Monday 22ND January 2018

With Equities Market Sustaining Gains, Elumelu Confident of Nigeria’s Economic Recovery Salutes CBN governor Nume Ekeghe On the eve of his departure for the World Economic Forum (WEF) in Davos, Switzerland, the Chairman of Heirs

Holdings and Founder of the Tony Elumelu Foundation, Mr. Tony Elumelu, has expressed confidence in Nigeria’s economic recovery on the back of fiscal and monetary

policies that have steered the country in the right direction. Elumelu particularly commended the governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele,

saying that his impressive monetary policy management helped in great measure in steering the country through extremely difficult times. Speaking in an interview

with THISDAY, Elumelu who is also the Chairman of United Bank for Africa (UBA) Plc, said: “The fruits of patient and judicious central bank interventions are being

rewarded by increasing local and international investor confidence, demonstrated by the recent unprecedented Continued on page 8

Fuel Queues Return to Lagos, NNPC Announces Release of 250 Petrol Trucks … Page 56 Monday 22 January, 2018 Vol 23. No 8313. Price: N250

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Suspected Herders Set Falae’s Farm Ablaze, Casualties Recorded in Another Adamawa Clash DSS warns president of influx of IS terrorists into Benue, other states JNI blasts CAN over statement on cattle rearers James Sowole in Akure and John Shiklam in Kaduna with agency report The end of the conflict between farmers and herders of cattle in the country was nowhere in sight at the weekend, as men suspected to be herdsmen

yesterday set ablaze the farm of the former Secretary to the Government of the Federation (SGF) Chief Olu Falae, just as an unspecified number of persons were reportedly killed and homes destroyed in violent reprisals in Numan Local Government Area of

Adamawa State. Falae’s farm is located in Ilado community in Akure North Local Government Area of Ondo State. The chief security officer (CSO) to the former SGF, Captain Moshood Raji, who confirmed the incident, said

he (Raji) was notified of the incident by a policeman who was guarding the farm. He said the incident happened around 4:00 pm. Raji said the razed farm was an oil palm plantation but which also had cassava and yam produce.

At the time of this report, the CSO, who is a retired army captain, said he and some other people were on the way to the farm to assess the damage. He said no one was attacked, as workers were not on the farm, being a Sunday.

When the Police Public Relations Officer (PPRO) for the Ondo State command, Mr. Femi Joseph was contacted, he confirmed the incident, informing THISDAY that men of the command led by an Continued on page 10

Central Bank Holds Rates, Considers Emergency MPC Meeting in February Emefiele: Economy is still strong, gains will be sustained Ndubuisi Francis in Abuja and Obinna Chima in Lagos In the absence of a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), the Bank announced yesterday that it shall continue to retain the key monetary policy variables as decided by the MPC at its last meeting in November. The two-day MPC meeting which was slated to commence today will not hold due to the inability of the committee to form a quorum. However, in order to meet with the statutory number of meetings required from the

committee in a year, the central bank is considering convening an emergency MPC meeting in February. A senior central bank official disclosed this to THISDAY yesterday. Section 13 (1) of the CBN Act 2007, stipulates that: “Meetings of the Board shall take place as often as may be required, but not less than six times in every financial year of the Bank.” But the CBN official expressed optimism that after the proposed emergency meeting next month, the lawmakers would most likely have confirmed the Continued on page 8

Na'abba Vows Not to Back Buhari's Re-election Bid... Page 12

SOKOTO EXPANDS POWER SOURCES... L-R: Minister of State for Power, Works and Housing, Sulaiman Hassan Zarma; Sokoto State Governor, Aminu Waziri Tambuwal; and the Sultan of Sokoto, Muhammad Sa'ad Abubakar III, at the unveiling of the 80kw solar mini grid for Kurdula community in Gada LGA of Sokoto State... weekend

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NEITI Confident PIGB Will Check Outright Stealing in Oil Industry Seeks Buhari’s timely assent to enable law revive governance in sector Chineme Okafor in Abuja The Nigeria Extractive Industries Transparency Initiative (NEITI) has expressed its delight with the passage of the Petroleum Industry Governance Bill (PIGB) into law by the House of Representatives, saying it was a bold step taken by both chambers of the National Assembly. The Senate passed the PIGB in May last year, paving the way for the bill’s assent by President Muhammadu Buhari. NEITI said it was expecting

acts of process lapses and outright stealing in the oil industry to end with the passage of the PIGB and its anticipated assent by the president. NEITI said in a statement issued yesterday by its Director of Communications, Dr, Orji Ogbonnaya Orji, that the absence of a governance law in Nigeria’s oil industry had cost the country a lot in monetary and investment terms. It noted that it had previously notified Nigerians that the current stagnation of investment

opportunities in the oil sector was as a result of the absence of a new law for the sector, and that over $200 billion in revenue was not coming to the country because of this. It also said the revenue losses were as a result of investments withheld or diverted by investors to other more predictable jurisdictions, and over $10.4 billion and N378.7 billion were lost through under-remittances, inefficiencies, theft or absence of a clear governance framework for the oil and gas industry.

NEITI said in 2013, the country’s oil sector lost N1.74 trillion largely as a result of the absence of a new law, adding that the new governance law would restore these anomalies. “The decision of the Senate and the House of Representatives to consider the bill as priority, resulting in its eventual passage is bold, courageous and progressive. “That is given the challenges the bill has passed through in its legislative journey for over ten years,� said NEITI, which noted that its interest in the bill was

due to its role as a transparency and accountability agency in the management of Nigeria’s extractive industries. It added: “Furthermore, NEITI notes that the implementation of the global extractive industries transparency initiative, to which Nigeria is a key signatory, has over the years been frustrated by the absence of a dynamic law that suits modern business modules and trends in the ever evolving oil and gas industry. “NEITI remains convinced that the PIGB, when assented to by the

president, will provide a dynamic governance framework required to re-position the petroleum industry to fully embrace competition, openness, accountability, professionalism, and better profit returns on investments for both companies and government,� it stated. It explained that it was encouraged that the National Assembly threw politics aside and dealt with the PIGB issue with the attention it deserves, adding that it was expecting an early presidential assent to it.

19, 2018, while the All-Share Index rose by 18.8 per cent from 37,944.60 to 45,092.83 over the same period. “The management of the CBN is determined to sustain these gains and will continue our vigilance and proactivity to ensure macroeconomic stability through 2018.� Emefiele added that a revised schedule of the meetings for the MPC would be communicated as soon as the Bank is able to meet the statutory requirement of membership and quorum. Reacting to the postponement of the MPC meeting, financial market analysts, however, warned the executive and legislature not to impede the CBN from carrying out its mandate of ensuring price stability, saying that the Bank should not be obstructed by a political tussle between both arms of government. In an e-mail response to enquiries by THISDAY at the weekend, a senior economist at London-based Exotix Capital, Christopher Dielmann, expressed disappointment over the delayed confirmation of the MPC nominees. Dielmann said: “It is never good to see the process of appointment of MPC members to be overly-politicised. Given the independent nature of the

CBN, we would hope to see them focusing on their mandate of monetary and price stability as well as reserve and foreign exchange management.� Also, the Director General of the West African Institute for Financial and Economic Management (WAIFEM), Prof. Akpan Ekpo, expressed concern over the development. According to Ekpo, it would create uncertainty among investors. He said: “If the MPC does not meet it would send the wrong signal to international investors because it means that there is still uncertainty in the system. “The way it is now, we are in limbo and if MPC does not meet, it means that there won’t be decisive actions on monetary policies. The MPC is the engine room for monetary policies and so if they cannot meet to deliberate on the economy and relevant issues, you increase uncertainty in the system. “The central bank’s mandate is price stability and it is very crucial in any economy. We have always argued that such delays would always cause problems for us. “So, my advice is that they should stop this delay because it has adverse effects on the economy.�

CENTRAL BANK HOLDS RATES, CONSIDERS EMERGENCY MPC MEETING IN FEBRUARY MPC nominees for a proper meeting to hold in March and will reaffirm the decisions of the emergency meeting in February. The source explained: “Right now, the plan is to hold an emergency MPC meeting in February because the CBN Act states that the MPC meeting must hold six times in a year. “So, they (MPC members) would most likely hold an emergency meeting in February and still hold a proper MPC meeting in March where the decision of the emergency meeting will be reaffirmed. “Hopefully, before the March meeting, the Senate would have confirmed the nominees and there would be a proper meeting then.� THISDAY last November had exclusively reported that eight positions on the 12-member committee were vacant, making it impossible for the committee to form a quorum. THISDAY had also reported about a fortnight ago that the Senate was not budging on its resolve not to consider the MPC nominees. The lawmakers had maintained they would not confirm any nominee by the executive until the impasse regarding the nomination and non-confirmation of the acting

chairman of the Economic and Financial Crimes Commission Crimes Commission (EFCC), Mr. Ibrahim Magu, was resolved. The lawmaker also said the Senate had resolved to seek legal interpretation of a comment made by Vice-President Yemi Osinbajo that the position of the EFCC chairman does not require the confirmation of the Senate, as it was not specified in the constitution. As a result of Osinbajo’s remark, the Senate had resolved to suspend the confirmation process for all nominees of the president not specifically mentioned in the 1999 Constitution, but are provided for in the establishment Acts of several agencies of the federal government such as the CBN, FIRS, NCC, and others. However, commenting on his assessment of the likely outcome of the January MPC meeting, if it had taken place, the CBN official explained that the committee would probable have left the interest rate and other monetary policy instruments unchanged. He cited the delayed passage of the 2018 Appropriation Bill as well as the marginal drop in inflation as factors that would have compelled the committee to hold the interest rate. He also pointed out that

typically in January the MPC prefers to adopt a “wait and see� approach. For the 11th consecutive month, the Consumer Price Index (CPI), which measures inflation, ended 2017 at 15.37 per cent (year-on-year) in the month of December. This was 0.53 percentage points lower than the 15.90 per cent recorded in November – the 11th consecutive slowdown in the inflation rate since January 2017. “The situation has not really changed. Inflation only moved down marginally by a few percentage points. So, nothing has changed significantly. “So, even if they held the meeting, the rates would have been retained,� the CBN source added. Confirming the postponement of the MPC meeting, the CBN governor, Mr. Godwin Emefiele, in a statement yesterday, said that the postponement was due to the inability of the MPC to form a quorum. He however said that the benchmark monetary policy rate (MPR) will be retained at 14 per cent, the cash reserve requirement at 22.5 per cent, liquidity ratio will remain at 30 per cent, while the asymmetric corridor will be retained at +200 and -500 basis point around the MPR, as decided

at the November meeting of the MPC. He stressed that the central bank would remain proactive and vigilant in ensuring that macroeconomic stability was maintained. Emefiele pointed out that despite the postponement of the MPC, key economic indicators have continued to move in the right direction. He noted that with the modest recovery in oil prices and boost in domestic production, the country exited recession in 2017, while inflation has continued its decline, down to 15.37 per cent as of December 2017. Emefiele added: “Our foreign exchange reserves have grown from about $23 billion in October 2016 to $40.78 billion at the close of business on January 18, 2018. “Reflecting strong investor confidence in Nigeria, we have recorded $13 billion since our introduction of the Investors’ and Exporters’ window about nine months ago. These inflows have boosted foreign exchange supply and helped stabilise the exchange rate. “We have also seen market capitalisation of our stock exchange improve by 22.3 per cent, from N13.21 trillion on November 30, 2017, to about N16.15 trillion as of January

WITH EQUITIES MARKET SUSTAINING GAINS, ELUMELU CONFIDENT OF NIGERIA’S ECONOMIC RECOVERY performance of the Nigerian equities market and the broader improvement in the domestic macroeconomic environment.� According to him, the Nigerian stock market, which was ranked one of the top-five best performing bourses in 2017 worldwide, “is, I believe, set for further strong performance this year�. “Consolidating on the 42 per cent rally in 2017, the benchmark All Share Index has gained 18 per cent year-to-date, an unprecedented return in recent times, driven by renewed local and foreign investor confidence in the Nigerian economy and markets. “The valuation of the Nigerian market, which is currently on a 14.5x P/E, still trades at a discount to its frontier market

peers and more so, at a gross undervaluation to emerging market peers, especially when we take the improving fundamentals of the economy in perspective. “Further reinforcing prospects for the equities market, is the moderating yield on fixed income securities, given the lower interest rate outlook. I fully expect fund managers to continue to allocate increasing money to Nigerian equities,� he added. Elumelu said it was gratifying to see how tough, but astute reforms and diligent execution had changed the narrative of an economy and its markets. “I salute the unwavering tenacity and enterprise of the CBN governor, Godwin Emefiele, for his initiative in creating the Investors’ and Exporters’ (I&E) window and, more importantly, the commitment of the governor in ensuring the efficient

functioning of this market. “The I&E window has attracted over $15 billion to Nigeria, enhanced the liquidity of the FX market, reduced speculative demand for foreign currency, stabilised the naira and provided the vital foundation for renewed local and foreign investors’ confidence in the Nigerian market.� He also lauded the chief executive of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, for the professionalism that he and his team had brought to the market, “their commitment to governance and market integrity, which has increased investors’ confidence in the market�. Speaking further, Elumelu said: “Nigeria’s external reserves, which are now at almost a five-year-high, have grown to over $40 billion, just as trade and current account

balances are now positive. This strong performance underpins the naira today and will indeed ensure its stability in the near and medium term. “Inflation, which peaked at 18.7 per cent a year ago, has continuously trended downwards to 15.37 per cent in December 2017, with a benign outlook of further moderation, as both food and core inflation ease. “These impressive positive developments are a clear demonstration of effective monetary policy management and businesses across Nigeria need to recognise the role of the CBN governor,� he maintained. The progress, he noted, more broadly reflected the clear and coherent policy making framework put in place by the Muhammadu Buhari administration, “its undoubted commitment to transparency

and accountability, its clarity in tackling historic issues, including the positive engagement with the Niger Delta people, which has returned calm to this oil producing region of the country leading to the current daily production of 2.2 million barrels of oil equivalent�. Elumelu noted that the improving recovery in corporate earnings, the improvement on the World Bank’s Ease of Doing Business Ranking, and the passing of the long-awaited Petroleum Industry Governance Bill by the National Assembly, once signed into law by the president, will further boost investors’ confidence in the Nigerian economy. He, however, cautioned that Nigeria must translate these recent improvements into a long-term strategy of ensuring economic success for all. “I hope that these positive

SUSPECTED HERDERS SET FALAE’S FARM ABLAZE, CASUALTIES RECORDED IN ANOTHER ADAMAWA CLASH area commander were already on the farm to investigate the cause of the fire.

Joseph said it was unfortunate that men of the fire service said they had no equipment to curtail the blaze. Joseph, who said he could not confirm those who committed the act, added that investigations had commenced to unravel the

cause of the incident. In his reaction, Falae described the attack on his farm as deliberate and malicious. He said the perpetrators had turned it into a yearly affair to attack his farm. The farm of the former SGF and one-time presidential candidate of the defunct All Progressives Party (APP) in the 1999 election,

has been attacked several times by herdsmen, who two years ago went as far as kidnapping him and holding him hostage for about five days. Falae only secured his release from the kidnappers after an undisclosed amount of money was paid to his assailants. The suspected kidnappers were eventually apprehended and are

facing prosecution.

Reprisals in Adamawa In another incident, an unspecified number of people were reportedly killed and many homes destroyed yesterday in violent reprisals between Fulani and Bachama communities in Numan Local Government Area of Adamawa

State. The suspected Fulani herdsmen who invaded Kikon village in the early hours, shot sporadically while most villagers were asleep, according to eyewitnesses. “The situation caused pandemonium, forcing all to run into the bushes for safety,� said a Continued on page 10

economic successes will materialise into the much needed inclusive growth that generates jobs and creates improved living standards for our rapidly growing population.�

TOP GAINERS WEMABANK SKYEBANK UNITYBANK GTBANK FIDSON TOP LOSERS MAYBAKER FBNHOLDINGS STERLBANK

NGN NGN 0.10 1.17 0.11 1.29 0.10 1.22 2.60 54.71 0.22 4.76 NGN NGN 0.20 3.01 0.85 13.90 0.13 2.29 CADBURY 0.79 15.06 ETERNA 0.31 6.04 HPE Nestle Nig Plc â‚Ś1,500 Volume: 1.339 million shares Value: N8.629 billion Deals: 9,053 As at yesterday 19/01/18 See details on Page 35

% 9.3 9.3 8.9 4.9 4.8 % 6.2 5.7 5.3 4.9 4.8

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Contractor: Why Dec Deadline for LagosIbadan Rail Project May Not be Feasible Says other than water, gas pipes, telecoms cable, military barracks in right of way Kasim Sumaina in Abuja The contractor handling the Lagos-Ibadan standard gauge rail project, the Chinese Civil Engineering Construction Company (CCECC), has disclosed that the December 2018 deadline given by the federal government for the completion of the project might not be feasible if it fails to address the identified challenges. A senior official of CCECC, who did not want to be named, disclosed that the project has been bedeviled with some huge challenges that are threatening the revised completion deadline for the project. He said that beyond the two bridges that would be demolished in Lagos and rebuilt, several kilometers of gas, water pipes and telecoms cables would have to be relocated. According to him, “The

track passes through the army barracks at Ebute Metta, Lagos, which means we will have to relocate the barracks but to where?� “The government is still discussing with the military on how to relocate the barracks. Until that is done, there is little we can do. There are several water and gas pipes that have to be relocated. “That’s a huge challenge because it’s complicated relocating those pipes. Also, the existing narrow gauge track will be removed and relocated at some places� the official added. He explained further that in some locations, the height of the high-tension electricity wires would need to be elevated at least 9.5 metres also. “As we speak, we still have three kilometers of right of way not yet acquired. “We still have thousands of

Amaechi tonnes of steel at the Apapa port we haven’t cleared because of the gridlock. But if the federal government can fix all these challenges, we can complete the project this year. If not, there is nothing we can do,� he said. The CCECC official further revealed that the challenges were not lost on the Minister of Transportation, Mr. Rotimi

Amaechi, who has also confirmed recently that he was aware of the challenges but the completion dateline will be met. “The good news is that by December 2018 we should complete Lagos-Ibadan rail project. But we have about 43km of water pipes to be replaced. “We have the sewage to deal with, we have bridges to demolish and rebuild, we have an army barracks to relocate, we have gas pipelines to relocate and other challenges. However, we are discussing with the Lagos State Government on how to deal with these challenges,� he assured. The minister had recalled when media houses were taken to visit the project site, about 111km of right of way had been established along the corridor and over N10 billion had already been paid

in compensation for farmlands, property and economic trees. “Excavation around the rail track path and subgrade fill/ cutting has reached significant levels. Several culverts and bridges are being done simultaneously. “CCECC has also commenced the new Type II of concrete sleeper production, with the laying of temporary tracks at advanced stages. “However, the final laying of the tracks has not yet commenced. The laying of tracks should commence by March, all things being equal,� the minister said at the time. The contractor had also complained that some host communities around the rail corridor were insensitive and had resorted to extortion. The CCECC also accused the Ogun State Government of not providing enough support,

even though they are huge beneficiaries of the rail project. “The Ogun State Government and its communities are not as cooperative on the project. The state government demolished our site yard at Abeokuta without notice. “I don’t think they appreciate this project. Oyo and Lagos have been cooperative,� said CCECC’s management. The contractor further revealed that it has told the federal government in no uncertain terms that unless the challenges listed above were holistically addressed and on time, they would not be able to deliver on the project by December 2018. “The December 2018 deadline will be difficult but we will do our best. However, we can only achieve this if all the challenges we are facing are cleared by the government,� the company said.

SUSPECTED HERDERS SET FALAE’S FARM ABLAZE, CASUALTIES RECORDED IN ANOTHER ADAMAWA CLASH fleeing local, Ngurigon Yohanna. However, the Bachama militia mobilised yesterday afternoon and launched counter-attacks on Dowayan-waja and Lure villages burning everything in sight. Also on Friday, Boko Haram jihadists killed five people in an attack on a village in Adamawa State, a community leader and a local resident said. A group of 10 militants stormed Kaya village at about 9:00 pm (2000 GMT) in the Madagali area late on Thursday and broke into two homes, killing four people. Another resident was shot dead when he tried to come to the rescue of the victims, Maina Ularama, a former Madagali local government chairman, told AFP. “Five people were shot dead last night by Boko Haram in Kaya village, three of them brothers living in the same house,� he said. “They killed another person in a house close by. The fifth victim was killed when he rush towards the area to rescue the victims after hearing their cries for help.� Samson Lawan, who lives in Kaya, gave a similar account. He said the gunmen looted medical supplies at the village clinic before fleeing into the bush. “They were overheard saying telling one of them who wanted to set fire to homes that they were not in the village for arson,� Lawan said. Kaya village has been attacked before in the insurgency, which since 2009 has killed at least 20,000 in North-east Nigeria and displaced more than 2.6 million. In June 2016 Boko Haram jihadists killed 18 mourners in an attack on the village. Adamawa was said to have been cleared of Boko Haram in late 2015, after they rampaged across the North-east, seizing towns and territory. But attacks have continued in the north of the state, particularly around Madagali, which borders Borno State and the militants’ Sambisa Forest stronghold.

Inux of Terrorists

Foreign

Even as several states in the country continue to reel from recurring attacks by so-called cattle herders, security service organisations, including the Department of State Services (DSS), have identified the Islamic

State in West Africa (ISWA) as operating in some North-central and South-south states of the country. According to the News Agency of Nigeria (NAN), this information was contained in a security report submitted to President Muhammadu Buhari recently by the security service outfits. Boko Haram, is an affiliate of the Islamic State and has been known to recruit foreigners in its reign of terror in the North-east. The report indicated that the ISWA network was using foreign terrorists and recruiting young men to fight and kill innocent persons, ostensibly to exacerbate tensions along the county’s ethnic, religious and regional fault lines. Quoting an unnamed presidency source, NAN reported that this discovery was made after the arrest of several of the suspected attackers made up of Fulani herdsmen, governmentsponsored militias, militants and other miscreants in Benue Sate. The source revealed that among those in custody were many who spoke none of the languages native to Nigeria but the French language. “This is the first time that security officials have confirmed that the Islamic State in West Africa members are operating as a unit in Nigeria and the level of their penetration of the country,� the source added. The source further revealed that a “good number� of the Islamic State terrorists had been arrested not only in the Benue valley but significantly in several towns in Edo State, specifically in Akoko-Edo, Okpella and Benin, as well as in Okene in Kogi State. “It is understood that the cell, which has members in different parts of the country, concentrates on recruiting young men to fight for the Islamic State in West Africa by unleashing the cold-blooded murder of innocent citizens. “There was intelligence that they had planned several attacks here, before and during Christmas and New Year holidays. Their bombing targets included fuel depots, foreign missions and police and military establishments. “Their network is very wide. But so much was achieved by the DSS, which has made a significant number of arrests in the last two months that helped to preempt those attacks.

“This helped to save Nigeria from the spate of major terrorist attacks witnessed elsewhere that were syndicated by ISIS worldwide,� the source maintained. It was gathered that the report submitted to the president also revealed that security officials were concerned over the influx of other ISIS members into many parts of the country. “We are learning more and more about this complex and sophisticated network. This is the main reason why the secret service is not parading those suspects so far arrested. “It has become clear to us now that the challenge facing this country is a serious one,� the presidency source said. When contacted, presidential spokesman, Garba Shehu confirmed that President Muhammadu Buhari had been receiving what he described as “report upon report on the situation in Benue and other states�. According to him, the DSS has recorded a lot of success lately but he said he had not been briefed on any of the reports.

JNI Blasts CAN Meanwhile, the umbrella body for Northern Muslims, the Jamatul Nasril Islam (JNI), headed by the Sultan of Sokoto, Alhaji Sa’ad Abubakar III, has reacted to the attacks by the Christian Association of Nigeria (CAN) over the herdsmen-farmers’ conflict, accusing CAN of using the “herdsmen debacle as a franchise to perpetrate evil as witnessed in the Boko Haram tale�. The group also accused some Christian leaders, particularly Bishop Matthew Kukah and Pastor David Oyedepo of smearing Muslims at the slightest opportunity, warning that the patience of Muslims should not be taken for foolishness, as their speeches were becoming really “provocative and outlandish.� Addressing the press yesterday in Kaduna, the Secretary-General of the JNI, Dr. Khalid Abubakar Aliyu, said the herdsmen debacle was a coinage mischievously invented by CAN. “The ‘herdsmen debacle’ must be understood for what it is: this was mischievously invented by CAN over time and its biased

errand boys among media practitioners of stereotyping an ethnic group so as to achieve a pre-planned agenda,� Aliyu said. The press conference was in reaction to the alleged provocative statements by the Secretary General of CAN, Dr. Musa Asake, last week over the attacks by herdsmen, particularly in Benue and Taraba States. Aliyu said the statements made by the CAN secretary were “mendacious, provocative, full of blatant lies and misinformation, disinformation as well as seditious to the state�. “Why is the whole herdsmen issue heightened now in 2018? Simple: CAN is unnecessarily overheating the polity because 2019 is around the corner. “Our take is that CAN should better go and register as a political party and contest the elections if they want to test their popularity. “We nonetheless make bold to say that CAN is deliberately covering up by using the ‘herdsmen debacle’ as a franchise to perpetrate evil as witnessed in the Boko Haram tale,� the JNI scribe alleged. He said some Christian leaders had been promoting hate speech and calling for the killing of herdsmen “such as if you see a Fulani man kill him by Pastor Suleiman and crush them, kill them by Pastor Oyedepo�. “The repercussion of such speeches could be better imagined. In addition, Bishop Kukah’s hate speech against Muslims in Nigeria was legendary, as hardly would the opportunity avail itself for him to talk without smearing Islam and Muslims in Nigeria. “CAN and other Christian leaders such as Bishop Matthew Hassan Kukah, Pastors Oyedepo, Suleiman and recently El-Buba should not take Nigerian Muslims’ patience for foolishness, as their speeches are becoming really provocative and outlandish. “Therefore, CAN should desist from making provocative statements in the midst of the serious issues bedeviling the nation,� Aliyu warned. He called on the federal government to be proactive in tackling the security challenges in the country, adding: “JNI advocates that government should be seen to be proactive on security matters. “The recurrence of security

upheavals such as kidnappings, armed robberies, rising bomb attacks of Boko Haram insurgents and ethnic violence here and there in Nigeria are alarming and there is urgent need for redress as citizens are becoming more and more agitated. “Government should take the bull by the horn by prosecuting the promoters of hate speech in Nigeria, if not one day it will become the norm that cannot be challenged and one of the chief mongers of the hate speech is CAN as represented by Rev. Asake. Government should act fast before we are consumed by their induced conflagrations. “To put the record straight, JNI condemns killings of innocent souls wherever they happen and whoever is involved. “JNI also condemns the generalisation of criminals as representatives of the whole, thus leading to unjust stereotyping and name calling. “We condemn all criminals whoever they are and wherever they come from. A criminal should be treated as a criminal regardless of his/her ethnicity.� It went on to state that the federal government’s silence over the Numan massacre which was reportedly spearheaded by the Bechama Christian Militia (BCM) against Fulani Muslim settlements in Shafaran, Shawal, Gumara, Kikam and Kadamti villages all in Adamawa State on Monday 20th November 2017, was condemnable, adding that the perpetrators must be brought to book. “The attack was said to have left more than 87 women and children dead on the spot and their animals, farms and settlements destroyed. Sadly, the media were either completely silent or, where they did report, they deliberately misreported the facts. “Where in the world can this gruesome murder be perpetrated without catching the attention of the conscious? Likewise, the Mubi suicide attack which was well coordinated and carried out on Tuesday 21st November, 2017 during Salatus-Subh (early Morning Prayer) at the Mosque, by a teenage bomber killing not less than 50 people on the spot with scores injured. “Equally, villages such as Kunturi, from Girei, Borrong and Luru from Demsa, Kotumso

from Numan Local Government Areas of Adamawa State were all affected by the ethnic cleansing agenda. Why was government seemingly unconcerned? Is it because Muslims were the victims?� Aliyu demanded to know. He noted that last June’s Mambilla massacre in Taraba State was another horrific narrative for Muslims, where over 800 people were annihilated, yet nothing was seen done by the government. “Despite the glaring correspondence between Yusufu N. Akirikwen, the state Attorney General and the state Commissioner for Police dated 8/09/2017 to release all suspects within their custody. Therefore, we call on all concerned to make sure that justice is seen done. “Similarly, security agencies as well as Benue State Government should be prevailed upon to produce well known rampaging militia kingpins such as Ghana and/or Tashaku, and many others who have been accused of killing hundreds of Tiv people and other innocent citizens in Benue State. “The security agencies should also carry out the necessary investigation on the sources of arms of the so called livestock guards in Benue state, who had engaged in intimidation, extortion, forceful confiscation of cows and extra-judicial killings of innocent lives from November, 2017 to date. “Government should note that Tashaku, the Benue vigilante group’s head is an escapee Boko Haram member as averred by Ahmed Salkida. Therefore, there is the urgent need for introspection on the promoters of crises in Nigeria,� the JNI stated. JNI also expressed its sincere condolences to all the victims of the unfortunate killings and called on politicians and nongovernmental organisations to be even handed in finding a lasting solution to the repeated, senseless killings. “We also expect the Nigerian governments at all levels, the Nigerian Bar Association (NBA) and other stakeholders who recently visited Benue State to undertake similar visitations to areas where Fulani Muslims were killed and maimed such as Adamawa, Kaduna and Taraba States respectively,� JNI added.

T H I S D AY ˾ MONDAY JANUARY 22, 2018

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MONDAY JANUARY 22, 2018 ˾ T H I S D AY

NEWS

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

PDP Intensifies Peace Efforts, Appoints Mark to Head Panel Fresh PDP still alive, says Nwosu Onyebuchi Ezigbo in Abuja The Peoples Democratic Party (PDP) has set up another peace committee headed by the former Senate President, David Mark, as part of efforts to resolve all pending grievances among its members. The new committee which was put in place by the party’s Board of Trustees (BoT) has already begun work by reaching out to foundation members of the party. In a statement issued yesterday by the Chairman of the BoT, Senator Walid Jibril, the report of the peace committee will be deliberated upon along with the National Chairman, Uche Secondus, and other leaders. According to the statement, “The BoT shall intensify its efforts in bringing total peace and unity to the party as can be seen in my setting up BoT internal reconciliation committee to settle its aggrieved members under the chairmanship of Mark. “The committee has begun contacting some foundation

members and some aggrieved BoT members. When I receive the report, I will discuss with national chairman and party leaders to enable us cement our problems.” The BoT chairman commended other BoT members who he said participated in the meditation in effort to reconcile the aggrieved members of Fresh PDP group, namely Chief Okwesileze Nwodo and Senator Stella Omu and other NWC members. He also commended the leadership of former Fresh PDP for seeing reason to back down. Jibril further said he would intensify efforts to see that all PDP members who left the party are welcomed back. Meanwhile, one of the leaders of the rebellious group and the Director General of the Fresh PDP, Prince ObiNwosu Emmanuel, has reacted to the report of the collapse the faction. Nwosu in a statement yesterday described as shameful and most pathetic show of unbridled poverty and greed the action exhibited by other

members of the group whom he said were masquerading as spokespersons for the Fresh PDP. He said their action is most condemnable as they do not have the authority of the DG to do so. “These shameless persons who

had at various times deployed very untoward means to use the noble Fresh PDP platform as a blackmail tool for the extortion of money from party leaders; have come to their ultimate end. “No one in his right senses will listen to the characters that

purported to have collapsed such a vibrant movement like the Fresh PDP whose ideology has spread across Nigeria like wild fire. “For the records, my humble self and Svt. Rodney Odili-Obi were the initiators of the Fresh

PDP. Every other person who joined the movement was allowed to be a part of Fresh PDP after expressing deep seated desire to join such a noble cause that seeks to address impunity and imposition in our great party,” he said.

Na’AbbaVows Not to Back Buhari’s Re-election Bid Former Speaker of the House of Representatives, Ghali Umar Na’Abba, has disclosed that in November 2017, President Muhammadu Buhari told members of the All Progressives Congress (APC) Board of Trustees (BoT) that he would seek re-election in 2019. Na’Abba who is a member of the board vowed not to support Buhari’s re-election bid because the president “has not added even an inch of value to democracy.” In an interview with Osasu Igbinedion, the former speaker accused the president of running a “one-man” government. He said Buhari does not consult party members before taking decisions because he “considers them to be evil.” According to the News Agency of Nigeria (NAN), the former Speaker said: “I had the occasion to sit down with the president and tell him this is what is wrong. And all he told me was that things were wrong before but now, with his election, everything is right. And I was very, very disappointed.’ “A lot of people campaigned, supported him and elected him for one reason or the other. I decided to move back to APC from PDP to support him because from his utterances, I believed he wanted to add value to democracy. “And this is three years into his administration, he doesn’t work with the party, he regards party members as evil, he doesn’t consult with anybody in the party and I am a member of the Party BoT even though we don’t have it officially. “The last time we had a meeting with such a board was in February 2016. Such meeting was called again in November 2017 when he decided

he wanted to get re-elected and he needed us. “He promised to reconstitute the board. Before, he refused to do that because he thought politicians are responsible for all the evils in this country. He also promised to increase the number of ministers. “In a nutshell, the president has not added value to democracy by an inch.” Asked if there was a chance that the APC would field another presidential candidate other than Buhari, Na’Abba said some party members have hijacked and pocketed the party. He distanced himself from those endorsing the president for a second term. “Nigerians have chosen democracy as the system within which they produce their leaders, and that any president who comes must ensure that the democratic architecture is improved substantially because it has been weak, it is still weak and will continue to be weak. “After I told you that I am not going to support him or not, I want you to understand my reason. Today, we have no internal democracy in the country and the quality of leadership has been failing. “Democracy, economy and society have not grown since 1999 and this is as a result of this tendency. And I have children, grandchildren and it is only when there is democracy that every Nigerian can make it in life. “There is no way I can support him. “They said they have endorsed him to contest. I am sure they did not ask the opinion of anybody since they have put the party in their pocket,” he said.

CONGRATULATIONS TO PRESIDENT, GENERAL, DR OLUSEGUN OBASANJO…

Former President Olusegun Obasanjo and his daughter, Funke, at 7th Convocation of the National Open University of Nigeria, held in Abuja, where the president bagged a PhD in Christian Theology... weekend

Alaafin Cautions Traditional Rulers against Utterances on Herdsmen Attacks Faults claim of killing of 800 Fulanis in Taraba Ejiofor Alike The Alaafin of Oyo, Oba Lamidi Olayiwola Adeyemi, has cautioned first class traditional rulers in the country against making inflammatory statements that could fuel the attacks by Fulani herdsmen on communities in the country. Apparently referring to claims made by the Emir of Kano, Alhaji Muhammadu Sanusi II, Alaafin said it was laughable and ridiculous that as many as 800 Fulanis with an “imaginary one million cows” would have been killed in one single attack without any documentations or report, stressing that the level of mass communication in the country had gone beyond that dark age in sophistication and modernity. In a statement he issued yesterday the Alaafin said it was unfortunate that some highly placed traditional rulers could quote fictitious and imaginary figures of similar incident that had happened at another neighbouring state to see the recent Benue State incident as a justified reprisal. He acknowledged that there had been co-habitation between

the Fulanis and indigenes in various communities in the country, adding that this, however, is with the Fulani herdsmen not wearing political colouration. “For instance, the use of firearms, including AK 47 gun, to protect cattle is a complete novelty to what hitherto used to be a business endeavour. In those days, stick was the only weapon with which the breeders directed their cattle. When was it the practice that Fulani breeders would arm themselves to teeth just to protect their cattle. In the past, part of the guidance which breeders gave to their cattle was to ensure that they did not destroy farm crops along their ways. But today with the arm at their disposal, some Fulani breeders choose to target green leaves of farmers’ crops as good protein for their cattle and therefore lead their cattle aggressively to that direction. The big question therefore is that how do those cattle breeders come across the sophisticated weapons with which they arm themselves as if they are going to war. This is the task before the various security agencies to unravel in the interest of peace

and unity of the country,” Alaafin explained. He said as the longestserving first class traditional ruler on throne so far, he had acquired experience more than any other traditional ruler across the country in relation to traditional rulership and political development of the country, especially with regard to crisis resolution within the polity whether ethnic or religious. The Alaafin appealed to all traditional rulers in the country especially those who are relatively new on the exalted throne, to be cautious and indeed circumspect in their public utterances especially in the trying period of the country’s sovereignty and national unity. He noted that the greatest challenge facing the country at the moment is the herdsmen otherwise known as Miyetti Allah Cattle breeders. “It is unfortunate that some highly placed traditional rulers should see the recent Benue State incident as a justified reprisal quoting fictitious and imaginary figures of similar incident that had happened at another neighbouring state. It is not only laughable but indeed ridiculous

that as many as 800 Fulanis with an imaginary one million cows would have been killed in one single attack without any documentations or report. The level of mass communication in the country had gone beyond that dark age in sophistication and modernity,” he added. The royal father stated that the institution of traditional rulers should use both individuals and collective efforts to quell the crisis from further escalation. “Africa and Diaspora are watching Nigeria; the United Nation is watching us; President Muhammad Buhari has been boxed into a cul-de-sac by his kith and kin, the Fulani herdsmen. Let us help him to get of the quagmire. If the home of the Fulani is as far West as North of Sierra Leone, i.e Futa Jalon Hills; and their kith and kin live in the cities and they make a substantial population in the Northern Nigeria townships, equity demands that the government at all levels and the people as citizens; should proffer a solution that makes peace on that platform and goodwill, its anchor,” he said.

T H I S D AY ˾ MONDAY JANUARY 22, 2018

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COMMENT

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

THE MAKING OF A PRESIDENT George Weah is sworn in as Liberia’s President, writes Ben Asante

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he long-running life drama of a former world footballer becoming the first elected president comes to its climax today with the swearing in of Sen. George Manneh Weah as the 24th President of Liberia. Liberia’s late President Samuel K. Doe who was regarded by some as a maximum ruler used sports, especially football to mobilise his countrymen. Even people who did not agree with him had been hard put to accept that football remained an important unifier for the nation. Liberians of the older generation would fondly and vividly remember the many times President Doe personally led the convoy of open roof cars driving Weah and his teammates into the stadium to the loud applause of many thousands cheering amidst loud songs. The roots of the stardom including the glamour have long been planted in the minds of some of the footballers and in the case of Weah the fact of him becoming president is only a matter of chicken coming home to roost. The road for George Weah’s to become a president has been long, hard and tortuous and no doubt characterised by many challenges including invectives from the opposition and his personal shortcomings. It began some 13 years ago even before the 2005 contest involving him, Ellen Johnson Sirleaf, and others. Both the 2006 and 2011 races which ended in run-offs created excitement and near heartache for voters across Liberia and even among people within the ECOWAS region including leaders of the neighboring countries. In the 2011 race, Weah stood as a vice presidential candidate to the veteran politician - Winston Tubman but in this and in other elections, his ‘stardom power’ had always been a strong defining factor. How does one explain the conversion of Weah’s football stardom into the acquisition of political power and ascension to the top political office in Liberia? While the first civil war lasting nearly a decade raged, everything about Liberia at the time was negative. The only positive news Liberians and outsiders knew and heard was about Weah and his mates playing football and thus raising high the name of Liberia. Weah, at the time was synonymous with Liberia. ECOMOG peacekeepers have testified to the fact that rebel fighters of the former warlord Charles Taylor would drop their weapons, hide them and come across the line to watch football matches involving Weah and the national team in Monrovia. For the teeming youth packing satellite viewing centres across the country proudly watching Weah playing football made him well known to them and in the recent election Weah’s image was traction for their votes, a situation where large percentage of support base, some 65 per cent stood below 40 years of age. In the 2005 race, some 12 years ago, many had expected the unusual such as a major upset given that among the candidates, Weah had been matched against a Harvard-trained former finance minister, a former world bank official Ellen Johnson Sirleaf contesting to run the affairs of a war devastated country. The question of who was more qualified to run the country was on everybody’s mind. National security officials in various government houses within the ECOWAS region kept encircling the name of Weah with many question marks as briefs to their principals. In one particular case, Olusegun Obasanjo, then in office actually put in a late night phone call through to Monrovia to find out who was in the lead. The regional leaders did not stop there. When the votes were forced into a run-off former Presidents Obasanjo and John Kufour summoned Weah and suggested to him that he was young and still has time in his favour. President Sirleaf was to win the 2005 race and went on

GEORGE WEAH IS NOW PRESIDENT BUT THERE ARE MANY CHALLENGES AHEAD. THESE INCLUDE THE CHALLENGE OF THE ECONOMY, INFRASTRUCTURE, RECONCILIATION, CORRUPTION, EDUCATION AND HEALTH

to win the re-election in 2011. But somewhere in-between Weah successfully defeated President Sirleaf’s son Robert Sirleaf winning a seat to country’s Upper Chamber, the Senate. As it is, the Senate seat has turned to be a stepping stone for him to becoming the president. Given the many ebullient and vociferous youthful following Weah enjoyed and the claims that he was cheated out in the previous elections, fears had long existed that his followers may resort to violence. Fears of the outbreak of another hostility loomed large, especially when three of the parties including the ruling Unity Party (UP) challenged the first round of voting led by Weah. With the civil war in mind, the ECOWAS region had long worked for a peaceful election in Liberia. First, all parties contesting were made to pledge themselves to a peaceful process. When the race ran into an impasse with legal challenges, leaders of Guinea and Togo Alpha Conde and Faure Eyadema jetted into Monrovia and once again asked parties to commit themselves to the constitutional process in resolving disputes arising from the election. When the final voting took place and eventually decided in favour of Weah, regional leaders kept on the pressure. The UN dispatched Chief Obasanjo and the UN secretary general’s representation to West Africa and the Sahel region Mohammed Ibn Chambas to the country. Obasanjo found himself walking on a familiar regional political turf engaging on ‘early warning, preventive diplomatic shuttle and conflict prevention’ strategies. He was with Vice-President Joseph Boakai when he called to concede to Weah and congratulated him while pledging to work with him in building the country. Following this unprecedented gesture by the defeated candidate, President-elect Weah led his top officials to Boakai’s house, a stone throw away, for discussions. Clearly the Liberians had taken ownership of the peaceful transition from out-going President Sirleaf. This is in fact the first ever peaceful transfer of power for the country in 73 long years. There is no doubt that Weah enjoys the goodwill of the many who voted him despite the strong campaign of others that he was less endowed than Boakai, acclaimed for his vast administrative experience and knowledge. The road for Weah to getting to the top of the political ladder has not been easy. Besides his 12 years campaigning within Liberia, people close to him speak of the many trips he had made crisscrossing the USA where large influential voices of Liberians in the diaspora spoke in his favour. Often it was one game of charity football match followed by town hall meetings. He set off a chain of Pipe-piper likeness with large numbers following him from Illinois to Rhode Island and extending across the towns and villages within Liberia, all voting to make him president. George Weah is now president but there are many challenges ahead. These include the challenge of the economy, infrastructure, reconciliation, corruption, education and health. The many who voted for him naturally remain eager to get solutions to the country’s many problems under Weah’s leadership. Can he succeed where President Sirleaf tried hard but found herself challenged? The new president has the goodwill of most Liberians, even though the few bitterly disappointed by the election outcome have declared that he is not their president. This can only make the task of uniting the people of Liberia harder but not insurmountable given the good will from the vast army of younger followers. Asante was the former political editor of Africa now and New African magazines

MEDICINES’ SECURITY: CONSOLIDATING HEALTH ACCESS GAINS It is time to prioritise local manufacturing of medicines, argue S. Okey Akpa and Obi P. Adigwe

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he recent reprioritisation of American Policy has identified economic security as critical to America’s national security. Although perceived by some as controversial, keen strategists and policy analysts have lauded the move as a strategic realignment of contributory dimensions based on contextual priorities, domestic vulnerabilities and national values. For the better part of a decade, The Pharmaceutical Manufacturers Group of The Manufacturers Association of Nigeria (PMGMAN) has formally advocated the concept of Medicines’ Security. Simply put, the medicines’ security concept argues that unless a people exert sufficient control over how their medicines and healthcare commodities are produced, sustainable access to relevant, affordable, high quality products cannot be guaranteed in that setting. Currently, the dependence on importation for majority of our healthcare needs is unsustainable and exponentially increases Nigeria’s exposure to practices such as dumping and counterfeiting. More importantly however, the status quo poses a great but yet to be addressed national security risk. The nation’s recent experiences with Ebola and Meningitis are mere footnotes compared to future disastrous consequences that can emanate from a lack of engagement with this issue. As well as guaranteeing sustainable access to medicines for Nigerians, controlling medicines’

supply by local production also enables other critical aspects of nation-building. Development of local capacity and boosting the national economy are two of many strategic outcomes from this engagement. However, of particular importance in the current setting, is the potential that local pharma manufacturing has, to create jobs which can help address the rapidly increasing unemployment in the country. Recent empirical evidence indicates that for every job created in the pharma manufacturing sector, close to 10 other jobs are created in affiliated industries. Within the industry, PMGMAN has already begun to deliberately use this strategy to ensure the relevant backward integration of various critical inputs for Local pharma. Other additional benefits of promoting the local industry include the great potential to boost exports and earn foreign exchange. Currently, even without a coordinated policy, a number of PMGMAN members have commenced exportation of made-in-Nigeria medicines. This not only aids the balancing of government’s overall trade deficit, it can also be leveraged as a tool for economic and social diplomacy. Furthermore, with the highest number of companies and international quality accreditations the Nigerian Pharma Manufacturing Sector currently holds the prime position for assuming the continental pharma manufacturing hub. For the uninitiated, this is a market estimated to hit a whopping $50 billion

in a few years. Nigeria’s current vantage position is however being fast eroded. Recently, Ethiopia has put together a plan for the development of a local pharma manufacturing sector expected to replicate the success of Ethiopian Airlines’ success story in aviation. At a recent meeting attended by one of us in Addis Ababa, a cornucopia of government incentives was revealed by experts that developed the Ethiopian plan. It was further revealed that the project director for the Ethiopia Pharma Manufacturing Plan reports directly to President Desalegn. This is an indication that the Ethiopian government attributes the highest priority for this project. Similarly, Ghana’s President Nana Akufo Addo whose legendary speech on the need to build local capacity in Africa recently ignited debate on the internet, has also prioritised local pharma manufacturing. His executive instrument (No. 181) has now banned the importation of 49 pharmaceutical products to enable Ghanaian manufacturers dominate local markets and stimulate export to neighbouring countries. In the same vein, the Moroccan and Algerian local pharma industry now supply close to 100% of their national drug needs and are being incentivised by their governments to export to the rest of Africa. Fresh intelligence indicates that even the incoming Ramaphosa administration in South Africa plans to prioritise local pharma manufacturing.

Although the current government has begun to recognise the importance of local pharma manufacturing, 2018 now presents an opportunity to consolidate these gains. Specific areas for attention include patronage, smart protection as well as robust engagement with the group to develop a framework of incentives and practices that will achieve great outcomes in all relevant thematic areas. Credit also goes to other stakeholders who have recognised the utility of the emergent concept. Noteworthy is the Pharmaceutical Society of Nigeria (PSN) which recently convened a colloquium underpinned by the Medicines’ Security Concept. A few development partners such as UNICEF and CHAI have also remained strong advocates of local pharma manufacturing. As the initiators of the medicines’ security concept, we must however caution fidelity to the original model, as any confusion is likely to water down the various relevant outcomes. As policy and management strategy experts we now advise an expeditious, deliberate and aggressive mainstreaming of local pharma manufacturing, as a means of achieving medicines’ security. In our view, this is the most efficient and effective strategy for ensuring the highest quality health care for Nigerians, while at the same time, boosting relevant aspects of economic and national development. Dr Akpa and Dr Adigwe are Chairman and Executive Secretary of PMGMAN respectively

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EDITORIAL YET ANOTHER LASSA FEVER OUTBREAK The health authorities could do more to contain the disease

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n yet another indication that when it rains it actually pours for Nigeria, there has been an outbreak of Lassa fever, to add to the several socio-political challenges we are currently grappling with. According to the Ebonyi State Commissioner for Health, Dr Daniel Umezuruike, the outbreak has already claimed the lives of two medical doctors and a nurse while the index patient they treated survived and has been discharged from the hospital. That has prompted Nigerian nurses to call on both Ebonyi and the federal governments to live up to their responsibility and overhaul the health system for efďŹ cient and effective care delivery. In a statement last week, nurses under the auspices of University Graduates of Nursing Science Association (UGONSA), claimed that no fewer than 40 health workers have died of the disease in Ebonyi State alone in the past 13 years. “What we see each time we experience the avoidable death of health workers from Lassa fever is that government LASSA FEVER HAS BEEN ofďŹ cials rush to the A SERIOUS CHALLENGE press to commiserTO NIGERIA’S HEALTH ate with the victims AUTHORITIES SINCE IT and hypocritically WAS FIRST DIAGNOSED IN resume the supply LASSA IN BORNO STATE IN of basic personal 1969 protective equipment (PPE) and hand sanitisers to hospitals,â€? said the nurses who added that “as soon as the tension dies down, hand sanitisers, PPEs, electricity and even running water disappear and become essential commodities in our hospitals, leaving our compassionate nurses and physicians with the pathetic option of treating patients largely unprotectedâ€?. While the nurses also raised several other pertinent issues pertaining to welfare and neglect of the health sector by both the state and federal governments that should be looked into, it is

Letters to the Editor

noteworthy that Lassa fever has been a serious challenge to Nigeria’s health authorities since it was ďŹ rst diagnosed in Lassa (the village for which it was named) in Borno State in 1969. Despite the fact that there have been efforts in the past to contain the scourge, it is unfortunate that we have been witnessing frequent outbreaks in recent years.

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e, therefore, hope that the authorities will take both preventive and long-term measures this time around, especially given reports that the disease may have spread to Kogi State. Such measures include immediate release of adequate quantities of Ribavirin, the speciďŹ c antiviral drug for Lassa fever for prompt and adequate treatment of cases and deployment of rapid response teams from the Federal Health Ministry to Ebonyi and neighbouring states to assist in investigating and verifying the cases and tracing of contacts. More importantly, clinicians and relevant healthcare workers must be sensitised and mobilised in areas of patient management and care so that we do not continue to witness, as it has just happened in Ebonyi, the death of our health professionals and care givers. However, because the symptoms of Lassa fever are so varied and non-speciďŹ c, clinical diagnosis is often difďŹ cult, especially early in the course of the disease. For that reason, steps should be taken by the federal government to direct all health facilities in the country to emphasise routine infection prevention and control measures. Healthcare workers should also be advised to always be careful to avoid contact with blood and body uids in the process of caring for sick persons. While we believe that with effective coordination the disease can be contained quickly before it becomes another national epidemic with dire implications for the lives of our people, the real challenge is to work towards its total eradication. That is a task for the health authorities at all levels of government in our country.

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.

LAKE CHAD: A VICTIM OF CLIMATE CHANGE

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here used to be dense woodland hosting many plant and animal species in addition to millions of people is now a threat to life. History has it that Lake Chad had a surface area of a million square kilometres some 5,000 years B.C. Even in the 1960’s it surface area was about 28,000 km2. European birds couldn’t help but to choose it as a tourist site as they visit the lake on annual basis; add to this the many native birds that call nowhere home except Lake Chad. One can say humans are the sole beneficiaries of the region. The lake is a source of livelihood to millions of people that live around it. Nationals from Nigeria, Chad, Cameroon and Niger share the lake in different proportions. Tilting the soil and sailing the water for 24 hours in every single day of the year, there could be no better resource than the lake within the over 2.4 million km2 circumference of the Lake Chad River Basin. No wonder Kanem empire, one of world’s longest documented kingdoms in human history, flourished within this region for over a thousand year. Hunger is unheard for and poverty had no place here. All that was shared was the love, we-feeling, joy and of course food. Out of the blues, the woodland began to disappear, and the northern Sahara desert began to encroach as fast as wild fire. Temperature is now at the extreme as it alternates between day and night. This is no good news to the biotic

factors inhabiting the region. The mobile ones began to migrate while others chose to exit the universe in their entity. For those that are left, their lives are endangered. If only they had choice, they would have left. Living components began to decline drastically in number as they do so in specie. To the over 68 million people in the region, the story is no longer the same; the lake has shrunk to less than 1,350 km2 now. The Kanem kingdom falls alongside the lake. Hunger is prevalent and one needs not stress himself to notice it. Greed, poverty and illiteracy have now taken over. Fighting among different nationals over the residual water is quite rampant. Every new threat has the potential of triggering another, just like a chain. Now, terrorism has set in consequent to poverty and illiteracy but indirectly to climate change. Human lives are lost in thousands yearly if not to bullets and bombs then to hunger and starvation. The situation is pathetic; millions are displaced both internally and otherwise. Properties worth billions of dollars are lost to this. Climate change is real. It is the author of the most neglected environmental disaster on earth – the lake Chad. Or perhaps, humans are to be blamed because they are the creators of climate change itself. If they are then, here is a responsibility they cannot shy away from - saving the Lake Chad. Inter-basin water transfer also known as transaqua is a project that has the potential of reversing the effect of

climate change in the Lake Chad River Basin. Ubangi River, a tributary of the biggest river in Africa, Amazon, will be diverted to Chari, the biggest tributary to Lake Chad in order to recharge the lake. This will also actualise to some extent the great green wall, a barrier between the Sahel and the Sahara desert, some seven million hectares of land can be acquired for irrigational agriculture; canals can be constructed to link land locked countries in the region to the Atlantic Ocean hence, opening them to international commerce and electricity will be generated in the course of the project. The project is capital intensive requiring some $14.5b. If actualised, the region will be transformed from the centre of hunger, starvation and terrorism to the food basket of the world. Ultimate solution however is to boycott fossil fuel and cut down carbon emission in the entire world. After all, scientists have shown that Lake Chad’s shrinkage is attributed to air pollutions released in America and the European world which led to shifting rainfall patterns farther south, leaving the northern region drier. That can be proven considering the fact that Lake Chad regained some of its water when Europe decided to reduce carbon emission as seen in its satellite image of 2007. If that had continued, it would have recovered to its full size by now and even the Sahara desert could be reclaimed to some extent. That is a hope this vulnerable community cherish immeasurable! Sadiq Muhammad Rijiya, Borno State

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T H I S D AY ˾ MONDAY, JANUARY 22, 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

Demystifying Herdsmen-Farmers’ Clashes Emotions and primordial sentiments rather than reasons appear to be guiding the search for a lasting solution to the seemingly intractable clashes between Fulani herdsmen and farmers. Tobi Soniyi distills the facts from fiction in the search for a solution to this new threat to national integration

Cooperation of Governors of Southern States Needed

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opes that the country will come up with a workable and lasting solutionn to the Fulani herdsmen-farmers’ clashes are fading very fast. This is because the reactionary steps being taken by the federal government will not address the root causes of the problem. Sadly, however, the federal government alone can not take the blames for this failure. States, groups, individuals, as a matter of fact, all of us must share in the blame for allowing the crisis to fester. You may be wondering how we all contributed to this failure. The answer will come in due course. Let us begin by identifying the lies, the half truths, the partisanship and the poor judgment and reasoning that have characterised our handling of the clashes. Let us also be honest enough to admit that many of us are either pro-herdsmen or anti-herdsmen. The pro-herdsmnen comprises mostly those in the core northern parts of the country including the Fulanis, the Hausas, the Muslims with the exception of the minorities in the north. The anti-herdsmen are largely southerners, non Muslims in the north especially in the middle belt. Just like anything Nigeria, the herdsmen-farmers’ clashes have assumed ethnic colouration. If anyone is in doubt, consider the reactions coming from people from these two divides to the herdsmen-farmers clashes. It is easier to know which group someone belongs to by his or her reaction to the deadly clashes. This issue has become us versus them. In our desperation to justify our position, we have lost the middle ground that is capable of producing a lasting solution to a national crisis. However, as Chidi Odinkalu would say, there is so much information but little knowledge. There is also so much mis-information but little knowledge. Nazifi Abdullahi, an Associate Professor at the University of Abuja properly identified the crux of the matter as scarce resources. Farmers want more farmland. Herdsmen also want more land for grazing. He also stated that security operatives including Department of State Security and the police have all failed in their duty to protect the people. He went on to say that every Nigeria has the constitutional right to do business in any part of the country provided he is law

abiding. With this, Abdullahi implied that the herdsmen have the constitutional right to graze in any part of the country. He is right to the extent that herdsmen have the right to graze anywhere in the part of the country but that is where we part ways. This leads us to some of the misconceptions from both sides which are making finding a common ground difficult. Herdsmen Have the Right to Graze in any Part of the Country. Yes, the herdsmen have the right to graze in any part of the country. But there is a proviso. In the south, there are no grazing routes as they have in the north. The question is on whose land will the grazing take place? Even though the Land Use Act vests land in the governors, virtually every piece of land in the south belongs to someone. The herdsmen have no right under the constitution to enter into someone else’s farmland for grazing. They are even precluded, under the law of trespass, from passing through someone’s farmland. Someone has to explain this to the herdsmen. Just like a trader from Anambra has the constitutional right to go to Kano and do his business, he can not just settle on somebody’s land and starts his trade. He can not just break into someone’s house and take over a shop just because the constitution allows him to trade in Kano. The same applies to herdsmen. They can not just enter into someone’s farmland and destroy the crops. The constitution guarantees no such right. It beholds on leaders in the north to explain to the herdsmen that their right to graze stops where someone’s right to farm starts. A different scenario may obtain in the north where there are grazing routes. It is the responsibility of government both at the federal and state level to dig into the archives and bring out the map indicating these grazing routes. The federal government should lead in this direction.

The reactionary steps being taken by the federal government will not address the root causes of the problem

Investigation shows that much of these grazing routes in the north have been taken over by powerful men and are being used for farming. Government should wake up to its responsibility and retrieve these grazing routes. President Muhammadu Buhari Did not Create the Problem And so what? Another fallacy which has been raised by those defending the president’s halfhearted response to the deadly clashes between farmers and herdsmen is that the president did not create the problem. This response is very ridiculous. One, nobody said Buhari created the problem. The fact that he did not create the problem is also not a defence for not doing enough to protect the lives of both the herdsmen and the farmers. Farmers have been killed. Fulani herdsmen have been killed. One of the primary responsibility of government is to protect lives and properties. Anything short of that will amount to abdication of responsibility. Today, as the president of Nigeria, the president has the responsibility to protect the citizens. Period. While he may not have all the answers, he is expected to work with state governors to protect lives and properties. Herdsmen Enjoying Tactical Support from the President This is absolute false. Because heads of security agencies have failed the country due to their inability to stop the carnage does not necessarily mean that the president supports the herdsmen and the atrocities they commit. Others have also argued that because the president himself is Fulani and also owns cattle, he must be supporting the herdsmen. There is no evidence to jump into such a conclusion. We leave in a gullible society where every information circulated on whassap is taken as the truth. Leaders should be careful enough and verify whatever information they choose to share on social media. However, the president should take the blame for refusing to sack those heads of security agencies for failing him and the nation. Since he appointed them, he must take the blame for their failures. Having failed severally, many believe that those heading these agencies do not have what it will take to carry out the president’s directive to stop the carnage. All over the world, when a policeman is killed, the police usually go the extra mile to

bring the killer to justice but the leadership of the Nigeria Police Force is not bothered by the killing its men. That is a shame. Herdsmen are Muslims on a Mission to Kill Christians False. Closely related to the above is the claim in some quarters that the Fulanis are Muslims and are on a mission to kill Christians. This is also fallacious. Many farmers who are Muslims have been killed in Kastina and Zamfara by Fulanis. Besides, some of the Fulanis already caught are not Muslims in the real sense of the word. They don’t are about Islam, don’t even know the teachings of the religion and do not practice Islam. It is therefore incorrect to claim that they are Muslims who are on a mission to kill Christians. Such obfuscation makes finding a workable solution difficult. We are already overwhelmed with prejudices and unable to see clearly. We must all remove these prejudices and sentiments to enable us make rational decisions. Passing Grazing Laws will Solve the Problems Many states have taken the view that by passing anti-grazing laws, they would be able to take care of the problems. These states resorted to this option because the federal government refused to show leadership after it failed to come up with solutions to the clashes between the herdsmen and the farmers. However, it is now becoming obvious that this is not a problem a state governor can solve on his own. Among other challenges, states don’t have their own police. Who will enforce the anti-grazing laws? Anti-grazing laws have not stopped deadly clashes in Benue state. It will not stop it in Taraba either. Other states thinking of passing such laws should have a rethinking. Every State is Under Obligation to Provide Herdsmen with Grazing Land There is no such obligation. It is like saying that every state is under obligation to provide a fish pond to those who are into fishery. Investigation has also shown that the Minister for Agriculture, Chief Audu Ogbeh has written to all the 36 state governors asking them to release 5,000 hectares of land for gazing but less than have responded positively. The federal government CONT’D ON NEXT PAGE

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POLITICS

MONDAY DISCOURSE

DEMYSTIFYING HERDSMEN-FARMERS’ CLASHES

The President should consult more stakeholders

should understand that these states are not under any obligation to release any land for the purpose of grazing. However, the federal government can persuade them. Rather then making it mandatory for states, the federal government should beg states governors. Who knows, they may be persuaded to accept. But it must be clearly stated that states are not under obligation to release their land. As it is, the crisis does not look like one that one state or the federal government alone can resolve. It will require a collective effort to arrive at a solution. People Have Been Killed in other States, Why Should Benue Killings be Special? Following the national uproar and condemnation that greeted the Benue killings, some people could not understand why the whole country suddenly rose up to condemn the killings. They claimed that more than 800 people were killed in Taraba State and hundreds other were also killed in Zamfara. They went further to accuse the media of not giving the same publicity given to the Benue killings to the killings in Taraba and other states. First, killing of human being in any part of the country or in any part of the world is condemnable. If the media attention was drawn to killing of human being in any part of the country, the media will certainly report it. If the authorities in Zamfara and Taraba states chose to play down and hide the killings in the two states from the media while the authorities in Benue chose to make the killings in the state public, then no one should blame the media. The media has no special interest in Benue. The only difference is that the authorities in Benue made the killings a media event why those in Taraba and other states chose not to. After Boko Haram declared war on Nigeria, many media organizations reduced their presence in the north. This may explain why clashes in the up north do not often get media attention they deserved. This raises another issue, the country is not doing enough in dissemination of information. Other countries will, by now, have a record of how many people have lost their lives to deadly clashes between herdsmen and farmers. We don’t even have the capacity to keep record as a country. The likelihood is that no one knows for sure how many people have been killed as a result of these clashes. Perhaps, we are waiting for one foreign country to tell us. This is also not acceptable. The Way Forward As stated earlier, there are enough blames to go round. Even the media has its own share. Both the federal government and the states should also accept the fact that they have not done enough. Education is Key Today there are conflicting reports on what the actual situation is. There are questions begging for answers. Among them are: are the herdsmen truly the people doing these killings? If they

Audu Ogbeh must explain cattle colonies

are, how do they manage to escape with their cows or do they keep the cows somewhere and go elsewhere to do the killings? Or are there other Fulani group who come from neighbouring countries to perpetuate these killings and then quickly return to their base outside Nigeria? Do such bandits have a working relationship with the herdsmen or other groups that give them information? Except will get the right answers to these questions, we will continue to apply the wrong cure. In view of the fact that Benue and Taraba are border states, there is an urgent need to look critically at the border. We may even have a border patrol, perhaps through helicopters. An Inspector General of Police who dismisses these deadly clashes simply as lack of understanding between two different communities can not lead the police to unravel the herdsmen’s mystery. Therefore, the government should ask for a detailed intelligence report on these clashes which should be shared among state governors. A Collective Approach Required Even though we still do not have a full understanding of the Fulani herdsmen-farmers clashes, we at least know that it is a national crisis. A national problem requires the states and the federal government working together to come up with a solution. The federal government should lead. Each state should also identify the leaders of the herdsmen and engage with them. Part of the reasons why these clashes continue is that there is usually no one to hold responsible for damage to farmland. When cows are stolen, the herdsmen also do not have someone they can report to who will help them find the person who steals the cow. To avoid reprisals, the party who has suffered any act of injustice must have a body to report to and must have the assurance that something is being done. In this wise, he will not take the law into his hands seeking revenge. In one sense, these deadly clashes are a stark reminder that our westernised justice system is not serving us right. There must be responsibility. Somebody must take responsibility for wrongdoing. The suggestion above has already been tested in some states and is working. Time to Change Heads of Security Agencies President Muhammadu Buhari is one who takes delight in retaining his appointees who are under-performing. This is one of the reasons why he had been accused of supporting herdsmen. Heads should have rolled by now. The Nigerian

In our desperation to justify our position, we have lost the middle ground that is capable of producing a lasting solution to a national crisis

Immigration Service has failed in protecting the borders. Bandits move in and out at ease. The DSS has office in all states but can not gather the required intelligence to prevent these clashes. The police are helpless. Even their men are killed and no one was held responsible for their killings. Yet, the president has chosen to retain those leading these organisations! Take Back Grazing Routes Reports have shown that in the northern part of the country, the colonial masters mapped out grazing routes before they left. There are also maps showing these routes. Why is it taking the federal government this long to bring out the maps? Those who have knowledge of this said that some big men including retired military top brass have converted parts of the grazing routes farming. The time has come to take such land back and educate the herdsmen to restrict themselves to the routes. We don’t have to wait for another killings to take place before we do this. Appeal to States in the South Some people have claimed that the herdsmen wanted to claim their land and that they were not just looking for where to graze but where to colonise. This insinuation has emboldened the states in the south making it difficult to get a concession from them for grazing land. The federal government needs to address this fear by assuring them that the herdsmen are not coming to take their land. They are nomadic and are not looking for land to settle into. Any state willing to grant land to herdsmen should first engage with the leaders of the herdsmen and obtain a commitment from them. We can also have a committee comprising herdsmen and community leaders who will response to dispute when it arises. We can no longer brush this problem aside. We can no longer pretend it does not exist. Need for Clarity Initially, the federal government through the Minister for Agriculture, Chief Audu Ogbe proposed adoption of ranching as a solution to the problem. That idea was widely received with enthusiasm by many Nigerians. However, while the country waited for government to put ranch in place, the minister changed tune and said cattle colony would now be the solution. He got many people confused. Today, many want to know what cattle colonies mean and what the differences are with ranching. The Attorney General and Commissioner for Justice in Taraba State, Yusufu Akirikwen spoke the mind of many Nigerians when he said: ““The truth of the matter is that the idea of cattle colony is still not very clear for most Nigerians. “Where would the federal government get land for cattle colonies? “Would they sit there in Abuja and acquire

land across the states of the federation for cattle colonies? “We have enacted a law for ranching here in Taraba, but we are not acquiring land for people, herdsmen and cattle owners are going to buy land and do their ranching business.” Convey an Emergency Meeting of Stakeholders Opposition against cattle colony is already mounting because the government has not consulted widely enough. A former Plateau State governor, Jonah Jang, had said his constituents were opposed to the creation of cattle colonies as proposed by his successor, Simon Lalong. Jang, who represents Plateau North in the Senate, said in Jos on Friday that he had met with his constituents to gauge their feelings on the proposal. “My people are against cattle colonies; they have said that they would not relinquish their ancestral lands for the purpose of grazing reserves or colonies,” Jang said in a statement signed by his media consultant, Clinton Garuba. Lalong had told State House correspondents in Abuja on Thursday that he would introduce cattle colonies instead of enacting a law to ban open cattle grazing in Plateau. But Jang said the governor spoke for himself and not for the people of Plateau State. He said: “Cattle colonies are detrimental to the people and will not be accepted. The Plateau government is aware of this. “As far as the people of my senatorial zone are concerned, Lalong spoke for himself and not for us.” Also the Senator representing Kogi West Senatorial District, Dino Melaye has rejected the idea of cattle colony in his district. He said: “As a true representative of the people of Kogi West senatorial zone and on behalf of my constituents, we warn in strong terms that our soil, land, water and air cannot be used for cattle colonies. “Let it be clear to all the insensitive people behind the idea that Kogi West will resist the establishment of any cattle colony within our domain politically, spiritually, traditionally and with any means available within the ambit of the law.” This thickening opposition shows that government needs to consult widely. It is wrong to foist on the people what the government at the centre thinks is the solution. There will be no buy in. The federal government should consult more, listen to states and senatorial districts and brainstorm. The likelihood is that any solution agreed on by all we have a collective buy in. This idea of a headmaster in Abuja imposing its idea on states will not work. In this regard, the government is advised to call a meeting of stakeholders where the issue will be discussed. A stitch in time saves nine.

T H I S D AY ˾ MONDAY JANUARY 22, 2018

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FEATURES

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

The Benue Widows George Okoh writes that the women of Benue are heart-broken following the killing of their husbands and children in the most gruesome manner by suspected Fulani militias

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t was like a tornado when on the eve of New Year, thousands of Fulani militias invaded the farming communities of Guma and Logo local government councils of Benue State killing scores of women, children and yet unborn babies in the most gruesome manner. The aftermath of the killings by the headsmen has brought so much sorrow, tears and blood to the state and in particular to the women of the state whose children and husbands were hacked down and butchered to death. According to Madam Elizabeth Hangem, who lost her husband and a young son, there is nothing to cherish in this life again. "They have made us widows over night and our children and the unborn are being killed in our own ancestral homes. What have we done to merit this? I curse the day God brought us in contact with the Fulanis," she added while crying profusely. She said several women and children have been displaced while many have not been seen since the killings started. Another victim Mrs. Mbalumum Aondotsugh said she made a panicked dash for the bush, where she hid in a thick jungle and watched her family’s last moments. She said teenagers and adults were shot with rifles, while babies and toddlers, including his youngest daughter, Dooter Aondotsugh were slaughtered. She cried as she described seeing her relative and children die, meticulously naming and counting them on both hands until she ran out of fingers. More than 80,000 of the people of Guma and Logo have fled to Makurdi bringing with them stories that they say describe ethnic cleansing. Most affected are women from Ayilamo, Turan and Gaambe-tiev in Logo Local Government and Akor, Umenger and Tomatar in Guma Local Government Area. As a result, women across Benue State while mourning called on the wife of President Muhammadu Buhari, Mrs. Aisha Buhari, to rise up as the mother of Nigeria to challenge her husband to reshape the nation's security architecture that would guarantee the safety of mothers and children in their homes. The women led by a former Commissioner for Women Affairs and Social Development in the state, Mrs. Elizabeth Apedzan, said that they have decided to troop out in their numbers to government to commiserate with the wife of the governor of Benue State, Mrs. Eunice Ortom over the killing of unarmed mothers and children as well as other people in Guma and Logo LGA. Apedzan stated that Benue women would not stop to cry until Buhari decided to do the needful by deploying relevant adequate security to the state to avert further killings. She condemned the killings, describing them as ethnic cleansing and called on President Buhari to rise to the occasion by bringing the killings to an end. ''We have asked him to denounce being patron of the Miyetti Allah,'' she stated. Also speaking, wife of the Tor Sankara, Chief (Mrs.) Elizebath Shuluwa, called on Mrs. Ortom to lead a delegation of Benue women to the wife of the President, Aisha Buhari to speak

They have made us widows over night and our children and the unborn are being killed in our own ancestral homes. What have we done to merit this?

The widows carrying placards at the mass burial of 73 victims of herdsmen attack in Benue

to her husband to come to the aid of Benue. Mrs. Ortom who couldn’t control her emotion, promised to meet the wife of the president to express their anger and grief to her. Also speaking for the women, Mrs. Josephine Habba, coordinator of civil organisation in the state called on the president to deploy security to the state. She said the killer herdsmen should be classified as a terrorist group. The persistent crises between the Fulani herdsmen and their host native Tiv community took a heinous dimension on New Year day when a group of Fulani herdsmen stormed communities in Guma and Logo Local Government Area of Benue State killing scores of people in a gestapo manner. The killer herders brought a sorrowful end to over 50 unarmed locals who were still celebrating the New Year cross over night. According to a survivor of the gruesome

attack, Terna Acka, the invaders came into Logo Local Government at about 10a.m. on New Year's day shooting sporadically as worshippers were coming out of churches in Ayilamo, Turan and Gaambe-tiev areas of the council. He disclosed that several persons were killed while many are still missing and several houses and property worth millions of naira were also destroyed. While holding back tears, he also narrated how three members of the newly constituted Livestock Guards set up by Governor Samuel Ortom for the implementation of Anti-open Grazing Law were murdered. In the same day while the attack was going on in Logo, another group of herders in their hundreds invaded Akor, Umenger and Tomatar in Guma Local Government Area, home country of Governor Samuel Ortom, killing and maiming any living object in sight.

They left in their wake over 20 dead persons in a very gory state. The renewed crisis which is coming few weeks after similar skirmish in Ado and Otukpo Local Government Area of the state which left over six persons dead and several people homeless with no source of livelihood as houses, huts and food storage bans were also destroyed by the invaders. Worst hit by the carnage were women and children most of whom have taken shelter at nearby forests and bushes. The invaders who were suspected to be Fulani mercenaries matched from Nasarawa and Taraba border villages to take on their victims without any resistance from the native Tiv inhabitants. And at the end of the invasion, lives, houses, huts, economic trees, farm seedlings and harvests were devastated, burnt and destroyed.

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FEATURES

Wife of Benue State governor, Mrs. Eunice Ortom (left) and ďŹ rst female Speaker in Nigeria, Mrs. Margaret Icheen, at the mass burial

Another victim Francis Akile who claimed that he lost his younger brother in the attack said tension was building up before the attack as the herders and their cattle in thousands were seen moving around and afraid to enter their communities due to the Benue State Anti-open Grazing Bill that was recently signed into law by the Benue State Government. “They have been lurking around while threatening us that they will come in and graze whether we like it or not but surprising to us without provocation they came in on Sunday night macheting and killing my people.� House of Representatives Mr. Dickson Tarkighir regretted that youths, women and children were hacked down with machetes by the rampaging herdsmen who also destroyed farm yields and seedlings of the farming populace.

Women across Benue State while mourning called on the wife of President Muhammadu Buhari, Mrs. Aisha Buhari, to rise up as the mother of Nigeria to challenge her husband to reshape the nation's security architecture that would guarantee the safety of mothers and children in their homes

Caskets bearing 73 victims of herdsmen attack in Benue

“The situation is really pathetic because most of the affected people, apart from being displaced can hardly feed themselves,� he added. He said he was still in shock over the attack which he described as barbaric, inhuman and sad. “Why this? We were in the New Year mood and celebrating a bumper harvest of last year when this marauding evil mercenaries came in and killed us en mass even as we have been relatively safe due to enforcement of the Anti-

open Grazing Law.� He said as a lawmaker in the National Assembly, he and other members from the state have been doing everything possible to bring an enabling environment devoid of these heinous attacks to the state, adding that they have sponsored bills on ranching as the only solution to the menace of the herders. Tarkighir called on the Fulani herdsmen to respect the laws of the land adding that

the Anti-open Grazing Law was not targeting anybody but was done to protect both the herders and farmers in the state. He called on the federal government to immediately bring succour to the communities affected. “As you can see this year farming season will be greatly affected and may even lead to famine as people in our farming community are leaving en mass out of fear of further attacks.

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R-L: Head, Learning Academy, Fidelity Bank Plc, Olusegun Esho; Head, Corporate Social Responsibility (CSR), Chris Nnakwe; Head Teacher, Salvation Army Primary School, Ebute Metta, Bisola Susanne Oloidi; Chief Human Resources OďŹƒcer, Charles Nwachukwu; Executive Director, Shared Services and Products (EDSS&P), Chijioke Ugochukwu; Education Secretary, Mainland Local Government Education Authority, Tijani Tajudeen, during the oďŹƒcial handover ceremony of educational materials donated by the bank and sta to Salvation Army Primary School in Lagos... recently

THISDAY Model Portfolios Hit 44% on Continuing Bull Run Goddy Egene In line with the rally at the stock market, the THISDAY Model Portfolio (TMP) rose further last week to hit a record 43.9%, up from 38.1 per cent the previous week. The TMP has maintained a steady rise following the bullish trading that has seen prices of equities hit record levels. The benchmark index of the Nigerian Stock Exchange (NSE) appreciated by 5.1 per

CAPITAL MARKET cent last week to bring the year-to-date growth to 17.9 per cent and a nine-year high. Similarly, the TMP has continued to appreciate as the stocks in the portfolios enjoy high demand. 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 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. Continued on page 24

Huge Debt Service Cost in Nigeria, Others, Worries Moody’s Obinna Chima The elevated public debt-service cost in Nigeria and some other countries in Africa calls for concern, Moody’s Investors Service stated in a report at the weekend. The region’s debt-servicing cost on weighted-average basis increased to almost to 12.3 per cent of revenue in 2017 from seven per cent in 2013, and was expected to hover at around 13per cent in the medium term, one of the leading global rating agencies revealed. Moody’s noted that while this largely reflects a sharp fall in revenue and increasing borrowing costs for oil exporters, particularly Nigeria, interest costs relative to revenue were escalating across the region. Also, Moody’s stated that

ECONOMY the outlook for sovereign ratings in Nigeria and other countries in sub-Saharan Africa, were negative for the coming 12-18 months, driven by the region’s subdued and fragile growth recovery, which also weighs on the prospects for fiscal consolidation and debt stabilisation. It stated this in a report titled: “Sovereigns -- sub-Saharan Africa, 2018 outlook negative amid subdued growth, elevated debt and political risks.� “Our negative outlook for sub-Saharan African sovereigns reflects the region’s subdued growth recovery, fiscal challenges and heightened political risks,� Moody’s Vice President -- Senior Analyst and the report’s co-

author, Zuzana Brixiova said. “Higher and more stable global growth will provide limited uplift to Africa’s growth because commodity prices are still low and there are domestic structural bottlenecks. “Risks stemming from government balance sheet pressures and liquidity stress as well as external imbalances remain elevated, while domestic political tensions increase policy uncertainty and impede reforms.� Moody’s expects growth in sub-Saharan Africa to accelerate to 3.5 per cent in 2018 from an estimated 2.6 per cent in 2017, supported by the strengthening global economy and a modest rise in commodity prices. However, it noted that the recovery remains fragile, uneven and sub-par and barely above population growth. Falling pro-

ALAT, the digital bank powered by Wema Bank has been adjudged ‘Best Mobile Banking App’ and ‘Best Digital Bank for 2017’ in this year’s World Finance Digital Banking Awards, which celebrate organisations that lead the way with digitalisation, while meeting consumer demands and mitigating against accompanying risks along the way. Ă’Ă? ĂœĂ?Ă?Ă™Ă‘Ă˜Ă“ĂžĂ“Ă™Ă˜ ĂŒĂŁ Ă™ĂœĂ–ĂŽ Ă“Ă˜Ă‹Ă˜Ă?Ă?Ëœ Ă‹ Ă‘Ă–Ă™ĂŒĂ‹Ă– ĂšĂœĂ“Ă˜Ăž Ă‹Ă˜ĂŽ Ă™Ă˜Ă–Ă“Ă˜Ă? Ă—Ă?ĂŽĂ“Ă‹ Ă“Ă˜Ă?ÞÓÞĂ&#x;ĂžĂ“Ă™Ă˜Ëœ ĂĄĂ’Ă“Ă?Ă’ ĂšĂœĂ™Ă Ă“ĂŽĂ?Ă? Ă?Ă™Ă—ĂšĂœĂ?Ă’Ă?Ă˜Ă?Ă“Ă Ă? Ă?Ùà Ă?ĂœĂ‹Ă‘Ă? Ă‹Ă˜ĂŽ Ă‹Ă˜Ă‹Ă–ĂŁĂ?Ă“Ă? Ă™Ă? ÞÒĂ? Ę¨Ă˜Ă‹Ă˜Ă?Ă“Ă‹Ă– Ă“Ă˜ĂŽĂ&#x;Ă?ĂžĂœĂŁ Ă‹Ă˜ĂŽ ÞÒĂ? Ă‘Ă–Ă™ĂŒĂ‹Ă– Ă?Ă?Ă™Ă˜Ă™Ă—ĂŁËœ Ă“Ă? ÞÒĂ? Ă–Ă‹ĂžĂ?Ă?Ăž Ă“Ă˜ Ă‹ ĂŽĂ?Ă–Ă&#x;Ă‘Ă? Ă™Ă? Ă‹ĂĄĂ‹ĂœĂŽĂ? ÞÒËÞ Ă’Ă‹Ă? Ă‘ĂœĂ?Ă?ĂžĂ?ĂŽ ÞÒĂ? Ă‹ĂœĂœĂ“Ă Ă‹Ă– Ă™Ă? Ă“Ă˜ ÞÒĂ? Ă?ĂœĂ“Ă?Ă‹Ă˜ ĂŒĂ‹Ă˜Ă•Ă“Ă˜Ă‘ Ă?ÚËĂ?Ă?Ë› Ă‹Ă?Ăž ĂŁĂ?Ă‹ĂœËœ ĂĄĂ‹Ă? Ă˜Ă‹Ă—Ă?ĂŽ ÞÒĂ? ËŠ ÓÑÓÞËÖ Ă‹Ă˜Ă•Ă“Ă˜Ă‘ Ă–Ă‹ĂžĂ?Ă™ĂœĂ— Ă™Ă? ÞÒĂ? Ă?Ă‹ĂœËŞ ĂŒĂŁ Ă&#x;Ă?Ă“Ă˜Ă?Ă?Ă? Ă‹ĂŁËœ Ă“Ă‘Ă?ĂœĂ“Ă‹ËŞĂ? Ă?Ă™ĂœĂ?Ă—Ă™Ă?Ăž ĂŒĂ&#x;Ă?Ă“Ă˜Ă?Ă?Ă? Ă˜Ă?ĂĄĂ?ÚËÚĂ?ĂœË› Ă’Ă? Ă‹Ă˜Ă• Ă‹Ă–Ă?Ă™ ĂĄĂ™Ă˜ Ă‹Ă˜ Ă‹ĂĄĂ‹ĂœĂŽ Ă?Ă™Ăœ âĂ?Ă?Ă–Ă–Ă?Ă˜Ă?Ă? Ă“Ă˜ ĂœĂ‹Ă˜Ă?Ă’Ă–Ă?Ă?Ă? Ă‹Ă˜Ă•Ă“Ă˜Ă‘ Ă“Ă˜ ÞÒĂ? Ă?ĂĄ Ă‘Ă? Ă‹Ă˜Ă•Ă“Ă˜Ă‘ ĂĄĂ‹ĂœĂŽĂ?Ëœ Ă‹Ă˜ĂŽ ĂĄĂ‹Ă? Ă‹Ă–Ă?Ă™ Ă˜Ă™Ă—Ă“Ă˜Ă‹ĂžĂ?ĂŽ Ă‹Ă? ÞÒĂ? ĂŒĂ?Ă?Ăž Ă“Ă˜Ă˜Ă™Ă Ă‹ĂžĂ“Ă Ă? ÎÓÑÓÞËÖ Ă?ÙÖĂ&#x;ĂžĂ“Ă™Ă˜ Ă“Ă˜ Ă“Ă‘Ă?ĂœĂ“Ă‹ ĂŒĂŁ ÞÒĂ? Ă™ĂœĂ–ĂŽ Ă&#x;Ă—Ă—Ă“Ăž ĂĄĂ‹ĂœĂŽĂ?Ë› Ù××Ă?Ă˜ĂžĂ“Ă˜Ă‘ Ă™Ă˜ ÞÒĂ? Ă‹ĂĄĂ‹ĂœĂŽĂ?Ëœ ÞÒĂ? Ă‹Ă˜Ă‹Ă‘Ă“Ă˜Ă‘ Ă“ĂœĂ?Ă?ĂžĂ™Ăœ Ă‹Ă˜ĂŽ Ă’Ă“Ă?Ă? âĂ?Ă?Ă&#x;ÞÓà Ă? ĘŠĂ?Ă?Ăœ Ă™Ă? Ă?Ă—Ă‹ Ă‹Ă˜Ă•Ëœ ĂœË› Ă?Ă‘Ă&#x;Ă˜ ÖÙÕĂ?ĂžĂ&#x;ĂŁĂ“ Ă˜Ă™ĂžĂ?ĂŽ ÞÒËÞ Ă‹Ă? Ă‹ Ă?Ă™ĂœĂĄĂ‹ĂœĂŽĚ‹ĂžĂ’Ă“Ă˜Ă•Ă“Ă˜Ă‘ ĂŒĂ‹Ă˜Ă•Ëœ Ă?Ă—Ă‹ Ă’Ă‹Ă? Ă‹Ă–ĂĄĂ‹ĂŁĂ? Ă?Ù××ÓʾĂ?ĂŽ Ă’Ă&#x;Ă‘Ă? ĂœĂ?Ă?Ă™Ă&#x;ĂœĂ?Ă?Ă? ÞÙ ĂžĂ?Ă?Ă’Ă˜Ă™Ă–Ă™Ă‘ĂŁË› ËŤ Ă? Ă’Ă‹Ă Ă? ĂŽĂ?Ă Ă?ÖÙÚĂ?ĂŽ Ă“Ă˜Ě‹Ă’Ă™Ă&#x;Ă?Ă? Ă?ËÚËĂ?ÓÞã Ă‹Ă˜ĂŽ Ă?Ă‹ĂšĂ‹ĂŒĂ“Ă–Ă“ĂžĂ“Ă?Ă? ÞÙ Ă?Ă˜Ă‹ĂŒĂ–Ă? Ă&#x;Ă? ĂšĂœĂ™Ă Ă“ĂŽĂ? ĂŒĂ?Ă?ĂžĚ‹Ă“Ă˜Ě‹Ă?Ă–Ă‹Ă?Ă? ÎÓÑÓÞËÖ ĂŒĂ‹Ă˜Ă•Ă“Ă˜Ă‘ Ă?Ă?ĂœĂ Ă“Ă?Ă?Ă? Ă‹Ă?ĂœĂ™Ă?Ă? Ă‹Ă–Ă– ÞÙĂ&#x;Ă?Ă’ ĂšĂ™Ă“Ă˜ĂžĂ?˛ˏ ËŤ ĂĄĂ‹Ă? Ă?Ă™Ă˜Ă?Ă?Ă“Ă Ă?ĂŽ Ă‹Ă˜ĂŽ ĂŽĂ?Ă Ă?ÖÙÚĂ?ĂŽ ĂŒĂŁ Ă“Ă‘Ă?ĂœĂ“Ă‹Ă˜Ă?Ëœ ĂŒĂ&#x;Ăž ÞÙÎËã ÞÒĂ? ĂĄĂ™ĂœĂ–ĂŽ Ă’Ă‹Ă? Ă‹Ă?Ă?Ă?ÚÞĂ?ĂŽ Ă“Ăž Ă‹Ă˜ĂŽ ĂĄĂ? Ă‹ĂœĂ? Ă?ĂžĂ‹ĂœĂžĂ“Ă˜Ă‘ ÞÙ Ă?Ă˜Ă”Ă™ĂŁ Ă“Ă˜ĂžĂ?ĂœĂ˜Ă‹ĂžĂ“Ă™Ă˜Ă‹Ă– ĂœĂ?Ă?Ă™Ă‘Ă˜Ă“ĂžĂ“Ă™Ă˜ËœËŹ ÖÙÕĂ?ĂžĂ&#x;ĂŁĂ“ Ă‹ĂŽĂŽĂ?ĂŽË› Ă’Ă? Ă?Ă—Ă‹ Ă‹Ă˜Ă• ĂĄĂ’Ă™ Ă’Ă‹ĂŽ Ă“Ă˜ ĂœĂ?Ă?Ă?Ă˜Ăž ĂšĂ&#x;Ă?Ă’Ă?ĂŽ Ă‹ Ă˜Ă‹ĂœĂœĂ‹ĂžĂ“Ă Ă? Ă—Ă‹Ă˜ĂŁ ĂŽĂ“ĂŽ Ă˜Ă™Ăž Ă?âÚĂ?Ă?Ăž Ă?ĂœĂ™Ă— Ă’Ă“Ă? ;Ͱ̋ãĂ?Ă‹ĂœĚ‹Ă™Ă–ĂŽ ĂŒĂ‹Ă˜Ă•Ë› ÖÙÕĂ?ĂžĂ&#x;ĂŁĂ“ Ă’Ă‹Ă? ĂœĂ?Ă“ĂžĂ?ĂœĂ‹ĂžĂ?ĂŽ Ă™Ă˜ Ă?Ă?Ă Ă?ĂœĂ‹Ă– Ă™Ă?Ă?Ă‹Ă?Ă“Ă™Ă˜Ă? ÞÒËÞ Ă’Ă? ĂŒĂ?Ă–Ă“Ă?Ă Ă?Ă? ÞÒĂ? Ă?Ă&#x;ĂžĂ&#x;ĂœĂ? Ă™Ă? ĂŒĂ‹Ă˜Ă•Ă“Ă˜Ă‘ Ă“Ă? ĂŽĂ“Ă‘Ă“ĂžĂ‹Ă–Ëœ Ă‹Ă˜ĂŽ Ă’Ă? Ă’Ă‹Ă? ĂŒĂ‹Ă?Ă•Ă?ĂŽ Ă&#x;Ăš ÞÒÓĂ? ĂŒĂ?Ă–Ă“Ă?Ă? åÓÞÒ ĂšĂœĂ™Ă‹Ă?ÞÓà Ă? Ă?ĂžĂ?ĂšĂ? ÞÙ ĂŒĂœĂ“Ă˜Ă‘ ĂžĂ™Ă—Ă™ĂœĂœĂ™ĂĄËŞĂ? ĂŒĂ‹Ă˜Ă•Ă“Ă˜Ă‘ ÞÙ ÞÒĂ? ĂšĂœĂ?Ă?Ă?Ă˜Ăž ĂŽĂ‹ĂŁË› Ëœ Ă“Ă‘Ă?ĂœĂ“Ă‹ËŞĂ? Ę¨ĂœĂ?Ăž Ă?Ă&#x;Ă–Ă–ĂŁ ÎÓÑÓÞËÖ ĂŒĂ‹Ă˜Ă•Ëœ Ă“Ă? ĂŽĂ?Ă?Ă“Ă‘Ă˜Ă?ĂŽ Ă“Ă˜ ĂœĂ?Ă?ĂšĂ™Ă˜Ă?Ă? to the growing needs of Nigerians for a ďŹ nancial institution that Ă&#x;Ă˜ĂŽĂ?ĂœĂ?ĂžĂ‹Ă˜ĂŽĂ? ÞÒĂ?Ă“Ăœ Ă˜Ă?Ă?ĂŽĂ?Ëœ ĂœĂ?Ă?ĂšĂ™Ă˜ĂŽĂ? Ă›Ă&#x;Ă“Ă?Ă•Ă–ĂŁ ÞÙ ÞÒĂ?Ă— Ă‹Ă˜ĂŽ Ă’Ă?Ă–ĂšĂ? ÞÒĂ?Ă— Ă?Ă‹Ă Ă? Ă—Ă™Ă˜Ă?ĂŁË› ËŤ Ă“Ă? Ă˜Ă™Ăž Ă”Ă&#x;Ă?Ăž Ă‹ Ă‹Ă˜Ă•Ëœ ÓÞ˪Ă? Ă‹ Ă–Ă“Ă?Ă?Ă?ÞãÖĂ?ËœËŹ Ă?Ă‹Ă“ĂŽ Ă&#x;Ă˜Ă—Ă“Ă–Ă‹ĂŁĂ™ Ă‹Ă–Ă™Ă–Ă‹Ëœ Ă’Ă?Ă‹ĂŽ Ă™Ă? ĂœĂ‹Ă˜ĂŽ Ă‹Ă˜ĂŽ Ă‹ĂœĂ•Ă?ĂžĂ“Ă˜Ă‘ Ù××Ă&#x;Ă˜Ă“Ă?Ă‹ĂžĂ“Ă™Ă˜Ă? Ă‹Ăž Ă?Ă—Ă‹ Ă‹Ă˜Ă•Ë› ËŤ Ăž Ă“Ă? Ă‹ ĂŒĂ‹Ă˜Ă• Ă?ĂœĂ?Ă‹ĂžĂ?ĂŽ ÞÙ Ă’Ă?Ă–Ăš Ă?Ă&#x;Ă?ÞÙ×Ă?ĂœĂ? Ă‹Ă?Ă’Ă“Ă?Ă Ă? ÞÒĂ?Ă“Ăœ ĂšĂ?ĂœĂ?Ă™Ă˜Ă‹Ă– Ă‹Ă˜ĂŽ Ę¨Ă˜Ă‹Ă˜Ă?Ă“Ă‹Ă– ÑÙËÖĂ?Ëœ Ă“Ă˜ Ă–Ă“Ă˜Ă? åÓÞÒ Ă?Ă—Ă‹ Ă‹Ă˜Ă•ËŞĂ? Ă Ă“Ă?Ă“Ă™Ă˜ ÞÙ ĂŒĂ? ÞÒĂ? Ę¨Ă˜Ă‹Ă˜Ă?Ă“Ă‹Ă– Ă“Ă˜Ă?ÞÓÞĂ&#x;ĂžĂ“Ă™Ă˜ Ă™Ă? Ă?ÒÙÓĂ?Ă? Ă“Ă˜ Ă?Ă?ĂœĂ Ă“Ă?Ă? ĂŽĂ?Ă–Ă“Ă Ă?ĂœĂŁ Ă‹Ă˜ĂŽ Ă?Ă&#x;ĂšĂ?ĂœĂ“Ă™Ăœ ĂœĂ?ĂžĂ&#x;ĂœĂ˜Ă?˛ˏ ËŤ Ă? ĂĄĂ“Ă–Ă– Ă‹Ă–Ă?Ă™ ĂŒĂ? Ă&#x;Ă?Ă“Ă˜Ă‘ Ëœ Ă‹Ă? ĂĄĂ?Ă–Ă– Ă‹Ă? ÙÞÒĂ?Ăœ Ă?ÙÖĂ&#x;ĂžĂ“Ă™Ă˜Ă? ĂĄĂ? Ă’Ă‹Ă Ă? Ă?ĂœĂ?Ă‹ĂžĂ?ĂŽ Ùà Ă?Ăœ ÞÓ×Ă? ÞÙ Ă?Ă?ĂœĂ Ă? ÞÒĂ? ĂšĂ&#x;ĂœĂšĂ™Ă?Ă? Ă™Ă? ĂœĂ?Ă‹ĂžĂ“Ă˜Ă‘ Ă?Ă‹Ă–ĂžĂ’Ëœ ĂĄĂ’Ă“Ă?Ă’ Ă“Ă? Ă™Ă&#x;Ăœ ÞÒĂ?Ă—Ă? Ă?Ă™Ăœ Í°ÍŽÍŻÍśËœËŹ ËÖÙÖË Ă‹ĂŽĂŽĂ?ĂŽË› Ă–Ă™ĂŒĂ‹Ă– Ă“Ă˜Ă‹Ă˜Ă?Ă? ĂĄĂ“Ă–Ă– Ă?Ă™Ă˜Ă?Ă?Ăœ ÞÒĂ? Ă?Ă?Ăž Ă™ĂŒĂ“Ă–Ă? Ă‹Ă˜Ă•Ă“Ă˜Ă‘ ÚÚ Ă‹Ă˜ĂŽ Ă?Ă?Ăž ÓÑÓÞËÖ Ă‹Ă˜Ă• Ă‹ĂĄĂ‹ĂœĂŽĂ? Ă‹Ă? ĂšĂ‹ĂœĂž Ă™Ă? ÞÒĂ? Ă?Ă“ĂŽĂ? Ă?Ă Ă?Ă˜ĂžĂ? Ă‹Ăž ÞÒĂ? Ă™ĂœĂ–ĂŽ Ă?Ă™Ă˜Ă™Ă—Ă“Ă? Ă™ĂœĂ&#x;Ă— Ă?ĂœĂ“Ă?Ă‹ Ě™ Ěš Ͱ͎ͯ͜˛ Ă?Ă—Ă‹ Ă‹Ă˜Ă•Ëœ ÞÒĂ? ĂšĂ“Ă™Ă˜Ă?Ă?Ăœ Ă™Ă? Ă“Ă‘Ă?ĂœĂ“Ă‹ËŞĂ? Ę¨ĂœĂ?Ăž Ă?Ă&#x;Ă–Ă–ĂŁ ÎÓÑÓÞËÖ ĂŒĂ‹Ă˜Ă• Ëœ ÙʼĂ?ĂœĂ? Ă‹ ĂœĂ‹Ă˜Ă‘Ă? Ă™Ă? ĂœĂ?ĂžĂ‹Ă“Ă–Ëœ ĂŒĂ‹Ă˜Ă•Ă“Ă˜Ă‘Ëœ Ă?Ă™ĂœĂšĂ™ĂœĂ‹ĂžĂ? ĂŒĂ‹Ă˜Ă•Ă“Ă˜Ă‘Ëœ ĂžĂœĂ?Ă‹Ă?Ă&#x;ĂœĂŁËœ ĂžĂœĂ‹ĂŽĂ? Ă?Ă?ĂœĂ Ă“Ă?Ă?Ă? Ă‹Ă˜ĂŽ Ę¨Ă˜Ă‹Ă˜Ă?Ă“Ă‹Ă– Ă‹ĂŽĂ Ă“Ă?Ă™ĂœĂŁ ÞÙ Ă“ĂžĂ? Ă?Ă&#x;Ă?ÞÙ×Ă?ĂœĂ?Ë› Ă?Ă—Ă‹ Ă‹Ă˜Ă• ÙÚĂ?ĂœĂ‹ĂžĂ?Ă? åÓÞÒ Ă‹ Ă‹ĂžĂ“Ă™Ă˜Ă‹Ă– Ă‹Ă˜Ă•Ă“Ă˜Ă‘ Ă“Ă?Ă?Ă˜Ă?Ă?Ëœ åÓÞÒ Ă‹ Ă˜Ă?ĂžĂĄĂ™ĂœĂ• Ă™Ă? Ùà Ă?Ăœ ͯ͹ʹ ĂŒĂœĂ‹Ă˜Ă?Ă’Ă?Ă? Ă‹Ă˜ĂŽ Ă?Ă?ĂœĂ Ă“Ă?Ă? Ă?Ă?Ă˜ĂžĂœĂ?Ă? Ă‹Ă?ĂœĂ™Ă?Ă? Ă“Ă‘Ă?ĂœĂ“Ă‹Ëœ ĂŒĂ‹Ă?Ă•Ă?ĂŽ ĂŒĂŁ Ă‹ ĂœĂ™ĂŒĂ&#x;Ă?Ăž ÚÖËÞĂ?Ă™ĂœĂ—Ë›

ductivity, reflecting relatively low investment and the challenging business environment, will also weigh on longer-term trends. “In 2018, most Moody’s-rated sovereigns in the region are expected to stabilise their fiscal deficits, but at higher levels than were seen before the commodity price shock. The region is thus unlikely to see a decisive reversal in elevated debt levels given the countries’ consolidation challenges, increased interest costs and subdued growth. “Debt accumulation is likely to slow in 2018 and beyond due to improved (but still relatively low) commodity prices and some fiscal consolidation, but a return to 2013 debt-to-GDP levels will be challenging at a time of modest growth in the Continued on page 24

Segun Oloketuyi

ocial e easough lus or nding

T H I S D AY Ëž Ëœ Í°Í°Ëœ Í°ÍŽÍŻÍś

24

BUSINESSWORLD HUGE DEBT SERVICE COST IN NIGERIA, OTHERS, WORRIES MOODY’S

region. “Currency risks will remain heightened in countries with large shares of foreign currency public debt. Reserve buffers will provide only limited mitigation. As Sub-Saharan African countries approach the peak of maturing international debt in the early 2020s, refinancing risks will continue to rise,� it noted. Government liquidity stress - a key driver of Moody’s past rating actions in the region, according to the report, remained heightened especially among commodity-dependent sovereigns. It continues to be driven by elevated fiscal deficits and challenging funding conditions, where greater reliance on domestic financing has increased borrowing costs. It, however, noted that income levels have deteriorated in a number of countries in the region, increasing pressure on governments to extend subsidies, or constraining the government’s ability to remove subsidies as intended. The report noted that high levels of urbanisation and sizeable young populations, if matched with skilled labour force and job creation, would accelerate industrialisation in Africa. “It would also help raise productivity via innovation and economies of scale, particularly in middle-income countries in southern Africa. An emerging middle class would also strengthen aggregate domestic demand. Seizing the opportunities provided by these demographic trends (youth, urbanization, emergence of middle class) is not assured and hinges on delivering on broader structural reform agenda,� it added. According to the agency, deteriorating wealth levels across the region would increase pressure on governments to implement populist measures, such as the 2017 decision to extend free higher education in South Africa. Moreover, it stated that a gradually expanding and more educated and globally interconnected middle class would increase calls for greater accountability and more prosperous, equitable and well governed economies.

NEWS

THISDAY MODEL PORTFOLIOS HIT 44% ON CONTINUING BULL RUN By the close of last week, the TMP has recorded an aggregate gain of 43.9 per cent, indicating that the N50 million imaginary fund deployed in the TMP has appreciated to N71.996 million. An analysis of the individual portfolios showed that Portfolio C, which soared to

67.9 per cent the previous week, inched up further to close at 69.1 per cent. Specifically, the N10 million deployed by the portfolio has improved to N16.910 million. However, Portfolio D that rose 58.8 per cent two weeks ago, fell to 57.48 per cent last week, indicating that N10

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)

deployed has improved to N13.801 million. Portfolio E closed last week with a growth of 3.9 per cent, down from 9.7 per cent two weeks ago. The N10 million deployed by the portfolio now stands at N10.394. Meanwhile, a further analysis of Portfolio C showed

that all the stocks remained positive have except one with a negative return of 11.7 per cent. The highest gain is 201.2 per cent, trailed by 126.2 per cent. Others are: 77 per cent; 66.5 per cent; 60.9 per cent; 58.9 per cent; 35.1 per cent; 27.5 27.5 per cent and 4.0 per cent.

Minister Restates FG’s Commitment to Implementation of ERGP Goddy Egene The Minister of Industry, Trade and Investment, Dr. Okey Enelamah, on Friday restated the federal government’s commitment to the effective implementation of the Economic Recovery and Growth Plan (ERGP) so as to boost foreign direct investment (FDI) and create employment. Speaking at the private equity summit organised by Udo Udoma & Belo-Osagie, in Lagos, the minister said that apart from effective implementation of the ERGP, the government would also ensure a strong enabling environment that would

lead to more investment by domestic entrepreneurs. He said that government will embrace the right policies and incentives as well as provide the enabling infrastructure to attract investments, noting that challenges slowing down ease of doing business are being addressed rapidly. According to him, government would collaborate with the various arms of government and the private sector on ways to increase FDI in the country and create special economic zones where people could invest or where industries could thrive to boost investments.

He said that government recognised the importance of an enabling environment and had created several initiates and policies in this regard. “We don’t expect an enabling environment to be created in one day or even one administration, what we want to see is sustainability,� he said. Commenting on the multiple exchange rate, Enelamah said that the worst was over, noting that the Investors’ and Exporters’ window introduced by the Central Bank of Nigeria brought increased supply and increased confidence. On the effect of electioneer-

ing on economic growth, he said that government was committed to free and fair election, declaring that “government remains committed to what it is doing now to sustain economic growth and development.� Enelamah said that government would continue to implement its economic reforms, further adding that politics would not get in the way of the reforms. He, however, emphasised the need to sustain that the relationship with the private sector for the country to go through successful multiple elections. The minister said that there

would be increased spending as a result of electioneering but hopes that the spending would not be wasteful but would help the economy. Enelamah commended UUDO for organising the summit saying, the commitment of the company and others in the private sectors will go a long way in complementing the policies of government to attract the desired investments into the country. UUDO, he added, has remained committed to the promotion of private equity investments that are very critical for the survival of companies with bright future.

Aero Recalls 69 Workers for Its Maintenance Facility Chinedu Eze

Group Business Editor

million deployed by Portfolio D stood at N15.748 million. Portfolio B rose from 50.6 per cent to 51.4 per cent, showing that its value has grown from N10 million to N15.143 million. Similarly, Portfolio A rose further from 34.7 per cent, to 38 per cent. The N10 million

Foremost Nigerian carrier, Aero Contractors has recalled about 69 workers as the airline gains financial strength on its Maintenance, Repair and Overhaul (MRO) facility, which recently started conducting C-check for Boeing B737 aircraft. In addition to the recalled workers, the airline is poised to recall additional 30 in the coming weeks, as it adds more aircraft on its fleet for scheduled flight operation. Many of these workers were placed on redundancy in March 2017 as the airline was in dire financial straits and its aircraft were grounded due to inability to fund their maintenance overseas. With its Approved Maintenance Organisation (AMO) certification obtained from the Nigerian Civil Aviation Authority (NCAA), Aero has successfully started conducting C-checks, which is a high level maintenance on B737 classic and needed more personnel to do the job. Aero management disclosed that with the recall of 69 affected staff, 30 more in the coming weeks, 362

workers are still awaiting their return back to the airline, which about a week ago, rolled out the first aircraft it successfully carried out C-check on and which had already gone back to service. In March 2017 Aero management declared no fewer than 60 per cent of the workers redundant at the peak of its financial crisis after all its aircraft were grounded. The General Secretary of Air Transport Services Senior Staff Association of Nigeria (ATSSSAN), Mr. Frances Akinjola, confirmed the development in an interview with journalists. According to him, the nine recalled personnel were members of ATSSSAN while the 19 engineers and pilots belong to the National Association of Aircraft Pilots and Engineers (NAAPE) and the other 41 were members of the National Union of Air Transport Employees (NUATE). He explained that the current management in Aero Contractors is laying a solid foundation that would return the airline to its former glory, stressing that if the management

continued with its laid down plans, very soon, the airline would return bigger and better. He commended the management of Aero Contractors for fulfilling its promise of recalling some of the workers who were declared redundant in 2017. He explained that the unions were carried along throughout the period, noting that the resolve of the unions not to agitate for the closure of the airline had paid off with the recall of some of the workers. He also confirmed that the management had assured the unions that other affected workers would be recalled in batches. Akinjola also hinted that the current management had paid all the outstanding salaries of 2017, excluding September to December of 2016, but said that the management of the airline has assured the unions that all outstanding salaries, benefits and redundancy packages would be paid in due time. “We met with the Chief Executive Officer and management of Aero Contractors towards the end of 2017 and we go the intention that they

were prepared to start implementing the agreement we reached at the end of the redundancy exercise that we concluded with them in 2016. “I believe Aero management will continue to call us for discussion and we believe that Aero is coming back stronger as envisaged. Our intention was never to see Aero go down and that was the reason we decided to work together with them despite the fact that some of our members felt we were not doing enough,� he said. “The only option left for us then was to shut down Aero, which we refused to do. If we had done that, what we are seeing today would not have come to light. I think we have been vindicated with what we are seeing today. “Aero is a very good brand in Nigeria aviation sector and as we all witnessed on the roll out of the successful C-check, Aero is coming back to where it used to be and we are even going to surpass that. Nigeria is even going to benefit from the MRO facility of the airline as pressure on foreign exchange among operators would reduce.�

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INSIDE BROAD STREET

AKINWUNMI IBRAHIM

A view of Lagos ďŹ nancial district

Investors Shun TBs for Stocks Obinna Chima

Activities in the secondary market arm of the treasury bills market were low all through last week as investors appeared to be taking refuge in the stock market which has continued to display stellar performance since this year. In all, in just 14 trading sessions, the Nigerian Stock Exchange’s market capitalisation has appreciated by a whopping 18.6 per cent or N2.537 trillion to N16.154 trillion on Friday, as against the N13.617 trillion it was as of January 2, this year. Also, the NSE’s All-Share Index has climbed from 38,264.79 basis points as of January 2, to 45,092.83 basis points last Friday. This, how no doubt resulted to reduced appetite for fixed income securities. For instance, a report by Afrinvest Securities Limited showed that at opening of trading last Monday, activities remained minimal with selloffs seen at the shorter end of the curve and rates closing the first session of the week at an average of 13.9 per cent (up 5 basis points). The market maintained the upward trend till week end, closing three basis points higher on Tuesday (13.9 per cent), 10 basis points on Wednesday (14 per cent), 10 basis pointson Thursday (14.1 per cent) and later closed Friday at 14.1per cent, implying a 24 basis points increase week-on-week. In the primary market, the CBN offered N11.7 billion, N33.49billion and N68.2 billion of the 91-day, 182-day and 364-day instruments. As expected, subscription levels soared with 2.1 times (N24.3 billion) for the 91-day, 1.5 times (N49.9 billion) for the 182-day and a whopping 6.8 times (N465.7 billion) for the 364-day instrument. Notwithstanding, allotment levels remained similar to offer amounts save for the 364-day instrument whereby allotment was N115.8 billion at stop rates of 12.5 per cent, 13.9 per cent and 14.3 per cent for each of these instruments. “In the coming week, we expect activities to pick up in the secondary market as unmet demand from the primary market moved over to that space. “Also, we expect an open market operations (OMO) maturity of N64.3 billion to impact on liquidity levels while the CBN continues with its unpredictable OMO mop ups,� Afrinvest analysts stated. Meanwhile, money market rates – Open

MARKET INDICATOR Buy Back (OBB) and the overnight (OVN) rates - trended lower on 3 of 5 sessions. At the start of the week, OBB and OVN rates opened in double digits as the CBN conducted OMO auction and SMIS (Secondary Market Intervention Sales) worth N80billion and US$100 million respectively. Thus, rates on Monday rose 1.9 percentage points apiece to 10.8 per cent and 11.5 per cent from nine per cent and 9.5per cent respective close on Friday. However, in subsequent sessions, money market rates trended lower: Tuesday (7.5% and 8.5% respectively), Wednesday (6.2% and 6.5% respectively) despite treasury bills auction of N229.9billion on Thursday (5.3% and 5.7% respectively) and OMO sales worth N150 billion conducted same day. Rates closed the week higher at 16.7per cent and 17.7per cent. Bonds Market Contrary to the treasury bills market, activities in the local bonds market was largely positive. The week opened with sell-offs across instruments, save for the FGN Oct-2019 (down 3bps); average bond yield closed Monday seven basis points higher at 13.4per cent. On Tuesday however, sentiment turned positive as buying interest mostly shifted towards short and longer term instruments while on subsequent sessions buying activities picked up on medium term instruments. Consequently, average bond yield closed lower on Tuesday (down 5 basis points to 13.4per cent), Wednesday (down four basis points to 13.3per cent), Thursday (down three basis points to 13.3per cent) and 13.3per cent on Friday, indicating a 0.1 per cent decline week-on-week. Meanwhile, the DMO will be conducting its first FGN Bond auction for the year this week. The JULY 2021 and MAR 2027 instruments will be reopened with offer amounts ranging from N45 billion –N55 billion and N55 billion – N65 billion respectively. From Afrinvest’s analysis, given the moderating yield environment and in line with current realities, they projected a slightly lower issue yield estimated at 13.17 per cent and 13.19 per cent for JULY 2021 and MAR 2027 relative to the Dec-2017 Auction issue yield of 13.19 per

cent and 13.21 per cent respectively. On the other hand, after several weeks of positive performance, sentiment was bearish on Sub-Saharan Sovereign Eurobonds last week, as yields closed the week higher with only 8 of 22 instruments, recording price appreciations. Notwithstanding, Nigerian Eurobonds witnessed the most buying interest with yields falling on four of six instruments contrary to other countries; average yield rose 17 basis points, five basis points, three basis points, seven basis points, 14 basis points and eight basis points on the Ghanaian, Gabonese, Ivory Coast, Kenyan, Senegalese and South African instruments. Yields across the Zambian Eurobonds closed flat. The recently issued NIGERIA 2047 and the SOUTH AFRICA 2041 are the best performing YTD, with a return of 1.2per cent apiece. “It was a positive week for Nigerian corporate Eurobonds as there was noticeable buying interest across board. As a result, across instruments we track, yields closed lower, falling faster on the FBNH 2021 (down 62 basis points to 8%) and DIAMOND 2019 (down 32 basis points to 8.8%) week-on-week. “However, yields on the FIDELITY 2018 and FBNH 2020 rose 10 basis points and two basis points week-on-week to close at 6.9 per cent and 8.3 per cent respectively. “Year-to-date, all corporates remain in good standing with the FBNH 2021 (+2.3%) up the most,� the report added. Forex Market Since the turn of the year, the central bank has sustained its intervention in the forex market, in its bid to maintain the current stability and liquidity in the market. Further bolstered by the sustained rally in oil prices which touched a year high of US$70.26/b last Monday as well the improvement in external reserves which is presently about $40.5 billion, the CBN offered US$100 million via Special Wholesale Interventions for Spot and Forward sales at the start of the week. Against this backdrop, the CBN Spot rate opened the week at N305.80/$ (similar to the prior Friday) but appreciated five kobo by mid-week, before eventually closing the week at N305.70/$1. This translated to a 10 koboweek-on-week appreciation. In the parallel market, the naira traded flat at N365/$1 all week. Similarly, at the Investors’ and Exporters’ (I&E) segment, the domestic currency appreciated as

the NAFEX rate improved 10 kobo week-on-week to settle at N360.10/$ on Friday. Analysis of daily trading activity showed the spread between the daily high and low contracted all week, from N4.85/US$1.00 on Monday to N3.50/US$1.00 on Thursday. Total turnover at the segment settled at US$1.392 billion, lower than the US$1.5 billion recorded in the prior week. At the FMDQ OTC Futures market, subscription marginally increased 1.7 per cent (US$56.3 million) week-on-week as total value of contracts settled at US$3.4 billion from US$3.3billion in the preceding week. The improvement in activity was largely due to additional subscription to the NG/US NOV 28 and NGUS DEC 26 2018 instruments which increased US$5 million and US$51.3 million week-on-weekrespectively. The NG/US APR 25 2018 contract remained the most subscribed with total subscription of US$656.9 million. “In the coming week, we expect rates at the various segments of the market to remain at similar levels as the central bankcontinues its liquidity injection into the forex market,â€? Afrinvest added. Ination For the 11th consecutive month, the Consumer Price Index (CPI), which measures inflation, ended 2017 at 15.37 per cent (year-on-year) in the month of December. This was 0.53 percentage points lower than the 15.90 per cent recorded in November – the 11th consecutive slowdown in the inflation rate since January 2017. However, increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yield the headline index. In the latest inflation figures released last week, the National Bureau of Statistics (NBS) noted that on-a-month-on-month basis, the headline index increased by 0.59 per cent in December 2017, 0.19 percentage points higher than the 0.78 per cent recorded in November. The percentage change in the average composite CPI for the 12-month period ending in December 2017 over the average of the CPI for the previous 12-month period was 16.50 per cent, indicating a 0.26 percentage point decrease from 16.76 per cent recorded in November. Urban inflation rose by 15.78 per cent (year-onyear) in December, from 16.27 per cent recorded in November, while the rural inflation rate eased to 15.02 per cent in December from 15.59 per cent in November.

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MONDAY INTERVIEW

Adesina: There Must be Accountability in Infrastructure Spending President of the African Development Bank, Mr. Akinwumi Adesina spoke with journalists on the bank’s investment strategies, as well as the huge infrastructure deficit in Nigeria and Africa as a whole. Nume Ekeghe presents the excerpts: The last country regional report released last week highlighted the poverty level in Nigeria as very high. What steps do you think can be taken by Nigeria to reduce the poverty level? I know that growth is very important, but growth itself is not enough to drive down poverty. The question we must always ask is the level of growth and also the nature of growth. You cannot go into an area to tell people that the economy has grown at X percent and expect everyone to be jumping up and down. People have to feel the impact of that growth in their lives. Therefore, even as one has to have high growth, the question has to be is that the growth has to be an inclusive process that actually drives hundreds of million people out of poverty. The greatest concern that I have, not just in Nigeria, but across Africa is that as we grow, we still have about 70 percent of our population that are in the rural areas in poverty traps. And they are in the poverty traps for a simple reason that the source of their livelihoods in the rural areas is actually agriculture. And until we transform the agriculture sector to become a wealth creating sector, we will not succeed in lifting those hundreds of millions of people out of poverty. So the way forward is to reduce the large number of poor people we have, transform our rural economies from zones of economic misery to become zones of economic prosperity. And for that to happen, we have to have agricultural industrialisation. I said this because I know a lot about poverty and a lot about agriculture. I wonder sometimes what God must think; If God looks down every Friday and Sunday after listening to the prayers that come, he must be asking himself questions like why are all these prayers coming. He would say what he actually needs from people is praises because he has giving them water, cheap labour, sunshine and lots of land. What I am trying to say is that, every time we walk past gold and we think gold is dirt; our job is to make sure that we take the agriculture sector and turn it into a mega business and that mega business would lift hundreds of millions of people with it out of poverty. Second thing I would say about poverty, is that today, there is high level of poverty amongst young people. You have high level of unemployment and also high level of under employment. This leads to a lot of dissatisfaction among young people and I am not saying this only for Nigeria. Those youths brought back from Libya are not unique to just Nigeria there are other African countries that are involved as well. When I look at the television, when I see a lot of them scared to death trying to gasp for air on their rickety boats on the Mediterranean Sea, many of them sank. That is not the future Africa’s youth deserve. So we must accelerate our work and focus on rapid creation of jobs for young people. And that is why at the AfDB, we launched a fund called ‘Jobs for Africa’s Youth.’ This fund is to help countries create 25 million jobs over the next 10 years and impact on 50 million young people. Because for the young people you see today languishing in poverty, the future we are even talking about was already yesterday and we are too late. So we have got to put them at the heart of it. The third thing I would say about poverty is that if you take a look at the private sector and enterprise today in Nigeria, I would say that 85per cent of the small and medium size enterprises don’t have access to electricity, the lack access to affordable finance and they lack finance to good roads and infrastructure to support them. So if we can fix these issues, I think the kind of growth that we would have would be one that would help us to draw a lot of people out of poverty. Another thing we are doing in regard to that, is if you take the case of northeast of Nigeria, battered by terrorist. I looked at the recent report by the international food policy research institute

On the issue of investments and portfolio, I want to preďŹ x that with a comment. I don’t believe that any country can ever develop based on a grant. Countries develop based on investments and therefore, to have investments, you must have the discipline to source money, the right kind of money and to use the money well

Adesina

about the world hunger index at the AfDB, we are investing about $250 on a special initiative for the northeast to provide access to water, basic education, basic healthcare services, jobs and repair infrastructure in that area; because these are some of the factors that drive the kind of poverty that you see. Also, recently, the Nigerian government requested the release the $400 million pending from the $1billion loan the bank agreed to give Nigeria, when would Nigeria receive this money? On the issue of disbursement of the money, our board of directors approved $1billion for budget support to the Nigerian government. I want to say that we at the AfDB, were there at the most critical time for Nigeria because I said at the time that Nigeria was too big to fail. And that support according to the minister of finance was what provided Nigeria the opportunity and buoyancy it needed during a very difficult time and allowed it to come out of the recession you

If you take a look at the private sector and enterprise today in Nigeria, I would say that 85per cent of the small and medium size enterprises don’t have access to electricity; they lack access to affordable ďŹ nance and they lack ďŹ nance to good roads and infrastructure to support them. So if we can ďŹ x these issues, I think the kind of growth that we would have, would be one that would help us to draw a lot of people out of poverty

see today according to her. Now the issue is that it allowed them to go to the capital market to borrow more money. The issue is, we disbursed $600 million of that but the $400 million that remains; it is for Nigeria to request what it would use it for. Because it doesn’t have to use it if it doesn’t need it for budget support. Things have changed and they have gone to the Euro market and have raised Eurobonds. So the issue is not as serious in terms of the deficit as it was then. So I understand that the discussion is on how to take the $400 million and transform it into sector support so it would go into critical infrastructure whether it is power, infrastructure or agriculture. So the $400 is there and I know the federal government is working on how to structure sector support so that we can release the money into the sectors they want and I think it is a smart way to actually use money to be honest with you. You earlier said that in 1976 Nigeria invested more than $500 million in the Nigerian Trust Fund with AfDB, what is the value of that investment today? On the worth today, it is not an equity investment. Nigerian government set aside $500 million to provide grants to low income and fragile countries to be able to grow their economies and stabilise. Because if you have fragility, you cannot have economic integration and I think that was a great foresight by the Nigerian government. Let me give some examples of what it has done. It allowed us help Liberia when it was going through crisis. It allowed them have access to technical skills and basic services to water, sanitation and so on. It allowed us support countries like Mali and Côte d’Ivoire that went through fragility. So this is part of the developmental mindset that Nigeria has in supporting other countries. It is not an equity investment. Can you tell us the direction the bank is going in terms of further investments and interventions in Nigeria? The magnificent building that you see, says very clearly that the bank is here in Nigeria to stay. The bank is also here in Nigeria to help

Nigeria to succeed. And we would always work with the government based on the direction the government wants to go. In terms of our work, the total amount of portfolio we have with Nigeria is $6billion and we expect that to grow to $8 billion by 2019. The critical sectors for us are firstly, infrastructure, because there is a massive amount of infrastructure deficit in Nigeria as with other African countries. So we would support investments in infrastructure. One other area is power. Without power you cannot do anything; you cannot develop in the dark and you cannot be competitive without electricity. And so we are investing heavily in the power sector. We would invest heavily not only in the generation of power but in the transmission and distribution of power. To give some examples on that, we plan to invest a little over $250million in the Transmission Company of Nigeria to rehabilitate its existing transmission infrastructure and allow them to have sub stations and so on. The other area is renewable energy. Nigeria has huge amount of renewable energy especially solar. So our power stations don’t have to be run only on gas, we can run it on solar. So we have in the portfolio going forward investments in Jigawa, Sokoto and Bauchi, solar power projects that would allow us to have utility scale solar investments in Nigeria and we know how to do this. The AfDB supported Morocco to set up what is called the Quarzazate, which is the largest solar plant in the world. So we think there is a lot of potential in solar. So energy is a big one for us. The other important thing to us, which is key for Nigeria, is diversification of her economy which is in agriculture. Obviously, given my own personal interest in this; because it is a poor driven sector, we are going to be investing to help Nigeria develop what we call stable crop processing zones. These are going to be vast areas in the rural sector that are enabled with power, water, roads and other infrastructure to which the agribusinesses can locate themselves. That way, they buy produce from farmers and that way you reduce post-harvest losses, create jobs for youths and modernise the agric sector and reduce dependency on food imports. In addition to that, we are going to be investing in the areas of private sector. A few areas of interest to us are the seed companies, fertilizer sector and also we are going to be investment in commercial banks through lines of credit so they can actually lend more to small and medium size enterprises. So in total, we would support public sector, we also support a lot of private sector. That is the balance we are looking forward to in portfolio and at the end of the day, it is how we and other partners make sure Nigeria has the resource it needs at scale for a faster pace growth that can Continued on pagev 31

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MONDAY INTERVIEW

ADESINA: THERE MUST BE ACCOUNTABILITY IN INFRASTRUCTURE SPENDING As a development bank, when we ďŹ nance countries, what is important for us is the developmental outcome. The reason we are different from a commercial bank that just looks for a market where there is a return is that a commercial bank would be looking at private return to capital. But a development bank looks at the social capital stocks and asks itself the question what the value of the social capital stocks of that economy. And the same social capital stock has the same kind of prices in my view as your private capital stocks do and they are measured in terms of poverty and access to ďŹ nance, health and education

actually reduce poverty massively. Can you let us know the nature of all the support and investments into Nigeria? On the issue of investments and portfolio, I want to prefix that with a comment. I don’t believe that any country can ever develop based on a grant. Countries develop based on investments and therefore, to have investments, you must have the discipline to source money, the right kind of money and to use the money well. As a development bank, when we finance countries, what is important for us is the developmental outcome. The reason we are different from a commercial bank that just looks for a market where there is a return is that a commercial bank would be looking at private return to capital. But a development bank looks at the social capital stocks and asks itself the question what the value of the social capital stocks of that economy. And the same social capital stock has the same kind of prices in my view as your private capital stocks do and they are measured in terms of poverty and access to finance, health and education. So the thing is, I don’t want you to think that in development financing, things are just measured only in terms of money. When we say investment, it is a development financing investment to get a developmental outcome, which allows you to boost the social capital stock of that country. Therefore we measure the impact and the effectiveness of use of the resources given for that developmental outcome. And so when we look at the loans we give for example we give to the public sectors, we go to the international market to raise money all the time and because of our AAA rating, we pass on that concession of financing on to countries so they can get the developmental outcome. The interest rate we lend to them is very low. The loans that we give are about 1percent interest rate for 30-40 years because you must have that type of long term perspective to be able to develop. So one hopes that as that happens, the country can have cheaper access to capital to be able to drive critical and social investments. But nonetheless, they are repaid back over the longer period of time because as you know development takes time. However to the private sector, we do lend but it is about +500 to 600 basis points. So you can see it is still a good rate at lending and in some few cases we make equity investments in very few. On the infrastructure deďŹ cit we have in Nigeria, can tell us the size of this deďŹ cit that guides various intervention? In terms of the deficit in Nigeria, we just released a report yesterday (last week) and what we found was that the amount of infrastructure deficit in Africa has and the amount of money it needs to spend would be as high as $108 billion annually for at least 10 years consistently to close that gap. The question we must ask ourselves is how do we mobilise the financing for that especially in the case of Nigeria. It is very abnormal not to have electricity and we have become so comfortable with the abnormal that the abnormal has become normal and that is what we must change. And that is why when I became president at AfDB, I have to make sure that Africa has universal access to electricity not in 30 years but in 10 years. Why must we wait forever, because what can you do without electricity, you can’t industrialise and you can’t be competitive. So we are focusing massively on solving the power problem, which is the key. Something what is also critical for us is investing in rails. I want to commend the last administration and also the current government for investing in rails, because it is very important for people to move goods and for people to move from one place to the other. Nigeria is Africa’s largest economy and what use is there if Nigeria produces and it cannot export to other countries because there is no connecting infrastructure. That

Adesina

is why the AfDB is investing with ECOWAS to develop a project that would create a rail from Lagos to Abidjan all the way to Dakar. I think what I would expect is a lot of critical analysis on infrastructure financing gaps for Nigerians. I travelled on the road from Ibadan to Ilorin during Christmas, the road was very bad and I remember growing up as a kid, the road was like that and the road is still like that. So what I’m saying is that there has to be a lot of focus on accountability for investments in infrastructure or we make sure that we get quality infrastructure. You can lend anybody to build infrastructure but if you actually just pour tar on the road and the next season comes down and it turns bad again, that is just wasted money. So I think there has to be a lot of accountability in how infrastructure investments are actually spent. On the issue of poverty, we seem not to have addressed this issue. The world poverty clock released a report in November and it said Nigeria would overtake India in February 2018, which is next month as the world’s poorest nation in the world.

for poor people. The reason is that, if you look at the budget of a household and income of an average household, 65-70 percent of that household budget is cost of food. So, if you are in the rural areas and have increased productivity about agriculture and you can feed yourself and your kids that a lot of money being saved, this you have more disposable income to do more things and invest. I also think more generally now that there has to be what I call poverty accountability. China lifted 400 million people out poverty in 10 years and that is twice the population of Nigeria. So investing right, investing in human capital, investing in making sure girls go to school, making sure you can reduce climate and making social investments. A short answer is that those poverty numbers are not acceptable and we have to do a lot of things about it. And I think investment in human capital, social transfers, making sure we address things that hold people down to poverty and access to finance can play a big role in addressing poverty.

What is your interaction with the federal government in terms of eradicating poverty in Nigeria. And also are you satisďŹ ed with monies being spent so far? I came out of poverty myself, so poverty for me is not theory. I lived in neighborhoods in which we didn’t have sewage treatment. But we must put people at the heart of the government and accelerate every action possible to make sure we drive people out of poverty. Africa must not become a museum of poverty and neither should Nigeria. I think the critical thing is to make sure that we look in at the drivers of poverty obviously climate change plays a big role. If you take a look at the northern Nigeria, the whole of that Lake Chad basin used to be about twenty five thousand swamp kilometers in the past. So people could do fishing and agriculture. Today, it is two thousand swamp kilometers so it shrank and so did the livelihoods of people. So it is not surprising to me that you have a situation where terrorists take advantage of things like that to do all kinds of stuff. So you have to be mindful of the impact of climate change and make sure we can build resilient livelihood for people in the face of that. The other thing is to make agriculture to work

What is the interaction with the bank with China in doing business in Nigeria? On china, let me say that China is Africa’s friend. China is investing heavily in infrastructure more than any other country in Africa today. At the AfDB, we have a $2 billion facility that is called ‘Africa Growing Together Fund’ and it is funded by China to support investments in infrastructure. Whether it is rail, roads, transnational highways today no other nation in the world is investing more in Africa than China. If you look at the trade between the rest of the world and China, China today is Africa’s largest trading partner. Yes, there are issues people raised about sometimes there are times they have displacement of some enterprises because the Chinese take their jobs etc. I don’t deny that, but we must not take out lines and generalise with them. The fact of the matter is that China is pouring a lot of money into Africa. President Xi Jinping announced $60billion of investment in Africa. China helped Ethiopia to develop what is called the Hawassa special economic zone, which today has turned Ethiopia into Africa’s number one country that is exporting footwear globally in a very short period of time.

The point I am trying to make is that Africa has no reason to be afraid of China; Africa should strategically partner with China. In terms of the engagement the bank has with different countries in the agriculture value chain, where you place the issue of pastoralists, herders and farmers. Would you be looking at engagement on policy issues that can address this crisis in a number of African states? When it comes to the issue of pastoralists, this requires comprehensive strategy. In the past, there was never any conflict between pastoralists and farmers. The reason was that the population density was low and there was a market between pastoralists and farmers in terms of access for manure for their farms it was very symbiotic. All of a sudden, a number of trends happened; rapid population growth, secondly climate change. In my view, I have never seen a pastoralist that wants to enter the Guinness book of records for going the longest distance with their animals. They are simply looking for pasture. So I think a lot of investments have to be made in ranches. Another thing to bear in mind is that if you have flood that is coming, the first thing you do is build a buffer dam which allows you take care of the water that is coming quickly. So I think having similar kind of concept for public buffer areas that allows the pastoralists to reduce the amount of pressure constantly going on now. Secondly, we have to use information. For countries having this problem, I believe they should have a national grazing information system. We also have another problem and that problem is that of cattle rustling. It is not unique to Nigeria by the way. Again, we can solve it in many ways. You can tag them with microchips and that allows you to know where they are going and who is moving where and also it allows you tell if someone is moving away with your livestock. All I’m trying to say is that we have got to change our attitude; we have to change approaches, use modern information and be strategic on how we deal with this issue and it is a very urgent issue that requires a strategic approach and not a reactive approach. It is a very urgent issue we should address and the AfDB is willing to provide support to Nigeria in this particular

NIMASA Dumps Search and Rescue Helicopter with Navy Eromosele Abiodun There are strong indications that the Nigerian Navy may have suspended the repair of a search and rescue helicopter belonging to the Nigerian Maritime Administration and

Safety Agency (NIMASA) owing to paucity of fund. This is despite growing concern about the security threat within the country’s territorial waters. The $9million dollar helicopter, sources hinted, is

presently in an abandoned state at the Nigerian Navy Air Station, Ojo. It was learnt that repair work has been suspended for over three years following the unwillingness on the part of NIMASA to procure the

necessary equipment for the aircraft repair. A competent source, who does not want his name in print told THISDAY that NIMASA has to pay some penalties for any delay. According to him, “My

main concern is that the agency itself will suffer as a consequence of this continued delaying. “The worst thing that can happen here is that the service to the nation will suffer a lot of setbacks.

In the same vein, some ship owners revealed that the absence of the Augusta AW 139 helicopter accounts, in no small measure, for the increasing rate of piracy and kidnappings on Nigeria’s waters.

32

T H I S D AY ˾ MONDAY JANUARY 22, 2018

33

T H I S D AY ˾ MONDAY JANUARY 22, 2018

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34

T H I S D AY Ëž MONDAY, JANUARY 22, 2018

BUSINESS/MONEYGUIDE

FG Seeks Boost in Power Supply Obinna Chima The Infrastructure Concession Regulatory Commission (ICRC) has disclosed that it recently held a concession review meeting with the North South Power Company, concessionaires of the Shiroro Hydropower Plant, with a view to enhancing power supply in the country. The meeting was also an opportunity to showcase the gains of the reforms in the power sector. Speaking at the event, the Director General of the Commission Chidi Izuwah, was quoted as saying that â&#x20AC;&#x153;what the concessionaires of the Shiroro Hydro Power have demonstrated is a testimony of the capacity of the private sector to deliver critical infrastructure and the viability of PPP as the preferred procurement option.â&#x20AC;? According to him, during the power reform exercise, the ICRC worked very closely with

BPE and CPCS to guide the PPP concession structure the national hydro GENCOS. He lauded the management of the company for taking the initiative to engage the ICRC, stressing that the Commission is the statutory agency with supervisory responsibility over Public-Private Partnerships. While calling for more investment in the sector, he stressed the importance of sustained new investment as a way of addressing the demand and supply gap in the sector. Izuwah added: â&#x20AC;&#x153;The power sector still requires significant investment. Obsolete equipment continues to undermine reliable power supplyâ&#x20AC;?. In his remarks, Chief Technical Officer of the North South Power Company, Rowland Lwindi, who led the team, outlined the various steps taken by the company to enhance power output since they took over management of the plant in 2013.

According to him, at takeover, the plant had only one fully functional turbine, out of four available; but presently, all four turbine units have been fully repaired and restored while available capacity is same as name plate capacity 600MW. The hydro gencos like Shiroro remain the lowest cost energy providers for Nigeria. â&#x20AC;&#x153;Other key technical achievements like underwater intake gate repairs requiring saturation diving previously undone by PHCN have been completed with no safety incident. Similarly, in view of availability of land on site, plans are in place to put in an additional 300MW solar plant. The combination of hydro and solar will ensure high uptime,â&#x20AC;? he explained. Speaking further, he disclosed plans to divert and put more water into Shiroro to boost power generation by 12 per cent in both Shiroro and Zungeru at a cost cheaper than a new hydro dam.

Chidi Izuwah

Sterling Bank Lauds NDIC Sterling Bank Plc has praised the Nigeria Deposit Insurance Corporation (NDIC) for the quality of the corporationâ&#x20AC;&#x2122;s bank examination reports which the bank said has contributed to the safety and soundness of the Nigerian banking system. The management of the bank expressed the opinion during a courtesy call and formal introduction of its new MD/ CEO Mr. Abubakar Suleiman to the corporation recently. The Sterling Bank team, which was led by the outgoing MD/CEO of the Bank, Mr. Yemi Adeola was received by the Managing Director/Chief Executive Officer (MD/CEO) of the NDIC, Alhaji Umaru Ibrahim along with the two Executive Directors, Prince

Aghatise Erediawa and Mrs. Lola Abiola-Edewor. The outgoing MD/CEO informed the NDIC management that the selection procedure for the selection of the new CEO of the bank was a rigorous process handled by the reputable consulting firm KPMG. According to a statement, while expressing the hope that the courtesy call would further strengthen the excellent relationship between the bank and the corporation, the management of the bank also seized the opportunity to brief the corporation on the future outlook of the bank which includes the planned expansion of its non-interest Banking (NIB) window. He informed the NDIC management of the plan by Ster-

ling Bank to apply for a license for a stand-alone NIB as soon as possible further adding that the decision was informed by the feasibility studies conducted by the bank, judging from the potential market and financial resources of customers expected to embrace NIB. The meeting also provided a platform for the discussion of the prospects and opportunities in the Nigerian Banking system along with challenges. In his response, the CEO of the NDIC thanked the management of Sterling Bank for the visit and promised to sustain the cordial relationship. He expressed the hope for the appointment of capable hands into the banking system to improve the performance of the sector.

FirstBank Showcases â&#x20AC;&#x2DC;Personal Loan Against Salaryâ&#x20AC;&#x2122; FirstBank of Nigeria Limited has announced that it is creating opportunities for salary accounts holders to unlock the wealth in their accounts through its Personal Loan Against Salary (PLAS) banking product. The bank stressed that salary accounts can do more than just receive monthly pay as they have inherent wealth that can be unlocked to help customers achieve dreams to make them fulfilled. According to the Group Head, Products & Marketing Support, FirstBank, Mr. Abiodun Famuyiwa, â&#x20AC;&#x153;salary account holders can access up

to N30 million to help them pursue capital projects, carry out renovation works on their properties, acquire assets, give their children the best education and other fulfilling accomplishments. â&#x20AC;&#x153;The scheme offers options to top-up and refinance existing loans at competitive rates. These flexible options were created to offer convenience and reward customer as we stay true to our brand promise of â&#x20AC;&#x2DC;YOU Firstâ&#x20AC;&#x2122;.â&#x20AC;? The bank explained that PLAS would also help customers meet rent obligations, vacation trips to choose destinations and pay for professional examinations

to take their career to the next level, adding that with PLAS, Nigerian salary earners need to be assured of a funding partner in FirstBank to fulfill their dreams. â&#x20AC;&#x153;PLAS is available to employees whose salary accounts are domiciled with FirstBank. So, what are you waiting for, existing FirstBank and prospective customers can walk into the nearest FirstBank or call to speak with our customer service agents on our 24/7 customer service hotlines to start enjoying the benefits of PLAS,â&#x20AC;? the bank added in a statement.

Fidelity Bank Harps on Savings, Investments Fidelity Bank Plc has advised its customers to always adopt the habit of saving or investing some fraction of their income, against a rainy day. The Managing Director of Fidelity Bank, Nnamdi Okoronkwo, gave the advice during the presentation of cash prizes to 13 winnersthat won a total of N16 million and consolation prizes at the last draws of the bankâ&#x20AC;&#x2122;s ongoing â&#x20AC;&#x153;Get Alert in Millions Reloaded.â&#x20AC;? Represented by the Regional Bank Head, Ikeja, Mr. Ken Opara,

the bank CEO said adopting the habit of saving would enable the customers set lifegoals and financial freedom, as well as qualify them for reward schemes by the bank. He reiterated that the cash prize winners would continue to benefit from the bankâ&#x20AC;&#x2122;s pool of investment experts, so that the money will become a sustainable stream of income. He said the bank believes that when customers are financially stable, the benefits will also return to the bank through

financial transactions, as well as the net effect of embracing financial inclusion on the economy. Also, the Divisional Head, Retail Bank, Richard Madiebo, said that customers have nothing to lose, but to gain in saving with the Fidelity Bank. â&#x20AC;&#x153;We have it as a culture to keep our words. We firmly believe that when our customers are happy, they stay with us and when they succeed, we also succeed and that is the reason for being in the business,â&#x20AC;?he added.

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 THURSDAYJANUARY 18, 2018

The price of OPEC basket of fourteen crudes stood at $67.20 a barrel on Thursday, compared with $67.07 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), ZaďŹ ro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). SOURCE: OPEC headquarters, Vienna

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T H I S D AY ˾ MONDAY, JANUARY 22, 2018

MARKET NEWS

Former US Regulator Advises on Derivatives as NSE, Coronation Collaborate Goddy Egene and Nosa Alekhuogie As the Nigerian Stock Exchange (NSE) prepares to launch derivatives in the nation’s capital market, a former Chairman, United States Commodities Futures Trading Commission (US CFTC), Dr. James Stone, has emphasised the need to adopt a gradual strategy. Stone stated this at a forum

organised by the NSE and sponsored by Coronation Merchant Bank Group in Lagos last Thursday. Speaking on the topic: ‘Pluses and Pitfalls of Derivatives Trading,’ Stone stressed that it is better to begin derivatives trading with the simple form of derivatives and improve on them. According to him, since there are already exchange traded funds (ETFs) in Nigerian market, it is

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better to begin with exchange traded derivatives. The Chief Executive Officer of NSE, Mr. Oscar Onyema noted that the stock exchange will this year launch exchange traded derivatives in the market. He disclosed that the experience shared by Stone will assist regulators and operators in the introduction and trading of derivatives in the market. According to him, having Stone

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share his experience was an amazing opportunity because of the quality of engagement and insight gained from the interaction. “The exchange is committed to building capacity and enhancing the expertise of operators and other associated parties towards collective efficiency. The lecture on ‘Pluses and Pitfalls of Derivatives provided enriching perspectives and strengthen

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the capacity of capital market operators, who create value for investors through their operations on the floor of the NSE,” Onyema said. The NSE boss, who commended Coronation Merchant Bank for sponsoring the forum, explained that this partnership bodes well with their quest to introduce exchange traded derivatives into the Nigerian capital market. “Last year, we leveraged our

O F

X-Academy platform to conduct two tranches of training on the legal and risk aspects of derivatives and central counterparty clearing,” he said. In his speech, the Managing Director, of Coronation Merchant Bank, Mr. Abubakar Jimoh said: “We are excited about our collaboration with the NSE on this noteworthy initiative, which will have positive effects on capital market operations in Nigeria.”

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˾ MONDAY, JANUARY 22, 2018

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Nigeria Daily Stock Market Report: 'ůŽďĂů ƋƵŝƚLJ DĂƌŬĞƚ

THISDAY AFRINVEST 40 INDEX

WĞƌĨŽƌŵĂŶĐĞ ƵůůŝƐŚ ĂŐĂŝŶ ĂƐ ^ƚŽĐŬ DĂƌŬĞƚƐ ^Ğƚ EĞǁ ZĞĐŽƌĚ ,ŝŐŚƐ dŚĞ 'ůŽďĂů ƋƵŝƚLJ DĂƌŬĞƚ ƌĞĐŽƌĚĞĚ Ă ůĂƌŐĞůLJ ďƵůůŝƐŚ ƉĞƌĨŽƌŵĂŶĐĞ ĂƐ ϭϯ ŽĨ ƚŚĞ ϭϲ ŝŶĚŝĐĞƐ ƵŶĚĞƌ ŽƵƌ ĐŽǀĞƌĂŐĞ ĐůŽƐĞĚ ƚŚĞ ǁĞĞŬ ŶŽƌƚŚǁĂƌĚƐ͘ dŚĞ ƉŽƐŝƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ ĐĂŶ ďĞ ĂƩƌŝďƵƚĞĚ ƚŽ ĐŽŶƟŶƵĞĚ ĐŽŶĮĚĞŶĐĞ ŝŶ ŐůŽďĂů ŐƌŽǁƚŚ ƉƌŽƐƉĞĐƚƐ͕ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ƐƚƌŽŶŐĞƌ ĚĞŵĂŶĚ ĂŶĚ ƐƵƐƚĂŝŶĞĚ ŵŽŵĞŶƚƵŵ ŝŶ ŐůŽďĂů ĐŽŵŵŽĚŝƚLJ ƉƌŝĐĞƐ͕ ĂƐ ǁĞůů ĂƐ ĞdžƉĞĐƚĂƟŽŶƐ ŽĨ ƉŽƐŝƟǀĞ ĞĂƌŶŝŶŐƐ ƌĞƐƵůƚƐ ĂƐ ƚŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ĞĂƌŶŝŶŐƐ ƐĞĂƐŽŶ ŬŝĐŬƐ Žī͘ /Ŷ ƚŚĞ ĚĞǀĞůŽƉĞĚ ŵĂƌŬĞƚƐ͕ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ƉŽƐŝƟǀĞ ĂƐ Ăůů ŝŶĚŝĐĞƐ ĐůŽƐĞĚ ŝŶ ƚŚĞ ŐƌĞĞŶ ƐĂǀĞ ĨŽƌ ƚŚĞ h< &d^ ϭϬϬ ǁŚŝĐŚ ůŽƐƚ Ϭ͘ϴй tͲŽͲt ĂƐ ŝŶǀĞƐƚŽƌƐ ƌĞĂĐƚĞĚ ƚŽ &ƌĞŶĐŚ WƌĞƐŝĚĞŶƚ͛Ɛ ĚĞĐůĂƌĂƟŽŶ ƚŚĂƚ ƌŝƚĂŝŶ ŵƵƐƚ ƉĂLJ ĨŽƌ ŝƚƐ ĂŶŬƐ ƚŽ ĂĐĐĞƐƐ h͛Ɛ ^ŝŶŐůĞ DĂƌŬĞƚ ĂŌĞƌ ƌĞdžŝƚ͖ ǁŚĂƚ ƐĞĞŵƐ ůŝŬĞ ďĂĚ ŶĞǁƐ ĨŽƌ ƚŚĞ ƌĞdžŝƚ ƉůĂŶ͘ /Ŷ ƚŚĞ h^͕ ƚŚĞ ƚĞĐŚͲŚĞĂǀLJ E ^ Y ůĞĚ ƚŚĞ ǁĞĞŬ ;ƵƉ Ϭ͘ϱйͿ ĂƐ ŝƚ ĐŽŶƟŶƵĞƐ ƚŽ Śŝƚ ŶĞǁ ŚŝŐŚƐ͘ dŚĞ ^ΘW ϱϬϬ ĂůƐŽ ĐůŽƐĞĚ ƚŚĞ ǁĞĞŬ ŝŶ ƚŚĞ ŐƌĞĞŶ ƵƉ Ϭ͘ϰй͘ /ŶǀĞƐƚŽƌƐ͛ ƉŽƐŝƟǀĞ ƐĞŶƟŵĞŶƚ ŝŶ ƚŚĞ h^ ŵĂƌŬĞƚƐ ĐĂŶ ďĞ ĂƩƌŝďƵƚĞĚ ƚŽ ƉŽƐŝƟǀĞ ĞdžƉĞĐƚĂƟŽŶƐ ĂŚĞĂĚ ŽĨ ƚŚĞ ĞĂƌŶŝŶŐƐ ƐĞĂƐŽŶ ǁŝƚŚ ƚŚĞ ƌŝƐŬ ŽĨ Ă ƉŽƐƐŝďůĞ ŐŽǀĞƌŶŵĞŶƚ ƐŚƵƚĚŽǁŶ͕ ŝĨ ƚŚĞ ƐŚŽƌƚͲƚĞƌŵ ƐƉĞŶĚŝŶŐ ďŝůů ŝƐ ŶŽƚ ƉĂƐƐĞĚ ďLJ ŽŶŐƌĞƐƐ͕ ƚŚĞ ŽŶůLJ ŇLJ ŝŶ ƚŚĞ ŽŝŶƚŵĞŶƚ͘ /Ŷ ĨƌŝĐĂ͕ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ůĂƌŐĞůLJ ƉŽƐŝƟǀĞ ĂƐ <ĞŶLJĂŶ E^ ^/ ǁĂƐ ƚŚĞ ůŽŶĞ ůŽƐĞƌ tͲŽͲt ĨŽůůŽǁŝŶŐ ĚĞĐŝƐŝŽŶƐ ďLJ ƚƌĂĚĞƌƐ ƚŽ ĚĞƚĞƌŵŝŶĞ ŵĂƌŬĞƚ ĚŝƌĞĐƟŽŶ ďLJ ůŽŽŬŝŶŐ Ăƚ ƚŚĞ ůĞǀĞů ŽĨ ĨŽƌĞŝŐŶ ŝŶŇŽǁƐ ŝŶƚŽ ƚŚĞ ĚĞďƚ ĂŶĚ ƐƚŽĐŬ ŵĂƌŬĞƚ͘ dŚĞ EŝŐĞƌŝĂŶ ^/ ůĞĚ ƚŚĞ ǁĂLJ ĨŽƌ ƚŚĞ ϯƌĚ ǁĞĞŬ ;ƵƉ ϱ͘ϭйͿ ĨŽůůŽǁŝŶŐ ďƵLJŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶ ƚŚĞ dŝĞƌͲϮ ďĂŶŬŝŶŐ ƐƚŽĐŬƐ ĂŶĚ Ă ĐŽƵƉůĞ ŽĨ ŵĂƌŬĞƚ ďĞůůǁĞƚŚĞƌƐ͘ 'ŚĂŶĂ ĨŽůůŽǁĞĚ ĐůŽƐĞůLJ ǁŝƚŚ ƚŚĞ '^ ŽŵƉŽƐŝƚĞ ĐůŽƐŝŶŐ ƵƉ ϰ͘Ϯй ĂƐ ŝŶǀĞƐƚŽƌƐ ĐŽŶƟŶƵĞ ƚŽ ĨŽƌĞĐĂƐƚ ĂŶŽƚŚĞƌ LJĞĂƌ ŽĨ ƉŽƐŝƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ ĨŽůůŽǁŝŶŐ Ă ƐƚĞůůĂƌ ϮϬϭϳ͘ /Ŷ ŐLJƉƚ͕ ƚŚĞ 'y ϯϬ ǁĂƐ ƵƉ ϭ͘ϭй tͲŽͲt ĂƐ DΘ ĚĞĂůƐ ŶĞǁƐ͕ ĂŶŶŽƵŶĐĞĚ ƉĂƌƟĐƵůĂƌůLJ ŝŶ ƚŚĞ ŚĞĂůƚŚ ƐĞĐƚŽƌ͕ ĚƌŽǀĞ ƐŚĂƌĞƐ ƵƉ ĨŽƌ ƚŚĞ ǁĞĞŬ͘ 'ŽŝŶŐ ĨŽƌǁĂƌĚ͕ ǁĞ ĞdžƉĞĐƚ ƉĞƌĨŽƌŵĂŶĐĞ ƚŽ ƌĞŵĂŝŶ ďƵůůŝƐŚ ĨŽůůŽǁŝŶŐ ĂŶ ŽǀĞƌĂůů ƉŽƐŝƟǀĞ ŐůŽďĂů ŽƵƚůŽŽŬ ĂƐ ǁĞůů ĂƐ ĞdžƉĞĐƚĂƟŽŶ ŽĨ ƉŽƐŝƟǀĞ ĞĂƌŶŝŶŐƐ ƌĞƐƵůƚƐ ŝŶ h< ĂŶĚ h^͘

ŽŵĞƐƟĐ ƋƵŝƚLJ DĂƌŬĞƚ E^ ^/ ,ŝƚƐ ϵͲzĞĂƌ ,ŝŐŚ͖ DĂƌŬĞƚ ĂƉ ^ƚƌĞŶŐƚŚĞŶƐ ƚŽ ůů dŝŵĞ ,ŝŐŚ WĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ůŽĐĂů ďŽƵƌƐĞ ǁĂƐ ůĂƌŐĞůLJ ƉŽƐŝƟǀĞ ĂƐ ƚŚĞ ůů ^ŚĂƌĞ /ŶĚĞdž ; ^/Ϳ ŐĂŝŶĞĚ ϱ͘ϭй tͲŽͲt ǁŝƚŚ ƚŚĞ ŝŶĚĞdž ƐĞƩůŝŶŐ Ăƚ Ă ϵͲLJĞĂƌ ŚŝŐŚ ŽĨ ϰϱ͕ϬϵϮ͘ϴϯ ƉŽŝŶƚƐ ǁŚŝůĞ zd ƌĞƚƵƌŶ ĂĚǀĂŶĐĞĚ ƚŽ ϭϳ͘ϵй͘ /ŶǀĞƐƚŽƌƐ ŐĂŝŶĞĚ Eϳϴϱ͘ϵďŶ ŝŶ ǀĂůƵĞ ĂƐ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝnjĂƟŽŶ ĂĐĐĞůĞƌĂƚĞĚ ƚŽ Eϭϲ͘ϮƚŶ͘ dŚĞ ǁĞĞŬ͛Ɛ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ůĂƌŐĞůLJ ĚƌŝǀĞŶ ďLJ ƉƌŝĐĞ ĂƉƉƌĞĐŝĂƟŽŶ ŝŶ ƐŽŵĞ ďĞůůǁĞƚŚĞƌƐ͕ ŶŽƚĂďůLJ E' D ;нϴ͘ϯйͿ͕ 'h Z Edz ;нϭϭ͘ϳйͿ ĂŶĚ E/d, ;нϱ͘ϲйͿ ĂůƚŚŽƵŐŚ ƉŽƐŝƟǀĞ ƐĞŶƟŵĞŶƚ ǁĂƐ ŽďƐĞƌǀĞĚ ĂĐƌŽƐƐ Ăůů ƐĞĐƚŽƌƐ͘ /Ŷ ƚŚĞ ƐĂŵĞ ǀĞŝŶ͕ ĂĐƟǀŝƚLJ ůĞǀĞů ŝŵƉƌŽǀĞĚ ĂƐ ĂǀĞƌĂŐĞ ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ ĂĚǀĂŶĐĞĚ Ϭ͘Ϯй ĂŶĚ ϯϯ͘ϲй ƚŽ ϭ͘ϬďŶ ƵŶŝƚƐ ĂŶĚ Eϵ͘ϮďŶ ƌĞƐƉĞĐƟǀĞůLJ͘ dŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďLJ ǀŽůƵŵĞ ǁĞƌĞ dZ E^ KZW ;ϲϯϱ͘ϳŵͿ͕ / DKE ;ϯϯϴ͘ϴŵͿ ĂŶĚ ^^ ;ϯϮϭ͘ϴŵͿ ǁŚŝůĞ 'h Z Edz ;Eϱ͘ϯďŶͿ͕ & E, ;Eϰ͘ϯďŶͿ ĂŶĚ ^^ ;Eϯ͘ϵďŶͿ ǁĞƌĞ ƚŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďLJ ǀĂůƵĞ͘ dŚĞ ǁĞĞŬ ŬŝĐŬĞĚ Žī ŽŶ Ă ƉŽƐŝƟǀĞ ŶŽƚĞ ǁŝƚŚ ƚŚĞ ^/ ĂĚĚŝŶŐ ϱϭďƉƐ ĚƵĞ ƚŽ ďƵLJ ŝŶƚĞƌĞƐƚ ŝŶ ŵĂƌŬĞƚ ďĞůůǁĞƚŚĞƌƐ Ͳ E' D͕ 'h Z Edz ĂŶĚ E/d,͘ dŚĞ ƉŽƐŝƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ƐƵƐƚĂŝŶĞĚ Ɵůů ŵŝĚǁĞĞŬ ĂƐ ƚŚĞ ^/ ŝŶĐŚĞĚ Ϯ͘Ϯй ĂŶĚ ϭ͘ϵй ŽŶ dƵĞƐĚĂLJ ĂŶĚ tĞĚŶĞƐĚĂLJ ƌĞƐƉĞĐƟǀĞůLJ͕ ůĂƌŐĞůLJ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ŐĂŝŶƐ ƌĞĐŽƌĚĞĚ ŝŶ E' D ĂŶĚ & E,͘ DŽƌĞ ƐŽ͕ ƚŚĞ ^/ Śŝƚ Ă ϵͲLJĞĂƌ ŚŝŐŚ ŽŶ tĞĚŶĞƐĚĂLJ ƚŽ ƐĞƩůĞ Ăƚ ϰϰ͕ϴϴϱ͘Ϯϰ ƉŽŝŶƚƐ͘ LJ dŚƵƌƐĚĂLJ ŚŽǁĞǀĞƌ͕ ƚŚĞ ŵĂƌŬĞƚ ƉĂƌĞĚ ŐĂŝŶƐ ŽŶ ƉƌŽĮƚ ƚĂŬŝŶŐ͕ ĚƌĂŐŐŝŶŐ ƚŚĞ ^/ ϴďƉƐ ĂƐ ŝŶǀĞƐƚŽƌƐ ŬĞĚ ƉƌŽĮƚ ŝŶ E/' Z/ E Z t Z/ ^ ĂŶĚ h ͘ dŽ ĐůŽƐĞ ƚŚĞ ǁĞĞŬ͕ ƚŚĞ ^/ ƌŽƐĞ Ϭ͘ϱй ĨŽůůŽǁŝŶŐ ƉƌŝĐĞ ĂƉƉƌĞĐŝĂƟŽŶƐ ŝŶ 'h Z Edz ĂŶĚ E/d,͘ ĐƌŽƐƐ ƐĞĐƚŽƌƐ͕ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ůĂƌŐĞůLJ ƉŽƐŝƟǀĞ ĂƐ ϰ ŽĨ ϱ ŝŶĚŝĐĞƐ ĐůŽƐĞĚ ŝŶ ƚŚĞ ŐƌĞĞŶ͘ dŽƉƉŝŶŐ ƚŚĞ ŐĂŝŶĞƌƐ͛ ĐŚĂƌƚ ǁĂƐ ƚŚĞ ĂŶŬŝŶŐ ŝŶĚĞdž͕ ƌŝƐŝŶŐ ϴ͘ϱй tͲŽͲt ĚƵĞ ƚŽ ƉƌŝĐĞ ĂƉƉƌĞĐŝĂƟŽŶ ŝŶ 'h Z Edz ;нϭϭ͘ϳйͿ ĂŶĚ E/d, ;нϱ͘ϲйͿ͘ dŚĞ /ŶƐƵƌĂŶĐĞ ŝŶĚĞdž ĨŽůůŽǁĞĚ͕ ƵƉ ϯ͘ϴй͕ ďƵŽLJĞĚ ďLJ ŐĂŝŶƐ ŝŶ D E^ Z ;нϭϰ͘ϰйͿ ĂŶĚ E D ;нϭϴ͘ϭйͿ͘ >ŝŬĞǁŝƐĞ͕ Ă ƌĂůůLJ ŝŶ DK /> ;нϭϯ͘ϳйͿ ĂŶĚ KEK/> ;нϱ͘ϬйͿ ĚƌŽǀĞ ƚŚĞ Kŝů Θ 'ĂƐ ŝŶĚĞdž ϭ͘ϵй ƵƉ ǁŚŝůĞ ŐĂŝŶƐ ŝŶ E' D ;нϴ͘ϯйͿ ĂůƐŽ ƉƌŽƉĞůůĞĚ ƚŚĞ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚĞdž ϭ͘ϭй ŚŝŐŚĞƌ͘ KŶ ƚŚĞ ŽƚŚĞƌ ŚĂŶĚ͕ ƚŚĞ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ŝŶĚĞdž ƉĞƌĨŽƌŵĞĚ ŶĞŐĂƟǀĞůLJ͕ ƐŚĞĚĚŝŶŐ ϭ͘ϯй tͲŽͲt͕ ĚƌĂŐŐĞĚ ďLJ ƐĞůů ƉƌĞƐƐƵƌĞƐ ŝŶ E/' Z/ E Z t Z/ ^ ;Ͳϱ͘ϵйͿ ĂŶĚ E ^ KE ;Ͳϭϯ͘ϲйͿ͘ /ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ŵĞĂƐƵƌĞĚ ďLJ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ ;ĂĚǀĂŶĐĞͬĚĞĐůŝŶĞ ƌĂƟŽͿ͕ ƐŽŌĞŶĞĚ ĐŽŶƐŝĚĞƌĂďůLJ ƚŽ ϭ͘Ϯdž ĨƌŽŵ ϵ͘Ϭdž ƌĞĐŽƌĚĞĚ ƚŚĞ ƉƌĞǀŝŽƵƐ ǁĞĞŬ ĂƐ ϯϵ ƐƚŽĐŬƐ ĂĚǀĂŶĐĞĚ ƌĞůĂƟǀĞ ƚŽ ϯϮ ƐƚŽĐŬƐ ƚŚĂƚ ĚĞĐůŝŶĞĚ͘ dŚĞ ďĞƐƚ ƉĞƌĨŽƌŵŝŶŐ ƐƚŽĐŬƐ ĨŽƌ ƚŚĞ ǁĞĞŬ ǁĞƌĞ ^<z ;нϱϯ͘ϲйͿ͕ hE/dz ;нϰϴ͘ϴйͿ ĂŶĚ t D ;нϰϭ͘ϴйͿ ǁŚŝůĞ E ^ KE ;Ͳϭϯ͘ϲйͿ͕ s/d &K D ;Ͳ ϭϯ͘ϯйͿ ĂŶĚ '> s Ed ;ͲϭϮ͘ϬйͿ ůĞĚ ůĂŐŐĂƌĚƐ͘ ůƚŚŽƵŐŚ ƚŚĞ ŵĂƌŬĞƚ ŚĂƐ ƐƵƐƚĂŝŶĞĚ Ă ϯͲǁĞĞŬ ůŽŶŐ ďƵůůŝƐŚ ŵŽŵĞŶƚƵŵ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ŝŶĐƌĞĂƐĞĚ ŝŶǀĞƐƚŽƌ ƉĂƌƟĐŝƉĂƟŽŶ ĨŽůůŽǁŝŶŐ ƚŚĞ ƵƉƚƌĞŶĚ ŝŶ ŐůŽďĂů Žŝů ƉƌŝĐĞƐ ĂŶĚ ŝŶ ĞdžƉĞĐƚĂƟŽŶ ŽĨ ŝŵƉƌŽǀĞĚ ĞĂƌŶŝŶŐƐ Ăƚ ƚŚĞ ĐŽŵŵĞŶĐĞŵĞŶƚ ŽĨ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ĞĂƌŶŝŶŐƐ ƐĞĂƐŽŶ͕ ǁĞ ĞdžƉĞĐƚ ƐŽŵĞ ƐůŝŐŚƚ ƉƌŽĮƚ ƚĂŬŝŶŐ ŝŶ ƚŚĞ ĐŽŵŝŶŐ ǁĞĞŬ͘

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

Monday, January 22, 2018

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

Ticker

THISDAY AFRINVEST 40

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

1,901.52

1.08%

23.3%

90.2%

24.3%

7.6%

8.8x

1.2x

3.2%

1

Guaranty Trust Bank PLC

54.71

5.0%

23.3%

34.3%

34.9%

26.0%

4.3%

11.4x

2.8x

3.7%

9.5% 8.8%

2

Zenith Bank PLC

33.00

2.2%

13.6%

28.7%

27.3%

21.7%

3.2%

6.5x

1.4x

6.1%

15.3%

3

Nigerian Brew eries PLC

4

Nestle Nigeria PLC

142.19

0.1%

7.7%

5.4%

5.3%

18.9%

8.6%

35.0x

6.4x

2.5%

2.9%

1,500.00

0.0%

6.3%

-3.6%

-3.6%

78.4%

19.0%

39.1x

25.8x

1.7%

2.6%

273.00

0.0%

5.3%

5

Dangote Cement PLC

6.0%

18.7%

18.7%

30.4%

15.7%

18.8x

5.4x

3.1%

6

FBN Holdings Plc

13.90

-5.8%

7.1%

58.0%

58.1%

2.6%

0.3%

22.6x

0.8x

1.4%

4.4%

7

Access Bank PLC

12.60

0.8%

4.4%

20.6%

18.9%

15.1%

2.0%

5.1x

0.7x

5.2%

19.6%

8

United Bank for Africa PLC

12.89

1.9%

4.5%

25.1%

23.8%

17.2%

2.2%

5.7x

1.0x

5.8%

17.7%

9

Ecobank Transnational Inc

19.66

0.8%

3.1%

15.6%

20.8%

-14.6%

-1.3%

0.7x

3.1%

-17.6%

10

SEPLAT Petroleum Development C

675.01

0.0%

2.7%

7.8%

7.8%

-12.4%

-6.7%

0.9x

46.00

2.2%

2.6%

10.8%

12.5%

28.7%

3.4%

10.6x

2.8x

1.3%

120.25

0.0%

2.4%

27.9%

27.9%

4.5%

1.4%

84.6x

4.2x

0.5%

1.2%

51.99

0.0%

1.5%

15.8%

15.8%

47.1%

9.8%

4.6x

7.9x

1.9%

21.5%

3.6%

29.4%

-15.5%

11

Stanbic IBTC Holdings PLC

12

Guinness Nigeria PLC

9.4%

13

Lafarge Africa PLC

14

Fidelity Bank PLC

3.90

-2.3%

1.6%

58.5%

51.2%

8.0%

1.1%

3.4x

0.6x

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

20.00

-3.6%

0.9%

0.0%

-1.8%

23.8%

10.3%

7.8x

3.4x

2.5%

12.8%

17

Okomu Oil Palm PLC

71.62

0.0%

0.9%

5.8%

5.8%

37.4%

25.9%

9.6x

3.1x

2.1%

10.4%

18

Unilever Nigeria PLC

47.00

4.4%

1.0%

14.6%

16.9%

50.3%

8.4%

28.9x

11.0x

0.2%

3.5%

19

International Brew eries PLC

63.00

1.6%

0.7%

15.6%

14.6%

24.6%

7.4%

66.0x

15.0x

20

Flour Mills of Nigeria PLC

30.00

0.0%

0.5%

3.4%

3.4%

10.4%

2.6%

8.2x

0.8x

3.1%

12.1%

37.0%

1.5%

21

Transnational Corp of Nigeria

2.50

-1.6%

0.8%

71.2%

68.9%

19.6%

4.1%

10.0x

1.7x

22

UAC of Nigeria PLC

17.49

-0.6%

0.5%

3.5%

3.5%

6.3%

2.2%

11.2x

0.7x

23

Diamond Bank PLC

3.57

2.9%

1.0%

138.0%

127.4%

2.5%

0.3%

14.4x

0.4x

24

Total Nigeria PLC

231.00

0.0%

0.4%

0.5%

0.5%

37.3%

7.4%

8.6x

3.0x

25

FCMB Group Plc

3.49

-3.3%

0.9%

120.9%

3.8%

0.6%

10.1x

0.4x

2.9%

9.9%

216.00

0.0%

0.5%

11.0%

11.0%

32.6%

12.0%

11.5x

3.2x

3.8%

8.7%

26

11 PLC

27

Forte Oil PLC

51.78

0.0%

0.5%

19.1%

23.3%

44.3%

3.7%

13.1x

5.8x

28

PZ Cussons Nigeria PLC

22.00

0.3%

0.3%

6.8%

4.0%

10.7%

5.0%

20.8x

2.1x

29

Cadbury Nigeria PLC

15.06

-5.0%

0.3%

-3.9%

-3.5%

4.5%

1.6%

43.0x

2.5x

0.0%

10.0% 5.6%

8.9%

2.5%

11.6%

6.9%

7.6% 2.3%

4.8% 2.3%

30

Presco PLC

68.69

0.3%

0.3%

0.3%

42.9%

25.9%

3.4x

1.2x

2.2%

29.5%

31

NASCON Allied Industries PLC

19.00

-2.5%

0.3%

2.7%

-1.1%

53.4%

18.1%

10.7x

4.9x

3.7%

9.3%

32

UPDC Real Estate Investment Tr

10.00

0.0%

0.3%

0.0%

0.0%

0.8x

6.8%

33

Union Bank of Nigeria PLC

8.09

-3.2%

0.3%

3.7%

7.7%

5.6%

1.2%

34

Julius Berger Nigeria PLC

32.00

0.0%

0.3%

14.3%

14.3%

-12.2%

-1.2%

35

Sterling Bank PLC

6.1%

0.6%

10.3x

0.5x

9.7%

1.7x

-7.1%

0.7x

8.3%

2.29

-5.4%

0.4%

112.0%

102.7%

-4.6%

0.3%

23.2%

23.2%

61.6%

15.8%

4.8x

2.1x

0.0%

0.2%

-3.3%

-3.3%

61.2%

23.6%

4.3x

1.6x

1.4%

12.1x

36

Dangote Flour Mills Plc

14.97

37

GlaxoSmithKline Consumer Niger

20.90

38

Chemical and Allied Products P

38.86

0.0%

0.2%

14.3%

8.9%

84.3%

38.5%

17.0x

11.9x

5.7%

5.9%

39

Beta Glass PLC

56.56

0.0%

0.1%

10.2%

10.2%

18.4%

11.9%

8.0x

1.4x

1.7%

12.6%

40

Transcorp Hotels Plc

7.20

0.0%

0.1%

-0.1%

-0.1%

4.7%

2.8%

21.4x

1.0x

5.6%

4.7%

T o p 10 G a i n e r s T ic k er

20.7% 23.1%

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

P ric e

P ric e C hg %

Vo lum e

P ric e C hg %

WEM A B A N K

1.17

9.3%

T R A N SC OR P

205.9

-1.6%

SKYEB A N K

1.29

9.3%

D IA M ON D B N K

193.2

2.9%

UN IT YB N K

1.22

8.9%

SKYEB A N K

110.0

9.3% -3.3%

T ic k er

GUA R A N T Y

54.71

5.0%

FCM B

102.5

F ID SON

4.76

4.8%

WEM A B A N K

84.9

9.3%

C A VER T ON

2.22

4.7%

F ID ELIT YB K

66.2

-2.3%

J A IZ B A N K

1.17

4.5%

FB NH

65.5

-5.8%

UN ILEVER

47.00

4.4%

A F R IN SUR E

61.0

0.0%

N EM

1.83

4.0%

UN IT YB N K

56.2

8.9%

D IA M ON D B N K

3.57

2.9%

LA WUN ION

55.3

1.0%

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

Value

P ric e C hg %

3.01

-6.2%

GUA R A N T Y

1223.0

5.0%

FB NH

13.90

-5.8%

Z EN IT H B A N K

1088.0

2.2%

ST ER LN B A N K

2.29

-5.4%

FB NH

919.2

-5.8% 2.9%

T ic k er M A YB A KER

P ric e

P ric e C hg %

C A D B UR Y

15.06

-5.0%

D IA M ON D B N K

671.2

ET ER N A

6.04

-4.9%

UB A

539.2

1.9%

C ILEA SIN G

1.57

-4.8%

N EST LE

531.3

0.0%

LIN KA SSUR E

0.80

-4.8%

T R A N SC OR P

514.9

-1.6%

UC A P

4.10

-4.7%

A C C ESS

388.0

0.8%

D A N GF LOUR

14.97

-4.6%

FCM B

351.7

-3.3%

C UT IX

2.27

-4.6%

OA N D O

313.0

0.0%

Investment Research

Brokerage Ayodeji Ebo | aebo@afrinvest.com

Robert Omotunde | romotunde@afrinvest.com

Bolaji Fajenyo | bfajenyo@afrinvest.com

Omotola Abimbola | oabimbola@afrinvest.com

37

˾ MONDAY, JANUARY 22, 2018

MARKET NEWS

Eterna Plc, Conoil Plc Stocks Lead Oil & Gas Sector Eterna Plc and Conoil Plc are leading the oil and gas sector at the stock market in terms of capital gains in the New Year. Following the recovery of the market from a three-year decline, the market appreciated 42.3 per cent last year. As the rally continued in 2018, the NSE All-Share has appreciated by 17.9 per cent as at last Friday, while the NSE Oil & Gas gained 10.6 per cent. However, an analysis of stocks in the sector showed that Eterna Plc and

Conoil Plc have significantly outperformed the NSE ASI and Oil & Gas Index. Eterna Plc occupies the first position with 48.7 per cent, closely followed by Conoil Plc with a gain of 47.8 per cent. Forte Oil Plc appreciated by 19 per cent, just as Double One Plc garnered 11 per cent. Seplat Petroleum Development Company Plc. Total Nigeria Plc gained 0.46 per cent. Market operators said investors are bullish on Eterna and Conoil Plc in

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

anticipation likely impressive performance for the full year ended December 31, 2017. “Particularly, given the progressive dividend payment policy of Conoil Plc, some investors are taking position with the hope that a higher dividend would come at the end of the day,” a broker said. Conoil Plc had paid a dividend of N2.15 billion to shareholders last year for the 2016 financial year, showing an increase from N2.08 billion paid the previous year. The

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 18Jan-2018, unless otherwise stated.

2016 dividend translated to N3.10 kobo per share, up from N3.00 in 2015. The company had reported a profit before tax of N4.28 billion from N3.4 billion in 2015, an increase of 24 per cent, while profit after tax increased from N2.30 billion in 2015 to N2.84 billion, representing a 23 per cent rise. Shareholders had last year at the annual general meeting (AGM) held in Uyo commended the performance, saying the company had

continued to pay dividend to shareholders over the years. Sir Sunny Nwosu of Independent Shareholders Association of Nigeria (ISAN) said the shareholders would continue to support the board and management to ensure that it maintains it impressive performance going forward. Similarly, Chief Timothy Adesiyan of Nigerian Shareholders’ Solidarity Association(NSSA)said: “The management and board of the company have not only

performed excellently well but have also fulfilled their promise of maintaining consistent returns to shareholders.” “Given the tough operating environment in 2016 characterised by tight liquidity, rising cost of funds and the inability of petroleum marketing companies to import fuel in the face of little or no supply from the domestic refineries, Conoil still braved the odds, recorded profits and is able to pay dividend to its shareholders.”

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 200.62 200.76 12.69% Nigeria International Debt Fund 240.94 241.09 4.02% ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund 0.85 0.86 3.72% ACAP Income Funds 0.62 0.62 -4.16% 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 16.45% 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 20.70 21.32 13.27% ARM Discovery Fund 428.55 441.47 10.15% ARM Ethical Fund 28.68 29.55 4.97% ARM Money Market Fund 1.00 1.00 16.59% 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 167.63 168.81 10.51% AXA Mansard Money Market Fund 1.00 1.00 15.99% 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 12.98 13.31 4.99% Women's Investment Fund 101.37 103.97 0.74% 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 16.68% CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 18.40% Coronation Balanced Fund 1.09 1.11 9.65% Coronation Fixed Income Fund 1.03 1.06 4.32% 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 1,168.10 1,169.27 1.76% FBN Heritage Fund 152.48 154.03 9.45% FBN Money Market Fund 100.00 100.00 15.80% FBN Nigeria Eurobond (USD) Fund - Institutional $113.87 $114.33 0.81% FBN Nigeria Eurobond (USD) Fund - Retail $113.79 $114.26 0.84% FBN Nigeria Smart Beta Equity Fund 196.08 198.90 14.79% 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 1.47 1.50 12.24% Legacy Debt Fund 2.90 2.90 0.73% 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 3,216.64 3,266.84 8.02% Coral Income Fund 2,484.66 2,484.66 1.58% 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 15.99% 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 15.66% Vantage Balanced Fund 2.26 2.29 7.27%

Vantage Guaranteed Income Fund 1.00 1.00 18.03% Kedari Investment Fund (KIF) 114.27 114.27 -0.80% LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.17 1.19 1.96% Lotus Halal Fixed Income Fund 1,035.39 1,035.39 0.47% 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 17.73 17.90 25.82% Meristem Money Market Fund 10.00 10.00 15.53% 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 1.28 1.30 7.62% PACAM Fixed Income Fund 11.15 11.23 1.08% PACAM Money Market Fund 10.00 10.00 13.93% 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 141.77 144.99 10.36% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.49 1.49 0.54% 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 2,374.49 2,392.86 5.83% Stanbic IBTC Bond Fund 179.47 179.47 1.71% Stanbic IBTC Ethical Fund 1.10 1.12 9.90% Stanbic IBTC Guaranteed Investment Fund 223.49 223.63 1.50% Stanbic IBTC Iman Fund 186.84 189.20 4.40% Stanbic IBTC Money Market Fund 100.00 100.00 15.84% Stanbic IBTC Nigerian Equity Fund 10,589.96 10,731.48 9.50% Stanbic IBTC Dollar Fund (USD) 1.07 1.07 0.94% 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 1.41 1.43 17.15% United Capital Bond Fund 1.58 1.58 24.35% United Capital Equity Fund 1.01 1.03 10.31% United Capital Money Market Fund 1.00 1.00 14.66% United Capital Eurobond Fund 103.15 103.15 7.83% United Capital Wealth for Women Fund 1.12 1.12 24.15% 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 13.97 14.18 11.22% Zenith Ethical Fund 13.83 14.00 5.63% Zenith Income Fund 19.22 19.22 1.62%

REITS NAV Per Share

Yield / T-Rtn

10.00 132.85

-11.35% 0.29%

Bid Price

Offer Price

Yield / T-Rtn

12.93 171.90 128.36

13.03 175.68 130.79

6.66% 20.39% 17.51%

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

6.02 10.37 20.67 23.10 153.59

6.06 10.45 20.77 23.30 155.59

26.89% 8.32% 16.34% 17.35% 3.36%

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

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MONDAY JANUARY 22, 2018 ˾ T H I S D AY

INTERNATIONAL Trump Urges Change to Senate Rule as Shutdown Enters Second Day U.S. President Donald Trump said on Sunday if the government shutdown stalemate continued, Republicans should fund the government by changing Senate rules, which currently require a super-majority for legislation to advance, but top Republicans immediately dismissed the idea, according to Reuters. Funding for federal agencies ran out Saturday with Trump and Republican lawmakers locked in a standoff with Democrats. As the shutdown entered its second day, there appeared to be no clear path for a quick end to the crisis. “The Dems (Democrats) just want illegal immigrants to pour into our nation unchecked. If stalemate continues, Republicans should go to 51 percent (Nuclear Option) and vote on real, long term budget,” Trump said on Twitter. Trump’s proposal was almost immediately rejected by Senate Republican Leader Mitch McConnell. Senate Republicans oppose changing the chamber’s rules so that legislation to fund

the government and end the current shutdown could pass with a simple majority, the spokesman said. “The Republican Conference opposes changing the rules on legislation,” the spokesman said in an email. Current Senate rules require a super-majority of three-fifths of the chamber, usually 60 out of 100, for legislation to clear procedural hurdles and pass. The Senate will vote at 1 a.m. EST (0600 GMT) on Monday on a bill to fund the government through Feb. 8, unless Democrats agreed to hold it sooner, McConnell said on Saturday. Democrats say short-term spending legislation must include protections for illegal immigrants brought to the United States as children, known as “Dreamers.” Senate Democratic leader Chuck Schumer accused Trump of being an unreliable negotiating partner, saying the two sides came close to an agreement several times only to have Trump back out at the urging of anti-immigration conservatives.

Schumer “put a lot on the table” in negotiations on Friday, which Trump accepted then “walked it back,” Democratic Senator Chris Coons said on the “Fox News Sunday” program. Republicans, who have a slim 51-49 Senate majority, said they would not negotiate on immigration until the government was reopened. With elections set in November for a third of U.S. Senate seats and the entire House of Representatives, both sides are maneuvering to blame the other for the shutdown. After money for federal agencies ran out at midnight on Friday, many U.S. government employees were told to stay home or, in some cases, work without pay until new funding is approved. The shutdown is the first since a 16-day closure in October 2013. Speaking to U.S. troops at a military facility in the Middle East, Vice President Mike Pence said the administration will not reopen talks with Democratic lawmakers on “illegal immigration” until the shutdown ended.

email:foreigndesk@thisdaylive.com

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T H I S D AY ˾ Í°Í°Ë&#x153; ͰͮͯͶ

MONDAY JANUARY 22, 2018 ˾ T H I S D AY

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Ogbeh: FG Will Not Forcefully Take Land for Cattle Colonies Taraba raises the alarm over fresh plans to attack villages PDP House caucus condemns incessant herdsmen attacks James Emejo in Abuja and Wole Ayodele in Jalingo The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, has maintained that the federal government will not forcibly take land from states to kick off cattle colonies. Ogbeh made this known at the weekend when he refuted claims that the programme was initiated to seize farmlands and hand them over to Fulani herdsmen, saying it was not true. According to him, the intention behind the cattle colonies was to provide safe havens for cattle to graze in peace, to be under controlled environment, prevent conflicts between farmers and herdsmen and not to give people’s land to Fulanis. He said: “If any suspicion does arise, it is unintended and regrettable. We never meant and do not have the intention to seize anyone’s land by force. The federal government will not force states to surrender their land or force any of them to do what it does not

like to do. “We have agreed to work together to create a new culture of cattle rearing different from what we have today. We are told that it is a custom of the herdsmen to be moving around. The current culture of open grazing is posing serious challenge and not too efficient.” Meanwhile, the Taraba State Government has raised the alarm over plans by a militia group to carry out fresh attacks on villages in the state. Bala Dan Abu, Senior Special Assistant on Media and Publicity to the State Governor, Darius Ishaku, who raised the alarm in Jalingo yesterday, said there are security reports that arms and ammunition are being brought into the state to execute the dastardly act. Specifically, Abu revealed that a helicopter loaded with arms and ammunition was reported to have landed in Jibu village in Ibi Local Government Area of the state allegedly meant for a militia group planning to carry out attacks in the state. According to him, “A helicopter

Delta Govt to Parley Militia, N’Delta Avengers over Fresh Threat Omon-Julius Onabu in Asaba The Delta State Government has expressed readiness to dialogue with militia group, Niger Delta Avengers (NDA), in the light of its reported threats to resume hostilities against oil and gas installations in the Niger Delta region. The state Deputy Governor, Mr. Kingsley Burutu Otuaro, gave the hint while appealing to the NDA to sheathe their sword and embrace the option of dialogue to resolve whatever their grievances might be. Otuaro, who is the Chairman, Delta State Advocacy Committee Against Vandalism of Oil and Gas Facilities, noted that much has been achieved since the resort to dialogue following resurgence of militancy targeting oil and gas facilities in the region. Last week, the militant group made fresh demands over what it called insignificant gains, in terms of visible development in the region from the federal government since it agreed to a ceasefire about a year ago, threatening to attack oil facilities particularly those operated by multinationals. The group warned that its intention to resume attack on critical oil assets in what it termed “Operation red economy” that would cripple Nigeria’s oil production and export capacity thereby dipping the country’s oil revenue. Nonetheless, the Otuaro-led committee, which has former Ijaw youth leader, Dr Chris Ekiyor, as Secretary, has advised the NDA to formally lodge their grievances to the governor’s office Annexe Warri or the Deputy Governor’s Office, Government House, Asaba to set the stage for meaningful dialogue. Against the backdrop of the renewed militant threats, Otuaro told journalists in Warri at the weekend that, “as agitators, we

must be mindful not to cancel out the modest gains already made through the dialogue process with the federal government which is still on course. “Days back, the House of Representatives passed the Nigerian Maritime University, Okerenkoko, Bill into law as the Senate did last year. The Petroleum Industry Governance Bill (PIGB) has also just been passed. These are few pointers among others of better things to come. “The Delta State Advocacy Committee Against Vandalism of Oil and Gas Facilities, which I chair, just concluded a two-day conference on securing oil installations in Delta State. The conference drew attendance from oil companies, government bodies and communities from both Itsekiri and Ijaw Kingdoms in the riverside areas of the state. To underscore the importance of the conference, the Country Chair/Managing Director of Shell Petroleum Company (SPDC), Mr. Osagie Okunbor, personally attended and delivered the keynote address. “Among several issues, conference resolved that oil bearing communities must be engaged to better protect oil installations. It was agreed that oil installations vandalism was criminal and (amounts to) shooting self and future generations in the foot, having regard to con-committant environmental despoliation and loss of revenue for development of the region.” The deputy governor and committee chairman further disclosed at a post-conference press briefing in Warri that the advocacy committee was making “arrangements to reach higher platforms to engage authorities of key issues raised at the conference towards resolving same. We have made contacts and gotten responses; I can tell you that there is yet no reason to be pessimistic.”

suspected to be loaded with arms and ammunition is reported to have landed in a place called Jibu, a village located along River Benue, somewhere near Ibi, in Ibi Local Government Area of Taraba State. The arms and ammunition are allegedly meant for a militia group that may be planning an attack on Taraba villages.” The governor’s spokesman further stressed that prior to the tragic attacks in Agatu in Benue State which led to the killings there, similar system of arms delivery occurred but nothing was done to trace and arrest the owners of the helicopter insisting that the development is suggestive of a planned militia attack on the state. “This system of arms delivery was said to have happened prior to the tragic attacks in Agatu in Benue State last year which led to the killings there. Nothing was done to trace and arrest the owners of the helicopter. There may be another planned militia attacks in the offing,” he said. But the state police command has denied knowledge of the arms conveying helicopter and a planned militia attack on the state. Speaking to THISDAY in a telephone interview, the state Police Public Relations Officer (PPRO), David Misal, maintained that the command is yet to be briefed of the development just as he promised to reach out to

journalists whenever information is available on the matter. However, the Peoples Democratic Party (PDP) caucus in the House of Representatives has expressed disappointment with the federal government over what is described as its “tactless handling” of the spate of killings across the country. It said the current situation fosters possibilities of repeated mass killings by herdsmen in Benue, Taraba and other states, adding that the “prevailing spate of killings across the country now mirrors that of failed states.” The House Minority Leader, Hon. Leo Ogor, in a statement said the caucus emphatically blamed the All Progressives Congress (APC) government for gross failure to explore realistic and effective options towards ending such crisis and saving human lives, adding that too many Nigerians are losing their lives to insecurity nationwide while killers still roam free. He said: “The first fundamental duty of any government is the security of citizens’ lives and property, but it is deeply unfortunate, historically horrific and spiritually negative that under the APC government, the country is witnessing endless rounds of senseless killings of men, women and children in Benue, Taraba and other states. “Within the past two years, unidentified herdsmen have

displaced Boko Haram in terms of mindless killings; it is unfortunate that once again, just like they did several times before, rampaging herdsmen in utter contempt for Benue state’s anti-grazing law wantonly descended on Guma and Logo Local Government Areas of Benue State in a new year attack that left scores of dead bodies. “Herdsmen now rank high on the Global Terrorism Index and nationwide, mindless killings, armed robberies and dastardly kidnapping have increased under the APC government which now repays the overwhelming votes from the people with long conspiratorial silence and numb promises while the number of corpses mount. “Security is one of the three major commitments that the APC government guaranteed the country at its inception but in the usual pattern of elevating deceit and propaganda above all else, it has woefully remained unable to rein in worsening insecurity across the country. “Today, the result is that our gallant military personnel and other security operatives are immersed in tackling crises in all parts of Nigeria.” The caucus further bemoaned a situation whereby big farmers in the North now avoid their own farms for fear of kidnappers, stressing that “the

APC has insensitively chosen a very wrong and unfair moment in history to announce plans for re-election campaigns.” Also, PDP lawmaker in the House representing Kabba/ Bunu/Ijumu federal constituency of Kogi State, Hon. Tajudeen Yusuf, has cautioned Governor Yahaya Bello to tread cautiously and avoid taking unilateral decisions over the adoption of the federal government’s cattle colony initiative. He said: “Several groups and individuals, including members of the governor’s party in the state may turn it into a combustible issue as they are already mobilisng to ensure a strong perception of the governor’s moves on the cattle colony initiative as a colossal unilateral and insensitive decision.” Yusuf, who is the Chairman, House Committee on Capital Market and Institutions, said the “PDP will not support concession of any community’s land for the cattle colony initiative, he also stated that PDP is the only hope for ensuring justice for all those unjustifiably affected by the ongoing sack of workers by the Kogi state government.” He told journalists: “This is beyond politics, I plead with our governor to please make adequate consultations because traditional rulers are not bona fide owners of land in communities in most, if not all communities across Kogi State.”

WEDDING QUESTS

L-R: Elegushi of Ikateland, Oba Saheed Ademola Elegushi, Kusenla III; Executive Commissioner, Nigerian Communications Commission (NCC), Sunday Dare; and Chairman, The Abuja Inquirer, Dan Akpovwa, at the wedding of Prince Yekini Elegushi and Eniola Oladunjoye at Oniru, Lagos.... yesterday

Police Refute Killing of Monarch in Taraba Wole Ayodele in Jalingo Taraba State Police Command has refuted media reports of the killing of a traditional ruler in a fresh attack by herdsmen. The command in a statement signed by the Police Public Relations Officer (PPRO), David Misal, stated that the allusion to the killing of a monarch in the reported attack which occurred at Kamel village

in Ibi Local Government Area of the state was a distortion of fact. According to the statement, titled: ‘Re-Herdsmen Kill Taraba Monarch, 28 Others in Fresh Attack’, “The attention of Taraba State Police Command has been drawn to the report in a national daily and other online publications on the above captioned and wish to state that it was a distortion of facts as the publication did

not carry the true story of what happened.” Giving its own account of the attack, the command stated that on January 15, 2018, there was a community security meeting summoned by the community leaders in Kamel village with security agencies in attendance. The command noted that while the meeting was ongoing, there was a sound of gunshot which

led to the calling off of the meeting in order to ascertain the cause of the gunshot. The statement further stated that after combing the village by security agencies, one Mr. Gabriel Mvendaga Ukovor of Tsurkpa village was found dead without any mark of violence or gunshot injuries but was suspected to have been beaten to death with stick used for cattle rearing.

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MONDAY JANUARY 22, 2018 ˾ T H I S D AY

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Fuel Queues Return to Lagos, NNPC Announces Release of 250 Petrol Trucks The Nigerian National Petroleum Corporation (NNPC) said it had released 250 trucks of petrol to Lagos metropolis for effective dispensing at filling stations to forestall any scarcity. The corporation’s Group General Manager, Group Public Affairs Division, Ndu Ughamadu, disclosed this in an interview with News Agency of Nigeria (NAN) in Lagos. According to him, there has been a slight change in the distribution network in Lagos, as Lagos is currently being supplied by members of the Major Oil Marketers Association of Nigeria (MOMAN). “At the weekend there was a hitch in discharging of petrol by ships which has been ratified. “Today, 250 trucks have been discharged to Lagos compared to less than 200 trucks usually allocated to Lagos at the weekend,” he said. The NNPC spokesperson said that the ships which commenced discharging since last Saturday night had finished discharging, adding that in a couple of hours the long queues will disappear and normalcy will return to Lagos. Ughamadu urged motorists to avoid hoarding of petrol and

panic buying, as there is sufficient products in stock that will last for days. The NNPC spokesperson also acknowledged a slight hitch at the Port Harcourt refinery due to power problem. “Port Harcourt refinery is slightly down for now, pending when the problem will be rectified. NAN, who went round the Lagos metropolis however reports that fuel queues had started springing up again in most filling stations in the state. The queues which were noticed in the early hours of Saturday had begun to increase by afternoon across the state. Many of the filling stations operated by major marketers were not selling while outlets owned by Independent Marketers were shut. At Ikorodu, Epe, Mile 12 and Lekki axes, most filling stations who had products were selling above the official pump price. Reacting to the situation, Abiodun Lawal spokesman of NIPCO, said the company was consistently loading and supplying to marketers, but the volume had marginally dropped. “I can confirm we are currently

ALSCON: FG Signs Renewed Share Purchase Agreement with UC Rusal

loading but I don’t have the statistics; however I must say that we don’t have enough supply at the moment. I think that explains the resurgence of queue at filling stations”, he said.

Also, Olufemi Adewole, the Executive Secretary of the Depot and Petroleum Products Marketing Association (DAPPMA) noted that there was shortage of petrol supply across the country.

Adewole said what is playing out at the moment is the preference of NNPC deploying more supply to the major marketers. “The truth is that there is short

supply at the moment, if NNPC can raise supply we will be able to get to inland areas and focus on major cities, but I can tell you there is no much supply from NNPC,’’ he explained.

GREAT ALUMNI

L-R: Director of Partnership, ony Elumelu Foundation (TEF), Mrs. Ifeyinwa Ugochukwu; TEF Alumnus and Co-Founder, Paliamo Bambini; Ifedayo Durosinmi-Etti; TEF Alumus and Founder/CEO, ADPKG Consulting Strategy & Brand Services, Patrick Acho; TEF Alumnus and CEO, Berah Havens Creations, Bisi Adeeko; and CEO, TEF, Parminder Vir, during TEF 2018 Application Drive Press Breakfasts, at Heirs Place, Ikoyi, Lagos....Friday.

Senate to Hold Public Hearing on Bill Establishing

Agreement ends decade of legal NCDC Today tussle with BGI Group to Martins Ifijeh The federal government has given official recognition to Messrs UC Rusal, a Russian company, as the core investor of the Aluminium Smelter Company of Nigeria (ALSCON) Ikot Abasi, Akwa Ibom State, following the signing of the Renewed Share Purchase Agreement between government and the Russian company in Abuja, on Friday. The Renewed Share Purchase Agreement was signed during a brief ceremony at the Ministry of Mines and Steel Development, Abuja, witnessed by the minister, Dr. Kayode Fayemi; Minister of State, Hon. Abubakar Bawa Bwari; Director General, Bureau of Public Enterprise (BPE), Alex Okoh; Russian Ambassador to Nigeria, Nickolai Udovichenko; CEO/Member of the Board of Directors UC Rusal, Vladislav Soloviev; Managing Director ALSCON, Dmitry Zavyaiov; and Head of Legal, UC Rusal, Piter Maxsimov. Director General BPE, Okoh, signed for the federal government, while CEO/Member of the Board of Directors UC Rusal, Soloviev signed on behalf of the company, thus ending the protracted litigation that has made the aluminium smelting company unable to operate for almost a decade. The federal government, however, still retains 20 per cent equity in the company. Government took the decision to intervene and end the protracted dispute at the meeting of the National

Council on Privatisation (NCP) held in August, 2017 under the chairmanship of the Vice President, Prof Yemi Osinbajo, where the council approved an out of court settlement to resolve the lingering dispute between the federal government, BFIG and UC RUSAL through mediation with the active collaboration of Ministry of Mines and Steel Development. Speaking at the event, Fayemi stated that President Muhammadu Buhari is keen on seeing that this agreement is reached and resolved as soon as possible so that the company can get back on its feet and Nigeria and Russia can strengthen the historical partnership btw the two countries The DG of BPE, Okoh, in his remarks commended the efforts of Fayemi, and his commitment in ensuring the success of the negotiation. The BPE boss said he is optimistic that the remaining issues would be resolved both on the legal side as well the technical and production issues, adding that government still retained 20 per cent equity in the firm. Ambassador Nickolai Udovichenko who led Russian Government delegation to the event, thanked the Nigerian Government for resolving the impasse, while also lauding the efforts of the minister. He described the development as a new beginning for the two countries.

The Senate Committee on Primary Healthcare and Communicable Diseases will today hold a Public Hearing on the Bill establishing the Nigeria Centre for Disease Control (NCDC) in order to give a legislative backing to its activities. The bill, which has gone through first and second reading, is expected to receive overwhelming support by stakeholders following the successes so far recorded by the centre in tackling disease outbreaks since 2011 when it was established as a parastatal of the Federal Ministry of Health. In a statement made available

THISDAY yesterday and signed by the centre’s Technical Assistant, Communications, Jeremiah Agenyi, the passage of the bill would provide a stronger footing for leadership in disease surveillance and outbreak investigations, reference laboratory services, including specialist diagnostic services for rare organisms, and other public health interventions. According to him: “Nigeria needs an agency that has technical personnel with relevant expertise such as epidemiological, microbiological, research, and communication skills, and supported by a legal backing, as well as adequate and stable

financing. “There have already been increasing confidence, cooperation and support to NCDC from many local and international stakeholders and partners. NCDC has built strong partnerships with the World Health Organization (WHO), US Centers for Disease Control (US CDC),World Bank, Africa Centre for Disease Control (ACDC) and the national public health institutes of the United Kingdom (Public Health England), Germany (Robert Koch Institute),the Japanese International Cooperation Agency (JICA) and several other organisations. The sustainability of these depend on the passage of the Bill establishing

it,” he added. Agenyi said these and many more have made establishing the Centre more justifiable to ensure the health security of Nigerians. “All of these steps led to progress towards its mandate to prevent, detect and respond to diseases.” He said the NCDC has provided the hub of health protection in the West African region, noting that by attracting and hosting the ECOWAS Regional Centre for Disease Control, it has gained respect across the continent. “This bill provides NCDC an opportunity to assure the long term sustainability of its work,” he added.

Falana Warns FG against Cattle Colonies Lawyer and activist, Femi Falana, has warned the federal government to be clear with its plans to encourage states and others to establish ranches instead of mixing it up with cattle colonies, which many Nigerians have vehemently rejected. Falana pointed accusing finger at the Minister of Agriculture and Rural Development, Chief Audu Ogbeh, for the mix up, saying that his utterances are exacerbating the on-going herdsmen-farmers’ crisis because of his ambivalence on mixing ranches with cattle colonies, which is his own pet project. Falana noted that that the federal government has been making efforts to resolve the

crisis by recommending the establishment of ranches, so Ogbeh should enunciate and push for this instead of talking about cattle colonies. The foremost lawyer in a statement made available to THISDAY said: “In a determined bid to solve the perennial clashes between farmers and herdsmen in the various parts of the country, the Buhari administration had embarked on a vigorous campaign for the establishment of ranches in the country. Over a year ago, Ogbeh announced that 11 state governments and the federal capital territory administration had made available 55 hectares of land for the establishment

of ranches. “He also announced that the federal government had concluded plans to engage the services of 3,000 young men and women to guard the proposed ranches. But for reasons best known to the federal government, the plan to set up the ranches was jettisoned to the detriment of peace and stability of the nation.” Falana regretted that having lost thousands of people and destruction of properties worth billions of naira in avoidable clashes between farmers and herdsmen in several parts of the country, the federal government has now decided to establish the ranches.

“While this belated decision is a welcome development, Ogbeh should be restrained from causing confusion by giving the misleading impression that the federal government intends to allow owners of cattle to colonise the states that have donated land for the establishment of ranches. In other words, Ogbeh should not be allowed to sabotage the establishment of the ranches with his pet project of “cattle colonies,” he said. Falana added that since a ranch is a large area of land acquired for raising grazing livestock such as cattle or sheep for the production of meat the proposed ranches should not be called “cattle colonies.”

MONDAY JANUARY 22, 2018 ˾ T H I S D AY

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Court Affirms SERAP’s Right to Stop Double Pay, Pensions for Politicians Davidson Iriekpen Justice Oluremi Oguntoyinbo of the Federal High Court in Lagos has granted a Lagos-based human rights group, Socio-Economic Rights and Accountability Project (SERAP) leave to bring its suit to stop former governors and now serving senators and ministers from receiving double pay and life pensions. The Court also granted the group the leave to seek recovery of over N40billion of public funds unduly received by the affected officers. The judge arrived at the decision last Friday while ruling on the suit filed by SERAP in its suit designated FHC/L/CS/1497/17. The suit is specifically seeking to compel the Attorney-General of the Federation and Minister of Justice Mr. Abubakar Malami (SAN) to “challenge the legality

of states’ laws that allow former governors who are now senators and ministers to enjoy governors’ emoluments while drawing normal salaries and allowances in their new political offices and to identify those involved and seek full recovery of public funds from them. In its ruling on the ex-parte application, the court declared that “SERAP cannot be considered a meddlesome interloper or busybody in seeking to stop double pay and life pensions for former governors. “All that mattered was for SERAP to show sufficient interest in the application for leave to apply for an order of mandamus.” In reviewing and relying on Order 34, Rules 1(1) a, 2, Rule 3 (1) and (2) of the Federal High Court (Civil Procedure) Rules 2009, and quoting from several Supreme Court judgments, Justice Oguntoyinbo insisted that, “The

UN: Over 10, 000 Cameroonian Refugees Registered in C’River Bassey Inyang in Calabar The United Nations High Commission for Refugees (UNHCR) has announced that over 10,000 refugees from Cameroon have been registered in various communities in Cross River State in South-south Nigeria. The Assistant Representative in charge of Operations for UNHCR in Abuja, Mr. Bamba Boubacar, made the announcement in Calabar, the state capital, at the weekend while donating a field Sports Utility Vehicle (SUV) to the National Commission for Refugees, Migrants and Displaced Persons (NCFRMI) in Calabar to facilitate the registration of refugees seeking asylum in Nigeria. “We have registered, so far, 10,400 Cameroonian refugees in Cross River and the registration is continuing. We have been informed that there are people not registered in various areas. But, until we complete the registration, we would not be able to give an accurate figure. “We have people from other countries, and also Nigerians who were established in Cameroon coming back. They cannot be registered as refugees. So, we need to be cautious and register before providing a figure. “Today we are providing this additional support to NCFRMI in Calabar because we have an influx of Cameroonian refugees in this area. This entry was not foreseen and the capacity on the ground was not up to provide a better response to this crisis and as partners of NCFRMI in the protection of refugees, we are providing this support because as you know the refugees are scattered across vast areas in Cross River State, and to register them, the team has to move from one place to the other. And so far, there are a limited number of vehicles. So, this additional vehicle will help to speed up the registration process so that the asylum seekers would be registered on time, and having at least a proof of registration as asylums seekers. This would be helpful for their protection when they are moving. They would provide this document to security

officials so they will know that they are asylums seekers, and they have been registered. The vehicle is a four by four SUV for rugged terrain, with sitting capacity for seven persons, equipped with communications facilities. “UNHCR is working closely with government to improve their protection to ensure the people have documentation so they will not be harassed or arrested by authorities for lack of documentation. We would continue to work with the NCFRMI, and the state authorities to improve the security and protection of asylum seekers and refugees. “Before we provided this vehicle, we have already started to provide assistance to the refugees, and I am happy that you are concerned about food. We have provided water, food, items, mattresses, blankets and also shelter kits and so on. We are providing much broader assistance to the people,” Boubacar said. Boubacar said the UNHCR was planning to establish as office in Calabar, and additional two field offices in other parts of Cross River State. Also speaking at the event, Head, Refugee Status Determination Unit, NCFRMI, Mr. Murdakai Titus, said they were grateful to the UNHCR for donating the vehicle. “On behalf of the Federal Commissioner, Hajiya Sadiya Umar Farouq, the management and entire staff of NCFRMI, I would like to express our profound appreciation to the office of the UNHCR in Nigeria led by Mr. Antonio Jose Canhandula, for this great gesture. It is indeed an exemplary demonstration of partnership in action, which has long been in existence since the establishment of the commission in 1989. “The gift of this vehicle is made timely when the South-south zone is witnessing unimaginable influx of persons of concern from our neighbouring country Cameroon and more are still arriving. It will certainly facilitate our collective humanitarian response in the South-south zone. Hence, the need for such gesture cannot be overemphasised. We look forward to a better collaborative relationship in Nigeria,” Titus said.

court shall not grant leave in mandamus application unless it considers that the applicant has sufficient interest in the matter to which the application relates. “The court is mindful of the fact that in an application of this nature, the judge should not delve into the substance of the main issue. “Having reviewed the papers filed by SERAP, the court is satisfied that the organisation has met the criteria set by the Rules of the Court, and as such does not consider SERAP a meddlesome interloper.” Further hearing on the motion on notice has been adjourned until March 22, 2018. SERAP had on October 4, 2017 initiated the action before the court wherein it is asking “The AttorneyGeneral of the Federation and Minister of Justice Mr. Abubakar Malami (SAN) to use his position as a defender of public interest to institute legal actions to stop former governors from enjoying emoluments while drawing normal salaries and allowances in their positions as senators and ministers. In the suit, SERAP argued that “public function should be exercised in the public interest. “Double emoluments promote private self-interest or self-dealing. By signing double emoluments laws, which they knew or ought to know that they would be beneficiaries, these former governors have abused their entrusted positions, and thereby

obtained an undue advantage, contrary to article 19 of the UN Convention against Corruption to which Nigeria is a state party. “Senators and ministers should not be receiving salaries and pensions running into billions of naira from states that are currently unwilling or unable to pay their workers’ salaries and pensioners’ entitlements. “National and international laws implicitly forbid public officials entrusted with public resources from granting to themselves emoluments for life while serving in other public offices including as senators and ministers. “Taking advantage of entrusted public offices and positions to enact laws to grant double emoluments and large severance benefits to serving public officials amounts to not only an abuse of office but also incorrect, dishonourable and improper performance of public functions, as per the provisions of paragraph 2 of article 8 of the United Nations Convention Against Corruption.” Prior to this time, and consequent upon SERAP’s letter to the AGF, the President of the Senate, Bukola Saraki, had last year made public that he had written a letter to the Kwara State government to stop the payment of the pension, “the moment I saw that SERAP allegation.” Saraki added: “No, I’m not collecting pension;themomentIsawthatallegation, Iwrotetomystatetostopmypension.” But so far, Dr. Kayode Fayemi,

Minister of Mines and Steel Development, and his counterparts in the Ministry of Labour and Employment, Senator Chris Ngige, and Minister of Power, Works and Housing, Babatunde Fashola have denied ever receiving double payments and retirement benefits as former governors in addition to other roles in public office. The letter written to Malami reads: “According to our information, those who reportedly receive double emoluments and large severance benefits from their states include: Rabiu Musa Kwankwaso (Kano); Kabiru Gaya (Kano); Godswill Akpabio (Akwa Ibom); Theodore Orji (Abia); Abdullahi Adamu (Nasarawa); Sam Egwu (Ebonyi); Shaaba Lafiagi (Kwara); Joshua Dariye (Plateau), and Jonah Jang (Plateau). Others include: Ahmed Sani Yarima (Zamfara); Danjuma Goje (Gombe); Bukar Abba Ibrahim (Yobe); Adamu Aliero (Kebbi); George Akume (Benue); and Rotimi Amaechi (Rivers). “Under the Lagos Pension Law, a former governor will enjoy the following benefits for life: Two houses, one in Lagos and another in Abuja estimated to cost between N500million and N700million. “Others are six brand new cars every three years; furniture allowance of 300 per cent of annual salary every two years, and a close to N2.5million as pension (about N30million pension annually);

free medicals including for his immediate families; 10 per cent house maintenance; 30 per cent car maintenance; 10 per cent entertainment; 20 per cent utility; and several domestic staff. “In Rivers, state law provides 100 per cent of annual basic salaries for ex-governor and deputy, one residential house for former governor anywhere of his choice in Nigeria; one residential house anywhere in Rivers for the deputy, three cars for the ex-governor every four years; two cars for the deputy every four years; 300 per cent of annual basic salary every four years for furniture; 10 per cent of annual basic salary for house maintenance. “In Akwa Ibom, the state law provides for N200m annual pay to ex governors, deputies; pension for life; a new official car and utility-vehicle every four years; one personal aide and provision of adequate security; a cook, chauffeurs and security guards for the governor at a sum not exceeding N5million per month and N2.5million for the deputy governor; free medical services for governor and spouse totaling N100million for the governor per annum and N50million for the deputy governor; a five-bedroom mansion in Abuja and Akwa Ibom; and allowance of 300 per cent of annual basic salary for the deputy governor; 300 per cent of annual basic salary every four years and severance gratuity.

IT’S A LIE, IS THIS YOU?

Former Vice President, Atiku Abubakar (left), and Mr. E. Ade Ogunbode, at the latter’s 90th birthday celebration in Lagos... weekend

DauraYouths to Buy Nomination Forms for Buhari, Masari A non-governmental organisation, Daura Emirate Youth Progressive Movement (DEYPM), yesterday said it would purchase nominations forms for President Muhammadu Buhari and Governor Aminu Masari of Katsina State to enable them re-contest in the 2019 general election. The Chairman of the movement, Malam Abdulkadir Lawal, disclosed this in Daura at a rally, which was attended by thousands of youths from the five local governments areas under

Daura Emirate. The five local government areas under the emirate include Daura, Baure, Zango, Mai’adua and Sandamu. “We will purchase the forms as part of our contribution to support the two political leaders to re-contest during the polls.” He said the movement decided to purchase the forms following Buhari and Masari’s exceptional performance in office. Lawal said the two leaders had brought rapid development in their respective areas of jurisdiction, especially in

security, agriculture, among others. “Masari has succeeded in transforming education, infrastructure and health sectors in the state within the last two years,” he stressed. He described Buhari as God sent, stressing that prior to the advent of his administration, people in North-east were experiencing hell due to the activities of Boko Haram insurgents in the region. Lawal commended Buhari’s effort to diversify the economy and instilled discipline in public life.

“The anti corruption crusade of the federal government has been yielding results as looted funds are being recovered.” The Attorney Geberal and Commissioner for Justice, Ahmad Al-Murzuk and his counterpart for Youth and Sports, Alhaji Abu Dankum, in their speeches, described the decision of the movement as timely. The commissioners attributed the relative peace and stability recorded in parts of the country to government’s efforts to bring sanity to the system.

MONDAY JANUARY 22, 2018 ˾ T H I S D AY

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Herdsmen Killings May Cost Buhari Second Term, Say PFN, CRM Reject call for cattle colony Condemn IG support, call for overhaul of security hierarchy Amby Uneze in Owerri The Pentecostal Fellowship of Nigeria (PFN) and Charismatic Renewal Ministries (CRM) have said the long term effect of the killings by the herdsmen across the country, especially the New Year massacre of 73 innocent Nigerians in Benue State may cost President Muhammadu Buhari his second term opportunity as president of the country. The two groups have vowed to champion the rejection of the president to come back through their votes. The General Overseer of CRM, Dr. Cosmas Ilechukwu, who read the communiqué issued at the end of the CRM Annual Leaders’ Retreat to journalists yesterday at the headquarters of the church in Owerri, also announced the rejection of cattle colony in the country, as well as condemned the tacit support of the Inspector General of Police, Ibrahim Idris, to the perpetrators of the heinous genocidal killings

by referring the Benue attacks as “mere communal clash.” In the 12-paragraph document, Ilechukwu who is also the Chairman of the South-east PFN, called on President Buhari to as a matter of urgency overhaul the nation’s security hierarchy for more effective performance, as it observed that the current security leaders have failed in their responsibilities to protect the lives and properties of Nigerians. According to the communiqué, President Buhari’s failure to respond promptly to this genocide in Benue State and his refusal to visit the affected communities score him very low in his value for human lives. We feel pained that President Buhari who swore to defend the Constitution of the Federal Republic of Nigeria has failed abysmally to discharge this constitutional responsibility to protect the victims of these incessant attacks. He added: “When a government fail to do what is responsible to do, then the people will reject such

government through their votes. The only thing we do is to reject the second term of President Buhari. We will join forces with the civil society organisations (CSOs) to defend ourselves and in strong terms show them the way out. “Does it then mean that President Buhari places a higher premium on lives of cows than on that of human beings? When the incident of cattle rustling was reported in Zamfara, the President promptly mobilised the military including the Air Force, to recover the stolen cattle and restore order to the area. But when 73 innocent and helpless Nigerians were slaughtered in cold blood, the president did not show

adequate concern. “We condemn, in very strong terms, the genocidal and ethnic cleansing attacks on several villages in Benue, Kaduna, Adamawa and Taraba States. We state categorically that the barbaric killings witnessed in Benue and other places were carried out by very well-trained Fulani militia armed with sophisticated weapons who targeted Christian communities. They are not herdsmen. The herdsmen we have known over the years do not carry sophisticate guns. “The atrocious activities of the Fulani Islamist militia tend to portray them as prosecuting a Jihadist agenda without being

actively checked by the security agencies. Ordinarily, one is not permitted to carry a gun without a licence. And even when licensed, one can only carry a single or double-barreled gun, not an AK-47 or machine gun. Yet the Fulani militia members go about with sophisticated weapons and nobody has arrested them. “Most of the places where the Fulani militia have attacked are Christian communities. This goes to confirm the assertion in some quarters that a Jihad is going on in Nigeria presently. We condemn the demolition of churches in Adamawa, Jigawa

and some other states in Northern Nigeria. The planned extermination of Christianity in these states is unconstitutional and a serious threat to peace and unity of Nigeria,” the communiqué stated. Ilechukwu, however, enjoined Christians and other concerned Nigerians not to take laws into their hands but to be security-conscious while praying to God to intervene in the country. On cattle colony, he stated that cattle do not have colony rather it is individuals that have cattle which is their own business and therefore “we cannot give our land to Fulani to settle, it is a way to Islamising our communities.”

Dangote’s Multi-million Naira UI Business School Ready Soon Jonathan Eze Foremost entrepreneur, Aliko Dangote, has promised that the N250 million University of Ibadan Business School he is constructing will soon be ready for inauguration. The business mogul is also constructing same type of project in the Bayero University Kano (BUK) and would be ready for hand over to the university management anytime from now. The UI project being undertaken by the Aliko Dangote Foundation was sequel to a pledge made by the business mogul last year during the convocation ceremony by the university when he was conferred honorary doctorate degree along with some other eminent Nigerians. The University of Ibadan management later requested that the pledged funds be used to construct the building complex within the premises of the Business School under Professor Nike Oshofisan as the Director. The university management has equally decided that the building, when completed, would be named ‘Aliko Dangote Complex’. The Chief Executive of the Aliko Dangote Foundation, Zouera Youssoufou, explained that all efforts are being geared towards timely completion of the project saying “construction is currently on-going and the project will be delivered to the university in February 2018.” This venture, is part of a N2 billion investment by the Aliko Dangote Foundation, across various institutions, in support of tertiary education in Nigeria. Youssoufou stated that the projects are in line with the foundation’s mission to enhance opportunities for social change through strategic investments that improve health and wellbeing, promote quality education, and broaden economic empowerment opportunities. On the Bayero Business School, the Foundation boss explained that

on commencement, the business school will be only the third accredited business school in the country and the first in the North, others being University of Lagos Business School and University of Ibadan Business School. She disclosed that the UI and BUK projects are complementary to the Foundation’s other tertiary education support projects such as the Ahmadu Bello University, Zaria “where we are currently constructing 10 units of students’ dormitories and we expect that it would be ready by March. “We have constructed and delivered students’ dormitories in this University, Crescent University, Abeokuta; We have constructed and delivered units of students’ dormitories and provided power generating set to Kano University of Science and Technology, Wudil and now we are in University of Ibadan. Presently, the Foundation is involved in N10 billion micro grants to women in all 774 local governments across the federation in a bid to ameliorate widespread poverty in Nigeria by empowering the women and the vulnerable in the society. The fund disbursement is meant to enable recipients to meet immediate family and livelihood needs by providing a one-time grant to start up enterprises that will boost their economic and consumption activities and help reduce their vulnerability. The fund has been disbursed in some states such as Lagos, Kogi, Jigawa, Kano and a host of others while Nasarawa, Niger and Osun States are being primed for the next round disbursement. Dangote stated that the grants which commenced disbursement in a 2011, were intended as a cash transfer intervention – the Dangote Micro-grants Programme- to provide cash transfers to select poor and vulnerable Nigerians.

OVERSIGHT DUTY

L-R: Director, Compliance, Standards Organisation of Nigeria (SON), Bede Obayi; Member, House of Representatives Committee on Industry, Hon. Sam Onuigbo; Committee Chairman, Hon. Ahmad Kalambaina; Abubakar Moriki; Director General, SON, Osita Aboloma; and others inspecting some substandard products, during the committee’s facility tour of SON Office at Apapa, in Lagos....recently

NBAVisits Victims of NewYear Day Attack in Benue Alex Enumah in Abuja A delegation of the Nigerian Bar Association (NBA) led by its President, Abubakar Mahmoud (SAN), at the weekend embarked on a fact finding mission to Benue State, with a view to assisting the federal and state governments to find lasting solution to the perennial herdsmen /farmers clashes threatening the fabric of the Nigerian nation. The delegation in its bid to get first hand information, interacted with some of the affected victims located at the Daudu Internally Displaced Camp in Guma Local Government in Benue State. Speaking in an emotional laden voice, the NBA President, who was accompanied on the trip by his wife, Justice Patricia Mahmoud, assured the victims that perpetrators would be apprehended and brought to justice. “We have been following the development and we have come to see what has happened and hear from the victims,” he said. Addressing stakeholders earlier at a one-day town hall meeting, the NBA boss promised that the NBA would carry out a detailed table review of the issues raised

by the stakeholders and come up with a logical conclusion. “The Bar has been consistently associated with the rule of law. We are concern that whatever our contribution is, it will be concise and practical. “We are also concern in bringing this circle of violence to an end. The NBA will look at the evidence and content of facts, careful analysis of all the facts and come out with a logical conclusion,” Mahmoud stressed. On their part, the stakeholders comprising religious leaders, traditional rulers, state government representatives and civil society organisations, all condemned the carnage, adding that the way the federal government has so far handled the issue has made them lose confidence in the Nigerian nation. The Chairman of the Benue State Christian Association of Nigeria (CAN), Mr. Akpen Leva, berated President Muhammadu Buhari for failing to visit the state, particularly over the new year’s day attack in which 73 persons were killed. He said, the president’s long silence over the killings in Benue is becoming a call for concern wondering why the president could visit Benue State for his presidential campaign but

would deliberately refused to visit and console the people of the state in their moment of grief. Leva also joined others, including the state Governor, Samuel Ortom, to call for the immediate arrest and prosecution of leaders of Maiyiti Allah Association, whom is been accused as the mastermind of the dastardly act. “The people of the state were living in peace until last year when the anti grazing law was enacted, the herdsmen started killing our people and they are still threatening us. “We are still living in fear because the whole of Benue State is under siege,” Leva added. Meanwhile, the NBA has said the implementation of the Administration of Criminal Justice Act 2015 in states across the country will help tackle existing and emerging areas of crime and criminality in the country as well as ensure the effective and efficient administration of the criminal justice system. It lamented that since the introduction of the ACJA 2015, only selected states of the federation have successfully domesticated the Act; thus making it imperative for increased sensitisation to promote the domestication and harmonised implementation of the ACJA 2015

across Nigeria. Speaking at a one day state validation public forum with relevant stakeholders’ meeting in Akwa Ibom State organised by NBA-MAC Arthur project team, the 3rd Vice President of the NBA, Ben Orji Esq, who represented the President of the NBA, Abubakar Mahmoud, SAN said, “the administration of criminal justice project supported by MacArthur Foundation falls squarely within the thematic areas set out in the NBA strategic plan and include: Justice sector reforms, rule of law and access to justice, elections and democracy, human rights, anticorruption and, lastly, conflict resolution and transitional justice” Delivering the opening remarks, Muritala AbdulRasheed, Esq, who gave the overview of the project said, “The purpose of today`s validation public forum with stakeholders in Akwa Ibom state is to assemble key stakeholders, ACJ practitioners and members of the public at the state level to validate the Akwa Ibom State ACJ law.” The workshop is also scheduled to take place in other phase1 states of Bayelsa, Edo, Ogun, Kano, Kogi, Jigawa, Bauchi and Adamawa.

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Appeal Court Judge States Why ACJA May Fail A judge of the Court of Appeal at the weekend took a view of the Administration of Criminal Justice Act (ACJA) 2015 and warned that unless challenges confronting the ground-breaking law are resolved, realising its goals may remain a mirage. Delivering the keynote address at the inaugural Professor Adedokun Adebayo Adeyemi Foundation (PAAAF) Annual Lecture Series held at the University of Lagos, presiding justice of the Ilorin Division of the Court of Appeal, Justice M. A. Owoade, noted that there are several challenges impeding implementation of the ACJA. Though Justice Owoade endorsed the encomiums being poured on the ACJA as well deserved, he warned that lack of replication of the ACJA across the states, poor stakeholders’ attitude and dearth of funds might impede achievement of the objects of the Act. He said: “The ACJA has been described by various commentators in different complementary ways.

Undoubtedly, it is a great improvement on previous legislations on procedural laws and the administration of the criminal justice system. “It is imperative for overall effectiveness and efficacy of the criminal justice system for the ACJA to be replicated in the states of the federation. The state governments must therefore be encouraged to replicate the ACJA in their various states. One possible challenge or impediment to the implementation of the ACJA is funding and the other is the need for change of attitude by the various stake holders.” The renowned jurist and legal scholar who received a standing ovation for his 24-page treatise titled: ‘The criminal justice system in Nigeria: Past, present and future,’ identified increased funding of the police and other prosecuting agencies “and a determination by stakeholders to make the system work” as some of the ways to realise the “lofty” goals of the ACJA.

Speaking earlier, Justice Bode Rhodes-Vivour of the Supreme Court noted the phenomenal achievements of the late Emeritus Professor Adeyemi, adding that he was a profound scholar who taught him criminal law in the early 70s at the University of Lagos. He applauded the deceased scholar’s widow and Chairperson of the foundation, Mrs. Abimbola Adeyemi, and her children for keeping his legacy alive through the foundation and the lecture series, urging all stakeholders to work towards an effective criminal justice system. The foundation was established in 2017 to foster the legacy and work of the late jurist and former UNILAG Dean of Law who is adjudged as perhaps Nigeria’s foremost criminologist and criminal law scholar. Its advisory board comprises leading criminal law jurists and practitioners including Professor Taiwo Osipitan (SAN); UNILAG Dean of Law, Prof. Ayo Atsenuwa, and foremost prison reform activist, Dr. Uju Agomoh.

Spate of Kidnappings Continue in Niger Laleye Dipo in Minna The spate of kidnapping has continued in Munya Local Government Area of Niger State unchecked as three sisters of the chairman of the local government area were abducted by unknown gunmen last Saturday. The three girls were kidnapped right in the chairman’s residence at Kuchi town. The abduction came about 48 hours after eight chieftains of the All Progressives Congress (APC), including the local government council Secretary, Mr. Anthony Francis, and the Chairman of Kaza ward, Alhaji Adamu Kaza, were kidnapped at Zagzaga village after holding a party meeting. The APC chieftains were returning to their constituencies

when armed gunmen waylaid and bundled them into a vehicle before driving them into the bush. Three of the party leaders were released hours after they were kidnapped and beaten to coma. The kidnappers in the first incident had made a demand for between N13million and N5million ransoms. In the recent incident involving the three girls, it was learnt that the gunmen invaded the chairman’s residence in Kuchi village, shooting sporadically into the air to prevent people from coming to rescue of the ladies. After abducting them, it was gathered that the kidnappers telephoned the council chairman to inform him that they had taken his sisters away but did not demand any ransom yet. Reports had it that the

kidnappers were keeping their victims in the Kabula forest. The embattled council Chairman, Alhaji Mohammed Yahuza, was reported to have been impeached last Friday over alleged maladministration, high handedness and for allegedly not carrying the councillors along in the administration of the council and other malpractices. The state Police Command Public Relations Officer, Mohammed Dan-inna Abubakar, who confirmed the incident, said the force had swung into action to rescue the girls and apprehend those behind the kidnapping. In recent times, many communities in state, especially in Munya, Suleja and Tafa Local Government Areas had been under the siege of kidnappers.

Bayelsa to Shut down over 250 Sub-standard Private Schools Emmanuel Addeh in Yenagoa Over 250 private primary and secondary schools in Bayelsa State will soon be shut down for compromising standards, the state government said yesterday. The government noted that its officials had gone round the state and discovered that the children in the state were not getting quality learning, vowing to ensure that all such schools are stopped from operating. The Commissioner for Education, Mr. Jonathan Obuebite, who spoke in Yenagoa, the state capital, said he already had a list of all unqualified private schools in the state. According to him, most of the affected schools would be denied accreditation/approval to take West Africa Examinations Council (JSS) and other national examinations done in the state. “We have a problem of

proliferation of private schools. Some private schools operate in one-bedroom flat and some in a single room. We have gone round; we have investigated and we have compiled all the schools that are not qualified in the private schools sub-sector in this state. “They (unqualified private schools) will all be published in due course. We do not want our pupils to be pitied because most of these schools I am going to deny them accreditation to write junior WAEC or any other national examinations we do in this state. “We have over 500 private schools and more than half of them are going. We have looked at the infrastructure; We have looked at the teachers’ needs, the environment, all those parameters we have put them together. “However, we will encourage some of them to improve,

looking at what they have and the location they are. But I tell you more than half of those schools are going to be closed down. “I am not doing this in isolation. I met with them. For the very first time, all private school operators in the state were invited to a meeting in Yenagoa and we discussed all these issues. We also invited their unions to be part of the process. “We have done our work and we will make it public so that individuals will not pay school fees to schools that will be closed down. Those schools that will not be registered will be deregistered. Some of them have certificate of registration, but we will de-register them,” he said. Obuebite said the private schools were given a probation period to improve and put things in order, regretting that up until now, they had yet to act.

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MONDAY JANUARY 22, 2018 ˾ T H I S D AY

NEWSEXTRA

Herdsmen Killing: Fayose to Hold Fulani’s Leaders Responsible for Reprisal Attack Victor Ogunje in Ado Ekiti Ekiti State Governor, Ayodele Fayose, has threatened that his government will hold the Serikin Fulani in the state, Muhammed Abashe, responsible for any reprisal attack in the state. Fayose, who was enraged by the recent killing of a Tiv woman in Orin Ekiti by people

suspected to be Fulani herders, said Abashe had failed in providing leadership by not stopping his kinsmen from destroying farms and attacking residents under slightest provocation. He said this at the weekend at a peace meeting with Fulani herdsmen under the aegis of Miyetti Allah Cattle Breeders Association of Nigeria, farmers, local hunters,

Media Firm Slams N200m Suit Against Access Bank over Unlawful Account Freeze An Abuja-based media firm, Image Merchants Promotion Limited and its promoter, Mallam Yushau Shuaib, have slammed a N200million suit against Access Bank Plc. over an alleged unlawful freezing of their four different accounts with the bank in the past two years. The bank was dragged before a High Court of the Federal Capital Territory (FCT) Abuja by the two plaintiffs for the hardships inflicted on them by the bank with the freezing. In the suit: FCT/HC/ CV/0657/2018, filed on their behalf by Yunus Abdulsalam, the plaintiffs are praying the court to declare that freezing of their account by the bank as unlawful and a clear breach of the duty of care owed them by the bank. They are also praying for an order of the court directing the bank to unfreeze their private, salary, operational and domiciliary accounts of the company and its promoter with Access Bank. The global award-winning media outfit and its promoter are the publishers of Economic Confidential Magazine and PRNigeria, a public relations firm. They claimed that they have tried to no avail with the bank to unfreeze their accounts which met brick walls each time and later metamorphosed to their solicitors writing the final letter to the bank. In the suit, Shuaib said the inexplicable freezing of his account has kept him struggling to meet up with his responsibilities as the breadwinner of his family thereby putting his four children, wife and aged parents into a state of avoidable hardship. Also, due to the inexplicable freezing of the accounts, the company claims that its businesses have suffered the following catastrophic developments: Over 20 employees and volunteers in the payroll resigned their employment because of the inability of the company to access its salary account for the purpose of paying monthly salary; the company has also lost patronage as it can no longer advise clients to pay into the operational accounts knowing fully well no withdrawal could be made to execute the job of its clients. In addition, the media outfit said the freezing of its domiciliary account prevented its financial obligations to foreign partners, subscriptions to products, services and professional membership fees. It also added that for the first time since inception, the company’s monthly print edition of the

Economic Confidential Magazine could not see the light of the day.

security agencies and representatives of the Tiv community in Ado Ekiti. “If you (Fulani herders) still want to stay among us, you must accept the responsibility to ensure that none of our peoples’ farms is destroyed by herdsmen any longer. None of our people must be killed by your men, either they are strangers or those herdsmen living among us. “If any killing or destruction of farms of our people occurs again in that area, I will ensure that I use the law to fight you their leader on it. This is the last warning I am giving you,” he said. The governor said the activities of the Fulani herders have continued to stain the names of President

Muhammadu Buhari and other notable Fulani leaders in the country. He said: “This killing is giving Fulani people a bad name. If there are no good people among them, how would General Buhari rise to be president? There are doctors, lawyers, engineers and other notable professionals among you. This is denting their names. The greatest of men are the peace makers. “Even though President Buhari does not send people to kill, it is spoiling his name. We are to make sure the killing stops.” The governor said he would not compromise in his efforts to shield the state from the menace of the herders. He promised to enter into

partnership to increase surveillance in the state. “We won’t be intimidated by the terror of the few. The moment you are caught, you will face the law. The killing by Fulani is worse than Boko Haram. We want one Nigeria because we have gone far. Anyone harbouring criminals will not know peace. Enough is enough! Life is sacred and must be treated as such.” “I’m calling on the federal government to be firm, when actions are taken against this mindless individuals, this killing will stop. It is because they are taking it like a family affairs; this is not in the interest of Nigeria. Ordinary Nigerians can’t carry AK47 or pump action.

“I want you to go back home believing in one Nigeria. These are activities of criminals notwithstanding their ethnic background.” Fayose mandated the herders to register in their locations within the next three months for identity and to know who to hold responsible for any issue that comes up at any location. “Many of the Fulani herdsmen who settled down here did so without permission from anyone. No one can be living with us and we – their host - would not know who they are. “They said some are strangers who only come briefly but we don’t want that. Now, they would register with government for a token of N5,000.

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T H I S D AY ˾ MONDAY, JANUARY 22, 2018

MONDAYSPORTS

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

NPFL… NPFL… NPFL…

Lobi Stars Climb as Tornadoes Crash in Bauchi Rangers defeat Heartland 1-0 in Owerri for first win of season

Duro Ikhazuagbe Lobi Stars defeated Nigeria Professional Football League (NPFL) new comers, Go Round, FC 1-0 yesterday in Makurdi to move to the summit of the three-week old Nigerian topflight. Samad Kadiri scored the winning lone goal for the hosts at the Aper Aku Stadium in Makurdi to record his third goal of the season in the explosive encounter. Niger Tornadoes that stayed on the top for the first two weeks of the new season, lost 1-0 in their road trip to Wikki Tourists in Bauchi. Skipper Mustapha Ibrahim scored the winner on the hour mark for Wikki. By the reason of the defeat, Tornadoes have dropped to the fifth spot on the NPFL log. With a second home victory, Akwa United that defeated Yobe Desert Stars 2-0 at the Nest of Champions in Uyo is second in the standing on same six points as six other teams. Coach Gbenga Ogunbote secured a respite from restless Enugu fans with Rangers first win of the season against returnee Heartland FC at the Dan Anyiam Stadium in Owerri. Bright Silas’ 10th minute strike in the Oriental Derby guaranteed the first maximum three points for

the Flying Antelopes. Heartland, who are still without a win this season, missed the chance to earn a point in the game when Lucky Emariojoke missed a penalty on the dot of half time. Champions Plateau United lost for the first this season as they were handed a 1-0 defeat by Abia Warriors in Umuahia. Samson Obi jabbed home Chinedu Ozor cross in the second minute to hand the hosts an important win. At the Yakubu Gowon Stadium in Port Harcourt, Rivers United defeated Kano Pillars 2-1. Bamba Bakari gave Rivers United the lead on 19 minutes, while Junior Lokossa levelled scores in the 31st minute with his third goal of the season. Ivorian forward Guy Kuemian got the winning goal for the home team in the 59th minute after he was teed up by the impressive Oche Salefu. It was Kuemian’s second goal

of the season. In Katsina, Enyimba put up a lacklustre display against Katsina United at the Muhammadu Dikko Stadium and were handed 2-0 defeat. It was the Peoples Elephant first defeat in six games but they are yet to win this season.

Martins Usule and Usman Barau scored both goals for the Chanji Boys to ensure they picked their first win of the season. Lagos church team, MFM FC troubled start to the season continued as the Olukoya Boys lost 3-1 against El-Kanemi

Warriors in Maiduguri. After a goalless first half, former junior international Bello Kofar mata put the hosts in front a minute before the half hour mark following a fine assist by former Enugu Rangers forward Ocheme Edoh.

Edoh doubled the lead four minutes later, while Adegboyega Adekunle reduced the deficit for MFM in the 76th minute. Sunday Anthony made the points safe for El-Kanemi when he netted the third in the 89th minute.

MATCH-DAY 3 Heartland 0-1 Rangers Lobi 1-0 Go Round FC Akwa Utd 2-0 Yobe D’ Stars Wikki 1-0 Tornadoes IfeanyiUbah 2-0 Kwara Utd Rivers Utd 2-1 Kano Pillars Nasarawa 2-0 Sunshine Katsina Utd 2-0 Enyimba Abia Warriors 1-0 Plateau Utd El Kanemi 3-1 MFM FC

Scorer of Rivers United FC second goal, Ivorian Guy Kuemian (right), in aerial battle with Kano Pillars defenders during their Match Day Three clash of the Nigeria Professional Football League at the Yakubu Gowon Stadium in Port Harcourt…yesterday

Dalung Lauds Peak Milk over WAPIC Becomes NFF’s ‘Official Insurance Services Provider’ Nigeria Football “WAPIC, like the present an enabling environment business with and to become Sport-city Gym Renovation The Federation (NFF) and WAPIC NFF, is an organization for football stability and a top 20 financial services Insurance PLC on Friday in driven by positive vision. prosperity. institution in Nigeria by 2019.” The Minister of Youths and Sports Development, Solomon Dalung, has commended Peak Milk, Nigeria’s No.1 milk brand from the stables of FrieslandCampina WAMCO for renovating the paralympians’ power-lifting gym in Lagos. The minister gave this commendation during the handover ceremony of the renovated gym held at the National Stadium, Surulere, Lagos last Friday. “The newly renovated gym, which is now of world-class standard would further inspire athletes, especially our para-powerlifting team to continue to push the limits of excellence by winning more laurels for Nigeria,” Dalung noted. The minister called on other corporate bodies to emulate FrieslandCampina WAMCO and the Peak brand by partnering government at all levels to support sports development in the country. In his remarks, the Managing Director, FrieslandCampina WAMCO, Mr. Ben Langat said that the brand took up the challenge to renovate the stadium, to use the story of the paralympians to inspire and motivate other Nigerians across all walks of life. “We were inspired by the achievement of the paralympians whose

willpower, drive and selfmotivation to win against all odds have seen them shine despite the obsolete and nonfunctional gym equipment and facilities they had to use in the past. They have shown us all that regardless of whatever challenges we face, with determination, we can always reach for our Peak” Langat said. Langat then charged the para-powerlifting team which is currently ranked No. 1 in the world to make good use of the newly installed world class gym equipment and continuously make the country proud through several record breaking achievements. Also speaking at the event, Head Coach of Nigeria’s para-powerlifting team, Feyisetan Are, commended Peak Milk for coming to the aid of the athletes by transforming the National Stadium gym into a worldclass facility and for also supporting the team with monthly supply of milk products. “This would definitely go a long way to enhance our training process and spur us to more success” Are said. The ceremony was capped off with the rendition of the Peak unstoppable theme song written and performed by the acclaimed music maestro Cobham Asuquo.

Lagos signed an agreement that conferred on the insurance giant the title of ‘Official Insurance Services Provider and Co-Sponsor of the NFF.’ NFF President, Mr. Amaju Melvin Pinnick expressed his delight and that of the federation with the contract, “which now provides excellent safety and security for our active National Team players and officials while on duty and offers a well-paved route for them to have a better future through proper pension fund.

WAPIC aims to emerge as a Top 2 full service West African insurance company while the NFF, through its Goal Project, wants to build mini-secretariats and football fields in all States and the FCT and build a sustainable football culture in the country. It is a union of two companies with positive energy.” The NFF President showered praises on the Hon Minister of Sports, Solomon Dalung and indeed the Federal Government for their massive support and creating

Managing Director of WAPIC Insurance PLC, Mrs Yinka Adekoya, affirmed that the company was excited to team up with Nigerian Football, given the huge role that football plays in nationbuilding and the excitement that it generates among the youth and adults alike. “The NFF is an organisation that is making Nigeria proud through the excellent results of the National Teams and WAPIC is a top financial institution seeking to be the most enjoyable company to do

NFF’s 2nd Vice President/ Chairman of Marketing, Sponsorship and TV Rights Committee, Shehu Dikko, explained that the contract is for five years in the initial with an option of renewal, and will cost the insurance outfit close to N100 million every year. “This agreement gives us tremendous peace of mind as it provides insurance cover for all the national teams, our assets and events. WAPIC will in turn have access to all our matches and events.

Zenith/Delta Principal’s Cup: 35 Teams battle for Points as Schools Battle for Eight Slots NOGIG Football Event Begins The Zenith Bank sponsored Principal’s Cup Football competition for all secondary schools in Delta State is back with the zonal stage expected to kick off from Tuesday January 23. At this stage of the competition, 35 schools from various LGs are to compete for eight quarterfinal slots between January 23 and 25. According to the fixtures, Aniocha North will tackle Ukwuani on January 23 while Ika North East and Aniocha North will also play the next day January 24 St.Patrick’s College, Asaba is venue of this Zone D clash.

At the Otor-Udu Primary School, Otor Udu centre, representatives from Warri South and Burutu will clash on opening day while Burutu will play final decisive match against Ughelli North 1 before the last group match between Ughelli North 1 and Warri South. The eight qualifiers for the quarterfinals will compete for honours between February 13 and 16 at four different centres at venues yet to be determined. The semifinals will take place on February 21 and 22 at venues also yet to be determined by the organizing team while the final is March 3.

The preliminaries of the 2018 Nigeria Oil and Gas Industry Games begin today at the Legacy Pitch of the National Stadium, Surulere, Lagos as the group matches begin with the tie between NNPC and NAOC in Group A curtain raiser while Chevron and NCDMB will lock horns in the second group A match. In Group B, there will be only one match between two heavyweights as Shell engage Exxon Mobil in a tricky fixture, In Group C, NLNG and EROTON will take to the pitch after launch time to open their account in the competition. Activities on matchday one will be concluded with the

late evening fixture between TOTAL and PTI. According to the rules of the competition, the groups will play a round robin league format. The three group winners will advance to the semi final and the best placed team between groups A and C runner up will also qualify for the semis. Chairman media and publicity sub-committee, Joseph Adebayo said all the teams that entered for the competition are on ground and the players have promised to defend the colours and dignity of their various companies. “I think we are in for a fantastic show as all the teams have put in so much into their preparations,” he said.

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T H I S D AY ˾ MONDAY JANUARY 22, 2018

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Monday January 22, 2018

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MISSILE CAN to FG â&#x20AC;&#x153;The federal government seems deaf and dumb to the cries and agony of the people, especially the killings by herdsmen and many religious attacks in the Middle Belt and other states of this nationâ&#x20AC;? â&#x20AC;&#x201C; Chairman of the Christian Association of Nigeria (CAN) Ondo State chapter, Reverend Ayo Oladapo berating the federal government for its silence in the face of killings by herders in the Middle Belt and other states in the country.

SAMAMADI GUEST COLUMNIST

Herdsmen Conflict: Neo-Feudalism and Its Problems

T

he bloodletting in the Benue is a classic case of â&#x20AC;&#x2DC;The Heart of Darknessâ&#x20AC;&#x2122;. Of course, there are ceremonies of death across the world. If ISIS or such Islamic terror organizations are not bombing the shit out of some global metropolis like London, Paris or New York; then hurricane and other natural disasters are killing hundreds. We seem to have entered the age of reckless deaths. So, one can say: â&#x20AC;&#x2DC;what the heck about Benue? Surely, there is a difference between these tragedies and the Benue tragedy. Whereas these tragedies are heartless and horrifying the Benue and Taraba killings are uniquely imbecilic and nihilistic. I can understand the religious nutty heads that think that by killing westerners they are fighting for God. As wrong as this idea is, it is not idiotic; it flows from a certain logic, albeit based on a flawed premise. But the butchering of women and children ostensibly for stealing of cattle is as idiotic and antediluvian as can be. So, what we are witnessing in the Benue and Taraba is a recrudescence of fabled primitivity. Nigerians, prone to romanticizing their problems, have become preachy. Our leaders have started extolling the virtues of tolerating one another, the nobility of our culture and the rationality of our religions. Many professionals have gone to work to develop modules for teaching our diverse people the principles and strategies of co-existence. The assumption of these preachments and moralizing is that the problem of Fulani herdsmen and farmers conflicts is the failure of our humanity rather than the failure of social and economic institutions. Instead of considering the political economy of the conflict we are focusing on its moral economy. If there is anything we have learnt from the bloody history of mankind it is that our humanism is too fragile to withstand disorientation in social and economic institutions. Genocide and ethnic cleansing have been recurrent because the flurry of humanism scatters under the wind of brutish and nasty social and economic order. So, we would come to grief if in midst of terrible killings by people who ought to be neighbors if we are still sermonizing about how we ought to be our brotherâ&#x20AC;&#x2122;s keepers. This conflict has polarized argument about causes and solutions. Those who defend the Fulani herdsmen tend to emphasize the climatic and environmental push factors responsible for southward journeys of the herders and their cattle which inevitably conflict with the farmers quest for more arable land. That is a technical explanation of the problem. Herders are looking for grasses and water for their cattle. In this quest they trample on livelihood support systems of the famers. This narrative therefore prescribes any intervention that focuses on designating a colony or a reserve for

President Muhammadu Buhari

Benue State Governor, Samuel Ortom

the cattle. Those who take the side of the Benue farmers frame the conflict as a consequence of Fulani quest for dominance. The central problem is land, who controls the land and therefore controls the chiefdom associated with landownership. This interpretation is strengthened by the history of Fulani conquest of most of northern Nigeria pre-colonialism and its cultural imperialism ever since. For this

group, the solution is to ban the Fulani from entering and occupying the land. Hence, the solution is â&#x20AC;&#x2DC;cattle ranchesâ&#x20AC;&#x2122;. This is what the anti-grazing laws are pursuing. Unfortunately, each of these solutions are zero-sums. If we establish cattle colonies, the Benue advocate loses. If we mandate private ranches the Fulani advocates loses. But more than being zero sum propositions, the binary interpretation of the bloody conflict misses out on the most important feature of the conflict. Just as the Benue and Taraba killings are being reported we hear reports of Fulani herdsmen and farmers fighting in Senegal, Ghana and some west African countries. It is not a Nigerian issue. It has become a livelihood crisis for the entire Sahel region. This crisis relates to the failure to adapt to changes in the ecology of existence in this region. The reality is that our much-cherished lifestyle can no longer fit with the new economic and social realities. The main argument against ranching as a solution is that it is inimical to the lifestyle of the Fulani and unsuited for their specie of cattle. The Fulani is pastoralist. Pastoralism is a form of feudalism with its resort to violence and conquest. A pastoral lifestyle is unsuitable in a period defined by property rights unhinged from the landlord and vassal relationship. The legal and constitutional order of modern democratic state in Nigeria is incompatible with a pastoral economics. The geography of existence has changed. There is no adequate swath of grasslands to be reserved for the migratory life of the herdsmen. In the past, there was little confrontation between herders and farmers because land was abundant and colonial authorities could

The imperatives of a modern economy require that pastoralism should be laid to rest.The Fulani herdsmen can no longer survive at the mercy of the farmer in a time when the subsistent farmer is struggling for enough arable land.There is no more land to designate as grazing reserves or cattle colonies

designate free land as grazing reserves and grazing routes. Contacts between herders and farmers were too brief and uncompetitive. This sustained the fabled hospitality between them. The imperatives of a modern economy require that pastoralism should be laid to rest. The Fulani herdsmen can no longer survive at the mercy of the farmer in a time when the subsistent farmer is struggling for enough arable land. There is no more land to designate as grazing reserves or cattle colonies. The legal framework of land ownership does not allow for forceful seizure of land for cattle rearing or any other private commercial enterprise, even in the guise of public purpose. In the language of business strategy, cattle rearing in the pastoral form has been disrupted by new economic realities. The wise thing to do is to adapt the business to the flow and logic of the disruptive influence. The cattle owners should retool their business proposition. This is a strategic challenge. But this challenge is being shrugged off because of â&#x20AC;&#x2DC;sentimentalâ&#x20AC;&#x2122; reasons. â&#x20AC;&#x2DC;Sentimentalâ&#x20AC;&#x2122; does not mean merely emotional. It means unrelated to objective facts, but suggested by feeling for the past and the merely symbolic. The Fulani cattle owners are hugging their pastoral lifestyle in fidelity to a tradition that flies in the face of modernity. These patterns of pastoralism flies in the face of modernity. If we must keep the old order it will at the cost of so much idiotic and nihilistic violence, a violence that will impoverish both the Fulani herdsmen and the equally sentimental crop farmer. This â&#x20AC;&#x2DC;madnessâ&#x20AC;&#x2122; is not addressed by arbitrating on who owns the land. We are not going to solve it by deploying the best strategies of co-existence because this not an episodic failure of our humanity to be redressed by providing a civic religion or metaphysics that will bind us together. The â&#x20AC;&#x2DC;madnessâ&#x20AC;&#x2122; is a problem of social and economic underdevelopment. We need to walk away from pastoralism. Pastoralism is a relic of feudal era. Both government and local leadership must champion a movement toward modernity in livelihood sustenance. The hallmark of this transition is a clear-eyed adaptation to realities of modern life. One obvious reality is that the modern state in its democratic citizenship can no longer tolerate the pastoralism. It is time to reform cattle business in the Sahel region. We- the herders, the patron, the government and the farmers- must bear the cost of reforming cattle business. We must build these ranches and improve the species of cattle that will survive in ranches. It will cost money and heartbreaks to walk away from pastoralism. But it is worth the lives that will be saved. t%S "NBEJ JT B MBX BOE HPWFSOBODF QSPGFTTJPOBM BOE JT UIF GPSNFS FYFDVUJWF DIBJSNBO PG UIF /JHFSJBO &MFDUSJDJUZ 3FHVMBUPSZ $PNNJTTJPO /&3$

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