed broadband connectivity must be maintained in order to achieve better customer satisfaction, he said, adding that the best way to address the issue of reduction in the cost of broadband services, is for the regulator, the Nigerian Communications Commission, to revisit the issue of data floor price and set a fixed and acceptable rate for industry data floor price.

Group Business Editor

Chika Amanze-Nwachuku AgriBusiness/Industry Editor

Jonathan Eze

Comms/e-Business Editor

Emma Okonji

Capital Market Editor

Goddy Egene

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

Nume Ekeghe (Money Market) Nosa Alekhuogie (AgriBusiness)

NEWS

THISDAY MODEL PORTFOLIOS SOAR TO 38 ON CONTINUING BULL RUN deployed by the portfolio rose to N10.977 million as at last Friday.

A further analysis of the Portfolio C showed that all the stocks have

recorded gains except one that declined by 6.2 per cent. The highest gain is 234.9

per cent, trailed by 140.6 per cent. Others are: 67.9 per cent; 65.4 per cent; 60.4

per cent; 52.4 per cent; 42.3 per cent; 27.5 24.8 per cent and 13.8 per cent.

Stakeholders Laud Aero’s Successful Conduct of C-Check Chinedu Eze For transforming a mere dream to reality, the aviation industry at the weekend was agog for Nigeria’s oldest airline, Aero Contractors when it rolled out and celebrated its successful conduct of Ccheck on Boeing 737 classic, the second in the history of Nigeria after the defunct Nigeria Airways Limited. The Boeing B737 aircraft with registration number, 5N-BLG, for which the Ccheck was conducted on and which was officially rolled out at the occasion, had been tested and found airworthy. It had since gone into service, thus confirming the airline’s ability to conduct that level of aircraft maintenance. Elated industry operators and other stakeholders said this would save Nigerian airlines the huge amount of money presently spent overseas on maintenance, as they would now patronise

Aero’s Approved Maintenance Organisation (AMO), which last year received approval from the Nigerian Civil Aviation Authority (NCAA) to conduct that level of checks. The Minister of State, Aviation, Senator Hadi Sirika said the facility would save airlines over $90 million annually in capital flight as C-check, which hitherto was done outside the shores of Nigeria would now be done locally. He said Nigeria experiences huge capital flights of nothing less than $1.8million to $3million per Boeing aircraft on C-Checks overseas. “It is noteworthy that Boeing 737 aircraft are the most aircraft fleet operated in Nigeria by most indigenous airlines, prior to now and in the lifespan of other administrations, Nigeria experienced huge capital flight of nothing less than $1.8million to $3million per Boeing aircraft that left our

shores for C-Checks and there are more than 30 of such aircraft operating; so you do the arithmetic,� he said in his address. Speaking at the occasion, an elated Chief Executive Officer of Aero Contractors, Capt. Ado Sanusi, attributed the feat to staff dedication, professionalism and hard work. He said: “Today’s occasion proves that with good policies, smart management, effective oversight and professional dedication by staff, hard work gets rewarded and companies dedicated to public services can be revived from the brink of collapse�. According to him, conducting aircraft C-Check in Nigeria is a huge milestone for the aviation sector adding that in Aero, there were several challenging moments. “Thankfully, our team of engineers and technicians persisted and surmounted the challenges to make today

possible. Permit me to mention here that this certification of Aero to conduct C-Checks in Nigeria seamlessly dovetails into the Ease of Doing Business Policy of the present administration. Aero hereby invites airlines to conduct their C-Checks for B737 Classics with us bearing in mind the tangible deliverables to be derived from patronising Aero. “These include saving foreign exchange, getting a quicker aircraft turn-around time, enriching Nigerian technical expertise and knowledge base and strengthening the Nigerian aviation sector as the regional and sub-regional hub for aviation activities. Aero hereby extends its hand in partnership to all. Also speaking at the event, the Managing Director of Assets Management Corporation of Nigeria (AMCON), Ahmed Kuru said the feat has justified the huge investment the agency made in the airline

and others, noting that it was aimed at stabilising the challenged aviation industry He said it was important to underscore the fact that Aero Contractors’ certification to conduct the C-Checks for Boeing 737-500 series and other B737 classics locally is a boom for the industry because it would save millions of dollars that Nigerian airlines spend outside this country on facilities such as this. “We cannot continue to allow capital flight of our scarce foreign exchange towards paying for services that are available in Nigeria and would provide a source of employment for our people. To this end a directive to other airlines towards the use of this facility at least to the extent of its capabilities and certifications, would go a long way towards ensuring the growth of the Aero MRO into being certified for other Aircrafts types�, he said.

200 Women Graduate from INTELS Empowerment Programme No fewer than 200 women graduated in 2017 from the Women Empowerment Programme Scheme Synergy (WEPSS) instituted by oil and gas logistics giant, Intels Nigeria Limited as part of its corporate social responsibility (CSR) initiative. One hundred of the women completed the 20-weeks training in June while another 100 completed it in December 2017. The graduates went through intensive training in fashion design and tailoring under the tutelage of world-class professionals. The Director of Intels Nigeria Limited, Mr. Silvano Bellinato, said the company established WEPSS in 2013 as a CSR initiative, with the vision of empowering 5,000 community women over a 20-year period through training in fashion design and tailoring. He said INTELS acquired and made available over 300 sewing

and specialised machines and built a 5000-square metres garment manufacturing factory at the Federal Lighter Terminal, Onne for the purpose of the training. He said some of the women who previously graduated from the programme have become gainfully employed at the Onne Oil and Gas Free Zone as manufacturers of coveralls and personal protective equipment (PPE) for companies in the zone. He said: “WEPSS is run by a team of highly skilled indigenous manpower. It has so far produced over 50,000 garments within its manufacturing infrastructure. These apparels include shirts, T-shirts, skirts, trousers, jackets, uniforms and coveralls. “In line with our commitment to the upliftment of our communities’ socio-economic status and backed by its success over the years, WEPSS has

evolved into an intensive tailoring training program for the women.� The Intels Director said when WEPSS started the annual intake was 100 women per annum, drawn mostly from the rural areas. According to him, “In keeping with its goal of empowering 5000 women over a 20-year period, an annual expansion rate of 25–50% in the number of intakes in the first five years of opening the training center is being achieved in milestones. “WEPSS increased its annual number of intakes in 2017 to 200 students per annum extending this initiative to include rural women from different parts of the country.� He said the number of beneficiaries will be increased to 250 women in 2018. Bellinato said that WEPSS has been able to nurture the talents of women from both the urban and

rural areas through their empowerment and employment and through encouraging the manufacture of “Made in Nigeria� apparels of high quality international standards. “This empowerment helps the women contribute meaningfully to Nigeria’s economic development and non-oil revenue drive,� he said. In addition to training women in fashion design and tailoring, WEPSS also incorporates essential soft skill trainings such as personal effectiveness, team work and team building skills, goal setting and achievement, personal hygiene, health and fitness, among others. He said WEPSS has also developed an innovative waste-to-wealth policy, which it imparts on its students. “Through WEPSS, the women have been exposed to the benefits of recycling fabric wastes, thereby limiting its impact on the environment,� he added.

T H I S D AY Ëž Ëœ ÍŻÍłËœ Í°ÍŽÍŻÍś

25

BUSINESSWORLD

MARKET REPORT

Equities Gain N1.5tn on Sustained Rally Goddy Egene and Nosa Alekhuogie

garnered 9.92 per cent, 9.92 per cent and 9.6 per cent in that order. Conversely, University Press Plc led the price losers with 4.7 per cent, trailed by Meyer Plc with 4.4 per cent. Learn Africa Plc, NEM Insurance Plc and Berger Paints Nigeria Plc shed 4.0 per cent, 3.1 per cent and 2.6 per cent respectively. Also, volume of trading appreciated as investors traded 1.162 billion shares worth N17.375 billion, up from 1.089 billion shares valued at N13.296 billion the previous day. The three most actively traded stocks were Transcorp (208.77 million shares), Diamond Bank (149.70 million shares) and Zenith Bank (129.43 million shares). Performance across sectors was bullish as all indices closed in the green. The NSE Banking Index was the top performer, rising 4.4 per cent on the back of buying interest across board. The NSE Industrial Goods Index trailed with 3.3 per cent growth, while the NSE Consumer Goods Index rose 2.3 per cent. The NSE Oil & Gas Index went up by 2.7 per cent, while the NSE Insurance Index ended 1.7 per cent higher. Profit taking set on Friday causing the market to halt its gaining streak. The index fell by 0.33 per cent on the last day of the week. However, that was not enough to stop the market from recording another bullish with as the index ended with a weekly gain of 10.2 per cent.

The Nigerian equities market recorded an unprecedented surge of 10.2 per cent last week against the backdrop of rising oil prices and strong portfolio flows. The Nigerian Stock Exchange (NSE) All-Share Index(ASI) hit a 10-month high of 42,898.90, while market capitalisation added N1.5 trillion to close higher at N15.368 trillion. Having recovered from a three-year decline last year, the market has remained bullish in 2018, recording gains in the first two weeks on sustained positive sentiments. According to analysts, the bulls came out strong this week, as the market recorded a whopping 10.21 return in the week, the highest weekly gain since the third of April 2015. “Notable gains were recorded in the banking and industrial goods space, as the sectors recorded no losers in the week. While we expect some profit taking in the week ahead, we do not rule out the possibility of bandwagon effect driving the market to a positive close,� Meristem Securities Limited said. A review of the sectoral performance of the market showed that the NSE Industrial Goods Index led with 12.98 per cent. This was followed by the NSE Banking Index, which appreciated by 12.88 per cent. Others are: NSE Oil & Gas Index (7.46 per cent), NSE Insurance Index (6.5 per cent), and NSE Consumer Goods Index (5.6 per cent). Daily Performance Right from Monday, the market showed early signs of a bullish week when the market opened on a positive note with the index rising by 2.38 per cent to close at 39,849.65. The rally was sustained on Tuesday, lifting the index to cross the 40,000 threshold to close at 40,362.97. This followed persistent rally in the market on positive sentiments. The sustained demand lifted the market by 1.29 per cent to close at 40,362.97, while market capitalisation added N182.7 billion to close N14.36 trillion. In all, 47 stocks appreciated yesterday, while only seven depreciated. Although gains recorded in the share prices of FBN Holdings, Zenith Bank, Transcorp, Access Bank and GTBank were mainly responsible for rise in the index, Dangote Flour Mills Plc led the price gainers’ chart. Flour Mills chalked up 10 per cent, trailed by FCMB Group Plc with 9.05 per cent, while WAPIC Insurance Plc garnered 7.4 per cent. Diamond Bank Plc and Honeywell Flour Mills Plc went up by 6.5 per cent and 5.3 per cent in that order. Diamond Bank was recently appointed as a Forum Member Adviser to the World Economic Forum (WEF). According to a statement, Diamond Bank is the first Nigerian company and only the second African company to become a WEF Adviser. “Membership is on an invitation only basis and is extended only to the most dynamic businesses, who are using tech-driven disruption to drive growth,� the statement explained. Commenting on the appointment, the Chief Executive Officer of Diamond Bank, Uzoma Dozie, said: “I am delighted that Diamond Bank was invited to join as a Forum Member Adviser of the WEF as it is testament to our status as one of Nigeria’s leading innovators. I am also thrilled to be attending this year’s annual meeting in Davos, where I will be presenting my views on the three key areas of financial inclusion, Nigeria’s positive outlook and the future of banking.� Meanwhile, UACN Property Development Company Plc led the

price losers with 4.7 per cent, trailed by NAHCO with 4.6 per cent. Nestle Nigeria Plc shed 3.3 per cent, while Union Bank of Nigeria Plc closed 2.6 per cent lower. Commenting on the market performance, analysts at FSDH said: “Sector performance was largely positive with some of the banking stocks leading the gainers, majority of which traded at the upper limit and closed on bid. Although market sentiment remains strong and positive, the bullish momentum will likely slowdown in subsequent sessions with profit taking.� Similarly, analysts at Meristem Securities said: �Positive sentiments dominated the market today, in line with our expectations. The market performance was driven by increased

investor appetite recorded across many counters, particularly on Dangote Cement and the heavily weighted stocks in the banking sector.� The market remained upbeat on Wednesday as the index rose 3.6 per cent to close at 41,816.11. Similarly, the market capitalisation appreciated by same margin to close at N14.88 trillion. The appreciation recorded in the share prices of Dangote Cement, Zenith Bank, GT Bank, FBN Holdings and Nigerian Breweries was mainly responsible for the gain recorded in the index. The three most actively traded stocks were Transcorp (184.72 million shares), Diamond Bank (136.61 million shares) and Access Bank (121.95 million shares). “Sector performance was broadly

bullish as all sectorial indices closed positive. Given the significant level of price appreciation in some stocks, we expect profit taking to set in to end the week. However, market outlook remains positive in the short-term supported by bargain hunting and positive investors’ sentiment,� stockbrokers said. The market continued with its rally, lifting the market capitalisation to an all-time high of N15.317 trillion, while the index rose to hit 42,041.54,. A total of 56 stocks added value, while 10 depreciated. Honeywell Flour Mills Plc led the led the gainers’ chart, rising by 9.97 per cent. It was trailed by Cement Company of Northern Nigeria Plc with 9.96 per cent, while Champion Breweries Plc, Fidelity Bank Plc and Wema Bank Plc

Top 10 Brokers by Volume Rank

Broker

Description

1

SISB

STANBIC IBTC STOCKBROKERS LIMITED

2

UBAS

UNITED CAPITAL SECURITIES LIMITED

973,880,683

9.70

3

RWD

REWARD INVESTMENT AND SERVICES LIMITED

557,071,022

5.55

4

IONE

INVESTMENT ONE STOCKBROKERS INTL LTD-BRD

551,254,097

5.49

5

CSSL

CARDINALSTONE SECURITIES LIMITED

401,023,621

3.99

6

CSL

CSL STOCKBROKERS LIMITED

398,361,401

3.97

7

RSNL

RENCAP SECURITIES (NIG) LIMITED

302,139,022

3.01

8

MCSE

MORGAN CAPITAL SECURITIES LIMITED

275,255,459

2.74

9

APEL

APEL ASSET LIMITED - BRD

263,575,786

2.62

10

FBNS

FBNQUEST SECURITIES LIMITED

Top 10 Total Volume

Quantity

% of Volume

1,078,320,062

10.74

253,445,051

2.52

5,054,326,204

50.33

Value

% Value

NOTE: The top 10 Stockbrokers are responsible for 50.33% of the total volume between 08/01/2018 and 12/01/2018

Top 10 Brokers by Value Rank

Broker

Description

1

SISB

STANBIC IBTC STOCKBROKERS LIMITED

31,179,957,198.04

22.60

2

CSL

CSL STOCKBROKERS LIMITED

24,141,417,614.26

17.50

3

FBNS

FBNQUEST SECURITIES LIMITED

10,575,990,536.58

7.67

4

RSNL

RENCAP SECURITIES (NIG) LIMITED

8,858,027,215.33

6.42

5

EFCP

EFCP LIMITED

5,482,821,813.66

3.97

6

CHDS

CHAPEL HILL DENHAM SECURITIES LTD - BRD

4,422,848,089.76

3.21

7

CSSL

CARDINALSTONE SECURITIES LIMITED

3,572,981,488.73

2.59

8

UBAS

UNITED CAPITAL SECURITIES LIMITED

3,434,083,285.32

2.49

9

APEL

APEL ASSET LIMITED - BRD

3,083,351,123.09

2.23

10

IONE

INVESTMENT ONE STOCKBROKERS INTL LTD-BRD

2,829,892,988.94

2.05

97 581 371 353 71

70 72

T

10 T t l V l

Market Turnover Meanwhile, the equities turnover was significantly high as investors traded 5.021 billion shares worth N68.974 billion in 41,542 deals last week, up from 2.417 billion shares valued at N18.813 billion that exchanged hands the previous week in 20,874 deals. The Financial Services Industry led the activity chart with 3.417 billion shares valued at N31.649 billion traded in 24,375 deals, thus contributing 68.06 per cent and 45.89 per cent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 894.357 million shares worth N2.180 billion in 3,032 deals. The third place was occupied by Consumer Goods Industry with a turnover of 380.493 million shares worth N26.243 billion in 7,408 deals. Trading in the top three equities namely – Transnational Corporation of Nigeria Plc, Diamond Bank Plc and FBN Holdings Plc accounted for 1.975 billion shares worth N7.473 billion in 8,549 deals. Price Gainers and Losers The price movement chart showed that 66 equities appreciated in price during the week, higher than 55 of the previous week, while Seven equities depreciated in price, lower than12 equities of the previous week. Honeywell Flour Mills Plc led the price gainers with 39.6 per cent, trailed by Skye Bank Plc with 37.7 per cent. Champion Breweries Plc went up 36.5 per cent, just as Sterling Bank Plc and Diamond Bank Plc garnered 35.5 per cent and 34.4 per cent in that order. Eterna Plc chalked up 34.1 per cent just as Conoil Plc FMCB Group Plc, Cement Company of Northern Nigeria Plc and Unity Bank Plc 33.6 per cent, 33.4 per cent and 32.3 per cent respectively. Conversely, Meyer Plc led the price losers with 12.8 per cent, trailed by GlaxoSmithkline Consumer Nigeria Plc with 2.7 per cent. Dangote Sugar Refinery Plc shed 2.6 per cent, while UACN Property Development Company Plc, Flour Mills of Nigeria Plc, Nestle Nigeria Plc and Nigerian Aviation Handling Company Plc fell by 2.2 per cent, 1.6 per cent, 0.6 per cent and 0.22 per cent respectively.

T H I S D AY Ëž Ëœ ÍŻÍłËœ Í°ÍŽÍŻÍś

26

BUSINESSWORLD

INSIDE BROAD STREET

AKINWUNMI IBRAHIM

A view of Lagos ďŹ nancial district

W’Bank: How Road Accidents Stall Economic Growth Obinna Chima A new World Bank study, funded by Bloomberg Philanthropies has stated that reducing road traffic deaths and injuries could result in substantial long-term income gains for Nigeria as well as other low and middle income countries. The report titled: ‘The High Toll of Traffic Injuries: Unacceptable and Preventable’, introduces a new global methodology to calculate the economic impact of road safety and analyses the cases of China, India, the Philippines, Tanzania and Thailand. While there is general recognition of road traffic injuries and fatalities, little is known about the link between road traffic injuries and economic growth, the report obtained on the Bank’s website stated. The new report quantified how investments in road safety were also an investment in human capital. The study found that countries that do not invest in road safety could miss out on anywhere between seven and 22 per cent in potential per capita Gross Domestic Product (GDP) growth over a 24-year period. This, it stressed requires policymakers to prioritise proven investments in road safety. The cost of inaction, it noted, is more than 1.25 million deaths a year globally, diminished productivity and reduced growth prospects. “Road traffic fatalities disproportionately affect low- and middle-income countries, where 90 per cent of global road deaths occur. “Rising incomes in many developing countries have led to rapid motorisation, while road safety management and regulations have not kept pace. It pointed out that death rates from road traffic injuries were high in Low- and Middle-Income Countries (LMICs) – in 2015, reaching 34 per 100,000 in the countries studied. By contrast, the average across the 35 countries of the Organisation for Economic Cooperation and Development (OECD) in the same year was eight deaths per 100,000. The greatest share of mortality and long-term disability from road traffic crashes happened amongst the working-age population (between 15 and 64 years old). According to the report, deaths and injuries from road traffic crashes affect medium- and

MARKET INDICATOR long-term growth prospects by removing prime age adults from the work force, and reducing productivity due to the burden of injuries. Using detailed data on deaths and economic indicators from 135 countries, the study estimated that, on average, a 10 per cent reduction in road traffic deaths raises per capita real GDP by 3.6 per cent over a 24-year horizon. Over the period 2014-38, halving deaths and injuries due to road traffic could potentially add 22 per cent to GDP per capita in Thailand, 15 per centin China, 14 per cent in India, seven per cent in the Philippines and seven per cent in Tanzania. “In addition to the GDP gains from preventing death and injury, road safety interventions improve welfare benefits to the society,â€? it added. The World Bank study also quantified these gains for the five countries using a range of income and risk reduction scenarios. Measured in 2005 US dollars, the welfare gains range between $5,000 to $80,000 in Tanzania, and between $850,000 to $1.8 million in Thailand. To achieve these welfare gains the report listed interventions that includedreducing and enforcing speed limits, reducing driving under the influence of alcohol, increasing seat-belt use through enforcement and public awareness campaigns, and integrating road safety in in all phases of planning, design, and operation of road infrastructure. “Traffic crashes kill more than 1.25 million people around the world each year and they also take a huge economic toll, with so much human potential being lost. Investments in road safety pay for themselves many times over, and hopefully this new report will spur governments to take actions that save lives,â€? said philanthropist, three-term Mayor of New York City and entrepreneur, Michael R. Bloomberg. Also, World Bank Senior Director for Transport and ICT, JosĂŠ Luis Irigoyen said: “Inspired by disease impact studies, this it is one of the first systematic efforts to estimate both the potential economic benefits and aggregate social welfare gains of reducing road traffic injuries in low- and middle-income countries.

“Curbing road traffic injuries would not just be a victory for the transport sector but a significant milestone for global development, with immediate and far-reaching benefits for public health, wellbeing, and economic growth.� Bloomberg Philanthropies Initiative for Global Road Safety has dedicated $259 million over 12 years to implement interventions that have been proven to reduce road traffic fatalities and injuries in low- and middle-income countries. External Reserves Nigeria’s external reserves last week rose to $40.4 billion, making it the first time in exactly four years since the country’s reserves hit the $40 billion mark. Figures obtained from the Central Bank of Nigeria (CBN), indicated that external reserves reached the $40.4 billion last Friday, indicating an increase of $4.8 billion, compared with $35.6 billion as of December 5, 2017. CBN Governor, Mr. Godwin Emefiele, towards the end of last month had put the value of the external reserves at $38.2 billion. Confirming the latest reserves figure, the acting Director in charge of Corporate Communications at the CBN, Isaac Okorafor, attributed the reserves accretion to the Bank’s strategy to effectively manage forex demand by various sectors of the economy. Citing the CBN policy restricting access to forex from the official forex market by importers of 41 items as the major turning point, Okorafor said the policy had helped to stop the haemorrhaging of the country’s external reserves, which hitherto witnessed heavy depletion due to the huge import bill and other debt obligations. According to him, the CBN policy had ensured a decline in Nigeria’s import bill from over $5 billion monthly in 2015 to about $1.5 billion in 2017. He expressed optimism that with the determination of the Bank and the co-operation of the fiscal authorities, the external reserves will continue to grow in the course of 2018. Sterling Bank CEO Retires Sterling Bank Plc last week announced that its founding Managing Director and Chief Executive Officer, Mr. Yemi Adeola, has notified the board of directors of his retirement with effect from April 1, after over 14 years of

service on the board. The bank in a statement also disclosed that Adeola would be succeeded by Mr. Abubakar Suleiman (Abu), who is currently the Executive Director, Finance & Strategy, a position he has held since May 2012. Adeola’s banking career started with the then Nigeria International Bank Limited, now Citibank Nigeria Limited, in 1988, where he served in various capacities and rose to the position of Executive Director in 1998, a position which made him one of the youngest officers and one of the first Nigerian nationals to be appointed in that capacity. Commenting on his retirement, the Chairman, Board of Directors of Sterling Bank, Mr. Asue Ighodalo, said: “In 2008, Yemi was appointed to the role of substantive CEO. Since that appointment, he has overseen a period of strong growth in market share and profitability with the institution moving from the 23rd ranked bank measured by assets to the top half of the domestic banking market. “Additionally, Yemi and his team have navigated multiple economic and banking credit cycles with great skill, sound judgment and outstanding professionalism, often thriving in the most difficult conditions evidenced by the emergence of the bank as a consolidator in the 2009-2011 cycle despite its modest capital base and distribution footprint at the time, and its continuing success in growing organically thereafter.� 9Mobile’s Sale The telecoms industry regulator, Nigerian Communications Commission (NCC), last week gave further clarification on the true position of 9mobile sale by Barclays Africa, in relation to the January 16 date earlier announced. Contrary to expectations that all the shortlisted five investors that are currently bidding to acquire 9mobile would know their fate on January 16 when Barclays Africa would announce the winner, NCC said January 16 date is the deadline for the submission of final bids by the five contenders and not the date to announce the winner. NCC also made it clear that none of the bidders has been favoured to win the 9mobile acquisition as speculated by some online publications.

27

T H I S D AY Ëž Ëœ ÍŻÍłËœ Í°ÍŽÍŻÍś

Deutsche Bank Appoints Aku Appointed SunTrust Bank Chairman Head of Trade Finance Aku graduated from AhThe Board of SunTrust Officer, SunTrust Bank, levels. Deutsche Bank has announced the appointment of Andreas Voss as its Head of Trade Finance for Financial Institutions (TFFI) in subSaharan Africa in addition to his current role as Head of Global Transaction Banking West Africa and Chief Representative of Deutsche Bank AG’s Lagos Representative Office. Based in Lagos, Voss would be responsible for driving the development and execution of Deutsche Bank’s TFFI growth strategy in Africa for Trade Finance business directly originated from Financial Institutions. He will also support Deutsche Bank’s corporate teams to promote trade financing in the region. Commenting on the appointment, the Chief Executive Officer Middle East & Africa (MEA), Jamal Al Kishi, in a statement said: “Andreas has led our franchise in Nigeria admirably since joining Deutsche Bank a few years ago. This promotion is a fitting recognition of his leadership and contributions. His expertise and broader involvement will help us to grow and further develop our Financial Institutions business in general and the TFFI sector in particular.� Also, Deutsche Bank’s Global Head of TFFI, , UlfPeter Noetzel remarked: “This appointment highlights the importance of Africa, and in particular Nigeria, to Deutsche Bank’s trade finance business. The bank is looking to further develop its business with

Voss

select African clients and through Andreas’ expanded role we aim to enhance our focus on supporting Financial Institutions on a broader base in Sub-Saharan Africa.� Voss has been with Deutsche Bank since October, 2015. He joined Deutsche Bank from Deutsche Investitions-und Entwicklungsgesellschaft (DEG) and brings more than 14 years of experience in the financial sector. Prior to DEG, Voss worked in the corporate and project finance industries with German commercial banks. Until the end of 2014, Andreas was based in Ghana as Regional Director of DEG’s office in Western Africa. Deutsche Bank first established a presence in Nigeria in 1978. The representative office in Lagos supports and assists Deutsche Bank’s correspondent banking activities, which it offers to many Nigerian Financial Institutions. Deutsche Bank has also played key roles in various financial advisory and restructuring projects and in helping Nigerian counterparties raise finance.

Bank Nigeria Limited has appointed Mr. Jibril J. Aku its Board Chairman. Aku took over from Chief Charles Onyema Ugboko who retired from the board upon attaining the retirement age in compliance with the bank’s Articles of Association. The bank announced this in a statement at the weekend. The board and management of SunTrust Bank thanked Ugboko for his leadership and contributions to the bank, saying that under his guidance, the financial institution defined its strategic direction and made significant strides in executing its Fintech vision. “We wish Chief Ugboko well in all his future endeavours,� the Chief Executive

Muhammad Jibrin said. Commenting on his successor, Ugboko, expressed delight at the choice of Aku saying: “Jibril Aku is a seasoned banker who has also had significant Board experience in the banking and financial industry generally. “A combination that will significantly benefit both management and the board. I worked with him at Afribank and I have no doubt that as Chairman of the Board of SunTrust he will ensure that the bank continues to execute and actualise the defined strategic initiatives which we began.� Aku has over 34 years banking experience with 24 years spent in senior management

Prior to joining the board of SunTrust Bank, he had served as Group Head, Strategy at Ecobank Transnational Incorporated, in Lome, Togo and, was also Managing Director/ CEO of Ecobank Nigeria Limited from 2010-2015. He is on the board of FMDQ OTC Plc as vice chairman. Prior to joining the Ecobank Group, he was the Executive Director Operations and Information Technology at Former Afribank Nigeria Plc. Before joining the former Afribank, he was at Citibank Nigeria where he served in various capacities and departments and attained the position of Vice President and Country/ Regional Treasurer.

madu Bello University, Zaria, with a bachelor’s degree in Business Administration. He is a holder of MBA degree from the University of Benin. He is a Fellow of the Chartered Institute of Bankers and various professional bodies. He was awarded Doctor of Science in Business Administration (D.Sc.) Honoris Causa by Achievers University, Ondo State. He is married with children and holds the traditional title of OLIOKO of Uzanu in Edo State. On the other hand, SunTrust Bank, inspired by the future, is a privately held commercial bank that is licenced by the Central Bank of Nigeria under the BOFIA.

Elemide Appointed UAC’s ED, Taiwo CFO The Board of UAC of Nigeria Plc (UAC) has appointed Mrs. Omolara Elemide as itsExecutive Director, Corporate Services with effect from 1st January 2018. Elemide, erstwhile Managing Director of Chemical and Allied Products Plc, a subsidiary of UACN, succeeds Mr. Joe Dada, who retired from the UACN Board effective 31st December 2017, having served the Company meritoriously for 34 years. The company, in a statement also announced the appointment of Mrs. Adeniun Taiwo as Chief Financial Officer, UAC Plc. Taiwo was until her appointment, the Finance Director of UACN Property Development Company PLC (UPDC). Elemide was born in May 1960 and is a Fellow of the Institute of Chartered Accountants of Nigeria. She attended Kwara State College of Technology where she obtained the Higher National Diploma in Accountancy in 1981. Elemide joined UAC in October 1983 and has worked in various capacities within the UAC Group including Group Audit Manager and Finance Director of UACN Property Development Company Plc from where she joined the Board of CAP Plc as Finance Director/Company Secretary in

February 2005, a position she held until May 2009, when she was appointed the Managing Director of the company. Elemide has attended various local and international courses including the International Management Seminar at the Four Acres, UK and Unilever International Audit Seminar, USA. She is an alumna of Ashridge Business School, UK. On the other hand, Taiwo who was born in August 1974 and is a Fellow of the Institute of Chartered Accountants of Nigeria, with a professional certificate in IFRS from ACCA, and a Higher National Diploma in Accountancy from The Federal Polytechnic, Ilaro. Prior to joining UAC in 2012, she had worked in KPMG Nigeria for 13 years where she rose to become a Senior Manager in Accounting Advisory Function and Internal Audit, Risk and Compliance. Her experience cuts across Oil and Gas, Financial Services, Consumer Markets, Telecommunications and the Public sector. She was appointed Head, Financial Services of UAC of Nigeria Plc in August 2012 and subsequently, as Finance Director, UACN Property Development Company PLC in April 2016. She is an alumna of Ashridge Business School.

STOCK TAKING

L-R: Representative of Equity Services Limited, Company Secretaries to SBC, Samuel Uboh; Chairman, SBC Mr. Faysal El-Khalil and Director, SBC, Otunba Adekunle Ojora at SBC’s annual general meeting in Lagos ‌ recently

Consumers Applaud Regal Dry Gin’s Bar Activation Raheem Akingbolu Regal Dry Gin, a premium gin brand from the stable of Grand Oak Limited has received applause from consumers following the consumer engagement initiative embarked upon in several bars recently. The activation, an exponential initiative was held at some selected bars in Lagos and Ogun States for a period of three weeks thrilling consumers with free samples of Regal Dry Gin mixed with other drink brands. The brand also used the event to reward its loyal consumers and trade partners at the bars with varying gift items like TV Umbrellas, key holders, among others. In response to the consumer engagement, the consumers revealed that mixing Regal Dry Gin with other drink brands create a unique taste and inviting aroma. They pointed out that they

felt excited mixing the brand with other drinks like soft drinks, beers, cucumber, lime and others. At one of the bars in Lagos, Tunde Abolade, a middle age man, explained that he loves Regal Dry Gin when mixed with beer because it tastes so good and he drinks more of the brand. “I mix Regal Dry with Beer and I just love the cool taste, its taste is cool�, he said. Similarly, a female consumer in Mushin, Lagos in her thirties, Folashade Kareem, who mixed Regal Dry Gin with a Cola soft drink stated that “Drinking it, the taste is good, It’s like drinking Red Label, I love the taste�. In addition, she said “My advice to the company is that they should not change the taste because the taste is okay�. Also, Michael Ajafan, a man in his twenties said he preferred Regal Dry Gin

to other gin brands in the Nigerian market and the brand remains his number one choice. “This one is better than other gin brands that I have tasted. I like to drink it straight without mixing and I feel real great because of the way it tastes. It makes me feel good anytime I drink it.� he opined. Some of the bars covered are; Westbrom bar and Barrywhite bar, both in Mushin; Huntersgarden bar, 360 bar in Ajegunle; Smart bar and De cool bar in Sango, Ogun State, among others. Speaking on the exponential campaign, Brand Manager, Regal Dry Gin, Babatunde Niyi said “We are running a consumer engagement imitative programme and this is how it works, we have a place where our consumers come to buy their Regal Dry Gin, we would have set up

a sampling stand outside that place of purchase. So, once you go into the store, you purchase Regal on your own volition, you come outside, we make mixes for you and we tell you different ways you can enjoy Regal Dry Gin. “So, in essence, we are inviting you to enjoy your regal in so many different ways. If you don’t take it straight, you can have it on the rock or mix with your favourite beverages or carbonated soft drinks or even juice.� In addition, a supervisor at Town Criers Limited Akinjide Akinniyi, the activation company for Regal Dry Gin disclosed that the exercise had helped consumers understand the different ways they could enjoy Regal Dry Gin, adding that the insight gotten from the engagement would further help the brand meet the growing needs of its consumers.

28

T H I S D AY Ëž Ëœ ÍŻÍłËœ Í°ÍŽÍŻÍś

BUSINESSWORLD

MONDAY INTERVIEW

Mulroy: Law on Factoring Will Kick off This Year Mr. Peter Mulroy is the Secretary General, FCI, a network of global factoring companies. He told Ebere Nwoji that the body, in collaboration with the African Export Import Bank, is pushing for the enactment of Factoring Law in Nigeria. He reasons that factoring, an innovative financing model, will help boost the growth of SMEs. Excerpts: Can you give an overview of what Factoring is all about? Factoring is a product that is designed for SMEs. When you think of factoring, you think of SMEs. Let me just start with the basics of Factoring. When you are doing a traditional loan from a lender to a borrower, it is a two-way street/two parties, a bank and a borrower. The money is given to the borrower and the money is repaid to the bank. In Factoring, it is similar. There is fund being advanced to a seller, but the difference is that it is a three-man affair whereby funds are given to the seller and you have a sale assignment of the seller’s account receivable on their balance sheet through the factor. The question is, why account receivable? The account receivables are created when a seller is shipping on open account terms. There are predictions that over 90 per cent of global trade will be open account. So that means that the vast majority of businesses that will be transacted in the future will be on open account, which means receivables will be created on the seller’s balance sheet exponentially as well. We see this as one of those asset classes that are intangible, because you cannot touch them or feel them, they are not like real estate where you can go and put up a lien on a property. These are intangible assets, but if the laws are perfected in a way that it protects the factor, the financier when they purchase that receivable, ownership rights, then the factor can knowingly finance that SME with the assurance that they will get repaid. Repayment is not from the client, but from the client’s buyers, their customers. This is because when you purchase receivables, you are purchasing the rights of that receivable. Factoring is the transferring of those receivables from the seller to the factor and all the rights underneath those receivables. Why the sudden interest in Nigeria and other African countries at the moment? Africa as we all know is a land of businesses predominantly, that are considered as small and medium sized enterprises. One of the perceptions around the world is that they have a harder time getting traditional bank funding so they are left out of the economy thus pushed to the black economy. They go underground. So, one of the values of factoring is the controls that are in place and again to ensure that the factor gets paid. The factor is not looking to the seller, the small and medium enterprise for green payment, but looking for the seller’s customers, their buyers and it could be investment related companies, strong buyers; it could also be SMEs. But the point is that instead of having all your risks in one entity, you can have your risks in multiple baskets of risks by having multiple buyers so your risk is spread therefore improving your chances of getting repaid. This is the strength of factoring. I will have to go back to the point that you have to have laws in place. There is a need to have the rights to assign the receivable, be it property or any other asset. There is a need for laws to protect your rights and your interest. This is because you do have rights for instance, to get to the buyer but those rights are only good if the government protects you when you have to exercise those rights. That has to be embedded in law as well and that is why the Africa Export Import Bank is pushing the African Model Law, because they want to raise the standards of creating a strong legal foundation for the development of factoring which will ultimately develop and support SMEs. What are the challenges affecting penetration of factoring in Africa and what can be done to make it work better? This is not specific to Africa, but to the emerging markets in general. The first hurdle is culture. There is a struggle to change from

Mulroy

what used to be done to a new culture. So here, you have a world that has been forced upon them to change, because 20 years ago, there was very little international trade on open accounts. By 2020, they are expecting about 90 per cent of transactions to be done on such platforms. So this is forcing the banks, the Central Bank of Nigeria (CBN), the regulators to look at this product—Factoring in a new light. This is happening everywhere not just in Africa. We have the same issue in the South East Asia, the Caribbean, Central America. The mentality of financing trade beyond the traditional forms of trade financing, but using Factoring as a new tool to provide liquidity to SMEs requires a change in culture. The second challenge is the legal framework and that requires having proper legal infrastructure. Cameroun has passed the Factoring Law, same as Egypt. So there are countries on the move creating their infrastructure on their own and that is great. Thanks to the African Export Import Bank and I will also say that the World Bank is also pushing reforms and trying to support governments to create a legal infrastructure for the financing and securing transactions. They also have a matter law that incorporates Factoring in receivable finance as well. Factoring in matter law is a little easy to develop because it is just one matter law and it is secured as many other different types of oversight relating to all different types of asset classes. How do you hope to deal with issues of low intra-African trade, national ratings, regulatory environment and trust? Nigeria is the largest economy in Africa. Ghana is also growing in leaps and bounds, but in these countries, Factoring does not exist. However, we have started seeing the green sheets of Factoring in these markets, but it is just green sheet at this point. The Export Import Bank is pushing the matter law in Nigeria and it is possible to say that by the end of the year or middle of next year, we will have an announcement of a new law for Factoring in Nigeria. To your second question which has to do with political risks and ratings, what I will say is that in some aspects, it does not matter because every country has its environment

and you have to deal with the environment that you are handling. The cost of factoring for example in a high risk market is almost equivalent to the cost of capital for a company that is approaching a bank. Many have to pay a little more based on the level of risk, but it is not necessarily due to the country risk or the rating of the country itself. When I mentioned reverse factoring for example, if an anchor buyer is located in a developed country and if they are a strong company, you can leverage the strength of the balance sheet of the buyer and pass on that strength to the supplier no matter where they are. I was in Bangladesh recently and a number of suppliers are now using reverse factoring as suppliers and the cost of their capital for their factoring programmes is half of the cost of their traditional financing cost to a bank. So there are also ways to reduce that cost through reverse factoring. I will not say that the ratings and the political risk from the stand point of the environment will prohibit the growth of factoring I do not think that is going to be the biggest issue. What are the benefits of Factoring and the interest rates compared to banks’ funds? Our first member in Nigeria, the NEXIM bank, joined FCI in 2016 and they are trying to develop a factoring solution for exporters. Using the Export Import Bank of Mexico as an example, they started with FCI and factoring five to six years ago and today they are the largest international factoring company in Mexico. Over time, they have developed this product and viewed it as a policy decision, because they know that if they can provide factoring and get financial institutions to provide factoring, they will help their SMEs and what helps the SMEs helps the economy. They viewed factoring as a policy instrument and that is why the Africa Export Import Bank, Asian development bank, the European Bank for Construction and Development are using factoring as a tool to bring liquidity to their markets to help develop SMEs. Factoring is just a natural product for developing countries, because capital is so important. To the SME, capital is king; liquidity is king and that

is what they need. If credit insurance can be used to provide and create capital, they will be interested in credit insurance and if it does not provide capital, they are not interested and it speaks to the point that liquidity in capital is everything and it is the life blood for the SME and without it, they will die. One of the first countries to deploy Factoring was South Africa. They developed Factoring in the 1960s, that was about 50 years ago. They were the first to deploy Factoring and now you have other countries in the 90s. Factoring was kind of popular in the North and South Africa region. The real word is that we are catching up and I think we are going as fast as we can to support the African Export Import Bank who has been such a friend to SMEs and Factoring, as well as to the development of Factoring in the sub- Saharan African region. They want to increase the number of factors in Africa from 30 to 100 by 2021; they want to increase cross border Factoring. There are very aggressive calls and we are going to do everything to support that growth and help them achieve these realistic and obviously impressive targets. In countries where Factoring is already working, do they exist as part of banks or independent of them? At least, half of Factoring globally is in the hands of banks and about 25 per cent is in the hands of subsidiaries of banks and the rest are commercial factors, non bank financial institutions and entrepreneurs that have established small commercial operations. If you look at FCI itself, out of our 400 members in over 90 countries, almost 80 per cent of the members are bank related. They are either bank themselves or subsidiaries of banks. FCI is a reflection of that. Our members account for something like 70 per cent of the global Factoring volume. So, the 2.4 million Euros that are generated each year, our members account for 70 per cent of that volume and for cross border it is nearly 90 per cent. We are the voice for the industry and that is why we are here, FCI wants to help to support the growth of Factoring. It is a challenge that we have to admit, but we are very excited.

T H I S D AY Ëž Ëœ ÍŻÍłËœ Í°ÍŽÍŻÍś

29

BUSINESSWORLD

PERSPECTIVE

Importance of Credible Bidders for 9mobile Osebumere Odia writes that bidders capable of initiating green field operations and who have demonstrated the capacity to attract foreign capital to Nigeria should be considered in the sale of 9mobile

9mobile, formerly Etisalat Nigeria

There were days when the telecom sector was hailed as a pre-eminent driver of economic growth and development across Nigeria. The telecom industry was at the time, what economists call the “growth phase.� Millions of people took up mobile phones, some for the first time. And though they complained that the tariffs were high, they continued to make calls and other transactions via their mobile phones. The sector, itself, gradually amassed customers, first in the thousands and quickly graduating to the millions. The growth in subscriber numbers, in turn, created a massive economic spin-off in the economy. Telecommunication service providers became intertwined in just about every legitimate economic activity. They boosted the banking and financial services industry. They created a boom in the property market. They may have been hamstrung by the problems with electricity supply in Nigeria but that difficulty translated to economic value for the power generation companies and its associated value chain with thousands of people becoming gainfully employed. Of course, dozens of businesses associated with the technical and other aspects of the telecom business benefitted immensely. Millions of people became gainfully employed directly or indirectly by this new-fangled industry. Indeed, telecom was a key anchor in the rebasing of Nigeria’s GDP a few years ago, and its contribution to Nigeria’s GDP was calculated to be close to 10 percent. But every good thing typically comes to an end and it would seem as if the days of rapid growth of the telecom industry are gone, perhaps for good. Despite year-on-year inflation, for instance, tariffs for voice calls on the telecom networks have remained on the same level for many years. This is compounded with incredible price discounts on call tariffs which competing telecom firms grant customers, in the face of stiff competition, in effect further reducing the tariffs even more drastically. To make matters worse, the increasing pervasiveness of other-the-top (OTT) providers – WhatsApp, Facebook, Skype and the like, means that millions of customers on these networks now choose to make free calls on these data networks, depriving the telecom networks of what would have been critical revenue from voice calls, the “king� of old. Thankfully, all of the major telecom operators have over the years, invested in data networks

and while they have been badly hit by the massive shortfalls in revenue occasioned by OTTs, the scenario would have been far worse had they not. While voice has experienced considerable decline over the years, therefore, the battle ground has gradually shifted to data where networks are increasingly challenged to be creative if they must survive and indeed continue to thrive in the marketplace. It would however appear that the severe shortfall in voice revenues has set off a chain reaction that is impacting many facets of the telecom business as financial buoyancy has taken a big hit. Indeed, in real terms, annual revenues of the industry are declining rapidly. Xalam Analytics in its 2017 Report for instance, states that revenues in the industry have steadily declined in dollar terms since 2014. Indeed while revenues are projected to have grown in Naira terms in 2017 over 2016 levels for instance, 2017 revenues are actually 40% percent lower in USD terms than 2014 revenues. Xalam also reports that capital expenditure (CAPEX) in the mobile sector declined by nearly 40% in 2016 for instance. In the face of inflation and other operational challenges, telecom companies are also finding themselves needing to commit more than they used to, towards operational expenditure (OPEX), creating an additional burden on revenues. On the whole, the combination of slower revenue and cut-throat competition are eroding margins drastically. The net effect is that not only is the telecom sector retrogressing, it may indeed be in the throes of the early stages of systemic failure. The signs are clearly manifest. The Nigerian Bureau of Statistics in Quarter 3 for 2017 lists the contribution of the telecom/ICT sector to Nigeria’s GDP as 7.41% which is considerably less than the 9.13% contribution in the same period in 2016. Instructively, in the same period, GDP grew by 1.40% which implies that even while the economy was growing the telecom sector was paradoxically, shrinking. In addition, data released by the NCC support this position. With subscriber numbers dropping by over 10 million across all networks in the last year, teledensity is in decline. Internet penetration on the other hand, has remained practically on the same spot in the last year or thereabout. In the area of interconnect payments, the

telecom sector is reeling in debt. At the last count, interconnect debt is said to be in the neighborhood of N24billion. “Interconnect,� by the way, refers to payments that are made between telecom operators when calls terminate on each other’s network. For instance if at the end of a month, N5b worth of calls from Operator “A� are terminated on Operator “B,� while N4b worth of calls originating from customers on Operator “B� are terminated on Operator “A,� then Operator “B� would be required to pay “A� N1b in settlement. That there is indebtedness of this magnitude among operators, speaks to the nature of the systemic problem in the telecom industry. It is these circumstances that make the ongoing sale of 9mobile a fortuitous intervention in Nigeria’s telecom space. Well-managed, it can considerably help to redress the fortunes of the industry and place it on the path to sustainability. By the way, it is instructive that 9mobile’s sale did not attract global telecom operators of the likes of Vodafone and Orange. This may indeed be a clear reflection of the current fortunes of the telecom industry and speaks volumes on the imperative of ensuring that the company is in the final analysis, entrusted in the right hands. 9mobile, by the way, is the erstwhile Etisalat, the fourth of Nigeria’s telecom operators and by some estimates one of its more aggressive. Etisalat became troubled after it defaulted in its loan repayments to a consortium of creditor banks. It was saved from foreclosure by the prompt intervention of NCC and the CBN. In the aftermath of the crisis, its erstwhile technical partners severed their relationship and with it, taking with them their brand name, Etisalat. “9mobile� was the hurriedly chosen replacement in the face of the embarrassing developments. The intervention by NCC and CBN has turned out to be a masterstroke in saving the company and the thousands of jobs that would certainly have been lost had the receiver managers, keen only on the recouping of their loans, been allowed to take over the company. It may also have forestalled the onset of a chain reaction of crisis in the telecom sector. For this fore-sighted act, both regulators deserve commendation not only from the telecom industry but also the country especially because of the pivotal role which telecom plays in the overall economy. Saving 9mobile presents a rare opportunity

to stimulate enhanced investment in the sector, from the slowdown of the last few years. Such fresh injection of capital into the economy will enable the company discharge its debts and shore up capacity to provide service. At circa 17 million customers, 9mobile is a potentially vibrant competitor to any of the other major telecom operators. In an age when the digital economy has become an intricate aspect of our lives, such enhanced investment into the economy will help to spark-off the economic multiplier that will gradually shore up the contributions of the telecom sector to country GDP to the circa 10% of yesteryear. While Barclays Capital, must no doubt be nearing its finalisation of it decision as to who among the 5 pre-qualified bidders for this organisation should qualify to acquire it, it is important to remind the NCC and CBN of the dire situation of the telecom industry and the imperative of redressing this via the fortuitous 9mobile sale. Ensuring that 9mobile ends up with the buyer best positioned to drive the inflow of foreign direct investment into the economy is vital. We recommend that this should be a key index for the sale. In this regard, bidders who may be more capable of initiating a Greenfield operation and who show demonstrable capacity to attract foreign capital in so doing would most likely create better value for Nigeria and its economy. They are to be preferred to current telecom operators who are reeling in debt amongst each other and yet suffer from acute under-investment in their networks on account of the prevailing economic circumstances in the country. Only this way, will the telecom industry be reasonably guaranteed a chance to survive and thrive, short-circuiting the doom that seems to hang precariously over the entire sector. 9mobile is indeed, as they say, a “last chance� for Nigeria’s telecom industry and we can only reiterate how critical it is that it is acquired by the right buyer, a buyer who can attract offshore financing to Nigeria. No doubt, this will tie in neatly with the Federal Government’s efforts at promoting improved FDI inflow into Nigeria as an elixir to enhanced economic growth and development in 2018 and beyond. t0TFCVNFSF 0EJB BO FDPOPNJTU BOE UFDIOPQSFOFVS XSJUFT GSPN # "EFLBOZF 4USFFU 0GG -BXBOTPO 4VSVMFSF -BHPT

T H I S D AY ˾ ͯͳ˜ ͰͮͯͶ

30

.:$1.:$6,<<$ '(9(/230(17 )281'$7,21 5(6&8( 0,66,21 )25 285 &+,/'5(1 $1' 285 )8785( LJHULD DQG 1LJHULDQV ZLOO UHFDOO WKDW EHWZHHQ DQG WKH .DQR 6WDWH *RYHUQPHQW XQGHU WKH OHDGHUVKLS RI RXU /HDGHU 6HQDWRU 'U 5DELX 0XVD .ZDQNZDVR HPEDUNHG RQ D PDVVLYH PDQSRZHU GHYHORSPHQW GULYH WKURXJK WKH DZDUG RI IRUHLJQ VFKRODUVKLS WR RYHU VWXGHQWV RI .DQR 6WDWH H[WUDFWLRQ

1

VWXGHQWV UHVRUW WR EHJJLQJ DQG RWKHU DQWLVRFLDO EHKDYLRXUV WR VXUYLYH

$ERXW RI WKHP ZHUH VSRQVRUHG WR VWXG\ PHGLFDO UHODWHG FRXUVHV LQ GLIIHUHQW FRXQWULHV VR DV WR EULGJH WKH PDQSRZHU JDS LQ WKH KHDOWK VHFWRU RI WKH VWDWH :KLOH DERXW RI WKHP PDLQO\ LQ QXUVLQJ OLQH KDYH VLQFH FRPSOHWHG WKHLU SURJUDPPHV D JRRG QXPEHU RI WKHP ZLOO EH JUDGXDWLQJ QH[W \HDU

7R XV LW KDV FRPH WR WKH SRLQW WKDW WKH .ZDQNZDVL\\D 'HYHORSPHQW )RXQGDWLRQ .') KDV WR WDNH LW XSRQ LWVHOI WR UHTXHVW DQG JDOYDQL]H WKH VXSSRUW RI ZHOO PHDQLQJ 1LJHULDQV HVSHFLDOO\ WKH JRRG VRQV DQG GDXJKWHUV RI .DQR 6WDWH WR FRPH WR WKH UHVFXH RI WKHVH FKLOGUHQ RI RXUV ZKR DUH RXU IXWXUH

5HJUHWWDEO\ D QXPEHU RI WKH VWXGHQWV HVSHFLDOO\ WKRVH VWXG\LQJ QXUVLQJ LQ (J\SW DQG PHGLFLQH LQ 6XGDQ KDYH QRW UHFHLYHG WKHLU PRQWKO\ XSNHHS DOORZDQFH DQG WXLWLRQ IHHV LQ WKH ODVW PRQWKV

7KXV ZH DUH RUJDQL]LQJ D IXQG UDLVLQJ IRU WKH DIIHFWHG VWXGHQWV DQG ZH FDOO RQ DOO ZHOO PHDQLQJ 1LJHULDQV WR MRLQ DQG GRQDWH JHQHURXVO\ IRU WKHVH FKLOGUHQ

,W KDV FRPH WR RXU NQRZOHGJH WKDW DV D UHVXOW RI WKH KDUGVKLS WKH\ IDFH VRPH RI WKH

$V SDUW RI HIIRUWV WR DGGUHVV WKH VLWXDWLRQ RXU /HDGHU 6HQDWRU 'U 5DELX 0XVD .ZDQNZDVR YLVLWHG (J\SW UHFHQWO\ WR LQWHUDFW ZLWK WKH VWXGHQWV ZLWK D YLHZ WR FRQWDLQLQJ WKH VLWXDWLRQ

7KH IXQG UDLVLQJ FRPHV XS RQ -DQXDU\ DW WKH $I¿FHQW (YHQW &HQWUH 0DJDML 5XPID .DQR .DQR 6WDWH E\ SP

<RX FDQ VHQG \RXU GRQDWLRQV WR $FFRXQW 1DPH

.ZDQNZDVL\\D 'HYHORSPHQW )RXQGDWLRQ

$FFRXQW 1XPEHU

%DQN

)LUVW %DQN

6LJQHG +RQ 'DQEXUDP $EXEDNDU 1XKX )RU &KDLUPDQ .ZDQNZDVL\\D 'HYHORSPHQW )RXQGDWLRQ

T H I S D AY ˾ MONDAY JANUARY 15, 2018

31

32

T H I S D AY Ëž Ë&#x153; JANUARY 15, 2018

BUSINESS/MONEYGUIDE

Ranaissance Hotel Ikeja Rebrands to Raddisson Blu Ugo Aliogo Avalon Intercontinental Nigeria Limited has entered into a mutual partnership agreement with Radisson Blu Hotel. The new partnership led to the change of the corporate identity of the 155-room Renaissance Hotel to Radissson Blu. Avalon Intercontinental explained that the development followed an agreement to part ways with their former partners, the Renaissance Hotel Group. Addressing journalists in Lagos, the Director Legal, Avalon Intercontinental Nigeria Limited, Olaitan Tajudeen, said the responsibility of

the management of Avalon Intercontinental to continue to serve its esteemed clientele with best global standards was top of mind in choosing its new partners. She stated that Renaissance Hotel Ikeja would now be known and addressed as Radisson Blu Hotel, Lagos Ikeja, which is part of the Avalon Hotel Collection and owners of Protea Hotel Ikeja, Protea Hotel Victoria Island and Avalon Hotel, Offa, Kwara State. Tajudeen also assured both existing and potential customers of boundless experiences from the new offering, adding that the partnership with Radisson

Blu was expected to provide a new lease of life within the property. â&#x20AC;&#x153;Our focus has and always would be on providing excellent services and an overall memorable guest experience.â&#x20AC;? She expressed excitement over the new partnership, saying both parties share the same intrinsic values. According to her, we look forward to Radisson Blu bringing to bear the expertise of its staff to the delight of their esteemed customers. â&#x20AC;&#x153;The strength of the Radisson Blu brand reinforces our optimism and belief in this decision,â&#x20AC;? she said.

Ecobank Restates Convenience of Xpress Account Nume Ekeghe Ecobank Nigeriaâ&#x20AC;&#x2122;s Executive Director, Consumer Banking, Carol Oyedeji has reiterated the convenience of opening and operating an Ecobank Xpress Account, saying it is all about putting banking at â&#x20AC;&#x153;your fingertips.â&#x20AC;? Xpress Account is a mobile based digital account that affords the customer many of the services available to a regular account holder. Responding to media questions in Lagos, she emphasised that opening an Xpress Account takes less than five minutes and does not require any form of documentation being a tier-one mobile wallet account. It can be opened on the Ecobank Mobile App by smartphone users after download or through *326# USSD code for feature phone

users. Explaining further, Oyedeji said Ecobank was focused on leading the consumer banking industry by leveraging its robust Digital Channels to drive financial inclusion for the un-banked in the different parts of Nigeria â&#x20AC;&#x201C; urban, semi-urban and rural areas. According to her, the benefits of this account type include simple account opening process and ease of transacting. The account can be funded through transfers from accounts in Nigerian Banks or by simply paying in cash at one of Ecobank Xpress points sited within Agent locations nationwide. She further said withdrawals are easy and can be done by simply generating a token code from the account, cash can be redeemed using this number either from any of Ecobankâ&#x20AC;&#x2122;s

over 1,200 ATMs in the country or from the bankâ&#x20AC;&#x2122;s wide Agent locations / Xpress points.â&#x20AC;&#x153;Xpress cash withdrawals from ATMs are done without a card, while the token generated can also be shared through SMS or WhatsApp to another recipient to cash. â&#x20AC;&#x153;This can ease the burden of going physically to an ATM by yourself and enable payment to 3rd parties for goods and services rendered. â&#x20AC;&#x153;The adoption of Xpress Account is growing by the day and feedback from our customers monitored across platforms, suggest that itâ&#x20AC;&#x2122;s indeed a need that we are meeting for the teeming Nigerian population that is currently un-banked. We are delighted at this feedback and would continue to ensure that the account opening experience and usage remain excellent and memorable,â&#x20AC;? she said.

Fidelity Bank Rewards 13 Customers with N16m A total of 13 customers of Fidelity Bank Plc won N16 million in the third monthly draw of the bankâ&#x20AC;&#x2122;sâ&#x20AC;&#x153;Get Alert in Millions Reloadedâ&#x20AC;? promo draws. The draws took place at the bankâ&#x20AC;&#x2122;s head office in Lagos. The lucky cash prize winners for the monthly draw included Ojukwu Eze and ChIdima Joy who won N1 million each and Ogbekenu Development Union that won N2 million from the South-south region branch of the bank as well asJohnson Peter and Molokwu Stella (South-east). Also, Chigozie Christopher and Chidimma Favour (Lagos ), Odion Kenneth and Anthony Nwachukwu (Abuja), who won N1 million each. Nguma Janet won N1 million while Felicia Okeke got N2

million from North region, among other winners. The winners emerged from a transparent process which wasmonitored by officials from theConsumer Protection Council (CPC) and other regulators and stakeholders. According to the bank, the promo dubbed â&#x20AC;&#x2DC;Get Alert In Millions Promo Reloadedâ&#x20AC;&#x2122; is in part of efforts to promote savings as well as drive financial inclusion. Speaking at the event, the bankâ&#x20AC;&#x2122;s Managing Director/ Chief Executive Officer, Mr. Nnamdi Okonkwo said the campaign was the seventh in the series of promos organised by thebank to reward customers for their unflinching loyalty and patronage. Okonkwo who was represented by the Executive Director, Shared

Services & Products, Chijioke Ugochukwu noted that the promo underscored the bankâ&#x20AC;&#x2122;s determination to improve the standard of living of Fidelity customers even amidst the harsh economic situation in the country. She explained that the initiative is in line with the central bank of Nigeria (CBN) financial inclusion policy to ensure that financial services are available to the unbanked and under-banked in Nigeria. â&#x20AC;&#x153;With the draw today draw today we would have given out N50 million and 54 consolation prizes. We still have about N60 million to give out with grand prize of N10 million which is going to be give during the round up of the promo,â&#x20AC;? she said.

LSETF Enrolls Supports Vocational Training In keeping up with its objective to improve the local economy by creating a skilled and experienced workforce, the Lagos State Employment Trust Fund (LSETF), through its Employability Support Project, has commenced free skills training for the first batch of beneficiaries in the state.

Launched in partnership with the United Nations Development Programme, UNDP, the employability support project provides six to eight weeks of vocational training to Lagos residents between the ages of 18 and 35 years. The project aims to empower its beneficiaries with industry relevant skills which

will improve their chances of gaining employment. In a statement from the agency, the Executive Secretary, LSETF, Akintunde Oyebode, explained the role of the project in addressing unemployment in the state, while also creating active youths that can contribute to the socio-economic development of their communities.

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&#x2122;Ă&#x;Ă&#x153;Ă?Ă? Ě&#x2039;

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&#x2122;Ă&#x2DC;Ă?Ă&#x17E;Ă&#x2039;Ă&#x153;ĂŁ Ă&#x2122;Ă&#x2013;Ă&#x201C;Ă?ĂŁ Ă&#x2039;Ă&#x17E;Ă? Ě&#x2039; ͯ͹Ϲ

OPEC DAILY BASKET PRICE AS AT THURSDAY, 11 JANUARY 2018

The price of OPEC basket of fourteen crudes stood at $67.38 a barrel on Thursday, compared with $67.24 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

T H I S D AY Ëž Ë&#x153; ÍŻÍłË&#x153; Í°ÍŽÍŻÍś

33

MARKET NEWS

Vitafoam Secures N2bn Loan to Boost Working Capital Goddy Egene Vitafoam Nigeria Plc has secured a four-year N2billion soft loan from the Bank of Industry (BoI) at concessionary interest rate as part of the companyâ&#x20AC;&#x2122;s strategic move to boost its working capital and sustain competitive edge. The loan, which has an annual interest of 12 per cent compared with the over 25 per cent com-

mercial bank rate as at last year, is expected to reduce Vitafoamâ&#x20AC;&#x2122;s finance cost and enhance the companyâ&#x20AC;&#x2122;s ability to directly import its raw materials off-shore. The Group Managing Director, Mr. Taiwo Adeniyi stated this at a media briefing in Lagos on Friday. Vitafoam paid over N1 billion as interest charges for the year ended September 30, 2017. However, Adeniyi said: â&#x20AC;&#x153;The

P R I C E S MAIN BOARD

F O R

DEALS

good news is that Vitafoam has secured N2.0billion structured working capital support facility with BoI at 12per cent per annum interest rate. When compared to commercial banks 24.5 percent average interest rate borne in 2017. There will be a huge favourable reduction in finance cost by a minimum of N240million, representing 20.4 percent. Secondly, the previously depleted working capital will

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

be boosted by the Bol four-year working capital support. â&#x20AC;&#x153;This will enable Vitafoam to source its major raw materials directly from overseas manufacturers, thereby retaining middlemen margin in the business. A minimum of 15 percent margin will be saved on every direct import of major raw materials.â&#x20AC;? He explained that despite the 15.98 per cent inflation, in the economy, through firm cost

T R A D E D MAIN BOARD

A S

control measures, management reduced administrative expenses by three percent (Group) and four percent (Company), while distribution cost reduced from five percent to four percent as percentage of revenue between 2017 and 2016 financial year. He noted that due to weak working capital and paucity of forex for letters of credit, the companyâ&#x20AC;&#x2122;s over 80 per cent of raw materials were locally

O F

purchased, thereby incurring more costs. According to him, despite the challenges, the directors recommended N156.36 million dividend to be paid to shareholders from distributable profit. Speaking on the outlook for the company this year, Adeniyi mentioned some initiatives that would boost profitability: â&#x20AC;&#x153;We have also created new business lines.

1 2 / 0 1 / 2 0 1 8 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

34

˜ ͹ͽ˜ ͺ͸͹Ͷ ˾ T H I S D AY

Nigeria Daily Stock Market Report: ƵůůŝƐŚ dƌĞŶĚ ŽŶƟŶƵĞƐ ĂƐ 'ůŽďĂů ƋƵŝƟĞƐ DĂƌŬĞƚ ůŽƐĞƐ ƚŚĞ tĞĞŬ WŽƐŝƟǀĞ dŚĞ ďƌŽĂĚůLJ ďƵůůŝƐŚ ƐĞŶƟŵĞŶƚ ĂĐƌŽƐƐ ŐůŽďĂů ĞƋƵŝƚLJ ŝŶĚŝĐĞƐ ǁŚŝĐŚ ŚĂƐ ƐƚŽŬĞĚ ďƵLJŝŶŐ ŝŶƚĞƌĞƐƚ͕ ǁĂƐ ƐƵƐƚĂŝŶĞĚ ĚƵƌŝŶŐ ƚŚĞ ǁĞĞŬ ĂƐ ϭϰ ŽĨ ƚŚĞ ϭϲ ŝŶĚŝĐĞƐ ƵŶĚĞƌ ŽƵƌ ĐŽǀĞƌĂŐĞ ĐůŽƐĞĚ ƚŚĞ ǁĞĞŬ ŝŶ ƚŚĞ ŐƌĞĞŶ͘ /Ŷ ĂĚĚŝƟŽŶ ƚŽ ƚŚŝƐ͕ ƚŚĞ ƐƚĂďŝůŝƚLJ ŝŶ Žŝů ƉƌŝĐĞƐ ŚĂƐ ĂůƐŽ ƐƚĞĚ ŝŶǀĞƐƚŽƌƐ͛ ĐŽŶĮĚĞŶĐĞ ĂƐ Žŝů ƉƌŝĐĞƐ Śŝƚ Ă ϯͲLJĞĂƌ ŚŝŐŚ ŽĨ h^ΨϳϬͬď ŝŶ ƚŚĞ ǁĞĞŬ͘ /Ŷ ƚŚĞ ĚĞǀĞůŽƉĞĚ ŵĂƌŬĞƚƐ͕ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ƉŽƐŝƟǀĞ ĂƐ Ăůů ŝŶĚŝĐĞƐ ĐůŽƐĞĚ ƚŚĞ ǁĞĞŬ ŚŝŐŚĞƌ͘ /Ŷ ƚŚĞ h^͕ ƚŚĞ dĞĐŚͲ,ĞĂǀLJ E ^ Y ůĞĚ ƚŚĞ ǁĂLJ ĨŽƌ ƚŚĞ ƐĞĐŽŶĚ ǁĞĞŬ ŝŶ Ă ƌŽǁ ŐĂŝŶŝŶŐ ϭ͘ϭй tͲŽͲt ǁŚŝĐŚ ŝƐ ƌĞŇĞĐƟǀĞ ŽĨ ƚŚĞ ƐƚƌŽŶŐ ĂƉƉĞƟƚĞ ĨŽƌ ƚĞĐŚ ƐƚŽĐŬƐ ŝŶ ϮϬϭϴ͘ &ŽůůŽǁŝŶŐ ĐůŽƐĞůLJ ǁĂƐ ƚŚĞ ^ΘWϱϬϬ ǁŚŝĐŚ ĐůŽƐĞĚ ƚŚĞ ǁĞĞŬ Ϭ͘ϵй ƵƉǁĂƌĚƐ ǁŚŝůĞ ƚŚĞ h< &d^ ŝŶĐƌĞĂƐĞĚ Ϭ͘ϲй tͲŽͲt͘ /Ŷ ƚŚĞ Z/ ^ ĐůĂƐƐŝĮĐĂƟŽŶ͕ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ďƵůůŝƐŚ ĂƐ Ăůů ŝŶĚŝĐĞƐ ĐůŽƐĞĚ ƚŚĞ ǁĞĞŬ ŝŶ ƚŚĞ ŐƌĞĞŶ͘ dŚĞ ZƵƐƐŝĂŶ Zd^ ĂƉƉƌĞĐŝĂƚĞĚ ƚŚĞ ŵŽƐƚ ĨŽƌ ƚŚĞ ƐĞĐŽŶĚ ĐŽŶƐĞĐƵƟǀĞ ǁĞĞŬ͕ ĐůŽƐŝŶŐ Ϯ͘ϭй ŚŝŐŚĞƌ͘ dŚŝƐ ƉĞƌĨŽƌŵĂŶĐĞ ĐĂŶ ďĞ ůĂƌŐĞůLJ ĂƩƌŝďƵƚĞĚ ƚŽ ƐƚĂďŝůŝƚLJ ŝŶ ƚŚĞ ŶĞƌŐLJ ŵĂƌŬĞƚ Ͳ ƉĂƌƟĐƵůĂƌůLJ ĐƌƵĚĞ Žŝů Ͳ ǁŚŝĐŚ Śŝƚ ƚŚĞ h^ΨϳϬ͘ϬϬͬď ŵĂƌŬ ĚƵƌŝŶŐ ƚŚĞ ǁĞĞŬ͘ /Ŷ ƵƌŽƉĞ ĂŶĚ ƐŝĂ͕ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ŵŝdžĞĚ Ϯ ŽĨ ƚŚĞ ϰ ŝŶĚŝĐĞƐ ĐůŽƐĞĚ ƚŚĞ ǁĞĞŬ ƉŽƐŝƟǀĞ ǁŚŝůĞ Ϯ ĚĞĐůŝŶĞĚ͘ /Ŷ &ƌĂŶĐĞ͕ ƚŚĞ ϰϬ ƚƌĞŶĚĞĚ Ϭ͘ϲй ŚŝŐŚĞƌ tͲŽͲt ǁŚŝůĞ ƚŚĞ 'ĞƌŵĂŶ y dZ y ƐůŝĚ Ϭ͘ϳй tͲŽͲt ĂŵŝĚ ƐƉĞĐƵůĂƟŽŶ ƚŚĂƚ ŶŐĞůĂ DĞƌŬĞů͛Ɛ ŚŽƉĞƐ ĨŽƌ ĂŶŽƚŚĞƌ ƐƚƌŽŶŐ ĐŽĂůŝƟŽŶ ŐŽǀĞƌŶŵĞŶƚ ƚŽŽŬ Ă Śŝƚ ĨŽůůŽǁŝŶŐ Ă ƐƵƌǀĞLJ ŽĨ ĞůĞĐƚŽƌĂƚĞƐ ǁŚŝĐŚ ƐŚŽǁĞĚ ƐŽŵĞ ƐŬĞƉƟĐŝƐŵ ĂďŽƵƚ ƌĞǀŝǀŝŶŐ ŝƚ͘ dŚĞ ,ŽŶŐ <ŽŶŐ ,ĂŶŐ ^ĞŶŐ ŝŵƉƌŽǀĞĚ ƚŚĞ ŵŽƐƚ͕ ƵƉ ϭ͘ϵй tͲŽͲt ǁŚŝůĞ :ĂƉĂŶ͛Ɛ EŝŬŬĞŝ ϮϮϱ ĐůŽƐĞĚ ƚŚĞ ǁĞĞŬ ĚŽǁŶ Ϭ͘ϯй͘ /Ŷ ƚŚĞ ĨƌŝĐĂŶ ŵĂƌŬĞƚƐ͕ EŝŐĞƌŝĂ͛Ɛ ^/ ůĞĚ ƚŚĞ ǁĂLJ ďLJ ƐŽŵĞ ĚŝƐƚĂŶĐĞ ĐůŽƐŝŶŐ ƚŚĞ ǁĞĞŬ ƵƉ ϭϬ͘Ϯй ĂƐ ŝŶǀĞƐƚŽƌƐ ďƵLJŝŶŐ ŝŶƚĞƌĞƐƚ ĐŽŶƟŶƵĞĚ ƚŽ ƐƵƉƉŽƌƚ Ă ďƌŽĂĚͲďĂƐĞĚ ƌĂůůLJ͘ >ŝŬĞǁŝƐĞ͕ 'ŚĂŶĂ͛Ɛ '^ ŽŵƉŽƐŝƚĞ ƌŽƐĞ ϯ͘ϵй tͲŽͲt ĨŽůůŽǁĞĚ ďLJ ŐLJƉƚ͛Ɛ 'y ϯϬ ǁŚŝĐŚ ŝŶĐƌĞĂƐĞĚ Ϯ͘ϴй ǁŚŝůĞ <ĞŶLJĂ͛Ɛ E^ ϮϬ ƌĞǀĞƌƐĞĚ ůŽƐƐĞƐ ĨƌŽŵ ƚŚĞ ƉƌĞǀŝŽƵƐ ǁĞĞŬ ƚŽ ĂĚǀĂŶĐĞ Ϭ͘Ϯй tͲŽͲt͘ KƵƌ ŽƵƚůŽŽŬ ĨŽƌ ŶĞdžƚ ǁĞĞŬ ƐƵŐŐĞƐƚƐ Ă ůĂƌŐĞůLJ ƉŽƐŝƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ ĂƐ ŝŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ƌĞŵĂŝŶƐ ƐƚƌŽŶŐ͘ ,ŽǁĞǀĞƌ͕ ǁĞ ĂŶƟĐŝƉĂƚĞ Ă ƐůŽǁĚŽǁŶ ŝŶ ƚŚĞ ƉĂĐĞ ŽĨ ŐĂŝŶƐ͘

ůů ^ŚĂƌĞ /ŶĚĞdž ZĞĐŽƌĚƐ ,ŝŐŚĞƐƚ tĞĞŬůLJ 'ĂŝŶ ŝŶ ϮϬ DŽŶƚŚƐ ŐĂŝŶƐƚ ƚŚĞ ďĂĐŬĚƌŽƉ ŽĨ ƌŝƐŝŶŐ Žŝů ƉƌŝĐĞƐ ĂŶĚ ƐƚƌŽŶŐ ƉŽƌƞŽůŝŽ ŇŽǁƐ͕ ƚŚĞ ƵƉƚƌĞŶĚ ŝŶ ŵĂƌŬĞƚ ƉĞƌĨŽƌŵĂŶĐĞ ĨƌŽŵ ƚŚĞ ƉƌŝŽƌ ǁĞĞŬ ǁĂƐ ƐƵƐƚĂŝŶĞĚ ƚŚŝƐ ǁĞĞŬ ĂƐ ƚŚĞ ůů ^ŚĂƌĞ /ŶĚĞdž ; ^/Ϳ ĐůŽƐĞĚ ŝŶ ƚŚĞ ŐƌĞĞŶ ŽŶ Ăůů ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶƐ ƐĂǀĞ ĨŽƌ &ƌŝĚĂLJ͘ dŚƵƐ͕ ƚŚĞ ^/ ŐĂŝŶĞĚ ϭϬ͘Ϯй tͲŽͲt ƚŽ ƐĞƩůĞ Ăƚ ϰϮ͕ϴϵϴ͘ϵϬ ƉŽŝŶƚƐ ǁŚŝůĞ zd ƌĞƚƵƌŶ ĞdžƉĂŶĚĞĚ ƚŽ ϭϮ͘Ϯй͘ ŽŶƐĞƋƵĞŶƚůLJ͕ ŝŶǀĞƐƚŽƌƐ ŐĂŝŶĞĚ Ă ƚŽƚĂů ŽĨ Eϭ͘ϱƚŶ ŝŶ ǀĂůƵĞ ĂƐ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝnjĂƟŽŶ ĐůŽƐĞĚ Ăƚ Eϭϱ͘ϰƚŶ͘ /Ŷ ƚŚĞ ƐĂŵĞ ǀĞŝŶ͕ ĂĐƟǀŝƚLJ ůĞǀĞů ƐƚƌĞŶŐƚŚĞŶĞĚ ĂƐ ĂǀĞƌĂŐĞ ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ ƚƌĂĚĞĚ ƌŽƐĞ ϲϲ͘Ϯй ĂŶĚ ϭϵϯ͘ϯй ƚŽ ϭ͘ϬďŶ ƵŶŝƚƐ ĂŶĚ Eϭϯ͘ϴďŶ ƌĞƐƉĞĐƟǀĞůLJ͘ dŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďLJ ǀŽůƵŵĞ ǁĞƌĞ dZ E^ KZW ;ϲϰϴ͘ϲŵͿ͕ / DKE ;ϱϴϴ͘ϳŵͿ ĂŶĚ ^^ ;Ϯϳϯ͘ϱŵͿ ǁŚŝůĞ E/' Z/ E Z t Z/ ^ ;Eϭϳ͘ϲďŶͿ͕ E/d, ;Eϴ͘ϯďŶͿ ĂŶĚ E' D ;Eϰ͘ϵďŶͿ ǁĞƌĞ ƚŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďLJ ǀĂůƵĞ͘ dŚĞ ǁĞĞŬ ƐƚĂƌƚĞĚ Žī ŽŶ Ă ƉŽƐŝƟǀĞ ŶŽƚĞ͕ ǁŝƚŚ ƚŚĞ ^/ ĂĚǀĂŶĐŝŶŐ Ϯ͘ϰй͕ ďƵŽLJĞĚ ďLJ Ă ďƌŽĂĚͲďĂƐĞĚ ƌĂůůLJ ĂĐƌŽƐƐ ƐĞĐƚŽƌƐ ƚŚŽƵŐŚ ŵĂƌŬĞƚ ďĞůůǁĞƚŚĞƌƐͲ E' D ;нϱ͘ϬйͿ͕ 'h Z Edz ;нϮ͘ϯйͿ ĂŶĚ E/d, ;нϮ͘ϱйͿ ĚƌŽǀĞ ƉĞƌĨŽƌŵĂŶĐĞ͘ dŚĞ ŵĂƌŬĞƚ ƐƵƐƚĂŝŶĞĚ ƚŚĞ ƉŽƐŝƟǀĞ ŵŽŵĞŶƚƵŵ ĂƐ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝnjĂƟŽŶ ƌĞĂĐŚĞĚ ĂŶ Ăůů ƟŵĞ ŚŝŐŚ ŽĨ Eϭϱ͘ϯƚŶ ǁŚŝůĞ ƚŚĞ ^/ ƌŽƐĞ ƚŽ Ă ϭϬ LJĞĂƌ ŚŝŐŚ ŽĨ ϰϯ͕Ϭϰϭ ƉŽŝŶƚƐ͘ dŚĞ ďƵůůŝƐŚ ƌƵŶ ǁĂƐ ŚĂůƚĞĚ ŽŶ &ƌŝĚĂLJ ĂƐ ƉƌŽĮƚ ƚĂŬŝŶŐ ďLJ ŝŶǀĞƐƚŽƌƐ ĚƌĂŐŐĞĚ ƚŚĞ ^/ Ϭ͘ϯй ƐŽƵƚŚǁĂƌĚƐ͘

THISDAY AFRINVEST 40 INDEX Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

Ticker

THISDAY AFRINVEST 40

/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ĂƐ ŵĞĂƐƵƌĞĚ ďLJ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ ;ĂĚǀĂŶĐĞͬ ĚĞĐůŝŶĞ ƌĂƟŽͿ ƐŝŐŶŝĮĐĂŶƚůLJ ŝŵƉƌŽǀĞĚ ƚŽ ϵ͘Ϭdž ĨƌŽŵ ϱ͘ϰdž ƌĞĐŽƌĚĞĚ ƚŚĞ ƉƌĞǀŝŽƵƐ &ƌŝĚĂLJ ĂƐ ϲϯ ƐƚŽĐŬƐ ĂĚǀĂŶĐĞĚ ĂŐĂŝŶƐƚ ϳ ĚĞĐůŝŶĞƌƐ͘ dŚĞ ƚŽƉ ƉĞƌĨŽƌŵĞƌƐ ƚŚŝƐ ǁĞĞŬ ǁĞƌĞ ,KEz&>KhZ ;нϯϵ͘ϳйͿ͕ ^<z ;нϯϳ͘ϳйͿ͕ ĂŶĚ , DW/KE ;нϯϲ͘ϲйͿ ǁŚŝůĞ D z Z ;ͲϭϮ͘ϵйͿ͕ '> yK^D/d, ;ͲϮ͘ϳйͿ ĂŶĚ E'^h' Z ;ͲϮ͘ϳйͿ ǁĞƌĞ ƚŚĞ ǁŽƌƐƚ ƉĞƌĨŽƌŵĞƌƐ͘ Ɛ ƚŚĞ ďĞŶĐŚŵĂƌŬ ŝŶĚĞdž ŚĂůƚĞĚ Ă ϳͲĚĂLJ ďƵůůŝƐŚ ƐƚƌĞĂŬ ƚŽĚĂLJ͕ ǁĞ ĞŶǀŝƐĂŐĞ ƐŽŵĞ ƉƌŽĮƚ ƚĂŬŝŶŐ ŝŶ ĞĂƌůLJ ƚƌĂĚĞƐ ŶĞdžƚ ǁĞĞŬ͘ EĞǀĞƌƚŚĞůĞƐƐ͕ ǁĞ ŵĂŝŶƚĂŝŶ ŽƵƌ ŶĞĂƌ ƚĞƌŵ ƉŽƐŝƟǀĞ ŽƵƚůŽŽŬ ŽŶ ŵĂƌŬĞƚ ƉĞƌĨŽƌŵĂŶĐĞ͘ ͘

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

Current Price

Previous Current Price Weighting Change

Price Change YTD

Price Change Index to Date

ROE

ROA

P/E

P/BV

Divinden Earnings d Yield Yield

1,804.75

3.83%

17.0%

80.5%

24.3%

7.6%

8.5x

1.1x

3.3%

1

Guaranty Trust Bank PLC

49.61

5.0%

22.3%

21.7%

22.3%

26.0%

4.3%

10.3x

2.6x

4.1%

9.7%

2

Zenith Bank PLC

33.01

3.1%

14.3%

28.7%

27.3%

21.7%

3.2%

6.5x

1.4x

6.1%

15.3%

3

Nigerian Breweries PLC

4

Nestle Nigeria PLC

5

Dangote Cement PLC

9.8%

152.68

4.6%

8.7%

13.2%

13.1%

18.9%

8.6%

37.6x

6.9x

2.3%

2.7%

1,450.46

0.0%

6.4%

-6.8%

-6.8%

78.4%

19.0%

37.8x

25.0x

1.7%

2.6%

252.00

2.0%

5.8%

9.6%

9.6%

30.4%

15.7%

17.4x

5.0x

3.4%

5.7%

8.5%

6

FBN Holdings Plc

11.53

6.2%

31.0%

31.2%

2.6%

0.3%

18.8x

0.7x

1.7%

5.3%

7

Access Bank PLC

12.10

4.3%

4.5%

15.8%

14.2%

15.1%

2.0%

4.9x

0.7x

5.4%

20.4%

8

United Bank for Africa PLC

12.15

2.8%

4.4%

18.0%

16.7%

17.2%

2.2%

5.3x

0.9x

6.2%

18.8%

9

Ecobank Transnational Inc

20.03

5.0%

3.3%

17.8%

23.1%

-14.6%

-1.3%

0.7x

3.0%

-17.3%

10

SEPLAT Petroleum Development C

675.01

2.3%

2.8%

7.8%

7.8%

-12.4%

-6.7%

11

Stanbic IBTC Holdings PLC

42.80

0.0%

2.6%

3.1%

4.6%

28.7%

3.4%

9.9x

2.6x

1.4%

105.21

5.0%

0.9x

-15.5% 10.1%

12

Guinness Nigeria PLC

2.2%

11.9%

11.9%

4.5%

1.4%

74.0x

3.7x

0.6%

1.4%

13

Lafarge Africa PLC

54.60

5.0%

1.7%

21.6%

21.6%

47.1%

9.8%

4.9x

8.3x

1.8%

20.5%

14

Fidelity Bank PLC

3.20

9.6%

1.4%

30.1%

24.0%

8.0%

1.1%

2.8x

0.5x

4.4%

15

Oando PLC

5.99

0.0%

1.1%

0.0%

0.0%

40.7%

4.2%

2.7x

0.6x

16

Dangote Sugar Refinery PLC

21.50

-1.4%

1.1%

7.5%

5.6%

23.8%

10.3%

8.4x

3.6x

2.3%

11.9%

17

Okomu Oil Palm PLC

72.15

6.6%

1.0%

6.6%

6.6%

37.4%

25.9%

9.6x

3.1x

2.1%

10.4%

18

Unilever Nigeria PLC

47.00

2.0%

1.1%

14.6%

16.9%

50.3%

8.4%

28.9x

11.0x

0.2%

3.5%

19

International Breweries PLC

62.00

3.3%

0.8%

13.8%

12.7%

24.6%

7.4%

64.9x

14.8x

20

Flour Mills of Nigeria PLC

33.00

-1.2%

0.6%

13.8%

13.8%

10.4%

2.6%

9.1x

0.9x

2.8%

11.0%

21

Transnational Corp of Nigeria

2.13

7.6%

0.7%

45.9%

43.9%

19.6%

4.1%

8.5x

1.5x

5.0%

0.6%

14.9%

14.9%

6.3%

2.2%

12.5x

0.8x

22

UAC of Nigeria PLC

19.42

23

Diamond Bank PLC

2.52

8.6%

0.8%

68.0%

60.5%

2.5%

0.3%

10.2x

0.2x

24

Total Nigeria PLC

230.00

0.0%

0.5%

0.0%

0.0%

37.3%

7.4%

8.6x

25

FCMB Group Plc

35.8% 37.0%

1.5%

11.7% 5.1%

8.0%

3.0x

2.6%

11.7%

9.8%

2.52

6.8%

0.7%

59.5%

3.8%

0.6%

7.3x

0.3x

4.0%

13.7%

181.00

0.6%

0.4%

-7.0%

-7.0%

32.6%

12.0%

9.6x

2.7x

4.4%

10.4%

26

11 PLC

27

Forte Oil PLC

52.50

8.7%

0.5%

20.7%

25.0%

44.3%

3.7%

13.3x

5.9x

28

PZ Cussons Nigeria PLC

23.31

5.0%

0.4%

13.2%

10.2%

10.7%

5.0%

22.1x

2.2x

29

Cadbury Nigeria PLC

16.80

-1.2%

0.4%

7.2%

7.7%

4.5%

1.6%

47.9x

2.8x

30

Presco PLC

71.40

5.0%

0.3%

4.2%

4.2%

42.9%

25.9%

3.5x

31

NASCON Allied Industries PLC

22.19

2.4%

0.3%

19.9%

15.5%

53.4%

18.1%

32

UPDC Real Estate Investment Tr

10.00

0.0%

0.3%

0.0%

0.0%

33

Union Bank of Nigeria PLC

8.45

5.0%

0.3%

8.3%

12.5%

5.6%

1.2%

34

Julius Berger Nigeria PLC

29.40

0.0%

0.3%

5.0%

5.0%

-12.2%

-1.2%

35

Sterling Bank PLC

1.74

4.8%

0.4%

61.1%

54.0%

6.1%

0.6%

9.2x

0.5x

10.9%

36

Dangote Flour Mills Plc

16.90

0.6%

0.3%

39.1%

39.1%

61.6%

15.8%

5.5x

2.4x

18.3%

37

GlaxoSmithKline Consumer Niger

22.25

0.9%

0.2%

3.0%

3.0%

61.2%

23.6%

4.6x

1.7x

1.3%

38

Chemical and Allied Products P

35.78

0.1%

0.2%

5.2%

0.2%

84.3%

38.5%

15.6x

11.0x

6.1%

6.4%

39

Beta Glass PLC

53.87

0.0%

0.1%

5.0%

5.0%

18.4%

11.9%

7.6x

1.3x

1.8%

13.2%

40

Transcorp Hotels Plc

7.21

0.0%

0.1%

0.0%

0.0%

4.7%

2.8%

21.4x

1.0x

5.5%

4.7%

T o p 10 G a ine r s

7.5% 2.1%

4.5%

1.2x

2.1%

28.4%

12.5x

5.7x

3.2%

8.0%

0.8x

6.8%

10.8x

0.5x

9.2%

1.5x

-7.8%

2.1%

21.7%

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

T ic k er

P ric e

P ric e C hg %

CCNN

13.26

10.2%

H ON YF LOUR

3.52

10.0%

1.91

SKYEB A N K

Vo lum e

P ric e C hg %

T R A N SC OR P

222.9

-0.9%

D IA M ON D B N K

153.5

0.8%

9.8%

FB NH

133.4

0.3%

0.84

9.1%

FCM B

112.2

0.8%

LIN KA SSUR E

0.90

8.4%

F ID ELIT YB K

85.9

0.0%

WEM A B A N K

0.79

8.2%

SKYEB A N K

81.8

9.1%

C H A M P ION

2.95

6.5%

GUA R A N T Y

68.6

-1.2%

ST ER LN B A N K

/Ŷ ůŝŶĞ ǁŝƚŚ ƚŚĞ ďƵůůŝƐŚ ƉĞƌĨŽƌŵĂŶĐĞ͕ ƐĞĐƚŽƌ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ďƌŽĂĚůLJ ƉŽƐŝƟǀĞ ĂƐ Ăůů ŝŶĚŝĐĞƐ ĂĚǀĂŶĐĞĚ tͲŽͲt͘ dŚĞ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚĞdž ůĞĚ ƚŚĞ ŐĂŝŶĞƌƐ ĐŚĂƌƚ͕ ƵƉ ϭϯ͘Ϭй tͲŽͲt ĐŽŶƐĞƋƵĞŶƚ ŽŶ ƉƌŝĐĞ ĂƉƉƌĞĐŝĂƟŽŶ ŝŶ t W K ;нϭϯ͘ϴйͿ ĂŶĚ E' D ;нϭϮ͘ϵͿ͘ dŚĞ ĂŶŬŝŶŐ ĂŶĚ Kŝů Θ 'ĂƐ ŝŶĚŝĐĞƐ ĨŽůůŽǁĞĚ ƐƵŝƚ͕ ĂĚĚŝŶŐ ϭϮ͘ϵй ĂŶĚ ϳ͘ϱй tͲŽͲt ĂƐ 'h Z Edz ;нϭϰ͘ϬйͿ͕ E/d, ;нϭϮ͘ϬйͿ KEK/> ;нϯϰ͘ϬͿ͕ ĂŶĚ ^ W> d ;нϯ͘ϴйͿ ƌĞĐŽƌĚĞĚ ƐƵƐƚĂŝŶĞĚ ďƵLJŝŶŐ ŝŶƚĞƌĞƐƚ͘ ^ŝŵŝůĂƌůLJ͕ ƚŚĞ /ŶƐƵƌĂŶĐĞ ĂŶĚ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ŝŶĚŝĐĞƐ ĐůŽƐĞĚ ϲ͘ϱй ĂŶĚ ϱ͘ϲй ŶŽƌƚŚǁĂƌĚƐ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ Ă ƌĂůůLJ ŝŶ >/E< ^^hZ ;нϭϱ͘ϰͿ͕ D E^ Z ;нϭϰ͘ϮйͿ͕ E/' Z/ E Z t Z/ ^ ;нϵ͘ϰйͿ ĂŶĚ 'h/EE ^^ ;нϭϰ͘ϬйͿ͘

Monday, January 15, 2018

T ic k er

UN IT YB N K

0.82

6.5%

A C C ESS

66.3

-1.1%

LA WUN ION

0.84

5.0%

WEM A B A N K

58.3

8.2%

44.94

5.0%

OA N D O

52.0

0.0%

ST A N B IC

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

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

T ic k er

Value

P ric e C hg %

P ric e

P ric e C hg %

Z EN IT H B A N K

31.26

-5.3%

GUA R A N T Y

3444.8

-1.2%

F LOUR M ILL

31.35

-5.0%

Z EN IT H B A N K

1587.3

-5.3%

WA P IC

0.57

-5.0%

FB NH

1583.9

0.3%

ET I

19.03

-5.0%

A C C ESS

796.6

-1.1%

M A YB A KER

3.10

-4.9%

NB

704.4

-1.1%

NA HCO

4.49

-4.9%

UB A

647.7

-0.7%

A F R IP R UD

4.75

-4.8%

ST A N B IC

598.3

5.0%

UA C -P R OP

3.00

-4.8%

N EST LE

510.2

2.7%

M EYER

0.61

-4.7%

T R A N SC OR P

500.1

-0.9%

D A N GF LOUR

16.15

-4.4%

D IA M ON D B N K

418.3

0.8%

Investment Research

Brokerage Ayodeji Ebo | aebo@afrinvest.com

Robert Omotunde | romotunde@afrinvest.com

Bolaji Fajenyo | bfajenyo@afrinvest.com

Omotola Abimbola | oabimbola@afrinvest.com

35

˾ MONDAY, JANUARY 15, 2018

MARKET NEWS

Meristem Securities Restates Commitment to Stock Market Deepening Meristem Securities Limited (MSL) last Friday restated its commitment to contribute to the deepening of the nation’s capital market through innovative products and services. The Deputy Group Managing Director of MSL, Mr. Sulaiman Adedokun restated the commitment during the presentation of prizes to winners of the Season 2 of the ‘MeriGame Championship’ in Lagos. MSL last year introduced MeriGame, a platform

meant to stimulate investors’ interest in the stock trading in particular and the capital market in general. The platform has championship game tagged ‘MeriGame Championship.’ The championship rewards the top three winners financially at the end of each season. The winners of this game are the top three traders with the highest returns on the platform. Three winners emerged in Season 2. They are:

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

Olaleye Olamide, a business man (first prize); Victor Ephraim, a human capital consultant(second prize) and Moses Ogundiya an Ibandan-based lecturer. Speaking at the presentation ceremony in Lagos, Adedokun said the objective for us actually is to stimulate trading activities, impact knowledge and impact the society and break all the barriers. “I wish you all the best and I believe you

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 11-Jan-2018, unless otherwise stated.

will able to connect to others. It is not good to hide knowledge, it is not good to hide achievement. You have achieved this and we believe you will spread the good news. With MeriGame, it is like breaking the barriers, it is like opening the entire world, making the impossible, possible,” he said. The DGMD, who is also the Managing Director of Meristem Wealth Limited, explained Merigamewww.

game.meritrade.com enables users get to practice how to buy stocks under real market conditions without burning a finger or finance “Stock trading by oneself is generally perceived to be scary and doubtridden. MeriGame is here to demystify the process while setting users up to trade realtime confidently. Users get funded with virtual funds to simulate financial capacity in real life trading as well as regular tips and

recommendations to guide them in making choices on stock trading,” he said. Sharing his experience, Olamide said: “I have been trading stocks for a while now it is not my first time but I found the MeriGame platform very interesting. The things I would not do with my money, I can do on the platform and see the results. I have learnt a lot through the platform. It is a wonderful Apps, it is the best out there right now.”

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 1 270 1680 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 196.44 196.52 10.33% Nigeria International Debt Fund 239.02 239.11 3.19% ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund 0.85 0.86 3.78% ACAP Income Funds 0.62 0.62 -4.17% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 16.60% enquiries@arminvestmentcenter.com ARM INVESTMENT MANAGERS LTD Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 20.06 20.67 9.80% ARM Discovery Fund 418.03 430.64 7.45% ARM Ethical Fund 28.42 29.28 4.03% ARM Money Market Fund 1.00 1.00 16.74% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund 166.18 167.34 9.55% AXA Mansard Money Market Fund 1.00 1.00 15.93% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 18.25% Paramount Equity Fund 13.01 13.34 5.23% Women's Investment Fund 102.11 104.73 1.47% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 0.00% CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 0.00% Coronation Balanced Fund 0.00 0.00 0.00% Coronation Fixed Income Fund 0.00 0.00 0.00% FBN QUEST ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund 1,164.28 1,165.45 8.82% FBN Heritage Fund 150.13 151.67 7.77% FBN Money Market Fund 100.00 100.00 15.85% FBN Nigeria Eurobond (USD) Fund - Institutional $114.00 $114.11 1.52% FBN Nigeria Eurobond (USD) Fund - Retail $113.38 $113.49 1.55% FBN Nigeria Smart Beta Equity Fund 192.61 195.45 12.78% FIRST CITY ASSET MANAGEMENT LTD fcamhelpdesk@fcmb.com Web: www.fcamltd.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Equity Fund 1.42 1.45 8.74% Legacy Debt Fund 2.89 2.89 0.45% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Growth Fund 3,176.91 3,225.77 6.68% Coral Income Fund 2,479.87 2,479.87 1.39% GREENWICH ASSET MANAGEMENT LIMITED assetmanagement@gtlgroup.com Web: www.gtlgroup.com ; Tel: +234 1 4619261-2 Fund Name Bid Price Offer Price Yield / T-Rtn Greenwich Plus Money Market Fund 100.00 100.00 15.46% INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 1.00 1.00 16.20% Vantage Balanced Fund 2.24 2.27 6.30%

Vantage Guaranteed Income Fund 1.00 1.00 18.33% Kedari Investment Fund (KIF) 115.08 115.08 0.36% LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.21 1.23 1.06% Lotus Halal Fixed Income Fund 1,058.75 1,058.75 0.60% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 16.01 16.16 13.58% Meristem Money Market Fund 10.00 10.00 16.76% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.27 1.29 6.73% PACAM Fixed Income Fund 11.11 11.18 0.70% PACAM Money Market Fund 10.00 10.00 14.07% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 133.85 136.28 32.12% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.49 1.49 0.23% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 2,375.99 2,394.47 5.90% Stanbic IBTC Bond Fund 179.40 179.40 1.67% Stanbic IBTC Ethical Fund 1.10 1.11 9.41% Stanbic IBTC Guaranteed Investment Fund 222.16 222.29 0.90% Stanbic IBTC Iman Fund 188.35 190.81 5.26% Stanbic IBTC Money Market Fund 100.00 100.00 16.53% Stanbic IBTC Nigerian Equity Fund 10,569.43 10,711.68 9.30% Stanbic IBTC Dollar Fund (USD) 1.06 1.06 0.00% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.35 1.37 20.78% United Capital Bond Fund 1.57 1.57 27.95% United Capital Equity Fund 0.94 0.96 2.70% United Capital Money Market Fund 1.00 1.00 15.30% United Capital Eurobond Fund 103.00 103.00 4.60% United Capital Wealth for Women Fund 1.10 1.10 15.40% ZENITH ASSETS MANAGEMENT LTD info@zenith-funds.com Web: www.zenith-funds.com; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Equity Fund 0.00 0.00 0.00% Zenith Ethical Fund 0.00 0.00 0.00% Zenith Income Fund 0.00 0.00 0.00%

REITS NAV Per Share

Yield / T-Rtn

11.41 132.75

1.01% 0.22%

Bid Price

Offer Price

Yield / T-Rtn

12.43 164.85 124.03

12.53 168.41 126.36

2.55% 15.43% 13.53%

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

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

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

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

5.14 9.66 18.78 20.58 152.09

5.18 9.74 18.88 20.78 154.09

8.40% 0.94% 5.73% 4.60% 2.35%

The value of investments and the income from them may fall as well as rise. Past performance is a guide and not an indication of future returns. Fund prices published in this edition are also available on each fund manager’s website and FMAN’s website at www.fman.com.ng. Fund prices are supplied by the operator of the relevant fund and are published for information purposes only.

36

T H I S D AY Ëž Ë&#x153; ÍŻÍłË&#x153; Í°ÍŽÍŻÍś

CITYSTRINGS Ilorinâ&#x20AC;&#x2122;s New Year Stampede

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

Hammed Shittu writes on how irate youths in Ilorin, attacked worship centres on the eve of 2017 leaving many worshippers wounded and property worth millions destroyed

Front view of the St. Joseph Cathedral, Taiwo area, Ilorin vandalised by the irate youths during the New Year eve attack

Front view of Methodist Church, Taiwo area, Ilorin vandalised by the irate youths during the New Year eve attack

It is important to note that the attack has no religious undertone. It is simply an unlawful act by the disgruntled youths of the area, as both the Christian and Muslim gatherings in the area were attacked

T

he eve of every end of the year across the world always witnesses a mammoth gathering of worshippers in various churches so as to thank Almighty God for His mercy, blessing, protection among others and also to seek for more of such in the new coming year. This practice of seeking divine guidance and protection is commonly found among the Christians across the globe at the end of every year. But in recent time, the Muslim faithful had also taken up such spiritual exercise by organising special prayers among themselves at the end of every year as a way of showing gratitude to Almighty Allah during the outgoing year. But, in Kwara State, christened State of Harmony, the eve of year 2017 was turned into chaos and pandemonium following the attack meted out to some Christians that converged on their various churches in Ibrahim Taiwo area of Ilorin to worship at the end of that year and to usher in the new year, 2018 by some suspected irate youths of the area. In the event, scores of the worshippers sustained serious injuries while churches in that area were also vandalised by the irate youths. Prior the sad day, the youths of the area had sought the consent of the community leaders of Ibrahim Taiwo area of Ilorin to organise the special carnival to mark the end of the year in the area but were turned down, citing unfavourable security report against such carnival during the period in the state. Instead of suspending the carnival, the irate youths decided to go ahead and moved out en masse on the eve of last year and started attacking the worshippers at the churches located at the Ibrahim Taiwo area, Ilorin, vandalising churches, vehicles, statues of Jesus among others. The attack was also extended to the Muslims faithful under the aegis of Al-Fath Quareeb society who had converged on a secondary school in the area to mark the end of the year with a special worship in the school. This however led the members of the two faiths to run for cover so as to avoid being killed by the suspected irate youths in the area, Upon getting the information, men of the state police command mobilised their officers to the scene of the incident and arrested 10 irate youths in the first day of the incident in the area.

Kwara State governor, Alhaji Abdulfatah Ahmed...preaches peace and harmony

The state police command in a statement issued described the incident as unfortunate. The statement which was signed by the state police command Public Relations, Officer, Deputy Superintendent of Police, Ajayi Okasanmi said that, the police command has arrested 10 suspected youths in connection with the attack. He also said that, three people sustained serious injuries during the attack while they were receiving medical attention in one of the private hospitals in Ilorin. Okasanmi stressed that, â&#x20AC;&#x153;It is important to note that the attack has no religious undertone. It is simply an unlawful act by the disgruntled youths of the area, as both the Christian and Muslim gatherings in the area were attacked.â&#x20AC;? He noted further that the state police command

has commenced full investigations into the incident adding that, anybody found culpable in the act would face the full wrath of the law. He therefore admonished the people of the state to continue to embark on their lawful assignment and assured that the police command would continue to be alive to its responsibility in order to ensure full maintenance of law and order. On the second day of the incident, the state police command also combed the Ibrahim Taiwo area of Ilorin where another 22 additional irate youths were arrested and paraded by the state police command, making it 32 so far arrested in connection with the incident in the state. Speaking with journalists in Ilorin during the parade of the suspects, the state Commissioner

of police, Mr. Lawan Ado, said that the attack was not a premeditated religious attack as it was being speculated in some quarters. The police commissioner said that the command received a distress call at about 1:00a.m. on the New Year day to the effect that hoodlums, armed with dangerous weapons, were harassing and intimidating people and commercial motorcycle riders along Ibrahim Taiwo Isale area of Ilorin metropolis. "This group of unruly youths were said to be throwing fireworks, including knock out bangers of different calibres indiscriminately into premises of both the Catholic and Methodist churches and the United Secondary School, where members of the Quareeb Muslim Group and Christian worshippers were having their crossover programmes, causing a stampede in the premises of the school. "This commotion gave the hoodlums an opportunity to gain entrance into the church premises, snatching handsets of some of the worshippers, they damaged five vehicles belonging to worshippers and three persons sustained varying degrees of injury. "On the strength of the report, police men drafted to the scene promptly brought the situation under control while 10 suspects were initially arrested, the injured victims were rushed to hospital where they were treated," he said. The commissioner of police also said that investigation into the cause/causes of the incident had commenced, adding that additional 22 suspects had been picked up. He said that the suspects would be charged to court as soon as investigation was completed. In his reaction, the state governor, Alhaji Abdulfatah Ahmed condemned the incident. Ahmed in a statement issued by his Chief Press Secretary, Abdulwahaab Oba, described

37

T H I S D AY Ëž Ë&#x153; ÍŻÍłË&#x153; Í°ÍŽÍŻÍś

CITYSTRINGS

Methodist Church bus vandalised by the irate youths during the New Year eve attack

Shoes of the members of the Al-Fath Quareeb Muslims worshippers at Taiwo area, Ilorin during the New Year eve attack

Hijab of the members of the Al-Fath Quareeb Muslims worshippers at Taiwo area, Ilorin during the New Year eve attack

The venue of the worship of the Al-Fath Quareeb at Taiwo area, Ilorin where the irate youths attacked the worshippers

the dastardly attack as criminal, satanic and alien to the state. Ahmed, who commended those who made efforts to protect some of the victims regardless of their religious inclination, called on security agencies to immediately launch an investigation into the incident and unravel the perpetrators of the unholy act with a view to bringing the culprits to book. According to him, "peace is sine qua non for the development of any society and the government will not tolerate any act capable of breaching peace, unity and tranquility of the state." The governor called on the people of the state to imbibe the spirit of tolerance and harmonious relationship for sustenance of growth and economic development in the state. Ahmed also called on parents and guardians to monitor their wards with a view to curtailing their likely excesses. Also, the Speaker of the State House of Assembly, Dr. Ali Ahmad, called for full investigations into the attacks. The Speaker, in a statement by his Chief Press Secretary, Abdul Rahman Sanni, expressed disgust over the attack and called for calm. He however said that the attack was not religious, but by hoodlums, who, according to him, must be brought to book to serve as deterrent to others. The speaker described peace as the pivot

the state. The state chapter of Christian Association of Nigeria (CAN) also expressed displeasure over the incident. The CAN in a statement issued and signed by its state chairman, Professor Timothy Opoola described the vandalism of the churches and attack on the worshippers as barbaric and uncalled for. According to the statement, â&#x20AC;&#x153;the attack on the worshippers by these suspected irate youths was dehumanising and should be properly investigated so as to bring the culprits to book without further delay.â&#x20AC;? The statement said, â&#x20AC;&#x153;As part of the conclusion, if the police and other security operatives had acted timely for quick intervention to curtail the unfortunate incident the magnitude and intensity of destruction would have been minimised. â&#x20AC;&#x153;In the light of the above revelation the Christian Association of Nigeria, Kwara State Chapter earnestly and strongly appeal and call on the government of Kwara State for quick intervention to prevent further attack on churches and Christian worshippers in Kwara State particularly in Ilorin metropolisâ&#x20AC;? On his part, Chairman Al-Fath-Ul Quareeb Society of Nigeria, Mallam Oniye Abdulrasak said the association has had harmonious relationship with the Christian community and dissociated the organisation from any attack on any church. Following this development, the state governor

of socio-economic transformation of the state, and commended the state Commissioner of Police, Mr. Ado Lawan for ensuring prompt intervention of his men and urged him to "commence full scale investigation, into the incident, with a view to apprehending those behind the dastardly attack on the innocent worshippers." He enjoined the State Attorney-General and Commissioner for Justice, Barrister Kamaldeen Ajibade, to ensure that culprits were prosecuted, pointing out that the state would not compromise on sustaining the peaceful co- existence, prevailing in the state. The Speaker further assured that the state legislature under his watch would continue to provide platform for sustainable peaceful co- existence among adherents of all faiths in

The attack on the worshippers by these suspected irate youths was dehumanising and should be properly investigated so as to bring the culprits to book without further delay

ordered the Committee on Religious Matters to commence investigations into the incident. A statement issued by governor and signed by the Secretary to the State Government (SSG) Alhaji Isiaka Gold said that, "the investigation into the attack by the committee is in keeping with the present administration's pledge to religious leaders in the state during a meeting in his office last Tuesday in the aftermath of the attack." The statement said that, â&#x20AC;&#x153;the committee, under the Chairmanship and Vice Chairmanship of Alhaji M. S. Koro and Chief P. A. O. Olorunisola respectively, is to unravel the remote and immediate causes of the mayhem. The statement added that, apart from this, the committee would, ascertain the level of damage to lives and property, identify the culprits in the crises and make adequate recommendations to government. Gold, however, said that the committee is expected to submit its report within two weeks. By and large, with the latest move by the state government to ask the Committee on Religious Matters to investigate the incident to know the remote and immediate causes of the crises, to identify the level of damage to lives and property, identify the culprits and make final recommendations, it is hoped that such incident would not reoccur in the nearest future. Such move would also assist the state to reclaim her own earned name as a State of Harmony.

38

T H I S D AY ˾ ͯͳË&#x153; ͰͮͯͶ

39

T H I S D AY ˾ MONDAY JANUARY 15, 2018

RETURNS ON UTILIZATION OF FUNDS SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 12th-JANUARY 2018 This publication: Mandated by the Central Bank of Nigeria (CBN)

BANK: ECOBANK NIGERIA LIMITED SN

CUSTOMER

ITEM OF IMPORT

DATE OF EXCHANGE FUND RATE PURCHASE

160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187

OVIEBO AKINTUNDE DOMINIC ABUBAKAR ALIYU ABIYE (MRS) OPHORI OCHUKO CYNTHIA GUMI HADIZA ABBAS BOBAI ESTHER OYELADE TAOFEEK TAYO OJONG VICTOR AJE ISANG ENO-OBONG ORDU PRECIOUS AZUOMA AKPAN PETER BENEDICT OYEKANMI TEMITOPE OMOWUMI A A RANO NIGERIA LTD A A RANO NIGERIA LTD AJANTA PHARMA NIGERIA LIMITED BASE FLUID EXCHANGES LTD DANGOTE SUGAR REFINERY PLC DANGOTE SUGAR REFINERY PLC ECOBANK_ENG_LIMITED ECOBANK_ENG_LIMITED ECOBANK_ENG_LIMITED ECOBANK_ENG_LIMITED ECOBANK_ENG_LIMITED ECOBANK_ENG_LIMITED ECOBANK_ENG_LIMITED ECOBANK_ENG_LIMITED ECOBANK_ENG_LIMITED GMT NIGERIA LIMITED NORTHWEST PETROLEUM AND GAS CO LTD NORTHWEST PETROLEUM AND GAS CO LTD AGHADIKE INTL SERVICES LIMITED AGOSON OSSYMACO GLOBAL VENTURES LTD BUKASONMAKEL CONCEPT

EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION OFFSHORE CHARGES OFFSHORE CHARGES OFFSHORE CHARGES OFFSHORE CHARGES OFFSHORE CHARGES OFFSHORE CHARGES SUBSCRIPTION OFFSHORE CHARGES OFFSHORE CHARGES OFFSHORE CHARGES OFFSHORE CHARGES OFFSHORE CHARGES OFFSHORE CHARGES OFFSHORE CHARGES OFFSHORE CHARGES OFFSHORE CHARGES OFFSHORE CHARGES

12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18

360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00

5,214.52 7,047.30 8,156.15 2,950.00 3,226.00 10,000.00 900.00 11,490.00 2,280.00 13,322.50 1,267.00 96,106.44 16,485.82 528.04 6,469.65 4,287.19 8,049.41 5,000.00 61.01 50.81 89.20 111.95 103.29 59.29 182.19 777.74 9,223.20 9,287.91

OFFSHORE CHARGES

12-Jan-18

360.00

9,754.78

UMBRELLA HAND TOOLS

12-Jan-18 12-Jan-18

360.00 360.00

20,000.00 20,000.00

TIGER HEAD BRANCH PAPER JACKET DRY, Primary cells and primary batteries. Other types TIGER HEAD BRANCH PAPER JACKET DRY, Primary cells and primary batteries. Other types BLANK MACHETES FOR FARMING

12-Jan-18

360.00

20,000.00

12-Jan-18

360.00

20,000.00

12-Jan-18

360.00

20,000.00

SEWING MACHINE NEEDLES MUSICAL INSTRUMENTS UMBRELLA SELF ADHESIVE PVC BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA

12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18

360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00

20,000.00 10,000.00 20,000.00 20,000.00 3,200.00 4,000.00 4,000.00 3,393.75 300.00 692.33 4,000.00

BTA PTA AIRLINE REMITTANCE NEW CARLEO BRAND TRUCK WHEELS

12-Jan-18 12-Jan-18 12-Jan-18

360.00 332.50 332.50

3,991.05 200,000.00 15,000.00

PAPAER REELS PAPER BOARD RAW MATERIALS

12-Jan-18 12-Jan-18 12-Jan-18

332.50 332.50 332.50

22,000.00 30,000.00 60,000.00

IMPORT OF ELECTRICAL AND ELECTRONIC EQUIPMENT IMPORT OF ELECTRICAL AND ELECTRONIC EQUIPMENT Titanium Dioxide

12-Jan-18 12-Jan-18 12-Jan-18

332.50 332.50 332.50

14,000.00 7,923.50 100,000.00

12-Jan-18 12-Jan-18

332.50 332.50

25,000.00 24,000.00

12-Jan-18

332.50

47,000.00

12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18

332.50 332.50 332.50 332.50 332.50 332.50 332.50 332.50

7,000.00 26,808.62 4,000.00 41,473.20 45,068.40 45,068.40 91,231.92 120,000.00

12-Jan-18 12-Jan-18

332.50 332.50

50,000.00 49,503.99

12-Jan-18

332.50

99,430.26

12-Jan-18

332.50

60,000.00

12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18

332.50 332.50 332.50 332.50 332.50

80,000.00 30,000.00 41,730.00 56,188.00 150,000.00

12-Jan-18 12-Jan-18

332.50 357.00

40,000.00 16,722.22

188 189 190 191

192 CLEAN PAGE INTERNATIONAL LIMITED 193 DAMO GLOBAL SOLUTIONS ENTERPRISES 194 EGNNA INTERNATIONAL LTD 195 KEVIN ONWUKA AND SONS NIG LTD 196 OBYNO MARSHAL LTD 197 ZENAS BUILD CONCEPT LIMITED 198 NNOLI OKWUDIBA 199 WILSON MELODY OLABIMPE 200 BADAMASI MUSA 201 IZIOGBA TONY OMOIKHOJE 202 SHOWUNMI KEHINDE OLUKOLADE 203 ADEOLA ADEYINKA HELEN 204 NWAULUNE AUGUSTINE KAONYEGWACHIE 205 ADEWUMI BADEWA 206 AIR COTE D'IVOIRE 207 BIMVENUS MULTIPURPOSE CONCEPT INT'L LTD 208 CROWNPACK NIGERIA LIMITED 209 CROWNSTAR COMM. INVEST. NIG. LTD. 210 EKO SUPREME RESOURCES NIGERIA LIMITED 211 FRANKENSTEIN INNOVATORS LTD 212 FRANKENSTEIN INNOVATORS LTD 213 GLOBAL MANUFACTURING ALLIANCE & STANDARDS LIMITED 214 GOJAC MERCHANT INTL CO LTD 215 IRON PRODUCTS INDUSTRIES LTD. 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233

PAYMENT OF BILLS FOR IMPORTATION OF STEEL DOORS RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL: BEAMS JUBAILI BROS ENGINEERING LIMITED PERKINS ENGINE 2206A-E13TAG2 (350KVA) FOR GENERATOR ASSEMBLY JUST SUPPLIES AND PACKAGING LTD IMPORTATION OF MACHINERY KHS MACHINES NIGERIA LIMITED SPARE PARTS FOR BOTTLING AND FILLING KRISHAT PHARMA INDUSTRIES LIMITED PHARMACEUTICAL RAW MATERIAL MULTICHEM INDUSTRIES LIMITED INDUSTRIAL RAW MATERIALS - CETYL ALCOHOL MULTICHEM INDUSTRIES LIMITED INDUSTRIAL RAW MATERIALS - SORBITOL 70% BP GRADE MULTICHEM INDUSTRIES LIMITED INDUSTRIAL RAW MATERIALS - SORBITOL 70% BP GRADE MULTICHEM INDUSTRIES LIMITED INDUSTRIAL RAW MATERIALS - LIQUID PARAFFIN NATURAL PRIME RESOURCES NIGERIA SODIUM TRIPOLYPHOSPHATE LIMITED NISALEE INDUSTRIES LIMITED FOR IMPORTATION OF RAW MATERIALS RAGI INDUSTRIES LIMITED INDUSTRIAL RAW MATERIALS - WHITE PARAFFIN WAX, COSMETIC GRADE RAGI INDUSTRIES LIMITED INDUSTRIAL RAW MATERIALS - STYRENE ACRYLONITRILE (SAN) COPOLYMER REGAL CHEM NIGERIA LTD IMPORT OF INDUSTRIAL RAW MATERIL FOR BOOK PRODUCTION REGATTA INDUSTRIES LTD IMPORT OF INDUSTRIAL RAW MATERIAL - PARAFFIN WAX SABASTEEL INDUSTRIAL NIG LTD RAW MATERIAL FOR MANUFACTURING HOT ROLLEDSTEEL SEASONS TRADING SERVICES LIMITED IMPORTATION OF NEW PORTABLE GASOLINE GENERATOR SUMAL FOOD LTD HEAT SEALABLE WAX SWEDISH MACHINERY AND TRUCKS LTD IMPORATION OF PLANTS AND MACHINERY

234 TOMBO INDUSTRIES LIMITED 235 SARO AGROSCIENCE LIMITED

FOR IMPORTATION OF CHEMICALS FOR INDUSTRIAL USE OFFSHORE CHARGES

AMOUNT

RETURNS ON SOURCES OF FUNDS PURCHASED FROM CUSTOMERS FOR THE WEEK ENDED FRIDAY 12TH-JANUARY 2018

SN

SOURCE

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79

OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS INTERBANK OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS INTERBANK CENTRAL BANK OF NIGERIA CENTRAL BANK OF NIGERIA CENTRAL BANK OF NIGERIA CENTRAL BANK OF NIGERIA OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS INTERBANK INTERBANK OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS CENTRAL BANK OF NIGERIA OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS INTERBANK TOTAL AMOUNT AVERAGE AMOUNT

DATE OF FUND PURCHASE 8-Jan-17 8-Jan-17 8-Jan-17 8-Jan-17 8-Jan-17 8-Jan-17 8-Jan-17 8-Jan-17 8-Jan-17 8-Jan-18 8-Jan-18 8-Jan-18 9-Jan-17 9-Jan-17 9-Jan-17 9-Jan-17 9-Jan-18 9-Jan-18 9-Jan-18 9-Jan-18 9-Jan-18 9-Jan-18 10-Jan-17 10-Jan-17 10-Jan-17 10-Jan-17 10-Jan-18 10-Jan-18 10-Jan-18 10-Jan-18 10-Jan-18 10-Jan-18 10-Jan-18 10-Jan-18 10-Jan-18 10-Jan-18 10-Jan-18 10-Jan-18 10-Jan-18 10-Jan-18 11-Jan-17 11-Jan-17 11-Jan-17 11-Jan-17 11-Jan-17 11-Jan-17 11-Jan-17 11-Jan-17 11-Jan-17 11-Jan-17 11-Jan-17 11-Jan-17 11-Jan-17 11-Jan-17 11-Jan-17 11-Jan-18 11-Jan-18 11-Jan-18 11-Jan-18 11-Jan-18 11-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18 12-Jan-18

EXCHANGE RATE

AMOUNT

305.95 356.00 356.00 305.89 356.00 356.00 356.00 355.94 360.50 305.95 310.00 357.00 356.00 356.00 305.44 305.95 304.90 304.90 315.00 359.00 305.50 305.50 305.90 305.44 366.04 306.35 332.50 332.50 357.00 357.00 305.50 304.95 355.00 355.00 355.00 355.00 355.00 355.00 355.00 360.00 305.85 356.00 356.00 305.44 305.85 360.67 356.00 356.00 305.85 305.85 305.85 305.85 305.85 360.50 305.80 359.00 359.00 315.00 345.00 314.00 359.00 332.00 359.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 305.80 356.00 356.00 305.80 305.80 305.80 305.44 360.50

24,182.22 294,135.89 1,151.25 8,591.05 80,639.32 328.91 14,201.21 23.18 321,586.20 78,466.00 150,000.00 9,627.26 412,336.10 1,327.58 11,740.53 185,736.57 43,038.22 41,739.96 30,000.00 53,962.19 415,000.00 882,000.00 22,982.00 3,364.02 11,682.14 10,000.00 8,000,000.00 2,000,000.00 1,000,000.00 1,000,000.00 200,000.00 120,898.10 112,384.02 112,140.40 68,281.36 9,553.75 104,844.30 86,069.33 42,828.95 1,400.00 13,248.44 357,155.85 1,227.52 4,750.54 667,678.22 6,664.50 443,254.79 1,379.19 195,196.77 547,243.45 158,954.12 487,795.98 521,976.87 55,018.19 20,000.00 86,037.81 54,973.00 218,240.00 280,000.00 2,666,500.00 1,289,994.99 1,582,426.29 590.00 60,090.29 79,322.36 80,541.92 23,110.97 17,952.53 16,662.16 64,920.76 90,959.31 9,316.31 406,977.45 1,283.48 2,811,326.43 64,911.91 306,288.00 3,987.73 42,350.00 29,706,550.14 376,032.28

40

T H I S D AY ˾ ͯͳË&#x153; ͰͮͯͶ

T H I S D AY ˾ MONDAY JANUARY 15, 2018

41

42

T H I S D AY ˾ ͯͳË&#x153; ͰͮͯͶ

43

T H I S D AY ˾ MONDAY JANUARY 15, 2018

Returns on utilization of funds sold to customers for the week ended Friday 12th January 2018 S/N

CUSTOMER

ITEM OF IMPORT

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86

PRUDENT ENERGY OLUDARE ADETUTU AMEH VICTOR AROME SAGOE MICHAEL KWESI FOLUKE AROGUNDADE ZINO TONY UMADHEBU AKINYODE CHRISTIANAH ANDE SAEED OLA AIYEKU MAYOWA JOSHUA DADA JOE IBRAHIM DANLAMI OLOWOSUKO OMOWARE ABALU ODUFA HALIMAT OMOLABAKE ODEDINA BALOGUN OLADELE AGBASI CHUKWUEMEKA CHIJIOKE ODESINA ADEBOWALE OLAPEGBA OLUWATOSIN BORA PORTS SALAUDEEN MOHAMMED BASHIR ADEX CROWN AGRIC PRUDENT ENERGY DE AMBASSADOR NELSON OWULU TRADING STORES LIMITED VERTRAG INTERNATIONAL LIMITED DANMATEX ENTERPRISES NIG AMAKAOBINO GLOBAL DEN MARK INVESTMENT MONIK MOORE GLOBAL WHITE TIME PHARMACEUTICALS LILLY SUGAR COLLECTION PRUDENT ENERGY TOLUWA ADEDA TEGA GEORGE ADEGBITE ADEKOLA ADEGBITE OLANREWAJU AHULU BENJAMIN OMOTOLA ARIKE AMAO OZOEMENAM CHINWE ESTHER KUMAPAYI OLUDOTUN TITUS BABABUNMI KEHINDE SEMEDO OGUNLAMI ADENIKE BUSOLA BARUWA IDRIS OKEOWO OLUWASEUN MICHAEL EZICHI NZIE EZICHI IKHANE KAYODE BUSOLA BRIDGESTONE TECHNICAL BRIDGESTONE TECHNICAL BRIDGESTONE TECHNICAL TITILAYO SALAMI BEST OF GOD ENTERPRISES OMOSUNLADE ABDULAI GODDYJYKE INTERNATIONAL FRANCOTEC NIGERIA ICO SEAL NIGERIA LTD COSC NIGERIA LIMITED SAO POWERGREEN LIMITED TECHNOLOGY ADVANTAGE GENELO INVESTMENT LTD GENEITH PHARM LIMITED NOBLE AND ENOCH ENTERPRISE C.M CHUKAS INTEGRATED YOBINAM LTD D2H SERVICES LTD IRON PRODUCTS INDUSTRIES PRUDENT ENERGY LANRE SHITTU MOTORS EASTCHASE ALUMINIUM HASAL MICROFINANCE BANK LTD M.C. PLASTIC LTD NIKOY NIGERIA LTD HASAL MICROFINANCE BANK LTD HYBRID SHIPPING SERVICES LTD FIRST-NATION AIRWAYS WOOLLEN & SYNTHETIC TEXTILE EASTCHASE ALUMINIUM M.C. PLASTIC LTD ANACO PLASTICS COMPANY ANACO PLASTICS COMPANY ANACO PLASTICS COMPANY FINGERS (NIGERIA) LTD NTC AFRICAN TRADE NATURAL PRIME RESOURCES NIPCO PLC SAMON PETROLEUM LTD YOBINAM LTD GIVANAS INDUSTRY NIGERIA

GASOIL INVISIBLE PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA INVISIBLE COMPUTER CASING INVISIBLE AGRICULTURAL MACHINES METRE CUBE PREFABRICATED INSECTICIDE SPRAY CAR BATTERY FLASH DRIVE ELECTRICAL FITTINGS ELECTRICAL FITTINGS INSECTICIDE SPRAY ANIMAL FEED MOTOR CYCLE SPARE PARTS SPARE PARTS PREFABRICATED TANKS INVISIBLE INVISIBLE INVISIBLE INVISIBLE INVISIBLE PTA PTA PTA PTA PTA PTA INVISIBLE INVISIBLE INVISIBLE INVISIBLE INVISIBLE INVISIBLE INVISIBLE INSECTICIDE SPRAY INVISIBLE SPARE PARTS WATER PUMP, CONTROL BOX WATER CLOSET ANIMAL FEED CAR ALARM CISCO ACCESS POINT ALBEN-G SUSP 10ML ALBEN-G SUSP 10ML ANIMAL FEED ANIMAL FEED SELF ADHESIVE PACKING TAPE GRINDING MILLS TRACTOR GASOIL HEAVY DUTY TRACTOR ALUMINIUM PLAIN COILS INVISIBLE RAW MATERIALS FLAT BOTTOM SILOS INVISIBLE INVISIBLE INVISIBLE Spun Polyester yarn ALUMINIUM PLAIN COILS RAW MATERIALS WOODFREE PAPER PLAIN PAPER BOARD WOODFREE PAPER PAPER BOARD GLUCOSE SODIUM SULPHATE GASOIL DUAL PURPOSE KEROSINE SELF ADHESIVE PACKING TAPE SODIUM SALT

DATE OF FUND SALE 12-01-2018 12-01-2018 12-01-2018 12-01-2018 12-01-2018 12-01-2018 12-01-2018 12-01-2018 12-01-2018 12-01-2018 12-01-2018 12-01-2018 12-01-2018 12-01-2018 12-01-2018 12-01-2018 12-01-2018 12-01-2018 12-01-2018 12-01-2018 12-01-2018 12-01-2018 12-01-2018 12-01-2018 12-01-2018 12-01-2018 12-01-2018 12-01-2018 12-01-2018 12-01-2018 11-01-2018 11-01-2018 11-01-2018 11-01-2018 11-01-2018 11-01-2018 11-01-2018 11-01-2018 11-01-2018 11-01-2018 11-01-2018 11-01-2018 11-01-2018 11-01-2018 11-01-2018 11-01-2018 11-01-2018 11-01-2018 11-01-2018 11-01-2018 09-01-2018 11-01-2018 11-01-2018 11-01-2018 11-01-2018 11-01-2018 11-01-2018 11-01-2018 11-01-2018 11-01-2018 11-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018

AMOUNT

12,384.82 2,064.84 350.00 4,000.00 4,000.00 4,000.00 300.00 2,500.00 4,000.00 4,000.00 4,000.00 1,400.00 4,000.00 4,000.00 2,000.00 4,000.00 1,367.00 19,670.00 10,500.00 20,000.00 5,540.08 12,900.00 20,000.00 2,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 19,138.61 6,725.59 410.10 651.20 622.99 10,000.00 4,000.00 4,000.00 1,500.00 3,472.00 4,000.00 4,000.00 2,500.00 1,500.00 5,500.00 2,914.73 5,956.72 13,538.00 4,126.10 20,000.00 250.00 5,300.00 7,389.00 19,000.00 20,000.00 20,000.00 1,125.00 20,000.00 20,000.00 20,000.00 20,000.00 36,000.00 50,566.67 45,151.52 320,000.00 5,967.26 6,765.33 13,284.31 13,983.10 29,433.33 8,000.00 40,000.00 112,000.00 40,000.00 107,260.00 50,000.00 10,000.00 5,000.00 5,000.00 30,000.00 43,940.00 63,385.91 100,000.00 100,000.00 13,434.59 100,000.00

EXCHANGE RATE 306.30 306.50 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 306.30 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 306.30 306.50 306.50 306.30 306.30 306.30 360.00 360.00 360.00 360.00 360.00 360.00 306.30 360.00 360.00 360.00 360.00 360.00 360.00 360.00 315.50 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 333.50 333.50 333.50 333.50 333.50 333.50 333.50 333.50 333.50 333.50 333.50 333.50 333.50 333.50 333.50 333.50 333.50 333.50 333.50 333.50 333.50 333.50 333.50 333.50 333.50

CCY

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174

GNLD INTERNATIONAL LTD D2H SERVICES LTD GREGIL INTERNATIONAL LTD HYBRID SHIPPING SERVICES LTD CROWN FLOUR MILLS LTD PRESCO PLC TOLARAM AFRICA ENTERPRISES JUBAILI BROTHERS RAINOIL LTD 7-UP BOTTLING COMPANY GLASSFORCE LTD GLASSFORCE LTD GLASSFORCE LTD CROWN FLOUR MILLS LTD CROWN FLOUR MILLS LTD JOF NIGERIA LTD GZ INDUSTRIES LIMITED LUXXORGAS LTD LUXXORGAS LTD MCKINSEY NIGERIA GLOBAL NAMPAK NIGERIA PLC HYDE ENERGY LTD HYDE ENERGY LTD SEDOTEN JAMES SANDRA BAKARE SAKEENAT OMOWUNMI GERALD . ANYASODO SANUSI ABIOLA OLAWOYIN ADEBUSOLA ABIODUN OLUDARA OSINUBI VERA FULU ADESANYA NDUGBU IKENNA ALEX TIJANI TAWA AMODE BAFFA ALIYU EL-YAKUB OLIVIA NWAKA OBINNA DAKIM JANET DUNG HOUSE OF DILI LIMITED NNEKA VIVIAN OKORO ADEKUNLE OLUFEMI AYINLA FRANK BOYE NIG LTD RASHEEDA JENIFER SEGHOSIME ADEOTI OMOWUNMI ADESOLA ADEWAKUN ANNE NNEKA EXTOLIC INTEGRATED TOTO GRAND HOME NIGERIA LTD C.P.O INTERNATIONAL CO. ADELEKE WASIU JIMOH ANTOINETTE CATHRYN EDODO NGODOO JANET RUNSEWE UGBECHI CHARLES CHARLES-UGBECHI OLUKEMI TORIOLA JOHNSON RABIU DARE OLUFUNSO BAMIDELE OLABISI OLASUMBO OLUSOGA ABINA HAKIM BOLAJI NOSIRU IBRAHIM AYINDE MENDIE-SAWYERR MARGARET ERUOTOR EJIRO MICHAEL BARKO GIDEION NANPON ONWUEKWE CHINEDUM VIOLET ANOLUE HARRISON M BAMIDELE DARE OLUFUNSHO IFEDMMAN AND SONS DIVINE SOCO GLOBAL PIRELISTICS LOGISTICS DE BLESSED IYKE SEBENZA TECHNICAL LIMITED UZOMA EUGENE IBUKUN HASSAN MR & MRS UZOCHUKWU THOMAS AJAO SAHEED ADEGBOYEGA OLOGUNDUDU OLABODE ABIMBOLA OLUWATENIOLA AMOFORITSE EDITH OMODELE BABATOPE AKINWUMI AKINTOLA ERUOTOR AUGUSTINE AVWERO JAGUN TEMITOPE ELIZABETH NWAOBI HELEN AIZEHINOMO FOLUSHO VICTORIA WILLIAMS OLATUBOSUN ODUNSANYA OLATUNBOSUN ODUSNANYA ANIAGOH BEN EZENWA IBUKUN HASSAN OKULATE OLAMIDE ADEKUNLE A. AKINMADE MERCY SOPHIA MGBE AL- HAYATU UNIVERSAL LANRE SHITTU MOTORS

HEALTH PRODUCTS GRINDING MILLS ANIMAL SUPPLEMENTS INVISIBLE BUA SPAGHEETI NPK Compound Fertilizer ETHYLENE TEREPHTALATE PERKINS ENGINE Gasoil MIRINDA ORANGE VARIOUS SPARE PARTS VARIOUS SPARE PARTS VARIOUS SPARE PARTS BUA SPAGHEETI BUA SPAGHEETI LIQUID GLUCOSE INVISIBLE INVISIBLE INVISIBLE INVISIBLE TINS COVERS GASOIL GASOIL PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA INVISIBLE INVISIBLE INVISIBLE INVISIBLE INVISIBLE INVISIBLE INVISIBLE DIAPERS SANITARY WARES SEWING MACHINE PARTS PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA INVISIBLE INVISIBLE CAT SPARE PARTS INDUSTRIAL FILTER ALUMINIUM COILS ELECTRICAL FITTINGS CONSTRUCTION MATERIALS INVISIBLE INVISIBLE INVISIBLE PTA PTA PTA PTA PTA PTA PTA PTA PTA INVISIBLE INVISIBLE INVISIBLE INVISIBLE INVISIBLE INVISIBLE INVISIBLE INVISIBLE PRINTING MACHINE JAC HFC325TKRTK3

10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 09-01-2018 09-01-2018 09-01-2018 09-01-2018 09-01-2018 09-01-2018 09-01-2018 09-01-2018 09-01-2018 09-01-2018 09-01-2018 09-01-2018 09-01-2018 09-01-2018 09-01-2018 09-01-2018 09-01-2018 09-01-2018 09-01-2018 09-01-2018 09-01-2018 09-01-2018 09-01-2018 09-01-2018 08-01-2018 08-01-2018 08-01-2018 08-01-2018 08-01-2018 08-01-2018 08-01-2018 08-01-2018 08-01-2018 08-01-2018 08-01-2018 08-01-2018 08-01-2018 08-01-2018 08-01-2018 08-01-2018 08-01-2018 08-01-2018 08-01-2018

40,827.98 26,000.00 70,000.00 80,000.00 69,312.48 224,000.00 99,400.00 20,096.14 273,178.60 27,270.17 247,023.66 182,425.91 75,739.55 78,665.50 76,887.98 80,000.00 368,000.00 40,000.00 40,000.00 112,000.00 43,172.00 292,828.00 84,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 2,700.00 3,500.00 1,000.00 4,000.00 3,500.00 10,000.00 9,520.00 6,800.00 14,388.80 12,035.00 7,062.75 2,299.31 3,500.00 20,000.00 13,700.00 4,000.00 800.00 3,800.00 4,000.00 4,000.00 4,000.00 2,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 1,800.00 500.00 210.58 5,967.93 3,000.00 20,000.00 20,000.00 10,000.00 20,000.00 1,815.00 1,528.00 9,399.78 1,000.00 1,000.00 4,000.00 4,000.00 3,200.00 4,000.00 4,000.00 300.00 4,000.00 3,016.25 5,672.61 5,631.86 8,553.69 1,916.00 8,155.50 15,000.00 1,473.29 20,000.00 10,000.00

333.50 333.50 333.50 333.50 333.50 333.50 333.50 333.50 333.50 333.50 333.50 333.50 333.50 333.50 333.50 333.50 333.50 333.50 333.50 333.50 333.50 333.50 333.50 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 306.45

Returns on sources of funds sold to customers for the week ended Friday 12th January 2018 S/N 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

SOURCE OTHER SOURCE 92 OTHER SOURCE 92 CENTRAL BANK OF NIGERIA CENTRAL BANK OF NIGERIA OTHER SOURCE 6 OTHER SOURCE 92 OTHER SOURCE 92 OTHER SOURCE 92 OTHER SOURCE 6 OTHER SOURCE 6 OTHER SOURCE 6 OTHER SOURCE 92 OTHER SOURCE 92 OTHER SOURCE 6 CENTRAL BANK OF NIGERIA CENTRAL BANK OF NIGERIA

TRADE DATE 08-01-2018 08-01-2018 08-01-2018 08-01-2018 08-01-2018 09-01-2018 09-01-2018 09-01-2018 09-01-2018 09-01-2018 09-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018 10-01-2018

RATE 355.00 355.00 357.00 357.00 314.50 355.00 355.00 315.00 314.50 315.00 315.00 355.00 355.00 315.00 333.00 333.00

AMOUNT 8,365.01 3,105.31 1,000,000.00 1,000,000.00 1,785.28 12,384.56 10,053.59 7,480.17 1,248.12 1,262.34 5,126.22 8,423.44 4,811.23 2,124.13 3,200,000.00 800,000.00

CCY USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

17 18 19 20 21 22 23 24 25 26 27 28 29 30

OTHER SOURCE 6 OTHER SOURCE 6 OTHER SOURCE 6 OTHER SOURCE 92 OTHER SOURCE 92 OTHER SOURCE 127 OTHER SOURCE 6 OTHER SOURCE 6 OTHER SOURCE 92 OTHER SOURCE 92 ACCESS BANK PLC OTHER SOURCE 6 OTHER SOURCE 6 OTHER SOURCE 6 TOTAL AMOUNT IN USD AVERAGE

10-01-2018 10-01-2018 10-01-2018 11-01-2018 11-01-2018 11-01-2018 11-01-2018 11-01-2018 12-01-2018 12-01-2018 12-01-2018 12-01-2018 12-01-2018 12-01-2018

314.50 315.00 315.00 355.00 355.00 305.80 314.50 315.00 355.00 355.00 305.80 314.50 315.00 315.00

528.57 1,122.75 492.14 5,006.56 5,308.59 40,000.00 1,469.16 611.75 2,920.25 6,489.25 20,000.00 524.34 78.90 11.48 6,150,733.14 205,024.44

USD USD USD USD USD USD USD USD USD USD USD USD USD USD

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

44

T H I S D AY ˾ ͯͳË&#x153; ͰͮͯͶ

T H I S D AY ˾ MONDAY JANUARY 15, 2018

45

46

MONDAY, JANUARY 15, 2018˾ T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Trump Pushes Back over Trump N. Korea Quote US President Donald Trump pushed back at a report that he had suggested he had a good relationship with North Korean leader Kim Jong-Un, saying he had been misquoted, AFP reports. The Wall Street Journal quoted Trump as saying in an interview Thursday: “I probably have a very good relationship with Kim Jong-Un.” But the White House insisted he said “I’d,” not “I”, and Trump followed up in a tweet on Sunday. “Obviously I didn’t say that. I said ‘I’d have a good relationship with Kim Jong Un,’ a big difference. Fortunately we now record conversations with

reporters,” he tweeted. “And they knew exactly what I said and meant. They just wanted a story. FAKE NEWS!” Both The Wall Street Journal and the White House posted audio recordings of Trump’s remarks on Twitter. These, while not completely clear, appeared to support White House press secretary Sarah Sanders’ account. She had earlier tweeted a written message disputing the newspaper’s article. “President Trump said, I’D probably have a very good relationship with Kim Jong Un of North Korea. I’D -- I’D -- I’D.

NOT I!” the message read, with “I’D” in red ink, under a red banner reading “FAKE NEWS.” Mockingly mimicking the newspaper’s front page, it then reads “THE WALL STREET JOURNAL -- FAKE NEWS IS AT IT AGAIN! -- FALSELY QUOTING PRESIDENT TRUMP.” Washington and Pyongyang are in a standoff over North Korea’s missile and nuclear programmes, which could be used to target the United States and its allies. Trump has repeatedly insulted the North Korean leader, describing him as mad and a “rocket man.”

Liberia’s Unity Party Expels Johnson-Sirleaf Liberia’s outgoing ruling Unity Party (UP) has expelled President Ellen Johnson-Sirleaf for alleged anti-party activities. The party conveyed the decision in a statement issued by its Assistant Secretary General for Public Outreach, Mohammed Ali, on Sunday. Ali said the president was expeled on Saturday evening following several violations of the party’s constitution and other “acts inimical to

the existence and reputation of the party”. Specifically, Johnson-Sirleaf whose 12-year tenure will end on Jan. 22, was accused of breaching rules that require her to support the party’s candidates in elections. The outgoing president never campaigned for her Vice, the UP’s presidential candidate, Joseph Boakai, during the last general elections in Liberia.

This fueled speculation of a rift between her and Boakai, who has been Vice President for 12 years. There were also rumours that she secretly supported the candidacy of the Presidentelect, George Weah, who ran on the platform of the opposition Coalition for Democratic Change (CDC). Weah defeated Boakai in the delayed presidential run-off election on Dec. 26.

47

T H I S D AY ˾ MONDAY JANUARY 15, 2018

REQUEST FOR EXPRESSIONS OF INTEREST (CONSULTANT SERVICES – FIRMS SELECTION) Credit No: 46200 UNI Assignment Title: Forensic Review of Distribution Companies Reference No.: NGP-QCBS-TC14 th DATE: 15 January, 2018

EXPRESSIONS OF INTEREST The Federal Government of Nigeria (FGN) has received a credit facility from the International Development Association (IDA) towards the cost of Nigeria Electricity and Gas Improvement Project (NEGIP) and intends to apply part of the proceeds of this credit to payments under the contract for Forensic Review of Distribution Companies (DISCOs).

· Assessment of regulatory assets upon takeover, additional assets deployed and retired, disposed or written off · Review of sources and applications of loan facilities · Review of procurement policies and practices relating to acquisition and disposal of regulatory assets; consultancy services and related parties

The FGN has prepared a Power Sector Recovery Program (PSRP) that was approved by the Federal Executive Council (FEC) on March 23rd, 2017. The PSRP is a series of policy actions and operational and financial interventions with the objective of attaining financial viability of the Nigerian Electricity Supply Industry (NESI). In 2012, an overhaul of the tariff methodology (MYTO 2) carried out by the Nigeria Electricity Regulatory Commission (NERC) provided a framework for costreflective tariffs that mobilized private sector participation in the operations and management of the DisCos on 1st November 2013. MYTO 2 was followed by two revisions (MYTO 2.1 in January 2015 and MYTO 2015 in February 2016). Several key parameters with significant economic and financial impacts on DisCos have evolved differently from what was envisaged in the period following takeover of DisCos by their private owners. As such, NERC needs to conduct major review of MYTO 2015 and fully update the values of the parameters defining the conditions for the distribution business for a new multi-year tariff period and assess the Revenue Requirement (RR) for each DisCo. The term “RESET” is being used among stakeholders in Nigeria to describe the point at which the results of the next MYTO Major Review will kick-in. A separate consultancy “Assistance to NERC in Determination of Revenue Requirement for a New Multi-Year Tariff Period (RESET) for the Eleven Electricity Distribution Companies (DisCos)” supports NERC in the RESET process. While the RESET process for all DisCos is being implemented, NERC will also conduct a detailed “ex-post” forensic review of the performance of DisCos in key st business areas in the period from takeover by private owners to 31 December 2017. The objective of this request for Expression of Interest (EoI) is to receive applications from qualified consulting firms interested in providing support to NERC on Forensic Review. The primary objective of the Forensic Review is to conduct an independent and impartial assessment of billing and revenue assurance, operating and capital expenditures, regulatory assets, source and application of loan facilities, procurement processes and practices, compliance with license terms and conditions, Commission's Orders and Regulations, performance agreements, technical service/operations and maintenance agreements, laws of the Federal Republic of Nigeria, operations/corporate governance frameworks and practices, performance of DISCOs in the period from takeover by private owners on 1st November 2013 to 31st December 2017.

transactions The Project Management Unit for the Nigeria Electricity and Gas Improvement Project (NEGIP) now invites eligible consulting firms (“Consultants”) to indicate their interest in providing the consultancy services. The Consultancy will be managed by NERC. Interested Consultants (firms may associate) should provide information demonstrating that they have the requisite qualifications and cognate experience to perform the forensic review. The criteria for short listing shall include: · The general experience and overall competence, including managerial and technical capacity, of the firm's relevance to the assignment under consideration; · The extent of specific experience in carrying out legal and forensic reviews of performance of electricity utilities. The attention of interested Consultants is drawn to paragraph 1.9 of the World Bank's Guidelines: Selection and Employment of Consultants [under IBRD Loans and IDA Credits & Grants] by World Bank Guidelines: Selection and Employment of Consultants [under IBRD Loans and IDA Credits & Grants] by World Bank Borrowers January, 2011 (“Consultant Guidelines”), setting forth the World Bank's policy on conflict of interest. Consultants may associate with other firms in the form of a consortium to enhance their qualifications. A Consultant will be selected in accordance with the Quality & Cost Based Selection (QCBS) method set out in the Consultant Guidelines. Further information can be obtained at the address below during office hours i.e. 0800 to 1700 hours. Adamawa Plaza Plot 1099 First Avenue Off Shehu Shagari Way Central Business District Abuja, FCT. shuaibu.abubakar@nerc.gov.ng

The total duration of the consultancy shall be ninety (90) days.

Expressions of interest must be delivered in a written form to the address below

The assignment shall be conducted simultaneously in all the Eleven (11) Electricity Distribution Companies.

(in person, or by mail, or by e-mail) by 26th January, 2018

Specific tasks to be carried out by the Consultant for each DisCo include: · Review of Billing and Revenue Assurance including cash collection, remittances and disbursement; Operating and Capital Expenditures embarked upon by the distribution licensees with a view to ascertaining appropriateness, relevance and value for money to justify recovery from the rate payers through the end-user tariffs · Review and ascertain compliance with Terms & Conditions of the License, NERC Regulations/Orders/Rules and Industry Agreements, Technical Services/Operations & Management Agreements, Corporate Governance Practices and applicable laws of the Federal Republic of Nigeria.

Transmission Company of Nigeria – Project Management Unit (TCNPMU) Conference Room 1, Attention: Engr. A. A. Gwadabe - Project Manager (WBP) No. 7, Hombori Street, Wuse 2, Abuja 900288, NIGERIA Tel: +234 8080288802 or +234 8080288803 E-mail: tcnpmu@tcnpmu.ng&abugwadabe@tcnpmu.ng Website:www.tcnpmu.ng

48

T H I S D AY ˾ ͯͳË&#x153; ͰͮͯͶ

MONDAY, JANUARY 15, 2018˾ T H I S D AY

49

NEWSXTRA

Oil Marketers Canvass for Total Deregulation of Petroleum Downstream Sub-sector

The Independent Petroleum Marketers Association of Nigeria (IPMAN) and Depot and Petroleum Products Marketers Association (DAPPMA) have called for the total deregulation of the downstream sub-sector of the country’s oil and gas industry. The marketers under the aegis of IPMAN and DAPPMA told journalists yesterday in Lagos that this was against the backdrop of fuel hike and frequent scarcity in the country. They said the deregulation of the sub-sector was the only panacea that could bring an end to the perennial problems inhibiting the smooth operations of the sub-sector such as the lingering fuel scarcity and the payment of petroleum subsidies. Alhaji Debo Ahmed, the Chairman, South-west Zone of IPMAN said that deregulation of the downstream sector remained the best options to address frequent fuel scarcity in the country. According to Ahmed, the deregulation of the sector will help to provide enduring solution to the recurring problem of scarcity of petroleum products in the country. “It will help to tackle the corruption in the subsidy regime, address the functionality of the refineries, boost investment in the downstream sector and creates more jobs in the sub-sector. “Deregulation will also help the sector and lead to normalcy in the nation’s economy. “We appeal to all

stakeholders and the citizens to give the reform of the oil and gas sector a chance. “The current model of managing the sector has done a colossal damage to the Nigerian economy. “It is in the overall interest of the economy and the citizens that government should quickly deregulate the sector,” Ahmed said. Also, Mr. Olufemi Adewole, the Executive Secretary of DAPPMA, said that no marketers would import petrol at landing cost of N171 per litre and sell at N145 per litre at filling stations if the sector is not fully deregulated. Adewole said that oil marketing companies had the capacity to import and sell petroleum products at reasonable and competitive prices if deregulated. According to him, DAPPMA has for the past 10 years actively canvassed a complete deregulation of the downstream sector of the Nigerian oil and gas industry with its attendant benefits for the sustenance and growth of that vital sector of the economy. “If indeed implemented, one of the key features will have been the complete removal of subsidy on refined petroleum products. “We strongly assert that based on our experience with diesel, which was completely deregulated years ago, Nigerian oil marketing companies have the capacity to import petrol and sell same at reasonable and competitive prices if also

deregulated. “Currently, NNPC is the sole importer; there are issues of distribution because it is the marketers who own 80 per cent of the functional facilities and retail outlets in Nigeria,’’ he said. Another marketer, Mr. Mike Osatuyi, the Operations Controller, IPMAN, also stressed the need for the full deregulation of the downstream of the oil sector. Osatuyi said that the pump prices of petroleum products have not been the same even when there was no scarcity. “For instance, the petrol that is being sold for N145 per litre in the South west is being sold for between N250 and N270 per litre in the Northern area,’’ he added. He said if the sub-sector was deregulated, it would bring in a lot of competition that government would only need to fix the price at which the cost of the product must not exceed. According to him, the continued regulation of the downstream sector has its positive and negative impacts on the economy, but the negative effect is more than the positive. “The subsidy policy cannot be sustained any longer. This is because the subsidy payment did not benefit the poor it was targeting, but rather it is benefiting the rich. “The industry needs to move to the next level by increasing revenue and curb oil theft and pipeline vandalism,’’ he said.

UN Appoints Adeosun into Pension Fund Investments C’ttee Ndubuisi Francis ÓØ ÌßÔË The United Nations has appointed the Nigerian Minister of Finance, Mrs. Kemi Adeosun, into the Investments Committee of the United Nations Joint Staff Pension Fund (UNJSPF). The UN Under-SecretaryGeneral, Jan Beagle, who confirmed Adeosun’s appointment, disclosed that the minister would serve a one-year term of office effective from January 1, 2018. Beagle said: “On behalf of the Secretary-General, I have the honour to inform you that at the 55th plenary meeting of the 72nd session of the General Assembly, the General Assembly decided to appoint you as an ad-hoc member of the Investments Committee for a one-year term of office, beginning from January 1, 2018. “I would like to take this opportunity to congratulate you on your appointment and wish you success in your work,” he said.

A statement issued by the Special Adviser, Media and Communications to the minister, Mr. Oluyinka Akintunde, said the Representative of the UN Secretary-General on the Investments Committee of the UNJSPF, Ms. Carolyn Boykin, also congratulated Adeosun on her appointment and welcomed her to the committee. Boykin explained that the purpose of the investments of the UNJSPF was to secure the pension entitlements of the international civil servants who participate in the fund. “The fiduciary responsibility is to all parties concerned and it is the responsibility of the Secretary-General to ensure that those investments are managed to preserve the capital of the Fund and to obtain a long-term real rate of investment return that is line with the actuarial assumptions, without jeopardising the capital of the fund by taking excessive risks,” Boykin stated. The UNJSPF is a fund

that provides UN pension, death, disability and the other related benefits for staff of the UN and the other organisations admitted to membership in the Fund. The UNJSPF is a multiple employer defined benefit plan and governed by the United Nations Joint Staff Pension Board (UNJSPB), the Staff Pension Committee for each member organisation, and a secretariat to the UNJSPB and to each such committee. The Fund was established through UN General Assembly resolution 248 (III) (passed December 1948) which came into effect on January 23, 1949, making it a permanent retirement scheme. It currently serves 23 member organisations, with 128,262 active participants and approximately 75,000 retirees in nearly 200 countries. The statement said the minister has accepted her appointment by the UN into the Investments Committee of the UNJSPF.

MONDAY, JANUARY 15, 2018Ëž T H I S D AY

50

NEWSXTRA

Court Grants SERAP Leave to Compel FG to Prosecute Nâ&#x20AC;&#x2122;Assembly for Budget Padding Davidson Iriekpen Federal High Court in Lagos has granted a bid by Socio-Economic Rights and Accountability Project (SERAP) to seek an order

of mandamus to direct and compel the federal government to prosecute some principal officers of the National Assembly over allegations of padding and stealing of some N481bn from the 2016

Kwankwaso, Ganduje Supporters Clash in Kano Six injured in skirmish Ibrahim Shuaibu Ă&#x201C;Ă&#x2DC; Ă&#x2039;Ă&#x2DC;Ă&#x2122; Fight yesterday erupted at the wedding fatiha in Kano between supporters of Kwankwasiyya and members of the All Progressives Congress (APC) loyal to Kano State Governor, Abdullahi Umar Ganduje. The clash is coming a week after the state Commissioner for Special Duties, Alhaji Abdullahi Abbas, in a video that went viral, called on residents to stone and attack the Kwankwasiyya group. An eyewitness told journalists that two of Abbasâ&#x20AC;&#x2122; children, Sani Abdullahi Abbas and Abbas Abdulahi Abbas (Jnr), were among the attackers at the wedding and led by one of the commissionerâ&#x20AC;&#x2122;s boy popularly called Shawuya. The incident which occurred close to the late Galadima Kano House, left six people injured, including a step brother of Alhaji Abdullahi Abbas, Walid Abbas Sunusi (Walidiyya Kwankwaso) who is a staunch supporter of former Governor Rabiu Musa Kwankwaso. The eyewitness said the injured were immediately rushed to the Murtala Muhammad Specialist

Hospital for medical attention. Reacting to the development, a supporter of the Kwankwasiyya group and former Organising Secretary of the APC in Kano, Sunusi Surajo Kwankwaso, attributed the fight to negligence by the security agents considering the fact that Abbas in a video released online had last week while confirming that they orchestrated the attack in Minjibir and Hawan Daushe, openly called for the attack of the Kwankwasiyya members. â&#x20AC;&#x153;Itâ&#x20AC;&#x2122;s surprising that Abbas has not been arrested or invited by the security agents over his comments calling for violence that was even reported in the media, said Surajo Kwankwaso. He said called on residents to protect themselves if the law enforcement agents cannot do so. Sunusi Surajo Kwankwaso noted that they are meeting with the elders of their group to take a position on the attack. The spokesman of Kano State Police Command, Magaji Musa Majia, said the command had commenced investigation into the issue to ensure that the perpetrators of the crisis are brought to book.

budget. The decision by Justice Mohammed Idris last Friday has now cleared the way for SERAP to advance its case against the federal government on the publication of the reports of investigation into the allegations of budget padding and prosecution of indicted officers of the National Assembly. The decision also grants permission to SERAP to seek an order to compel the federal government to closely monitor and scrutinise the spending of N131 billion (accrued from increased oil bench mark) allocated for additional non-constituency projects expenditure, to remove the possibility of corruption. Justice Idris granted the order for leave following the hearing of an argument in court on ex parte motion by SERAP counsel Mrs Joke Fekumo. The motion on notice is set for January 26, 2018, for the hearing of argument on why the reports by the anticorruption agencies on the investigation into the alleged budget padding should not be published and why indicted officers should not be prosecuted.

The suit number FHC/L/ CS/1821/2017 filed last year, followed credible information received by SERAP from multiple sources that the Department of State Services (DSS) and the Economic and Financial Crimes Commission (EFCC) have completed investigations into the allegations of padding of the 2016 budget, completed their reports, and indicted some principal officers of the House of Representatives and the Senate, and that the accounts of some of the principal officers containing allegedly illicit funds have been frozen, and that the case files for the prosecution of those indicted were ready. The suit read in part: â&#x20AC;&#x153;Unless the principal officers indicted in the alleged padding of the 2016 budget are prosecuted and any stolen public funds recovered, the federal government will not be able to stop padding of future budgets. Alleged corruption in the budget process will not just melt away or simply evaporate without addressing the fundamental issue of impunity of perpetrators. â&#x20AC;&#x153;Addressing alleged

corruption in the budget process by pursuing prosecution of indicted principal officers of the National Assembly will provide an important opportunity for the federal government to reignite the fight against corruption and fulfill a cardinal campaign promise, to show that the federal government works on behalf of the many, and not the few, as well as jumpstart economic activities and break the back of the recession. â&#x20AC;&#x153;Publishing the report of the investigation of the alleged padding of the 2016 budget, and prosecuting suspected perpetrators are absolutely important to avoid another padding, which the federal government can ill afford. â&#x20AC;&#x153;Corruption in the budget process takes away and erodes much needed resources for public and developmental purposes. The level of secrecy surrounding the budget process in the National Assembly has invariably created a breeding place for alleged corruption. Secrecy in the National Assembly has clearly gone beyond the level permitted by law, and apparently served as the

incubator for corruption, while depriving the Nigerian people of a much-needed opportunity to cleanse the National Assembly of persistent allegations of corruption. â&#x20AC;&#x153;Deception in the budget process will continue unless Nigerians are granted access to inspect the budget process and other activities by the National Assembly. SERAP strongly believes that Nigerians have the right to know what their lawmakers are doing so that they are able to appraise their work and hold them to account. â&#x20AC;&#x153;It is in the interest of justice to grant this application as the federal government has nothing to lose if the reliefs sought are granted. â&#x20AC;&#x153;The allegations of crime of budget padding against the indicted principal officers of the National Assembly is a gross deprivation of the good people of Nigeriaâ&#x20AC;&#x2122;s legitimate wealth and natural resources. We respectfully urge your Lordship to hold that the citizens of Nigeria have been deprived of their natural wealth and the indicted principal members be prosecuted by the Minister of Justice and Attorney-General of the Federation.â&#x20AC;?

NAF Takes Delivery of Five Additional Super Mushsak Aircraft Nigerian Air Force (NAF) yesterday took delivery of five Super Mushsak aircraft from Pakistan meant to enhance its training and operational efficiency. The Chief of Logistics, NAF headquarters, AVM Garba Bello, said while taking delivery of the aircraft in Kaduna that the total Super Mushsak aircraft received from Pakistan now stood at 10. â&#x20AC;&#x153;The aircraft acquired is for the training of air force personnel and to improve the serviceâ&#x20AC;&#x2122; air power,â&#x20AC;? he said. Bello, who represented the Chief of Air Staff, Air Marshal Sadiq Abubakar, at the event, said:â&#x20AC;&#x153;This will enhance training of our student pilots who will now complete their training within stipulated time. â&#x20AC;&#x153;This will get them to go

to another form of training in time and finally get them to launch into battle field in the North-east and other parts of the country.â&#x20AC;? According to him, the aircraft is modern and has spare parts in the event of repairs and maintenance. â&#x20AC;&#x153;In the NAF, we have a very strict maintenance culture, we have instructor pilots and engineers on it.â&#x20AC;? Also speaking, the team leader of Pakistan Air Force, Wing Commander. Zeeshan Ahmed, said 10 super Mushsak planes have been supplied to Nigeria from Pakistan. The News Agency of Nigeria (NAN) reported that Ahmed said the gesture would strengthen existing relationship between the two countries and encourage the two armed forces to upscale their synergy.

INSURANCE GURUS

L-R: Chairman, Continental Reinsurance, Chief Ajibola Ogunsola; Past President of Chartered Insurance Institute of Nigeria (CIIN), Mr. Kehinde Oniwinde; President, CIIN, Mrs. Funmi Babington-Ashaye; Chairman, Ark Insurance Brokers, Prince Francis Awogboro; Managing Director Gombot Insurance Brokers, Mrs. Modupe Olusanya; Past President, CIIN, Ogala Osoka, during an eldersâ&#x20AC;&#x2122; forum of CIIN in Lagosâ&#x20AC;Ś weekend

Ortom: Saturdayâ&#x20AC;&#x2122;s Skirmish in Makurdi was Based on Rumours George Okoh Ă&#x201C;Ă&#x2DC; Ă&#x2039;Ă&#x2022;Ă&#x;Ă&#x153;Ă&#x17D;Ă&#x201C; Governor Samuel Ortom of Benue State has urged the people of the state not to act on rumours but verify any information in order to avoid acts of lawlessness based on falsehood. He made the appeal yesterday during a stakeholdersâ&#x20AC;&#x2122; security meeting held at the new banquet hall of Benue Peoples House, Makurdi.

The governor stressed the need for people to cross-check information from two or three sources before taking action which he said must be within the confines of the law. He called for peaceful coexistence among various communities in the state irrespective of religious, political or ethnic affiliations, saying any breach of law and order by any group of persons would not be tolerated. The governor warned cultists

who take advantage of every uprising to cause mayhem and to steal to renounce their membership of cults or face the wrath of the law. He stated that the meeting became necessary following the violent protests in Makurdi yesterday which led to the destruction of lives and property, stressing that security has been beefed up to prevent a repeat of breakdown of law and order. Ortom berated those

attributing the recent killings in the state to the anti-open grazing law, pointing out that people were killed in their numbers by herdsmen where no such law existed. In separate remarks, leaders of the various communities commended the governor for his proactive security measures which calmed the situation in Makurdi and promised sustained support for his peace initiatives.

MONDAY, JANUARY 15, 2018˾ T H I S D AY

51

NEWSXTRA

Ex-commissioner, Soldier Abducted in Bayelsa Emmanuel Addeh ÓØ ÏØËÑÙË In separate incidents at the weekend, a former Commissioner for Transport in Bayelsa State, Mrs. Marie Ebikake, was abducted from her residence in Igbogene area of Yenagoa, while a serving military officer was also kidnapped. It was gathered that suspected pirates, operating along the Foropa-Gbarain route of the southern Ijaw creek forcibly seized the soldier identified simply as Rotimi while on his way to Yenagoa while the boat driver was shot in the shoulder. The suspected pirates were said to have attacked the boat conveying the soldier

and two other persons to their destination, stole the boat engine, but left behind a female passenger. However, Mrs. Ebikake, an indigene of Brass Local Government Area and a Chieftain of the Peoples Democratic Party (PDP) in the State, was reportedly picked up at about 1.30am on Saturday. A former ally of Mrs. Patience Jonathan, she had resigned as transport commissioner during the race for the re-election of Governor Seriake Dickson when the governor fell out with the former first lady. But she recently returned to the Dickson’s camp and was appointed a key member of the contact and reconciliation committee of the State PDP

set up by the governor. It was learnt that on January 10, a few days before her abduction, some armed men had allegedly invaded her country home in Twon-Brass in Brass Local Government Area, destroying her property and leaving behind fetish substances.

In his reaction, the Caretaker Chairman of Brass, Mr. Victor Isaiah, described the abduction as shocking and condemnable. Isaiah said: “I am shocked at the condemnable act of wickedness by evil and cold-hearted elements on a peacful and harmless woman. I am saddened, but

hopeful that our mother and leader will not be subjected to a harmful experience in the hands of those uncultured criminals. “I call on the kidnappers to release her unconditionally, unhurt and in sound health. I also urge security agents to be relevant and intensify efforts at rescuing the kidnapped

woman.” Spokesman of the Bayelsa Police Command, Asinim Butswat, confirmed the development. He said: “She (Ebikake) was abducted at her residence by unknown gunmen at about 1 am. A manhunt has been launched to apprehend the perpetrators”

Buhari Welcomes Outcomes of Anambra, Taraba, FCT Polls Omololu Ogunmade ÓØ ÌßÔË The presidency yesterday said the outcome of elections conducted by the Independent National Electoral Commission (INEC) at the weekend, in which three different political parties won, was an expression of President Muhammadu Buhari’s deep commitment to free and fair elections. According to a presidential spokesman, Malam Garba Shehu, in a statement last night, ‘‘the president is inherently committed to the independence of the electoral commission in his belief that the will of the people shall be the basis of authority of government which is expressed through periodic, free and fair elections,” adding: “He will do nothing to impede INEC.” Congratulating the winners of the elections in Anambra

central senatorial district, Ardo Kola state constituency in Taraba and Gwagwalada central constituency in the Federal Capital Territory, on behalf of the president, Shehu argued that under Buhari’s watch, Nigeria will record more free, fair and credible elections. He reiterated the president’s commitment to strengthening democratic institutions in the country by ensuring that all relevant institutions in the electoral process maintain a high-level of professionalism and independence throughout the electoral process. While commending INEC, security agencies, civil societies, the media and other stakeholders for their roles in the elections, Shehu called on any party that is not satisfied with the outcome of the polls to seek a legal redress through constitutional means.

We Will Never Rest Until Normalcy is Returned to Nasarawa/Benue Border, Says Al-Makura Emmanuel Ukumba ÓØ ËʨË Nasarawa State Governor, Umaru Al-Makura, has said his administration will never rest on its oars until normalcy is returned to the Benue/Nasarawa border which has been engulfed with crisis between herdsmen and farmers. The governor stated this yesterday during his sympathy visit to the Internally Displaced Persons (IDPs) camps located in Keana, Kertyo, Awe and Tunga towns of the state, adding that “I ‘m happy to say that things are beginning to calm down even in Benue and along our borders.” He said: “We would never rest on our oars until we ensure that the areas are back to normal just like it used to be. I want to further say what you heard that is happening in Makurdi is being taken care of and things are calming down.” The governor then charged

residents of the state to refrain themselves from making inflamatory speeches. “There are people who don’t want our peaceful co-existence in this country.They use the unfortunate situation to fan the ember of disunity,” he alerted. According to him:, “We should refrain ourselves from making any comment that divides our unity. We are going to deploy four units of riot policemen, especially to those boundaries, to ensure that those places are safe for you to return any moment from now.” The governor however expressed his sympathy with the displaced persons over what has happened to them recently and forced them to come out of their homes. “But I want to assure you that we will give you all the necessary protections and other supports as regards to your welfare,” Al-Makura concluded.

SYMPATHY VISIT

Minister of Transportation, Chibuike Amaechi, with a young victim of the Omoku New Year Day massacre, when he visited the victims in Omoku .... weekend

Lagos CP Activates Response Team to Patrol Apapa Traffic Arrests two traffic robbers Chiemelie Ezeobi Following the attack on THISDAY Director, Mr. Emmanuel Efeni, by traffic robbers last Thursday, the Lagos State Commissioner of Police, Edgal Imohimi, at the weekend said the command has swung into action to arrest the culprits. Imohimi also said the command has activated a response team of mobile policemen to patrol the axis especially during traffic build up at rush hours. Efeni, alongside other motorists were attacked by hoodlums on Ijora bridge as he was heading to the office to meet up with the 8a.m.

newspaper review. The hoodlums who took advantage of the perennial traffic snarl at the Apapa area of the state, had attacked motorists stuck in traffic and dispossessed them of their valuables. Upon reading the report, the CP had reached across to the reporter and on getting the necessary facts, promised to track the robbers and get them arrested. He said he immediately called the Area B Police Command and gathered no report was made there. Notwithstanding, he said the robbers would be tracked with the number of the stolen phone and arrested for prosecution. The move to track them using

the phone however hit a snag as the line has since been deactivated. Edgal also promised to activate a response team of mobile policemen to patrol that axis to protect motorists. Meanwhile, the activation of police patrol team paid off yesterday morning as two traffic robbers were arrested by the Area B Command. The suspects simply identified as 18-year-old Lucky Patrick and 28-year-old Daniel James, were arrested after they robbed a lady. The victim, Kate Oghenekome, was attacked while driving in traffic along Parklane Road in Apapa. Confirming the arrests, the state police spokesman, Chike Oti, said

the arrests were made possible because a team of policemen were quickly mobilised to the scene. He said: “Upon information received that one Kate Oghenekome Lucky was attacked by hoodlums while in traffic along Parklane Road, Apapa, a team of policemen were quickly mobilised to the scene. “The police team chased and arrested the hoodlums later identified as Lucky Patrick and Daniel James, while the robbed items were recovered from the suspects. “Meanwhile, effort is being made to track down other members of the gang. The CP is not resting on his oars to keep Lagosians safe.”

Patronise Cart Pushers, Face Prosecution, Lagos Warns Residents Gboyega Akinsanmi The Lagos State Government at the weekend said it had banned the operations of cart pushers and wheel barrow operators in the state, noting that it would prosecute any residents that patronise them. The state government lamented that activities of cart pushers and barrow operators “are threats to security of lives and properties in the state.” This is contained in a statement the Secretary to the State Government (SSG), Mr. Tunji Bello issued

yesterday, noting that their activities were inimical “to the environmental cleanliness in the state.” In a two-page statement he signed yesterday, Bello disclosed that the state government had banned the operations of cart pushers and wheel barrow operators across the state, He explained the decision of the state government, saying with the unveiling of the Cleaner Lagos Initiative (CLI), the continuous activities of cart pushers would pose threat to the success of the

initiative. Bello said investigations had also revealed that the cart pushers “are responsible for most of the illegal dumping of waste in canals and road medians at night which causes flooding.” Apart from constituting environmental nuisance, Bello alleged that the cart operators “are also traces of security threats. What the state government has discovered is that these set of people use the night to perpetrate all sorts of dastardly acts. “They dump refuse

indiscriminately on the median of major roads and highways. They also pose serious security threats because they use those carts to hide arms and ammunitions and hide under the guise of carrying refuse to rob unsuspecting residents.” He said the state government has finalised plans to ensure that the CLI would cover every area of the State and ensure that refuse are well packed and collected, urging residents to desist from patronising them or risk prosecution.

MONDAY, JANUARY 15, 2018Ëž T H I S D AY

52

NEWSXTRA

Weâ&#x20AC;&#x2122;re Not Fooled by Zakzakyâ&#x20AC;&#x2122;s Video Clip, Says Shiite Group John Shiklam Ă&#x201C;Ă&#x2DC; Ă&#x2039;Ă&#x17D;Ă&#x;Ă&#x2DC;Ă&#x2039; The Islamic Movement in Nigeria (IMN) yesterday  stated that it would not be deceived by the video clips of its leader, Sheikh Ibraheem Zakzaky, which was made public

after a press conference last Saturday in Abuja. In a statement issued yesterday in Kaduna, spokesman of the Islamic group, also known as Shiite, Ibrahim Musa, said: â&#x20AC;&#x153;We are not placated by Sheikh Zakzakyâ&#x20AC;&#x2122;s video clip.â&#x20AC;?

Secondus: PDP Will Be Fair to All Laleye Dipo Ă&#x201C;Ă&#x2DC; Ă&#x201C;Ă&#x2DC;Ă&#x2DC;Ă&#x2039; The Peoples Democratic Party (PDP) has promised to be fair to all stakeholders of the party notwithstanding the area of the country they come from or period spent in the party in all decision making. The National Chairman of the party, Chief Uche Secondus, who made the pledge, also promised that the party in the run up to the 2019 general election, would avoid impunity and imposition of candidates. Secondus was speaking last Saturday at a â&#x20AC;&#x2DC;Unity rallyâ&#x20AC;&#x2122; organised by its Agaie/ Lapai Local Government Area branch of the party in Niger State where nearly 600 members of the All Progressives Congress (APC) defected to the PDP. Represented by the National Financial Secretary of the party, Abdullahi Maibasira, Secondus said the new leadership of the party would ensure transparency and accountability in all that it would do, adding that â&#x20AC;&#x153;every stakeholder will be carried along in decision making. â&#x20AC;&#x153;My leadership will be fair to all so that we will win the 2019 general election at all levels.â&#x20AC;? The party leader assured Nigerians that a PDP government at the state and federal levels would fight hunger, poverty and insecurity which he described as major problems facing Nigerians today. Former Governor of Niger State, Dr. Muazu Babangida

Aliyu, addressing the party supporters, said PDP was prepared to tackle the APC for 2019 elections in the state and the country at large. According to him, â&#x20AC;&#x153;We will resist any form of intimidation put on our way to reclaiming power at all levels of governance in the country.â&#x20AC;? Aliyu said already, a committee had been put in place to ensure victory for the PDP in 2019 general election, saying the membership of the party would soon be unveiled before charging PDP members to be united so as to be able to confront the ruling APC with one voice. The former governor warned the party faithful against cross-carpeting after primaries, saying those who remained, despite pains and humiliation, would be applauded and compensated. He reminded the people that his eight-year administration in the state  had respect for the traditional institutions because of their crucial roles in the society, disclosing also that he never left salary debts for the new APC government to pay. The state chairman of the PDP, Alhaji Tanko Beji, who received the nearly 600 defectors from the APC, apologised for the past mistakes of the party which foisted the APC on the people of the state, saying: â&#x20AC;&#x153;We have learnt our lessons.â&#x20AC;? Beji therefore urged the party supporters to obtain their voter cards to enable them vote in the 2019 elections.

Oke Charges New Aare Ona Kakanfo to Pursue Unity Among Yorubas, Other Races Damilola Oyedele Ă&#x201C;Ă&#x2DC; Ă&#x152;Ă&#x;Ă&#x201D;Ă&#x2039; The House of Representatives member for Obokun/Oriade Federal Constituency of Osun State, Hon. Oluwole Oke, has charged the newly installed Aare Ona Kakanfo of Yoruba land, Chief Gani Adams, to pursue unity among all Yorubas and other races. This is as he congratulated Adams on his coronation as the 15th Are Ona Kakanfo, by the Alaafin of Oyo, Oba Lamidi Adeyemi, at the weekend. â&#x20AC;&#x153;Adams installation comes

at a time when the pursuit of unity among the Yoruba people has become imperative politically, socially and economically. I am confident that he would make this agenda one of his primary assignments,â&#x20AC;? Oke said. The lawmaker also charged Adams to cement existing cordial ties between the Yorubas and other tribes. â&#x20AC;&#x153;I pray for divine wisdom and patience for the new chief, to live up to and above expectations in this role,â&#x20AC;? he added.

The press conference was arranged by the DSS for the Islamic leader following rumours that he had died in detention. The short video clip was made public after the press conference. The IMN, however, said it was not impressed with the stage-managed press briefing and â&#x20AC;&#x153;certainly is not fooled by the antics of the President Muhammadu Buhariâ&#x20AC;&#x2122;s security agencies. â&#x20AC;&#x153;We are not placated by Sheikh Zakzakyâ&#x20AC;&#x2122;s short and edited video clip.â&#x20AC;? Musa said although it was cheering to see the IMN leader speaking live in the short video clip after over two years of illegal detention,

saying however that â&#x20AC;&#x153;it falls very short of expectations of his total and unconditional freedom as ordered by the Federal High Court in Abuja.â&#x20AC;? According to Musa, â&#x20AC;&#x153;Credible and dependable sources have it that the arranged interview by the security men was made to appear as impromptu, but our leader, Sheikh Zakzaky, granted a much longer interview and addressed far more issues than was released. â&#x20AC;&#x153;What did he say about his continuing detention? What did he say about his similarly incarcerated wife and her own ill- health? What did he say about the legal tussle or even how the whole

saga began in the first place? What did he say about the destruction of his properties, the desecration of his mother and childrenâ&#x20AC;&#x2122;s graves? What did he have to say about the killing of his elder sister, a nephew, three sons and over a thousand of his disciples? What was his reaction to the mass grave at Mando in Kaduna which the security did their utmost best to conceal? â&#x20AC;&#x153;Why did he opt to challenge his supposed â&#x20AC;&#x2DC;protective custodyâ&#x20AC;&#x2122; on court when the authorities are telling the world that it was of his own volition? Why did he reject going to Kaduna State constituted Judicial Commission of

Inquiry but submitted a memo to Vice President Yemi Osinbajo panel of investigation only to refuse giving testimony in secret? The questions are nearly endless. â&#x20AC;&#x153;We challenge the security forces to either release to the public the full unedited interview, or allow an open live free interview with no restrictions. â&#x20AC;&#x153;The local and global free Zakzaky campaigns will most certainly continue. Our goal is not to see Zakzaky in a controlled press clip but our goal is his unconditional freedom and his wife as ordered by a competent Nigerian court. Nothing short of that will suffice.â&#x20AC;?

CALL TO SERVICE

R-L: Minister of Science and Technology, Chief Ogbonaya Onu; former President, Chief Olusegun Obasanjo; and the new President of the Nigerian Society of Engineers, Mr. Adekunle Mokuolu, at his investiture as the 31st president in Lagos... recently

Amaechi: Killers of Rivers People will Face the Law Former Rivers State Governor and Minister of Transportation, Chibuike Rotimi Amaechi, has assured that all those involved in the brutal killing of Rivers people in the state on New Year Day will face the wrath of the law. Amaechi gave the hint in Omoku, headquarters of Ogba/Egbema/Ndoni Local Government Area of Rivers State at the weekend, when he paid a condolence visit to the bereaved families of those killed. The minister who wept when addressing the people said, â&#x20AC;&#x153;The only thing I can assure you is that the perpetrators of this act will be brought to justice. They cannot run away from it. They canâ&#x20AC;&#x2122;t get away with this. I was at the hospital to see a little boy that was shot, and his father and mother killed. How do you want that little boy to live? How would he cope in life? They must pay for their actions.â&#x20AC;? Meanwhile, the minister again, accused the Wike-led administration in Rivers State of failing to protect the lives of

Rivers people.  He spoke in Isiokpo, same day, at a grand reception held in his honour by Ikwerre Youth Movement (IYM). The transportation minister said: â&#x20AC;&#x153;The first responsibility of a leader is to keep his subjects alive. The reason why the constitution puts every governor on oath, to swear that you will protect lives and property is because if there are no lives, there will be nobody to lead. If there is anybody on earth that said that I have met with him as a cultist to take lives, let him come forward. â&#x20AC;&#x153;If there is anybody on earth that will tell you that I have sat with him in a meeting and we planned to go and kill people to win election, let the person come forward, and let me tell you why I will not do such. It is not because Iâ&#x20AC;&#x2122;m afraid of anybody. It is because Iâ&#x20AC;&#x2122;m afraid of God.â&#x20AC;? He said  God would not want those who sponsor killing of Rivers people to get back to power. Amaechi said: â&#x20AC;&#x153;I doubt that God was happy the day they killed 23 persons in Omoku.

I doubt that God was happy the day they killed people in Omerelu or at Egbeda or at Andoni or at Ogbunabali or wherever.â&#x20AC;? He said as Rivers State governor, he had provided employment and foreign scholarship to Rivers youths through the Rivers State Sustainable Development Agency (RSSDA) but regretted that Governor Wike on assuming office, failed to continue with his job creation programme  and foreign scholarship scheme. He appealed to the people to register in the voter registration exercise to vote out the PDP-led government in the state in 2019. Earlier, the President General of IYM, Sir Azubuike Chikere Nwanjoku said  the reception was organised to honour the minister, fondly called the Lion of the Niger Delta. He said that Rivers State should be saved from crime and cultism and appealed to Amaechi to take their plea to President Muhammadu Buhari that they want to live and work in peace in Rivers state. The senator representing

Rivers East senatorial district, Senator Andrew Uchendu, in his goodwill message said that Amaechi is a man of character and likened him to Dr. Nnamdi Azikiwe and Chief Obafemi Awolowo. According to him, the Transportation minister had led the people of Ikwerre ethnic nationality since 2000. He described those whom Amaechi had helped but have now deserted him as traitors. The representative of Secretary to Government of the Federation (SGF), Mrs Loretta Onochie, described Amaechi as the hero of democracy. She urged the people of the state to support the federal government to bring dividends of democracy to all Nigerians. The reception was attended by chieftains of the All Progressives Congress (APC), IYM leaders from Obio/Akpor, Ikwerre, PortHarcourt City and Emohua Local Government Areas and leaders of the APC from Eleme, Tai, Khana and Gokana Local Government Areas of the state as well as women and youths.

T H I S D AY ˾ MONDAY JANUARY 15, 2018

53

Ë&#x153; ͚ͽË&#x153; ͺ͸͚Î&#x20AC; Ëž T H I S D AY

54

MONDAYSPORTS CHAN 2018â&#x20AC;Ś

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

CHAN 2018â&#x20AC;Ś

CHAN 2018â&#x20AC;Ś

Home-based Eagles Open Group C Account against Rwanda Duro Ikhazuagbe Nigeriaâ&#x20AC;&#x2122;s Home-based Eagles will open their 5th African Nations Championship (CHAN) account against 2016 hosts Rwanda today in Tangier, Morocco. Amavubi, who have been victims to Nigerian teams on several occasions in decent memory, are on the firing line at the Stade Ibn Batouta, from 7.30pm Moroccan time (8.30pm Nigeria). Beyond the three points at stake in the Group C battle is the desire of the players picked from the Nigerian Professional Football League (NPFL) to impress Nigeriaâ&#x20AC;&#x2122;s Franco-German Technical Adviser, Gernot Rohr, as the gaffer is set to pick his final 23-man team for the World Cup in Russia. Head Coach of the Home-based Eagles, Salisu Yusuf, is also mindful of what is before his wards as they brace-up for the first game against the Amavubi from the central African region. â&#x20AC;&#x153;The players know what is at stake. We are not here just for the CHAN. Everyone is thinking of the World Cup as well. For the players, they have a massive opportunity to play their way into the A team for the big one in Russia. â&#x20AC;&#x153;However, at every opportunity, myself and my assistants have made it clear to the boys that they must work as a team. If they win the tournament, the chances of several players making the team to Russia will be high. No man can clap with only one hand. Team work is key in this business,â&#x20AC;? observed Yusuf after the teamâ&#x20AC;&#x2122;s last training session at the weekend. Incidentally, Yusuf is deputy to Rohr in the Super Eagles, and the latter will watch the matches from the stands in Morocco. Of the 16 teams taking part in the 23-day tournament, only players of hosts Morocco and Nigeria are inspired by the possibility of being drafted into their main teams for the FIFA World Cup. Certainly, Moroccoâ&#x20AC;&#x2122;s players showed what that kind of motivation could amount to, when they hammered neighbours Mauritania 4-0 in Saturdayâ&#x20AC;&#x2122;s opening match in Casablanca. Ayoub el Kaabi scored two of the goals. Africaâ&#x20AC;&#x2122;s three other Russia 2018 flag-bearers, viz Tunisia, Egypt and Senegal are not in Morocco. Egypt qualified but forfeited their slot and that enabled Rwanda (Nigeriaâ&#x20AC;&#x2122;s opponents today) to sneak in ahead of Ethiopia via a play-off. Tunisia won the 2011 competition, beating Angola in the final in Sudan. But the team that would be missed the most is the Democratic Republic of Congo, who won the 2009 and 2016 championships, but were rendered ineligible for Morocco 2018 on the away goal rule by neighbours Congo Brazzaville. For Nigeria, goalkeeper and skipper Ikechukwu Ezenwa already has a stead in the Super Eagles, as he won applause for performances against Cameroon home-and-away in the race to Russia, and was also in goal for the away tie to Algeria

NIGERIAâ&#x20AC;&#x2122;S MATCHES

in Constantine on the final day of the series. Oladele Ajiboye, number one goalkeeper of reigning Nigeriaâ&#x20AC;&#x2122;s NPFL champions Plateau United, won the World Cup with Nigeriaâ&#x20AC;&#x2122;s Under-17 team 11 years ago and has featured for the Under-20 and Under-23 teams. Defender Osas Okoro, midfielder Rabiu Ali and forward Anthony Okpotu impressed at the WAFU Cup of Nations in Ghana in September 2017. Enugu Rangersâ&#x20AC;&#x2122; full back Kalu Orji Okogbue has been in the A team camp previously, and defender Stephen Eze and midfielder Ifeanyi Ifeanyi have also sniffed the oxygen in that territory. Plateau Unitedâ&#x20AC;&#x2122;s Daniel James, Enyimbaâ&#x20AC;&#x2122;s Augustine Oladapo and Emeka Atuloma of Rivers United are capable of springing surprises. New boys Sunday Faleye, Ifeanyi Nweke and Dayo Ojo also have the ability to rise to the occasion in North Africa and give Mr. Rohr pleasant problems. Before the Nigeria versus Rwanda clash, Group C opening game is between 2014 champions Libya and Equatorial Guinea at 5.30pm Nigeria time. NIGERIAâ&#x20AC;&#x2122;S SQUAD GOALKEEPERS: Ikechukwu Ezenwa (Enyimba FC); Oladele Ajiboye (Plateau United); Theophilus Afelokhai (Enyimba FC) DEFENDERS: Osas Okoro (Rangers International); Daniel James (Plateau United); Kalu Orji Okogbue (Rangers International); Ikouwem Utin (Enyimba FC); Abdullahi Musa (Wikki Tourists); Timothy Danladi (Katsina United); Ifeanyi Nweke (Kano Pillars); Stephen Eze (Kano Pillars) MIDFIELDERS: Ifeanyi Ifeanyi (Akwa United); Rabiu Ali (Kano Pillars); Augustine Oladapo (Enyimba FC); Ekundayo Ojo (Sunshine Stars) FORWARDS: Emeka Atuloma (Rivers United); Anthony Okpotu (Lobi Stars); Eneji Moses (Plateau United); Ibrahim Mustapha (Enyimba FC); Emeka Ogbuh (Rivers United); Sunday Faleye (Shooting Stars); Nur Muhammed (El-Kanemi Warriors); Okechukwu Gabriel (Akwa United) GROUP A (CASABLANCA) Morocco Guinea Sudan Mauritania GROUP B (MARRAKECH) Cote dâ&#x20AC;&#x2122;Ivoire Zambia Uganda Namibia GROUP C (TANGIER) Libya Nigeria Rwanda Equatorial Guinea GROUP D (AGADIR) Angola Cameroon Congo Burkina Faso

RESULT Sudan 2 â&#x20AC;&#x201C; 1 Guinea CIV 0 â&#x20AC;&#x201C; 1 Namibia

Vs Rwanda (15 January) â&#x20AC;&#x201C; Tangier (7.30pm Morocco; 8.30pm Nigeria) Vs Libya (19 January) â&#x20AC;&#x201C; Tangier (4.30pm Morocco; 5.30pm Nigeria) Vs Eq. Guinea (23 January) â&#x20AC;&#x201C; Agadir (7pm Morocco; 8pm Nigeria)

Home-based Eagles are primed ahead for their Group C clash with Rwanda today

NPFLâ&#x20AC;Ś

NPFLâ&#x20AC;Ś

NPFLâ&#x20AC;Ś

Champions Plateau Utd, Tornadoes, Rivers Utd in Flying Start of New Season Champions Plateau United and Niger Tornadoes yesterday recorded wins at Nasarawa United and Kwara United, respectively, while there were home wins for Akwa United, Wikki Tourists, Rivers United, FC Ifeanyiubah and Abia Warriors on the opening day of the new Nigeria Professional Football League (NPFL) season. Heartland, back in the top flight after they were relegated the previous season, were held to a goalless draw by Sunshine Stars in Owerri and hosts Lobi

Stars forced Enyimba to a 1-1 in Makurdi. Match winner for Plateau United at Nasarawa United was Raphael Ayagwa, who hit target three minutes from time. Niger Tornadoes scorers at Kwara United were Eric Frimpong after 11 minutes and Ibrahim Babawo on 49 minutes. Akwa United were truly at home after they turned back Enugu Rangers 2-0 courtesy of debutants Kelly Kester and Dennis Nya, while Ivorian striker Guy Kuemian won

it for Rivers United against visiting El Kanemi Warriors thanks to a 65th minute strike. In Makurdi, Lobi salvaged a point in front of their home fans only after Ezekiel Mbaâ&#x20AC;&#x2122;s penalty goal canceled Chinedu Udeghaâ&#x20AC;&#x2122;s opener in the first half. Nigeriaâ&#x20AC;&#x2122;s Under-23 star Ndifreke Effiong helped himself to a brace for Abia Warriors to turn back MFM FC 2-0 in Umuahia, while former El Kanemi Warriors forward Nafiu Kabugaâ&#x20AC;&#x2122;s goal proved to be the difference between Wikki and newly

promoted Go Round FC in Jos.

WEEK 1 RESULTS SATURDAY Katsina Utd 2-2 Kano Pillars

SUNDAY

Kwara Utd 0-2 Nâ&#x20AC;&#x2122;Tornadoes Abia Warriors 2-0 MFM FC Wikki 1-0 Go-round Akwa Utd 2-0 Rangers Rivers Utd 1-0 El Kanemi Heartland 0-0 Sunshine FCIU 2-1 Yobe Stars Lobi Stars 1-1 Enyimba Nasarawa Utd 0-1 Plateau Utd

Liverpool Ends Man Cityâ&#x20AC;&#x2122;s Unbeaten Run in Seven-goal Thriller Manchester City lost a Premier League game yesterday for the first time this season as Liverpool edged a thrilling encounter with the league leaders at Anfield. The Reds scored three times in a rousing eight-minute spell in the second half to go 4-1 up, then clung on after City scored twice in the last six minutes. Jurgen Kloppâ&#x20AC;&#x2122;s side - playing their first game since Philippe Coutinhoâ&#x20AC;&#x2122;s ÂŁ142m move to Barcelona - deserved their victory as they ended Cityâ&#x20AC;&#x2122;s hopes of going through the league season without losing, and extended their own unbeaten run to 18 games. Alex-Oxlade Chamberlainâ&#x20AC;&#x2122;s low drive gave Liverpool an early lead, but City were level before half-time through Leroy Sane, who beat Loris Karius at his near post following Joe Gomezâ&#x20AC;&#x2122;s mistake. The game turned decisively in two minutes either side of the hour mark, when poor defending by John Stones let in Roberto Firmino, and Sadio Mane - who had just hit the post - struck a stunning finish

Liverpool players celebrating ending Manchester Cityâ&#x20AC;&#x2122;s unbeaten run in the English Premier League with a 4-3 victoryâ&#x20AC;Śyesterday high past Ederson. Edersonâ&#x20AC;&#x2122;s poor clearance gifted Mohamed Salah a fourth, and despite their late wobble, Liverpool closed out the win to go third in the table. While the Redsâ&#x20AC;&#x2122; top-four challenge goes from strength to strength, City can still reflect on a 15-point lead over Manchester United, who host Stoke today. Liverpool fans may have wondered how Klopp and his side would respond after the sale of Coutinho. The first

reaction was a thrilling one. Coutinho has been central to Liverpoolâ&#x20AC;&#x2122;s potent attacking style both as a scorer and creator of goals, but Kloppâ&#x20AC;&#x2122;s other gamechangers stepped forward to suggest, on initial viewing at least, they can compensate for his departure. Oxlade-Chamberlain now has a greater opportunity to make his mark, and he delivered after only nine minutes when he arrowed a low, unerring finish past Edersonâ&#x20AC;&#x2122;s outstretched right

hand in front of the Kop. Firmino harassed Stones into a decisive error before calmly restoring Liverpoolâ&#x20AC;&#x2122;s lead at 2-1, while Maneâ&#x20AC;&#x2122;s explosive rising drive and Salahâ&#x20AC;&#x2122;s composure following Edersonâ&#x20AC;&#x2122;s poor clearance illustrated the weaponry at Kloppâ&#x20AC;&#x2122;s disposal.

RESULT Bournemouth 2-1 Arsenal

TODAY Man Utd vs Stoke City

T H I S D AY ˾ MONDAY JANUARY 15, 2018

55

Monday January 15, 2018

TR

UT H

& RE A S O

N

Price: N250

MISSILE Tor Tiv to Buhari â&#x20AC;&#x153;There is ethnic cleansing agenda going on. We must bring an end to these killings. This is the 47th time that herdsmen have attacked Benue people and killed them mercilessly.â&#x20AC;? â&#x20AC;&#x201C; The paramount ruler of the Tiv nation, Prof. Jame Ayatse, decrying the fact that his people who are residing in Nasarawa and Taraba States were being murdered by the herdsmen on a daily basis since the Benue killings started.

ALEXOTTI OUTSIDE THE BOX

alex.otti@thisdaylive.com

2017: Who Ate Our Christmas Meat?

I

believe happy New Year is still in order, after all, the year remains very young. Sometimes, I sincerely think that this world is just like a musical chair. One starts the day in the morning and ends with night only for night to give way to another morning and so it continues ad infinitum. Then the days give rise to the week and the month and then the year. What exactly then, one wonders, is the difference between one day and another? What also, is the difference between one year and another? Iâ&#x20AC;&#x2122;m not sure I know, save for activities which assume differences based on the fact that we have chosen to allocate them to different times and days and weeks and years. If somehow, we choose to do the same things day in day out, then the disparity would become blurred. For some of us particularly from the eastern part of the country, the days heralding the New Year are very significant. It is a period of festivities when many people come home to celebrate with loved ones. It is a reunion time when people who you would not otherwise see would come home to share with others who are either at home or in other parts of the world. Growing up, it was a time of excitement; a time that we wore new clothes and a time to celebrate with rice and meat. Rice was such a big deal that most of us with humble beginnings looked forward to Christmas and new year celebrations to guarantee rice menu and of course with the meat. Meat occupied so important a place that a story is told of three friends who visited a family in a far place during Christmas. As they arrived, the host served them rice and meat. Not too long into the lunch, two of the friends who could speak passable English started speaking grammar. You can bet that the grammar would have been lined with mechanical blunders. The third visitor who could not speak English went for one piece of the meat and secured it for himself. He, thereafter, muttered in vernacular, â&#x20AC;&#x153;You people can continue with your grammar, all I know is that our host provided three pieces of meat for us. That means that each of us is entitled to one piece and I have taken mineâ&#x20AC;?. From an economic perspective, the year 2017 was not an easy one for most Nigerians. It was a year that recorded a lot of dramatic outcomes. The year was the second year of our economic recession. In the second month of the year, the already terribly bashed Naira suffered the greatest humiliation in its life. The Naira depreciated beyond the N500 mark. In fact it briefly touched N520 per dollar in the parallel market. Not too long before, it had exchanged for about N200 per dollar, and the massive crash to N520 was therefore quite historic. The Central Bank of Nigeria was forced to rise to the occasion to defend the Naira. Most of the measures put in place by the CBN were effective as the foreign exchange market became liquid, demands were met promptly as against the earlier system of rationing and scarcity gave way to surplus. The Naira gradually began to recover and settled somewhere around N365 per dollar. In the second quarter of 2017, Nigeria officially exited recession with the economy growing by 0.55%. This was the first time the GDP became positive in 6 consecutive quarters. Some of us had predicted that the country would soon get out of recession. We also had pointed out that our exit from recession was not going to translate into better life for our people as the economy remained dangerously poorly structured. Dependence on oil was, and is still prevalent. Attempts made at diversification sadly remained unproductive because we seemed to be focusing on replacing one set of primary commodities with another set which is even more exposed to external shocks that are not within

Minister of Finance, Kemi Adeosun our control. True to that prediction, a few quarters after the country recovered from recession, life has become more difficult. Unemployment continues to rise from about 14% earlier in the year, to the present 19%. The real situation is actually much worse as the underemployed and unemployed account for over 40% of the population. Youth unemployment data is even scarier! There is hardly any family that does not have someone who is unemployed. Of course, unemployment has a direct relationship with crime and insecurity. That means that the higher the number of unemployed people, the higher the rate of crime and insecurity. Any wonder why the year 2017 and in fact this New Year have been marked by unacceptably very high levels of insecurity in different guises. Inflation, as measured by the National Bureau of Statistics, has been on a downward spiral in the recent times, even if it remains very high at close to 16%. Recall, however, that inflation was hovering around 19% not too long ago. This has been one big elephant in the room. At these levels, the sufferings and hardship experienced by the people cannot but be excruciating. Poverty levels seem to have been on the increase as 70% of the populace live below poverty line of $1.90 per day. Many Nigerians chose to relocate from the country through all kind of routes in search of greener pastures. A large number embarked on the very dangerous voyage to Europe through Libya. This has since created a national scandal that has led to the repatriation of hundreds of the migrants from Libya. The number of Nigerian refugees and asylum seekers abroad grew astronomically in 2017. This had direct correlation with the misery index in the country. The effect of inflation on other economic parameters cannot be overemphasized. For instance, our national budgets must be discounted by the average level of annual inflation figures for any meaningful comparative analysis of one yearâ&#x20AC;&#x2122;s budget against another. The proposed 2018 budget size of N8.6t may look larger than the 2017 budget of N7.44t. But this is in nominal terms. In real terms, the 2018 budget is smaller than that of 2017 because if you discount the budget by the average inflation figure of 16%, the budget size shrinks to N7.2t in 2017 prices, which is over N200b less than the N7.44t of 2017. This is the way inflation affects everyone in the economy. Therefore, in spite of the growth recorded in terms of GDP, Nigerians became poorer and more miserable in 2017. The gap between the haves and the have nots also widened. We can only hope that 2018 would mark a departure from this trend. There is nothing in the horizon, however,

to support this hope, this year being an election year where governance may become less of a priority as politicking takes centre stage. Another issue that dominated economic discourse was the debt profile of the government and its sustainability. As at June 2017, the total debt of both the Federal and State governments denominated both in Naira and Dollars stood at the Dollar equivalent of about $64b. Given the need to bridge infrastructural gap and revenue shortfalls, it did appear that the only option available to government was to borrow. However, the government was confronted with a Catch-22 situation as debt service was consuming a very large chunk of our revenue. By the recent admission of the Debt Management Office (DMO), as at June 2017, we used over 34% of our revenue to service debt. This figure, however, differs from the one put up recently by the World Bank, which stood at about 60%. Regardless of which figure is correct, the reality is that our debt profile is at the verge of unsustainability in spite of the fact that in terms of Debt to GDP ratio, we were still at a comfortable 20%. The major challenge that the government needs to think through given the present state of things is how to fund the deficit budgets that has become the tradition, without piling up more debts. The 2018 budget provides for a deficit of about N2t which is technically the same amount provided for debt service for the year. It means that the debt stock would increase by another $6.6t if the budget is to be fully implemented. How to safely finance this deficit remains a puzzle. Again, a lot of state governments were unable to pay salaries in spite of bailout funds and different tranches of Paris Club refunds they received from the Federal Government. Some states were still owing several months of salary areas even as the year came to an end, thereby exposing its workers to serious misery and hardship. As the country struggled, little or no attention was paid to healthcare delivery and education. We had consistently allocated less than 5% of our annual budget to healthcare leading the country to become the 6th lowest country in the world in terms life expectancy which stood at 54years as at last year. Education also suffered the same fate of poor budgetary allocation and the net result was that 40% of adult population was illiterate while over 10million Nigerian children were out of school. Insecurity and crime assumed an alarming dimension in 2017. Boko Haram that had been â&#x20AC;&#x153;technically defeatedâ&#x20AC;? according to the military, refused to surrender as more and more violence was perpetrated by this deadly group. Fulani herdsmen continued to run riot leaving blood in their trail in different towns and villages in the country. The most recent being the new year attacks in Benue and Taraba states that left scores dead. Other forms of crime, including kidnapping, cult wars, armed robbery and ritual killings became recurrent decimals across the country, forcing many communities to live in constant fear. Nevertheless, it was not all bad news in 2017. The governmentâ&#x20AC;&#x2122;s focus on agriculture seemed to have yielded some positive results even if food did not significantly become generally cheaper. A few states made progress with rice production. The same story is also true about yam tubers, cocoa and fish. Oil prices were on a recovery mode even if we did not have a hand in it. Towards the later part of the year, we witnessed oil prices of close to $60 per barrel and as at the time of writing, it had gone further up to about $65 per barrel. Our production and output have also been on the upward trend, averaging over 1.75m barrels per day, owing to the relative peace in the Niger Delta. The accretion to

foreign reserves had also received a great boost in 2017 such that we can see figures of $40b towards the end of the year. Recall that earlier in the year, our foreign reserves had dipped to an all-time low of around $25b which could barely cover 4 months of import. In spite of the good news from the oil and gas sector, the year ended with the return of fuel scarcity in the country. The situation doesnâ&#x20AC;&#x2122;t seem to have abated even as I write. Matters are not helped by the fact that we import virtually all the petroleum products that we use in the country. Our refineries continue to operate at very low capacity levels. Adequate attention doesnâ&#x20AC;&#x2122;t seem to have been paid to the issue of local refining of petroleum products. The year 2018, like I had noted earlier, is going to be a short year considering that political activities will soon dominate the airwaves while governance may be forced to go on vacation as the public sector heads into the political arena. It therefore becomes imperative that the managers of the economy ensure that the economy is insulated from the negative effects of a heated polity. This becomes expedient given the lingering fragility of the economy and the recovery that has not yet been fully consolidated. The government needs to seriously address the issue of infrastructure which is the single biggest factor affecting productivity and restricting growth. If the rail lines are not fixed, if the airports are not upgraded, if the roads remain death traps, if we do not fix power, Iâ&#x20AC;&#x2122;m afraid we would make no progress in our growth journey. The managers of the economy need to put on their thinking caps and deal with the funding of Infrastructure since this yearâ&#x20AC;&#x2122;s budget did not depart from the practice of allocating a mere 30% of the budget to capital expenditure while recurrent expenditure gulps a whopping 70%. We do not only need to think about how to properly budget for our infrastructural deficits, but also how to raise the required funding for it and how to retire the funding so raised. We must also think of other models that would help actualise the projects and attract private sector funding to this all important area. Efforts at expanding the revenue base of the country are commendable. We, however, need to see more concrete results. In my view, results can only come if we engage more people in economic activities while at the same time improving the productivity of our people. A situation where 4 out of every 10 qualified and willing people do not have anything to do in terms of jobs cannot guarantee optimal productivity. Infrastructure is also very key in expanding the frontiers of productivity. Again, over 80% of our foreign exchange earnings is still dependent on oil. Everyone agrees this is dangerous given that countries around the world are getting ready to phase out hydrocarbon fired cars in favour of electric cars. This threat is very real and should force us to seriously begin to work on the diversification of our economy. In the midst of the foregoing, there is every evidence that the Nigerian society has a very worrisome level of income disparity. Economic indicators show that the rich are getting richer while the poor are getting poorer. The social and political implications of this ugly development are too serious to ignore. It appears that some people have taken more pieces of meat from the proverbial Christmas plate of rice to the complete denial of others. It is important that every segment of the society is given its own piece of Christmas meat or they may be forced to resort to self-help in order to get their share. In conclusion, I must state that the future will remain bleak if we do not pay attention to some of the issues highlighted above. All the same, welcome to 2018.

Printed and Published in Lagos by Leaders & Company Limited . Lagos: 35 Creek Road, Apapa, Lagos. Abuja: Plot 1, Sector Centre B, Jabi Business District, Solomon Lar Way, Jabi North East, Abuja . All Correspondence to POBox 54749, Ikoyi, Lagos. EMAIL: editor@thisdaylive.com, info@thisdaylive.com. TELEPHONE Lagos: 0802 2924721-2, 08022924485. Abuja: Tel: 08155555292, 08155555929 24/7 ADVERTISING HOT LINES: 0811 181 3086, 0811 181 3087, 0811 181 3088, 0811 181 3089, 0811 181 3090. ENQUIRIES & BOOKING: adsbooking@thisdaylive.com