MONDAY 19TH FEBRUARY 2018

Kachikwu Explains Delays in FID for $13.5bn Zabazaba Oilfield Development Ejiofor Alike The Minister of State for Petroleum, Dr. Ibe Kachikwu, has explained the delays in the signing of the Final Investment Decision (FID) for the Zabazaba Deepwater Oilfield in Oil Prospecting

Lease (OPL) 245, citing the need for the Nigerian Agip Exploration Limited (NAE) and Shell Petroleum Exploration and Production Company (SNEPCo) to be sure of the renewal of their oil licences, among other challenges.

The oilfield is being developed jointly by the Nigerian Agip Exploration Limited and Shell Petroleum Exploration and Production Company at a cost of $13.5 billion. Exactly six months after the federal government, NAE

and SNEPCo completed the technical and commercial evaluation of bids for the main packages in the development of the Zabazaba field after a 14-month evaluation process that produced the preferred bidders, Agip and Shell are yet to officially announce the

winners of the contract and proceed with the FID. For instance, Italian engineering, construction and drilling contractor, Saipem, had emerged the lowest bidder with $5.42 billion for the contract for chartering, operations and maintenance

for an FPSO tanker facility for the Zabazaba and Etan development project also in OPL 245. The bid documents obtained exclusively by THISDAY had revealed Continued on page 10

MPC Stalemate: CBN to Maintain Forward Guidance as Policy Tool… Page 8 Monday 19 February, 2018 Vol 23. No 8341. Price: N250

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Provide Better Choice of Leadership for Nigerians, Babangida Tells PDP Expresses satisfaction with its rebranding We are ready to regain power in 2019, say Secondus, Makarfi Onyebuchi Ezigbo in Abuja and Shola Oyeyipo in Lagos Former military president, General Ibrahim Badamasi Babangida (Rtd), at the weekend challenged the Peoples Democratic Party (PDP) to focus on providing a better choice of leadership for Nigerians.

Babangida, who spoke in Minna, Niger State on Saturday while receiving members of the National Working Committee (NWC) of the PDP led by its National Chairman, Prince Uche Secondus, also expressed satisfaction with the rebranding so far achieved by the PDP Continued on page 8

Finally, Obasanjo, Jonathan Reconcile, Seek Nigeria’s Unity Emmanuel Addeh in Yenagoa After over two years of what seemed like a cold war between former presidents Olusegun Obasanjo and Goodluck Jonathan, the two Nigerian leaders on Sunday in Otuoke, Jonathan’s village, publicly reconciled and harped on the virtues of forgiveness

and national unity. Obasanjo who was also treated to a luncheon in Jonathan’s country home in Ogbia maintained that without reconciliation, peace and unity would continue to elude the nation. Though Jonathan had visited Continued on page 8

Falana Laments Delay in Prosecution of Benue Killings Suspects ... Page 10

BACK TOGETHER AGAIN... Former presidents Goodluck Jonathan (left) and Olusegun Obasanjo during a church service at St. Stephen’s Church, Otuoke, Bayelsa State…Sunday

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MPC Stalemate: CBN to Maintain Forward Guidance as Policy Tool Obinna Chima Following the Senate’s refusal to consider President Muhammadu Buhari’s nominees to fill the vacancies in the Monetary Policy Committee (MPC), the Central Bank of Nigeria (CBN) has decided to hold on to forward guidance to communicate its monetary policy intentions pending the resolution of the dispute between the legislature and the executive arms of government. The suspension of confirmation of the nominees by the Senate has made it impossible for the MPC to form a quorum and could, therefore, not meet to take up its role of monetary policy guidance. A senior central bank official disclosed this to THISDAY yesterday. Forward guidance is a verbal assurance from a

country’s central bank to the public about its intended monetary policy. It attempts to influence the financial decisions of households, businesses and investors by letting them know what to expect from interest rates (to the extent that the central bank can influence those rates). The central bank’s clear messages to the public are one tool for preventing surprises that might disrupt the markets and cause significant fluctuations in asset prices. The first MPC meeting for 2018, which would have held last month did not hold. But in the absence of the meeting, the CBN had announced its decision to continue to retain the key monetary policy variables as decided by the MPC at its last meeting in November 2017. The CBN source explained: “There would be forward guidance. The management of

the central bank will continue to issue forward guidance. “If you remember there was a time in this country when MPC wasn’t statutory, the economy was running, and the central bank was issuing forward guidance. “So, there is no problem, the central bank will continue to issue forward guidance. I don’t think the emergency meeting will hold.” THISDAY reported exclusively last November that eight positions in 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 that 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 (EFCC), Mr. Ibrahim Magu, was resolved. The lawmakers also said the Senate had resolved to seek a legal interpretation of a comment made by VicePresident Yemi Osinbajo that the position of the EFCC chairman did 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. Commenting on the decision

by the CBN to issue forward guidance, the Director General of the West African Institute for Financial and Economic Management (WAIFEM), Prof. Akpan Ekpo, described it as a temporary arrangement, saying the central bank was in a dilemma. Ekpo, who is a former MPC member added: “This so-called forward guidance is very temporary. It is an attempt to fill a yearning gap. But to me, it is not the best thing to do. But currently, the central bank cannot do anything, and you can’t blame the CBN for trying to find a way out. “I wish this matter can be resolved. The stalemate is very sad. They are playing politics with the economy and it is very unfair. When you create uncertainty in the system, the foreign investors we are looking for may be discouraged. In most countries,

the MPC is the engine room. If they cannot meet because of lack of quorum, it is very unfortunate. “I thought the National Assembly should realise that they are not attacking President Muhammadu Buhari as a person, what they are doing is affecting the national economy.” The CBN Governor, Mr. Godwin Emefiele, had last month announced that the benchmark monetary policy rate (MPR) was retained at 14 per cent, the cash reserve requirement at 22.5 per cent, liquidity ratio at 30 per cent, while the asymmetric corridor 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.

watch on the sides. Leaders like you must come together and take a firm position on how to save our nation from the precipice.” Secondus said the PDP remained the only alternative platform based on its experience, adding that it had learnt its lessons. According to him: "We have resolved to play by the rules and operate within the confines of our party’s and the Nigerian constitution. “We are rebranding and repositioning to make our party open to all and regain the land for the people. We are determined to give opportunities to the youths and our women. We also want to mentor a new generation of young Nigerians that will take our nation to the next

millennium.” Also speaking to the speakers of PDP controlled states Houses of Assembly at the weekend in Abuja, Secondus expressed confidence that the ongoing rebranding efforts of the party would lead to its return to power in 2019, saying Nigerians would be happy with the new PDP that would emerge and would gladly vote it back to power. He briefed the speakers on the activities of the NWC since December last year and assured them that the new leadership was determined to see through the rebranding and repositioning process. "What would come out of the re-engineering going on in our party would make it a formidable opposition ready and determined to

regain power in 2019," his spokesman, Ike Abonyi, quoted him as saying, adding: "We have been going around the country since we assumed office and we are glad to report that many Nigerians out there are anxiously waiting for the PDP to return to power.” He said the visits to the states revealed that only PDP governors were delivering on their campaign promises and that the people were happy and supportive of their government. "In Abia, Delta and Bayelsa States where we visited recently, PDP governors are phenomenal in their performance, no wonder the people are trooping back to the party from the wobbling

and unity were important in life, adding that what is in the media today gave the impression that Nigeria was sitting on a keg of gunpowder. He said: “President Obasanjo promised to visit me here but I didn’t know it would come so soon. He has visited my village two times within a three-day programme. To me, I have to thank everyone who has made this possible. “Like President Obasanjo said, the crowning was the young people. When they came out to perform in different cultures and different languages, different dance steps. I pray that someday all the churches and mosques will bring children together like this to pass on the message of unity. “Because if you listen to the radio, watch television and you go on the social media, it looks as if the country is just hanging (sitting) on a keg of gunpowder that can explode at any moment. I think the children have taught us a lesson, a message of unity”, Jonathan said. Dickson had earlier praised

Obasanjo for visiting the state, commending him where necessary and pointing out areas that could be improved upon. Dickson said: “It’s not every day that you see two former presidents attending functions together for three days. This is a special community which is also my community. My leader and elder brother (Jonathan) said I must greet my people. So, I do so on instructions which I cannot disobey. “This is the second time on this trip we are in Otuoke. He (Obasanjo) has been going around encouraging us and telling us how we can get things better. In the course of his visit, we have showcased Bayelsa to the rest of the world. Today, we have a Bayelsa at peace with itself and the rest of the world. A state that represents all things good.” The king of Ogbia Kingdom, His Majesty, Charles Dumaro Owaba III, who was also at the luncheon, thanked Obasanjo for helping a son from the small community become vice president and later president of Nigeria.

PROVIDE BETTER CHOICE OF LEADERSHIP FOR NIGERIANS, BABANGIDA TELLS PDP ahead of the 2019 general elections. A statement by the PDP National Publicity Secretary, Mr. Kola Ologbondiyan, quoted Babangida as advising the new leadership of the party to stick to its commitment to ensuring that its candidates for the general elections emerge from credible primaries at its congresses. “I am happy at your assurances that there will be no imposition in all your primary elections,” he said, adding: “It is all about choice and you have promised to provide the best choice.” While commending the conduct of the elective National Convention of the party held last December, the former president noted that only a few Nigerians believed

that it would hold, expressing happiness that its outcome was successful. According to the former military president: “Your ‘Reposition, Rebrand and Regain’ agenda is working, and I mean particularly the rebranding. Some people believed that having been in government since 1999, the PDP will find opposition difficult but you are carrying on well and providing a better alternative. “You have also not abandoned the people in times of crisis. I monitored your activities in Benue, Taraba and you just said your party has sent members to Zamfara to commiserate with the people. Surely you have made the people the centre of your return and they will

not forget you because you were with them in time of sorrow. Earlier, Secondus told Babangida that the country’s former leaders must rally together to save the nation from the current administration. He lamented the killings and economic hardships Nigerians contend with on a daily basis, stressing that Nigeria had never been that divided. He said: “As a leader, you made the welfare of Nigerians the thrust of governance. You were also concerned about the peace and unity of this nation. You created and built people as well as institutions. “Today, our nation is drifting and as leaders, you cannot afford to keep quiet and

Continued on page 10

FINALLY, OBASANJO, JONATHAN RECONCILE, SEEK NIGERIA’S UNITY the Ota, Ogun State home of Obasanjo once after his defeat in 2015, many believed that until the second leg of the visit, which the former Army general promised Jonathan at the time, the rapprochement between the two leaders was still doubtful. Obasanjo had withdrawn support for Jonathan’s desire for a second term of office in 2015. It was generally believed that the latter’s defeat by President Muhammadu Buhari in that election, was largely aided by the former, sparking off a period of cold relationship between them. But yesterday during a church service at the Anglican Church, Ogbia Diocese, they both urged Nigerians to draw a lesson of tolerance from both the homily by the Vicar, Bishop Aye Oruwori and the dance performance by a group of youngsters bordering on unity in diversity. The service was also attended by Jonathan’s wife and mother, Eunice and Patience; Governor Seriake Dickson; his Deputy, John Jonah; Dr Azibapu Eruani and King Alfred Diette-Spiff.

Obasanjo said: “God who knows the end from the beginning knew that this day will come to pass. What touches me most in this service is the children dressing in the attire of different cultures, tribes and tongues in Nigeria. That underpins the homily he (the Bishop) gave to us: reconciliation. “And in a country like Nigeria, unless we teach, preach and practice reconciliation we will not have peace and unless we have peace we will not have development and if we do not have development we cannot have growth. “And if we do not have growth, we will not come out of poverty. Some of us are exceptionally lucky to have been able to get out of poverty. Majority of us will still be poor (without peace and reconciliation). All that we pray is that this country should be a country of milk and honey, a land of prosperity”, he said. He added that God who brought Nigerians together within the same geographical space had a reason for doing

so and urged Nigerians to unite and build a strong nation. According to him: “Wherever God has made us to be, what is important is the goodness of Nigeria and whatever we can do as individuals and collectively, let us do it. “They say history repeats itself, but history doesn’t repeat itself, but its human beings that keep making the same mistake and then say history has repeated itself. The Bible says we shall know the truth and the truth shall make you free. “Many of us here do not know the value of freedom because you have never lost it. I had lost mine. There’s nothing better than freedom, except life and if you have life without freedom, it means you don’t have a life.” On his part, Jonathan said Obasanjo’s visit was in fulfilment of his promise to see him in his village after the former visited Obasanjo earlier. He noted that just like Obasanjo, he was of the view that reconciliation, peace

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Falana Laments Delay in Prosecution of Benue Killings Suspects Seeks investigation of AGs for not prosecuting murder suspects Gboyega Akinsanmi Human rights lawyer, Mr. Femi Falana (SAN), has lamented the delay in prosecuting over 100 suspects arrested in connection with the killings in Benue State, fearing that the suspects might eventually escape justice. Falana has also asked the Nigerian Bar Association (NBA) “to investigate the refusal of state attorneysgeneral to prosecute murder suspects due to political pressure or sheer negligence of duty.” He canvassed these positions in a letter he addressed to the NBA President, Mr. Abubakar Mahmoud (SAN), last Friday, in which he commended the NBA leadership for conducting an inquiry into the reckless killing of unarmed people in Benue State. Falana specifically, pointed out that the security operatives had arrested more than 100 persons, who were allegedly complicit in the killing of 73 farmers on January 1, 2018 in Benue State by suspected herdsmen. He feared that the suspects might be released from custody, noting that they

“have not been charged with culpable homicide in the appropriate courts by the state government.” However, Falana regretted that the NBA had failed “to monitor the prosecution of the scores of murder suspects arrested by the police or indicted by the judicial and administrative panels of inquiry set up by federal and state governments to probe violent civil disturbances in the country.” He said the rate of killings in the country had been on the rise due to what he ascribed to the refusal of several state Attorneys-General to prosecute murder suspects due to political pressure or sheer negligence of duty. He reeled out instances of such acts of negligence on the prosecution, citing the case of Taraba State where some suspects were arrested and charged with murder for the brutal killing of hundreds of Nigerians in Mambilla local government in September 2017. But according to him, the murder suspects have since been freed by the state government, which abruptly terminated the criminal proceedings.

He cited the killing of thousands of people including security personnel in Nasarawa, Plateau and Zamfara States, lamenting that all suspects arrested in connection had not been brought to justice by the affected state governments. He said: “Between 1999 and 2007, an official squad was fingered in the unlawful elimination of not less than 70 people in Gombe State. The murder charges filed against the suspects by the police were struck out by the courts at the instance of the state government. “The late Alhaji Umar Hassan who demanded for the prosecution of the culprits was charged with giving false information to the police by the State government!” He alleged: “The members of an official squad, which killed some politicians and students in Ekiti State from 2003-2006 were arrested and charged with murder at the High Court, sitting at Ado Ekiti. A retired army captain and his police orderly who killed the students were convicted and jailed. “But both convicts were, however, granted pardon

by the state governor in 2009. As if that was not enough, the murder charges pending against the other murder suspects were struck out by the trial court in 2014 for want of diligent prosecution on the part of the state government. “The Ahmed Lemu Presidential Panel, which investigated the post-election violence in 12 northern states and Akwa Ibom State in April 2011 found that 856 people were killed. In the White Paper issued on the report the Federal Government directed that the culprits be prosecuted but the directive was not carried out by the states where the killings occurred. “The National Human Rights Commission under the leadership of Prof. Chidi Odinkalu found that 55 people were killed in the pre-election violence, which occurred in Rivers State in 2015. The culprits were never prosecuted by the state government. Since then over 100 other citizens have been killed by armed gangs. “The Justice Garba Commission of Inquiry, which investigated the violent attack on the Shiites by the Nigerian Army in December 12-14, 2015

Falana found that 347 people were killed and secretly buried in a shallow grave by the murderers. “In the white paper issued on the report of the commission, the state government directed that the suspects be prosecuted. But the Attorney-General of Kaduna state has refused to prosecute the murder suspects, the human right lawyer said. In December 2016, Falana noted that the National Management Emergency Agency (NEMA) confirmed the killing of 204 people in Southern Kaduna, lamenting

that the murder suspects had not been prosecuted till date. He argued that since culpable homicide or murder “is a state offence you will agree with us that the attorneys-general of all the states in the country have failed to discharge their duties under section 205 of the Constitution. “In fact, some of the Attorneys-General have a penchant for terminating murder charges by filing nolle prosequi. In the process, the Chief Law Officers of the states have breached their oaths of office and subverted the rule of law.”

to impress those in power. It was not something structured. PDP is a structured party down to the village level. To now abandon that asset and use something superficial, naturally, there will be problems because it discouraged some people while some others became nonchalant." On Obasanjo's call for a coalition to entrench new leadership in the country, he said: "We don't feel threatened by the coalition of Obasanjo. I can tell you that most of them are friends and associates. They said they are not a political party. Time will tell. If they turn out to be a political party, we will see how it plays out. Obasanjo himself said anytime they turn to a political party, he will cease to be a member. My take on it is, it is like in the United States, where you have independent candidacy. That is what I feel it is. Time will tell what their aims are." Makarfi also argued that the sudden favourable

disposition of the ruling APC to the contentious issue of restructuring is a crash arrangement targeted only at getting the electorate to vote in its favour. He said: "The APC is now like a chameleon changing colours. All I can say is that, right from the beginning, we in PDP are for restructuring. Besides that, the Governor of Kaduna State and the Chairman of the committee by the APC said on Channels television that restructuring was not important. The following day, I featured and said all the conferences that were initiated for the processes were done by the PDP during Obasanjo and Jonathan. "For a party to say because they want to win elections, therefore, they have changed their position, that is the height of deception and it is for Nigerians to take them for who they are; people who will do anything just to remain in power not because they mean it."

added. Agip and Shell signed the production sharing agreement in the ratio of 50:50, with the former as the operator. Agip plans to achieve first oil in 2020 and was determined to start execution of the project in the fourth quarter of 2017. The two oil giants acquired OPL 245, which was christened the Zabazaba field, from Malabu Oil and Gas in 2012 for $1.3 billion. The acquisition has been the subject of a corruption probe

and prosecutions in Italy and Nigeria but has not deterred Shell and Agip, which have both maintained their innocence, from going ahead with the field’s development. Agip is developing the Zabazaba field with proven reserves of 560 million barrels of oil as a standalone development in the eastern portion of the Niger Delta in water depths ranging from 1,200 to 2,400 metres. The Etan field, which is also in OPL 245, will be developed as a tie-back to Zabazaba.

PROVIDE BETTER CHOICE OF LEADERSHIP FOR NIGERIANS, BABANGIDA TELLS PDP ruling APC," he said. Secondus told the speakers to note that their position was very critical to the mobilization programs of the party across the country because of their closeness to the grassroots. "You must remain connected to your people because we are taking the party back to the real owners, the people at the grassroots where you are closer,” he said. The national chairman also told the speakers that the party was planning a deliberate policy that would take the party to the youths through a new program called ‘Generation Next’ that would soon be launched and wants the speakers to key into it as most of them belong to that generation. Earlier the Chairman of PDP state Speaker's Forum and the Speaker of Delta State House of Assembly, Hon. Sheriff Oborevworio, told the national chairman that they came to congratulate and identify with the rebranding efforts of the party.

In a related development, former Chairman of PDP National Caretaker Committee, Senator Ahmed Makarfi, vowed that irrespective of the order of the 2019 general election, the party would leave no stone unturned in ensuring that it wins the presidential election. Speaking with journalists in Lagos at the weekend, Makarfi, a former Kaduna State government, who argued that the PDP lost to the ruling All Progressives Congress (APC) due to some disorganisation in the presidential campaigns, said his party had learned from its mistakes and was working to win the 2019 presidential election. "My take is that the PDP should prepare to win, no matter how elections are ordered,” he said, adding: “To think that elections should be ordered this way or that way, it is a lazy way of approaching elections. Whichever way it is ordered, we should campaign and work. I believe strongly

that anyhow the elections come, PDP can win. So we should concentrate on the main issues and not through any short-cut." He said by the continued sufferings of the people, the ruling APC was making the PDP comeback bid easier, adding that the movement proposed by the former president, Chief Olusegun Obasanjo, was not capable of making any impact that could stop the PDP from winning in 2019. According to him: "The role of any opposition party is to take over power and that is what we set our eyes on right now. And I want to thank APC for actually making our job easier and I continue to pray that APC continues to make our job easier as we move closer to elections. I do not pray Nigerians continue to suffer and that is why I believe Nigerians will make the right choice by voting out the party in power. "All I can say is that we are doing all that is legally and

politically doable to achieve our objectives. We keep our plans to our chest but be rest assured we are used to politicking and we shall leave no stone unturned." Maintaining that the APC lacked what it took to defeat the PDP at the last election, he said the ruling party capitalised on some errors within the former ruling party, assuring that those mistakes would not be repeated in the forthcoming elections. He explained: "Going back to the 2015 elections, the North expected to have the ticket; to some, that matters. But even at that, our language was not so polite in the campaigns. The manner and language some of our members used in campaigning for 2015 was insulting to a certain part of the country. "Also, the party structure was not used for campaigning, rather, an arrangement was made for using TAN for the presidential campaign. And TAN was just a motor formulated by some people

KACHIKWU EXPLAINS DELAYS IN FID FOR $13.5BN ZABAZABA OILFIELD DEVELOPMENT that Saipem/Bluewater submitted the lowest bid of $5,426,500,714.00; followed by Malaysia-based international offshore energy facilities and services provider, Bumi Armada, which submitted a bid of $7,622,412,019, while the third lowest bidder was Norway-listed BW Offshore, which submitted a bid of $7,630,575,309. However, six months after the Nigerian Content Development and Monitoring Board (NCDMB) on August 30, 2017, achieved a historic

feat of concluding the evaluation process within 14 months, Agip and SNEPCo have not officially announced the winner. Speaking to journalists after an inspection tour of the fabrication and integration yard built by Samsung Heavy Industries (SHI) in LADOL free zone in Lagos, Kachikwu stated that the delays by NAE and shell to sign the FID was a major concern to the federal government. “But look seriously, you don’t make a $10 billion

investment by just walking through it like a tiny door. You have to understand your policy; you have to get your investors lined up; you have to be sure of your renewals. Renewals are going on now. We have called for the early renewal of some of these licences. Some of them are going on now,” Kachikwu explained. According to the minister, international oil companies (IOCs) cannot embark on a $16 billion investment on an asset that is due for renewal

in two years. “And the terms have to be right – Nigerians have always come around to complain about the terms as if they were not consulted. It is important that those terms are looked at to ensure that the federation is getting what it is supposed to get. So, a lot of that is going on. It takes an average of two to three years really to run through these things before you now come to the crucibles of FID. Some of these projects are very close to FIDs,” Kachikwu

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

Nigerian Youths Call for End to Poorly Educated Leaders List criteria for next president Oghenevwede Ohwovoriole in Abuja The Nigerian Youths have called for an end to poorly educated leaders in the country, saying ‘lowly educated’ leaders without exposure, both past and present, are embarrassment to the country especially in 21st century.

The group also said the country needs a digital leader at this ‘digital age’, adding as concerned Nigerians, they have taken it upon themselves to list the criteria of the kind of leader that Nigeria needs presently. The National Coordinator of the group, Mr. Robert Chenge, stated this at a press conference in Abuja

Lassa Fever Kills Three in Delta Omon-Julius Onabu in Asaba The Delta State Commissioner for Health, Dr. Mordi Ononye, has disclosed that three persons have died from Lassa fever since the latest outbreak of the disease was first reported in the state on January 26, 2018. Ononye however said two out of the three fatal cases of the disease were brought to the hospital in Asaba from the neighboring Anambra State. The health commissioner further revealed that Delta State has recorded seven confirmed cases while 24 persons have been placed under medical surveillance. Some of the cases were referred from Federal Medical Centre (FMC), Asaba to Institute of Lassa Fever in Irrua, Edo State, he said, adding that the first patient had been treated and discharged. While noting that active case search and contact tracing was ongoing, the commissioner advised members of the public not to panic but to report any suspected cases to the appropriate health authorities. “As an immediate response to the outbreak, the Ministry of Health, through its rapid response team, has been coordinating the state response

to contain the spread of the disease, just as the Nigeria Centre for Disease Control (NCDC), Abuja, has been contacted and presently collaborating with the state in this regard,” he said. Ononye stated that the ministry in collaboration with the state Primary Health Development Agency, was “creating awareness through the various mass media so that the public can refresh their memories on how the disease is transmitted and therefore take preventive measures to forestall its spread.” He revealed that “some Personal Protective Equipment (PPEs) were earlier procured and distributed to health facilities across the state, including the FMC, Asaba, in addition to the sensitisation of health workers in the state to have a high index of suspicion and take preventive measures when managing infectious cases.” He noted that the state Governor, Ifeanyi Okowa, “has provided all the support to the ministry to enable them curtail the spread of disease in the state”, saying members of the public could report any suspected case to the nearest health facility or through telephone number 07037120510 or 08168741415.

KANSIEC Promises to Cooperate with INEC on Probe of Underage Voting Ibrahim Shuaibu in Kano The Kano State Independent Electoral Commission (KANSIEC) yesterday promised to cooperate with the Independent National Electoral Commission (INEC) to probe alleged incidence of underage voting during the recent local government elections in the state. According to a statement made available to THISDAY in Kano and signed by the Chairman of KANSIEC, Professor Garba Ibrahim Sheka: “We are also confident that the outcome of the investigation will vindicate us and strengthen the confidence of the public in KANSIEC to conduct free and fair local government election. “As the only statutory body that registers voters and keeps the database of certified Nigerian electorate, we would

like to express our willingness to accord full cooperation to the team of investigators to ascertain the veracity of the allegation made in respect of underage voting during the conduct of the election. “While we hail the INEC’s decision to investigate the allegation, we want to restate our stand that the election, which was supervised by independent monitors (Civil Society Organisations) is adjudged as the most peaceful in the history of Kano State.” Following video footages that went viral on the social media of children participating in the last local government elections in Kano State recently, INEC, through its Chairman, Professor Mahmood Yakubu, had promised that his commission would investigate the allegation.

weekend. He said his group would mobilise the youths and women who constitute 80 per cent of the Nigerian voting population in the coming election. According to him, “The Nigerian constitution has set the educational qualification to be a Nigerian president at Diploma level and not a university degree. In the modern and complex 21st century world we live in today, we the youths look for advanced leadership. “Many of our past and present leaders are an embarrassment to the country due to their very low educational background and lack of exposure. We have raised the bar above the minimum requirement in the

constitution for an effective 21st century Nigerian president.” Listing the criteria for the new leadership positions in the coming election, the coordinator of the group stated that they could only support the next president who must demonstrate the ability to lead Nigeria from its present economic level of premodernity to hypermodernity; must have both executive and legislative experience and one who has mentored youths. The group also stated that the next president must have deep understanding of the concept of leadership through writings or practice coupled with strong family values with a healthy lifestyle.

It also insisted that the next Nigerian president should have a diplomatic experience and be able to demonstrate unusual courage in challenging public corruption and poor performance. Accompanied by other youth leaders from different states, including Mazi Jideofor Umeh, President of New Owerri Youth Organisation; Joseph Torkwase Boager of Nigerian Youth Front; and Femi Coker of Think Tank leaders and others, Chenge added that Nigerian youths would no longer be passive when it comes to election issues, as wrong choice will spell doom for the country. He also said government’s reactions to the current killings in country goes to show that

Nigeria is a dying state and it must not be allowed to happen. They called on Professor Hagher Iyorwuese to contest the presidential election. The group further added: “Twelve months from today, Nigerians will be electing a new president. A wrong choice could spell doom. A right choice will be our victory and celebration. “We the youths of Nigeria have decided that enough is enough and we are no longer going to be passive observersinacountrywhoseleadership has failed to usher in development. We are no longer tolerant of the culture of silence when Nigeria is facing the wrong direction and almost all Nigerians are losing hope.”

GOVERNOR OF THE YEAR

Delta State Governor, Senator Ifeanyi Okowa (left), receiving an Award as Governor of the Year 2017 from Chairman, Bulet International Limited Abuja, Alhaji Ismaila Isa Funtua, during the Celebration of Outstanding Nigerians Independent Award 2017 in Lagos....weekend

IPI DirectorVisits Nigeria Wednesday Ahead of the world congress of the International Press Institute (IPI) scheduled for Nigeria in June, the Director of the world body, Barbara Trionfi, will visit the country Wednesday. According to the statement issued by Mr. Eric Osagie, Managing Director of The Sun Publishing Limited and spokesman for the forthcoming Nigerian congress, the visiting director will start her schedule in Abuja where she will attend a meeting with IPI members/ media stakeholders, following which a joint press conference will be addressed by Trionfi and Nduka Obaigbena, Chairman of Congress Organising Committee. The IPI director will also pay a courtesy visit to the Minister of Information and Culture, Alhaji Lai Mohammed, and the Nigeria Television Authority (NTA). The IPI director will also visit

Senate President Bukola Saraki and inspect the June congress venue, designated hotels and congress event centres. The IPI director will be in Lagos on February 23 and February 24, where she will hold a meeting with media stakeholders, after which she and Chairman of THISDAY Newspaper Group, Obiegbena, will address a joint press conference. The IPI director will pay courtesy calls on Lagos State Governor, Mr. Akinwumi Ambode, Chairman of Tony Elumelu Foundation, Mr. Tony Elumelu, and media owners, like Asiwaju Bola Ahmed Tinubu and Mr. John Momoh, Chairman/CEO of Channels Television. Trionfi, with background in International Relations and Human Rights, joined the IPI in

2000 as a press freedom adviser for the Asia-Pacific region. She carried out researches in the field of human rights and freedom of expression. Trionfi also oversaw IPI’s global press freedom activities. As executive director, she manages IPI’s operations. The director spoke last night about the importance of her visit and the hosting rights given to Nigeria: “IPI is excited to hold its World Congress in Abuja this year and thankful to Nigeria’s leading news organisations for hosting it. For many years, IPI’s Nigeria National Committee has shown a great commitment to press freedom and quality journalism. The Abuja World Congress represents a unique opportunity for IPI’s global network of editors, leading

journalists and media executives to build closer ties with their colleagues in Nigeria and West Africa, share experiences and advance a common strategy for safe, independent, public-interest journalism,” she said. The International Press Institute (IPI) is a global network of editors, journalists and media executives across the world. The organisation promotes conditions that allow the media to operate free from interference and without fear of retaliation. The IPI defends media freedom and the free flow of news. This year’s IPI World Congress, holding in Abuja from June 21- to 23, 2018, will attract hundreds of leading editors and journalists from across the world who will discuss numerous challenges journalists are facing.

T H I S D AY ˾ MONDAY FEBRUARY 19, 2018

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COMMENT

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

NAIRA AS TRADE CURRENCY

The plan by the United Kingdom to accept the naira in trade transactions is salutary for the Nigerian economy, argues Boniface Chizea

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nexpectedly the cheering news filtered in as the United Kingdom announced its preparedness to include the naira as one of three currencies in West Africa to be accepted for trade transactions by the British Government. Specifically this information was released by no other than Paul Arkwright, the British High Commissioner to Nigeria. He explained that the UK Export Finance (UKEF) will now be able to provide loan guarantees through local banks in naira to support Nigerian businesses procuring goods and services from the UK as a practical measure to underwrite increased business between the two countries. This scheme we were told would be restricted to dealings with UK businesses that have given their consent to accept payment in naira effectively underwriting the exchange risks inherent is such transactions. The maximum funding by way of guarantee that could be attracted under the scheme is 85% of project costs and the only condition precedent is that the transaction would have a minimum 20% British content. It was also indicated that a sum of 750 million pounds sterling had been earmarked by UKEF for the takeoff of the scheme. And opinion has been canvassed that with guaranteed long tenure credits at low interest rates for quality British products and services makes this proposition very competitive and attractive. As should be expected even before this measure had been fully digested and understood, compatriots had as has been the case with us adorned their full garment of scepticism. I was involved in arguments on two vibrant WhatsApp platforms on the full implications of this development for the Nigerian economy. There has been fears expressed to the effect that this liberalisation would worsen the trade imbalance between Nigeria and Britain which had traditionally been in favour of Britain, to questions raised regarding how the accumulated trade balances in naira which it was feared could be humongous would be settled by the Central Bank in which case if we are not careful we might have on our hands a cure worse than the disease; to issues regarding how the rate of exchange to be adopted for the determination of the naira equivalent of the deals would be determined to the rate of interest to be charged on the transactions; to even what impact this development or rather to what extent it would impact the exchange rate of the naira. No doubt we should suspend wild celebrations until the full details of the proposed scheme are made known as counselled by the saying that the devil is often in the details. But my well-considered position is that this development is wholesome and salutary for the Nigerian economy as it at once commences the process of conferring on the naira the status of a tradable currency with the many advantages pertaining thereto. Most certainly this development if nothing else should at least reduce the dollar demand pressure on the economy thereby firming up the naira exchange rate. And as has

THIS DEVELOPMENT, IF NOTHING ELSE, SHOULD AT LEAST REDUCE THE DOLLAR DEMAND PRESSURE ON THE ECONOMY THEREBY FIRMING UP THE NAIRA EXCHANGE RATE

been explained above some of the more than 500 British companies that do business in Nigeria have accepted to absorb the exchange risks. And therefore any involvement of the Central Bank in this matter should be limited to ensuring that extant guidelines on such business relationships were not observed in the breach. There will be no prize for guessing what precipitated this welcome change in policy. Britain following the reality of Brexit which denies the country the advantages of a large common market with its associated benefits particularly as it relates to the economy of scale has been forced to think outside the box if the growth of its economy is not going to be undermined with the negative potential of such a development for the quality of life of the average British. And as a result of this thinking the need to boost bilateral trade relations particularly with countries with large markets and shared historic ties became inevitable hence this development which in our opinion as already explained is considered most welcome. What this development portends for Nigerian businesses is that with a viable business proposal sourcing funding from their banks for doing business with British companies is made so much easier as the guarantee is in place and similarly exchange rate risks will no longer pose an inhibiting constraint. Why should Nigeria celebrate this development? The reality of the Nigerian economy is that it is still overly dependent on the external sector despite all the several efforts and attempts made over a fairly long period now notably commencing from the Babangida Structural Adjustment Programme of 1986. The fact remains that all the policy measures needed for the attainment of the diversification of the Nigerian economy were well documented under this programme. But what has been the bull in the China shop with regard to inability to register commensurate progress has been the country’s poor record when it comes to implementing adopted policies. And the economy on the other hand being mono cultural; dependent on the oil sector for upwards of 85% of foreign exchange income clearly highlights the precariousness and vulnerability of the economy. Most certainly some progress has been recorded by this administration to blunt the sharp thrust of this situation on the economic jugular of the economy. Some of the recent landmark developments that have contributed considerably to the reduction of the vulnerabilities of the Nigerian economy worth celebrating would most certainly include the effectiveness of the Investor, Exporters (I&E) window for the autonomous inflow of foreign exchange into the economy. The success in this regard in effect means that we do not have to spend only what dollars we have directly earned. There are also developments with the agricultural sector where the country is targeting self-sufficiency in the not too distant future in rice production and other deliverables. Dr. Chizea wrote from Lagos

EGMONT: BURYING NIGERIA’S FINANCIAL INTELLIGENCE UNIT Sebastian Ikyegh Agbinda argues that the new outfit to fight corruption should be independent

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he Egmont Group is a 152 – nation network of National Financial Intelligence Units. It provides a platform for sharing criminal intelligence and financial information pertaining to money laundering, terrorist financing, the proliferation of arms, corruption, financial and economic crimes, and other similar offences geared towards the support for local and international investigation, prosecution and assets recovery. Nigeria was admitted into the body fully in 2007 after operational entry in 2005. However, the country was suspended from the Egmont Group in 2017 on account of the absence of a legal and regulatory framework for the National Financial Intelligence Unit. To some extent, this was because the nation’s financial intelligence unit, being harboured in the bowels of the Economic and Financial Crimes Commission (EFCC) lacked operational and financial autonomy. Egmont therefore requested that Nigeria process the legislation that would dress its financial intelligence unit as such before March, when it was going to have its next meeting, or suspension would graduate into expulsion. Of course, the consequences of expulsion are dire. Nigeria would be unable to fund international transactions as expulsion would imperil the use of VISA, Master Card, credit and debit cards used by Nigerian banks. Implication for financial sector is also in the realm of international ratings for Nigeria’s financial institutions, restricting their access to big – ticket, and international transactions. It also impinges on other areas of access to information pertaining to money laundering, terrorist financing, proliferation of arms and corruption - all very critical for international investigations, prosecution and assets recovery which will be imperilled – especially because exit from the 152 nations Egmont platform would mean the country would be out alone internationally in the great “Buhari war� against corruption. So, the National Assembly apparently exhausted the time from the period of suspension is now

rigorously perfecting legislation to comply with the Egmont Group’s conditionalities for re-entry and beat the March deadline which is around the corner. Indeed, they are in the final legislative processes. Both chambers of the National Assembly have divergent and conflicting perspectives concerning Egmont requirements, which is perfectly in order. They are now in the final stages of the labyrinthine process where the two versions, as happens most times, must go through the conference committee of the National Assembly to harmonise disharmonies and discrepancies in the conflicting versions from the two chambers. Basically, the discrepancies arose not necessarily on account of the operational and financial independence as required by Egmont, but around the location, i.e. where to domicile the financial intelligence unit. The Senate, apparently toeing the line of the Department of State Services, prefers NFIU be locked up in the bowels of the Central Bank of Nigeria (CBN). The House of Representatives on the other hand prefers the NFIU to be repositioned where it had been before the suspension, inside the EFCC. The EFCC is quite happy to harbour it – even if it vows it will operate under conditions of operational and financial independence – one of the key requirements of the Egmont Group. The tragedy of all this is that the presidency’s position in all this is not known. Not a word from Professor Itse Sagay, the anti-corruption Czar or from the President, Africa’s number one Anti-Corruption President, who is presiding over a clannish Fulani triumphalism which he ill defines as non-corrupt. Having considered all this, I therefore make bold my own position. Incidentally, the prompter for my essay is simple and not for the lazy reason of finding middle ground. The NFIU should stand alone, not operating under the canopy of either the EFCC nor the CBN. First of all, this position is supported by reflecting on a number of questions. Why was the EFCC, given that it also operates covertly, not domiciled in the Department of State Services? Or

why was the EFCC, simply not housed in the CBN or even within the Nigerian Police Force, in which it would have maintained the so-called operational and financial autonomy? The relationship between the NPF and EFCC remains quite apt especially given that the headship of EFCC has come from that institution. The fact and character of independence can be flawed and flouted simply on account of physical accommodation, which inevitably compromises operational and financial mentality and philosophy. Is it that the new body we are contemplating, Department of Financial Intelligence (DFI) will be so cash strapped, it will only survive if housed by either the EFCC or CBN? Beyond mentality and philosophy, there is the important fact of all the institutions mentioned here- from the DSS, EFCC or CBN. Then add to them, the ICPC, the NPF, NIA, the Office of the Attorney General, Local and State governments, the Federal Civil Service, the military and so many other organs and institutions of government having to depend on the new Independent Financial Intelligence Department for investigations, local and international, prosecution and assets recovery. So back to the opening paragraph of this essay to sufficiently grasp the range and size of the new DFI as a member of the Egmont Group to fully understand what this perspective embodies. The new Financial Intelligence Unit is quite easily the most international of all existing financial intelligence outfits we have on account of membership of the 152 – nation Egmont platform. It collates the intelligence, where EFCC may not have the reach to, feeds the EFCC with the intelligence just like it does to the ICPC, DSS, et al, for purposes of prosecution and itself possessing powers of prosecution like the AG’s office. So why bury such a powerful new body inside the EFCC? If not for EFCC’s own so-called “independence� it should exactly be under the canopy of the new DFI in proposition. What we are proposing is available in several other Egmont member nations. For one, the EFCC has literally been operating like

a police outfit, with all the negative temperament that goes with it mostly on account of its police headship. Add to the fact that it has built a controversial impression of a political witch hunt outfit only interested in what the presidency of the day wants it to do – an impression that goes with a preoccupation with political related economic corruption. All other items on its mandate list have been played down in this operational obsession. To now anchor such a new critical body, which should be a service hub for a multiplicity of the other agencies in Nigeria in areas as diverse as security, financial, economic, political and an international reach, to the EFCC, especially and even the less tarnished CBN, is to do a great injustice to both the new institution and to the fight against corruption. To be sure, the mandate of the NFIU for which I propose the DFI, is much larger than that of the EFCC which defeats the reasoning for anchoring the new body in the moors of the EFCC. The EFCC, see Section 1, sub-section 2(c), has no mandate in the areas of financial arms proliferation, financial terrorism. This is not to talk of the access to the 152 nations on the Egmont coalition. Why tie such a new critical body with a larger mandate to a local one with a smaller mandate developed by a police with political mindset? The other perspective we must acknowledge here is that the war on corruption, economic crime, terrorism, nepotism (Fulani supremacy), insecurity, arms proliferation is not being won. If anything, we are in the worst shape ever from Boko Haram to ISWA (ISIS in West Africa) related Fulani herdsmen all over Nigeria, and the challenge of corruption worse than ever in the picture that emerged when Buahri addressed the AU recently. This picture is here with us in spite of the great efforts from NIA, EFCC, DSS, NPF, CBN, the military et al. So, a new outfit with a larger mandate and greater outreach should be given legislative latitude to operate and not buried in the tents of existing institutions whose work has not brought abatement to the status report. Agbinda is ARISE TV Analyst

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EDITORIAL ROAD ACCIDENTS AND THE ECONOMY The authorities must do more to stop the carnage on our roads

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he death, last week in Bauchi State, of 20 students, two teachers and a driver, in a motor accident along the Jigawa-Kano expressway underscores the signiďŹ cance of a recent World Bank study that reducing road trafďŹ c deaths and injuries could result in substantial long-term income gains for Nigeria a well as other low and middle income countries. While we commiserate with the families of the deceased school children who were going on an excursion before the tragedy, the report titled, “The High Toll of TrafďŹ c Injuries: Unacceptable and Preventable,â€? introduces a new global methodology to calculate the economic impact of road safety. The report also quantiďŹ es how investments in road safety have also become an investment in human capital. Globally, it is estimated that 1.3 million lives are lost to road accidents every year with about 50 million people sustaining injuries. What is even more disturbing is that, because of the deplorable state of their infrastructure, most of these accidents occur in developing countries, and the cost is colossal A NEW WORLD BANK in several respects. STUDY STATES THAT For instance, accidents COUNTRIES THAT DO NOT impinge on virtually all INVEST IN ROAD SAFETY economic sectors with COULD MISS OUT ON two to ďŹ ve per cent of ANYWHERE BETWEEN the Gross Domestic SEVEN AND 27 PER CENT Product lost in many IN POTENTIAL PER CAPITA countries. It has also GDP OVER A 24-YEAR been estimated that PERIOD globally some $518 billion is lost annually to these accidents that deprive nations of members of their most active labour force. From the foregoing, it is easy to understand why the new World Bank study states that countries that do not invest in road safety could miss out on anywhere between seven and 27 per cent in potential per capita GDP over a 24-year period. This should be a warning

to Nigeria that has one of the highest accident fatality rates in the world. It should also compel the authorities to begin to design programmes and policies to make our roads safe for travellers. From top government ofďŹ cials to innocent children, the number of lives lost to road accidents in our country on a daily basis is high. Unlike most countries where departments in the Transport Ministry calculate the costs of road accident casualties in a bid to identify the value of prevention, there is no such effort in Nigeria. But even at that, it is obvious that the costs are very high. For instance, even for those who survive, some injuries will require long-term care, at the expense of other people who may have to devote their lives to nursing such persons. Besides, some families never recover from the trauma of a sudden and violent death of the bread winner. Given this situation, it is important that the authorities recognise that we must do more to stop the carnage on our roads.

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eanwhile, even though the challenge of road infrastructure is at all levels of governance in the country, our attention is more on the federal government, which controls about 35,000 kilometres of the nation’s road network. Stretched across the country, these roads are the major nerve of our economic activities. Unfortunately, years of toeing the path of impropriety and poor infrastructure development are having their toll on most of these roads that are now in deplorable conditions. It should be obvious, therefore, why we are sounding like a broken record on this matter. Apart from the unacceptable loss of man-hours and the unbearable discomfort Nigerian road users suffer, the body count is mounting due to avoidable accidents even as the dilapidated roads are crippling economic activities, particularly of local economies that need the infrastructure to transport agricultural and allied products. While we call for a more creative and sustainable funding strategy for their repairs, we also urge the Federal Road Safety Corps (FRSC) to work in partnership with other stakeholders so as to reduce the frequency of fatalities on our roads.

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BUHARI AND FIGHT AGAINST IMPATIENCE

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odern democracy usually enjoys stability when its rhetoric is masses oriented and universally acceptable. This has been demonstrated in advanced nations of the world. Nigerian political parties tend to imitate these rhetoric for clinching power to offer lip service and privatisation of public or collective wealth. This also has been demonstrated in our last 50 years of existence. The All Progressives Congress (APC) brought its own in 2015 but Nigerians were not interested in APC’s mantra, rather the acclaimed “angel in the white garment� (Buhari). Consequently, the wave of Muhammadu Buhari was enough to save those whose political businesses are facing life term sentences and those who are reputable for rationalising corruption in Nigeria. Corruption is a threat to national development and for this reason, Buhari extended his personal hatred for this menace in justifying his own fight against corruption. This course is feigningly welcomed even by his political

adversaries. Furthermore, the fight against corruption, insecurity and agriculture revival became Buhari’s top most agenda of which he has greatly invested in. But these have not been felt by ordinary Nigerians especially those that are not direct beneficiaries of the aforementioned. The sky-like expectations of Nigerians from Buhari has not only been defeated but also Buhari’s reputation has been greatly questioned. To this end, Buhari in his next regime must include “fight against impatience� for Nigeria is in dire need of patient citizens. It took women in America decades to participate in politics and access to basic human rights; it took South Africa decades to become free from Apartheid era; it took Germany decades to recover from her injuries sustained from the World War II; and it will take time before Nigeria comes out of age-long social and infrastructural damage caused by past ill-minded leaders. Uthman Qasim, Ibrahim Badamasi Babangida University, Lapai

THE NEED FOR A LEFTIST ALTERNATIVE

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n the face of bourgeoisie political rapprochement in the Nigeria power contestation, the need for alternative forces has become more urgent. What is playing out today shows that Karl Marx’s voice is speaking to us loud and clear from his grave. Alienation, exploitation and class struggle cut across all spheres of our lives. From the work place, government and even the places of worship, the masses are being alienated, exploited and oppressed. Therefore, it is incumbent on the working class and the other oppressed masses to intensify their struggles for emancipation and liberation. As one of the leading labour centres, and as Nigeria Labour Congress prepares to mark it’s 40th anniversary with pomp and pageantry, I do remind the leadership that,critical

engagement would have been the ideal. It’s verbal charge to workers to vote out state governors who owe workers salaries is not enough at this critical moment in history. We on the left of the political divide are calling on NLC to declare a nation -wide indefinite strike. The labour centres have the political leverage, it only require the commensurate will to mobilise workers and the Nigerian masses around pro-masses political parties like Labour Party and National Conscience Party to make huge and defining impact come 2019.The time is now and very urgent indeed to take back Nigeria from the rampaging bourgeoisie third force warming up to dislodge the incumbent ruling section of the bourgeoisie. Comrade Ogbu Ameh, Author of In The Struggle

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Group Politics Editor Tobi Soniyi Email tobi.soniyi@thisdaylive.com 07054786260 SMS ONLY

POLITICS

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

Lessons from Zuma’s Fall There’s a lot Nigeria could learn from the fall of former South African president, Jacob Zuma, writes Tobi Soniyi

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ow that Jacob Zuma has fallen, it is easier to forget the attempts he made to make sure that this eventual downfall did not happen. After his government has become ridden with scandals, Zuma refused to go quietly. In August 2017, when a new wave of scandals hit his presidency following a leak of confidential emails showing that the Indian-born Gupta family had used their influence to appoint cabinet minister and benefit from from government contracts, attempt was made to remove Zuma through a vote of no confidence. By 21 votes, Zuma survived with as many as 26 members of his party rooting for him to remain as president. As at that time Zuma had become a liability to his party. Had the ANC not insisted it would back a new motion of no-confidence filed by the opposition, Zuma would probably have remain in power today. In essence, Zuma did his best to manipulate the system to make sure that the corruption allegations against him did not see the light of the day and to consolidate his grip on power. That is typical of African leaders. Otherwise, Yoweri Museveni would no longer be the president of Uganda, Teodoo Obiang Nguema Mbasogo would not still be the president of Equatorial Guinea, Paul Biya should have been long gone as the president of Cameroon while Robert Mugabe would not have remained president till 2017. In all our leaders, there is a Zuma in them. From Nigeria to South Africa to Rwanda or Ivory Coast, the attitude of African leaders to power remains essentially the same. Our leaders don’t have a sense of shame and don’t always know when to call it quit. That Zuma eventually threw in the towel is a victory for democracy. Both the African National Congress and the South African People deserve commendation. A Catalogue of Scandals After Thambo Mbeki was forced to resign as president over allegation of conflict of interest, Zuma who commanded many supporters in the ANC then became the president. But in the first instance, Zuma should not have been president. When Mbeki became the president and Zuma was appointed vice president, news broke out that Zuma had allegedly collected bribes in a controversial arms deal with a French company. Mbeki promptly dismissed him as vice president. In June 2005, he was charged with corruption for allegedly accepting bribes from French arms company Thint Holdings. He was charged with money laundering and racketeering. In December 2005, Zuma was accused of raping an HIV-positive family friend but was found not guilt in 2006. Zuma’s statement that he had a shower in order to avoid HIV infection came a surprise to many. Shortly after he became ANC leader, Zuma asked court to declare his prosecution unconstitutional. In September 2008, the court declared the prosecution invalid but in January 2009, the appeals court overturned the previous ruling thereby opening the way fo Zuma’s trial to begin, months efore geneal elections. When it became clear that Zuma was going to be president, the chief prosecutor decided to drop charges against him because phone-tap evidence showed that there had been political interference in the investigation. That was in April 2009. One month late, Zuma became the president.

Zuma and Okorocha

In 2013, it was revealed that Zuma had used state fund to upgrade his residence in the rural area of Nkandla in northern KwaZulu-Natal. In 2014, the report of Public Protector Thuli Madonsela on security upgrades to the Nkandla compound was made public. All efforts by Zuma, including filing cases in courts, to stop the release of the report failed. In 2016, South Africa’s highest court ruled against Zuma. It held that Zuma breached his oath of office by using government money to upgrade his private home in Nkandla in 2013.The constitutional court held that he must refund 7.8 million Rand - a portion of the tax money spent on installing non-security features at Nkandla. Zuma eventually apologised to the people of South Africa for what he termed ‘frustration and confusion’ caused by the scandal.

Importance of Institutions One thing that was clear from the South African experience is that despite attempts by the president to influence them, the judiciary and the prosecution did their jobs to the satisfaction of the people. In Nigeria, our anti-corruption agencies don’t investigate the president. They specialise in investigating and prosecuting members of the opposition. Many Nigerians want to know how much President Muhammadu Buhari spent in London while he was on admission there. No one has alleged any wrong doing but the decision of the authorities to hide this from the public has left many to suspect foul play. The question is when will public institutions in Nigeria begin to work for the public and not for government officials? Zuma fell because public institutions chose not to protect his corrupt acts.

APC should ask itself, why did ANC give Zuma a quit notice? The answer is because the party knew that Zuma had become a liability

Political Party Supremacy Drawing inspiration from the quit notice the ANC gave Zuma, the Speaker of the House of Representatives, Yakubu Dogara has suggested that political parties be strengthened in order to make them more competitive. He faulted the prevalent practice in political parties whereby elected officials are called leaders of the party. This, he said prevented parties from being truly independent and warned of attendant consequences on the

democratic process. He said: “There is one problem that we must address in this country and that is that elected officials, especially those in the Executive, are always regarded as leaders of the political parties. That is where we have a very serious problem in this country and if an elected Executive is the leader of the political party, the situation you find on ground is that every political actor within the entire party architecture must pander to the whims and caprices of that elected official.” In politics, truth is usually the first casualty. Members of political parties in their bid to curry favour from the executive are usually too intimidated to speak truth to power. In 2015, many members of the Peoples Democratic Party knew that President Goodluck Jonathan had become a liability to the party. Yet, the leadership of the party would not even sell nomination form to anyone else to contest for the party’s ticket except Jonathan. Today, the PDP is paying for this. Had the party being insulated from executive overbearing, perhaps it would still be in power today. Unfortunately, Nigeria is a country where leaders do not make sacrifice for tomorrow and for the future generation. The All Progressives Congress is following the infamous path CONT’D ON PAGE 18

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POLITICS

MONDAY DISCOURSE L E S S O N S F R O M Z U M A’ S F A L L

which PDP followed and lost power. Many in the APC know that Buhari has become a liability to the party and that he had been demystified, yet they are paying people to take to the streets to beg the president to run again. APC should ask itself, why did the ANC give Zuma a quit notice? The answer is because the party knew that Zuma had become a liability. The party is likely to further lose its majority if it allows Zuma to continue. Many in South Africa are of the views that ANC ought to have kicked him out long time ago because he had done a lot of damage to the reputation of the party. With election drawing closer, the party may lose more seats to the opposition. Writing in The Difference, an online news magazine Richard Mammah said: “Unlike in the Mbeki instance where the former president largely did not interfere any more, and openly so too, with the inevitability of a Zuma emergence particularly after the intervention of the ANC fathers, in the Zuma instance, he literally defied the party, humbled its leaders, broke its ranks and did everything in the books and outside the books to thwart the imminent transition to the Ramaphosa leadership, even going as far as to ensure that the new leader would continue to have both a hamstrung ANC national executive and a slew of last minute policy traps, like land nationalization and free tertiary education that would pit him against the South African streets. “With the opposition now in control of many critical mayoralties in the country including the notable ones of Johannesburg, Cape Town and Pretoria, it is very clear that the ongoing South African leadership tangle is clearly one that has presently taken the proverbial colouration of an ‘handshake that has not only gone beyond the elbow,’ but even the involved hand is now at risk of being amputated! It is in this mould then that several opposition political groupings as the Democratic Alliance, the Economic Freedom Fighters, EFF and the Congress of the People, COPE have all continued to vigorously push the case for a non-shoving of the Zuma shame story under the carpet. “And fourth is the fact that the Zuma desert leadership years have also very structurally alienated the core of the ANC from many of the critical stakeholder groups within the country. From the press to civil society, big business to the student communities, poll after poll has since confirmed that the ANC does indeed have a tough fight on its hands going into the 2019 polls; and with many of these interests sounding it very loud and clear that the ‘head of Zuma’ is the minimum bargaining chip that the ANC must first put on the table, if it wants to talk.” Obviously, the ANC has got a price to pay for allowing Zuma to stay this long and cause so much harm. Certainly, there are many lessons for Nigeria to learn from the Zuma’s debacle. A legal practitioner, human right defender, author and teacher, Dr Chidi Odinkalu identified three of such lessons thus: “Political parties must be built on ideas and have clear ideology and values around which membership coheres. Organs of the party must take their roles seriously in defence of the values of the party and of the national interest. “Secondly, national interest must override individual ambition and convenience. The national interest should not be sectional in its identity or orientation. When those are at odds, national interest must prevail. “Thirdly, sleaze and corruption are not political assets but liabilities. Any administration mired in those deserves to go and not be rewarded with public or sectional sympathy.” Another Nigerian lawyer, Dr. Kayode Ajulo said that players in the Nigerian political cycle must learn that political parties ought to be supreme. He is of the view that political parties in Nigeria are not ideological. According to him, the compelling lesson therein is the supremacy of the party in the entire saga. He said: “That was what led to the resignation of Jacob Zuma as South Africa’s President. I pray we learn this in Nigeria. “Immediately after election, parties

Buhari

are muted and go into oblivion. Here party leaders turn to beggars begging for crumbs. It’s expected in a country where parties lack ideologies. No iota of principles. “In fact in Nigeria, we have no political party but platforms to stand for elections. Our constitution is clear on what a party is and what it should do and I say this, no political party in Nigeria has met the minimum standards established by the extant provisions of the constitution and there lies our problem.” The National Publicity Secretary, Afenifere, Mr. Yinka Odumakin said: “The resignation of Zuma has shown the difference between a place where institutions work and where strong men prevail. “The power of effecting change in unpopular leadership under a parliamentary system as against a presidential system where the president is a king The lesson for Nigeria is to build an institution-led polity and deal with impunity that makes elected officials to see themselves above the system.” A former Commissioner for Communication, Kogi State, Dr. Tom Ohikere said: “Nigerian leaders should learn that power belongs to the people while authority belongs to God. Zuma has responded to the demand of the people.” He added that “Zuma resigned for peace to reign as there were no sufficient evidence to take him to court or jail. That is quintessential of statesmanship and he is well behaved.” Power is Ephemeral If there is one thing that is sacrosanct in leadership, it is that power is ephemeral. Hence, anyone that wields power must have this behind his mind each time he exercises power. Power is transient but those

If there is one thing that is sacrosanct in leadership, it is that power is ephemeral

in government wielding power over life and death don’t often remember. General Olusegun Aremu Obasanjo knows this very well when as former head of state he was bundled to prison on a trumped up coup plot; he survived and later became the president of the Federal Republic of Nigeria. His tormentor in prison who even allegedly conspired to have Obasanjo killed, Major Hamza Mustapha and his co-conspirators would not forget their ordeal in prison. If Lt. Col. Sambo Dasuki now retired had been bothered to gaze into the future or cared to realise the ephemeralty of power, he wouldn’t have been so hard on General Muhammadu Buhari in 1985 when he was asked to effect the arrest of the general during the coup that brought in General Ibrahim Babangida. Thirty years later, Buhari is back in power as the president; Dasuki is in jail as a prisoner! Today, Buhari is running the government as if he will be there for life. Nine years ago, Zuma had forcibly brought down the government of Mr. Thabo Mbeki in a palace coup soon after he was elected the leader of the ruling ANC in the rainbow country. He was ruthless and he ensured the total humiliation of Mbeki. He rode to power on a popular support of the people, who despite the scandals hanging on his neck insisted that he must become the president. Nine years down the line, the people have become disenchanted with Zuma. At the funeral service of Nelson Mandela, Zume was booed by the people in the presence of the then president of the United States of America, Barrack Obama. He survived several impeachment moves until last week when he was eased out, albeit, without dignity by the party and the people. The above stories are clear examples that power is transient and that power should be wielded with caution. Will African leaders learn from the fall of Zuma? Many are not sure they will. African leaders hardly learn. May be they do elsewhere but certainly not

in Nigeria where leaders are not accountable to the people that elected them. Nigerian leaders use power without regards to the feeling of the people. They are too big to care about how the people feel. They allow herdsmen to embark on a killing spree without taking responsibility. A professor who was suspended for corruption was returned to office without investigation into the allegations for which he was suspended in the first place. A fugitive civil servant who allegedly absconded with billions of naira of pensioners’ money was returned to office in total disregard for rule of law while the president sits on the report that could help me to take the right decision. Zuma’s Statue in Imo Imo State governor, Rochas Okorocha has come under heavy criticisms for using tax payers’ money to erect statues for Zuma and others. Why we don’t know the criteria he used in deciding who and who should be celebrated by such monuments, Okorocha must admit he made a mistake in Zuma. This is moreso, as at the time he took the decision to celebrate Zuma, all the scandals that led to his downfall were already there. Okorocha can not claim not to know. Still another lesson for us as a nation is that we must be careful in choosing people we confer with honours. Writing for THISDAY Don C. Adinuba said: “Both the Nigerian people and their leaders do not seem to appreciate that the people honoured in public places reveal everything about our value system. And many do not recognise the strong correlation between social values and economic development. Otherwise, the Kano State stadium would not have been named after Sani Abacha, and the Bayelsa State government would not have officially declared Deprieye Alamieyesigha, a hero, just as Delta State would not have been treating Ibori as an exemplary leader. To appreciate that societies with wrong values cannot develop competitive economies.”

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T H I S D AY ˾ MONDAY, FEBRUARY 19, 2018

POLITICS

Understanding Obasanjo’s Shifting Position Initially, former President Olusegun Obasanjo was unequivocally opposed to the country’s restructuring. Shola Oyeyipo wonders why the elder statesman has suddenly changed his mind

F

ormer President Olusegun Obasanjo in recent time appears to have become sympathetic to the call for Nigeria to be restructured. In the past, the former president was vehemently opposed to it. He even castigated those behind the agitation. In August last year, Obasanjo, in an interview with Channels Television, said it was better to advocate for better management of the country’s resources. That instead of fighting for restructuring, people should concern themselves about inclusiveness and the restructuring of their minds. He said: “I have spoken to six different people who talk about restructuring and the six of them gave me different points of view. The other day, some people came to me and what they were talking about didn’t make sense. “So, what are we talking about? We have a country that God has endowed. The management of that endowment is what we have to work on. All hands must be on deck. Some of the people clamouring for restructuring are nostalgic about the country’s independence; that’s their restructuring and some of them are nostalgic about post-independence. Some of them are nostalgic about their tribes, and that’s their restructuring. I cannot be part of that.” But in January 2018, the man who did not want to be part of the agitation for restructuring suddenly became sympathetic to those making the call. Not yet a somersault though. At the convocation lecture held in January, 2018, by the National Open University of Nigeria (NOUN), when he graduated among 14, 771 students, Obasanjo said it was wrong not to give listening ears to the calls for restructuring, noting that it will unify the country more as those who are crying will feel a sense of belonging. “Some people have to lay it open. So, let us lay it open. And I’m happy this forum has laid it open,” Obasanjo was quoted to have said after the guest lecturer, Vice Chancellor of Igbinedion University, Okada, Eghosa Osaghae, spoke on a lecture titled: “Restructuring and True Federalism: Nigeria in Perspective.” Osaghae in his lecture had said:“Federalism is true when it is appropriate and able to serve purposes for which it is adopted and untrue when it is not able to do so.” Was the former president persuaded by the lecture? He did not say so but it may be inferred given the fact that he changed his position on the issue after listening to the lecture. If that is the case, it is not a bad idea. However, there are those who think that he should have included the issue of restructuring in hs public statement in which he called on President Muhammadu Buhari not to seek a second term. If Obasanjo’s call to Nigerians for a national coalition movement to rescue the country came with an assurance that the new leadership would address restructuring, he would have won over many restructuring enthusiasts. Non inclusion of restructuring is a fundamental omission because some of the issues he raised will be better addressed if the country is restructured. While Obasanjo’s allegations of “poor performance in government – poverty, insecurity, poor economic management, nepotism, gross dereliction of duty, condonation of misdeed – if not outright encouragement of it, lack of progress and hope for the future, lack of national cohesion and poor management of internal political dynamics and widening inequality,” against Buhari are on point, they are issues that can resolved by devolution of powers as suggested by restructuring advocates. To him, Nigeria is only constantly in motion but it’s not making any progress because the situation it is still where it was

Obasanjo

at the beginning of this democratic dispensation in 1999. Recalling how things were at the beginning of the fourth republic which he headed, he said: “The nation was tottering. People became hopeless and saw no bright future in the horizon. It was all a dark cloud politically, economically and socially. The price of oil at that time was nine dollars per barrel and we had a debt overhang of about $35 billion. Most people were confused with lack of direction in the country.” According to him, most people are hopelessly groping in the dark as they saw no choice, neither in the left nor in the right. He noted that Nigerians complained, murmured in anguish and anger. What has really changed? Nigerians have remained in the darkness of poverty and underdevepment since the military altered the nation’s constitution. The list of prominent Nigerians who have prescribed restructuring as a way out of all the ills afflicting the country is long and it is growing daily. Former Secretary-General, Commonwealth of Nation, Chief. Emeka Anyaoku; Nobel Laureate, Prof Wole Soyinka; Professor of political economy and management expert, Prof Pat Utomi; South-south leaders, Chief Edwin Clark; Afenifere leaders, Chief Reuben Fasoranti, Chief Ayo Adebanjo, Mr. Yinka Odumakin; National President, Ohaneze Ndigbo, Chief John Nnia Nwodo Jnr, the National Chairman, United Progressive Party (UPP), Chief Chikwas Okorie and several others have been persistent in their opinions that without restructuring, Nigeria cannot attain development.

But in January 2018, the man who did not want to be part of the agitation for restructuring suddenly became sympathetic to those making the call. Not yet a somersault though

Perhaps the reaction by Soyinka last year to then acting President, Prof Yemi Osinbajo’s statement that, “Our unity is not negotiable,” aptly depicted the mindset of those clamouring for restructuring in Nigeria. Soyinka said: “Don’t tell me that Nigeria, as it is, is non-negotiable. To me, that’s a fallacy. The claim that the unity of Nigeria is non-negotiable is a false statement. The right of the people to determine their future is what is non-negotiable. Negotiation involves ensuring that there’s no marginalisation. Negotiation involves ensuring that the major components of the country are not feeding on the centre.” Obasanjo, like Buhari, detested the call fo restructuring. In fact, he once cautioned Nigerians about the ambiguities of the word restructuring and its negative implications. But other leaders such as Professor Ben Nwabueze, SAN have always stood up to Obasanjo on the subject matter. Another die hard advocate of restructuring is Adebanjo who explained that restructuring meant a return to the 1960 and 1963 constitutions when Nigeria consisted of three regions that is; Northern Nigeria, Eastern Nigeria and Western Nigeria, with each region largely populated and headed by the dominant tribes thus: Hausa Fulani in the North, the Igbos in the East and the Yorubas in the West. By 1966, when the army struck, Nigeria still had a federal structure and the parliamentary system of government and there were certain features that made the regions very powerful. Devolution allowed each region to control its resources to a large extent. The North had groundnut, West had cocoa and East had palm produce. In the area of judiciary, regions had appellate courts distinct from the federal appellate courts. Such was the state of the nation when the military intervened. But with military intervention, Nigeria had unitary system of government because of the command structure of the military. So, by 1979, when the military returned power to civilians, the constitution had altered the arrangement of devolution of powers. There was an enthronement of presidential system of government, which gives too

much powers to the president at the centre, puts so many activities on the exclusive list to the detriment of the people and creates a system that favours a section against others, discourages healthy competition and sectional devepment. That is what Nigeria has been grappling with. An important aspect of restructuring is devolution of powers to the federating units by decongesting the exclusive legislative list, which will permit states to take on more responsibilities and reduce the burden on the federal government. It will translate to a re-modification of political and economic arrangements in all the 36 states of the federation and it will impact more positively on the citizenry because it will unlock the latent potentials of the nation’s ethnic minorities. Immeasurable wealth capable of increasing the current $6trn Nigerian economy to $60trn, which had been caged by decades of hegemonic rule will change the Nigerian narratives. So, when the ex-president called out Nigerians to collectively save themselves through constructive and positive engagement and collective action, Obasanjo, in the 15-page letter, should rather have suggested restructuring, which has been the most prescribed solution to the myriad of problems bedevling the country. The position taken by Obasanjo when he said: “One choice left to take us out of Egypt to the promised land. And that is the coalition of the concerned and the willing – ready for positive and drastic change, progress and involvement. Change that will give hope and future to all our youth and dignity and full participation to all our women. “We need a Coalition for Nigeria (CN). Such a movement at this juncture needs not be a political party but one to which all well-meaning Nigerians can belong. That movement must be a coalition for democracy, good governance, social and economic well-being and progress. Coalition to salvage and redeem our country. You can count me with such a movement,” could be seen as an anti-restructuring movement just aiming to use Nigerians to actualise another agenda to oust a sitting leader and not necessarily address the core of the problem. That economy feeds on politics and because Nigeria’s politics is depressing, the economy is depressing is no news, but whoever attains power to fix things on the platform of current structural imbalance will not only inherit a haphazard system, he would achieve very little in terms of development Obasanjo’s vision of putting Nigeria on a “Path of development and the trajectory of development in speed, quality and equality in the short- medium- and long-term for Nigeria on the basis of sustainability, stability, predictability, credibility, security, cooperation and prosperity with diminishing inequality. What is called for is love, commitment and interest in our country, not in self, friends and kinship alone but particularly love, compassion and interest in the poor, underprivileged and downtrodden,” should have been aligned to the clamour for a restructured nation because each section will grow at its own pace. Since Obasanjo has never hidden his disapproval for restructuring, his new coalition, if it eventually sees the light of the day, will not advocate it. This will therefore offer Buhari a breather; he could cleverly move to the side of majority of Nigerians who want restructuring to get vote supports for the next election If the two former military leaders will remain adamant - refusing to heed the multiple calls for “reconfiguration” of Nigeria as Soyinka puts it, their common enemy, former vice president during Obasanjo, Alhaji Atiku Abubakar, who is promising to bring about a restructured Nigeria will no doubt get significant support from voters.

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THUMBS DOWN Dana Air Door Incident Ă‹Ă˜Ă‹ Ă“Ăœ ÚËĂ?Ă?Ă?Ă˜Ă‘Ă?ĂœĂ? ĂĄĂ?ĂœĂ? Ă?ĂžĂ&#x;Ă˜Ă˜Ă?ĂŽ Ă–Ă‹Ă?Ăž Ă?ĂŽĂ˜Ă?Ă?ĂŽĂ‹ĂŁ ĂĄĂ’Ă?Ă˜ Ă™Ă˜Ă? Ă™Ă?

A NEW OFFERING

L-R: Mr. Sobayo Bamidele of KPMG, Director General of the Bureau of Public Enterprises (BPE), Mr. Alex A. Okoh and Dolapo Omole of PwC after the ďŹ nancial bids opening for transaction advisory services for the Bank of Agriculture (BoA) in Abuja‌recently

THISDAY Model Portfolios Show Resilience, Rise to 40.9 % Goddy Egene The THISDAY Model Portfolio (TMP) showed some level of resilience last week, appreciating to close higher at 40.9 per cent despite a decline outperform the decline of 1.13 per cent recorded by the Nigerian Stock Exchange (NSE) All-Share Index(ASI). The NSE benchmark index fell for the second consecutive week, closing lower at 42,638.83. However, amidst that fall, the TMP closed higher at 40.9 per cent, up from 39.8 per

CAPITAL MARKET cent previous week, showing the resilience of the stocks that made up the various portfolios. 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. Every 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. However, an assessment of the TMP performance as at last Friday showed that it has recorded a total growth of 40.9 per cent, showing that N50 million imaginary fund deployed by the five firms has gained N20.453 million. Also, further analysis of the individual portfolios showed that four of the them improved last week, while one declined. Although Portfolio Continued on page 24

Why Nigerians Are Reluctant to Pay for Electricity Obinna Chima Nigerians are not willing to pay estimated electricity bills by the power distributing companies (discos) because they do not trust the estimates. This formed part of the findings by Renaissance Capital, in a report on their visit to Nigeria’s policy makers and development finance institutions in Abuja earlier this month. According to the report, recovery rates by the discos would improve if a bigger percentage of consumers of electricity had pre-paid meters. Presently, only 30 per cent of the country is metered. “There is a need for greater investment to allow for a migration to pre-paid meters, which would in turn

ECONOMY improve payment recovery rates,� RenCap stated. The federal government’s N701 billon payment assurance guarantee for the Power Sector Recovery Programme (PRSP) guarantees the Nigerian Bulk Electricity Trading (NBET) company’s payment obligations to generating companies (GenCos) until December 2018. This ensures that the GenCos recover their investment and make some profit. This has increased one GenCo’s payments recovery rate to 80 per cent, compared with between 25-30 per cent previously. Today, GenCos can supply up to 7,000 MW and the

transmission network has a capacity of 5,000 MW. The World Bank recently approved a $486 million credit facility to Nigeria for electricity grid improvements. “The investments under the Nigeria Electricity Transmission Project will increase the power transfer capacity of the transmission network and enable distribution companies to supply consumers with additional power,� the World Bank explained. Nigeria’s dilapidated power sector is often criticised by economists for holding back the country’s economic growth. Businesses and households are subject to frequent blackouts, and many depend on their own generators that are expensive to run. A recent report had pointed

out that ineffective metering was a major problem to the success of power sector reforms in Nigeria, a report has stated. The report by Lagos-based CSL Stockbrokers Limited had also noted that some consumers avoid paying for power consumed through meter bypass, while others are made to pay for what they haven’t consumed through estimated billing by the discos. It had cited a new draft meter regulation proposed by the Nigerian Electricity Regulatory Commission (NERC), which stated that electricity customers can now acquire meters under a 15-year lease facility from Continued on page 24

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Ă˜ĂŽĂ&#x;Ă?ĂžĂœĂŁ Ă?âÚĂ?ĂœĂžĂ? ĂĄĂ’Ă™ Ă?ÚÙÕĂ? Ă™Ă˜ ÞÒĂ? Ă“Ă˜Ă?Ă“ĂŽĂ?Ă˜Ăž Ùà Ă?Ăœ ÞÒĂ? ĂĄĂ?Ă?Ă•Ă?Ă˜ĂŽËœ Ă&#x;ĂœĂ‘Ă?ĂŽ Ă‹Ă Ă“Ă‹ĂžĂ“Ă™Ă˜ Ă‹Ă&#x;ĂžĂ’Ă™ĂœĂ“ĂžĂ“Ă?Ă? ÞÙ Ă?Ă‹ĂœĂœĂŁ Ă™Ă&#x;Ăž Ă‹ ĂžĂ’Ă™ĂœĂ™Ă&#x;Ă‘Ă’ Ă“Ă˜Ă Ă?Ă?ĂžĂ“Ă‘Ă‹ĂžĂ“Ă™Ă˜ ÞÙ Ă&#x;Ă˜ĂœĂ‹Ă Ă?Ă– ÞÒĂ? Ă?Ă‹Ă&#x;Ă?Ă?Ëœ åÓÞÒ Ă‹ Ă Ă“Ă?ĂĄ ÞÙ ĂšĂœĂ?Ă Ă?Ă˜ĂžĂ“Ă˜Ă‘ Ă?Ă&#x;ĂœĂžĂ’Ă?Ăœ Ă™Ă?Ă?Ă&#x;ĂœĂœĂ?Ă˜Ă?Ă?Ë› Ă?Ă?Ă‹Ă–Ă– ÞÒËÞ Ă“Ă˜ Í°ÍŽÍŻÍ°Ëœ ͯͳ͹ ÚËĂ?Ă?Ă?Ă˜Ă‘Ă?ĂœĂ? ĂŽĂ“Ă?ĂŽ Ă“Ă˜ Ă‹Ă˜Ă‹ Ă‹Ă“Ăœ Ă?ĂœĂ‹Ă?Ă’ Ă“Ă˜ Ă‹Ă‘Ă™Ă?Ë› Ă?Ă™ĂœĂ?Ă? Ă™Ă? ÙÞÒĂ?ĂœĂ? ĂĄĂ?ĂœĂ? Ă•Ă“Ă–Ă–Ă?ĂŽ Ă™Ă˜ Ă‘ĂœĂ™Ă&#x;Ă˜ĂŽË› Ă’Ă? Ă?Ă?Ă“ĂŽĂ?Ă˜Ăž Ă˜Ă Ă?Ă?ĂžĂ“Ă‘Ă‹ĂžĂ“Ă™Ă˜ Ă&#x;ĂœĂ?Ă‹Ă&#x;Ëœ Ëœ Ă“Ă˜ Ă“ĂžĂ? ĂœĂ?ĂšĂ™ĂœĂžËœ Ă’Ă‹ĂŽ Ă?Ă‹Ă“ĂŽ Ă—Ă?Ă?Ă’Ă‹Ă˜Ă“Ă?Ă‹Ă– Ă?Ă‹Ă“Ă–Ă&#x;ĂœĂ? Ă‹Ă˜ĂŽ ÚÓÖÙÞ Ă?ĂœĂœĂ™Ăœ Ă?Ă‹Ă&#x;Ă?Ă?ĂŽ ÞÒĂ? Ă‹Ă“Ăœ Ă?ĂœĂ‹Ă?Ă’Ë› Ă?Ă?Ă™ĂœĂŽĂ“Ă˜Ă‘ ÞÙ ÞÒĂ? Ëœ ÞåÙ Ă?Ă˜Ă‘Ă“Ă˜Ă?Ă? Ă™Ă˜ ÞÒĂ? Ă‹Ă˜Ă‹ Ă“Ăœ ĘŽĂ“Ă‘Ă’Ăž Ă?Ă‹Ă“Ă–Ă?ĂŽ Ă—Ă“ĂŽĚ‹Ă‹Ă“Ăœ ĂŒĂ?Ă?Ă™ĂœĂ? Ă“Ăž Ă?ĂœĂ‹Ă?Ă’Ă?ĂŽ Ă™Ă˜ Ă‹ĂšĂšĂœĂ™Ă‹Ă?Ă’Ă“Ă˜Ă‘ ÞÒĂ? Ă‹Ă‘Ă™Ă? Ă‹Ă“ĂœĂšĂ™ĂœĂžË› ËŤ Ă˜Ă‘Ă“Ă˜Ă? Ă˜Ă&#x;Ă—ĂŒĂ?Ăœ Ă™Ă˜Ă? Ă–Ă™Ă?Ăž ÚÙåĂ?Ăœ ÍŻÍľ Ă—Ă“Ă˜Ă&#x;ĂžĂ?Ă? Ă“Ă˜ĂžĂ™ ÞÒĂ? ĘŽĂ“Ă‘Ă’ĂžËœ Ă‹Ă˜ĂŽ ÞÒĂ?ĂœĂ?Ă‹Ę°Ă?Ăœ Ă™Ă˜ Ę¨Ă˜Ă‹Ă– Ă‹ĂšĂšĂœĂ™Ă‹Ă?Ă’Ëœ Ă?Ă˜Ă‘Ă“Ă˜Ă? Ă˜Ă&#x;Ă—ĂŒĂ?Ăœ ÞåÙ Ă–Ă™Ă?Ăž ÚÙåĂ?Ăœ Ă‹Ă˜ĂŽ Ă?Ă‹Ă“Ă–Ă?ĂŽ ÞÙ ĂœĂ?Ă?ĂšĂ™Ă˜ĂŽ ÞÙ ĂžĂ’ĂœĂ™ĘľĂ–Ă? ×Ùà Ă?Ă—Ă?Ă˜Ăž Ă™Ă˜ ĂŽĂ?Ă—Ă‹Ă˜ĂŽ Ă?Ă™Ăœ Ă“Ă˜Ă?ĂœĂ?Ă‹Ă?Ă?ĂŽ ÚÙåĂ?Ăœ ÞÙ Ă?Ă&#x;Ă?ĂžĂ‹Ă“Ă˜ ÞÒĂ? Ă‹Ă“ĂœĂ?ĂœĂ‹Ę° Ă“Ă˜ Ă“ĂžĂ? ĘŽĂ“Ă‘Ă’Ăž Ă?Ă™Ă˜Ę¨Ă‘Ă&#x;ĂœĂ‹ĂžĂ“Ă™Ă˜ËœËŹ ÞÒĂ? ĂœĂ?ĂšĂ™ĂœĂž Ă?ÞËÞĂ?ĂŽË› Ă’Ă? Ă?Ă&#x;ĂœĂžĂ’Ă?Ăœ Ă˜Ă™ĂžĂ?ĂŽ ÞÒËÞ ÞÒĂ? Ă“Ă˜Ă‹ĂšĂšĂœĂ™ĂšĂœĂ“Ă‹ĂžĂ? Ù×ÓĂ?Ă?Ă“Ă™Ă˜ Ă™Ă? ÞÒĂ? Ă&#x;Ă?Ă? Ă™Ă? ÞÒĂ? Ă?Ă’Ă?Ă?Ă•Ă–Ă“Ă?ĂžËœ ÞÒĂ? Ă?ĂœĂ?ĂĄËŞĂ? Ă“Ă˜Ă‹ĂŒĂ“Ă–Ă“ĂžĂŁ ÞÙ Ă‹ĂšĂšĂœĂ?Ă?Ă“Ă‹ĂžĂ? ÞÒĂ? Ă?Ă?Ă Ă?ĂœĂ“ĂžĂŁ Ă™Ă? ÞÒĂ? ÚÙåĂ?ĂœĚ‹ĂœĂ?Ă–Ă‹ĂžĂ?ĂŽ ĂšĂœĂ™ĂŒĂ–Ă?Ă—Ëœ Ă‹Ă˜ĂŽ ÞÒĂ?Ă“Ăœ Ă?Ă&#x;ĂŒĂ?Ă?Ă›Ă&#x;Ă?Ă˜Ăž Ă?Ă‹Ă“Ă–Ă&#x;ĂœĂ? ÞÙ Ă–Ă‹Ă˜ĂŽ Ă‹Ăž ÞÒĂ? Ă˜Ă?Ă‹ĂœĂ?Ă?Ăž Ă?Ă&#x;Ă“ĂžĂ‹ĂŒĂ–Ă? Ă‹Ă“ĂœĘ¨Ă?Ă–ĂŽ Ă?Ă™Ă˜ĂžĂœĂ“ĂŒĂ&#x;ĂžĂ?ĂŽ ÞÙ ÞÒĂ? Ă?ĂœĂ‹Ă?Ă’Ë›

deral 2018 per 2018 per onth, bank vised

T H I S D AY Ëž Ëœ ÍŻÍˇËœ Í°ÍŽÍŻÍś

24

BUSINESSWORLD WHY NIGERIANS ARE RELUCTANT TO PAY FOR ELECTRICITY

the discos guaranteed by third party meter providers. It recalled that NERC had proposed a business model for the licensing of Meter Services Providers (MSP) who would provide for the financing, procurement, installation, maintenance and replacement of electronic prepaid meters for end-users of electricity. According to the document, customers would make payments to MSPs through the collection account of the discos or through the vending platform for all meters supplied by the providers. Continuing, in their findings, RenCap also noted that monetary easing may be delayed if inflation proves to be sticky. This stickiness was partly attributable to businesses still trying to recover their losses. The Central Bank of Nigeria (CBN) plans to start cutting the policy interest rate once year-on-year inflation falls to the low double-digits, versus 15.1 per cent in January, they revealed. “We estimate inflation will fall to 12-13 per cent in the second quarter of 2018, which may mean rates cuts begin in first half of 2018. However, there are significant upside risks to our forecast including: fuel shortages (which were worse in Abuja than in Lagos, judging by the length of the queues), which explain an average petrol price of N191/ litre in January versus the government’s price cap of N145/litre; and food supply constraints from neighbouring countries. “However, a stable forex rate is positive for inflation. Notably, the IMF and the CBN do not think the naira is overvalued, which is in line with this analyst’s view. “That said, the CBN does not think the naira is as cheap as we do; it thinks fair value is close to N360/$1, vs our estimate of N320/$1 from this analyst’s real effective exchange rate (REER) model. “The IMF expects no further unification of forex rates in the short term. Growth to strengthen in short term, plateau over medium term,� the report added.

Group Business Editor

Chika Amanze-Nwachuku

NEWS

THISDAY MODEL PORTFOLIOS SHOW RESILIENCE, RISE TO 40.9 % declined from 68.9 per cent to 65.2 per cent, it remained the highest gainer, it remained the highest gainer. The N10 million deployed by the portfolio stood at

N16.522 million as at last Friday. Portfolio D rose from 57.1 per cent to 58.6 per cent, indicating that its value has grown from N10 million to N15.861million.

Ebere Nwoji The National Insurance Commission (NAICOM), at the weekend, engaged all the Chief executive officers of insurance firms in a major brainstorming session targeted at developing a road map that will enable the sector operators optimally harness opportunities existing in the sector for self -development and better contributions to the national economy. The session, organised at the instance of NAICOM, was the first Annual Insurers’ Committee Retreat by the commission with the theme ‘Repositioning the Insurance Industry in Nigeria for self-actualisation and growth’ . In his address at the retreat, the Commissioner for Insurance, Mohammed Kari, told the insurers that the objective of the gathering was to review their activities to determine the ways forward in addressing the challenges facing the sector. “This retreat is therefore particularly focused at “Repositioning the insurance industry in Nigeria for self-actualisation and growth�. We are not ignorant of the huge potentials available for the industry to attain a lofty height within and outside the Nigerian economy. But these potential will remain only in our imaginations

Comms/e-Business Editor

The Lagos State Government has assured its partners under the Public-Private Partnership (PPP) programme of innovative policies, business-friendly environment and infrastructures that will further guarantee return on investment, and also grow a private sectordriven economy in the state. Speaking at a meeting with members of Franco-Nigerian Chamber of Commerce and Industry (FNCCI) in Lagos, the Commissioner for Commerce, Industry and Cooperatives,

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)

folio E remained in the negative territory, it improved from a decline of 3.8 per cent to 0.34 per cent. Meanwhile, all stocks in Portfolio B closed positively. The

highest is 147.7 per cent, followed by 125 per cent. Others are: 56 per cent; 55. 5 per cent; 41.2 per cent; 39.7 per cent; 35 per cent; 14.2 per cent; and 2.5 per cent.

if we cannot as an industry take advantage of them. So for today and tomorrow, our presentations and deliberations will be geared towards achieving the singular objective of developing a roadmap to optimally harness these potentials,� Kari stated. He said the idea of the Insurers’ Committee which the industry borrowed from the Bankers Committee concept was to create a platform for the highest echelon of the insurance industry top management of NAICOM being the regulator and the Chief Executive Officers of insurance companies to dialogue on issues, challenges and proffer solutions for the way forward for the development of the insurance sector in Nigeria. According to him, the committee, affords the industry the opportunity to reach certain decisions on the spot without having to defer to a superior authority. He added that it also creates the avenue that enables both the operator and the regulator to walk on the same path and speak with one voice towards developing advocacy and interventions for the reshaping of the insurance system to meet the expectations of stakeholders. Citing instance of a critical opportunity so far created by

the committee and the need for personal attendance at the committee’s meetings by insurance chief executives, Kari said: “It is such opportunity that has enabled us to agree on the urgent need to re-brand the industry for our collective good. One would therefore expect that attendance at meetings and retreats of the committee will be an imperative and not an option for all members. It is sad to note that this is not the case. Even when notices for meetings and this particular retreat were given well in advance, some CEOs still find reasons not to be in attendance preferring instead to send representatives who would neither have the voice nor the mandate to either accept or disagree with a decision but only to report back to the CEO a narrative of what might transpired.� He said this is unacceptable, further adding that henceforth, the commission, will not admit a representative of a CEO into any meeting or event called by it for CEOs only. “You are either with us or absent against us. For the avoidance of doubts, let me remind you that the commission, is sufficiently busy in the office and could effectively regulate

the industry from its offices without having to invite you to these interactions. We are here because we feel the need to involve the regulated in policy and initiative of the industry, but if it is becoming a burden or a nuisance to you, tell us and we would understand�. He said the retreat was intended to go down in history as the forum where the Nigerian insurance sector got its groove back. The commissioner, said he was optimistic that at the end of discussions, the sector would evolve a workable, achievable and and practicable roadmap capable of elevating the status of the industry far above what currently prevails. He further reminded the insurers that the gathering was aimed at redefining operators’ collective future noting that the insurance sector has come short in contributing its expected share to national development and other expectations like evolving financial inclusion to financial services deprived part of the Nigerian population. He also noted that the retreat would go a very long way in redefining the future of insurance and repositioning it for self-actualisation in terms of growth and development.

Furthermore, he noted that in the last few years, the insurance industry, had witnessed series of changes owing to the new reforms embarked upon by NAICOM. He listed the reforms as financial reporting reforms, no premium no cover, corporate governance code, risk based supervision, information and communication technology advancement, financial inclusion, claims settlement, market conduct, expansion of distribution channels among others adding that all aimed at building confidence, trust and enhancing market value. He told the insurers that the changes are imperative and have had a considerable impact on efficiency, market structure and performance in the insurance industry. “Suffice it to say that these reforms will not stop but continue. We shall continue to introduce new reforms and initiatives in line with international best practices in our march towards achieving our full potentials. As we all already know, insurance in Nigeria has under-performed the banking sector and even the recently established pensions sector. For us as the industry regulator and supervisor, we have chosen to elevate the regulatory ladder.

LASG Assures PPP Partners of Investment Security Jonathan Eze

Emma Okonji

stood at N14.846 million. Portfolio A stagnated at 32.5 per cent, meaning that the N10 million deployed by Portfolio A has improved to N13.256 million. Although Port-

NAICOM, Insurance CEOs Brainstorm on Road Map for Sector Growth

AgriBusiness/Industry Editor

Jonathan Eze

Portfolio B remained the third highest gainer with 48.4 per cent, showing an increase from 48.1 per cent. This implies that the N10 million deployed

Mrs. Olayinka Oladunjoye, said that government has set up a positive business environment where investors can be assured of prosperity and investment security. She noted that the Electricity Reform Bill recently signed into law by Governor Akinwunmi Ambode, to give legal backing to the Embedded Power Initiative for generation of 1,000 megawatts of electricity in 2018 and 3,000 megawatts by 2022 were all borne out of government’s intention to grow a private sector-driven economy.

“More than ever before, we are renewing our call for the development of a private-sector driven economy with positive business environment through innovative policies and infrastructure. “With our charter, you can only be assured of a win-win situation all through, especially as it relates to the security and prosperity of your investments and business interests�, the Commissioner stated. While attesting to the 2018 World Bank Doing Business report, which revealed that Lagos is responsible for 77% of all the

impact of ease of doing business indicators at the sub-national levels, Oladunjoye pledged that government will continue to do more to ensure that Nigeria takes its place as the prime destination of foreign direct investments in Africa. Giving an overview of the Nigerian Business Environment, Oladunjoye said the Nigerian Business environment is robust and promising if some factors militating the growth of trade and investment could be removed. She urged the federal government to address the challenges in power, multiple tax structure

and bureaucratic delays in policy implementation with regards for businesses, ethno-religious crisis, kidnapping and corruption, these according to her are posing hindrances for business growth. The Commissioner, who commended the Franco-Nigeria Chamber of Commerce and Industry (FNCCI) for playing an active role in fostering economic, commercial and financial ties between France and Nigeria, said she is optimistic that the relationship would have a far-reaching impact on national business and economic landscape of the State.

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BUSINESSWORLD

MARKET REPORT

Equities Close Lower Despite Halting Seven-day Losing Streak Goddy Egene and Nosa Alekhuogie

market’s heavyweight, Dangote Cement Plc. We expect a continuation of the bargain hunting activities in the market and an improvement in the market mood to sustain the recovery in the near term.� The market sustained the positive performance on Thursday with the index rising by 1.0 per cent to 42,604.40 , while market capitalisation added N155.2 billion to close at N15.3 trillion. The performance was majorly driven by price appreciation in FBN Holdings Plc (+8.2 per cent), GTBank (+2.0 per cent) and Dangote Cement Plc (+0.6 per cent). Sectorally, it was largely bullish as four of five indices closed in the green while one closed flat. The NSE Banking Index led gainers, rising 1.3 per cent. The NSE Industrial and NSE Consumer Goods indices trailed, rising 0.9 per cent and 0.8 per cent respectively. The NSE Oil & Gas Index appreciated marginally by 0.01 per cent, while the NSE Insurance Index however closed the day flat.

The Nigerian equities market recorded its second consecutive week of decline as the Nigerian Stock Exchange (NSE) All-Share Index fell 1.13 per cent to close at 42,638.83. Similarly, market capitalisation ended lower at N15.302 trillion. Despite rebounding from a sevenday losing streak on Wednesday, the market closed the week on a negative note as losses recorded in the first two days outweighed the gains of three days. As a result, the NSE ASI fell by 1.13 per cent to further reduce the year-to-date growth of the market to 11.5 per cent. Apart from the ASI that decline , all other indices finished lower with the exception of the NSE Pension Index that appreciated by 0.08 per cent while the NSE ASeM Index closed flat. Analysts at Cordros Capital Limited said: “Given two consecutive weeks of profit taking, we expect investors to hunt bargains while also taking position ahead of Q4-17 corporate earnings releases.� Daily Performance Still in the bearish mood, the market opened on with a decline of 0.9 per cent on the first day of the week to close at 42,737.89. Similarly, the market capitalisation fell by same margin to close at N15.34 trillion. The depreciation recorded in the share prices of GTBank, FBN Holdings, Zenith Bank, Dangote Sugar, and Transcorp were mainly responsible for the decline recorded. According analysts at FSDH Research, the on-going sell sentiment may continue till midweek albeit on a milder scale than in the previous trading sessions “Profit taking and bargain hunting may likely characterise subsequent trading sessions,� they added. In all, 36 stocks depreciated, while only 13 appreciated. Eternal Plc led the price losers with 9.6 per cent, trailed by Equity Assurance Plc with 8.3 per cent. AIICO Insurance Plc shed 8.2 per cent, while Consolidated Hallmark Insurance Plc lost 5.7 per cent. FBN Holdings Plc, GTBank Plc and Multiverse depreciated by 5.0 per cent apiece. May & Baker Nigeria Plc and Fidelity Bank Plc shed 4.9 per cent each. On the positive side, PZ Cussons Nigeria Plc led the price gainers with 5.8 per cent, trailed by Beta Glass Plc, Glaxosmithkline Consumer Nigeria Plc and Unity Bank Plc with 4.9 per cent apiece. UAC of Nigeria Plc chalked up 4.1 per cent, just as Jaiz Bank Plc, Linkage Assurance Plc garnered 3.8 per cent and 3.5 per cent respectively. C & I Leasing Plc, ABC Transport Plc and Wema Bank Plc advanced by 2.7 per cent, 2.5 per cent and 2.3 per cent in that order. All the sectoral indices trended southwards. They were led by the NSE Banking Index , shedding 3.8 per cent following losses in bellwether banking stocks - GTBank (-5.0 per cent) and Zenith Bank (-4.9 per cent). The NSE Insurance Index followed with 1.1 per cent slide while the NSE Consumer Goods Index closed 0.9 per cent lower due to downtick in Nigerian Breweries Plc (-2.9 per cent) and Dangote Sugar Refinery Plc (-4.8 per cent). The NSE Industrial Goods Index and NSE Oil & Gas Index shed 0.4 per cent and 0.2 per cent respectively. The market recorded its highest decline on Tuesday with capitalisation falling to a new low of N14.97 trillion,

while the index closed below the 42,000 threshold at 41,708.15. Specifically, the index fell 2.41 per cent, the highest decline since the beginning of the year. Similarly, the market capitalisation shed N369.5 billion, propelled by a decline in the shares of bellwether such as Dangote Cement, UBA, Nestle Nigeria Plc, FBN Holdings, and Nigerian Breweries Plc. The bears were virtually on rampage as 40 stocks depreciated compared with 15 stocks that appreciated. Prestige Assurance Plc led the price losers with 7.1 per cent, followed by Skye Bank Plc with a decline of 6.5 per cent. Consolidated Hallmark Insurance Plc, FCMB Group Plc and United Bank for Africa Plc went down by 6.1 per cent, 5.9 per cent and 5.5 per cent in that order. Japaul Oil and Maritime Services Plc, Royal Exchange Plc and Union Bank of Nigeria Plc shed 5.0 per cent each. Forte Oil Plc declined by 4.9 per cent, just as Fidson Healthcare

Plc, Dangote Cement Plc and Sterling Bank Plc lost 4.8 per cent apiece. The stocks that escaped the bear run were led by A.G Leventis Nigeria Plc with 7.0 per cent, trailed by Berger Nigeria Plc with 5.0 per cent, just as Etarna Plc appreciated by 4.9 per cent. Other top price gainers included: NAHCO Plc (4.8 per cent); Linkage Assurance Plc (4.5 per cent); Access Bank Plc (3.9 per cent); African Prudential Plc (3.8 per cent); May & Baker Nigeria Plc(3.3 per cent). However, the equities market rebounded on Wednesday after a seven-day losing streak. Bargain hunting in banking and consumer goods sectors lifted the index by 1.1 per cent to close at 42,171.80 while market capitalisation added N166.4 billion to close at N15.1 trillion. The rebound could largely be attributed to buying interest in Banking and Consumer counters with Zenith Bank (+5.0 per cent), United Bank for Africa (+6.3 per cent ) and

Nestle (+1.9 per cent) weighing the most on performance. But Skye Bank Plc led the gainers chart with 10 per cent trailed by FCMB Group Plc that garnered 9.8 per cent. Conversely, First Aluminum led the price losers with 9.1 per cent, trailed by LASACO Assurance Plc with a decline of 5.8 per cent. Volume and value of trading also rose by 10.7 per cent and 28.1 per cent to 520.7 million shares and N4.7 billion respectively. Commenting on the performance, analysts at Cordros Capital Limited said: “We expect appetite to remain strong, as investors continue to hunt bargains and take position ahead of Q4-17 earnings, amidst generally improving macroeconomic conditions.� Also commenting, analysts at Meristem Securities Limited said: “The bullish charge in the market was led by gains recorded on counters in the banking and consumer goods sectors, which offset the loss on the

Top 10 Brokers by Volume Rank

Broker

Description

1

UBAS

UNITED CAPITAL SECURITIES LIMITED

970,365,547

2

SISB

STANBIC IBTC STOCKBROKERS LIMITED

647,484,774

Quantity

6.46

3

RWD

REWARD INVESTMENT AND SERVICES LIMITED

610,208,737

6.09

4

APEL

APEL ASSET LIMITED - BRD

443,026,494

4.42

5

MCSE

MORGAN CAPITAL SECURITIES LIMITED

328,179,051

3.27

6

APT

APT SECURITIES AND FUNDS - BRD

309,462,491

7

FBNS

FBNQUEST SECURITIES LIMITED

302,209,529

3.01

8

CSSL

CARDINALSTONE SECURITIES LIMITED

283,293,581

2.83

9

CSL

CSL STOCKBROKERS LIMITED

274,175,725

2.73

10

EFCP

EFCP LIMITED

Top 10 Total Volume

% of Volume 9.68

3.09

273,967,492

2.73

4,442,373,421

44.31

Value

% Value

12,402,934,630.66

13.50

NOTE: The top 10 Stockbrokers are responsible for 44.31% of the total volume between 15/01/2018 and 19/01/2018

Top 10 Brokers by Value Rank

Broker

1

SISB

STANBIC IBTC STOCKBROKERS LIMITED

2

CSL

CSL STOCKBROKERS LIMITED

8,490,932,850.70

9.24

3

RSNL

RENCAP SECURITIES (NIG) LIMITED

7,284,418,541.03

7.93

4

EFCP

EFCP LIMITED

7,113,942,479.57

5

FBNS

FBNQUEST SECURITIES LIMITED

4,468,449,723.13

4.86

6

UBAS

UNITED CAPITAL SECURITIES LIMITED

3,209,279,931.31

3.49

7

CSSL

CARDINALSTONE SECURITIES LIMITED

2,539,768,620.49

2.77

8

IONE

Description

INVESTMENT ONE STOCKBROKERS INTL LTD-BRD

2,455,122,554.10

7.75

2.67

9

APEL

APEL ASSET LIMITED - BRD

2,091,752,247.72

2.28

10

CHDS

CHAPEL HILL DENHAM SECURITIES LTD - BRD

1,896,574,420.30

2.06

Market Turnover Meanwhile, a total turnover of 2.940 billion shares worth N27.924 billion was recorded in 28,570 deals during the review week, compared with a total of 4.426 billion shares valued at N24.236 billion that exchanged hands in 29,573 deals the previous week. The Financial Services Industry led the activity chart with 2.174 billion shares valued at N17.033 billion traded in 19,013 deals, thus contributing 73.96 per cent and 61 per cent to the total equity turnover volume and value respectively. The Services Industry followed with 232.482 million shares worth N216.990 million in 734 deals. The third place was occupied by Conglomerates Industry with a turnover of 170.422 million shares worth N499.400 million in 1,578 deals. Trading in the top three equities namely – Linkage Assurance Plc, Skye Bank Plc and FCMB Group Plc accounted for 809.798 million shares worth N1.130 billion in 2,551 deals, contributing 27.5 per cent and 4.04 per cent to the total equity turnover volume and value respectively. Price Gainers and Losers A look at the price movement chat showed that 48) equities depreciated in price, lower than 64 equities of the previous week, while 30 equities appreciated in price during the week, higher than 23 equities recorded in the preceding week. Consolidated Hallmark Insurance Plc led the price losers with 22.8 per cent, trailed by First Aluminium Nigeria Plc with 19.5 per cent. Courtville Business Solutions Plc shed 17.3 per cent, just as Japaul Oil & Maritime Services Plc and Prestige Assurance Plc went down by 14.2 apiece. Other top price losers included: Unity Kapital Assurance Plc (13.6 per cent); Multiverse Mining and Exploration Plc (12.5 per cent); Equity Assurance Plc (12.5 per cent); Caverton Offshore Support Group Plc (11.6 per cent);and Sterling Bank Plc (11.4 per cent). Berger Paints Nigeria Plc led the price gainers with 11.4 per cent, followed by Beta Glass Plc with 10.2 per cent. Access Bank Plc appreciated by 5.4 per cent, just as A.G Leventis Nigeria Plc and GSK Nigeria Plc chalked up 5.2 per cent and 4.9 per cent in that order. Top price gainers include: Transcorp Hotels Plc (4.8 per cent); WAPIC Insurance Plc (4.6 per cent); African Prudential Plc, PZ Cussons Nigeria Plc (4.1 per cent); and Zenith Bank Plc (3.5 per cent).

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BUSINESSWORLD

INSIDE BROAD STREET

AKINWUNMI IBRAHIM

A view of Lagos ďŹ nancial district

Food Inflationary Pressure Eases Obinna Chima The National Bureau of statistics’ (NBS) inflation figures released last week revealed that the Consumer Price Index (CPI) was up 15.13 per cent year-on-year in January 2018, 0.24 per cent lower than the rate recorded inDecember 2017 of 15.37 per cent. As of January 2017, inflation figure was 18.7 per cent. To analysts at Lagos-based CSL Securities Limited, inflation will decline over the course of 2018 but only relatively slowly. According to them, their model suggests that price growth will fall to 12.9 per cent by the end of this year, down from 15.4 per cent in December 2017. “Food prices, which make up just over half of the food price basket, had been increasing at above 20 per cent in year-on-year terms in the months leading to November 2017 but we have begun to see a moderation as we saw an 18.9 per cent year-on-year increase in January, down from 19.4 per cent in December 2017. “We expect food prices will moderate further over the coming months as improved supplies come on to the market. “However, we expect the disinflationary impact of this to be offset, to some extent, by a likely increase in utility prices,� they explained. They argued that while the authorities maybe reluctant to implement a hike in the lead up to the February 2019 election, power supply would likely to remain intermittent until tariffs are increased to a sustainable level. As such, households will continue to rely on expensive petrol- or diesel-powered generators, saying that incessant queues observed in the economy since the end of last year also suggest that consumers may be compelled to pay more for scarce petrol. Interbank Naira Market The Money market rates trended downwards throughout the week in line with system liquidity despite the open market operations (OMO) mopup, wholesale foreign exchange (FX) secondary market intervention sales (SMIS) and the treasury bills primary market auctions by the central bank. The Central Bank of Nigeria’s (CBN) activities in the past weeks, according to analysts at Afrinvest Securities Limited, further showed its commitment to stabilise the financial system, keep liquidity levels in check while also sustaining the recent

MARKET INDICATOR gains in price and exchange rate stability. To this end, the open buy back (OBB) and overnight (OVN) rates trended lower to 18 per cent and 20per cent last Monday, from the preceding week’s close of 43.3 per cent and 45.5 per cent respectively,despite lower system liquidity of N35.5 billion (from the precedingFriday’s level of N46.4 billion) and FX sales of $100 million at the SMIS window. Also, on Tuesday, rates continued on a descent as OBB and OVN settled at 14.3 per cent and 15.3 per cent, following a no-sale OMO auction conducted by the CBN, on the back of improved system liquidity which opened the day at N35.1 billion. The OBB and OVN continued theirsteady decline on Wednesday as they settled at 8.7 per cent and nine per cent as the total treasury bills issuance of N176 billion dwarfed the improved system liquidity which opened at N260.7 billion. According to an Afrinvest report, by Thursday, the CBN mopped up N50.7billion from the system but the effect on system liquidity was negligible following the N90 billion OMO inflow on the same day which took system liquidity to N492.3 billion. As a result, OBB and OVN fell further to 6.7 per cent and 6.9 per centrespectively. On Friday, OBB and OVN closed the week at 6.7 per cent and 6.9 per cent respectively, indicating a 36.6percentage points and 38.6percentage points decrease week-on-week respectively. In the Treasury Bills (T-bills) market, average rates across most instruments hovered round the same levels throughout the week despite the Primary Market Auction of N176 billion by the CBN. “In the coming week, despite the level of system liquidity at N371.5billion as of Friday, we expect money market rates to trend slightly higher on the back of expected OMO mop-ups and the planned Wednesday DMO bond auction of N100 billion notwithstanding Thursday’s OMO maturity of N37.9 billion,� Afrinvest added. Foreign Exchange Market In line with trend, the CBN continued its weekly FX interventions, injecting US$100 million on Monday via wholesale SMIS intervention. A total of US$55 million was auctioned at

the small and mediumscale enterprises (SMEs) segment while US$55 million was sold to satisfy retail invisible demand (Tuition fee, medical payments and BTA). Thus, FX rates traded within a tight band at all segments of the market with the CBN official spot rate trading flat all week after an initial five kobo depreciation on Monday (to N305.90/US$1.00). Similarly, at the parallel market, rate opened at similar levels from the prior Friday (N363.00/ US$1.00) and traded flat all week. At the Investors’ & Exporters’ (I&E) window, the NAFEX rate shed 49 kobo in the first two trading sessions to close at N360.58/US$1 on Tuesday from N360.09/US$1 the previous Friday. The losses were fully recouped in Wednesday’s trading session as thenaira strengthened 54 kobo to settle at N360.03/US$1 but slightly pared gains on Thursday, shedding sevenkobo before settling at N360/US$1 on Friday, translating to a one koboweek-on-week depreciation. Similarly, cumulative weekly turnover on the I & E window as ofFriday, was US$789.91 million. At the FMDQ OTC futures market, the total value of open contracts of the Naira settled OTC futures closed the week at US$3.3 billion, US$10.5million higher than US$3.3 billion the prior week. The DEC-2018 instrument (contract price: N362.84) received the most buying interest in the week with additional subscription of US$10 million, which took total value to US$189.63. The NG-US APR-2018 (contract price: 360.92) however remained the most subscribed with a total value of US$657.9 million, while the NG-US JAN-2019 instrument (contract price: N362.27) was the least subscribed with total value of US$10 million. Following a successful Eurobond issuance by the federal government last week in which US$2.5 billion was raised to refinance maturing short term local debt securities, “we expect further accretion to external reserves with positive feedback on the CBN’s ability to sustain FX intervention sales. “Hence, despite downside risks of volatility in the oil market and political uncertainty, we retain our near term positive outlook on FX market stability and liquidity,� Afrinvest added. Bond Market Review Contrary to the sell-offs recorded in the local bond market the precedingweek, sentiment was

bullish lastweek as yields trended 12 basis points lower week-on-week, to an average of 13.8 per cent across tenors at market close on Friday on the back of improved investor appetite following stability in global financial markets on one hand and the supply of new FGN Eurobond debt securities on the other hand. The week started off on a quiet note with yields falling a marginal 1bp on average as momentum was sustained on Tuesday with average yield moderating 8 basis points to 13.8 per cent due to buying interests in MAR-2027 (-3bps) and APR-2037 (-8bps) benchmark bonds. Sentiment further improved in subsequent trading sessions as yields fell three bps (basis points) on Wednesday, one bps on Thursday and staying flat on Friday against the backdrop of expectations of lower volume of primary market issuances. Last Thursday, the federal government announced the pricing of its US$2.5 billion dual tranche Eurobond offering to complete the US$5.5 billion external debt programme approved by the National Assembly in 2017. The pricing was largely successful as both instruments offered (12-year and 20-year series) garnered impressive buying interest from leading global institutional investors with a peak order book of over US$11.5 billion. Both instruments have offerings of US$1.25 billion apiece, with the 12-year series priced at a yield of 7.1% while the 20-year series was issued at 7.7%. The proceeds from the Eurobond issuance would be used to refinance relatively expensive short term domestic borrowings as the FGN plans to achieve an optimal mix of domestic and foreign debt and reduce overall debt servicing cost. The impact of the debt refinancing, coupled with declining inflation rate and stability in FX rate, is anticipated to continue to anchor yield expectation lower in the near term and reduce crowding out of private sector borrowers. Across the sub-Saharan Africa Eurobonds, performance remained bearish as yields trended higher week-on-week on all instruments under our coverage save the GHANA 2026 (-10bps) and KENYA 2019 (-10bps) bonds. The extended bearish sentiment was on the back of ongoing global bond market rout as investors continue to price-in impact of reflation threat in advanced economies – and consequent normalisation of monetary policy – in the valuation of fixed income assets.

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Chike-Obi: Incompetence, a Bigger Problem in Nigeria than Corruption A former chief executive of the Asset Management Corporation of Nigeria, Mr. Mustafa Chike-Obi, who is presently the executive vice-chairman of Alpha African Advisory, in this interview with Obinna Chima, spoke on developments in the Nigerian economy, leadership, as well as what Nigerians should focus on ahead of the 2019 elections What have you been up to since you served out your term as the CEO of the Asset Management Corporation of Nigeria? Well, it has been in stages. When I left AMCON, I didn’t do much for six months. I was mostly in the United States. After that, I was persuaded to work on a financial advisory firm called Alpha African Advisory, on which I am the Vice Chairman. We are trying to build it up as a primary investment advisory firm in West Africa. But these are very difficult times. We are looking at the long-term and so we have advised most of our clients abroad that this is not the best time to invest in Nigeria. So, for the first two years, we are trying to build up capacity and I hope that in the next five years, we would emerge as one of the primary financial advisory firms in West Africa. Why do you think this is not the best time to invest in Nigeria? I think that we do lack and still lack a coherent economic policy. I have for the last six years, without apology, advocated for a very aggressive fiscal and monetary policy. This is not a matter of the All Progressives Congress (APC) or the People’s Democratic Party (PDP), it is all about Nigeria. Nigeria must expand its Gross Domestic Product (GDP) in double-digits to survive as a nation. If we don’t, we will not survive as a nation, or else, nothing else would matter in the long-run. We are on borrowed time. I think that once we have a coherent economic policy and people understand what Nigeria is going to be doing in the next five to ten years, then it will be the right time for investors to come in. Right now, a new government might come in tomorrow and change everything and it is just too confusing for me. Talking about an expansionary ďŹ scal and monetary policy, from the ďŹ scal side, looking at the size of the budget, with about N8 trillion estimated in the 2018 Appropriation Bill, from where it was in 2015, don’t you think the government has taken deliberate steps to expand the economy. Also, in terms of monetary policy, inationary pressure, forex pressure are factors that would discourage the central bank from loosening monetary policy. What is your take on that? Let’s take the points one by one. On the issue of the budget, N8 trillion budget, at an exchange rate of N360 to the dollar, is less than N4 trillion at an exchange rate of N150 to the dollar. So, in dollar terms, the budget is smaller than the last budget of the Goodluck Jonathan’s administration. So, it is not expansionary in dollar terms. But budget is not the only issue in terms of expansionary. Budget is fiscal. On the monetary side where much of the expansionary impetus will come from because there is much more money in the private and banking sector. Interest rates are too high. So, interest at between 26 and 30 per cent, makes it almost impossible for any bank to lend to a handful of businesses; and even these handful of businesses struggle to meet this high interest rate regime. So, what we have chosen is to defend the naira and inflation. Both of which we have failed at because the naira is weaker today and inflation is higher today than it was when we started this defence. We have chosen to do that at the expense of employment, expansion and growth. So, the debate we should have as a nation is what is more important to us. Is it more important to us that we have three or four million people unemployed every year or do we tolerate

Chike-Obi

inflation and a slightly tougher life for the middle class. My position is that we should expand, grow and be aggressive about it. Interest rate for borrowers should be in single digit and not single digit monetary policy rate (MPR). For me, MPR should be at five per cent and we should be lending at about eight per cent to businesses. It has

The national debt has gone from N9 trillion, when this government came in, to about N20 trillion today, and it is still rising. They have doubled the debt! I challenge anybody to tell me what they have done with the over N11 trillion they have borrowed so far. This government has borrowed more money in two and half years, than the civilian government since 1999 had borrowed

its consequences. The consequences are that there would be higher inflation for a while and the naira would weaken for a while. But in the long run all those things would stabilise. (Cuts in)..And how will that affect portfolio inows? They would in! Why did they start coming in? they started coming in when the central bank allowed them to bring their monies at N360 to a dollar and they know they can take it out at N365 to a dollar. If you allow them to bring money in at N500 to a dollar, they would come in more. I would guarantee you that if MPR is at five per cent and the naira finds its market level, you will get more foreign investors than today. People measure Nigeria’s progress by how strong the naira is. By that measure we have failed because of how the naira has depreciated over the years. That should not be our measure of pride. Our measure of pride should be how many people do we employ a year? How fast is our economy growing and how quick can we transition from a third world economy to, let’s just say a second world economy? China did it and Brazil also did it. Brazil did a miraculous job. Their economy backtracked for about five years, but today, it has rebounded, and the economy is growing. So, we should just have a national debate and the best time to have a national debate is towards the election. What do Nigerians care about? The

naira at N360 to a dollar and the loss of three million jobs in the last five years or the naira at N500 to a dollar and nobody must worry about unemployment? That is a debate we ought to have because nobody has monopoly of wisdom. Let’s have the discussion. Do you support the federal government’s aggressive borrowing plan, and don’t you think it is part of efforts to expand the economy? When this government came in, I was asked by a very senior official of this government, to write and economic report, which I did, because I am for Nigeria. I am not for APC or PDP, contrary to what a lot of people have posited in the past. I have never joined PDP in my life. So, I wrote the economic report, in which I pointed out that the government should use its balance sheet to issue guarantees to the private sector institutions. Based on those guarantees, they can raise a lot of money. The government didn’t have to borrow directly. Government could borrow contingently through guarantees, instead of borrowing directly. Look, the national debt has gone from N9 trillion when this government came in, to about N20 trillion today, and it is still rising. They have doubled the debt! I challenge anybody to tell me what they have done with the over N11 trillion they have borrowed so far. This government has borrowed more money in two and half CONTINUED ON PAGE 28

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BUSINESSWORLD

MONDAY INTERVIEW

CHIKE-OBI: INCOMPETENCE, A BIGGER PROBLEM IN NIGERIA THAN CORRUPTION the best president in 2019, 2023 as well as the best one in 2027, and that is the way we build our country for our grandchildren. But we are all focused on the short-term. All we are saying now is that let’s support this person, he will do four years and by 2023, it would go back to the south. It is a seductive thought, but people must realise that Obasanjo didn’t do more for the South-west than every other part of the country. Jonathan didn’t do much for the South-south than any other part of the country. The experience has not been that the president of a place will do much more for his region. They may made appointments, but appointments do not equal development in any way. Even if you look at the present government, it is hard to see that the present government has done much more for the north than for any other region of the country, apart from appointments. It looks like key appointments appear to be very northern. But in terms of development and improvement in the quality of life, it is not apparent. So, we should stop focusing on where the president comes from. The fact that the president is from Onitsha is not going to help Onitsha much. So, we are very short sighted, and it is one thing we need to correct. We need to invest in the future and do things for the long-run. The second thing is the obsession with corruption. I have tried to do my numbers and I came to find that corruption is not more than two per cent of GDP in Nigeria. It is not a big problem as people would make it out to be. It is a beautiful sound bite. Every president of Nigeria came in vowing to kill corruption and they meant it. Obasanjo meant it, Yar’Adua meant it, Goodluck meant it and I believe Buhari means it. But the more you fight this corruption, the more you expose the cause of the corruption which is poverty and needs. And because people are poor and have needs, there is no way a man that is dying of thirst will see a bottle of water and not drink it.

years, than the civilian government since 1999 had borrowed. So, in two years, they borrowed more than what had been borrowed for 16 years and nobody can point out what they have done with the money they have borrowed so far. That’s the problem. It’s an ad hoc thing. It is not part of the coherent plan. I know there is an Economic Recovery and Growth Plan (ERGP) that they are all talking about, but when I look at the targets in the ERGP, I am not impressed. I believe we can do better. Why are you not impressed? The growth rate they put in there for the GDP, in my opinion, anybody should be able to do that. So, I personally think we can do better. But the government has told us that part of the borrowing has gone into infrastructure development such as road construction, power, healthcare, social investment scheme, etc Can you see the infrastructure? I can’t see it. Look, the power-per-capita is less now than when they came in. Since they came in, there have been eight million new Nigerians and power supply is still the same. So, power-per-capita is less. So, I can’t see what they have done. I know the Kaduna-Abuja rail has been commission, but that was built mostly under Goodluck Jonathan, no matter what anybody tells you. The Abuja Airport was mostly under Jonathan and these are just the facts. Is there any new initiative? The Ibadan expressway hasn’t advanced an inch, the second Niger Bridge has advanced an inch. Look there may be hidden projects that we are not seeing, but my point is that its their job to tell us what they have done with the N11 trillion they have borrowed in two years. So, I am not saying they haven’t done anything, but they should show us what they have done. Earlier, you said you are not for PDP nor APC, are you not interested in politics? I am interested in the result of the election. I am interested that we get the best president we can possibly get and get things right. And that best president must have, in my opinion, three qualities: He must be a bridge builder to the future and somebody who can heal the country. The country is so divided. Anybody will tell you that we need to be able to heal the country, and from that healing build the bridge to the future. So, whoever that person is, is who we need. The person can be a Muslim, Christian, man or woman, young or old. We shouldn’t rule out the old people because they are old, and we should rule out the young people because they are young. Once you start saying it must be a young person, you are falling inside the same trap. We should not be discriminatory. Let everybody come, state their case and let’s pick the person who can build the bridge, fix our economy and who can groom the next generation of leaders. Those are the three things I am looking for. A young person is not going to be the president of Nigeria, just because he is young. They should prove to us that they are ready. So, let’s spend the next four years healing the nation, fixing the economy and grooming the next set of leaders. There is no rush that we should do it now. So, if President Muhammadu Buhari somehow proves that he can do those things I mentioned, I will support him. But the last three years or so, doesn’t give one much confidence that he can do that. But he has a year to prove that. Whoever else wants to challenge him, should prove that they can build the bridge to heal the nation, fix the economy and groom the next generation of leaders. I don’t care whether the person is from the north or south, APC, PDP or Third Force. But, we should be asking for much better. What is your assessment of the current leadership in the nation? The record of the last two or three years is not a good one and anybody who says otherwise is not being fair to Nigerians. But what one can say is that yes, it hasn’t been good, but here is why are going to make it better and here is why it wasn’t good. That is what we want to hear. Defending indefensible is ridiculous. Telling us we are out of recession where people are being laid off more, people

Chike-Obi

can’t eat, there is starvation and hunger in the land, there is deception everywhere, there are clashes between herdsmen and farmers and there are all kinds of division in the country. It is clear. But, it may not be anybody’s fault. It may be beyond anybody. But show us how you are going to fix it. If they want to campaign based on the job they have done, they will lose. But if they want to campaign based on the things they recognised as problems and the things they would do to fix them that will be credible and well thought out. The government has advantages and they should use that to tell us how they are going to do things better. Now, what I am saying now, if you asked those who are closed to Goodluck Jonathan, they would tell you that I said same thing to the last government. You will not win based on what you have done, your only chance of winning is based on how you are going to do things better. I give same advice to this government – you cannot win based on what you have done. But you can win by telling us how you can do things better. And this is an honest advice and it

Corruption is not just about stealing money. When you put somebody in a job that he or she is not qualiďŹ ed for, that is corruption as well. The only corruption we seem to be obsessed about in this administration is who stole money and what they did with the money. It is equally bad not to put the best people on the best seats because incompetence would always cost you more than corruption

is not meant to be adversarial. Are you part of the Third Force movement? They came to talk to me about the Third Force. But much of this Third Force members were same people that came together to remove former president Jonathan. They all came together from everywhere to remove Jonathan and they removed him. They must ask themselves whether they are happy with the decision. Obviously, they are not because now they want to get together again to remove the president today. So, I view that with suspicion. What I asked them when they came to me was what do they want to do in the Third Force that they can’t do in the APC, PDP, labour party or any of the parties. So, go to one of them and do these things. If you can’t change APC or PDP, how are you going to change Nigeria? So, it is baffling to me that they gave up on their political parties and they want to create a new thing that would save Nigeria. So, I am not a member of any Third Force and I will not be a member of any Third Force because I don’t see the reason for it. So, I wish them all the best. Many of them are my good friends and people I respect. Maybe they have a vision I can see. Finally, what do you think is the way forward for Nigeria? We must learn two or three things culturally that are very important for us to learn. One of the biggest problems Nigerians have is that we don’t believe in the future. I made a joke that if you offer a Nigeria N100 million today or N10 billion at the end of the year, many people would go for the N100 million because they don’t believe that the N10 billion would materialise by the end of the year. There is a huge trust deficit. This has been because of people’s experience. So, because of that mindset, we don’t build for the future and we don’t invest in the future. You see politicians today that are completely obsessed with 2023 and all their calculations are based on what would happen in 2023. They should be looking at 2050. Who cares about 2023 really! Let’s get

(Cuts in)..Greed is also a factor responsible for corruption? I think need is more of a factor than greed. I think there is more need than greed. So, If you appoint the most competent people into jobs, they tend not to be corrupt. They tend to believe they deserve the job and that they can get another job after they leave the job and that they don’t need to steal to survive. But when you put somebody who is incompetent, in the first month they realise that they can’t fit in, they start planning for their retirement. So, we need to stop being obsessed about corruption and be more obsessed with competence, we need to stop being obsessed with the short-term and be more obsessed with the long-term and thirdly, we need to stop quarrelling about where people come from, but what they can do. What matters is who can do the best job and not where they come from. I have no problem if everybody in Buhari’s administration is from Daura and if they are the best, because it will incentivise us to be better to get the job done. But when you have someone who is not the best on the job, it creates a disincentive to work harder. So, corruption is not just about stealing money, when you put somebody in a job that he or she is not qualified for, that is corruption as well. The only corruption we seem to be obsessed about in this administration is who stole money and what they did with the money. It is equally bad not to put the best people on the best seats because incompetence would always cost you more than corruption. Like I said earlier, I think corruption is about two per cent of GDP and incompetence is about 10 per cent of GDP and that is a bigger problem than corruption in Nigeria. Until we recognise it and start fighting incompetence, we may not get anywhere. For the economy, we must agree as a nation that the most important problem for us is the employment of our people. Once we agree, then the next step forward is that if we employ five million people a year, our GDP must grow in double-digits. And if you want our GDP to grow in double-digits, we must have a very expansionary monetary policy and credit would be available to a lot of businesses.

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APPOINTMENT

LEAP Africa Appoints New Board of Directors LEAP Africa has announced the appointment of Mr. Udeme Ufot MFR, the Co-founder and Group Managing Director of MD, SO&U as its Board Chair. Before his appointment as the Board Chair, Ufot had served as a non-executive director on the board since 2012. He succeeds Dr. Nadu Denloye, Director at CDNet Ltd/Gte, Former Director, TELNET who served as the board Chair for two years. Ufot holds a BA in Industrial Design from Ahmadu Bello University Zaria, Certificate in Management from Swedish Institute of Management and Chief Executive Programme from Lagos Business School (LBS). He worked in Insight Communications from 1984 to 1989 where he left as Deputy Creative Director (Art) to join CASERS in 1989 as Creative Director. He co-founded SO&U Group in

1990, one of Nigeria’s leading marketing communications groups with a strong reputation for professionalism and creativity. At SO&U, Udeme contributes to policy formulation and management. He is a member of the Leadership team of M&C Saatchi Africa. In addition, Ufot has held several executive positions in the Association of Advertising Practitioners of Nigeria (AAPN) including Vice President and President in 1997 and 1999 respectively. He serves as Board Member on Nigeria Economic Summit Group (NESG), Nigeria’s leading public/private sector economic think tank where he chairs the board communications & media subcommittee. He was a member of the Pioneer Advisory Board of School of Media & Communication, Pan African University (now Pan-Atlantic

University). He is a past President of the Lagos Business School Alumni Association, Chairman of the 6th Advertising Practitioners Council of Nigeria (APCON), as well as member of the board of Special Olympics Nigeria. In recognition of his services to the nation in the Corporate Sector, he was awarded Member of the Order of the Federal Republic (MFR) in 2014, by the federal government . LEAP Africa also announced two non-executive directors who joined the nonprofit organisation’s Board in 2017. They are Mr. Seyi Bickersteth, Former National Chairman, KPMG Africa and Mr. Chike Maduegbuna CEO, Afrinolly Ltd. Bickersteth is an Economist (with Bachelor and Master’s Degree from University of Ibadan and York University in Toronto, Canada respectively) and a Fellow of the Institute

AACSB Celebrates LBS Alumni as He Gets International Appointment AACSB International–The Association to Advance Collegiate Schools of Business (AACSB), the world’s largest business education network, has celebrated Lagos Business School’s alumnus Mr. Paul Orajiaka on the positive impact business school graduates are making in communities around the globe as part of the 2018 Influential Leaders Challenge. According to a statement issued by the school, Orajiaka is of the Advanced Management Programme 20 and the Executive MBA 14 was recognised at AACSB’s 2018 Deans Conference in Las Vegas, Nevada, USA. He was said to be among a group of 29 business

pioneers from 13 industry sectors, whose careers are addressing today’s most pressing social, economic, environmental, and educational challenges. He was nominated by Lagos Business School and was honoured for his passion for social entrepreneurship. Orajiaka’s organisation Auldon Toys, launched the Culture vision to find and implement solutions to social, cultural and environmental issues facing the Nigerian child – as these are the class of people his toys business caters for. Orajiaka and his peers in the 2018 Influential Leaders class were recognised across three categories, namely: Alumni Business Leaders Working

in Nonprofit or CommunityBased Organisations - Leaders serving nonprofit and community-based organisations are making game-changing impacts—from a local level to a global reach—creating a better society for us all. With initiatives that include navigating the Hurricane Harvey crisis, transforming the lives of more than 150 million children around the world annually, and combating the root causes of poverty, AACSB graduates demonstrate that some of the world’s most impactful work occurs within smaller-sector opportunities. Meanwhile, the Dean of LBS, Dr. Enase Okonedo, has been appointed SecretaryTreasurer.

Top Brands Support Eat N Go to Celebrate Staff Diligence It was fanfare and a befitting end to the year for owners and staff of Eat N Go Africa franchise owners of Domino’s Pizza and Coldstone Creamery Nigeria, as they gathered to celebrate a successful 2017 with a party tagged Fire and Ice 2.0 in Lagos. The occasion was supported by iconic brands such as EMEL Group, Cosmos, Access Bank, JMG, Coca Cola, Stanbic IBTC, Arla Foods, CHI & Cormart, Metro Health, Ark Insurance Brokers, Food & Agro Allied group, AXA Mansard, and ColdCare Nigeria Limited. It also served as platform for Eat ‘n’ Go to celebrate excellence among its staff. Diligent member of staff of the company were rewarded for their outstanding performances in the year, while long service awards were also given to some staff. Addressing staff and dignitaries at the event, Managing Director, Eat N Go, Antonie Zammarieh, stated that the growth of the company in its five years of existence

was down to the diligence of staff in provision of high level service to customers. According to him, “The company has grown much faster than anybody would have expected. With a combined 53 stores and by 2018, a total of 83 stores, we are the fastest growing QSR business in Nigeria! This was achieved while the country faced an 18 months recession! “This tremendous accomplishment would not have been achieved without the dedication and hard work of every single one of you. Shareholders, Directors, Management, all the staff and every single person present at this event. We are all here to celebrate that success; your success. But we need not to forget: success is not an entitlement, but something you need to earn, every day.� He further called on staff to keep up the tempo and be sensitive to pressures customers may put on them. “Without customers, we do not exist. Simple! We have to do everything we can to

individually and collectively exceed their expectations. Let’s be sensitive to the pressures our customers may put upon us. We are in the service industry for a reason; to be the best in what we do. We need to have thecapability of delivering the best product the best service. We want to make an impact that would make all our competition shiver by just mentioning our name,� he said. Zammarieh also disclosed that the company ‘’will add another household name, PinkBerry to its family in 2018, with 7 stores in the pipeline.’’ Among the highlights of the event was the competition for International awards such as the Fastest Pizza maker, in which a fastest pizza maker emerged for the Dominos Pizza category, and in the X Factor competition held for the Coldstone Creamery. Nigerian Hiphop acts Mayorkun and Reminisce were on hand to thrill the guests.

of Chartered Accountants of Nigeria (ICAN). He was the Managing Partner of KPMG Professional Services (Formerly Arthur Andersen). He was also Chairman of KPMG Africa and a member of the Global Board of KPMG from January 2015 to September 2016. On the other hand, Maduegbuna is a consummate entrepreneur and the CEO of Afrinolly Limited: a mobile app that enables African movie enthusiasts to watch movies and music videos

mobile devices. The app won Google’s Android Developers Challenge for Sub-Saharan Africa in Also, he is the founder of FansConnectOnline (FCO) Limited: a Mobile Application, Digital Marketing and Social Media start-up. The company built one of the largest football-based social networking website in Nigeria and also developed a geolocation application that won Samsung Mobile Application Developers contest in 2010.

In addition, the organisation celebrated the exit of Mr. Folu Ayeni, Vice Chairman from the Board of Directors who served full tenure since his re-appointment as a member of the board in 2014. The appointments of these new directors will deepen the impact of LEAP Africa’s work across Nigeria through their vast experiences, creativity and vision for social development in Nigeria and Africa.

eTranzact Celebrates Out-going Chairman, Ohiwerei eTranzact International Plc, a leading provider of mobile banking and payment services, has rolled out the drum to celebrate its pioneering and out-going chairman, Dr. Felix Ohiwerei. According to a statement issued by the company, Ohiwerei, was being celebrated for distinguishing himself as a leader worthy of emulation. The celebration which was in grand style and well attended by the board, management and staff of eTranzact, friends and stakeholders in the e-payment industry, was held recently in Lagos. It was an evening of music, fun, networking and sharing of ideas, a pleasurable moment where the life and achievements of the celebrant was shared. It was also a memorable moment, as comments from members of the board of the company on the contributions of Dr. Ohiwerei

to the development of the organisation were enumerated. Speaking at the event, the Founder/Chief Executive Officer, eTranzact, Mr. Valentine Obi, said the exemplary life of Dr. Ohiwerei, his goodwill, strong commitment to innovation and creativity was a major factor that fostered the success recorded by the organisation over the years. Obi affirmed that the out-going chairman was a source of encouragement and inspiration that triggered him to move ahead in the early days of his business. “He has mentored me in many ways and l pray that God should keep him, so that l can learn more from him,� he stated. He attributed Dr. Ohiwerei’s enviable qualities to his series of trainings and self-discipline, which has

earned him the reputation garnered as the chairman of the company and also in the e-payment industry. Also, Chairman, Board of Directors, eTranzact Plc, Wole Abegunde, testified to the good qualities of the celebrant, his intelligent ideas that has left many amazed and has been the bedrock of the numerous achievements made by eTranzact. In his response to the accolades showered on him, Dr. Ohiwerei commended eTranzact for honouring him and prayed that the virtues he left behind should be sustained. He said: “With profound gratitude, l laud Mr. Obi and the management of the company for their concern in appreciating the innovative and creative ideas l introduced in ensuring that eTranzact remains the leader in e-payment in the country.�

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Over 5,000 SME Owners, Delegates Attend e-Business Fair 2018 Emma Okonji The 6th Connect Nigeria SME e-Business Fair, which held recently at the Eko Hotel and Suites, Lagos, had over 6,000 participants in attendance, with over 5,000 Small and Medium Enterprises (SMEs) and delegates from all over the world and 80 exhibitors and sponsors showcasing their goods and services. In his opening remarks, the CEO of Connect Nigeria, Emeka Okafor, conveners of the event, commended the speakers and delegates for keying into the e-Business Fair 2018 vision assuring them that, in line with the objectives, they would acquire the requisite knowledge, information and ideas required to grow their businesses. In addition, he expressed his appreciation and gratitude to sponsorsAITEO, NIRSAL, Payporte, Union Bank, Sigma Pensions, Air France KLM, Rack Centre among others for partnering them to bring Nigerian businesses and aspiring entrepreneurs up to speed in line with global practices and implored SMEs to take full advantage of new technology to grow their business. The conference kicked off with a session titled, e-Business and the Growth of the Nigerian Economy anchored by the CEO of Payporte, Eyo Bassey, who talked about e-Commerce in Nigeria as an untapped space and encouraged Nigerians who are interested in e-Business not to hesitate as the market remains viable. He however warned that one must acquire experience to succeed in business and should dispense without dated methods and obsolete skills. Head of Retail Segments at Union Bank, Paul Aseme, and VP Business Development West, Sigma Pensions, Mabel George, dwelt on embracing technology to grow business and invest in a proper business plan and proper accounting. The session was brought to a close by the Sales Manager, Air France-KLM, Akpan Ikoabasi. At the second session sponsored by Rack Center, The Internet of Things, and How That Can Transform Your Business was deliberated upon by a panel session. During the third session, former Minister of Aviation, Chief Osita Chidoka, shared key points on building a sustainable enterprise. One of the major highlights of the event was the launch of “TOP 100 SMEs in Nigeria Campaign� a Connect Nigeria initiative in partnership with Union Bank. The initiative is aimed at celebrating emerging businesses involved in building sustainable enterprises and boosting employment.

MDXi to Invest Additional N2.5bn for Data Centre Expansion Emma Okonji MDXi, the data centre owned by MainOne Broadband Company, has commenced the second phase expansion to build additional 300 racks for its data centre operation, estimated to gulp N2.5 billion. The General Manager, MDXi, Mr. Gbenga Adegbiyi, who made the disclosure during a media tour of the MDXi Data Centre facilities in Lagos at the weekend, said the need for the expansion was based on customers’ demand, having occupied almost all the available space left in the existing 300 rack space that was built in 2015, during the

first phase construction of its data centre located in Lekki axis of Lagos. “The design for the completion our Tier 111 Data Centre was estimated to gulp $40 million (N12.2 billion) and we have spent $35 million (N10.7 billion) for the completion of the first phase, which has 300 racks and has been operational since 2015, but as I speak the entire existing 300 rack space is almost occupied by customers and the demand to occupy more rack spaces is on the increase, hence the need for the commencement of the second phase that is estimated to gulp additional N2.5 billion, which we plan

to complete by the end of this year,� Adegbiyi said. According to him, several kinds equipment have been supplied and installation is ongoing. We need to move fast to meet customers demand because more Nigerian business owners and foreign investors in Nigeria are beginning to see the need to host their data in Nigeria, and we need to build up the capacity fast. Adegbiyi who admitted that data centre business is capital intensive, called on the federal government to support data centre operations in Nigeria. He said there was need for proper regulation of data centre operations in

the county and called on government to declare data centre operation as critical national infrastructure that needs government attention because of the critical role data centre plays in the economy of any nation. Giving details of MDXi operations in Nigeria, Adegbiyi said: “MDXI is West Africa’s largest full scale data centre provider offering colocation, wholesale deployments, interconnection and cloud services. MDXI is the gold standard for data centre real estate in the region as it develops a data centre ecosystem spanning facilities in Lagos, Sagamu, Accra,

Cote D’Ivoire and Senegal.� According to him, MDXi is best in class infrastructure, built to TIA 942 and Uptime Institute Tier III Standards, which as serves as West Africa’s Tier III facility with PCI DSS, ISO 27001 and 9001 certifications. MDXI customers have direct access to all major telecom carrier and Internet Service Provider (ISP) networks in West Africa, with interconnections at multiple peering exchanges in Nigeria, Ghana, Amsterdam, and London, offering cloud services in addition to data hosting.

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BUSINESSWORLD

NEWS

Inlaks Lauds CBN for Licensing Additional 28 MFBs Emma Okonji Inlaks, a financial technology (Fintech) solutions provider in Nigeria and sub-Saharan Africa, has commended the Central Bank of Nigeria (CBN) for licensing additional 28 Micro Finance Banks (MFBs) in the country. The additional licensing brought the number of microfinance banks in the country to 1,008, representing an increase

of three per cent in the sector from 2016 to date. Speaking on the development, Executive Director at Inlaks, Olufemi Muraino explained that the move was essential in order to effectively ensure the development of the Nigerian economy. He said: “The licensing of additional 28 MFBs in 15 States by the CBN is a welcome development which will not only attract investors and new businesses but will also boost the

nation’s economy and further deepen financial inclusion in the country.� Muraino further explained that this was an opportunity to integrate the newly licensed MFBs into the National Association of Microfinance Banks Unified IT Platform (NAMBUIT) to ensure a better regulatory framework. Already, Inlaks is partnering CBN to deploy a single core and agent banking solution for almost 1,000 microfinance

Marketing Firm Introduces Herbal Products Raheem Akingbolu The Management of Growing Circle International Limited, a top multi-level marketing company otherwise known as G-Circle has announced plans to launch three natural health products; GHerbal, G-Reliever and G-Lemon. According to the company, these newly manufactured natural health products are the company’s modest contribution to the Nigerian economy and a quality addition to the growing numbers of natural healthcare products in the country and the global Market. Speaking on the proposed Product launch, Managing Director of Growing Circle International Limited, Mr. Olalekan Ogundare Owolabi said the products are results of their meticulous research into lifestyle and health needs of

contemporary Nigerian masses. ‘’G-Herbal is formulated to treat Pile, low libido, waist and back pains; G-Reliever is manufactured to be the body detoxification Agent. It helps in the treatment of hypertension, body pain and it improves heart beat rates. G-Lemon on its part is produced to be a dependable blood purifier, capable of managing diabetes and it regulates body sugar level,’’ he said. Owolabi added that the uniqueness of the proposed product launch goes beyond manufacturing of those unique healthcare herbal products alone, but it is also about Growing Circle International Limited commitment to excellence within period of about two years of existence. ‘’We are also happy that our multi-level marketing company succeeded in establishing and

moving on with our vision to advance public good. This is not a little feat, it is impressive to note that we now have an ultra-modern factory where we produced these health products from; we will continue to strive to achieve excellence in our works. At this point, I must commend our CEO Mr. Ben Mueller, an American, for his insight and uncommon Leadership for the Growing Circle business’’, he stated. Commenting on the new product and the impressive track records of the company in the last two years, Executive Director, Finance, Mr. Abdullah Moruff Olakunle noted that the new offerings are unique natural health products that all have their roots in deep African herbal with proven testimonies for working within the body System without side effect’’.

banks in the country under the auspices of the NAMBUIT The banking solution is expected to link the Microfinance Banks in Nigeria to the platform of the Nigeria Inter Bank Settlement System [NIBSS] to enable the MFBs to engage the cash deposit banks in a seamless transaction. A core benefit of the NAMBUIT project, according to Muraino, is on-boarding of MFBs into the national payment system which will significantly

lower the operating costs of the MFBs via provision of robust core and agent banking solutions for branchless banking in the microfinance sector. The first phase of the project comprises three major components, one of which is the connection of MFBs to NIBBS so that they can interface with the commercial banks. The NAMBUIT is expected to incorporate business intelligence tools for reporting so that the MFBs can transact

and switch among themselves. Inlaks is providing the MFBs with a globally rated core banking solutions that integrates easily into the biometric verification number (BVN) scheme. This core banking solution will enable the MFBs to work efficiently and scale their services. “What we have discovered with the MFBs is that a significant number of these banks use some suboptimal solutions which hinder efficiency, Muraino said.

MSMEs Urged to Tap into Investment Opportunity in Nutrition Funding Emma Okonji Scaling Up Nutrition Business Network (SBN), a dedicated global movement focused on ending global malnutrition, has called on owners of micro, small and medium enterprises (MSMEs) in the country to tap into the enormous opportunities available in nutrition funding in Nigeria. The global initiative also urges Nigeria’s small businesses to collaborate and learn from each other to scale up, stressing that alternative sources of finance exist and that SMEs’ must broaden their horizon and be investment-ready. Speaking during a Masterclass “Unlocking Investment Opportunities for Improved Nutrition�, organised in partnership with agribusiness consultants, Sahel

Capital Partners and Advisory, the SBN Nigeria Coordinator, Uduak Igbeka urged entrepreneurs to embrace the vast opportunities available, while Co-founder, Sahel Capital Partners and Advisory Limited, Ndidi Nwuneli, encouraged the entrepreneurs to be open-minded about new ideas they would learn in order to develop their businesses. The Masterclass was organised to expose small business owners to conventional funding mechanisms and how these commercial lending stifles business growth and limits the scale-up potential for expanded private sector contribution to Nigeria’s nutrition landscape. Top challenges of small businesses such as access to markets, information, networks, entrepreneurship train-

ing and funding were identified. Entrepreneurs were exposed to the abundance of grants, funds and technical support available for SMEs focused on nutrition and urged them to take advantage of the opportunities in nutrition funding. Other speakers at the Masterclass include Business and Finance thought leaders from Ashoka Nigeria, the Lagos State Employment Trust Fund, Sahel Capital Agribusiness Managers and CardinalStoneCapital Advisers. Discussions and presentations revolved around themes, “Financing opportunities for SMEs in the agro-processing and nutrition landscapes�, “Investment-Readiness�, “Steps for securing funding� and “Steps for managing investment partners�.

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BUSINESS/MONEYGUIDE

Non-professional Bankers’ Days are Numbered, Says CIBN Nume Ekeghe The Chartered Institute of Bankers of Nigeria (CIBN), has urged bankers working in financial institution to be certified by the institute, stressing that non- professionals currently working in financial institutions would not be able to hold key positions in the sector. The President/chairman of council CIBN, Prof. Segun Ajibola said this recently, during his visit to Lagos state branch of the institute. Ajibola said: “The time is right for you to be counted. The days are gone were bankers and banking business would be dictated by non-bankers. “Yes initially, it was an allcomers affair, and anybody could go into banking and

trained onthe trade. The whole essence there was thatbanking being a sector that cared to make a living and the moment you had the right amount to procure a banking licence it was easy. “Unfortunately, entrepreneurs came, and they created more problems for the industry and most of the problems are still very much with us today. But the face of banking has changed.� Furthermore, he added: “We have seen situations where sitting managing directors write exams of this institute, so it is never too late so that you would not fall victim of the terminology of being a bank worker and not a banker. “Their (non-certified bankers) days are getting increasingly numbered because there are so many departments of banks

where those who are not certified by CIBN would not be able to head. “Their days are numbered under the competency framework.� He also added that the institute plans to contribute to several Bills at the National Assembly, especially on issues affecting the banking and finance industry in particular and the economy in general as well as to regularlypartner the regulatory bodies in the banking industry. These regulators, he listed to include the Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation, to ensure efficient and sound banking system. “We continue to contribute to different exposure drafts from these regulatory institutions,� he added.

Report: FG’s Debt Strategy Will Reduce Roll-over Risk Obinna Chima Analysts at Exotix Capital have stated that the federal government’s new debt management strategy, which focuses on borrowing more foreign debts to refinance existing domestic loans will help reduce borrowing costs. This, according to the firm, would also help reduce roll-over risk associated with shortertenured domestic issuance as well as provide a much-needed degree of fiscal space. The Debt Management Office’s strategy directly targets a reduction in the country’s abysmal debt service to revenue ratio (66% during 2017). The firm in a report on Nigeria titled: “Fragile recovery, positive outlook -Buy,� noted

that while the country’s Gross Domestic Product (GDP) growth had turned positive, it remained low and driven primarily by a recovery in the oil sector. This, according to the Londonbased investment company, would require greater effort on behalf on the federal government to diversify the non-oil economy. “Despite a downward trend, inflation remains high and persistent and we suspect that an increase in inflation is likely towards the latter half of the year fuelled by election-related expenditure and fiscal slippage. “We expect a cut in Nigeria’s Monetary Policy Rate in the second half of 2018 to spur domestic demand ahead of the election, notwithstanding the likely rise in inflation during

this period,� it added. According to Exotix, the introduction of the Investors’ & Exporters’ window by the Central Bank of Nigeria (CBN) in April had been tremendously successful at bringing muchneeded stability, dollar liquidity, and foreign inflows to the country. “The country’s multiple forex regime, however, remains opaque and ultimately harmful to the economy,� it added. Furthermore, the firm noted that high oil prices have done little to alleviate Nigeria’s fiscal imbalances as “excess profit is being siphoned into the country’s Excess Crude Account and Sovereign Wealth Fund – we question both the need and timing of these accounts.�

Audit Committees Urged to Ensure Effective Oversight Function Peter Uzoho Professional financial services and advisory firm, KPMG has advised members of the audit committee of organisations to be more effective in carrying out their oversight functions on their organisations’ financial reports. Speaking at the KPMG Audit Committee Seminar for Shareholders in Lagos, the Partner, Audit Services, KPMG, Nneka Eluma, said audit committee members should ensure that financial statements show accurately, companies’ affairs and financial position. Eluma while discussing the topic: “Analysis and Interpre-

tation of Financial Statements Including Regulatory Updates,� stated that for the committee members to be able to discharge such critical functions effectively, they need to have deep understanding of the business of the company. “If they will understand the business, they will then understand the contents of the financial report and then ask exciting questions on them,� Eluma said. She explained that a company’s financial statements has five main components which include statements of financial position, notes to financial statements, statements

of cash flow, statements of profit or loss and comprehensive income and statement of changes in equity. Also contributing, another Partner at the KPMG Audit Services, Mr. Ayo Soyinka said that audit committee members should ascertain whether the accounting and reporting policies of the company are in accordance with legal requirements and agreed ethical practices. “Review relevant regulatory returns filed and disclosures made by the company; review companies’ semi-annual and annual financial statements,� Soyinka said.

NESG, ICRC Sign MoU to Accelerate PPPs Obinna Chima The Nigerian Economic Summit Group (NESG) and the Infrastructure Concession Regulatory Commission (ICRC) have signed a memorandum of understanding (MoU) to collaborate in enhancing the accelerated delivery of infrastructure in Nigeria through Public Private Partnerships (PPPs) and other forms of private sector participation in infrastructure delivery. The signing of the MoU, according to a statement at

the weekend, reflects the appreciation of the roles of the ICRC and the private sector in addressing Nigeria’s huge infrastructure deficit by creating an enabling environment to attract local and foreign private capital to infrastructure projects in the country. The areas for collaboration between the parties shall include the convening of public-private dialogues on infrastructure and associated policy advocacy programmes. Both parties will also work

together on infrastructure and PPP policy analysis as well as strategy development, capacity building and the engagement of the government, private sector, and civil society on infrastructure, PPP issues and economic policies. Commenting on the MoU, the CEO of the NESG,Mr. Laoye Jaiyeola said that the NESG was delighted with the platform created by the MoU for Nigeria’s private sector to work with the regulator of the PPP endeavours to catalyse PPPs in the country.

Banking hall

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

AUGUST 2017 Broad Money (M2)

21,851,454.31

-- Narrow Money (M1)

9,890,813.10

---- Currency Outside Banks

1,523,239.91

---- Demand Deposits

8,367,573.19

-- Quasi Money

11,960,641.22

Net Foreign Assets (NFA)

9,732,990.89

Net Domestic Assets(NDA)

12,118,463.42

-- Net Domestic Credit (NDC)

26,821,446.81

---- Credit to Government (Net)

4,824,226.22

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

7,834,536.74

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

--3,010,310.52

---- Credit to Private Sector (CPS)

21,997,220.59

--Other Assets Net

--14,702,983.39

Reserve Money (Base Money)

5,486,804.65

--Currency in Circulation

1,868,735.07

--Banks Reserves

3,268,266.17 Ëž Ă™Ă&#x;ĂœĂ?Ă? Ě‹

Money Market Indicators (in Percentage) Month

August 2017

Inter-Bank Call Rate

22.63

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

14.00

Treasury Bill Rate

13.35

Savings Deposit Rate

4.08

1 Month Deposit Rate

8.86

3 Months Deposit Rate

10.14

6 Months Deposit Rate

11.51

12 Months Deposit Rate

11.40

Prime Lending rate

17.69

Maximum Lending Rate

31.20

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OPEC DAILY BASKET PRICE AS AT THURSDAY FEBRUAR 15, 2018

The price of OPEC basket of fourteen crudes stood at $62.09 a barrel on Thursday, compared with $60.62 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), ZaďŹ ro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela SOURCE: OPEC headquarters, Vienna

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MARKET NEWS

NB Plc Records Slight ProďŹ t in Full Year 2017 Goddy Egene and Nosa Alekhuogie Nigerian Breweries Plc has recorded a minimal increase in its profits in its audited results for the year ended December 31, 2017. Specifically, the brewing firm’s profit before tax rose marginally from N39.7 billion to N46.6 billion, just as profit after tax was slightly from N28.4 million in 2016 to N33 million. A company release weekend,

showed that the firm recorded a mere 6.6 per cent rise in revenue to N334.6 billion, from N313.7 billion posted in 2016, while gross profit fell to N133.5 billion, from N135.5 billion in 2016. However, other income jumped by 266 per cent to N2.2 billion from N600 million, while net finance cost fell by 21 per cent from N13.2 billion to N10.5 billion. Based on the performance, the directors have recommended a

P R I C E S MAIN BOARD

F O R DEALS

total dividend of N33 billion that translates to N4.13 per share. The recommended dividend is inclusive of interim dividend of N8 billion, which is N1.00 per share earlier paid by the company in November 2017. The Company Secretary/Legal Adviser, Nigerian Breweries Plc, Mr. Uaboi Agbebaku, said in the statement that “whilst the foreign exchange situation improved in the course of the year, double digit inflation continued

S E C U R I T I E S

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QUANTITY TRADED

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to impact both businesses and consumers. “Nevertheless, the company was able to end the year with improved results through continuous focus and execution of the twin agenda of cost leadership and market leadership supported by innovation. Whilst there are some early signs of improvement in the macro-economic condition, this is yet to be reflected in consumer confidence. The Board remains

T R A D E D MAIN BOARD

A S

confident that the company has a clear strategy to deliver good return on investment to shareholders as part of its commitment to winning with Nigeria,� Agbebaku said. Nigerian Breweries Plc reported a 27.3 per cent fall in its profit before tax for the 2016 financial year. Its 2016 group profit before tax tumbled to N39.62billion from N54.51billion recorded in the previous year.

O F

The firm’s group revenue for the 2016 financial year stood at N313.74bn compared to N293.91bn posted in 2015. In its audited financial statements for the year ended December 31, 2015 filed with the NSE, the brewing company had noted that its pre-tax profit fell then by 11.3 per cent to N54.51billion at the end of 2015. Its revenue, however, rose to N293.91bn from N266bn at the end of the 2014 financial year.

1 7 / 0 2 / 2 0 1 8 DEALS

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˾ MONDAY, FEBRUARY 19, 2018

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39

˾ MONDAY, FEBRUARY 19, 2018

MARKET NEWS

Poor Performance: UACN Winds Up Spring Water Subsidiary Goddy Egene UAC of Nigeria Plc has decided to close down one of its subsidiary, Warm Spring Waters Limited (WSWL) due to poor performance. The conglomerate owns 76 per cent equity in the company that is based in Ikogosi-Ekiti State. In a filing to the Nigerian Stock Exchange (NSE), UACN said the company was promoted in 2002 with Ekiti State Government, Ikogosi-

Ekiti Community and some private investors to produce premium quality spring water under Gossy label. UACN explained that since WSWL commenced commercial production in 2013, it has been delivering weak operational performance due to problems associated with the rural location of the plant at the source of the spring. “There were also associated logistics challenges, 100 per cent

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

reliance on company generated power and difficult operating environment. The shareholders of the company, at a meeting held on February 6, 2018, resolved to appoint a liquidator to wind up the affairs of the company distribute its assets,” it said. According to the company, the liquation of the WSWL will not have any negative impact since its contribution to the group’s results is less than one per cent. “The contribution to 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 15Feb-2018, unless otherwise stated.

Group’s result is less than one per cent and as it delivered a turnover of N369 million and a loss before tax of N78 million in nine months,” UACN said. As part of efforts to boost its operations, UACN recently N15.37 billion fresh capital from existing shareholders. The company had said the proceeds of the rights issue would provide the company with the requisite financial capability to address the

capital needs of its agrofacing subsidiaries in 2018 among others. UACN had reported a revenue growth of 21 per cent to N68.7 billion for the nine months ended September 30, 2017, from N56.8 billion in the corresponding period of 2016. However, profit after tax fell by 55 per cent from N4.8 billion to N2.2 billion, partly due to high interest charges and cost of inputs. “We have made progress

in reducing finance costs through focused execution of UACN Property Development Company Plc’s Cash Generation Plan, the depletion of high-priced inventory and the equity raise of Portland Paints, Livestock Feeds and UPDC. We are have launched our N15.4 billion Rights Issue. This will provide us with the requisite financial capability to address the capital needs of our agro-facing subsidiaries in 2018,” the company said.

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 192.75 193.20 8.36% Nigeria International Debt Fund 245.65 246.11 6.08% 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 0.86 0.87 4.72% ACAP Income Funds 0.62 0.62 3.70% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 16.10% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 19.82 20.42 8.48% ARM Discovery Fund 417.75 430.34 7.37% ARM Ethical Fund 30.19 31.10 10.49% ARM Money Market Fund 1.00 1.00 16.00% 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 N/A N/A N/A AXA Mansard Money Market Fund 1.00 1.00 N/A 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 14.00% Paramount Equity Fund 12.92 13.25 4.51% Women's Investment Fund 101.96 104.55 1.31% 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 15.75% 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 15.56% Coronation Balanced Fund 1.12 1.14 6.52% Coronation Fixed Income Fund 1.10 1.13 6.00% FBN QUEST ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund 1,173.34 1,174.50 2.22% FBN Heritage Fund 150.01 151.40 7.63% FBN Money Market Fund 100.00 100.00 15.40% FBN Nigeria Eurobond (USD) Fund - Institutional $113.87 $114.43 0.86% FBN Nigeria Eurobond (USD) Fund - Retail $113.84 $114.39 0.92% FBN Nigeria Smart Beta Equity Fund 192.09 194.95 12.48% FIRST CITY ASSET MANAGEMENT LTD fcamhelpdesk@fcmb.com Web: www.fcamltd.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Equity Fund 1.41 1.44 8.04% Legacy Debt Fund 2.93 2.93 1.69% 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 3,120.27 3,161.36 4.67% Coral Income Fund 2,515.21 2,515.21 2.82% 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 14.54% 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 15.02% Vantage Balanced Fund 2.19 2.22 4.01% Vantage Guaranteed Income Fund 1.00 1.00 17.83% Kedari Investment Fund (KIF) 116.54 116.88 1.32%

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 1.31% Lotus Halal Fixed Income Fund 1,044.93 1,044.93 1.37% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 16.76 16.91 18.90% Meristem Money Market Fund 10.00 10.00 14.18% 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 1.29 1.31 8.31% PACAM Fixed Income Fund 11.28 11.36 2.28% PACAM Money Market Fund 10.00 10.00 13.70% 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 142.80 145.02 10.77% 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 1.51 1.51 1.80% 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 2,352.29 2,370.97 4.85% Stanbic IBTC Bond Fund 176.70 176.70 0.14% Stanbic IBTC Ethical Fund 1.08 1.09 7.43% Stanbic IBTC Guaranteed Investment Fund 226.07 226.17 2.67% Stanbic IBTC Iman Fund 187.92 190.19 4.97% Stanbic IBTC Money Market Fund 100.00 100.00 14.83% Stanbic IBTC Nigerian Equity Fund 10,299.40 10,441.47 6.52% 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 1.38 1.39 16.20% United Capital Bond Fund 1.58 1.58 12.21% United Capital Equity Fund 1.01 1.03 11.59% United Capital Money Market Fund 1.00 1.00 14.38% United Capital Eurobond Fund 102.98 102.98 0.74% United Capital Wealth for Women Fund 1.12 1.13 16.30% 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 13.42 13.63 6.52% Zenith Ethical Fund 13.91 14.07 5.08% Zenith Income Fund 19.41 19.41 2.62%

REITS NAV Per Share

Yield / T-Rtn

10.00 133.45

-11.35% 0.75%

Bid Price

Offer Price

Yield / T-Rtn

12.39 163.97 121.12

12.49 167.58 123.42

2.22% 14.84% 10.88%

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

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

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

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

5.62 9.61 19.28 22.72 152.49

5.66 9.69 19.38 22.92 154.49

18.45% 0.38% 8.51% 15.45% 2.62%

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.

40

T H I S D AY ˾ ͯͷË&#x153; ͰͮͯͶ

T H I S D AY ˾ MONDAY FEBRUARY 19, 2018

41

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CITYSTRINGS Sokoto Fights Fire

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

Sokoto State governor, Alhaji Aminu Waziri Tambuwal, recently inaugurated 10 fire fighting trucks in a bid to enhance operations of the state fire service, writes Mohammed Aminu

The new vehicles for ďŹ reďŹ ghting procured by Governor AminuTambuwal

C

ases of fire outbreaks always leave a lot of destruction in their wake both in human lives and property. When fire breaks out, there are serious problems for the residents of the particular property, as putting out fire is not an easy task to do. Such calamities are caused largely by human errors and careless handling of cooking wares, naked fires in our markets, homes, offices, bushes and industrial areas. It is well known fact that fire outbreaks happen without notice. This uncertainty means fire-fighters must be prepared for firefighting at all times. So, it is predictable that ill-prepared fire-fighters canâ&#x20AC;&#x2122;t function appropriately; and when there is a fire, without proper fire-fighting the flames will win. Fire outbreaks have assumed an alarming proportion in Sokoto State. There is barely a day without the occurrence of one incident or the other leading to devastating societal dislocation and massive destruction of property. This ugly trend further pauperises the victims of the fire disaster thereby leading to frustration and agony. Sokoto recorded 553 fire outbreaks last year with property worth N3.1 billion destroyed in the state while 11 persons lost their lives. Strategic places like Sokoto Old Market, Kara Timber Market and several homes were all affected by fire disasters leading to loss of goods and property worth hundreds of millions of naira. Similarly, more lives and property had been lost to inferno during the present harmattan period in Sokoto, as recent statistics indicated that 95 fire outbreaks were recorded in January 2018 alone. It was in view of the incessant fire outbreaks in the Sokoto metropolis and its environs, coupled with the need for quick response in case of inferno, that Governor Aminu Tambuwal, procured 10 fire fighting vehicles and equipment worth N339. 9 million to boost the operations of the State Fire Service in a bid to save lives and property. Speaking at the inauguration of the

established soon to support the existing ones in the state.â&#x20AC;? The governor stated that zonal offices for State Fire Service were recently constructed in Wurno, Gwadabawa, Tangaza and Tambuwal local government areas of the state to improve safety. He posited that the provision of additional vehicles has brought the number of functional fire fighting engines to 18. â&#x20AC;&#x153;Two water tankers have been bought to serve as back up to the fire engines. We also refilled 1,050 fire extinguishers at Sokoto Central Market and also provided new uniforms for the officers and men of the department," he stated. Tambuwal added that plans were underway to introduce ambulance services across the state, particularly on the highways to help accident victims. Speaking with THISDAY on the issue, the Director General of the Sokoto State Fire Service, Alhaji Murtala Muhammed, said the state government had adopted proactive measures towards effective fire fighting in the state. Muhammed stated that the governor recently approved the construction of eight

Tambuwal...putting Sokoto ďŹ rst in all his decisions

fire fighting vehicles in Sokoto recently, Tambuwal said the machines would bolster the operations of the Department of the State Fire Service in Sokoto metropolis and its environs. "The government is committed in taking necessary measures to protect lives

and property of its citizens. As such, the present administration provided these additional 10 vehicles for firefighting to enhance efficiency and effectiveness in controlling disaster across the state. â&#x20AC;&#x153;Moreover, eight additional new fire stations unit will be

The government is committed in taking necessary measures to protect lives and property of its citizens. As such, the present administration provided these additional 10 vehicles for ďŹ reďŹ ghting to enhance efďŹ ciency and effectiveness in controlling disaster across the state

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CITYSTRINGS

Tambuwal...test running one of the ďŹ reďŹ ghting vehicles

StaďŹ&#x20AC; of the Sokoto State Fire Service at the event

Sokoto State is second to none in terms of ďŹ reďŹ ghting because government has provided us with all the necessary equipment and logistics. In fact, you will be surprised to hear that there are some states that don't have ďŹ re stations and some states do not have more than even one vehicle

Director General Sokoto Fire Service, Alhaji Murtala Muhammed

additional fire stations within the Sokoto metropolis. According to him, this is in addition to the construction of Zonal Fire Stations in the three senatorial districts of the state worth millions of naira. He explained that the government also provided the Department with all the needed

equipment for effective performance such as rain boot, fire jackets, staff uniforms, oil and chemicals among others. "All what we needed for effective firefighting has been provided to us by the government. You see, it is not all fire that you will use ordinary water to extinguish. Some fire

outbreaks require chemicals to extinguish. "We used to face some difficulties in sourcing water during fire outbreaks, so the state government provided us with two additional boreholes one at Arkilla Fire Station and another at Kofar Tarauniya Station, including two long-truck water tank with 30,000 litres capacity. We now have two boreholes for sourcing of water. With this, we will be able to refill six fire engines at the same time. So, we no longer have problem of water." The director general pointed out that the staff are diligent in their work and highly motivated because of the priority given to their welfare by the present administration. He however, noted that the state fire service was currently facing shortage of staff because of the additional 10 firefighting vehicles

procured by the present government. "We have 142 staff and require an additional 200 staff. This is because we run three shifts a day and for each vehicle, at least eight people are required. "We also have challenge of training our staff due to the recent procurement of modern fire fighting engines by the governor. And the best way to tackle this problem is to train our staff to face modern challenges of fire fighting. Our salary is still good because the staff have shift and hazard allowance that are paid on time. Therefore, they are highly motivated to do their work diligently," he said. He attributed the cause of most of the fire outbreaks in the state to negligence on the part of the individuals, carelessness and also electrical faults. The director general insisted that safety attitude is the responsibility of the residents and the best thing to do to prevent fire outbreak is to be safety conscious, adding that life is the most precious thing that people have to protect against fire. He commended Governor Tambuwal for donating N169 million to victims of fire disaster at the Sokoto Old Market to cushion their suffering. Muhammed said the governor recently bagged an award for his commitment to safety in the state. "It is actually because of Tambuwal's support to the Department of the State Fire service, that he was recently honoured with the prestigious 2017 State Governors National Safety Excellence Award by the Fire Disaster Prevention and Safety Association of Nigeria(FDPSAN). "So, Sokoto State is second to none in terms of firefighting because government has provided us with all the necessary equipment and logistics. In fact, you will be surprised to hear that there are some states that don't have fire stations and some states do not have more than even one vehicle," he added.

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FEATURES

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

Borno on the Mend The Borno State Government recently unveiled its remarkable progress in many sectors. Olawale Ajimotokan who toured some sites in Maiduguri, reports

Zana Mustapha Housing Estate

The ďŹ&#x201A;ight to Maiduguri his reporter was in the media delegation to Maiduguri for the Special Town Hall Meeting organised by the Ministry of Information and Culture and Borno State Government in acknowledgement of the gallant role of the military and security agencies in the fight against insurgency in the North-east. The media contingent, joined by other soldiers, left Abuja aboard the NAF C-130 Hercules aircraft, often used to transport troops and military supplies to the front lines in the troubled zones. Save for the deafening noise and fear of flying a military plane, where regular routines usually observed in passenger plane; fastening of seat belt, safety procedures and placement of luggage were waived, it was a memorable flight. We arrived the well secured NAF Base in Maiduguri after flying for approximately two hours. Under heavy security, the convoy drove into the city, through Pompomari Layout and Damboa Road to our hotel, where the Borno State Commissioner for Information, Hon Mohammed Bulama, received us. Even as dusk approached, Bulama guided the team on selected tours of projects undertaken by Governor Kashim Shettima, to signify a renewed atmosphere for peace in the state, put at its

T

Even as dusk approached, the Borno State Commissioner for Information, Hon Mohammed Bulama, guided the team on selected tours of projects undertaken by Governor Kashim Shettima, to signify a renewed atmosphere for peace in the state

Shettima...committed to the Borno project

throes, for many years by insurgency. Schools for orphans Governor Kashim Shettima said the state was building about 34 mega schools with boarding facilities for children orphaned by the insurgency. The crisis severely impacted the state leaving 52,000 orphans and 54,911 widows. Shettima said 17,000 of the orphans along those from neighbouring states will be admitted by the mega schools. He said the policy is to avoid stigmatisation of the orphans. â&#x20AC;?Education is the greatest tool for change. If we do not take these orphans by educating them and giving them a

good home, they will take care of us 10 to 15 years down the line,â&#x20AC;? Shettima said. Boost in agriculture There is an upsurge in agriculture in Borno State after the military dislodged Boko Haram fighters from all 27 local government areas. The state has registered 18,000 farmers to cultivate rice on 18,000 hectares of land in preparation for this year's planting season. The state Commissioner for Agriculture, Mohammed Dili, disclosed this when he showed reporters the workshop, where newly acquired tractors, mills, threshers, planters and harvesters for rice planting were kept. Under the programme, each farmer will

cultivate an average of one hectare of land. Farming output was drastically reduced while the insurgency disrupted economic activities in the region. Dili said before the crisis, the state had available for cultivation, 67,000 hectares of land in the Chad Basin Authority, the largest in West Africa, for the production of rice and wheat. The basin was severely hampered by the crisis as farmers scampered from Boko Haram bandits, who also burned farm settlements. "I am amused when I get hints that Kebbi, Zamfara and Ebonyi are the largest rice producing states in the country. If not for the insurgency, there is no state in the federation, including the whole of West Africa that can match Borno in rice production," Dili said. Rice is majorly cultivated in Marte, Mongonu, Kukawa, Kala Balge and Ngala in the northern district. It is also grown in Jere, Maiduguri Municipal Centre, Konduga and in the southern district of Shani, Bayo, Biu, and Hawul. Dili said before the insurgency, the state government in 2011 procured 31,000 brand new tractors fan track, 1,000 tractors, 1,600 planters, 50 harvesters and 600 rice mills. The combined number of harvesters nationally is 45. "We also have some threshers, air-baler, combined harvesters and cultivators in preparation for our post insurgency programme. About 80 per cent of our population is agriculture-based. We make them to form cooperative societies and to complete the entire value chain. We prepare the land, provide the machineries, cultivation implements and the entire input that are required and at the end of the day we have a processing machine." He lauded Governor Shettima for his foresight, by procuring more than 10,000 farming units of irrigation materials, brought into the state in 750 containers. In addition, Borno is promoting drip irrigation which allows water to be conserved at its premier centre in Maduguri. The advanced farming technology, according to the honorary adviser to the governor on special project, Ibrahim Ali, allows for two farming seasons and production of about 3,000 tons of tomato. Existing beside this is a seedling protecting centre that can produce tomato, pepper and any seedling. It has a capacity to produce eight

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FEATURES

million seedlings per month, ready to plant. Revamped health infrastructure The Borno health sector is brimming in response to the subjugation of insurgency. A new hospital for women and children, located on Dikwa Road, Maiduguri and named after former First Lady, Mariam Abacha, is one of such. The ultra-modern hospital has 250 beds and is equipped with state-of-the-art equipment. In spite of the security impasse, the Borno State Hospital Management Board (BSHMB) made progress in maternal and child-health, general surgery and other fields. The State Specialist Hospital is a major hospital within Maiduguri. The centre has Borno State and the nation in the forefront of healthcare by reversing the narrative of medical tourism in India, Turkey and Europe. It is a post graduate training institution with an accreditation for the training of consultants in obstetrics and gynecology. The Chief Medical Director of BSHMB, Dr. Salisu Aliyu Kwayabura, said there are now 44 ultra sound scans for the 38 general hospitals in the state. Kwayabura said the intervention has resolved to improve maternal and children health delivery. Some of the latest ultra-scan machines it acquired include the E10, E990 C, FODI, CT Scan, MRI, digital radiography and Echo Scan. The CMD said until the procurement of the equipment, Borno had one of the worst indices of maternal mortality of 1,000 deaths per 1,500 lives in the country. He said up to September last year, the average maternal mortality in the hospital was in excess of 15 women dying every month, as a result of labour complications. â&#x20AC;&#x153;Now since we acquired these equipment and invigorated training, what we have from Novemberâ&#x20AC;&#x201C;December and January was an average of 1.5 deaths per month. We lost a woman in December with 367 deliveries, 67 Caesarian sections. We lost two women in October. We lost two women in November as a result of complications of delivery out of 396 deliveries with 76 Caesarian sections. And in January, we lost two women out of 386 deliveries and 65 Caesarian sections. So you can see what we have been able to impact and that is in relation to our status as a post graduate training institution,â&#x20AC;&#x2122;â&#x20AC;&#x2122; Kwayabura said. He stressed that from 2011 to date, the management increased the number of doctors from 62 to about 129. In addition, it equipped about 750 nurses and midwives over the past five years and injected back into the system. Kwayabura added that the Borno State Government sent 100 girls to study medicine in Sudan, which is known for its high quality training in the field. Also many of the diseases and medical problems in the state revolve around women and children. Solar module factory Borno has also forged ahead in the post insurgency period by pioneering a robotic solar module factory in Nigeria. The honorary adviser to Governor Shettima, Ibrahim Ali, said fabrication of solar module will provide rural community the power they need for their boreholes, clinics, schools and markets. Similarly, he said individual users can also use the power in their houses. Ali, a former Minister of Petroleum, described the project as state-of-the-art that once laid, the machine will be robotic; partly 70 per cent robotic and 30 per cent manual. The factory has the capacity to produce 40 megawatt of modules per year. Ali said Borno would consider mounting solar

Educational pursuit was disrupted at the height of the crisis. With the new lease of life, the Borno State University is set to admit students for its programmes after it was granted license by the National University Commission

Newly constructed building at the Borno State Universit

Large scale rice cultivation implement

State-of-the-art hospital beds procured by governor Shettima

modules to tackle the challenges in the rural water supply where it was increasingly becoming impossible to use generator or diesel engine and start working on it. Most of modules will have no battery as they work in day time from 7a.m. to 5p.m. He said the state will complement the national electricity generation by adding about 50 megawatts to the national grid. State university to take off Educational pursuit was disrupted at the height of the crisis. With the new lease of life, the Borno State University is set to admit students for its programmes after it was granted license by the National University Commission (NUC). Borno and Zamfara are the only states in the federation without state universities. Its present campus was originally built as an information centre by the immediate past governor before it was upgraded by the current administration. The Borno State Commissioner for Higher Education, Ahmed Usman Jaha, said the university would operate five faculties, including Education,

Arts, Pure Sciences, Management Sciences and Social Sciences. Jaha said the institution would take off this quarter with 50 remedial students and 500 arts students. The remedial programme will run for seven months. â&#x20AC;&#x153;The idea of the state university was mooted in 2011, but as soon as we got recognition from NUC, we awarded a contract of N3.5 billion to build the faculties, lecture theatres, a library and staff quarters. The contractor said all the projects will be completed in four months. We will source for lecturers from University of Maiduguri,â&#x20AC;? Jaha said. Teachersâ&#x20AC;&#x2122; Village After the insurgency, the blocks of flats along Kano Road, hitherto used as Internally Displaced Persons' (IDPs) camp, has now been allocated to teachers. Borno State Commissioner for Information, Bulama, described the Ali Mongunu Teachers Village as the only one of its kind in Nigeria. The village accommodates 400 houses varying from 2-3 bedroom flats.

While taking journalists on tour of the village, Bulama said it had to be renovated so teachers can use it as was converted as IDPs camp for three years. Bulama, said the village will be allocated and eventually sold to the teachers. He said priority will be given to the present occupiers of the flats. Housing estates Bulama said the government had built over 3,000 houses since it came to office. One of the tastefully built estates is Zana Mustapha Garden and it will be allocated to indigenes of the state. Each building in the estate is made up of six blocks of three and five bedrooms flats. It will be let out at the cost of N30,000 per annum and eventually given out to the occupiers. Bulama said the estate will be completed latest May this year and allocated to civil servants, business people, members of the civil society and journalists. Governor Shettima told the media that some of the flats will be given out free to people that offer to foster at least three of the 54,000 children orphaned during the insurgency.

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IMAGES

Chairman, Public Policy Research and Analysis Centre (PPRAC), Prof. Pat Utomi (middle) ďŹ&#x201A;anked by the General Manager, Mr. Ifeanyi Ejiofor (left) and Board Member, Mr. Henry Amnneh, during a media brieďŹ ng to unveil the 2017 winners of Zik in Leadership, at Ikeja GRA, Lagos..recently kola olasupo

L â&#x20AC;&#x201C; R: Deputy Manager, HR/Admin, FSDH Merchant Bank Ltd,. Mrs. Olusola Taiwo; Manager, HR/Admin, FSDH Merchant Bank Ltd. Mrs. Olubukola Lanipekun-Lawal; Member, Lagos State House of Assembly, representing Lagos Island Constituency 2; Hon. Shola Giwa; Group Head, HR/Admin, FSDH Merchant Bank Ltd,. Mrs. Olufola Wiltshire; and Manager, Investment Banking, FSDH Merchant Bank Ltd. Mr. Taiwo Olatunji, during a courtesy visit by the honorable to FSDH head oďŹ&#x192;ce in recognition of the bank partnering with Lagos State in the rehabilitation of schools. in Lagos...recently

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

L-R: Human Resource Director, Lafarge, Fidelia Osime; Human resource Director, Exxon Mobil, Udom Inoyo;Human Resourece Director, Africa Finanace Corporation, Anthony Aiabome; Head, Human Capital, Diamond Bank Plc, Sioma Ogodazi; and West Africa Consulting Leader, Deloitte, Yemi Saka, at the Deloitte chief executive oďŹ&#x192;cer/ human resource forum in Lagos...recently etop ukutt

L-R: Social Prefect Girl, Iganmode High School Ota, Akume Treasure; Group Public Relations and Events Manager, DuďŹ l Prima Foods Plc, Tope Ashiwaju; Chairman, Parents Teachers Association of the High School, Mayor Hakeem Amodu; and Assistant Head Boy, Ebhodaghe Benedict, during the presentation of Science Laboratory Equipment to the school by Indomie, at the schoolâ&#x20AC;&#x2122;s premises, Ota, Ogun State... recently

L-R; StaďŹ&#x20AC; OďŹ&#x192;cer, Public Education OďŹ&#x192;ce, Federal Road Safety Corps (FRSC), Mrs. Olabisi Shonusi; Corp Commander, Federal Road Safety Corp (FRSC) Lagos State Command, Mr Hyginus Omeje; Sustainable Development & AiS Manager, Mrs Titilola Alabi and Corporate Relations Director, Guinness Nigeria Plc, Mrs Viola Graham-Douglas, during the donation of breathalyzers to FRSC by Guinness in Lagos...recently

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L-R: President, Oyo State Customary Court of Appeal, Justice Solomon Akinteye; State Governor, Senator Abiola Ajimobi; and Chief Judge of the state, Justice Munta Abimbola, during the inauguration of Akinteye by the governor, at the Governorâ&#x20AC;&#x2122;s OďŹ&#x192;ce, in Ibadan...recently

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INTERNATIONAL

email:foreigndesk@thisdaylive.com

Florida School Shooting: Students to March on Washington Young survivors of Wednesday’s school shooting in Florida have

announced a national march on Washington to demand

Iran Plane Crash: All 66 People on Board Feared Dead Sixty-six people are feared to have been killed in a passenger plane crash in the Zagros mountains in Iran, according to BBC. The Aseman Airlines plane, en route from Tehran to the south-western city of Yasuj, came down near the city of Semirom in Isfahan province. The Red Crescent deployed search and rescue teams to the site. The airline has retracted a statement saying definitively that all aboard were dead. Flight EP3704 left Tehran at 04:30 GMT, and crashed about an hour later. The aircraft, a twin-engine turboprop, came down on Dena Mountain, 22km (14 miles) from Yasuj, news channel Irinn reported. Sixty passengers, two security guards, two flight attendants and the pilot and co-pilot were on board. The airline initially said everyone had been killed, but said later: “Given the special circumstances of the region, we still have no access to the spot of the crash and therefore we cannot accurately and definitely confirm the death of all passengers of this plane.” Bad weather, including fog and heavy snow, has hampered rescue efforts. Emergency teams have had to travel to the crash site by land rather than using a helicopter. Passengers’ relatives have gathered at a mosque near Tehran’s Mehrabad airport, according to Reuters news agency. “I can’t bring myself to believe it,” said one woman whose husband was on board. One man told Tabnak news website that he had missed the flight. Showing an unused ticket as proof, he said: “God has been really kind to me but I am so sad from the bottom of my heart for all those dear ones who lost their lives.” Iran’s President Hassan Rouhani expressed sympathy for all involved, saying, in a statement, that the incident brought “great grief and sorrow”. Iran has suffered several aviation accidents in recent years and has an ageing aircraft fleet. The country has struggled to obtain spare parts to maintain its planes in the face of international sanctions imposed to curb its nuclear programme. Those sanctions have been mostly lifted under a 2015 deal between Iran and the US alongside several other powers. Aseman, Iran’s third largest airline, signed a contract with Boeing last year to buy 30 of its latest medium-range 737s. The crashed plane, a French-

Italian-made ATR 72-500, was 25 years old, Iran’s civil aviation organisation said. Iran’s Supreme Leader, Ayatollah Ali Khamenei, has also exp re s s e d “ de e p sympathy” for relatives of those on board, saying the accident “saddened the hearts”.

political action on gun control, BBC reported. Students organisers told US media that they are determined to make Wednesday’s shooting a turning point in the national gun debate. The attack, which left 17 students and staff members

dead, was the deadliest US school shooting since 2012. On Saturday, protestors chanted “shame on you” to US lawmakers and the president.Mr Trump last year he would “never” infringe on the right to keep arms - a long-running

and contested debate within the US. In his first public comments on the gun control issue since the attack, Mr Trump blamed the Democrats for not passing legislation when they controlled Congress during the early years of Barack

Obama’s administration. He also rebuked the FBI for missing signals before Wednesday’s school shooting, after the organisation admitted it had failed to act on a tip-off about the suspected shooter Nikolas Cruz.

Dagestan Church Shooting Leaves Four Dead in Kizlyar Four people have been killed in a shooting at a Christian church in the Russian republic of Dagestan, according to BBC. Four others were also injured

in the shooting, Russia’s interior ministry said. An unknown shooter fired at people leaving an evening service in the city of Kizlyar,

Russia’s Tass news agency said. The attacker was killed, and two police officers were among the wounded, the news agency reports.

Dagestan, located in Russia’s North Caucasus near Chechnya and Georgia, is an ethnically diverse and largely Muslim federal republic.

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Ex-NDPHC Boss: Why NIPP Privatisation Was Not Concluded on Schedule Debunks claims plants were built without consideration for gas supply Chineme Okafor in Abuja The former Managing Director of the Niger Delta Power Holding Company (NDPHC) Limited, Mr. James Olotu, has provided reasons why the planned privatisation of 10 gas power generation plants built by the company under the National Integrated Power Projects (NIPPs) scheme was not concluded as scheduled in 2014 and even up till now. Speaking at the weekend in Abuja, Olotu who was the pioneer head of the NDPHC and also superintended the construction of the power plants as well as the processes that could have led to their privatisation before he left office in

June 2016, told journalists that three key factors were responsible for the transaction staying inconclusive. He also described as false repeated claims by some experts that the NIPP generation plants were mostly conceived and built with little or no thoughts for stable gas supply to them, hence their challenges with accessing gas to run. Olotu explained that the three chief reasons why the NIPP privatisation could not get to the crossing line were because of a sudden rise in the exchange rate between the naira and dollar upon which the transaction was denominated in 2015, issues of insecurity, and an imbalance in the construction statuses of the plants.

Give Me Shekau Dead or Alive, Buratai Charges Troops The Chief of Army Staff, Lt-General Tukur Buratai, has again charged troops to capture the factional leader of the Boko Haram terrorists group, Abubakar Shekau, alive or dead. Buratai gave the charge at Camp Zairo, the former Command and Control Centre of the terrorists group in the Sambisa forest during an operational visit to troops. In 2017, the army chief gave troops a 40-day ultimatum to capture Shekau and the army recently offered a N3 million reward for information on him. Troops finally destroyed the camp in January in an operation tagged “Deep Punch II’’ and are now dominating the general area of the forest. The military sacked Shekau from the camp in December, 2016, but the terrorists later re-grouped to launch pockets of attacks. Other locations visited by Buratai are Bita and Tukumbere, all settlements within the forest but almost deserted due to the insurgency. “Let me say congratulations. But, we must move across to wherever this criminal – Shekau is and catch him red handed. I want you to get him. “Mr President, Commander -in-Chief of the Armed Forces says congratulations to all of you for recovering the Sambisa Forest. “As far as we are concern, we have come to the end of this operation (clearing the forest of remnants of terrorists). “What is remaining now is the Lake Chad waters only and we hope to do that (clear terrorists from it) also very soon. “Meanwhile, you all know these criminals are still on the run; these guys are on the run, you must make sure that you get them wherever they are around this area. “You must not allow them to escape. Every day, you must go on patrol, lay ambush for them and you go on raids. “This is the time we have to consolidate and ensure that this place – Sambisa forest, is safe and never for these criminals to come back to it,’’ Buratai charged the troops. The chief of army staff said he was in Sambisa and Camp Zairo to confirm the capture, destruction and domination by the gallant troops. “I am glad that the troops have

done the country proud and they have done the President proud by not only capturing the Camp Zairo within the forest but also consolidating on this success. “It is a thing of pride and I want to say that we are proud of the Nigerian troops. We are proud of members of the armed forces, the Air Force, Navy, Police, DSS and indeed Civilian JTF, who have provided the needed service,’’ he said. Buratai described the Sambisa forest as strategic and assured that the military would secure it against terrorists. “We are going to transform this place, apart from making it a training area. “We are going to have a modern defence establishment in terms of the provision of basic requirements for your comfort and indeed for your operations. “We are already making sure that the first set of facilities are brought here,’’ the army chief said. To the troops, who captured the camp, Buratai promised them special package to boost their morale. “We are going to have some special packages for all of you that penetrated this forest. “We will make sure that your morale is high by making the necessary provision for you to be comfortable,’’ he added. On rotation of troops, he said plans were on to rotate those who had stayed long in the theatre of operation. “This is in our plan. I know that some of you were inducted here right from the depot but we are doing something for you to be properly deployed and properly accommodated as well.’’ The News Agency of Nigeria (NAN) gathered that 3,000 troops would be inducted into the Operation Lafiya Dole this week, to replace those who had stayed long. In an interview with journalists after the visit, Rogers Nicholas, the Commander, Operation Lafiya Dole, said with the capture of camp Zairo ”the soul and mind of Boko Haram have been broken in Sambisa forest”. “They don’t have a place to hide. We are still going round to make sure that some of them that are hiding in holes, we intend to fish them out,’’ Mr. Nicholas, a major-general, said.

He noted that after the NDPHC and its partners in the transaction process concluded the bid phase and winners emerged, they (preferred bidders) were requested to once again conduct due diligences on the plants they won even though they did that at the opening stages of the process. The winners, he stated, suddenly developed cold feet after they inspected the plants and subsequently discovered some of them were behind in terms of their completion levels and availability of ancillary facilities like gas supply and transmission lines. This, he said left them unsure about the process despite NDPHC’s commitment to them that whatever was left would be completed. He said in addition to the security concerns raised by the preferred bidders especially of

plants that are located in the south were incidences of kidnap were rife then, that investors in a few of the power plants that were ready to be privatised were unable to raise funds to complete the 80 per cent acquisition of the plants following the drastic changes in exchange rates from about N190 to a dollar to over N400 in 2015, when they were eventually called up to make payments. Olotu, however expressed hopes that the privatisation process would be restarted and concluded soon. Speaking on assertions that the NIPP plants were built without thinking of how to get enough gas to fire them, Olotu explained: “I told you that the NIPP was a taskforce that was a combination of experts from different agencies relevant to achieving the projects. Since the technology chosen for

the generation assets was gas, the GMD of NNPC then was a member of the NIPP steering committee which oversaw what the technical committee did.” “In the steering committee, we had the ministers of power, petroleum, finance, the GMD of NNPC, Attorney General of the Federation (AGF). It was originally under the minister of power but due to bureaucracy, it was removed and put under the presidency which worked better. “One of the things we did when NIPP resumed was to identify the projects, the technical committee had people from gas, transmission and generation section and if they don’t say yes to a project location, it will not be taken. We had 53 sites and the committee chose seven sites for the generation assets for the first seven projects.

It is therefore not true that NIPP went ahead and located plants without consulting the people from gas. It didn’t happen that way as we were all together. The gas people knew where the gas is,” he added. He also stated: “However, there are other equations that must balance to have power. If there is gas in a place, we need land around there but if it is marshy, it could cost us three times to build it because the civil works go deep into the ground to take the turbines; so if the land is not suitable, you move away a bit and then do a short distance gas pipeline, same with transmission line, which has to be close to a transmission line too. It is a total equation that must balance and experts have to sit and determine this to achieve the best gain for the project.”

SIGNED AND SEALED

Minister of Information and Culture, Alhaji Lai Mohammed (left), and the UNWTO’s Secretary-General, Mr. Zurab Pololikashvili, signing the agreement on Nigeria’s hosting of the 61st CAF meeting, in Madrid, Spain.....weekend

Obasanjo to Carry Out Medical Check-ups in Bayelsa Former President, Chief Olusegun Obasanjo, at the weekend said the huge investments by Governor Seriake Dickson of Bayelsa State in ensuring quality healthcare delivery would soon turn the state into a medical tourism hub in the country. A statement by the Chief Press Secretary to the state Governor, Mr. Francis Ottah Agbo, said Obasanjo, who stated this during a command performance in his honour at the Chief DSP Alamieyeseigha Memorial Banquet Hall, Government House, Yenagoa, said he would henceforth visit the state regularly to have his medical check-ups. Obasanjo had during his threeday visit to the state inaugurated several legacy projects, including the World-Class Diagnostic Centre, Bayelsa State Specialist Hospital, the Bayelsa State Drug

Distribution Centre in Yenagoa and the Aquaculture Village in Igbogene He also interacted with students of the flagship free Model Boarding School, Ijaw National Academy, Kaima, as well as enrolling in the state Health Insurance Scheme as an honorary enrollees of the scheme. The former president noted with satisfaction, the level of transformation in the state, especially in the area of education, health, infrastructure, tourism among others, stressing that, he would testify what he has seen to the world. According to him, Governor Dickson’s placement of education at the top of his administration’s agenda, is a means to eradicate poverty, curb insecurity and create jobs for the teeming youths in the state. He called on investors within and outside the country to take

advantage of the prevailing security, peace and stability in the state. Obasanjo lauded the governor for recognising and honouring past and serving leaders of the state for their immense contributions to the development and growth of the state. He described Dickson as an emerging statesman and a transformational leader, stressing that anybody who wants to see transformation should come to the state. Obasanjo thanked former President, Dr. Goodluck Jonathan, political and traditional leaders, stakeholders as well as women and youths in the state for their support and encouragement which has enabled him succeed so far. In his remarks, Jonathan congratulated Dickson’s policies, programmes and projects, which have led to the unprecedented level of development in all

sectors of the state. He also used the occasion to call on Bayelsans to continue to support the governor to consolidate on his achievements in the remaining two years of his tenure, stressing that, Bayelsa State is one of the safest, secure and stable states in the country for investments. The former president thanked the governor for providing the enabling environment for businesses to thrive, citing the collaboration of the government and the Azikel Group, as a sign of greater things to come for the state. On his part, Dickson thanked both former Presidents Obasanjo and Jonathan for their exemplary lifestyles and roles in the country and in the state, and called on leaders at all levels to collaborate with the government to ensure the attainment of a well secured, stable and progressive state.

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APC Faction in Kaduna Suspends El-Rufai Sani: Party may implode if Tinubu’s reconciliation fails Urges Buhari to declare stand on re-election Onyebuchi Ezigbo in Abuja and John Shiklam in Kaduna The Senator Suleiman Hunkuyi faction of the ruling All Progressives Congress (APC) in Kaduna State has suspended the state Governor, Mallam Nasir el-Rufai, for six months. The suspension followed failure by the governor to respond to a query issued to him by the faction last Thursday. The Hunkuyi faction had also suspended two aides of the governor, Mallam Uba Sani, the political adviser and Abdul Kwari, finance commissioner for 18 months for alleged anti party activities. However, rising from its meeting last Friday, the El-Rufai faction also announced the suspension of Hunkuyi, alongside 28 of his supporters for six and 18 months respectively for alleged anti-party activities. In a statement yesterday, the Chairman of the Hunkuyi faction, Danladi Wada, said el-Rufai was suspended from the party following his refusal to defend himself against the allegations levelled against him. He said the State Working Committee (SWC) of the party met and resolved to suspend him for six months. The statement said: “Sequel to the 48 hours ultimatum issued to the Kaduna State Governor Malam Nasir Ahmad El-Rufai by the Kaduna State Working Committee of the APC to give explanations and defence on the allegations labelled against him, the SWC under Chairmanship of S.I. Danladi Wada on February 17, 2018 convened, resolved and

do consider and ratified the findings and recommendations of the Disciplinary and Fact Finding Committee put before it in accordance with Article 21 (B) (iii) of the APC Constitution, to the effect that having the Governor failed to respond accordingly, he stands suspended for a period of six months from the APC with immediate effect.” Both factions are claiming to be the authentic chapter of the party in the state. The APC in Kaduna State has been bedevilled by prolonged crisis, leading to the emergence of three factions. The third faction, known as “APC Akida” or true APC is led by Senator Shehu Sani. However, the Hunkuyi faction and the Sani faction seem to be working hand in hand against elRufai’s faction. Meanwhile, the senator representing Kaduna Central in the National Assembly, Shehu Sani, has warned that the All Progressives Congress (APC) faces the risk of being torn apart if the current peace efforts by former Lagos State Governor, Senator Bola Tinubu, fails to succeed. He also said it was in the interest of the country and the party that President Muhammadu Buhari makes his intention whether to seek a reelection or not known now. Speaking in an interview with journalists in Abuja at the weekend, Sani said but for the intervention President Buhari who appointed Tinubu to resolve problems in the party, things would have

House C’ttee Demands Post Procurement Audit of NACA over Alleged Misuse of Foreign Grants Damilola Oyedele in Abuja The House of Representatives Committee on Public Procurement has mandated the Bureau of Public Procurement (BPP) to submit the post procurement audit report of the National Action Committee on AIDS (NACA) over allegations of the misuse of foreign grants. The report which is to cover the period from 2011-2017, is to assist investigations into the procurement processes of the capital components of NACA’s budgets. Pursuant to Sections 62, 88 and 89 of the 1999 Constitution, provisions of the PPA 2007 and Standing rules of the House, the committee would investigate allegations that the agency diverted grants and donations from foreign organisations meant for its work on the Acquired Immuno Deficiency Syndrome (AIDS), into other uses. There are also allegations that some of the funds were allegedly outrightly embezzled. The committee has already sent formal requests to the BPP and NACA, requesting them to

furnish it with necessary details to assist in the investigations. The Chairman of the Committee on Public Procurement, Hon. Wole Oke, while speaking with THISDAY, said the legislative chamber is undertaking the probe to avoid any embarassment to Nigeria with its international donors. “We insist on strict adherence to the provisions of the Procurement Act 2007, because it is the only tool that Mr. President needs to wage the war against corruption in Nigeria,” he said. “Working to stop corruption in all its ramifications is also part of the legislative agenda of this House and part of our mandates as lawmakers,” Oke added. He added that the allegations levelled against NACA prompted the investigations into what may be the flagrant disregard for the rule of law. “All foreign donors in whatever sectors expect that the funds they award, are used for specifically outlined and mutually agreed purposes. Such funds must therefore not be used for purposes outside the agreement, to ensure transparency. Our job as lawmakers is therefore to ensure proper accountability of these funds, and we will do just that,” the lawmaker added.

gotten worse. “It is going to be a tragedy if he fails. This is what I know and I can’t speak in parables. The pronouncement appointing Tinubu to reconcile members has averted the tragedy of people decamping from the APC to the other parties. It has been able to do so at least for now,” he said. Sani said nobody could have solved the problem in the APC other than President Buhari himself along with Tinubu, adding that party organs would be handicapped in dealing with the issues. According to the outspoken senator, most of the key organs of the APC are either too involved in the crisis or lacks the capacity to intervene and resolve He said: “The governors cannot solve the problems

of the APC because they are party to the crisis; APC senators and members of the House of Representatives cannot solve the problems because they are parties to the problems. “The party at the national level cannot solve the problems because there is disrespect and disregard for its leadership in the last two years. The very fact that the party itself has been inhibited with lack of funds and other challenges made it impossible for it to bring to order what is happening.” Regarding the intra party dispute rocking the Kaduna State chapter of the party, Sani said the crisis that had pitted Governor el-Rufai against him and some other party chieftains in the state has led to the fictionalisation of the chapter. He said he was at the national secretariat to tell

the leadership that he and Senator Hunkuyi and other party stalwarts in Kaduna would not accept or tolerate, endorse any form of tyranny by the Kaduna State governor. “In Kaduna State today, we are having a problem and there are two APC secretariat. There is the one which the governor sets up for himself and serves as his personal convenience where he can do whatever he wants to do and we also have our own APC secretariat, so we have twins APC in Kaduna. “We have parallel APC and it is left for Tinubu to build the bridges. Lagos is known for bridges. Therefore, we hope that there will be seventh mainland bridge to connect the divide. But we are not sure of that,” he said . On the concerns being generated over President

Buhari’s re-election, the fiery lawmaker said the onus is on the president to declare his stand on the matter now in order to clear the ambiguity. “As far as I am concerned, any opinion on whether he should contest or not is simply an exercise of freedom of speech and is left for him to decide. However, in every consideration, he is constitutionally empowered to decide whether he wants to contest or not. “But I think it is in the interest of the country and the interest of the party that President Buhari makes his position known because right now, it has been his Aides that are speaking on his behalf and whether they are doing it with his consent or not, no Nigerian for now knows whether President Buhari will contest or not,” he said.

CEMENTING TIES

L-R: Chinese Ambassador to Nigeria, Mr. Zhao Lin Xiang; Minister of Water Resources, Hon Suleiman Hussein Adamu; President, Chinese Chamber of Commerce, Mr. Yesui Jiin; and Chief Executive, Stanbic IBTC Pension Managers Ltd, Mr. Eric Fajemisin, during the Stanbic IBTCChinese New Year Global Campaign 2018 in Abuja....recently

Minister: Nigeria in Safe, Competent Hands Tobi Soniyi in Lagos The Minister of Information and Culture, Alhaji Lai Mohammed, has said with President Muhammadu Buhari piloting the affairs of Nigeria, the country is in very safe and competent hands, hence there is no cause for alarm. A statement by his Senior Adviser, Mr. Segun Adeyemi, said Mohammed spoke at the weekend at a mini town hall meeting with the staff of the Nigerian Embassy in Madrid, Spain, and a cross section of Nigerians living in the European country. He said contrary to fake news being peddled on the social media, Nigeria was making steady progress, especially in revamping the economy, tackling insecurity and fighting corruption - the three cardinal programmes of the Buhari administration ‘’Don’t believe everything you read on the social media. Nigeria is neither at war nor in crisis,’’ Mohammed said. ‘’Contrary to what you may be reading on the Internet, the Buhari administration is putting Nigeria on a solid footing, after the years that were eaten by the locust.’’

He alleged that naysayers were spending millions of naira to distort the true situation of things in Nigeria and to make the administration look bad. The minister said the administration’s achievements should be evaluated against the background of the tough challenges that it has faced since coming into office on May 29, 2015 ‘’It is said that if you don’t know where you are coming from, you won’t know where you are going,’’ he said, listing the drastic fall in the price of crude oil, the low foreign reserves at $24 billion, the fact that the federal government was borrowing to pay workers’ salaries, and the fact that many states were unable to pay salaries as some of those challenges. Mohammed also said when the administration came into office, “unpaid pensions had run into billions of naira in many states, contractors had abandoned sites across the country because they were being heavily owed, infrastructure was in poor state, power generation was 2,690 megawatts, billions were being paid as ‘fuel subsidies’ to fat cats, corruption was the order of the day, while 20 of the 27 local governments

in Borno were under the firm control of Boko Haram. ‘’Today, the trend is being reversed, and the results are showing: Foreign reserves is now $42.8billion, the highest level in four years, inflation has fallen for 12 consecutive months to 15.13per cent, N108 billion has been saved from removal of maintenance fees payable to banks before Treasury Single Account (TSA), the nation is being saved 24.7 billion Naira monthly with the full implementation of the TSA and the elimination of ghost workers has saved the nation N120 billion. ‘’With improved macro-economic conditions, capital inflow is on the upswing, reaching $1.8 billion in the second quarter of 2017, which is almost double the $908 million in the first quarter, Nigeria’s stock market is one of the best-performing in the world, delivering returns in excess of 40 per cent, Nigeria jumped 24 places on the World Bank’s Ease of Doing Business ranking, and earned a place on the List of Top 10 Reformers in the world.” The minister also told the meeting that the administration’s agricultural revolution has moved Nigeria

close to self-sufficiency in many staples, especially rice and that the home-Grown School Feeding Programme has created jobs for 61,352 cooks while providing 6.4 million school children in 33,981 schools across 20 states with one meal a day. He also said that power generation had increased to 7,000 megawatts, that Boko Haram had been massively degraded and that the administration’s was embarking on a massive infrastructural renewal. The minister urged Nigerians living abroad to download the FGN-iAPP in order to get authentic news from Nigeria. He later fielded questions from the Nigerians with many of them seeking to know when Nigerians in the diaspora would be able to vote, how they could access the national identity card, how they could get authentic information from Nigeria and what the federal government was doing to end the herder-farmer clashes. Nigeria’s Ambassador to Spain, Mrs. Susan Aderonke Folarin, led the staff of the embassy to the town hall meeting, which was held at the embassy premises.

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Buhari Govt Has Forgotten Its Promises to Nigerians, Say Catholic Bishops Return to CAN after five years Paul Obi in Abuja The Catholic Bishops Conference of Nigeria (CBCN) yesterday at its first assembly in the year said three years after the inception of the government of President Muhammadu Buhari, the administration has forgotten the many promises it made to Nigerians. The bishops who commenced their conference at the Catholic Secretariat of Nigeria (CSN), Durumi, Abuja, with the theme; ‘Entrepreneurship Awareness: The Role of the Church,’ maintained that the prevailing economic hardship, unemployment, strife and insecurity in the country present a precarious situation and a time bomb for Nigeria. In the homily, presented by the Archbishop of Abuja Metropolitan See, John Cardinal Onaiyekan, the bishops said: “Yes, our country is in a state of uncertainty and confusion. A few things are going well. They tell us that they are doing their best. But a lot still needs to be done and too many problems have been left to fester. “Our nation surely deserves far better than it is now getting in terms of good governance, social justice and peace and minimum of well-being of our people.” According to Onaiyekan, “Our present government came into power three years ago with a promise to change Nigeria for the better in all aspects. “So far, government has spent so much time and energy demonising its predecessor that it seems to have forgotten its promises of a better life for Nigerians. “It has unfortunately allowed the initial massive goodwill it enjoyed to be depleted almost to non-existence. It is no wonder that many Nigerians are looking for a new political organisation that can truly bring about genuine change for the better. “Whatever we do, we must not allow despair and frustration to overwhelm us. Our problems are well within our ability to confront and resolve,” they stated. ThebishopsalsocautionedNigerians to be proactive in the forthcoming 2019 general election. “Anotherelectionisfastapproaching. We must seize this God-given opportunity to radically change things around. We should no longer allow politics to remain business as usual in the hands of the same gang of speculators and opportunists. “We must change the rule of the game, not the faces of the players. Politics is not for miserable people seeking a way out of poverty, nor

for selfish business people looking for an easy way to maximise profit by manipulating the system.” On his part, CBCN President and Archbishop of Jos, Ignatius Kaigama, called on the federal government to see the Catholic Church as partner in bettering the society. Kaigama said youths and women empowerments, welfare of prisoners were a priority to the church, and promised to remain sensitive to the plight of the poor and the socially deprived in the society. “This we do quietly and in accordance with the gospel standards that we should not blow our trumpets while doing good and so we try to avoid publicity in the media except when necessary. “We offer social services to millions of people throughout the cuntry based on our gospel conviction that it is better to light a candle than cursing the darkness,’’ he said Kaigama whose two term tenure comes to an end with this session, commended the bishops for their support throughout his tenure as the CBCN, President. Speaking, President Buhari who was represented by the Secretary to the Government of the Federation (SGF), Mr Boss Mustapha said: “It is my sincere hope and belief that you will collectively continue to join forces to promote peace, safety and unity across the country. “The federal government will make sure that the perpetrators of violent attacks in the country will be made to pay the price and face the wrath of the law. ”The federal government is taking steps and measures to stem the tide of series of security breaches in some parts of the country. I firmly believe in the relevance and importance of the church in shaping the society through inculcating norms, values and moral principles in the society.” he stated. The President, Christian Association of Nigeria (CAN), Rev. Samson Ayokunle, also tasked the federal government unemployment so as to curb criminal activities among the youth in the country. Ayokunle further charged the government to put an end through the security agencies, the menace of the Boko Haram and Fulani Herdsmen all over Nigeria. Also, the Prelate of Methodist Church Nigeria, Dr Samuel KanuUche, stated that the church prefers ranches to be built by individuals who have ownership of the cattle as a business venture in their host

communities. He observed that Methodist Church was not advocating grazing fields neither was it advocating cattle colonies for any special group of people but advocating for the equity and justice for all Nigerians. Meanwhile, the rank of CAN has received a boost as the Catholic Secretariat of Nigeria (CSN) returned to the body after five years of walking out of the national Christian umbrella body in the country over some irreconcilable differences with the leadership. The Special Assistant to the CAN President on Media and Communications, Pastor Bayo Oladeji, in a statement yesterday, said the reconciliation is a commendable effort of the current leadership of CAN. Oladeji said Catholic Bishops Conference of Nigeria had in a letter dated September 24, 2012, and signed by the President of the Catholics Bishops’ Conference of Nigeria (CBNC), Most Rev Ignatius Kaigama, and addressed to the then CAN President, Pastor Ayo Oritsejafor, announced its withdrawal from the organisation. CAN was formed in 1976 by five Christian blocs in the country-the Christian Council of Nigeria (CCN); the Catholic Secretariat of Nigeria (CSN); the Pentecostal Fellowship of Nigeria/Christian Pentecostal Fellowship of Nigeria (PFN/ CPFN); Organisation of African Instituted Churches (OAIC); Tarayar Ekklesiyoyin Kristi of Nigeria or The Fellowship of the Churches of Christ in Nigeria (TEKAN)/ Evangelical Church of Winning All (ECWA). He however, stated that since the emergence of his eminence, Rev. Samson Olasupo Ayokunle, as the CAN President, he has been working hard behind the scene to ensure the return of the Catholic Bishops Conference of Nigeria to the fold. Ayodeji said Kagama had led the leadership of CBNC to the CAN national secretariat last year where in a meeting with Ayokunle’s team they addressed the identified grey areas while Kagama disclosed the readiness of the Catholic to work with the new leadership. He said history was made last Thursday and Friday with the appearance of the CSN delegation led by Rev Fr. Cornelius Afebu Omonokhua who represented Most Rev Kagama at the expanded National Executive Committee meeting for the amendment of the constitution of CAN and the quarterly meeting of the association.

Dana, Asky Sign Agreement on Strategic Partnership, Fleet Acquisition Chinedu Eze Nigerian domestic carrier, Dana Air, and the Lome-based African airline, Asky, have signed an interline agreement to deepen their presence in the regional air travel market. Dana said part of the agreement includes aircraft partnership deal with Asky to add some new generation aircraft to its fleet. Speaking during a brief signing

ceremony at Dana Air’s Corporate Head office in Lagos, the Group Managing Director of Dana Air, Jacky Hathiramani, said: “We have taken a bold step towards achieving our strategic route and fleet expansion program. With this partnership, we shall be adding some brand new aircraft to our fleet soon. “We have also had advanced talks with some other notable aircraft manufacturers and

very soon, some of aircraft outside the country on maintenance will also be arriving in the country. This is part of our desire to provide options for our guests (passengers) who have also been requesting us to consider some under-served cities in Nigeria. We want to assure our guests of our commitment towards providing safe, reliable, affordable and world-class air transport services in Nigeria.’’

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IPOB: APC will Forget State Police after Election David-Chyddy Eleke in Awka The Indigenous People of Biafra (IPOB) has described the recent report of the All Progressives Congress (APC) favouring the creation of state police as a bait to lure Nigerians into reelecting them in 2019. IPOB said Nigerians voted President Muhammadu Buhari because of his campaign for the restructuring of Nigeria, but dumped the idea immediately he was elected. The group said selecting just a part of the restructuring agenda which is the state police was not acceptable as it was a ploy to portray itself as a listening government.

In a statement made available to THISDAY in Awka and signed by its Publicity Secretary, Emma Powerful, the group said even though it is not calling for the restructuring of Nigeria as its aim is total freedom for Biafra, it is obligated to warn Nigerians of the fraud the federal government was about to commit. “We are not interested in whatever structural reforms the government of Nigeria wishes to undertake because the key tenet of democracy which is public debate and vote on a crucial matter is conspicuously lacking in their approach and proposal for state police. “Our primary interest remains the full restoration of the sovereignty of the nation of Biafra and

nothing more. Anything short of a referendum to ascertain the wishes of the people is dead on arrival for us. “Even the most unintelligent person knows that this state police proposal is a key component, if not the central plank, of report on

restructuring by the APC committee appointed by the presidency. “It is a calculated fraud designed to buy time and confuse the gullible. It is merely an election gimmick calculated to deflect attention and convey the impression that this is a listening government which is a lie.

“This APC regime promised restructuring before they were elected into power, today they are ardent opponents of restructuring. With this state police gimmick, once you elect them back in 2019 they will become critics of state police.

“Only the gullible, foolish and unintelligent will be taken in by this charade. Had this regime been sincere about their intentions, they would have implemented the proposal immediately rather than merely issuing it as a report to be debated upon.”

Be Prepared for Bomb Threats, Building Collapse, Oyo-Ita Tasks MDAs Olawale Ajimotokan in Abuja The Head of Service of the Federation (HoS), Mrs Winifred Ekanem Oyo-Ita, has tasked Ministries Departments and Agencies (MDAs) to prepare to mitigate office place disasters such as bombs, bomb threat, building collapse, toxic gas releases, chemical spills, floods and radiological accidents. Oyo-Ita gave the charge at the weekend while inaugurating the Technical Committee for the Development of the Public Service Emergency Management Policy and the Joint Committee for the Development of the Framework for the Implementation of Occupational Safety and Health. The two committees are to be headed by the Permanent Secretary Service Welfare Office, Mrs. Didi Walson-Jack. She said her office had developed a booklet on public service emergency action plan guide, detailing how to plan for work place emergencies and evacuation. According to her, the booklet provides a generic overview of standards, procedures and protocols to mitigate damages caused by potential events such as fire outbreaks in the federal civil service secretariats nationwide and holistic approach to emergency

management and safety in the workplace. “Emergencies in a work environment are inevitable. Their occurrence causes serious disruption of the functioning of the system; leading to widespread human, material economic and environmental losses Workplace injury, illness, incapacitation and deaths invariably impose large costs on employers and national economies. It follows therefore, that the connection between workplace health, safety and workers optimum productivity can no longer be neglected,” Oyo-Ita said. The HoS said the report of the committees, if well implemented, would result in a safe and healthy environment with a lot of benefits to workers. The joint committees, comprising critical stakeholders, including Nigeria Social Insurance Trust Fund (NSITF) Federal Fire Service and National Emergency Management Agency (NEMA) would be expected to develop a framework for the implementation of Occupational Safety and Health (OSH). The National Policy on Occupational Safety and Health and the Employees Compensation Act (ECA) would serve as working document for the committees expected to submit their report by April this year.

L-R: Partner, Akin Gump Strauss Hauer & Feld, Marc Hammerson; Chief Executive Officer, Seplat Petroleum Development Company Plc, Austin Avuru; Partner, ǼLEX Legal Practitioners & Arbitrators, Soji Awogbade; and CEO, GasInvest Limited/former Group Executive Director, NNPC, David Ige, at the Association of International Petroleum Negotiators (AIPN) Africa Half Day Conference held in Lagos... recently.

Catholic Priest Weds 136 Couples in Nasarawa Emmanuel Ukumba in Lafia The priest of St. Sylvester’s Catholic Parish, New Nyanya, in Nasarawa State, Rev. Fr. Soja Anyembugu, has sponsored the mass wedding of about 136 couples in Nasarawa State. The parish priest disclosed this to journalists at the weekend during the matrimony of 83 couples in commemoration of his 10th priestly anniversary at St. Patrick’s Catholic Church, Akwanga, in Akwanga Local Government Area of the state.

with Chambers of Commerce, Sector Presentation and Round-table B2B meetings and engagement with the Nigerian Diaspora Business Community. “This is a time when participants leverage on the chamber’s initiative to meet new international buyers and distributors, expand into new markets, exchange market knowledge, network, gain insight from industry experts and promote their business across border further generating millions of naira in new business for their company.” The NACC had been organising trade missions to the United States. Last year, the Chamber led delegates to Miami Florida, USA, where it recorded success in new deals and investments. This year, the Chamber in its gamut of linking businesses in Nigeria to global enterprises will not only create business opportunities for participating delegates but is prepared to lead a movement of many more success stories

According to him, “the gesture was extended to the people who do not marry in the church to enable them receive the sacrament of holy matrimony.” He continued that the step would also enable those who did not marry in the church to get their marriage blessed in order to get more blessings and favour from God and for the interest of peace. “I have decided to celebrate my 10th priestly anniversary to sponsor mass wedding for people who indicated interest to

have their marriage blessed in the church. As at February 3, 2018, I have sponsored 53 couples in St. Sylvester’s Catholic Church, New Nyanya. Today, I have sponsored 83 couples making a total of 136 couples to enable them get the sacrament of holy matrimony as well as to give them a sense of belonging,” he said. Anyembugu therefore called on the couples to continue to be patient and tolerate one another for them to have a peaceful home,

even as he added that marriage is all about endurance and patience. Earlier, Prof. Cletus Gotan, Vicar General of the Jos Catholic Archdiocese, who was the guest preacher at the occasion called on the couples to live peacefully with one another in order to inherit the kingdom of God. The vicar general then called on the newly wedded couples, and indeed Nigerians, to show love and live in unity with one another in the interest of development.

JAMB to Go Ahead with 2018 UTME Despite Varsity Strike Senator Iroegbu in Abuja

NACC to Lead Delegates on Trade Mission to USA The Nigerian-American Chamber of Commerce will lead businessmen and women, investors, government representatives across all sectors of the economy on a trade mission to Washington DC, United States. The six-day trade and investment expo will see delegates participating in the Africa Trade and Investment Global Summit (ATIGS) which will feature over 2,000 participants, 70 Countries, 16 Economic Sectors, 150 Speakers and 350 Global Investors. The trade mission which is an annual commitment of the chamber in promoting the development of trade, commerce, investment and industrial technological relationships between the public and private sectors of the Federal Republic of Nigeria (Nigeria) and the US further driving socio-economic growth and development for all will hold from 20th -27th June, 2018. The six days period will see participants involved in engagement

CONFERENCE PARTICIPANTS

The Joint Admissions Matriculation Board (JAMB) has concluded plans to go ahead with the 2018 Unified Tertiary Matriculation Examination (UTME) despite the ongoing strike by the non-academic staff of Nigerian universities. The Head of Media and Public Relations, JAMB, Dr. Fabian Benjamin, in a statement yesterday, clarified that while the board would not take sides and respects the decision of the nonteaching staff, it would however go ahead with the examination as scheduled. “The attention of the board has been drawn to the release by NAN

on the board’s mock examination slated for February 26, 2018 where I was quoted to have said the board will go on with the mock examination irrespective of the on going sstrike by the non academic unions of universities nation wide. “First, the board wants to appreciate the unions for the support it has given the board in the successes of previous examinations and sympathized with the unions over the present predicaments,” Benjamin stated. The Chairman of the Joiny Action Committee (JAC) of the non-academic staff, Samson Ugwoke, had in more than one occasion warned that they would not cooperate with ongoing

admission processes in the nation’s universities as long as the strike susbsists. The non-teaching staff union comprise of three main unions including: Senior Staff Association of Nigerian Universities (SSANU), Non Academic Staff Union of Associated Institutions (NASU) and the National Association Academic Technologists (NAAT). But the JAMB spokesman said the board could not have said it would go on with the examination with or without their suspending the strike rather the board found itself in a situation that it has to go on with conduct of the examination.

“We are still hopeful that an amicable resolution of the crisis would be reached before the date of the examination. The unions are our critical stakeholders and their absence would be felt if the issue is not resolves before February 26. We had prayed and work tirelessly to ensure that the strike was called off hence our continued shifting of the dates for the examination,” he stated. Meanwhile, Benjamin said the heads of all public examination bodies in Nigeria had met on Friday last week to harmonise its examination calender with the view of having a seamless examination.

Buhari meets Katsina Elders’ Forum in Daura President Muhammadu Buhari yesterday met with members of Katsina Elders’ Forum at his private resident in Daura, Katsina State. The News Agency of Nigeria (NAN) reported that the state Governor, Aminu Masari, the

Emir of Daura, Alhaji Umar Faruk and the Galadima of Katsina and former President of the Court of Appeal, Justice Mamman Nasir, were among those who attended the meeting. President Buhari also met with the Emir of Maradun in

Zamfara, Alhaji Garba Muhammed Tambari. It was gathered that the emir was in Daura to condole with the president over the death of his two extended family members and also console him on the auto-accident involving the president’s son, Yusuf.

The president, who is on a five-day private visit to his country home in Daura, had earlier met with members of his extended family from within and outside the state. The meeting was held behind closed doors.

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MONDAYSPORTS

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

NPFL…NPFL…NPFL…

Enyimba Denies Kano Pillars Top Spot with Draw Rivers Utd overpowers Tornadoes Duro Ikhazuagbe Kano Pillars missed the chance to move to the top of the Nigeria Professional Football League (NPFL) yesterday after the Sai Masugida managed a 1-1 draw with rival Enyimba FC. Top striker, Junior Lokosa, scored his eighth goal of the new season in the 36th minutes to throw the home fans at the Sani Abacha Stadium into delirious celebration. However, an own goal by former Enyimba defender, Emmanuel Anyanwu, drew the Aba club level in the 40th minutes. With this result, Pillars are now tied on same 16 points as league leaders, Akwa United, but are second on inferior goal difference of +6 as against Akwa’s +10. Champion Plateau United with a game at hand is third on 15 points. Elsewhere in Port Harcourt yesterday, Osita Chikere and Emeka Ogbugh struck in the

first half as Rivers United defeated Niger Tornadoes 2-0 in a keenly-fought Match-day 9 clash. Chiekere headed home an expertly-delivered Bernard Ovoke corner on 17th minutes to give the ‘Pride of Rivers’ a deserved lead at the Yakubu Gowon Stadium. Ogbugh, making his season’s debut after helping Nigeria to a second-placed finish at the 2018 Africa Nations Championship (CHAN) in Morocco, curled home an exquisite free kick just before the half hour to give the Port Harcourt club a commanding lead going into the break. The Rivers United Technical

."5$) %": Kano Pillars 1-1 Enyimba El Kanemi 2-1 Go Round Abia Warriors 3-1 Yobe Stars Rivers Utd 2-0 Tornadoes Nasarawa 3-3 Kwara Utd Katsina Utd 3-0 Ifeanyi Ubah Heartland 2-1 Wikki

Falode Assures Gov. Ambode of Successful NWFL Champions Shield Acknowledges Deji Tinubu’s role in securing the sponsorship Chairperson of the Nigeria Women Professional League (NWPF), Aisha Falode, has assured Lagos State Governor, Akinwunmi Ambode, of organising a successful Champions Shield on March 4. Lagos State is hosting the maiden edition of the competition, which will pitch Aiteo Cup champions, Rivers Angels, against NWFL Super Four queens, Nasarawa Amazons, in a battle to determine Nigeria’s best female football club. The NWFL boss also acknowledged the role of the late Chairman of Lagos State Sports Commission, Deji Tinubu, in getting the state to sponsor the NWFL Champions Shield. Falode, who assured Lagos State that the NWFL was working round the clock to ensure a successful event, thanked Governor Ambode for rescuing women football

‘even on a short notice.’ She also thanked Lagos State’s current Sports Commission boss, Dr. Kweku Tandoh, for his relentless assistance to the NWFL, adding, however, that the deal actually started when the Late Tinubu was a Special Adviser to Governor Ambode. “Needless here to say that the duo were like Siamese twins, but it all worked out very well for women football in Nigeria “The sponsorship deal was sealed during the Aiteo Cup final at the Agege Stadium, where we met Governor Ambode at the VIP area and told him our intention and without hesitation he agreed to sponsor the game. “We want to use this opportunity to appreciate the Late Deji Tinubu and also appreciate all those who made the Champions Shield a possibility, especially His Excellency, Governor Ambode,” she declared.

Omoluwa, Golf Community Mourn Shagaya’s Death A prominent member of the Board of Trustees of the IBB Golf Club in Abuja, Sir Lucky Omoluwa, has said that the passing of General John Shagaya (rtd) in a car crash last Sunday came to him as a rude shock. Omoluwa who received the sad news at the time he was about to preside over presentation of prizes at the last IBB Ladies Open believes the shocking demise of Shagaya would leave a yawning gap in

the nation, especially the IBB Golf Club he helped build. Omoluwa also said that: “Without Shagaya there could not have been the IBB Golf Club. The man served the club diligently and selflessly. I don’t think we should allow all that to go away because the man is no longer around. We must immortalise him. I can only pray that God will grant him eternal rest. He was a good man”.

Rivers United players (in blue jerseys) celebrating their victory over Niger Tornadoes during the NPFL Match-day 9 clash in Port Harcourt…yesterday Manager, Stanley Eguma, made five changes to the side that lost 0-1 to Yobe Desert Stars on Match-day 8 and the end product was satisfactory. Other big winners of the day include; Katsina United and Abia Warriors. Katsina United recorded their

20th home win in the NPFL after they defeated visiting FC Ifeanyiubah 3-0. Eric Dufegha, Tasiu Lawal and Destiny Ashadi contributed the goals to seal three points for the hosts. Katsina United however move to the fifth spot in the standings on 13 points from

nine games. In Umuahia, Abia Warriors improved on their lowly placing on the table after a 3-1 win over visiting Yobe Desert Stars. Ndifreke Effiong scored twice for the home team. Kwara United staged a remarkable comeback in Lafia

to hold Nasarawa United to a thrilling 3-3 draw with striker Michael Ohanu grabbing the all-important equaliser in stoppage time for the Ilorin club El Kanemi stopped Go Round 2-1 in Maiduguri, while Heartland turned back Wikki Tourists 2-1 in Owerri.

Cameroon Knocks out Nigeria from U-17 Women’s World Cup Nigeria will not feature for the first time in the FIFA Under-17 Women’s World Cup after the Flamingos lost on the away goals rule to Cameroon in Yaounde yesterday. Cameroonian Cubs forced Flamingos to a 1-1 draw in the return leg after the first game ended in a 2-2. Nigeria featured in all

previous five FIFA Under-17 Women’s World Cups since the inaugural edition in 2008. Alice Kameni gave the home team a 16th minute lead, before substitute Martha Vincent drew the Flamingos level eight minutes from time. This year’s tournament is to be staged in Uruguay in November. Elsewhere on the continent,

Ghana demolished Djibouti 19-0 on aggregate to book Africa’s third and final spot at Uruguay 2018. Ghana had all but secured their qualification heading into the second leg after a 9-0 first-leg victory, and they were able to better that performance by one goal and stroll to qualification for Uruguay 2018. Cameroon and Ghana are

joined by South Africa, who secured their berth after a 6-1 aggregate win over Morocco on Saturday, as the three African teams at Uruguay 2018. The FIFA U-17 Women’s World Cup Uruguay 2018 will be held from 13 November to 1 December across three host cities: Colonia del Sacramento, Maldonado and Montevideo.

FIFA, CAF Presidents, Industry Moguls, Others for Aiteo/NFF Awards FIFA President, Gianni Infantino and CAF President, Ahmad, top football stars, and captains of industry are expected at the inaugural edition of the Aiteo/ NFF Awards taking place this evening at the Eko Hotels and Suites in Victoria Island, Lagos. Infantino and Ahmad are scheduled to arrive in Nigeria this afternoon and would be live at the event venue alongside presidents of about 20-member associations of FIFA. NFF 1st Vice President and Chairman of the Organising Committee, Seyi Akinwunmi confirmed yesterday that broadcast partners SuperSport and Africa Independent Television (AIT) will relay the programme live as from 7pm. “SuperSport and AIT will broadcast the Awards ceremony live, starting from 7pm, and it will last for exactly 90 minutes – the period of a football match.” Governor Akinwunmi Ambode of Lagos State is expected alongside a number of his cabinet members, with

Aiteo Vice President/CEO, Benedict Peters and top shots of the sponsor company also set to add glamour to the big event. Minister of Youth and Sports, Solomon Dalung, who is outside the country on official duty is to be represented by the Permanent Secretary in the ministry, Mr. Olusade Adesola at the ceremony. It is the first time that the nation’s football-governing body is organising an awards ceremony to reward and inspire the major actors and actresses in the Nigerian Football space. Gongs will be presented to winners in Player of the Year (men), Player of the Year (women), Coach of the Year (men), Coach of the Year (women), Young Player of the Year (men), Young Player of the Year (women), Team of the Season, Fair-play Award, Goal of the Season, Fans of the Season, NFF Development Award and Platinum Award categories. Also, there will be

special recognition of a ‘Legends Eleven,’ a squad of outstanding former Nigeria international players. The Awards ceremony will also be attended by a large selection of Nigeria football legends, including former captains Christian Chukwu, Olusegun Odegbami, Daniel Amokachi, Mutiu Adepoju, Uche Okechukwu, Garba Lawal, Austin Jay Jay Okocha, Nwankwo Kanu and Joseph Yobo.

Abdu Maikaba Fidelis Ilechukwu t$0"$) 0' 5)& :&"3 (WOMEN) Whyte Ogbonna Edwin Okon Ann Chiejine t:06/( 1-":&3 0' 5)& :&"3 .&/

Stephen Odey Nura Mohammed Ikouwem Udoh t:06/( 1-":&3 0' 5)& :&"3 80.&/

Rasheedat Ajibade Anam Imo NOMINEES Gift Monday t5&". 0' 5)& 4&"40/ t1-":&3 0' 5)& :&"3 Plateau United (MEN) Akwa United Victor Moses MFM FC Wilfred Ndidi Rivers Angels Anthony Okpotu Nasarawa Amazons t1-":&3 0' 5)& :&"3 Ibom Angels (WOMEN) t(0"- 0' 5)& 4&"40/ Asisat Oshoala Sikiru Olatunbosun (MFM Charity Reuben v Rangers) Francisca Ordega Shedrack Asiegbu (Abia t$0"$) 0' 5)& :&"3 Warriors v Plateau United) (MEN) Oche Salifu (Remo Stars v Kennedy Boboye El Kanemi)

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MISSILE Olateru to Delta Airlines

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“We are able and equipped to investigate this serious incident and we will investigate it. But for the sake of clarity, I am disappointed in Delta. It is totally unacceptable, and we condemn it in its totality and I believe the way I see it we are being undermined, which is not acceptable” – Commissioner for Accident Investigation Bureau, Akin Olateru penalising Delta Airline for refusing to report an incident and ordering the impounding of its aircraft which made an air return barely 35 minutes in the air when one of its engines failed.

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WALETINUBU GUEST COLUMNIST

‘7 Big Wins’, an Effective Tool to Navigate Economic Downturn

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he economic downturn experienced in the last quarter of 2014 through to the second quarter of 2017 undoubtedly hit the country hard. The situation however, forced the Government to look inwards to create policies that would ensure a diversified economy, and create a buffer for future shocks. The reality is that in navigating the downturn of our oil dependent economy, we must focus on growing revenue from the sector to aid diversification of the economy. In other words, we need oil, to exit oil dependency. The Government’s laudable introduction of the ‘7 Big Wins’ initiative in 2016 presented a framework for the sector to navigate the economic downturn. While it is clear that the Government has done a commendable job in the development of the industry, we in the private sector must continue to proactively look for opportunities to collaborate amongst ourselves and with the Government to bring about positive and lasting solutions that will revolutionise the Nigerian Oil & Gas sector. In line with the ‘7 Big Wins’, and one of the key conversation themes of the Nigeria International Petroleum Summit (NIPS), “deepening collaboration in the sector”; collaboration is a crucial strategy in the forward movement of the industry and economy at large. With this understanding, we at Oando, have always been firm believers in the African proverb, “If you want to go fast, go alone. If you want to go far, go together”, and every step of the way, we have approached and tackled each challenge by collaborating with private sector partners and the Government where necessary. Oando were the first private company to enter gas distribution in Nigeria and pioneered gas distribution in the Greater Lagos area with the aim of spurring industrialization. Our notable gas projects include the development of circa 260km gas pipeline grid across Nigeria, Alausa and Akute Independent Power Plants and a Compressed Natural Gas Plant. These infrastructures offer clean and affordable energy solutions which equate to significant cost advantages for industries across the country. We also conceived and launched the Lagos Midstream Jetty (LMJ) in 2017, the first of its kind in sub-Saharan Africa. The N54 billion ($150 million) jetty will save marketers approximately N43.2 billion ($120 million) annually; increase receipt capacity, efficiency in product discharge and reduce vessel waiting time; ultimately eliminating demurrage and lightering requirements Industry peers are also making giant strides to ensure the realisation of the ‘7 Big Wins’. The Nigerian National Petroleum Corporation (NNPC) and Total Upstream Nigeria Limited (TUPN) in collaboration with the China National

Minister of State for Petroleum, Ibe Kachikwu

Offshore Oil Corporation (CNOOC), South Atlantic Petroleum Limited (SAPETRO) and Petróleo Brasileiro S.A. (Petrobras) recorded a significant milestone with the arrival of the Egina Floating, Production, Storage and Offloading (FPSO) at the start of the year. The vessel has come at a time when the country needs to maximise the opportunities created by her exemption in the OPEC production cut. The Egina FPSO is expected to ramp up the country’s daily oil production by up to 200,000 barrels of oil per day (bopd). It is the largest FPSO ever installed in Nigeria and the largest investment project currently on-going in the Nigerian Oil & Gas sector. The project is being developed locally to accelerate the pace of knowledge and technology transfer; it will also generate significant opportunities for local contractors in non-Oil & Gas sectors, an additional stimulant to local

Some of the key achievements of the ‘7 Big Wins’ include the Government’s commitment in achieving the highest production since 2015 last year as well as engaging Niger Delta stakeholders in a bid to improve the operating environment

content development in Nigeria. Lagos Deep Offshore Logistics Base (LADOL), a logistics and engineering company is the first 100% Nigerian, 100% privately developed port facility in Nigeria with its N108 billion ($300 million) shipyard which is the largest vessel construction and integration yard in West Africa. LADOL is currently hosting Egina for the construction and final integration of the FPSO. The LADOL Free Zone is an industrial free zone which also caters to players outside the Oil & Gas sector. It offers a favourable tax climate including a range of Government incentives to foreign investors, with the hope of attracting Foreign Direct Investment into the country. Like Oando, LADOL’s focus is on strategic investments and the building of infrastructure that will have a multiplier effect on job creation and in the medium to long term positively impact the nation. Seplat is another example of a company that has used its business activities to support the achievements of the Governments development goals for the country. Following the shut-in of the Trans Forcados pipeline (the main route for the company’s exports), Seplat focused on accelerating development of the Oben Gas Processing Plant. The gas processing plant allowed for the “trapped gas” in the Niger-Delta to be transported to the West where it is being utilised to generate electricity in wider parts of Nigeria; in support of the Governments Gas Revolution initiative and even more importantly, driving the nation closer to meeting its power generation target. The ‘7 Big Wins’ also addresses the upgrade of the nation’s refineries and increasing local production capacity with the objective of becoming a net exporter of petroleum products and value added petrochemicals by 2019. The Federal Government publicly called on private partners, both local and international to support the reformation program. We strongly believe that it is intuitive and patriotic for anyone partaking in the provision of refined products to the country to also partake in the rehabilitation and refurbishment of these refineries. Hence, we at Oando are exploring innovative funding options to support the Government’s refinery rehabilitation efforts. The Vice President’s engagements with key stakeholders and communities in the Niger-Delta has enabled Nigeria meet OPEC’s quota of 1.8million barrels per day, fetching the country upwards of N43.9 billion ($122 million) daily. This is a welcome relief to both the sector and the country. To further this cause, we, alongside our Joint Venture (JV) partners have and continue to work hand in hand with our host communities to improve the livelihoods of indigenes of the NigerDelta through a variety of sustainable empowerment projects. Some of which include skills acquisition schemes aimed

at developing youths and transitioning them from a cycle of unemployment and poverty to one of entrepreneurship, under the Access to Energy Initiative, electrification projects which have impacted over 1 million indigenes and the building of infrastructure for long term enhancement of lives, in addition creating employment within these communities by using local hands for these infrastructure builds. There is also the Green Rivers Project (GRP) an initiative developed to revolutionise agriculture in, and diversify the economies of Niger-Delta states through the creation of an enabling environment for farmers to thrive, motivating and highlighting the importance and dignity of farming. With an annual spend of over N1.08 billion ($3 million), the project has to date created and improved the livelihood of over 35,000 farmers in 120 communities, via the provision of innovative agricultural methods, equipment and microcredit schemes. By increasing the percentage of work done locally, we are all creating a win / win situation, with GDP growth and job creation benefiting the Nigerian public and private markets whilst international companies operating in Nigeria benefit from drastically lower costs. The Nigeria International Petroleum Summit (NIPS) opens today and it is well timed to kick-start conversations around the success of the Government’s endeavours to maintain the viability of the Oil & Gas sector; the biggest of which is the ‘7 Big Wins’ initiative. Some of the key achievements of the ‘7 Big Wins’ include the Government’s commitment in achieving the highest production since 2015 last year as well as engaging Niger Delta stakeholders in a bid to improve the operating environment. We have also seen a promotion of transparency and accountability in the NNPC reforms, and the implementation of effective policies with the passage of the PIGB and National Gas Policy. We should not take these successes for granted and applaud the Government for their efforts to date. The summit also presents the much needed platform to engage public and private sector Oil & Gas leaders and stakeholders on strategies to navigate the recently exited recession. At Oando, we will continue to collaborate with the Government and private stakeholders to champion projects that will strengthen the sector but more importantly enable the eventual diversification of the economy. We commend industry peers that are already playing their part, however there is still more that can be done. We must all actively seek out platforms for collaboration and ideas to support the successful execution of the ‘7 Big Wins’ and propelling the economy forward. t5JOVCV JT (SPVQ $IJFG &YFDVUJWF 0BOEP 1-$

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