Monday 26th February 2018

VAIDS: No Sacred Cows after Deadline, Fowler Warns El-Rufai, Adeosun to meet Kaduna taxpayers Francis Ndubuisi in Abuja and Obinna Chima in Lagos As the March 31, 2018, deadline given by the federal government for tax amnesty

under its Voluntary Assets and Income Declaration Scheme (VAIDS) draws nearer, the Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has

warned that there would be no sacred cows after the cut-off date.

Fowler, gave this warning in an interview with journalists in Lagos

at the weekend, just as the Minister of Finance, Mrs. Kemi Adeosun, and the Governor of Kaduna State, Malam Nasir el-Rufai, plan to engage Kaduna business

leaders and taxpayers on the tax amnesty programme.

According to Fowler, the government would enforce the laws on tax administration once the deadline ends.

He warned: “What follows after the deadline is that we shall follow the laws that deal with tax administration and Continued on page 10

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Finally, FG Confirms 110 Dapchi School Girls Unaccounted For

Yobe gov blames military for Boko Haram attack PDP calls for prompt, decisive action NAF deploys air assets, surveillance in search and rescue

Tobi Soniyi in Lagos, Olawale Ajimotokan and Paul Obi in Abuja and Michael Olugbode in Maiduguri

State, are yet to be accounted for, after insurgents believed to be from a faction of the terror group, Boko Haram, invaded the school last Monday.

The federal government has confirmed that 110 students of Government Girls’ Science and Technical College, Dapchi, Yobe

The Minister of Information and Culture, Alhaji Lai Continued on page 10

PDP Dismisses INEC Investigation on Underage Voting Queries exclusion of Katsina Iyobosa Uwugiaren in Abuja The Peoples Democratic Party (PDP) on Sunday rejected the composition and scope of the eight-man in-house committee set up by the Chairman of the Independent National

Electoral Commission (INEC), Prof. Mahmood Yakubu, to investigate the inclusion of underaged voters in its register, particularly in Kano and Katsina States.

Continued on page 67

APC National Caucus Meets Today LOOKING FOR THE GIRLS… L-R: Minister of Interior, Lt. Gen. Abdulrahman Dambazzau (rtd); Governor of Yobe State, Alhaji Ibrahim Gaidam; and over Oyegun , Others' Tenure… Page 68 Minister of Information and Culture, Alhaji Lai Mohammed; during the visit of a federal government delegation to the state over Boko Haram attack on Government Girls’ Science and Technical College, Dapchi, Yobe State… yesterday

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PAGE TEN VAIDS: NO SACRED COWS AFTER DEADLINE, FOWLER WARNS for those that are not complaint, we shall investigate them and if need be we prosecute them.

“We shall take all actions in line with the law, which include the stoppage of their business activities and if need be, the sale of assets.”

Fowler explained that extending the deadline for VAIDS would not depend on his agency, saying before the scheme was introduced, it was approved by the Federal Executive Council, the National Assembly and the state governors.

He said: “So, I don’t have the capacity to change that approval. I think the only person that can, for whatever reason decide to give an extension would be the president or the vice president that oversees the economy, through the Minister of Finance.

Fowler said: “People say we should use the 80-20 principle, meaning that we focus on those that give you 80 per cent of your tax revenue. But when it comes to tax, just like the lady that gave the widow’s might and Jesus said she gave more than the rich men because she

gave all that she had. It was not subject to the amount.

“That is how a tax is. You can say you are a big taxpayer and that you have paid N1 billion and because you have paid N1 billion, we should overlook the N500 million you are owing.

“Meanwhile, somebody who paid N100, 000 paid 100 per cent of his tax liabilities, meaning he was 100 per cent compliant.

The organisation that paid N1 billion and still had N500 million left, was only 50 per cent compliant. So, you can’t compare them. Tax is based on profit and income.

“So, what we look at as tax administrators is the level of complaint. That is, we should use the same law for those who are paying N100, 000 and those who are paying N1 billion.”

According to the FIRS boss, out of the N305 billion the government set out to realise from VAIDS, it has gotten about N20 billion.

He was, however, optimistic that before the middle of next month, the amount would rise significantly. He disclosed that the FIRS has been inundated

by enquiries from taxpayers about VAIDS. This, he was hopeful would lead to improved compliance before the deadline expires.

He explained: “Now, what has come in so far from the corporate angle is about N20 billion. Now, what people would say is that it seems small.

“But our own experience and the experience of those who have had similar programmes, whether it be Turkey, India or South Africa, is that everybody waits till the last moment.

“So, we have received a lot of enquiries. We have received a lot of proposals, but in terms of payment, they have not paid yet.

“So, we believe by midMarch, there would be a better appreciation of the value we are looking at. The N305 billion is doable.”

The FIRS boss who expressed disappointment at the country’s low tax to Gross Domestic Product (GDP) ratio of six per cent as of 2016, believes that with initiatives such as VAIDS as well as efforts by the government to promote tax compliance, the amount would have risen significantly

when the next GDP figures are released next month.

He said: “I was in the United Nations last week and the experts came up with a formula and said if any country’s tax to GDP ratio is below 15 per cent, it is highly unlikely that they can expect economic or social development in that country.

In 2016, we were about six per cent.

“In 2017, through the support of the media, the FIRS was able to cross N4 trillion, Nigeria Customs for the first time in history crossed N1 trillion.

Hopefully by the end of March when we get the actual figure of per cent of Tax to GDP. “But we believe that for government at all tiers to be able to provide services, we must hit at least 20 per cent so that we can start feeling the impact of government.”

Responding to a question about the possibility of the FIRS bowing to pressure or interference in its resolve to enforce the laws after the expiration of the deadline, Fowler said: “Let me put it this way: I am a nominee of the president and I was

approved by the Senate, under the supervision of the vice president and the Minister of Finance.

“All of them have assured the FIRS 100 of per cent support and none of them has said we should take political considerations into account.

“None of them has said we should take the status of persons or corporate organisations into account.”

El-Rufai, Adeosun to Meet Kaduna Business Leaders, Taxpayers In Kaduna, the state Governor, el-Rufai, and the Minister of Finance, Adeosun, will on Thursday meet with business leaders, business owners and taxpayers in Kaduna over VAIDS as the nine-month-long tax amnesty programme ends March 31.

The Kaduna State Government is hosting the VAIDS Stakeholders’ Symposium, which is expected to have in attendance Fowler, members of the state executive council and the House of Assembly as well as traditional

rulers.

Also invited to the sensitisation meeting are business groups, tax advisers, captains of industries, professional and artisan bodies, and other strategic economic groupings within Kaduna State and environs.

Adeosun has identified regular tax payment by Nigerians as fundamental to the growth and development of the country.

She noted that predictable tax revenue inflow would lead to more investment by the federal and state governments in infrastructure and job and wealth creation across the nation, a statement by her media aide, Mr. Oluyinka Akintunde, said.

The minister stated: “Payment of taxes is a fundamental requirement for our growth story. Nigeria has a very poor scorecard in tax payment. When oil came, we abandoned the old systems of tax collection that provided most of our infrastructure since colonial days.

Continued on page 67

FINALLY, FG CONFIRMS 110 DAPCHI SCHOOL GIRLS UNACCOUNTED FOR Mohammed, announced the figure after a meeting on Sunday, in Damaturu, the state capital, between a federal government delegation and representatives of key stakeholders, including the state government, the college, the parents, security agencies and Bursari local government, where Dapchi is situated.

Mohammed in a statement said based on the briefings from the Principal of the College, Hajia Adama Abdulkarim, and the state Commissioner for Education, Hon. Mohammed Lamin, 906 students - out of whom 110 have not been accounted for - were in the school on the day of the attack.

There had been confusion over what transpired at the school last Monday, as there were conflicting accounts on the fate of the school girls. While the federal government and the police command in the state could not as at Thursday confirm if there was any abduction by the terrorists group, unconfirmed reports put the number of missing girls at 111.

By the weekend, however, parents who had their wards in the school put the number of those who had not be found at 105.

Hoisting some clarity on the matter on Sunday, Mohammed rounded up the figures at 110 and announced that the federal government had directed the police and civil defence authorities to immediately deploy their personnel in all the schools in the state in order to ensure the security and safety of the students and their staffers.

The minister disclosed that the federal government had stepped up efforts to rescue the girls and return them safely to their parents, saying security agencies were working on many leads regarding the whereabouts of the girls.

He said: ''This is the second time in four days that a federal government delegation would visit Yobe State since the unfortunate incident. This is a measure of the seriousness with which we are addressing the issue. The security forces are

leaving no stone unturned in their search for the girls. ''We are back here in Yobe as part of efforts to provide some succour to the parents of the girls, to let them know that they are not alone and also to reassure them that we will not rest until we have found the girls. We will carry the parents along on the efforts we are making.''

The Minister of Interior, Lt. Gen. Abdulrahman Dambazau (rtd), who was also on the delegation said the team embarked on the trip in order to get the facts right so that the approach to the solution would be correct. ''We must get back the girls and also ensure that this does not happen again,'' he said.

The federal government delegation, comprising Mohammed and Dambazau held an enlarged meeting that was attended by the state Governor, Alhaji Ibrahim Gaidam; members of the state cabinet; the Principal and Vice Principal of the school; representatives of the parents of the missing girls; and security agencies, among others.

Gaidam Blames Military for Abduction The blame for the attack and the eventual abduction of the girls have, however, laid at the doorsteps of the military by the governor of the state, Gaidam.

Speaking during a solidarity visit by the Governor of Borno State, Alhaji Kassim Shettima, on Sunday, in Damaturu, Gaidam said the withdrawal of soldiers guarding Dapchi barely a week before the attack made last Monday’s school incident easier for the terrorists.

“Let me be quoted anywhere, the military must take blame for the attack on Dapchi,” he said angrily, adding: “The same thing happened in 2013 when the military suddenly removed troops guarding the town and a week later Boko Haram went there to attack the town and the secondary school there, killing 29 students.”

According to the governor: “I blame the whole attack on

Dapchi on the military and the defence headquarters who withdrew troops from Dapchi.

“The attack occurred barely a week after the military withdrew the soldiers from there.

“Before then, Dapchi has been peaceful, there was never such incident. But just a week after they withdrew the troops, Boko Haram came to attack the town.

“When I met the theatre commander on why the military were withdrawn, he said they had shortage of manpower. To me, it is not an excuse because the FG is duty bound to recruit and bridge the gap.”

He likened the incident to the Boko Haram attack on Federal Government College, Buni Yadi, also in Yobe, in 2014 during which some students were killed.

He said if the troops were on the ground, both attacks would not have occurred.

Borno Gov Warns on Boko Haram Resurgence During his visit to Damaturu, Shettima warned the nation to learn from the Chibok experience and separate politics from issues of security, warning other northern states to be on guard as Boko Haram could come pouncing.

Saying the latest abduction reminded him of the kidnapped of over 200 students in Chibok four years, he said politicians should have learnt a lesson on the need to separate politics from issues of security from the Chibok experience and ensure the same was not repeated now.

He told the Yobe State governor: “I have been in your shoes since 2014 when schoolgirls were abducted in Chibok. I know exactly how you feel. When our daughters were abducted in Chibok, only God understood how I felt and I can imagine how you also feel, and the trauma you are going through.

“The parents of these girls would always look up to you with hope in the midst of agony.

I know you are pained but I also believe that insha Allah, these

girls will be rescued very soon.

It is unfortunate that we have faced yet another abduction but that only reminds us about the difficulties of fighting insurgency.

“Oftentimes, they strike where you least expect. Before Boko Haram attacked Chibok, that Chibok had the least threat of Boko Haram in the northeast.

No one expected them to even think about Chibok because it is mostly Christian community where Boko Haram was hardly an issue there.

“If the parents thought Chibok wasn't safe, I don't think they would allow their children to be there. Of course, as Government we wouldn't dare do so. In the same vein, I don't think anyone ever expected an attack in Dapchi.

This incident however, reminds all of us not only in Borno and Yobe but perhaps across northern Nigeria to be on guard

PDP Calls for Prompt, Decisive Action In its reaction on Sunday, the Peoples Democratic Party (PDP) asked the federal government stop whining and take prompt and decisive action to find and rescue the missing girls.

The party, in a statement by its National Publicity Secretary, Mr. Kola Ologbondiyan, queried the Muhammadu Buhari administration, asking it to account for the incident, saying the security agencies were complicit in the attack.

It said: “The PDP and indeed all well-meaning Nigerians are appalled by the crocodile tears being shed by the incompetent and deceptive APC-federal government instead of scaling up actions on the matter.

“Nigerians have been in shock over revelations by the Yobe State Governor, Alhaji Ibrahim Gaidam, that the abduction was preceded by withdrawal of troops around Dapchi, thereby rendering the area defenceless and paving the way for insurgents to attack and abduct our girls.

“We challenge the presidency to come out clean on issues surrounding this abduction. Who authorized the said withdrawal

of troops from the area and for what purpose? What alternative security measures were put in place to protect the people after the troops were withdrawn? Who controls security intelligence gathering and consequential protection action and what action was taken to guarantee adequate security in the area?

“We charge the federal government to open up on who scripted and released the false rescue report, which frustrated prompt action that would have led to the recovery of our innocent girls? Why was that misleading report issued and whose interest did it serve?

“Indeed, from all indications, every right thinking Nigerian has deduced that there are more than meet the eyes in this ugly episode for which those in authority have a lot of questions to answer.

“We invite the world to note that after exposing the community to harm and frustrating prompt rescue, the incompetent APC-controlled federal government has not taken any concrete step to give the abductors the desired chase to recover our girls.

“Rather, they sent a delegation of persons with no knowledge of security to Dapchi on fact-funding missions.”

were yet to be accounted for, the NAF had deployed some ISR platforms and helicopters to search for and possibly locate the missing girls as well as the rogue Boko Haram Terrorists (BHTs).

"Although these search operations were conducted in a covert manner, for obvious reasons, the efforts did not yield the desired results.

“Accordingly, the Chief of the Air Staff (CAS), Air Marshal Sadique Abubakar, directed the immediate deployment of additional air assets and NAF personnel to the Northeast with the sole mission of conducting day and night searches for the missing girls.”

According to Adesanya: "It is noteworthy that the renewed efforts at locating the girls are being conducted in close liaison with other surface security forces.

"While the NAF will spare no efforts at possibly locating the girls via its air operations, it also seizes this opportunity to call on anyone, especially the locals, who might have any information that could lead to the location of the girls to bring such information forward to NAF authorities or other relevant security agencies."

NAF Deploys Air Assets, Surveillance in Search and Rescue Mission As part of the search and rescue plan of the federal government, the Nigerian Air Force (NAF) on Sunday deployed air assets, surveillance and other air power infrastructure to locate the missing girls.

Speaking on the operation, NAF Director of Public Relations and Information, Air Vice Marshal Olatokunbo Adesanya, said the deployment ranged from additional air assets, including Intelligence, Surveillance and Reconnaissance (ISR) platforms, to the Northeast in a renewed effort at locating the missing Dapchi girls.

He said: "Before now, following confirmation of reports that some of the girls

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COMMENT

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

SYMPTOMS OF A DYSFUNCTIONAL SOCIETY

Emmanuel Ojeifo writes that the country’s leaders must get the teeming youths engaged in productive ventures

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news video currently circulating on social media shows a nabbed crime syndicate paraded by Lagos State Police Command. The six-man syndicate described as “digital thieves� specialises in using mobile phones and SIM cards stolen from their victims to hack into their bank accounts and siphon their monies. Paraded in handcuffs by the police, the well-organised syndicate narrated the role that each of the members play in the chain of the crime, from those who steal the phones and SIM cards to those who hack into the victims’ accounts and those who provide the bank accounts for the transfer of stolen monies. The success of the syndicate’s operation is predicated on the intelligence of the team that uses computer apps to generate the names, account numbers and BVN of their victims. This scenario shows the superb organisational capacity of a computer-savvy crime syndicate. From their criminal cooperation, we can learn what makes society work: people of common vision and common interests, with sound knowledge and resource base.

However, my interest in this crime syndicate is not to laud its creative genius but to raise the issue of poor human security in a dysfunctional Nigerian society that drives many young people into crime. I am always pained whenever the police parade crime suspects with an air of achievement. I do not justify crime and I understand that the police are doing their constitutional duty of maintaining law and order. My aim is to interrogate the issues that are often ignored when crime is discussed in our society. We should constantly ask ourselves why more and more young people in Nigeria are investing their intellect and energy into crime when they should ordinarily engage in productive pursuits that would benefit them, their families and the larger society. The answer is not far-fetched. Classical criminology theories provide ample reasons to suggest that the unemployment rate in a given society is a causal factor on crime.

In his 2014 book, Get A Job: Labour Markets, Economic Opportunity, and Crime, Robert D. Crutchfield, sociologist at the University of Washington argues that unemployed people are more likely to commit crime. Having worked as a juvenile probation officer and parole agent, Crutchfield’s research shows that the stratification of labour contributes significantly to a person’s lifestyle and is a determinant of whether or not they will commit crimes. Explaining the relationship between work and crime in an interview, Crutchfield said: “When someone has a low-end job (what some scholars refer to as secondary sector jobs), such jobs don’t pay well, and have few or no benefits and limited prospects for the future. Worse still when they have no jobs. Young adults in that situation may feel like they don’t have to conform to society’s expectations, and are at risk of getting involved in crime because they are likely to spend time with similar young men. People with good jobs (what some scholars call primary sector jobs), by contrast have something to lose if they do not constrain their own lifestyles. So they spend less time in situations where crime might occur.�

WHAT WE ARE WITNESSING IN THE SPIKE IN CRIME IN OUR SOCIETY IS A PRODUCT OF ABYSMALLY POOR LEADERSHIP, BATTERED ECONOMY AND A LACK OF POLITICAL WILL TO CREATE JOBS AND PROMOTE THE POSITIVE INGENUITY AND ENTREPRENEURIAL SPIRIT OF THE TEEMING POPULATION OF NIGERIAN YOUTH

Crutchfield’s findings follow a long tradition of classical theories in criminology, which argue that one of the core drivers of criminal behaviour is the benefits and cost of committing crime in a situation where there are fewer jobs and lack of moral values that build social cohesion. With many studies that show the casual impact of unemployment on crime, the spill over effects are always detrimental to society. As such, crime becomes the most attractive option when legitimate pathways to economic and social ascent are blocked. In other words: fewer jobs—more crime; more jobs—less crime. Of course, the nuances are more complex than is often thought, but these theories have gained considerable consensus in the field.

What we are witnessing in the spike in crime in our society is a product of abysmally poor leadership, battered economy and a lack of political will to create jobs and promote the positive ingenuity and entrepreneurial spirit of the teeming population of Nigerian youth. The connection between high unemployment and crime is often lost for our political leadership who lack the vision to see that instead of investing more public funds in procuring expensive military ammunition they should rather channel those resources into creating the right environment that would encourage the growth of an entrepreneurial spirit among young people, while also providing public utilities, especially good public schools and hospitals that would benefit the populace.

The 2017 report of the National Bureau of Statistics showed that unemployment rate in Nigeria rose from 14.2 per cent to 18.8 per cent and that the labour force increased from 83.9 million in the second quarter to 85.1 million in the third quarter of the year. As at the third quarter of 2017 there were 18 million unemployed or underemployed people in Nigeria.

It is this level of frustration, hopelessness and helplessness among young people in Nigeria that is predisposing many, amidst all the risks involved, to still choose to cross the Sahara desert or the Mediterranean Sea in order to get to Europe in search of greener pastures. When the young people of our nation are planning their funerals instead of preparing their future, it is a sure sign that we have missed our way.

Sadly, in trying to make a living many young people are easily driven into the devil’s paradise. Things have got to change. Otherwise we are headed for disaster. The 2010 British Council report “Nigeria: The Next Generation� is very clear about the dangers of failing to positively harness Nigeria’s demographic tsunami of young people who constitute 70 per cent of the country population. We are witnessing it in the palpable level of social restiveness brewing all over the country among young people. These are the manifestations of the kind of society our leaders have created, which should make them undertake sober reflection. Until this is done, Nigeria’s future remains a frightening race between wisdom and catastrophe.

Ojeifo is a priest of the Catholic Archdiocese of Abuja

CHIBOK, DAPCHI: FEARS, LESSON’S AND FURY Dapchi schoolgirls’ abduction is one too many, argues Israel A. Ebije

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he Dapchi debacle where at least 105 girls were abducted has reminiscence of Chibok experience. The nation is yet to get out of the Chobok nightmare, now this. Sadly, security issues in the north east gets messier each time government tries to give itself a pat on the back. The true concept of Boko Haram is already taking a possible meltdown on education in flashpoint states. The abduction of Chibok girls under Goodluck Jonathan may appear as government laxity in security affair according to the spin at the time. What can possibly explain the Dapchi developing story under Muhammadu Buhari? The fear, the lesson and the fury are fast building critical mass, which some unseen powers are manipulating to satisfy a political game plan.

The feature of future political state of play in Nigeria has nothing to do with well laid out strategies or people based policies and programmes. It has nothing to do with presenting credible Nigerians to vie for political offices, but permanent interests to protect. Our problem as a nation has always been weaved around interests, where politicians find political offices as job opportunities to loot instead of position to serve God and country. The quest to remain at the top echelon of the food chain has persuaded political class to engage in unhealthy, ungodly and indeed satanic antics to undo their opponents.

These abductions definitely have political undertone. It succeeded during Jonathan and it is deployed with the hope of success against Buhari, who is presently saddled with gazillion of challenges.

An analysis of the abduction trend will reveal scam behind the scheme. The scripts have been well doctored to fit the horse riders. A repeat of the same storyline has raised a red flag, where I am convinced that a hideous political down is upon us.

On the night of April 15, 2014, 276 girls were abducted from Government Secondary School, Chibok, Borno State. This is 2018, February and 105 girls are missing from another girls school in neighbouring Yobe State.

Analysing the abductions, they share some basic similarities albeit different time, space, but definitely share same purpose.

The abductions are carried out just penultimate year to election. We may recall that in 2014, the abduction of 276 Chibok girls contributed largely to Jonathan losing election. I have no doubt the same purpose the Dapchi debacle is meant to achieve.

Already Buhari is in the defensive, he has offered an apology, his hands will be full henceforth to find the missing girls. Worse off for the All Progressives Congress- led administration, their more than frequent claims of depleting or dissipating Boko Haram fighters has been ridiculed by the scary abduction.

What Nigerians should be scared of

going forward is the nature of political game play where human lives may become the currency to transact business where politicians and party platforms will battle out in exchange to clinch power. I have no doubt the Dapchi kidnap, just like the Chibok embarrassment is designed to discredit the government in power to pave way for another. While we fear this may be the feature of our political future, the APC may well learn from a scenario it used excellently well in raising the most crafted propaganda in the history of Nigeria to unseat the Peoples Democratic Party in 2015. We do not know who was behind the 2014, only time and providence will make us know who is behind the 2018 abduction. Largely Christian girls were abducted in 2014, this time they are mostly Muslims. Possibility of a syndicate of politicians are using terror to play god, coincidence is definitely out of it. This has become an abduction too many. Those behind the two major abductions are definitely persons without respect for the next religious belief, hence the choice of school to attack under different leadership.

Regardless of external forces forming permutations of unseen hands marinating beef of peace with poison, it baffles the mind the way security operatives tried to muzzle grieving parents to silence. While it is understandable that the propaganda which gave APC overwhelming votes especially in the north was weaved around

security ineptitude of the PDP, it becomes irrational for government at the centre to play up falsehood trying to sell lies just to justify one of their major campaign promises – we must face reality to wrestle the monster before us. Fear, uncertainty has become palpable in the flashpoint areas of Borno, Yobe, Adamawa since the recent abduction. Some parents have since evacuated their children from schools – many will never return to receive western education again.

We can all make mental construction of the physical and psychological horror the abducted girls and their families are going through. Sadly, the far-reaching consequence of this hideous political tool will definitely destroy the country, first burning from the north if this is not stopped in its track. The conscious trend of terrorsupported politics is already having a place in our political construct. It therefore means that terror is fast becoming a part of the political stratosphere. While government is searching for the missing girls, it is instructive to unravel those behind this heinous crime to humanity.

We have always settled for peripheral solutions, failing utterly to probe deeper.

Government must not play hastily with this to score cheap points. There are hiding politicians veiled behind these terrorists who must be uncovered.

Ebije can be reached via ebijeo5@gmail. com

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EDITORIAL THE TRAGEDY IN DAPCHI The authorities must do more to secure the future of our children

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he fact that Nigeria hardly learn from its experiences was brought to fore last week when the “technically defeated� Boko Haram insurgents invaded a female secondary school in Yobe State and carried away dozens of girls with the authorities, both in the state and Abuja, left in a state of utter confusion. Yet, the experiences of Federal Government College, Buni Yadi where no fewer than 58 male students were brutally assassinated and that of Chibok where several girls are yet to be accounted for almost four years after, should have taught lessons on how to prevent or manage such tragedies.

Unfortunately, repeated attacks on schools by the insurgents in recent years have created fear in many vulnerable students and their parents, especially in some parts of the country and is affecting the attitude to education with Boko Haram whose guiding philosophy is “western education is sinful� winning the psychological war. The implication of such a state of affair is damaging. When a school is under attack and students become WE CANNOT AFFORD TO targets, according LEAVE OUR CHILDREN AT to Manuel Fotaine, THE MERCY OF VIOLENT West Africa Regional PREDATORS BENT ON Director of United TRUNCATING THEIR Nations Children FUTURE Fund (UNICEF), “not only are their lives shattered, the future of the nation is stolen.�

Although the current administration of President Muhammadu Buhari seems to be managing the optics better, having learnt from the ugly experience of the past, there is no sign that it is doing anything different. First, a claim was put out that many of the girls had been found at a time there was no such thing. And then a visiting Governor Ibrahim Gaidam would be making insensitive remarks to traumatised parents. To compound the problem, there is yet no real conďŹ rmation of the actual number of the missing girls beyond mere conjectures.

Letters to the Editor

In the wake of the tragedy, the Lagos State Chapter of the Bring Back Our Girls (BBOG) Coalition raised several pertinent questions which require answers from the authorities. Some of these questions include but are not limited to: “Are there so many roads and settlements in the immediate area that 100 people can disappear without a trace? Are the insurgents ghosts who move through the landscape unseen and unheard? What arrangements have been made to support the devastated family members of the missing who are holding a vigil until their children are back? What has happened to the Safe Schools Initiative that was launched in 2014 under which schools were to be pooled into safer areas with a military presence?�

T T H I S DAY EDITOR

DEPUTY EDITORS

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he Safe Schools Initiative, launched after the Chibok kidnap, was meant to counter the growing attacks on the right to education and to build community security groups to promote safe zones for education, consisting of teachers, parents, police and community leaders. “We cannot stand by and see schools shut down, girls cut off from their education and parents in fear of their daughters’ lives,� said former British Prime Minister, Mr. Gordon Brown, then UN Special Envoy on Education at the launch. “The Safe School Initiative will put Nigeria on track to help more and more girls and boys go to school and learn.�

Unfortunately, the idea has long been abandoned with the schools, including those in the Boko Haram area of operation, left to their individual devices.

But with the recent attacks by the insurgent—who have proved conclusively that regardless of what the authorities are saying, they still possess sufďŹ cient capacity for evil—there is an urgent need to go back to the drawing board. We cannot afford to leave our children at the mercy of violent predators bent on truncating their future. It is also time the Buhari administration admitted the reality that Boko Haram is still very strong in their areas of operations that more efforts would be needed to root out the insurgents.

TO OUR READERS Letters in response to speciďŹ c publications in THISDAY should be brief (150-200 words) and straight to the point. Interested readers may send such letters along with their contact details to opinion@thisdaylive.com. We also welcome comments and opinions on topical local, national and international issues provided they are well-written and should also not be longer than (9501000 words). They should be sent to opinion@thisdaylive.com along with the email address and phone numbers of the writer.

HEALTH INSURANCE SCHEME AND PRODUCTIVE CITIZENRY

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mproved healthcare service delivery of a country is a cornerstone of economic growth and development. For this, governments all over the world, have a compelling reason to provide good medical treatment and support to every citizen. To fulfil this obligation, many are today resorting to equitable financing mechanisms prominent of which is the National Health Insurance Scheme (NHIS).

The goal of the scheme is to make it easier for government to provide equitable access and financial coverage for basic health care services.

In developed countries, the United Kingdom for instance, National Health Service (NHS) is designed to provide medical treatment and support to everyone, not considering their ability to pay. But while it provides a valuable service, paying for private health insurance offers three key advantages; shorter waiting times, quicker diagnosis and better facilities.

Unlike UK and India where privileged Nigerians go to for medical tourism, Nigeria and other African countries fall far below in the allocation of resources to health care , and hence in striving to meet up with the developed world in the area of providing quality health care. Undoubting, health insurance is dreadfully needed, but poverty has undermined efforts particularly in rural areas. Ghana is the first in Africa to successfully implement a social health insurance at a national level, getting rid of ‘cash and carry’ system of payment. After independence in 1957, the Ghanaian government introduced a tax-based health financing system in which services were provided free at the

point of use by the public sector. By the early 1970s, however, the effects of a stagnating economy meant that the government could not sustain this mode of health financing and delivery.

Like Nigeria, the government introduced nominal user fees in the public sector, which in 1985 were raised significantly with the aim of recovering at least 15% of recurrent expenditure.

This user fee system, known by the term ‘cash and carry,’ had negative consequences in access to health services, especially for the poorest in Ghanaian society. Limitations included long delays in accessing health services and incomplete prescription purchases.

In 2001,the Ghanaian government passed legislation which established its own NHIS in 2004, with the aim of achieving universal coverage for the population as a whole. Ghana’s public healthcare system allows three different kinds of insurance plans (District Mutual Health Insurance Schemes (DMHIS); private mutual insurance schemes; and private commercial insurance schemes).The most popular plan is the DMHIS, which operates in every district in Ghana and it worth emulating.

In Nigeria the federal government re-established an act under Act 35 of 1999 constitution to ensure access to good health care to all Nigerians at an affordable cost. The NHIS is to provide social health insurance in Nigeria where health care services of contributors are paid from the common pool of funds contributed by the participants of the scheme.

It is a pre-payment plan where participants pay a fixed

regular amount. These funds are pooled, allowing the Health Maintenance Organisations (HMOs) to pay for those needing medical attention. It is primarily a risk sharing arrangement which can improve resource mobilisation and equity. It is indeed regarded as the most widely used form of health care financing worldwide.

However, since the inception of NHIS one can virtually count the number of beneficiaries, as it seems not to target the rural dwellers that are not tax payers and do not have access to the necessary facilities for registration. In some states, this scheme is only limited to government hospitals which are quite few.

The reality, however, is that there is no way government will fund free healthcare the way it is supposed to be funded.

The best option which is the practice in the developed world is contributory health scheme which is working in Ghana. In Lagos State, for instance, though a law was passed in 2015 which allowed the government to do health insurance scheme, the buying-in of citizens is still limited. For this, the government is on the verge of making it mandatory.

The principle behind the scheme it is to mobilise funds from different sources so as to cover the poor too. This means they will no longer have to dig their hands into their pockets to pay for healthcare as the scheme stands on the belief that if resources of every other person in the state are pulled together, those that cannot afford will have a chance to access healthcare.

Blessing Vandefan, Lagos State Ministry of Information and Strategy, Alausa, Lagos

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T H I S D AY ˾ MONDAY, FEBRUARY 26, 2018

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

The Uncomfortable Truth The Corruption Perception Index just released by the Transparency International confirms what many Nigerians already know: Corruption remains pervasive, writes Tobi Soniyi When the News was Good In November last year, when the World Bank’s Ease of Doing Business Report for 2018 was released which showed that Nigeria jumped 24 places in ease of doing business, the Presidency rolled out the drums.

The report placed Nigeria in the 145th position, 24 positions better than the 169th position the nation was ranked in the 2017 report. Nobody queried the methodology adopted by the World Bank in determining which country is doing better or otherwise in the ease of doing business.

A statement by President Muhammadu Buhari’s Special Adviser on Media and Publicity, Mr. Femi Adesina, the president welcomed most heartily the phenomenal improvement of Nigeria on the World Bank’s Ease of Doing Business latest rankings.

The statement said: “The President congratulates all Nigerians on this very significant step forward, which symbolises the real success achieved by the Presidential Enabling Business Environment Council, the National Assembly and state governments in making it easy for people to register their businesses speedily, and obtain licences and approvals from government agencies without unnecessary bureaucratic bottlenecks.”

Buhari was also quoted as saying that the development reflected government’s efforts to make it easy for foreign business visitors to obtain visa on arrival, pass through airports and do their business with ease and speed.

The Vice President, Prof. Yemi Osinbajo also expressed excitement over the report and congratulated all stakeholders who worked with the federal government to achieve what he described as a significant result.

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The Bad News For a government that likes to celebrate reports from international organisations, last week was a stark reminder that relying on reports of such organisations has its downside especially when the report is unfavourable to the government.

Unfortunately, many people do not share the position of the Presidency. Shortly after Transparency International released the report, the senator representing Kaduna Central, Shehu Sani reacted this: “Nigeria’s current corruption rating by the Transparency International is dismal. Its a direct opposite of the marks and the applause we give to ourselves.We have a choice now;to condemn them as anti Government or anti Nigeria or we reset our drive and make amends.”

Also the Civil Society Legislative Advocacy Centre, (CISLAC) said: “It is CISLAC’s view that the negative perception is mainly a consequence of the inability to combat grand corruption and astronomical plundering of public coffers costing the Nigerian tax payers around 25 per cent of annual GDP.” Suffice to point out that it is this kind of mindset from government that makes winning the war against corruption very difficult. When you live in Aso Rock, you are insulated from reality. Obviously, President Buhari does not know what the situation is in the country. He believes and relies on what his aides tell him. As a leader, the president should find a way to find out the reality. He should hold town hall meetings and listen to the people.

Yes, when he became the president in 2015, many believed that the president would fight corruption but that perception died a long time ago. The president should accept the blame if many Nigerians do not

Auwal Ibrahim Musa Rafsanjani, Executive Director, CISLAC

believe in his anti-corruption crusade any longer. So, rather than calling Transparency International names, the government should ask the organisation what it is not doing right so that this can be addressed. Or better still, the Buhari administration should ask Botswana what it is doing right and learn from it. Nobody is too ig to learn.

The Presidency’s reaction to Transparency International’s corruption perception index is significant for what it did not say. We appreciate and commend the president for the achievements recorded so far. But unfortunately, these are not enough to change public’s perception. The president has damaged the anti-corruption war to the extent that it now lacks credibility.

Before going into what the Presidency conveniently ignored in its statement, it is apposite to remind the All Progressives Congress-led government that not long ago the National Bureau of Statistics and the United Nations Office on Drugs and Crime released a report that is similar to that of the Transparency International.

The revelations contained in the report titled: ‘Corruption in Nigeria. Bribery: Public Experience and Response 2017’ released in August last year by the National Bureau of Statistics and the United Nations Office on Drugs and Crime were quite damning.

The president should accept the blame if many Nigerians do not believe in his anti-corruption crusade any longer

The report entitled “Corruption in Nigeria – Bribery: Public Experience and Response”, covered June 2015 to May 2016.

It concluded that law enforcement agencies and the judiciary were the highest receivers of bribes in Nigeria. The study, which covered the 36 states and the Federal Capital Territory (FCT), Abuja, also said that “police officers are the type of public officials to whom bribes are most commonly paid in Nigeria.”

The report, among other findings, stated that 95 per cent of Nigerians would accept a bribe when offered or pay a bribe when demanded.

The survey found that only 5.3 per cent of Nigerians would either refuse to pay a bribe when asked to or refuse to accept when a bribe is offered to them.

The Nigerian Corruption Survey, first of its kind by the NBS gave graphic details of corruptions in different shades and how it affects daily life of the average Nigerian citizen.

Since the report was released, the government did nothing to address the issues identified therein. It is sheer naivety to expect the report of the Transparency International report. The government should tell Nigerians what it did differently since that report was released.

When Dr Goodluck Jonathan was president, police extorted money from motorists along the roads, today under Buhari they are still busy collecting bribes along the roads.

The statement from the Presidency forgot to tell Nigerians what the government has done to stop police corruption which the NBS-UNODC confirmed was widespread.

Nothing was done. Rather the government went after Senator Isah Misau for exposing corrupt acts in the police. Yet, the govern-

ment wants an improvement in perception of corruption!

In case those in government have forgotten, the UNODC-NBS report stated that the magnitude of public sector bribes in Nigeria became even more palpable when factoring in the frequency of the payments, adding that the majority of those who paid bribes to public officials did so more than once over the course of the year.

Bribe-payers, it added, paid an average of some six bribes in one year, or roughly one bribe every two months.

“Roughly 400 billion Nigerian Naira is spent on bribes each year. Taking into account the fact that nine out of every ten bribes paid to public officials in Nigeria are paid in cash and the size of the payments made, it is estimated that the total amount of bribes paid to public officials in Nigeria in the 12 months prior to the survey was around 400 billion Nigerian Naira (NGN), the equivalent of $4.6 billion in purchasing power parity (PPP). This sum is equivalent to 39 per cent of the combined federal and state education budgets in 2016,” the report said.

It equally revealed that bribe-payers spent an eighth of their salary on bribes, noting that the average sum paid as cash bribe in the country was approximately N5,300, which is equivalent to roughly $61(PPP).

“This means that every time a Nigerian pays a cash bribe, he or she spends an average of about 28.2 per cent of the average monthly salary of approximately NGN18,900.

“Since bribe-payers in Nigeria pay an average of 5.8 bribes over the course of one year, 92 per cent of which are paid in cash, they spend an average of NGN 28,200 annually on cash bribes—equivalent to 12.5 CONT’D ON PAGE 18

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POLITICS

MONDAY DISCOURSE T H E U N C O M F O RTA B L E T R U T H

Adetokunbo Mumuni, Executive Director, SERAP

per cent of the annual average salary,” it added.

Before Jonathan left, those who applied for international passports paid more than the approved fees, under Buhari you are not likely to get a passport until you pay a bribe. Those who refuse to pay have to wait indefinitely before they eventually get it, if they are lucky.

Nigerians wonder why a government that reinstated the Executive Secretary of the National Health Insurance Scheme (NHIS), Prof. Usman Yusuf while allegations of corruption are pending against him expected to be rated highly in the fight against corruption. > In disputing Transparency International’s rating, the Presidency forgot to tell Nigerians the grand conspiracy to cover up the scandal of the year, the return of the former Chairman of the Taskforce on Pension Reforms, Abdulrasheed Maina and how he was rewarded with double promotion at the Ministry of Internal Affairs. A government that aids and abets corrupt acts should not expect to be taken serious. Even though the president has ordered that he be sacked from the ministry, those who orchestrated the fraud have remained in office.

While the government is quick to showcase how much the Economic and Financial Crimes Commission had recovered, it has refused to help the commission to do better. Today, EFCC is underfunded, understaffed and overstretched. Yet, without the commission, there will be little to show for the anticorruption war. The Minister for Justice and Attorney General of the Federation is constantly seeking to undermine the commission. The Acting Chairman of the commission, Ibrahim Magu was humiliated when he went for screening at the Senate.

There is an apparent lack of unity among those driving the anti-corruption war. The commission was prevented from carrying out its duty when its operatives were not allowed to arrest a former Director General of the Department of State Security, Ekpenyong Ita who is being investigated for alleged corruption. Is anyone still surprised that we are doing poorly in the anti-corruption war?

Moving Forward Government has to look inward instead of blaming others for the poor performance in the fight against corruption. It should ask itself what it is not doing right. The idea of believing that it is running a perfect anti-corruption war while evidence suggests otherwise will not solve the problem. As a matter of fact, things are likely to get worse. More damning assessments are likely to emerge in the future if government continues to indulge in self adulation and blame game.

It is good to heed CISLAC’s observa-

EFCC Acting Chair, Ibrahim Magu doing his best in a hostile environment

tion. The group said: “Since the current administration has come to power on the anti-corruption ticket, no significant politically exposed person has been duly sentenced on anti-corruption charges. > “CISLAC notes that anti-corruption agencies have accelerated the rate of convictions on anti-corruption charges. Economic Financial Crime Commission (EFCC) for example has brought 286 cases.” > However, it observed that majority of the cases were insufficient cases with little impact of returned assets into the state budget and no effect on unfavourable public opinion. > According to the group, there is reason to suspect that the judiciary is either not able or willing to prosecute the VIP cases of senior public servants and elected politicians who have either directly plundered lucrative Nigerian state resources or are at least responsible for the catastrophic lack of oversight over public funds as mandated by the constitution.

It also explained that while the nation has made numerous international commitment toward fighting corruption, the majority of the commitments stay unfulfilled.

“Unless the justice system expedites politically exposed cases and forfeits meaningful amounts of recovered assets; unless the National Assembly stops political boycott of key appointments and passes much needed legislation and unless there is a tangible strategy of the government to damage-control shocking plundering of public resources, public perception on anti-corruption is unlikely to improve,” it said. > In its recommendations, CISLAC urged the government to make the 2017 anticorruption strategy known to the grass-root level; prioritise anti-corruption courts and nominate judges with proven record of high integrity and no controversies; prioritise international cooperation and usage of international agreements to repatriate Nigerian assets abroad; and use foreign jurisdictions’ legal instruments such as recently passed, among others.

The Socio-Economic Rights and Accountability Project (SERAP) has also urged “the government of President Muhammadu Buhari

Possessing the political will to fight corruption is not in itself enough if it’s not sufficiently demonstrated

to see the Transparency International’s Corruption Perception Index (CPI), as a wake-up call to renew its oft-expressed commitment and raise its game to fight both grand and petty corruption, as well as end the legacy of impunity rather than simply dismissing the survey as ‘fiction’.”

SERAP in a statement today by its deputy director Timothy Adewale said, “While TI’s index only measures perceptions of corruption, their findings correspond substantially with the reality of impunity of perpetrators, as demonstrated by the low conviction rate, the authorities’ slowness to adopt and implement critical reforms, appearance of selectivity in the anti-corruption fight, apparent complicity of key officials and cover-up, as well as unaddressed alleged corruption against several state governors. The authorities should take the report seriously and use it as an opportunity to raise their game in their efforts to rid our country of corruption and underdevelopment.”

It called on government to make no mistake about this: “Nigerians know corruption when they see it’, saying that rather than simply criticising TI as publishing fiction or going after its board members, the government should accept the fact that its oft-expressed commitment to fight corruption has not gone to plan.

The statement reads in part: “The CPI may not be perfect, and in fact no index is.

The CPI may not show actual evidence of corruption in the country, but perceptions are commonly a good indicator of the real level of corruption. In any case, the devastating effects of corruption in virtually all sectors providing essential public services are too glaring for Nigerians to ignore.

“While the government may have blocked some leakages in the systems and reduced the level of impunity witnessed under the previous administrations, it has not done enough to address longstanding cases of corruption, and the appearance of selectivity in the prosecution of corruption allegations especially when such cases involve those close to the seat of power. Today, corruption still constitutes one of the greatest threats to the country’s sustainable and equitable development.

“Almost 3 years after taking office, and promising to fight grand corruption, no ‘big fish’ suspected of corruption has yet been sent to jail. The situation has not significantly improved, and it seems unlikely that many of those facing grand corruption charges will be successfully prosecuted. Nigerians need to see real commitment and heavy investment in promoting a culture of clean government, and total obedience to the rule of law.

“Possessing the political will to fight corruption is not in itself enough if it’s not

sufficiently demonstrated. Buhari should take the CPI to heart and initiate and actively facilitate the passing of tough anti-corruption laws, strengthening the capacity and independence of anti-corruption agencies, substantially improving the criminal justice system, obeying decisions and judgments of our courts, and ensuring the passing of the Whistle-blower Bill.

“Buhari can’t fight corruption successfully without significantly improving on the tools used by his predecessor former President Goodluck Jonathan. The government should as a matter of urgency implement governance reforms to advance effective functioning of government institutions, strengthen the quality of democratic institutions and rule of law, and reducing corruption, if Nigeria is ever going to improve on its global anticorruption ranking.

“Public officials still use political power to enrich themselves without considering the public good. Selective application of the law is a sign that the law is not being followed strictly enough, and that the fight against corruption is not maximally prosecuted.”

“In several states of the federation, and federal ministries, corruption is taking place every day and every hour, especially in the power sector, the education sector, the water sector, the health sector and other important public sectors. Corruption continues to directly affect the lives and well-being of millions of Nigerians across the country, and to erode public trust in public institutions and leaders, threatening the foundation of our democracy.

“There is uneven implementation of the rule of law and democratic processes, limited citizen participation in policy processes, and deliberate disobedience of court orders and judgments, such as the judgment of Justice Mohammed Idris of the Federal High Court obtained by SERAP, which ordered the government to publish widely how recovered stolen funds since the return of democracy in 1999 have been spent.

“The best measure of a country’s progress toward transparency and accountability is a total obedience to the rule of law. The law ought to command the highest levels of respect by for example, the government immediately obeying orders and judgments of competent courts. The fight against corruption won’t succeed if the government continues to selectively adhere to law or refuse to rectify any disobedience. No country in which official position and orders claim a place in people’ s minds higher than the law can truly be said to fight corruption.

“Democracy works only if the people have faith in those who govern, and that faith is bound to be shattered when high officials and their appointees engage in activities which arouse suspicions of malfeasance and corruption.”

T H I S D AY ˾ MONDAY FEBRUARY 26, 2018

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

Home Sick IDPs in Benue Some internally displaced persons in Benue State want to return to their ancestral homes, writes Alex Enumah

The IDPs in Benue

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t was the very first day of the year, January 1, 2018. Mama Umem Shiga from Tse Nongo Village, in Guma Local Government Area of Benue State though that at the ripe age of 102 years she was full of life and expressed gratitude to God for the grace to see year 2018. And as the usual tradition, gathered her children, grand children, great grand children and relatives not just to celebrate and feast but to pour out what may probably be her last blessing on them before joining her ancestors.

That accomplished Mama went to bed in the evening hoping to wake up to a better tomorrow, but sooner than she went to bed that she was woken up in great commotion as herdsmen were said to have attacked her community, burning houses, barns and killing anyone on sight whether young or old.

But for the timely intervention of her children who could not abandon her in the flight, Mama would have joined her ancestors through a gruesome passage.

Yes, she says she is glad to be alive and to have her children around her but the pain and the trauma is just too much to bear, worst still when there is no hope of returning soon to their homes.

Mama Umem, who is the oldest inmate in one of the camps, lamented her condition, stressing that she was saddened by the fact that herdsmen sacked her from her home at a time she was getting closer to her grave. Speaking in her tiny weak and frail voice, she lamented that even though she was taken to healthcare facilities situated some miles away from the camp, she still

feels something in her throat like a frog.

Almost inaudible, she said she was pained because her children lost everything they laboured for in the farms to the crisis. “I thank God that many of my children are alive but the pain is too much especially when you remember that you have a home but cannot immediately go back and you are forced to live in a camp where there is nothing to be happy about because of lack of everything. Honestly, we want to return to ancestral home.

I thank God that many of my children are alive but the pain is too much especially when you remember that you have a home but cannot immediately go back and you are forced to live in a camp where there is nothing to be happy about because of lack of everything

“It is sad that this happened to us at a time when things are so difficult and our children are managing to make ends meet. So many of our children have been killed and those who survived do not have homes anymore,� she said.

However, she is not the only one longing for the comfort of their homes, the over 10,000 inmates of the two major camps in Daudu cannot wait for a peaceful and permanent resolution of the crisis so that they can commence the process of rebuilding their lives.

Eighteen years old Mrs. Joy Hilenenge who gave birth at the camp on 19, January 2018 to a bouncing baby girl narrated her ordeal and how she was able to escape the night the herdsmen invaded their residence.

Lamenting the poor quality of food usually served them at the camp, Hilenenge appealed to the federal government to look into their plight by coming to their aid as well as ensuring that the menace is curbed to a barest minimum. She also said that she is already home sick.

"The night the herdsmen invaded our community, a pastor was killed, I was able to escape through the back door and run for safety.

"I was running with my husband in the bush when we turned and saw a thick flame from our compound. As I am talking to you right now, our compound is razed down. Even if we leave this camp today, there is nowhere to go again because for us, there is no home anymore," she said, while narrating her ordeal. But she was quick to add that they are already missing their homes, insisting that there is no place like home

The husband, Francis Chirga Hilenenge, who corroborated the story of his wife, called for assistance from the federal government.

"Though last Sunday, food was shared in the camp, it was barely enough for the families camped here. We lack toilet facilities; so everyone defecates in the open and we all know the implication of that. In no distant time we may be recording outbreak of diseases. We need help. Government is doing its best, but the situation is actually beyond what the government can cope with.

If help does not come as soon as possible, we may be recording deaths in this RCM School camp.�

The IDP camps, located at the RCM Primary School, Daudu and the Shelter Camp, built by the United Nations agencies few years ago, provide safe haven for the distressed families.

Unlike the Shelter camp where some form of comfort is seemingly available for inmates, the RCM Primary School camp, housing about half of the displaced persons, could not boost of toilet facilities for use by the inmates. The situation left the inmates with no option other than to defecate and take their bath on the field adjacent the camp in public glare. Most of the inmates sleep on bare floor in some structures that lacked doors and windows.

The situation is made worse by the continuous flow of new inmates into the camps and the lack of adequate food to cater for the huge number of the displaced persons. Medical attention for the sick and pregnant women also was posing a challenge.

Another of the victims Sedoo Ujah recounted how she escaped from the herdsmen who caught her and her five

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FEATURES

children at Asamgaba Village Mbakuran Umenge. “It was God who saved me and my children, because when we heard that herdsmen had come to attack us at about 5a.m. of January 2, I hurriedly gathered my children and we made attempt to run away but the armed men who came in their numbers caught us. “While they were questioning us, there came the sound of rapid gunshot from a nearby village and the men left us and started running towards where the sound was coming from. “It was at that moment I told my children to start running and, for close to 30 minutes, we were running until we came to the road where we saw some families that were also running away on motorbikes and they offered to assist us get to Daudu. “Surprisingly two of the men who attacked us were people who used to come to our village to graze their cows and I know them very well. One of them even asked of the whereabouts of my husband who, on the that day, was yet to come back from Makurdi," she added The chairman of the camp, Vaakaa Francis Shiga who spoke with the NBA team, who had paid a visit to commiserate with the victims and also get a first hand information on how to proffer permanent solutions to the crisis, lamented the poor condition in which they have been subjected to since their displacement.

He lamented the poor food quality and called on the federal government to come to their aid by providing food, mattresses and blankets.

He commended the NBA team for taking out time to identify with them and charged them to come to their aid by ensuring that they get justice.

SEMA officials who were on ground told the NBA team that food items and non food items are usually distributed to the victims on a daily basis.

He said that the materials which are usually supplied by the state government and other NGOs have been judiciously used for the purpose they are meant for.

NBA President Abubakar Mahmoud, while consoling the victims said the association has been following the development in Benue and the entire country and thought it is important for people to forebear and show restraint so as not to aggravate the situation. �The NBA has followed the development in Benue and the entire country and we thought it is important forbearance is to come and see for ourselves, see what is happening and hear from the victims, to express our condolences and to show our concern so that has been one of the major objectives of the visit and I think it will be very useful. “The second major objective is to see how we can assist them in the current problems across the country. We have done this before in other states that had similar problem, Southern Kaduna we are actively involved in the conflicts confronting the North-east, Nigeria Delta,� he said.

Mahmoud, in company of his wife, Justice Patricia Mahmoud who led members of the bar on the fact finding mission in the state said that the bar had been associated with the principle of rule of law, and it is committed to bringing the circle of violence to an end.

We lack toilet facilities; so everyone defecates in the open and we all know the implication of that. In no distant time we may be recording outbreak of diseases. We need help

These male IDPs want to return to their native homes

Women and children at the Benue IDPs camp...missing home

This woman is thinking about her farms, tired of life in the camp

Donating relief materials to victims at the two camps, the NBA boss assured that the NBA will carry out a detailed table review of the issues raised by the stakeholders and come up with a logical conclusion.

He said, "The Bar has been consistently

associated with the rule of law. We are concern that whatever our contribution is, it will be concise and practical.

"We are also concerned in bringing this circle of violence to an end. The NBA will look at the evidence and content of facts,

careful analysis of all the facts and come out with a logical conclusion."

Addressing the stakeholders during a one day town hall meeting, the NBA boss assured that justice would be served at the end of the day.

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THUMBS UP Unending ReďŹ neries TAM Contracts Petroleum industry analysts have commended the House of Repre-

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L-R: Representing of the Vice President, Ambassador Chiedu Osakwe; A former Director, FBN Holdings Plc, Alhaji Abdullahi Mahmoud; Director, FBN Holdings Plc, Chidi Anya; GMD, FBN Holdings Plc, UK EKE; Chairman, FBNQuest Merchant Bank, Mallam Bello Maccido; and President, Council of Nigeria Stock Exchange, Abimbola Ogunbanjo, at the Corporate Governance Rating System CertiďŹ cation Ceremony 2018, held at the Civic Center, Lagos ... recently

THISDAY Model Portfolios Record Further Growth to 41.8 % Goddy Egene THISDAY Model Portfolio (TMP) rose further last week to hit 41.8 per cent, up from 40.9 per cent the previous week.

Again, the growth, market analysts said, reflected the resilience of the stocks in the portfolios which were selected based on the expertise of the broking firms involved.

TMP is an initiative of THISDAY Economic and Financial Intelligence Unit (TEFIU), designed to enable leading stockbrokers and investment houses in the country

CAPITAL MARKET 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 .

It consists of five different portfolio types constructed individually in conjunction with five leading stockbroking firms in the country with different investment objectives.

Each of the partner stock

broking houses constructed a portfolio of 10 stocks selected according to their individual best judgement and using their best and well tested stock selection and investment strategies. Each of them then deployed an imaginary fund of N10 million to invest on the 10 stocks in whatever proportions they considered best.

An assessment of the TMP performance as at the close of trading last Friday, it recorded further growth as against a decline posted by the Nigerian Stock Exchange

(NSE) All-Share Index. While the NSE ASI fell by 0.16 per cent, the TMP rose from 40.9 per cent to 41.8 per cent.

With the growth posted by the TMP, the N50 million imaginary fund deployed by the five firms has appreciated to N20.882 million. A further analysis of the individual portfolios showed that four of them recorded improvement, while one stagnated.

However, Portfolio C maintained its leading position, rising from 65.2 per cent to Continued on page 24

FG Set to Unveil Initiatives to Boost Economy’s Growth Nume Ekeghe and Ugo Aliogo The Minister of Trade and Investment, Dr. Okechukwu Enelamah, at the weekend disclosed the resolve of President Muhammadu Buhari to reposition the economy in 2018, with the planned launch of key growth initiatives next month.

Enelamah, who disclosed in Lagos at the launch of Andersen Tax, a global independent tax firm in Nigeria, noted that the move was geared towards attracting investments through PublicPrivate Partnership for the development of the economy.

ECONOMY He explained that government was interested in the collaboration because of its drive for investment, and implementation around infrastructure and industry, further adding that “this is the best way to implement the Economic, Recovery and Growth Plan (ERGP).�

The minister further stated that the growth model, which the federal government adopted, was used by Malaysia in restructuring their economy, adding that if the government is able to implement the ERGP which involves restoring growth,

investing in people and building the economy, jobcreation would be fast-tracked.

Enelamah added: “You aware that government has an ongoinginitiative, which is the Voluntary Asset Income Declaration Scheme (VAIDS).

The key is to create this social contract so that the people will be happy to pay their taxes and government will put these taxes to work. “Paying taxes revolves around digitalisation. We also connect it to the ease of doing business because the more we put the taxes to work, the better we improve businesses. There are so many initiatives government wants

to roll out. “We are doing things which revolve around making it easy for people to do business. We have created a web porter where people can complain, share other information they have and do business. “At the middle of March, federal government will be launching some key initiatives to in order to successfully attract investments in public and private partnership collaboration for the economy.

We are interested in this collaboration particularly when it comes to investment, implementation around inContinued on page 24

sentatives Ad-hoc Committee investigating the state of the nation’s ĂœĂ?Ă?Ă“Ă˜Ă?ĂœĂ“Ă?Ă? Ă?Ă™Ăœ Ă’Ă‹Ă–ĂžĂ“Ă˜Ă‘ ÞÒĂ? ÍœÍŻË›Íś ĂŒĂ“Ă–Ă–Ă“Ă™Ă˜ ĂžĂ&#x;ĂœĂ˜ Ă‹ĂœĂ™Ă&#x;Ă˜ĂŽ Ă—Ă‹Ă“Ă˜ĂžĂ?Ă˜Ă‹Ă˜Ă?Ă? Ě™ Ěš Ă?Ă™Ă˜ĂžĂœĂ‹Ă?Ăž Ă‹Ăž ÞÒĂ? ĂšĂ–Ă‹Ă˜ĂžĂ?Ë› Ă’Ă?ĂŁ Ă’Ă‹Ă Ă? Ă&#x;ĂœĂ‘Ă?ĂŽ ÞÒĂ? Ă–Ă‹ĂĄĂ—Ă‹Ă•Ă?ĂœĂ? ÞÙ ĂŽĂ“ĂœĂ?Ă?Ăž ÞÒĂ?

NNPC to disclose details of the repairs carried out on the refineries Ă“Ă˜ ÞÒĂ? Ă–Ă‹Ă?Ăž Í°ÍŽ ĂŁĂ?Ă‹ĂœĂ?Ëœ Ă“Ă˜Ă?Ă–Ă&#x;ĂŽĂ“Ă˜Ă‘ ÞÒĂ? Ă“ĂŽĂ?Ă˜ĂžĂ“ĂžĂ“Ă?Ă? Ă™Ă? ÞÒĂ? Ă?Ă™Ă˜ĂžĂœĂ‹Ă?ĂžĂ™ĂœĂ? Ă‹Ă˜ĂŽ Ă‹Ă—Ă™Ă&#x;Ă˜ĂžĂ? Ă?ĂšĂ?Ă˜Ăž Ă™Ă˜ ÞÒĂ? Ă Ă‹ĂœĂ“Ă™Ă&#x;Ă? Ă?Ă™Ă˜ĂžĂœĂ‹Ă?ĂžĂ?Ë› Ă’Ă? ĂœĂ?Ă?Ă“Ă˜Ă?ĂœĂ“Ă?Ă? Ă–Ă™Ă?Ă‹ĂžĂ?ĂŽ Ă“Ă˜ Ă™ĂœĂž Ă‹ĂœĂ?Ă™Ă&#x;ĂœĂžËœ Ă‹ĂœĂœĂ“ Ă‹Ă˜ĂŽ Ă‹ĂŽĂ&#x;Ă˜Ă‹Ëœ Ă’Ă‹Ă Ă? Ă‹ Ă?Ă™Ă—ĂŒĂ“Ă˜Ă?ĂŽ Ă“Ă˜Ă?ÞËÖÖĂ?ĂŽ Ă?ËÚËĂ?ÓÞã ÞÙ ĂœĂ?Ă?Ă“Ă˜Ă? Í˛Í˛ÍłËœÍŽÍŽÍŽ ĂŒĂ‹ĂœĂœĂ?Ă–Ă? Ă™Ă? Ă?ĂœĂ&#x;ĂŽĂ? ĂšĂ?Ăœ ĂŽĂ‹ĂŁË› Ă? Ă‹Ăž Ă&#x;Ă‘Ă&#x;Ă?Ăž Ă–Ă‹Ă?Ăž ĂŁĂ?Ă‹ĂœËœ ÑËÞÒĂ?ĂœĂ?ĂŽ ÞÒËÞ ÞÒĂ? ĂœĂ?Ă?Ă“Ă˜Ă?ĂœĂ“Ă?Ă? ĂĄĂ?ĂœĂ? ĂšĂœĂ™ĂŽĂ&#x;Ă?Ă“Ă˜Ă‘ Ă‹Ăž ĂŒĂ?ÖÙå Í°Íł ĂšĂ?Ăœ Ă?Ă?Ă˜Ăž Ă™Ă? ÞÒĂ?Ă“Ăœ Ă˜Ă‹Ă—Ă?ÚÖËÞĂ? Ă?ËÚËĂ?ÓÞã˛ Ă“Ă– Ă“Ă˜ĂŽĂ&#x;Ă?ĂžĂœĂŁ Ă?Ă™Ă&#x;ĂœĂ?Ă?Ă? Ă?Ă‹Ă—Ă“Ă–Ă“Ă‹Ăœ åÓÞÒ ÙÚĂ?ĂœĂ‹ĂžĂ“Ă™Ă˜Ă? Ă™Ă? ÞÒĂ? ĂœĂ?Ă?Ă“Ă˜Ă?ĂœĂ“Ă?Ă?Ëœ ÞÙÖÎ

Ùà Ă?Ăœ ÞÒĂ? ĂĄĂ?Ă?Ă•Ă?Ă˜ĂŽ ÞÒËÞ Ă?Ă™Ă˜ĂžĂœĂ‹ĂœĂŁ ÞÙ ĂœĂ?ĂšĂ?Ă‹ĂžĂ?ĂŽ Ă?Ă–Ă‹Ă“Ă—Ă? ĂŒĂŁ ÞÒĂ? ÞÒËÞ ÞÒĂ? ĂœĂ?Ă?Ă“Ă˜Ă?ĂœĂ“Ă?Ă? Ă&#x;Ă˜ĂŽĂ?ĂœĂ‘Ă™ ĂœĂ™Ă&#x;ĂžĂ“Ă˜Ă? Ă?Ëœ ÞÒĂ? Ă?Ă™Ă&#x;Ăœ ĂœĂ?Ă?Ă“Ă˜Ă?ĂœĂ“Ă?Ă? Ă—Ă“Ă‘Ă’Ăž Ă˜Ă™Ăž Ă’Ă‹Ă Ă? Ă&#x;Ă˜ĂŽĂ?ĂœĂ‘Ă™Ă˜Ă? Ă?Ă™Ă—ĂšĂœĂ?Ă’Ă?Ă˜Ă?Ă“Ă Ă? ĂœĂ?ĂšĂ‹Ă“ĂœĂ? Ă“Ă˜ ÞÒĂ? Ă–Ă‹Ă?Ăž ÍŻÍś ĂŁĂ?Ă‹ĂœĂ? Ă™Ăœ Ă—Ă™ĂœĂ?Ëœ Ă‹Ă? Ă?Ă™Ă˜ĂžĂœĂ‹Ă?ĂžĂ? Ă‹ĂĄĂ‹ĂœĂŽĂ?ĂŽ ĂŒĂŁ Ă?Ă&#x;Ă?Ă?Ă?Ă?Ă?Ă“Ă Ă? ÑÙà Ă?ĂœĂ˜Ă—Ă?Ă˜ĂžĂ? ĂĄĂ?ĂœĂ? Ă?ÓÞÒĂ?Ăœ Ă‹ĂŒĂ‹Ă˜ĂŽĂ™Ă˜Ă?ĂŽ Ă’Ă‹Ă–Ă?ĂĄĂ‹ĂŁ Ă™Ăœ ĂĄĂ?ĂœĂ? Ă˜Ă™Ăž Ă?âĂ?Ă?Ă&#x;ĂžĂ?ĂŽ Ă‹Ăž Ă‹Ă–Ă–Ë› Ă?Ă?ÚÓÞĂ? ÞÒĂ? ĂŒĂ“Ă–Ă–Ă“Ă™Ă˜Ă? Ă™Ă? ĂŽĂ™Ă–Ă–Ă‹ĂœĂ?Ëœ ĂĄĂ’Ă“Ă?Ă’ ÞÒĂ? Ă?Ă–Ă‹Ă“Ă—Ă?ĂŽ ĂĄĂ?ĂœĂ? Ă?âÚĂ?Ă˜ĂŽĂ?ĂŽ Ă™Ă˜ ÞÒĂ? ĂœĂ?Ă?Ă“Ă˜Ă?ĂœĂ“Ă?Ă? ĂœĂ™Ă&#x;ĂžĂ“Ă˜Ă? Ëœ Ă Ă“ĂœĂžĂ&#x;Ă‹Ă–Ă–ĂŁ Ă‹Ă–Ă– ÞÒĂ?Ă“Ăœ à ÓÞËÖ Ă&#x;Ă˜Ă“ĂžĂ? Ă‹ĂœĂ? Ă?Ă‹Ă“ĂŽ ĂŒĂ? Ă“Ă˜ ĂœĂ&#x;Ă“Ă˜Ă?Ë› Ă’Ă? Ă“Ă—Ă—Ă?ĂŽĂ“Ă‹ĂžĂ? ÚËĂ?Ăž Ă‹ĂŽĂ—Ă“Ă˜Ă“Ă?ĂžĂœĂ‹ĂžĂ“Ă™Ă˜ Ă’Ă‹ĂŽ Ă?Ă“Ă‘Ă˜Ă?ĂŽ Ă Ă‹ĂœĂ“Ă™Ă&#x;Ă? ĂŽĂ?Ă‹Ă–Ă? Ă?Ă™Ăœ ÞÒĂ? Ă&#x;ĂšĂ‘ĂœĂ‹ĂŽĂ? Ă™Ă? ÞÒĂ? ĂœĂ?Ă?Ă“Ă˜Ă?ĂœĂ“Ă?Ă?Ëœ ĂŒĂ&#x;Ăž ÞÒĂ? Ă?Ă&#x;ÚÚÙĂ?Ă?ĂŽ ĂžĂ&#x;ĂœĂ˜Ă‹ĂœĂ™Ă&#x;Ă˜ĂŽ Ă—Ă‹Ă“Ă˜ĂžĂ?Ă˜Ă‹Ă˜Ă?Ă? Ă&#x;ĂšĂ‘ĂœĂ‹ĂŽĂ?Ă? Ă?Ă–Ă‹Ă“Ă—Ă?ĂŽ ÞÙ Ă’Ă‹Ă Ă? ĂŒĂ?Ă?Ă˜ ĂŽĂ™Ă˜Ă?Ëœ ĂĄĂ?ĂœĂ? ĂŽĂ“Ă?Ă?Ùà Ă?ĂœĂ?ĂŽ ÞÙ ĂŒĂ? Ă?Ù×ÚÖĂ?ĂžĂ? Ă?ĂœĂ‹Ă&#x;ĂŽË› ËŤ Ă’Ă? Ă?Ă›Ă&#x;ÓÚ×Ă?Ă˜Ăž Ă?Ă–Ă‹Ă“Ă—Ă?ĂŽ ÞÙ Ă’Ă‹Ă Ă? ĂŒĂ?Ă?Ă˜ ĂšĂ&#x;ĂœĂ?Ă’Ă‹Ă?Ă?ĂŽ ĂŒĂŁ ÞÒĂ? ÚËĂ?Ăž Ă‹ĂŽĂ—Ă“Ă˜Ă“Ă?ĂžĂœĂ‹ĂžĂ“Ă™Ă˜ Ă?Ă™Ăœ ĂžĂ&#x;ĂœĂ˜Ă‹ĂœĂ™Ă&#x;Ă˜ĂŽ Ă—Ă‹Ă“Ă˜ĂžĂ?Ă˜Ă‹Ă˜Ă?Ă? ĂĄĂ‹Ă? Ă‹ Ă?Ă’Ă‹Ă— Ă‹Ă? ÙÖÎ Ă—Ă‹Ă?Ă’Ă“Ă˜Ă?Ă? ĂĄĂ’Ă“Ă?Ă’ Ă’Ă‹ĂŽ ĂŒĂ?Ă?Ă˜ Ă“Ă˜ Ă&#x;Ă?Ă? Ă?Ă“Ă˜Ă?Ă? ÞÒĂ? Ă?Ă?ĂžĂ‹ĂŒĂ–Ă“Ă?Ă’Ă—Ă?Ă˜Ăž Ă™Ă? ÞÒĂ? ĂœĂ?Ă?Ă“Ă˜Ă?ĂœĂŁ ĂĄĂ?ĂœĂ? ĂœĂ?ĂšĂ™ĂœĂžĂ?ĂŽĂ–ĂŁ ĂœĂ?Ă?Ă&#x;ĂœĂŒĂ“Ă?Ă’Ă?ĂŽ Ă‹Ă˜ĂŽ Ă“Ă˜Ă?ÞËÖÖĂ?ĂŽ ĂŒĂ‹Ă?Ă•ËŹËœ Ă?Ă‹Ă“ĂŽ Ă‹ Ă?Ă™Ă&#x;ĂœĂ?Ă? Ă?Ă‹Ă—Ă“Ă–Ă“Ă‹Ăœ åÓÞÒ ÞÒĂ? ĂœĂ?Ă?Ă“Ă˜Ă?ĂœĂ“Ă?Ă? ÙÚĂ?ĂœĂ‹ĂžĂ“Ă™Ă˜Ă?Ë› A highly placed industry source also noted that attempts to privatise ÞÒĂ? ĂšĂ–Ă‹Ă˜ĂžĂ? ĂĄĂ?ĂœĂ? Ă?ĂœĂ&#x;Ă?ĂžĂœĂ‹ĂžĂ?ĂŽ ĂŒĂŁ ÞÒÙĂ?Ă? ĂĄĂ’Ă™ Ă?Ă?Ă?ĂŽ Ă?Ă‹Ăž Ă?ĂœĂ™Ă— ÞÒĂ?Ă—Ë› Ă’Ă? Ă?Ă™Ă&#x;ĂœĂ?Ă? Ă‹ĂŽĂŽĂ?ĂŽË? ËŤ Ă’Ă? Ă?Ă–Ă‹Ă“Ă—Ă? Ă“Ă˜ ÞÒĂ? ÚËĂ?Ăž ÞÒËÞ ÞÒĂ? ĂœĂ?Ă?Ă“Ă˜Ă?ĂœĂ“Ă?Ă? ĂĄĂ?ĂœĂ? ĂšĂœĂ™ĂŽĂ&#x;Ă?Ă“Ă˜Ă‘ ĂĄĂ?ĂœĂ? Ă‹Ă–Ă– Ă?Ă‹Ă–Ă?Ă?Ë› Ă? ĂŁĂ™Ă&#x; ĂĄĂ?ĂœĂ? Ă?Ă™Ă–Ă–Ă™ĂĄĂ“Ă˜Ă‘ ÞÒĂ? ĂžĂœĂ?Ă˜ĂŽËœ Ă™Ă˜Ă?Ă? ÞÒĂ? Ă‹Ă˜Ă˜Ă™Ă&#x;Ă˜Ă?Ă?ĂŽ Ă™Ă˜ ÞÒĂ? ĂœĂ?Ă?Ă“Ă˜Ă?ĂœĂ“Ă?Ă?Ëœ Ă“Ăž ĂĄĂ™Ă&#x;Ă–ĂŽ ĂŒĂ? Ă?ÙÖÖÙåĂ?ĂŽ ĂŒĂŁ Ă‹Ă˜Ă˜Ă™Ă&#x;Ă˜Ă?Ă?Ă—Ă?Ă˜Ăž Ă™Ă˜ ĂĄĂ’Ă?Ă˜ ĂœĂ?ĂšĂ‹Ă“Ăœ ĂĄĂ™Ă&#x;Ă–ĂŽ ĂŒĂ? Ă?Ă™Ă˜Ă?Ă–Ă&#x;ĂŽĂ?ĂŽ Ă‹Ă˜ĂŽ ÞÒĂ?Ă˜ ÞÒĂ?ĂŁ ĂĄĂ™Ă&#x;Ă–ĂŽ Ă›Ă&#x;ÙÞĂ? ÞÒĂ? ĂšĂ?ĂœĂ?Ă?Ă˜ĂžĂ‹Ă‘Ă? Ă‹Ăž ĂĄĂ’Ă“Ă?Ă’ ÞÒĂ? ĂœĂ?Ă?Ă“Ă˜Ă?ĂœĂ“Ă?Ă? ĂĄĂ?ĂœĂ? ĂšĂœĂ™ĂŽĂ&#x;Ă?Ă“Ă˜Ă‘Ë›

Ă˜ Ă?Ă‹Ă?Ăž Ă‹Ăž Ă?Ù×Ă? ĂšĂ™Ă“Ă˜ĂžËœ ÞÒĂ? Ă?Ă™ĂœĂšĂ™ĂœĂ‹ĂžĂ“Ă™Ă˜ Ă’Ă‹ĂŽ ĂšĂ&#x;Ăž ÞÒĂ? ĂšĂœĂ™ĂŽĂ&#x;Ă?ĂžĂ“Ă™Ă˜ Ă?ËÚËĂ?ÓÞã Ă‹Ăž Í´ÍŽ Ă‹Ă˜ĂŽ Ă?Ă Ă?Ă˜ ͎͡ ĂšĂ?Ăœ Ă?Ă?Ă˜ĂžË› Ă’Ă™ĂœĂžĂ–ĂŁ Ă‹Ă?ĂžĂ?Ăœ ÞÒĂ? Ă‹Ă˜Ă˜Ă™Ă&#x;Ă˜Ă?Ă?Ă—Ă?Ă˜ĂžËœ ÞÒĂ? Ă˜Ă?âÞ ĂžĂ’Ă“Ă˜Ă‘ ÞÒĂ?ĂŁ ĂŽĂ“ĂŽ ĂĄĂ‹Ă? ÞÙ Ă?Ă?Ăž ÞÒĂ? ĂžĂ‹ĂœĂ‘Ă?Ăž ĂĄĂ’Ă?Ă˜ ÞÒĂ? Ă?Ă™Ă&#x;Ă˜ĂžĂœĂŁ ĂĄĂ“Ă™Ă&#x;Ă–ĂŽ Ă?Ă˜ĂŽ Ă“Ă—ĂšĂ™ĂœĂžĂ‹ĂžĂ“Ă™Ă˜Ë› Ă? Ă‹ĂŽĂŽĂ?ĂŽË? ËŤ Ă?ĂžĂ?Ăœ ÞÒÓĂ?Ëœ ÞÒĂ? Ă˜Ă?âÞ Ă‹Ă˜Ă˜Ă™Ă&#x;Ă˜Ă?Ă?Ă—Ă?Ă˜Ăž ĂĄĂ™Ă&#x;Ă–ĂŽ ĂŒĂ? Ă‹Ă˜Ă˜Ă™Ă&#x;Ă˜Ă?Ă?Ă—Ă?Ă˜Ăž Ă™Ă˜ ËÞÞËĂ?Ă• ĂŒĂŁ Ă Ă‹Ă˜ĂŽĂ‹Ă–Ă?Ë› Ă’Ă?ĂœĂ? ĂĄĂ™Ă&#x;Ă–ĂŽ ĂŒĂ? Ă‹ Ă?ÙÖÖÙå Ă&#x;Ăš Ă‹Ă˜Ă˜Ă™Ă&#x;Ă˜Ă?Ă?Ă—Ă?Ă˜Ăž ĂŒĂŁ ÞÒĂ? ÞÒËÞ ÞÒĂ? ĂœĂ?Ă?Ă“Ă˜Ă?ĂœĂ“Ă?Ă? Ă’Ă‹ĂŽ Ă?ÞÙÚÚĂ?ĂŽ ĂšĂœĂ™ĂŽĂ&#x;Ă?Ă“Ă˜Ă‘ Ă‹Ă? Ă‹ ĂœĂ?Ă?Ă&#x;Ă–Ăž Ă™Ă? ÞÒĂ? ËÞÞËĂ?Ă•Ë› Ă’Ă? Ă˜Ă?âÞ ĂžĂ’Ă“Ă˜Ă‘Ëœ Ă™Ă? Ă?Ă™Ă&#x;ĂœĂ?Ă? ĂĄĂ™Ă&#x;Ă–ĂŽ ĂŒĂ? Ă‹ĂĄĂ‹ĂœĂŽ Ă™Ă? Ă‹Ă˜Ă™ĂžĂ’Ă?Ăœ Ă?Ă™Ă˜ĂžĂœĂ‹Ă?Ăž Ă?Ă™Ăœ Ëœ Ă?Ă™Ăœ ĂĄĂ’Ă“Ă?Ă’ ĂŒĂ“Ă–Ă–Ă“Ă™Ă˜Ă? Ă™Ă? ĂŽĂ™Ă–Ă–Ă‹ĂœĂ? ĂĄĂ™Ă&#x;Ă–ĂŽ ĂŒĂ? ĂœĂ?Ă–Ă?Ă‹Ă?Ă?ĂŽ Ă?Ă™Ăœ Ă&#x;ĂšĂ‘ĂœĂ‹ĂŽĂ?Ă? Ă‹Ă˜ĂŽ Ă? ÞÒËÞ Ă˜Ă?Ă Ă?Ăœ ÒËÚÚĂ?Ă˜Ă?βˏ˛ All these were aimed to deceive Nigerians that the money voted Ă?Ă™Ăœ ÞÒĂ? Ă? Ă’Ă‹ĂŽ ĂŒĂ?Ă?Ă˜ Ă&#x;ÞÓÖÓĂ?Ă?ĂŽ Ă?Ă™Ăœ ÞÒĂ? ĂšĂ&#x;ĂœĂšĂ™Ă?Ă?Ë› ËŞĂ? ĂœĂ™Ă&#x;Ăš Ă‹Ă˜Ă‹Ă‘Ă“Ă˜Ă‘ Ă“ĂœĂ?Ă?ĂžĂ™ĂœËœ ĂœË› Ă‹Ă“Ă•Ă‹Ă˜ĂžĂ“ Ă‹ĂœĂ&#x; ĂŽĂ“Ă?Ă?Ă–Ă™Ă?Ă?ĂŽ Ă“Ă˜ Ă‹Ă˜Ă&#x;Ă‹ĂœĂŁ ĂĄĂ’Ă“Ă–Ă? ĂŒĂœĂ“Ă?Ă?Ă“Ă˜Ă‘ Ă—Ă?Ă—ĂŒĂ?ĂœĂ? Ă™Ă? Ă?ÞËĂ?Ă? Ă™Ă? ÞÒĂ? Ă?Ă™ĂœĂšĂ™ĂœĂ‹ĂžĂ“Ă™Ă˜ Ă™Ă˜ ÞÒĂ? Ă?Ă&#x;Ă?Ă– Ă?Ă&#x;ÚÚÖã Ă?Ă“ĂžĂ&#x;Ă‹ĂžĂ“Ă™Ă˜ Ă“Ă˜ ÞÒĂ? Ă?Ă™Ă&#x;Ă˜ĂžĂœĂŁ ĂŽĂ&#x;ĂœĂ“Ă˜Ă‘ Ă‹ ĂžĂ™ĂĄĂ˜ Ă’Ă‹Ă–Ă– Ă—Ă?Ă?ĂžĂ“Ă˜Ă‘Ëœ ÞÒËÞ ÞÒĂ? corporation was inching closer to arriving at the choice of financiers Ă?Ă™Ăœ ÞÒĂ? ĂšĂ–Ă‹Ă˜ĂžĂ?Ě‹ Ă™ĂœĂž Ă‹ĂœĂ?Ă™Ă&#x;ĂœĂž Ă?Ă?Ă“Ă˜Ă“Ă˜Ă‘ Ă™Ă—ĂšĂ‹Ă˜ĂŁ Ă“Ă—Ă“ĂžĂ?ĂŽ Ě™ ĚšËœ Ă‹ĂœĂœĂ“ Ă?Ă?Ă“Ă˜Ă“Ă˜Ă‘ Ă‹Ă˜ĂŽ Ă?ĂžĂœĂ™Ă?Ă’Ă?Ă—Ă“Ă?Ă‹Ă– Ă™Ă—ĂšĂ‹Ă˜ĂŁ Ă“Ă—Ă“ĂžĂ?ĂŽ Ě™ Ěš Ă‹Ă˜ĂŽ ÞÒĂ? Ă‹ĂŽĂ&#x;Ă˜Ă‹ Ă?Ă?Ă“Ă˜Ă“Ă˜Ă‘ Ă‹Ă˜ĂŽ Ă?ĂžĂœĂ™Ă?Ă’Ă?Ă—Ă“Ă?Ă‹Ă– Ă™Ă—ĂšĂ‹Ă˜ĂŁ Ă“Ă—Ă“ĂžĂ?ĂŽË› Ă? Ă?Ă‹Ă“ĂŽ ÞÒËÞ ÞÒĂ? ĂŽĂ?Ă Ă?ÖÙÚ×Ă?Ă˜Ăž ÒÙÖÎĂ? ÞÒĂ? ĂšĂœĂ™Ă—Ă“Ă?Ă? ÞÙ ĂŒĂ™Ă™Ă?ĂžĂ“Ă˜Ă‘ ĂšĂ?ĂžĂœĂ™Ă–Ă?Ă&#x;Ă— ĂšĂœĂ™ĂŽĂ&#x;Ă?ĂžĂ? Ă?Ă&#x;ÚÚÖã Ă‹Ă˜ĂŽ ĂŽĂ“Ă?ĂžĂœĂ“ĂŒĂ&#x;ĂžĂ“Ă™Ă˜ Ă“Ă˜ ÞÒĂ? Ă™Ă&#x;Ă˜ĂžĂœĂŁË› Ă˜ Ă?Ă‹Ă?Ăž Ă‹ĂœĂ&#x; Ă?×ÚÒËÞÓĂ?Ă‹Ă–Ă–ĂŁ stated that agreements on the potential financiers for the refineries ĂĄĂ?ĂœĂ? ĂŒĂ?Ă“Ă˜Ă‘ Ă?Ă“Ă˜Ă?Ě‹ĂžĂ&#x;Ă˜Ă?ĂŽËœ Ă?Ă™Ă–Ă–Ă™ĂĄĂ“Ă˜Ă‘ ĂĄĂ’Ă“Ă?Ă’ ÞÒĂ? Ă?Ă˜ĂŽĂ™ĂœĂ?Ă?Ă—Ă?Ă˜Ăž Ă™Ă? ÞÒĂ? Ă™Ă‹ĂœĂŽ ĂĄĂ™Ă&#x;Ă–ĂŽ ĂŒĂ? ÞÒÓĂ? Ă—Ă™Ă˜ĂžĂ’ ̙ÞÒÓĂ? Ă?ĂŒĂœĂ&#x;Ă‹ĂœĂŁĚšË› ËŤ Ă? Ă‹ĂœĂ? ĂšĂ&#x;Ă?Ă’Ă“Ă˜Ă‘ ĂžĂ™ĂĄĂ‹ĂœĂŽĂ? ÞÒĂ? Ă?Ă“Ă˜Ă‹Ă– Ă?Ă?Ă–Ă?Ă?ĂžĂ“Ă™Ă˜ Ă™Ă? Ă™Ă&#x;Ăœ Ă?Ă“Ă˜Ă‹Ă˜Ă?Ă“Ă?ĂœĂ? Ă‹Ă˜ĂŽ ĂĄĂ? Ă?âÚĂ?Ă?Ăž ÞÒËÞ ĂĄĂ’Ă?Ă˜ ÞÒËÞ Ă“Ă? ĂŽĂ™Ă˜Ă?Ëœ ĂĄĂ?ËŞĂ–Ă– Ă‘Ă?Ăž ÞÒĂ? Ă‹Ă‘ĂœĂ?Ă?Ă—Ă?Ă˜ĂžĂ? Ă‹Ă˜ĂŽ ĂšĂœĂ?Ă?Ă?Ă˜Ăž ÞÒĂ?Ă— ÞÙ Ă™Ă&#x;Ăœ ĂŒĂ™Ă‹ĂœĂŽËœ meeting this month to secure their endorsement and once we have ÞÒĂ? Ă?Ă&#x;Ă˜ĂŽĂ“Ă˜Ă‘Ëœ ĂĄĂ? ĂĄĂ™Ă&#x;Ă–ĂŽ Ă?ĂžĂ‹ĂœĂž ÞÒĂ? ĂœĂ?Ă’Ă‹ĂŒĂ“Ă–Ă“ĂžĂ‹ĂžĂ“Ă™Ă˜ Ă™Ă? ÞÒĂ? ĂœĂ?Ă?Ă“Ă˜Ă?ĂœĂ“Ă?Ă? ĂžĂ™ĂĄĂ‹ĂœĂŽĂ? Ă‹ ͎͡ ĂšĂ?Ăœ Ă?Ă?Ă˜Ăž Ă?ËÚËĂ?ÓÞã Ă&#x;ÞÓÖÓĂ?Ă‹ĂžĂ“Ă™Ă˜ ĂšĂ?Ăœ Ă?ĂžĂœĂ?Ă‹Ă— ĂŽĂ‹ĂŁ ĂŒĂ?Ă?Ă™ĂœĂ? ÞÒĂ? Ă?Ă˜ĂŽ Ă™Ă? Í°ÍŽÍŻÍˇËœËŹ Ă‹ĂœĂ&#x; Ă?Ă‹Ă“ĂŽË› Ă?Ă‹Ă˜ĂĄĂ’Ă“Ă–Ă?Ëœ ÞÒĂ? Ă‹ĂŽĚ‹Ă’Ă™Ă? Ă?Ù××ÓÞÞĂ?Ă? ĂĄĂ™ĂœĂ• Ă“Ă? Ă?âÚĂ?Ă?ĂžĂ?ĂŽ ÞÙ ĂŒĂ? Ă?Ă™Ă˜Ă?Ă–Ă&#x;ĂŽĂ?ĂŽ ĂĄĂ“ĂžĂ’Ă“Ă˜ ĂžĂ’ĂœĂ?Ă? Ă—Ă™Ă˜ĂžĂ’Ă?Ë›

Baru

T H I S D AY Ëž Ëœ Í°Í´Ëœ Í°ÍŽÍŻÍś

24

BUSINESSWORLD FG SET TO UNVEIL INITIATIVES TO BOOST ECONOMY’S GROWTH

frastructure and industry.

This is really the best way to implement the ERGP. “This is a model that was used by Malaysia to improve their economy. If we are able to do what the ERGP says by restoring growth, investing in our people, and building our economy, you will agree with me that the jobs will come. If you look at our tax to GDP ratio when compared with other countries, you will realise that we are poorly. “The enabling environment and the ease of doing business initiatives are very important to this government.

There is need for Nigerians to be tax complaint in order to support government efforts to revive the economy.

There is connection between sustainable growth and payment of taxes. “What is important to this administration is the enabling environment and the ease of doing business initiative. Last year, this government passed into law, the Credit Reporting Act and Collateral Registry Act. The Acts aim at affording small and medium scale businesses enterprises the opportunity of accessing loan facilities by providing/using movable assets as securities.�

Earlier in his remark, the Managing Director Andersen Tax Nigeria, Olaleye Adebiyi, said the company had built a solid track record over the years, establishing its footprints in Europe, Latin, Africa and Asia, stating that the company had been launched in Egypt and on April 1, it would be launched in Kenya.

He added that before the end of the second quarter of 2018 the company would also expand its footprint to South Africa and before the end of the third quarter, it would be launched in the United Kingdom,saying “we are working to ensure that clients can be served seamlessly in all locations across the world. We want to be a catalyst for the improvement of the tax system in Nigeria.�

NEWS

THISDAY MODEL PORTFOLIOS RECORD FURTHER GROWTH TO 41.8 % 65.8 per cent. The N10 million deployed by the portfolio increased to N16.578 million as at last Friday. Portfolio D also maintained its second position despite

stagnating at 58.6 per cent, indicating that its value has grown from N10 million to N15.861million.

Similarly, Portfolio B remained the third high-

Chika Amanze-Nwachuku AgriBusiness/Industry Editor

Jonathan Eze

Comms/e-Business Editor

Emma Okonji

Capital Market Editor

Goddy Egene

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

Nume Ekeghe (Money Market) Nosa Alekhuogie (AgriBusiness)

33.4 per cent, meaning that the N10 million deployed has improved to N13.338 million.

Portfolio E moved into the positive territory, recovery from

a decline of 0.34 per cent to a growth of 1.3 per cent.

Meanwhile, all stocks in Portfolio C except one closed positively as at last week. The highest

gain is 233 per cent, followed by 145 per cent.

Others are: 55.5 per cent; 54. 4 per cent; 52.9 per cent; 41.1 per cent; 32.9 per cent; 28.7 per cent; and 2.6 per cent.

Enelamah: Nigeria Needs Technology to Boost Ease of Doing Business Emma Okonji Despite moving 24 places up the ladder to attain 145th position out of 190 in the World Bank ranking of ‘Ease of Doing Business’ index for 2018, Nigerians are of the view that Nigeria is yet to get it right at the grassroots level, in general matters pertaining to the actual ease of doing business in the country.

This was the collective view of industry stakeholders who gathered in Lagos at the weekend, at the instance of the NigerianBritish Chamber of Commerce (NBCC). Reacting to their views, the Minister of Trade and Investment, Dr. Okechukwu Enelamah said the only way Nigerians could feel the impact of the federal government’s effort in driving Ease of Doing Business in the country, would be when all the ministries, departments

and agencies (MDAs) of government, fully adopt and implements technology in their daily operations. According to him, Nigeria needs technology adoption and implementation that would facilitate the automated processes that would further drive the ease of doing business in Nigeria. Analysing the recent World Bank rating, Enelamah said this was the first time ever that Nigeria has moved up the ladder as against previous ratings where Nigeria had always moved some steps backward. He however attributed the upward movement to the efforts and commitment of government in ensuring Ease of Doing Business in Nigeria, further adding that Nigeria is not where it is supposed to be in the ranking, but that the country has made significant progress in the last two years of President Muhammadu Buhari’s

administration.

Stakeholders at the gathering identified key areas that are hindering the quick processes concerning the ease of doing business to include delay in trademark registration, delay in government approval processes, multiple taxes, poor electricity supply, among others. They said Nigerians and Nigerian business have suffered a great deal of pains and setbacks, and called on government to decentralise the registration centre for the trademark, which is currently located in Abuja.

They also called on government to control the rate at which its agencies duplicate tax collections, and as well address the issue of poor electricity supply, which they said, were killing genuine businesses in the country.

The minister said government

was already addressing the issues raised, but insisted that the adoption and implementation of the right technologies, would make the whole process a lot easier. While revealing the planned reforms of the federal government for 2018 that will help to facilitate the ease of doing business in the country, the minister said government is coming with some laudable initiatives, which include scaling its web-based feedback mechanism; cascading the ease of doing business initiative down to the sub-national level; the planned ranking of states around the ease of doing business; as well as the planned introduction of the Omnibus Bill that will capture the actual and legal way of doing business in the country, among other initiatives of government. The minister called on the private sector to

collaborate with government to achieve the initiatives.

The Deputy British High Commissioner, Mrs. Laure Beaufils, who was present at the gathering, reiterated the British government’s commitment to work with the Federal Government of Nigeria in boosting the ease of doing business in the country, as well as in fighting corruption.

The President and Chairman of Council, Nigerian-British Chamber of Commerce, Mr. Akin Olawore, said: “There is so much that the government is doing to engage the private sector in the ease of doing business and we need to take advantage of it and work towards getting more foreign investments into the country. We will follow up on the decisions reached at the forum, and make sure government implements them.�

Group Commends FG’s Efforts to Improve Aviation Infrastructure Chinedu Eze

Group Business Editor

est gainer, jumping from 48.4 per cent, to 49.8 per cent. This implies that the N10 million deployed has grown to at N14.978 million. Portfolio A rose from 32.5 per cent to

A coalition of socio-economic organisations has commended the federal government’s efforts to improve aviation facilities and the enhanced seamless flight operations in Nigeria since the introduction of ease of doing business.

The group, which consists of the Market Youth Congress of Nigeria, Igbo Traders Support Group on Good Governance and Yoruba Women Traders Support Group, said that despite the economic challenges, the President Muhammadu Buhari Administration has been able to improve navigational aids, airport facilities and introduced policies to encourage domestic airlines.

The coalition, which was convened by Hon. Chidiebere Oko commended the Minister of State, Aviation, Senator Hadi Sirika and noted that Sirika’s tenure as the minister in charge of the sector has given Nigeria

the highest rating in air safety and under whom the nation’s busiest airports were certified for the first time in the history of Nigeria.

Spokesman of the coalition, Chief Victor Amadi told journalists at the Murtala Muhammed International Airport (MMIA), Lagos at the weekend that when Sirika was appointed, on-going airport projects were abandoned, including the new terminals, but the narrative changed when the minister swung into action to address the infrastructural deficit in the sector. “We recall that the Kaduna airport was merely functional in the sense that there was passenger facilitation. But we recall that the passenger terminal was in total disrepair and out of use because the failed remodeling programme of the previous administration left it in disuse. “After searching for any way possible to totally rehabilitate the runway of the Nnamdi Azikwe

International Airport, Abuja while flights were going on and it became obvious that for efficient work to be carried out at the airport, it must be closed; the Minister decided to rejuvenate the Kaduna airport. “At that moment, passengers were being facilitated through the hajj terminal of the airport, so the Minster decided to rebuild the terminal. To upgrade the airport to the standard that international airlines can operate to the airport, Senator Sirika extend the runway of the airport. He also brought in Category 3 Instrument Landing System and upgraded the control tower. He also improved the VOR of the airport and improved communication between the control tower and the pilot,�

Amadi added.

He added that “today Kaduna airport processes passenger for international flights and Ethiopia Airlines is operating from there.

No one can imagine that this could happen to this airport before

the administration of President Muhammadu Buhari.�

On the rehabilitation of Nnamdi Azikwe International Airport runway, Abuja, the minister, he noted, ensured that other works were going on at the Abuja airport. “The terminal was improved; expanded and new departures were created at the ground floor of the airport.

Not only that new lifts were installed so that those who are physically challenged could use the lifts to the departures.�

On Lagos airport, the coalition reiterated that plans have been completed to install Category 3 Instrument Landing System at the Lagos Airport, adding that the minister had promised that the President Muhammadu Buhari administration would concentrate in providing safety critical projects at the airside of the airports across the country and in keeping with that promise he has been rehabilitating the airport runways, installing and building perimeter

fences to improve security at the airports. “When the Buhari administration took office, the new terminals at the five international airports in Lagos, Abuja, Port Harcourt, Kano and Enugu were practically abandoned. But work at these projects was revived and today the projects are at advance level of completion and before the end of this year they would be put to service,� he said stressed.

Speaking earlier, the Conveyner of the coalition, Okoh, said Sirika has improved security at the nation’s airports. “Before the administration took over in 2015, the Aviation Security of the Federal Airports Authority of Nigeria was grossly understaffed. The minister directed for massive recruitment and training of AVSEC personnel in terms of equipment more modern sophisticated security equipment were procured and distributed at the various airports�, he added.

T H I S D AY ˾ MONDAY FEBRUARY 26, 2018

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BUSINESSWORLD

INSIDE BROAD STREET

AKINWUNMI IBRAHIM

A view of Lagos ďŹ nancial district

Ending Naira Mutilation Obinna Chima Following concerns of rising incidence of mutilated currencies in the economy, the Central Bank of Nigeria (CBN) recently reduced the amount of money it charges banks for sorting mutilated naira notes from clean ones to N1,000 per box from N12,000 per box.

The reduction was however, limited to lower denomination naira notes, or polymer notes, namely N50, N20 and N10 notes.

Also, the reduction to N1, 000 per box which became effective last month, is expected to last for three months till March 28, following which the charge will be raised to N2,000 per box.

A box of naira notes contains 10,000 notes, hence with the reduction, banks will now pay N1,000 as currency sorting fee for a box of N50 which contains N500,000; N1,000 for a box of N20 notes which contains N200,000; N1,000 for a box of N10 which contain N100,000; and also N1,000 for a box of N5 contains N50,000.

Nevertheless, from Lagos to Kano, Anambra, Rivers States, Federal Capital Territory and other cities in the country, the story is the same as Nigerians continue to lament the scarcity of lower denomination of the naira.

Apart from the clear health risk these dirty notes pose to the people who use them, the country’s national pride is greatly undermined in the eyes of the world.

Imagine paying for something, in clean N1,000 note and you are given your balance in dirty and disfigured N100 notes, you no doubt feel a sense of revulsion and anger, followed by immediate reaction.

In fact, in public buses, markets and most business transactions in Lagos and some other cities in the country, “make sure you hold your change,� is now commonly heard.

Studies have also shown that dirty money poses serious health hazard to those who handle it as trillions of such currencies in

MARKET INDICATOR circulation are full of disgusting germs.

For instance, a study in the Journal of the American Medical Association studied bacteria from coins and notes found potentially harmful germs like fecal bacteria, E. coli and Staphylococcus aureus on 13 per cent of coins and 42 percent of notes.

A separate study by an Irish researcher at the Cork Institute of Technology (CIT), Emma Gabriel, that also tested banknotes for Staphylococcus Bacteria showed that 97 per cent of the sample notes tested positive for the presence of potentially dangerous bacteria on their surface. This may be even higher with the dirty and awful smell from most dirty naira. “The five notes which tested negative were in mint condition, and the older the currency was, the more contaminated it was.

The coins were less contaminated because they are made from bacteria-static metals,� the study revealed.

Furthermore, the study showed that dirty money could specifically pose a risk to immuno-suppressed people — people whose defence against bacteria are already low.

According to Wiki, “currency changes hands constantly� and one never knows where the money in ones’ possession has been, particularly banknotes, which has the tendency to build up grime and may be loaded with bacteria. Notes collect dirt and discoloration from the germs that rub off of people’s hands. Of course, not minding how careful one is, our own local unit- Naira, can easily be put to unfit condition.

Based on the arrangement, banks are expected to return mutilated currency to the CBN for clean naira notes.

Hence, they are expected to sort mutilated naira notes from clean ones, before taking the mutilated notes to the CBN for replacement with new ones.

However, to avoid the cost of machines and process for sorting the naira notes, they return the notes unsorted to the CBN. Confirming the reduction of the currency processing charge, theActing Director, Corporate Communications, CBN, Okoroafor, said that the reduction was done to encourage banks to bring the mutilated notes to the CBN in exchange for new ones.

He said: “On the January 2, we wrote a circular to banks, telling them that the cost of currency processing, which stands at N12,000 per box, will be reduced from N12,000 to N1,000 between January 2 and March 28. “That is, there is window of three months.

And that any bank that brings a box of lower denomination currency notes, that is N50, N20, N10, N5, those are the polymer denominations, we would process it for them at N1,000 per box instead of N12,000, because those were the ones that are more critical. “It is done to encourage banks to return these new notes so that we can issue new ones. We have enough new ones to issue to them. Our problem is that banks have not been returning these notes because of the fear of sorting that we would charge them. “Customers should insist that banks give them new notes because we are now giving them new notes and have reduced the cost of sorting from N12,000 to N1 per box within the window and to N2000 after March 28. So customers should insist on new notes from them. We believe that a combination of these, customer’s insistence and the large waiver we have given, I don’t see why people should not be getting those new notes.�

But beside the move by the central bank, in order to drastically reduce cases of currency mutilation in the country, experts have stressed the need for Nigerians to handle the nation’s currency with respect.

They also cited the need for financial institutions to create incentives for customers

that adopt alternative banking channels, so as to reduce the dependency on cash.

For instance, Dr. Yinka Davis of the Lagos Business School had stated that digital financial services (DFS) areaffordable.

According to Davis, DFS among other things delivers lower transaction cost, ease of remittance, improved security and efficiency. “It results into employment opportunities, it enhances commerce and supports microfinance�, she said, adding, “The potential of DFS is enormous if well exploited. It is not about big value transactions but low value transactions that happen frequently�

According to her, research had shown that there is an informal equivalent for every financial service offered by banks, and hence the challenge for banks is how to get people in the informal sector to patronise them.

This, she stressed requires that banks build products and services based on understanding of who the people are and what really Speaking on the use of mobile phones to deliver digital payments, Davis had also noted that there is need for increased awareness and home grown mobile payment solution that incorporates use of local languages for payment transactions.

Also, the Chairman of SecureID, Mr. Adedotun Sulaiman, had made a case for digital payment products based on customers’ needs, stressing, this is one of the lessons the financial sector needs to learn from consumer goods and mobile services industries.

All these are aimed at reducing dependence on cash, saving the available notes and cutting down on the budget associated with replacement of unfit notes in circulation.

Besides, these offer Convenience, as they can be executed at the comfort of the home or elsewhere and any time, thus eliminating the barriers of closed operations during holidays and weekend. Of course, this will bring end to queues at ATM points.

In addition, technological innovations help track spending and enables individuals to pay the exact amount of bills.

The experts stressed the need to continue to ensure the adoption of innovative digital payments solutions that offer convenient, affordable and reliable financial services.

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Dogara: Non Completion of Ajaokuta Steel Company a National Shame The Speaker of the House of Representatives, Hon. Yakubu Dogara, recently embarked on an unprecedented visit to the moribund Ajaokuta Steel Company Limited, in Kogi State. He declared that the failure by successive governments to bring the steel plant to completion had become a collective national shame and vowed legislative influence to resuscitate the company. James Emejo presents the excerpts: Sir, what informed your mission to Ajaokuta Steel Company?

What I can tell you is that we are here because of our desire to see that we can kick start the process of economy recovery and the bedrock of economy recovery of any nation is industrialisation and without developing your steel sector, you cannot develop. And as you can see, we have seen the potential, as a matter of fact, anyone who comes here might say, “I have come to a fertilizer plant�, and he is right. He can say, “I have come to a power generating plant,� and because they have the power to generate 100 megawatts of electricity, enough to power the entire Kogi and Edo States, you can say he is right. He can now say, “I have come to see a workshop,� and because it is the biggest workshop in Africa, with provision for a jet that can take delivery of shipment, he will be very correct.

Given that attempts by successive governments to complete the plant had failed, will your visit be the game-changer?

The priority for us as leaders is to agree, first, that we want to immediately develop this place and put it into operation because of the humongous economic benefit that will arise from here; 10,000 jobs that will give automatic jobs to engineers, thousands of other jobs for technicians and other staff, and other lines that will open, engaging a lot of people that will bring prosperity to the country. And then you can start to talk about plenty of economic activities with people coming here to establish industries because of the availability of cheap sources of energy due to power generated here, as well as access to gas links to the south- south. So all the incentives are there, all the infrastructure you need to develop this place are there. Once we have come to that determination, it is upon us as leaders to start the process, the due process of Nigeria’s industrialisation.

Then the next question should be, how do we fund it, how much is required? The argument has been made that it may require about a billion dollars to put this plant into operation, but that has been faulted by our visit here. We understand that all we need is about 500 million dollars but as legislators, we cannot pass legislation compelling the executive to devote that kind of money.

That is not what we intend to do. We intend to work with, collaborate with the executive to see what sources available to government can be utilised to complete this plant. They can come through loots as suggested by his Excellency, Governor of Kogi State, Yahaya Bello. What are we doing with the money, is the money yielding any interest for the country? If it is not, why can’t we use this money to complete this place? If the money is not enough, we can move to excess crude account, it belongs to all tiers of the federation, and when completed, the complex will generate income. Even if it means borrowing to complete this project, it would serve as a national pride, not only for Nigerians, but even blacks all over the world in foreign nations would be proud to say this is Nigerian steel we are using, and you know the prestige that can bring to us. Even if it means borrowing the money from excess crude account, they would need some form of legislative intervention as well, which we will be prepared to give.

The Executive seems to be favourably disposed to its concession, which may put you on collision course or are you going to use your legislative powers to compel them on this?

We are talking about collaboration. It is not about controlling anybody but bringing all the stakeholders on a table to agree that this is the project that we need to execute in the general

Dogara

interest, welfare and well being of our people and saying that wherever the money is, as a nation, we must find it.

Like I said earlier, I believe the money is there.

Right now, we are taking about building the power plant in the North East, it is going to

To be candid, we have no reason not to have completed this plant; no reason and that is why when we were discussing among few of us, the option of concession, I did say no, you can’t concession your future, it is never done. I am yet to see a nation that ever concessioned the bedrock of its industrialisation and succeeded. If you ďŹ nd one single nation, just tell me.

That is why past attempts to concession this plant or company have not succeeded and if we keep repeating the same thing and thinking we will arrive at a different outcome, then we will just be foolish

consume hundreds and thousands tonnes of steel.

We are talking about Second Niger Bridge, do you know how many hundreds of thousands tonnes of steel it would consume? So, are we going to send all this money abroad in other to buy steel when we know that with a fraction of that amount, we can complete this plant supply the entirety of the steel that we need to complete this power plant in Ajaokuta and build the Second Niger Bridge? So this is the dilemma we are faced with as a nation and our own resolve is that it must be completed, no matter where we are going to get this money from, as legislators, we are compelled to give the executive the legislative backing to get it to complete this plant. Once it is completed, we can now begin to talk about how to run it and for me, I don’t care even if it is outsourced, the point is the sustenance over a long period of time so that the job does not dry up. What we are doing does not end at the middle of the road that it is completed but sustaining it for the economic prosperity of this great nation.

I want to restate that in view of the major promise as I said that this sector holds for Nigeria, I have been briefed that as soon as we put this plant into operation, immediately, there will be ten thousand jobs for engineers and technical staff, immediately. That is even at the level of the first phase, not talking about non core engineering staff, thousands of jobs again and because of splinter economic activities on account of the plant coming into operation, there will be a projected two million jobs that will be out there. In these days when we can’t provide employment for our citizens and we are struggling for foreign exchange conservation, I believe that the responsibility of our government should be that we pay attention to this potential that is on the ground here.

Funding had been a major concern over the completion of the company, and going by your insistence on completion, what ďŹ nancing options are available particularly amidst the current ďŹ scal challenge?

Those in the executive are always bothered about money. I heard the minister of state, who was once our colleague, talk about the fact that government does not have the resources to put in there to finish it. We have to look elsewhere, I beg to disagree with him, we don’t need money, all we need is leadership. Wherever you see development, wherever in the world, it is not money that brought it, some may say it is money, but it is leadership. As a matter of fact, it is even leadership that brings the money. Talking about leadership, we are not putting the blame on the door step of the executive, no. All of us are leaders and as a matter of fact, it is our collective shame that up till now, we have not able to finish and put in operation, this factory that is said to be started long ago in view of the major promises that it holds for the development of this nation but we want to thank God that we are now not short of leadership in this country.

As a matter of fact, I was told that for some years, the plant was dogged by a court action or some arbitration instituted somewhere in a foreign jurisdiction and it has taken leadership to end this thing, to exit from such arbitration that had been on since 2016 and it is just this leadership that we need to be able to complete this plant that is almost completed.

For me, I had heard so much stories of Ajaokuta, seen resolutions but I had never been there and that was why I thought that it was important for us as legislators to come and have a feel, CONTINUED ON PAGE 29

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BUSINESSWORLD

MONDAY INTERVIEW

Uduanu: It is Time to Relax Pension Fund Investment Guidelines The Managing Director and Chief Executive Director, Sigma Pensions, Mr. Dave Uduanu in this interview, spoke extensively on the progressive reforms in the pensions industry and how pension funds can impact the lives of Nigerian citizens.

Nume Ekeghe presents the excerpts: are supposed to make the contributions. So what the workers should do is report to us and we would get across to PenCom because it has an enforcement unit that goes round to deal with such employers. The employers would be made to payback all the remuneration and they would be asked to pay a penalty on those unremitted monies. And finally, because the Act Pensions Reforms Act 2014 which is an act by the federal government of Nigeria and any contravention on that act has consequences and the employers would be dealt with in accordance to the law.

What you would find is that a lot of workers don’t have the boldness to report their employers because they are scared of losing their jobs. We are telling workers that they don’t have to do it openly; they can tell their PFA’s or write PenCom with evidence to be investigated.

Being that we are still in the ďŹ rst quarter of the year, what is your outlook for the pensions industry for 2018?

We expect growth to continue in the pension industry. The industry is now growing at about 20 per cent per annum and we expect it to grow slightly higher this year on the back of good investment returns. So if you look at pension growth from three sources, which are firstly, investments, secondly contribution from existing customers and thirdly from new customers. So we expect more job creation this year based on the budget that was read and the ruling party’s view of the year which has a lot of interest in construction and reviving the agricultural and industrial sector. We are beginning to see a bit of that coming though in the new customers we are enrolling and we also expect more states to key into the scheme. We have seen about three states announce their intention to join the scheme this year.

So generally, we think that we should be able to end the year with maybe N8.5 trillion of assets under management from the N7.5 trillion which is adding an additional N1 trillion again on the back of investment returns and contributions.

So I think it would be a good year generally.

There has been a lot of emphasis on Micro Pensions recently, what has been done and what do you think can be done to enhance participation to this scheme?

The guidelines have been finalised and it is taking a while to get micro pensions going because micro pension is unlike the regular pensions. It is for people who do not have regular jobs and regular income; so they are not able to save every month as those of us that regular jobs. So there is a lot of incentive PenCom is trying to build into this scheme to encourage people to save.

The key challenge with micro pension is ability to save. A lot of the people we are targeting are people that barely make enough to pay their bills, send their children to school and so on. So we need to create additional incentive to enable them to save. So one of the things PenCom is looking at is allowing them to withdraw some of that money maybe after four or five years rather than wait for when they retire. Because technically, business owner like taxi drivers or a business owner they really do not retire.

So the incentives would work such that if you save up to N1 million, you are allowed to withdraw 50% of it and maybe we can come up with a scheme where we can allow you to get access to funds to reinvest into their business or acquire assets. The other thing is collection.

Collection would certainly have to be electronic because collecting physically is going to be tedious.

The last thing is making sure the returns on their savings are stable and not volatile. So the idea is to have another fund where the savings would be invested in instruments that are safe and secure and not so volatile. Therefore they don’t earn the highest returns and therefore don’t take undue risk but they earn decent returns to encourage them to save more. So we think this is the year micro pension should kick off.

Last, a lot of talks were going on about using the pension funds to ďŹ nance infrastructure. Are there any developments to this regard?

Yes and No. Yes because in the industry, we have gone far and we are preparing ourselves to make infrastructural investment. I think there is a general believe that PFA’s don’t want to invest in infrastructure. However the response is that we are simply trying to safeguard the monies that belong to every Nigerian because it is not our money, it is pensioners’ money and pension by itself would have to be risk advance.

So what we are doing now is to work within

Uduanu

ourselves is to create structures that allow us to invest in infrastructure. We are very close to doing that so that is why I say there has been some progress.

No, because we haven’t actually made investments in infrastructure. However, there are two infrastructure funds that have been set up and they have raised some monies. One is a debt fund and the other one is an equity fund.

But I think that once we get the appropriate guarantees and support from government, we can be able to deploy into infrastructure in a meaningful way.

Some states presently are not funding their workers retirement savings account, what do you think is responsible for this and how can they change to make this pension scheme work in states?

The reason why a lot of states run away from pensions is that once you start, you cannot stop because the workers know their rights. So once you register and start funding their accounts, any month they don’t get an alert, they would know something has gone wrong somewhere.

There is a particular state that started off well and they just couldn’t sustain the contributions

The first thing is the political will to make pensions work. Once there is a will, you would find a way. I have seen some states like Lagos state, Niger state, Rivers state, Delta state, Zamfara state, Kaunda state and some others have started and are funding. These states have shown that with the right political will it can be done.

Secondly is prudent management of resources.

The reason why a lot of states run away from pensions is that once you start, you cannot stop because the workers know their rights. So once you register and start funding their accounts, any month they don’t get an alert, they would know something has gone wrong somewhere.

There is a particular state that started off well and they just couldn’t sustain the contributions.

States have to first of all take a holistic view of their finances, get an actuary to value liabilities and advice how much they would be contributing and then put that amount in the budget and then test it. If the budget can accommodate it then I think they should start. But if the budget cannot accommodate it you can go into the bond market to raise money to some project type bonds and infrastructure type bonds that would generate more income for the states. But more importantly, I think that if you are part of the contributory pension scheme, your workers would generally be happy and they would be motivated to work.

Also more importantly, by not being in the scheme, you are postponing the dooms day. The defined benefit is broken and is difficult for any state government to continue to pay pensions on a regular basis to workers. So it is better for you to make the workers bear some of the costs, pay their own contributions and match their contributions so that when they retire, the PFA’s take care of their pensions.

In the case of private sectors where some companies don’t remit their staff pensions whereas it is being deducted from their salaries. What can be done to ensure that employers remit these monies every month?

That is an unfortunate situation. It is a bad precedent from a private sector standpoint.

Because once you deduct from a worker, you

What are your thoughts on the multi-fund structure which was introduced last year

by PenCom, does the worker have a say in where they placed?

The worker has a say. The way the multi-fund is done in such a way that people who are in different stages in their lives have vary risk appetite and the fund is structured in such a way that it would differ depending on their age.

So we have four funds. The first fund is for very young people who can take a lot of risk because they have many years to work; so if you are 25, you still have about 35 years to work. The second fund is for the bulk of the contributors between ages 30 and 40 years old.

The third fund is for people who are close to retirement above the age of 50 but yet retired. So the worker would have the choice of two funds but not more than that. So if you are 40 you can choose to be in fund1 or fund 2 but everyone would go into the second fund which is the default fund. But if you are below age 49 you can either choose to remain in fund 2 or move to 1 or you can also choose between fund 2 or fund 3 and when you are retired you would be in the retirement fund. So the multi structure fund structure is done in such a way to address risk appetite and returns disparities in PFAs. It is a question of buyers beware and what risk appetite to they have, you attitude towards risk and then you would sign up to what you want.

The default fund is fund 2. However before you can get into fund 1, you would have to sign understanding clearly the risk you are getting too knowing that if the market do well you would make a lot of money and if the markets don’t do well you could lose money.

What are your thoughts on the reforms made in the pensions industry?

I think the reforms have been progressive.

The one area I think we should reform is on investment side. Having done this scheme for 14 years now, it is time to relax investment guidelines a bit to allow PFA’s discretion in investments particularly in real estate for instance. PFA’s should be allowed some discretion within bounds to invest in properties. It could be residential properties mostly for workers because these workers own the money or office blocks. We live in an environment where there is debt of long term financing and pension funds can provide long term financing. It harkens to a place where people are hungry and you are the only person with agric line and food while people are starving.

After a while you should say to yourself that haven operated this fund for 14 years, we have learnt some lessons so let us relax the guidelines to allow PFA’s some discretion.

I think PenCom should seriously look at that and rather insist PFA’s employing the best investment managers with investment skills to make sure these funds are well managed.

The other area is in the area of credit to SMEs. CONTINUED ON PAGE 29

T H I S D AY Ëž Ëœ Í°Í´Ëœ Í°ÍŽÍŻÍś

29

BUSINESSWORLD

MONDAY INTERVIEW

DOGARA: NON COMPLETION OF AJAOKUTA STEEL COMPANY A NATIONAL SHAME see what is going on here so that we can build a partnership with the executive to see that we complete this plant in time by the grace of God. I said it before that the issue is not money that the problem is just leadership and I assure you that we have the money. Whether we take it from the EFCC that is keeping some monies that they have recovered from some people, I don’t know how much it is that they have recovered, I am not in the position to say so because I haven’t seen it anywhere. Maybe we will begin to ask the question now that we need some money to complete this project. Even if it is not enough, we still have money, the Sovereign Wealth Fund is there, what are we doing with money? So the money is there, if we don’t do it, it means we have leaders and politicians who have decided that we don’t want give a future to our people.

Do you see any seriousness on the side of the present administration to reviving the industrial complex?

Yes, and that is why I specially thank the president of the Federal Republic of Nigeria, at least, for giving us the basis for this visit.

That is because, for some of us, Ajaokuta has always been on our minds but practically nothing could be done before now because there were some misunderstandings that stalled the operation and concession of this plant and that was before arbitration, not even in Nigeria, but in London. With the leadership demonstrated by the president, we have been exited from that arbitration. And that is why we are calling on him to show the same kind of leadership, that just exiting from the arbitration is not enough, this plant must be up and running.

With what you have seen in this industrial complex, will you say that the vision of those who conceived this project is still intact?

We are eternally indebted to those who conceived the vision of this plant that was proposed to serve as the bedrock of our social economic development in Nigeria. Imagine if this plant had been completed in 1986, where would Nigeria have been at the moment? Imagine that from thirty something years ago, we had provided job for ten thousand engineers, thousands of other technical staff , utilised all the potentials here; the power generating capabilities, the gas pipeline, all the basic infrastructure that an investor need to be able to set up a manufacturing plant around this area, by now Kogi State would have been a model state because we have everything; the

agree that government cannot be a good runner of business. But talking about completing the plant, we must do it.

Dogara

raw materials, the power, the gas that will link this place for industries to be set up and flourish here but why haven’t we done it? Any patriotic Nigerian that visits this place will shed tears, it doesn’t matter which side of the country he is coming from; and any foreigner who comes here, by the time he leaves, even if he doesn’t say it, he will go with the wrong impression about us as a people.

To be candid, we have no reason not to have completed this plant; no reason and that is why when we were discussing among few of us, the option of concession, I did say no, you can’t concession your future, it is never done. I am yet to see a nation that ever concessioned the bedrock of its industrialisation and succeeded.

If you find one single nation, just tell me. That is why past attempts to concession this plant or company have not succeeded and if we keep repeating the same thing and thinking we will arrive at a different outcome, then we will just be foolish. As a matter of fact, that is the very definition of stupidity and we are not stupid, we will not repeat that mistake.

Again, our global players will always want to hold us down so that we can keep importing some of these needed materials from them and what they sell to us, are sometimes not the genuine things. We were talking with the head of the company and some of the engineers, very experienced engineers, we went to one of the workshops and they said when you have problems with spare parts, they can even bring it to the workshop here and make it better than the original that you actually brought, so that means we can do better, we can make Nigeria better, we can make Nigeria proud and every black man in the world can actually beat his chest and say, yes, Nigeria is providing the kind of leadership that we are supposed to provide. So anyone who plans to outsource the completion of this plant will definitely run into problem with us.

But government privatised its companies because of poor management, why are you insisting that this one should be different?

If it is concessioning the management, we

So what concrete actions should be expected from you in the coming days?

The resolve on my own part is by very soon, there will be more activities by the legislature in order to kick start activities that will lead to the completion of this project. We have what we call in the House, sectoral debate. We want to use that medium to call on the governor of Kogi State, representative of the community, the ministry as well as virtually all stakeholders, we will bring them to the floor of the House during live debate and we can even bring the chairman of EFCC to tell us how much they will give us and we will bring the management of Sovereign Wealth Fund, even those who are managing our excess crude account, if we can’t find any money, the money is there. Truly speaking, with just 500 million dollars we need to complete this place, we have the money.

Certainly, I am over convinced that we have the money. This is what we can do and what we must do and honestly speaking, we are not doing this for Kogi State at all, if we are doing it for Kogi State, perhaps I would not have even been here. I am not from Kogi State, I am not from north central, I am not. We are here because we believe that if we complete this plant, Nigeria will be better for it. You can imagine if we have recruited ten thousand engineers, how can Kogi fill all these vacancies? It is impossible; they will come from south, from north, north east, south west, from all parts of the country, so we are here for Nigeria. And to be candid, because of the splinter economic activities that will spring up on the account of the completion of his plant, there is no investment in this that could be wasted, so no more concessioning.

We are tired of concessioning our various process of economic progress to asset strippers, people who just concession for the sake of concessioning and then stripe the asset and sell them elsewhere and I must commend the ingenuity of the people of this local government because we heard that there was a time some concessioners from here were trying to walk away with some equipment and even though they were not technical equipment, they were just like spare parts, but the brave people of this community stood against them and ensured these things were not taken away.

I thank you for that.

UDUANU: IT IS TIME TO RELAX PENSION FUND INVESTMENT GUIDELINES PFA’s should be allowed as a group to work on credit for SMEs. Those are the areas I think the reforms should be tailored towards. So we can begin to see the impact if these pension funds on the economy.

You can imagine if pension’s funds decide to finance housing estate for workers, it would be huge. Talking about 100 thousand homes, think of the jobs it would create and also the multiplier effect in the construction industry and the confidence it would it create in the minds of the public. They would see that their contribution is impacting their lives directly. If pension funds finance toll roads, think about the impact of that in the economy and people would see first-hand the impact on their lives.

Also, pension funds can invest in water schemes.

We are not saying that pension funds should do social infrastructure, we are saying pension funds can invest in infrastructure that is commercially viable that would give a return to the fund but would also create a significant impact to the economy. So I think that is the area I think PenCom should look at relaxing.

What structures are Sigma Pensions putting in place to add value to its customers?

In Sigma, we have about 700,000 RSA accounts and large chunk of it are in the formal sector and the other chunk is in the public sector. In the formal sector, we discovered is that there are a lot of people who have registered and they have become dormant. So we are working with relationship managers to reactivate these accounts. We are going to reaching out to those customers to start contributing. We have assigned all our contributors relationship managers to get across to them with their issues. We also have a benchmark and target on how many people to reach every week.

By not being in the scheme, you are postponing the dooms day. The deďŹ ned beneďŹ t is broken and is difďŹ cult for any state government to continue to pay pensions on a regular basis to workers. So it is better for you to make the workers bear some of the costs, pay their own contributions and match their contributions so that when they retire, the PFA’s take care of their pensions

Uduanu

One of the big things we are doing in Sigma is a loyalty scheme. And that loyalty scheme is to reward our contributor’s for being loyal to us. It is harkening to loyalty schemes being run by airline companies and hotels. We would launch it soon.

Finally, in the last one year, we have significantly improved our investment returns so people who are saving with Sigma are getting to see the

benefit and more returns in their investments.

I often tell people to compare your investments with Sigma or any PFA to what you have as savings account in a bank. In a savings account you would be happy to get maybe 3 per cent in your savings. But in a PFA, there is no way you wouldn’t at least 10 per cent in your savings.

There are a lot of free monies in banking not doing anything but you can disintermediate the banks

and bring this money into the micro pensions scheme where all the benefits goes back to the worker. As far as I am concerned, the pension structure is the most efficient structure for savings money all the returns goes the workers.

What we are looking at in Sigma is how we impact the lives of our contributors so that they can live well in retirement. What we are focussing our minds in doing is to give them a decent place to save, good customer service, good call centres.

Also we are modernising our branches and it is because we want them to come to a decent environment to talk to their pension managers to resolve any issues or enquires.

T H I S D AY ˾ Ͱʹ˜ ͰͮͯͶ

30

Returns on utilization of funds sold to customers for the week ended Friday 23rd February 2018 S/N

CUSTOMER

ITEM OF IMPORT

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

CHIDONVIKZ GLOBAL MACTIL HOTELS NWAOLUWA INTERBIZ IRON PRODUCTS DR CALVIN ANTONZA 11 MERCY OF GOD STORES NURENI AFOLABI YUSUF OYERINDE ABIOLA SANNIO AYOOLA FELICIA TORIOLA IDRIS TUNRAYO EDU NWANDO IDOWU AYODELE BLESSED COSMOS U.K IFEOMA OZURUMBA IFIDON SARAH JIMOH ADEBAYO KADIRI ODEWALE BILQEES OGBORU GREMA ONYECHI ONYINYE ABIGAIL OPUTA CHIKE RICHMOND RADEKE VENTURES SULE FEYISARA ULYSSES NIGERIA LTD IRON PRODUCTS BELLO YUNUSA CHIDI UMEH NGOZI JUSTINA EMELOGU ANDREW MASHANDA XPORTIA GLOBAL YEBOAH MANU VICTOR JOHN JOSHUA ODUTAYO ADEBOLA OGUNFOWORA MUYIWA OLABINTAN OLABISI OLAGUNDOYE CHRISTINE BOSEDE CLARA PAUL OLUSEYI ANDREW MASHANDA ADEWALE OLUDARE AFTRADE (NIGERIA) LTD AFTRADE (NIGERIA) LTD AIPEC OIL AND GAS LTD ANACO PLASTICS ANTOINE KARIM HAIKAL ASCON OIL COMPANY ASCON OIL COMPANY BEKEVICS NIGERIA BERLIAC ENGINEERING BEVIN TONY BOND CHEMICAL BRIDGET NONYELUM BRILLIANT SHIPPING BRILLIANT SHIPPING BROLLO PIPE CENTRAL BANK OF NIGERIA COMPUTER WAREHOUSE CROWN FLOUR CROWN FLOUR GREENGATES SPECIALTIES SANKI & BOSCON D2H SERVICES LTD PENTAGON PLASTIC NATURAL PRIME LORNA NIGERIA LTD JEZCO OIL JEZCO OIL SUBTLE CROWN PROMASIDOR NIGERIA LTD TG ARLA DAIRY KC DOZIE PEP STORES NIGERIA FRIESLAND CAMPINA RAINOIL LTD RAINOIL LTD M.C. PLASTIC LTD EZINWA MERCY HYBRID SHIPPING JAYSING SAVALERAM LA FAYETTE MICROFINANCE RASHEED OLUSHOLA SOUTH AFRICAN AIRWAYS SOUTH AFRICAN AIRWAYS DE UNITED FOODS GMT NIGERIA LTD

ANIMAL FEED ANIMAL FEED ANIMAL FEED HOT ROLLED STEEL: BEAMS INVISIBLE INVISIBLE INVISIBLE INVISIBLE INVISIBLE INVISIBLE PTA PTA ANIMAL FEED PTA PTA PTA PTA PTA PTA PTA PTA PTA REFINED NAPHTHALENE TRACTOR TRUCK PTA PTA INVISIBLE INVISIBLE INVISIBLE INVISIBLE PTA PTA PTA PTA PTA PTA PTA INVISIBLE INVISIBLE ARTIFICIAL RESINS MOTORCYCLE AGRICULTURAL MACHINERY ORAL REHYDRATION SALT INVISIBLE AVIATION TURBINE KEROSINE AVIATION TURBINE KEROSINE TOBACCO LEAVES PVC SHEATING INVISIBLE PORTABLE COMPUTERS INVISIBLE INVISIBLE INVISIBLE BASE OIL SALE OF IMTSO FUNDS ACCESSORIES ANIMAL FEEDS ANIMAL FEEDS JET FUEL POLYCARBONATE RESIN AGRICULTURAL EQUIPMENT AGRICULTURAL EQUIPMENT PHARMACEUTICAL BOTTLES ARTIFICIAL FILAMENT TOW ARTIFICIAL RESINS BASE OIL CALCIUM CARBIDE INFANT FORMULA WHOLE MILK POWDER ANIMAL SUPPLEMENTS HOUSEHOLD GOODS FRISO GOLD RICE GASOIL GASOIL HOT ROLLED STEEL IN COILS INVISIBLE INVISIBLE INVISIBLE INVISIBLE INVISIBLE INVISIBLE INVISIBLE WHEAT MALT

DATE OF AMOUNT EXFUND CHANGE SALE RATE 19-02-2018 20,000.00 360.00 19-02-2018 20,000.00 360.00 19-02-2018 20,000.00 360.00 19-02-2018 11,060.32 306.45 19-02-2018 3,100.00 360.00 19-02-2018 5,200.00 360.00 19-02-2018 2,430.00 360.00 19-02-2018 3,024.76 360.00 19-02-2018 3,800.00 306.45 19-02-2018 1,404.48 306.45 19-02-2018 4,000.00 360.00 19-02-2018 4,000.00 360.00 19-02-2018 20,000.00 360.00 19-02-2018 4,000.00 360.00 19-02-2018 4,000.00 360.00 19-02-2018 4,000.00 360.00 19-02-2018 4,000.00 360.00 19-02-2018 900.00 360.00 19-02-2018 4,000.00 360.00 19-02-2018 1,000.00 360.00 19-02-2018 5,000.00 360.00 19-02-2018 4,000.00 360.00 19-02-2018 2,701.58 306.50 19-02-2018 17,298.42 306.50 20-02-2018 1,200.00 360.00 20-02-2018 4,000.00 360.00 20-02-2018 6,555.27 360.00 20-02-2018 14,681.89 306.50 20-02-2018 5,582.14 360.00 20-02-2018 8,606.39 306.50 20-02-2018 1,450.00 360.00 20-02-2018 1,500.00 360.00 20-02-2018 4,000.00 360.00 20-02-2018 1,000.00 360.00 20-02-2018 1,000.00 360.00 20-02-2018 3,930.00 360.00 20-02-2018 4,000.00 360.00 20-02-2018 1,728.16 315.50 21-02-2018 4,973.45 360.00 21-02-2018 10,898.75 336.50 21-02-2018 15,019.00 336.50 21-02-2018 100,000.00 336.50 21-02-2018 30,000.00 336.50 21-02-2018 5,050.00 336.50 21-02-2018 50,000.00 336.50 21-02-2018 200,000.00 336.50 21-02-2018 20,000.00 360.00 21-02-2018 24,750.00 336.50 21-02-2018 2,900.00 336.50 21-02-2018 47,936.05 336.50 21-02-2018 833.33 360.00 21-02-2018 36,922.08 336.50 21-02-2018 63,350.00 336.50 21-02-2018 44,341.65 336.50 21-02-2018 69,332.36 357.00 21-02-2018 120,000.00 336.50 21-02-2018 75,100.00 336.50 21-02-2018 56,000.00 336.50 21-02-2018 13,643.50 336.50 21-02-2018 40,967.92 336.50 21-02-2018 78,455.00 336.50 21-02-2018 30,000.00 336.50 21-02-2018 100,000.00 336.50 21-02-2018 70,000.00 336.50 21-02-2018 6,772.35 336.50 21-02-2018 6,542.46 336.50 21-02-2018 20,000.00 360.00 21-02-2018 170,000.00 336.50 21-02-2018 100,000.00 336.50 21-02-2018 50,308.00 336.50 21-02-2018 64,165.88 336.50 21-02-2018 200,000.00 336.50 21-02-2018 108,000.00 336.50 21-02-2018 250,000.00 336.50 21-02-2018 2,026.69 336.50 21-02-2018 4,950.00 360.00 21-02-2018 94,509.78 336.50 21-02-2018 3,400.00 336.50 21-02-2018 34,140.22 336.50 21-02-2018 10,987.00 360.00 21-02-2018 448,000.00 336.50 21-02-2018 112,000.00 336.50 21-02-2018 200,000.00 336.50 21-02-2018 200,000.00 336.50

CCY

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

85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170

OK FOODS LTD WORLDWIDE COMMERCIAL WORLDWIDE COMMERCIAL WORLDWIDE COMMERCIAL WORLDWIDE COMMERCIAL WORLDWIDE COMMERCIAL WORLDWIDE COMMERCIAL D2H SERVICES LTD PINNACLE HEALTH GIVANAS INDUSTRY NIGERIA BREWERIES OJURONGBE OLUBUKOLA POPOOLA OLUKEMI OK FOODS LTD PA76 LTD PINNACLE HEALTH GREGIL INTERNATIONAL PENTAGON PLASTIC CROWNPACK NIGERIA M.C. PLASTIC LTD EASTCHASE ALUMINIUM SUPER AUDIO INDUSTRIES MTN NIGERIA D2H SERVICES LTD SOLSTAN NIGERIA LIMITED ENTEX ALUMINIUM NIGERIA BREWERIES NIGERIA BREWERIES NIGERIA BREWERIES NIGERIA BREWERIES NIGERIA BREWERIES NIGERIA BREWERIES NIGERIA BREWERIES NIGERIA BREWERIES NIGERIA BREWERIES NIGERIA BREWERIES NIGERIA BREWERIES NIGERIA BREWERIES NIGERIA BREWERIES NIGERIA BREWERIES NIGERIA BREWERIES NIGERIA BREWERIES NIGERIA BREWERIES NIGERIA BREWERIES ADEBAJO KAFILAT ADEBISI FAOLA AKPULUMA TAMARANKURO ANDU ABIOLA BENIDON HOTEL CHANNELS STEEL J.N OKONKWO VISTA INTERNATIONAL LTD DANIEL OLADELE ADEDOKUN DE VALLEY NIG LTD MARTYNS NWOSU SATURDAY AKOWE KOTEY TOLULOPE ABDULRAHAM BALOGUN OGUN AFOLABI ADEKUNLE OGUNRINOLA SIKIRAT OLALEKAN PETER UWODI ATTAI WILLIAMS OLAJIDE VICTOR NIGERIA BREWERIES NIGERIA BREWERIES ADEGBOYE IYIOLA AKIGBOGUN MISTURA AMUTA ISAAC AGBO ANI MOSES ONYEBUCHI EAGLET GLOBAL SANI AKEEM TOTAL NIGERIA PLC ITSISOR JULIUS OJO YETUNDE AMOKA OKONKWO CHIBUIKE OLADEINDE TUNDE ROTIMI OMOLUABI OYINDA SALAKO EMMANUEL SUNDAY FELIX ADEWUNMI COLLINS ASUQUO AKANIMOH MEIN BENEDETTE IFEYINWA GLORIA NWAJAGU ABIOLA OLUWATOMILOLA OLATOYE DAVID OPEOLUWA DADA WOLEADE MICHAEL ALADEITAN OLABODE MONDAY WILLIAMS

MILK SHORT CAKE PHARMACEUTICAL PRODUCTS PHARMACEUTICAL PRODUCTS PHARMACEUTICAL PRODUCTS PHARMACEUTICAL PRODUCTS PHARMACEUTICAL PRODUCTS PHARMACEUTICAL PRODUCTS ODORIFEROUS SUBSTANCES ORAL REHYDRATION SALT PLAIN PAPER IN SHEETS PSL HEINEKEN PTA PTA ROTARY MOULDING ROLLER PVC SHEATING ALUMINIUM PLAIN COILS RAW MATERIAL RAW MATERIAL RAW MATERIALS RAW MATERIALS SODA ASH LIGHT SODIUM SALT TELECOMMS EQUIPMENT WOODFREE PAPER VOLTAGE REGULATOR WATER CLOSET AS PER PFI AS PER PFI B 124 2 BAND BCP 7 FILTER PADS BEER COLOUR EXTRACT CALC. CHL STANDARD BEATER DUNGS EARTHING SYSTEM EVAPORATIVE CONDENSER FRUITMIX AROMA GESTRA PARTS HERBAL EXTRACT COMPRESSOR WATER COOLER SIAD SPARE PARTS SILO UNLOADING SCREWS DP RELAY BASE PTA INVISIBLE PTA PTA CARDED WOOL SANITARY WARES AUTOMATIVE WINDSHEILD INDUSTRIAL RAW MATERIAL INVISIBLE INVISIBLE INVISIBLE INVISIBLE PTA PTA PTA PTA PTA PTA PTA FILTER K2 P/N O RING PTA PTA PTA PTA INDUSTRIAL FILTER INVISIBLE JET FUEL PTA PTA PTA PTA PTA PTA PTA INVISIBLE INVISIBLE INVISIBLE INVISIBLE INVISIBLE INVISIBLE INVISIBLE

21-02-2018 21-02-2018 21-02-2018 21-02-2018 21-02-2018 21-02-2018 21-02-2018 21-02-2018 21-02-2018 21-02-2018 21-02-2018 21-02-2018 21-02-2018 21-02-2018 21-02-2018 21-02-2018 21-02-2018 21-02-2018 21-02-2018 21-02-2018 21-02-2018 21-02-2018 21-02-2018 21-02-2018 21-02-2018 21-02-2018 22-02-2018 22-02-2018 22-02-2018 22-02-2018 22-02-2018 22-02-2018 22-02-2018 22-02-2018 22-02-2018 22-02-2018 22-02-2018 22-02-2018 22-02-2018 22-02-2018 22-02-2018 22-02-2018 22-02-2018 22-02-2018 22-02-2018 22-02-2018 22-02-2018 22-02-2018 22-02-2018 22-02-2018 22-02-2018 22-02-2018 22-02-2018 22-02-2018 22-02-2018 22-02-2018 22-02-2018 22-02-2018 22-02-2018 22-02-2018 22-02-2018 22-02-2018 22-02-2018 23-02-2018 23-02-2018 23-02-2018 23-02-2018 23-02-2018 23-02-2018 23-02-2018 23-02-2018 23-02-2018 23-02-2018 23-02-2018 23-02-2018 23-02-2018 23-02-2018 23-02-2018 23-02-2018 20-02-2018 20-02-2018 21-02-2018 21-02-2018 21-02-2018 21-02-2018 22-02-2018

16,907.10 32,651.32 16,632.27 11,031.09 8,803.03 2,896.90 58,882.16 24,000.00 48,220.00 40,000.00 4,631.05 1,000.00 4,000.00 8,030.25 62,785.95 56,650.00 148,900.00 20,000.00 1,148.08 2,026.69 100,000.00 5,400.00 4,583.00 17,545.00 43,076.78 20,000.00 516.74 49,617.06 36.14 632.29 35,811.40 17,969.18 621.20 247.35 33,401.79 17,663.51 23,944.52 37,379.19 20,531.62 5,195.15 20,148.30 870.10 457.78 642.15 4,000.00 6,000.00 1,500.00 4,000.00 20,000.00 9,600.00 20,000.00 50,000.00 2,681.66 12,332.02 7,109.09 7,397.63 2,500.00 1,000.00 2,500.00 4,000.00 2,000.00 1,000.00 4,000.00 1,354.56 898.25 4,000.00 4,000.00 4,000.00 4,000.00 20,000.00 3,500.00 9,285,000.00 4,000.00 4,000.00 2,000.00 4,000.00 4,000.00 700.00 1,000.00 950.00 950.00 950.00 950.00 250.00 230.00 950.00

336.50 336.50 336.50 336.50 336.50 336.50 336.50 336.50 336.50 336.50 336.50 360.00 360.00 336.50 336.50 336.50 336.50 336.50 336.50 336.50 336.50 336.50 336.50 336.50 336.50 360.00 315.50 315.50 315.50 315.50 315.50 315.50 315.50 315.50 315.50 315.50 315.50 315.50 315.50 315.50 315.50 315.50 315.50 315.50 360.00 360.00 360.00 360.00 360.00 360.00 360.00 306.45 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 315.50 315.50 360.00 360.00 360.00 360.00 360.00 360.00 306.75 360.00 360.00 360.00 360.00 360.00 360.00 360.00 315.50 315.50 315.50 315.50 315.50 315.50 315.50

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

Returns on sources of funds sold to customers for the week ended Friday 23rd February 2018 S/N 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

SOURCE OTHER SOURCE 131 OTHER SOURCE 132 OTHER SOURCE 133 OTHER SOURCE 129 OTHER SOURCE 129 OTHER SOURCE 129 OTHER SOURCE 129 OTHER SOURCE 92 OTHER SOURCE 92 OTHER SOURCE 92 OTHER SOURCE 92 OTHER SOURCE 92 OTHER SOURCE 92 OTHER SOURCE 40 OTHER SOURCE 92 OTHER SOURCE 92 OTHER SOURCE 92

TRADE DATE

RATE 19-02-2018 22-02-2018 20-02-2018 21-02-2018 19-02-2018 19-02-2018 21-02-2018 20-02-2018 19-02-2018 20-02-2018 21-02-2018 22-02-2018 23-02-2018 23-02-2018 19-02-2018 20-02-2018 21-02-2018

AMOUNT 306.00 305.95 306.00 336.00 357.00 357.00 336.00 315.00 355.00 355.00 355.00 355.00 355.00 306.50 355.00 355.00 355.00

20,000.00 50,000.00 25,000.00 3,200,000.00 1,000,000.00 1,000,000.00 800,000.00 1,615.23 4,749.53 3,189.40 11,890.58 2,239.65 7,107.48 9,285,000.00 10,286.74 7,878.39 8,186.31

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

18 19 20 21 22 23 24 25 26 27 28 29 30 31 32

OTHER SOURCE 92 OTHER SOURCE 92 OTHER SOURCE 92 OTHER SOURCE 92 OTHER SOURCE 92 OTHER SOURCE 92 OTHER SOURCE 92 OTHER SOURCE 92 OTHER SOURCE 92 OTHER SOURCE 92 OTHER SOURCE 92 OTHER SOURCE 92 OTHER SOURCE 92 OTHER SOURCE 92 OTHER SOURCE 130 TOTAL AMOUNT IN USD AVERAGE

22-02-2018 23-02-2018 20-02-2018 20-02-2018 23-02-2018 20-02-2018 22-02-2018 23-02-2018 21-02-2018 22-02-2018 21-02-2018 19-02-2018 19-02-2018 19-02-2018 22-02-2018

Stanbic IBTC Bank A Member of Standard Bank Group Stanbic IBTC Bank

RC125097

“Moving Forward is a trade mark of the Standard bank of South Africa Limited”

355.00 355.00 315.00 314.50 314.50 315.00 314.50 315.00 314.50 315.00 315.00 314.50 314.50 315.00 314.50

7,682.66 8,514.48 25.92 1,002.52 814.18 24.65 130.53 789.34 384.59 585.25 6.97 251.44 90.00 6.97 268,908.20 15,726,361.01 491,448.78

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

T H I S D AY ˾ MONDAY FEBRUARY 26, 2018

31

32

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T H I S D AY ˾ MONDAY FEBRUARY 26, 2018

33

34

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T H I S D AY ˾ MONDAY FEBRUARY 26, 2018

35

36

T H I S D AY ˾ Ͱʹ˜ ͰͮͯͶ

T H I S D AY ˾ Ͱʹ˜ ͰͮͯͶ

37

38

Ëœ ÍşÍžËœ ͺ͸͚͜ Ëž T H I S D AY

BUSINESS/MONEYGUIDE

EmeďŹ ele Reiterates CBN’s Commitment to Economic Growth Obinna Chima The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele at the weekend reiterated the central bank’s commitment to development of initiatives that would continue to support the growth of the economy.

Emefiele made the pledge when he received the ‘2017 Silverbird Special Achievement Award,’ conferred on him by the Silverbird Group in Lagos.

Receiving the award, the CBN Governor who was accompanied to the event by the Deputy Governor, Financial System Stability, CBN, Dr. Okwu Nnanna and some directors and senior officials of the Bank, dedicated the award to the staff of the CBN. “This award is dedicated to

all the hardworking colleagues that I have at the CBN. They have toiled and worked very hard in spite of the challenges that confronted us. “I want to assure all of you that with this award, we are further spurred to work harder to continue to deliver on our mandate for the good of Nigeria as well as Nigerians,� he added.

The organisers of the event, among others, listed the success recorded with the Anchor Borrowers’ Programme, financial system stability as well as the ability to halt the currency crisis the country faced about two years ago, as some of the factors that qualified Emefiele for the award. Emefiele recently put the total amount of money disbursed under the Anchor Borrower’s Programme (ABP) in partnership with state govern-

ments and private sector group since the commencement of the programme, at N55.526 billion to over 250,000 farmers.

These set of farmers, according to the CBN Governor, have cultivated almost 300,000 hectares of farmland for rice, wheat, maize, cotton, soybeans, cassava, etc.

He said: “As you may all know, the ABP is designed to support small holder farmers by providing them with the requisite training, tools and funds at single digit interest rates, which will enable improved cultivation of key agricultural items such as maize, soybeans, rice, cotton and wheat. The programme also provides a ready market for farmers by linking them with credible off-takers and processors of their produce.�

FirstBank, Stanbic Support Social Media Week First Bank of Nigeria Limited and Stanbic IBTC have announced their respective sponsorship of the 2018 Social Media Week (SMW) scheduled to commence in Lagos today.

Both financial institutions made this known in separate statements made available recently.

The event which is Africa’s largest tech and digital media event would convene business leaders, global thinkers, entrepreneurs, Fintech firms, and media entrepreneurs.

FirstBank said it would be sponsoring the event for the third time to facilitate the evolution of technology in Africa with focus on having everyone who attends for business or pleasure, powered up the digital way.

The bank also revealed that it will be hosting a panel session at the event to deliberate on

the topic “Financial Inclusion: Banking the Unbanked,� today.

FirstBank also stated that it would be activating its Digital Lounge at the event where participants will have the opportunity to engage directly with the Bank’s digital products and services.

Speaking on the event, FirstBank’s Group Head, Marketing & Corporate Communications, Folake Ani-Mumuney stated that social media plays the critical role of bridging the gap in diverse areas of human activities, keeping the world connected and abreast of trends and events.

On its part, Stanbic IBTC in its statement quoted its Chief Executive at Stanbic IBTC Holdings Plc, Mr. Yinka Sanni, to have said that its active participation at this year’s event was a demonstration of the organisation’s commitment

towards harnessing innovation and technology to build communities.

He stated that Stanbic IBTC’s pervasiveness on several social media platforms; including Twitter, Facebook, LinkedIn and Instagram, as well as the establishment of an all-digital branch was designed to make financial products and services easily accessible to a wide array of clientele, especially the millennials. “In line with our brand promise to help move people and businesses forward; I am delighted to announce our participation in the 2018 social media week. Participating amongst techpreneurs and the social community shows our openness to both connect with various communities in a bid to stimulate socio economic growth,� Sanni said.

Afreximbank Targets $1.5bn Financing for Trade, Infrastructure The African Export-Import Bank (Afreximbank) will attract $1.5 billion to Mauritania to finance development of trade and related infrastructure under the terms of a memorandum of understanding signed with the country recently, the Bank’s President, Benedict Oramah has announced.

Speaking in Nouakchott following meetings with President Mohamed Ould Abdel Aziz of Mauritania and several of his ministers, Oramah said that the MoU was aimed at strengthening economic cooperation between the Bank and Mauritania, one of

Afreximbank’s member states.

Oramah, who led a delegation of business leaders and Afreximbank officials for discussions on trade and investment opportunities in Mauritania, said that the Bank saw opportunities to “support Mauritania’s Strategic Plan for Accelerated Growth and Shared Prosperity through the financing of key projects it had identified in the agri-processing, fisheries, hotel construction and related logistics and infrastructure sectors�.

He announced said that $500 million of the amount to be attracted by Afreximbank would go

to the development of the private sector, a key priority of the government, in the form of credit lines through local banks. The other $1 billion would be raised

by Afreximbank after evaluating eligible projects that support the construction of trade-facilitating infrastructure, industrial parks and special economic zones and fish processing. In his remarks, President Ould Abdel Aziz commended Afreximbank for its efforts to contribute to Mauritania’s economic development and gave assurance of the country’s commitment to the implementation of the MoU.

Adeosun, Fowler to Lead FG Delegation to Kaduna Tax Symposium The Minister of Finance, Mrs. Kemi Adeosun, will this Thursday lead a federal government delegation to the Voluntary Assets and Income Declaration Scheme (VAIDS) stakeholders’ symposium in Kaduna State.

The VAIDS stakeholders’ symposium is being hosted by the Kaduna State Government and will be attended by the Executive Governor of Kaduna State, Mallam Nasir el-Rufai; Executive Chairman of the Federal Inland Revenue Service (FIRS),

Mr. Babatunde Fowler; members of the State Executive Council, members of the State House of Assembly, and traditional rulAers.

Also expected at the tax amnesty sensitisation forum, according to a statement are business leaders, business owners and groups, tax advisers, captains of industries as well as professional and artisan bodies, among other strategic economic groupings within Kaduna State and environs. The statement noted that the VAIDS stakeholders’ sym-

posium was aimed at promoting greater public understanding of the procedure for the tax amnesty scheme. “The one-day stakeholder engagement event by the Federal Internal Revenue Service and the Federal Ministry of Finance in collaboration with the Kaduna State government is aimed at forging mutually beneficial cooperation between the Government and diverse socio-economic interest groups for the success of the VAIDS scheme�, the government agency said.

EmeďŹ ele

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

AUGUST 2017 Broad Money (M2)

21,851,454.31

-- Narrow Money (M1)

9,890,813.10

---- Currency Outside Banks

1,523,239.91

---- Demand Deposits

8,367,573.19

-- Quasi Money

11,960,641.22

Net Foreign Assets (NFA)

9,732,990.89

Net Domestic Assets(NDA)

12,118,463.42

-- Net Domestic Credit (NDC)

26,821,446.81

---- Credit to Government (Net)

4,824,226.22

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

7,834,536.74

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

--3,010,310.52

---- Credit to Private Sector (CPS)

21,997,220.59

--Other Assets Net

--14,702,983.39

Reserve Money (Base Money)

5,486,804.65

--Currency in Circulation

1,868,735.07

--Banks Reserves

3,268,266.17 Ëž Ă™Ă&#x;ĂœĂ?Ă? Ě‹

Money Market Indicators (in Percentage) Month

August 2017

Inter-Bank Call Rate

22.63

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

14.00

Treasury Bill Rate

13.35

Savings Deposit Rate

4.08

1 Month Deposit Rate

8.86

3 Months Deposit Rate

10.14

6 Months Deposit Rate

11.51

12 Months Deposit Rate

11.40

Prime Lending rate

17.69

Maximum Lending Rate

31.20

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

OPEC DAILY BASKET PRICE AS AT THURSDAY FEBRUAR 22, 2018

The price of OPEC basket of fourteen crudes stood at $63.08 a barrel on Thursday, compared with $62.50 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

39

˾ MONDAY, FEBRUARY 26, 2018

MARKET NEWS

Consolidated Hallmark Insurance Assures Investors More Returns Goddy Egene and Nosa Alekhuogie The Managing Director/Chief Executive Officer of Consolidated Hallmark Insurance (CHI) Plc, Mr. Eddie Efekoha has assured shareholders of the company of more returns in the nearest future as strategies to boost the company’s performance are being put in place.

Efekoho spoke against the

backdrop of the recent successful raising of N500 million from the capital market through a Rights Issue. According to him, recent capacity expansion and growth initiatives such as the establishment of new subsidiaries such as its Health Management Organisation (HMO) to focus on identified growth markets, launching of a revamped website with retail customer and broker interface, reinvigoration of the retail

P R I C E S MAIN BOARD

F O R DEALS

network and deployment of latest technology will help to further grow revenue.

Efekoha, who is also the Chairman of the Nigerian Insurers Association (NIA), explained further that other strategies have been put in place to improve on the bottom line through cost-cutting initiatives in management expenses.

Speaking on the current share price of the stock, he said discerning investors would rather

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

scramble to take position on the stock, at a bargain price now rather than sell their valuable stock that has consistently made returns for them via growth in assets and dividend payments over the years.

According to him, the intrinsic book value of the stock is presently over 70 kobo, and with its current liquidity levels in the market, more market players are now gearing up to take position while expecting

T R A D E D MAIN BOARD

AS

an upside in price especially against the backdrop of the expected 2017 year end financials.

A quick glance at the company’s fundamentals show why existing investors may want to hold on to CHI stocks, while new investors may want to take position. Firstly, the company is trading at a 12-month price to earnings (PE) ratio of 8.9X, price to book ratio of 0.39x and a dividend yield of 6.9 per cent.

O F

In addition, the company’s nine month financials ended September 30, 2017 shows a profitable insurance business, with an underwriting profit of N836 million.

The company also grew its total assets value to N8.14 billion from N4.65 billion in 2007.

CHI is one of the few insurance businesses that delivers value to its shareholders in the Nigerian insurance market though regular dividend payouts.

2 3 / 0 2 / 2 0 1 8 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

40

˜ ͺ;˜ ͺ͸͹Ͷ ˾ T H I S D AY

Nigeria Daily Stock Market Report: 'ůŽďĂů ƋƵŝƚLJ DĂƌŬĞƚ͗ 'ůŽďĂů DĂƌŬĞƚƐ ƌĞďŽƵŶĚ ĂƐ h^ DĂƌŬĞƚƐ ĞdžƚĞŶĚ ^ĞůůŽīƐ WĞƌĨŽƌŵĂŶĐĞ ŽĨ ŐůŽďĂů ĞƋƵŝƚLJ ŝŶĚŝĐĞƐ ƵŶĚĞƌ ŽƵƌ ĐŽǀĞƌĂŐĞ ǁĂƐ ůĂƌŐĞůLJ ƉŽƐŝƟǀĞ ƚŚŝƐ ǁĞĞŬ͕ ǁŝƚŚ ĂƉƉƌĞĐŝĂƟŽŶƐ ƌĞĐŽƌĚĞĚ ĂĐƌŽƐƐ ŵŽƐƚ ƌĞŐŝŽŶƐ ƐĂǀĞ ĨŽƌ ƚŚĞ h^ ŵĂƌŬĞƚƐ͘ &ŽůůŽǁŝŶŐ ƚŚĞ ƌĞůĞĂƐĞ ŽĨ ŵŝŶƵƚĞƐ ĨƌŽŵ ƚŚĞ :ĂŶƵĂƌLJ &ĞĚ ŵĞĞƟŶŐ ŽŶ tĞĚŶĞƐĚĂLJ͕ ƐƉĞĐƵůĂƟŽŶƐ ŽĨ ĂŶ ŝŵƉĞŶĚŝŶŐ ƌĂƚĞ ŚŝŬĞ ǁĞƌĞ ĨƵƌƚŚĞƌ ƐƚŽŬĞĚ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ďĞƩĞƌͲƚŚĂŶͲĨŽƌĞĐĂƐƚ ŝŵƉƌŽǀĞŵĞŶƚ ŝŶ ƚŚĞ h^ ĞĐŽŶŽŵLJ ĂƐ ǁĞůů ĂƐ ŚŝŐŚĞƌ ŝŶŇĂƟŽŶ ŶƵŵďĞƌƐ͘ /ŶƚĞƌĞƐƟŶŐůLJ͕ ĂŐĂŝŶƐƚ ƚŚĞ ƚƌĞŶĚ ŶŽƟĐĞĚ ĨŽůůŽǁŝŶŐ ƚŚĞ ĐŽŵƉůĞƟŽŶ ŽĨ ƚŚĞ ŵĞĞƟŶŐ ŝŶ :ĂŶƵĂƌLJ͕ ŝŶ ǁŚŝĐŚ ƐĞůů ŽīƐ ǁĞƌĞ ƌĞĐŽƌĚĞĚ ĂĐƌŽƐƐ ƌĞŐŝŽŶƐ͕ ƚŚĞ ŝŵƉĂĐƚ ŽĨ ƚŚĞ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ŚŝŬĞ ĞdžƉĞĐƚĂƟŽŶ ǁĂƐ ůŝŵŝƚĞĚ ƚŽ ƚŚĞ h^ ŵĂƌŬĞƚƐ ƚŚŝƐ ǁĞĞŬ͘ /Ŷ ƚŚĞ ĐŽŵŵŽĚŝƟĞƐ ŵĂƌŬĞƚ͕ Kŝů ƉƌŝĐĞƐ ŵĂŝŶƚĂŝŶĞĚ ĂŶ ƵƉǁĂƌĚ ƚƌĞŶĚ͕ ƌŝƐŝŶŐ ĨƌŽŵ h^Ψϲϰ͘ϴϭͬď ůĂƐƚ ǁĞĞŬ ƚŽ h^Ψϲϱ͘ϴϬͬď Ăƚ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ǁĞĞŬ͘

ĐƌŽƐƐ ƚŚĞ ĞǀĞůŽƉĞĚ ŵĂƌŬĞƚƐ͕ Ăůů ŝŶĚŝĐĞƐ ĐůŽƐĞĚ ŝŶ ƚŚĞ ƌĞĚ tͲŽͲt͘ dŚĞ h^ ŝŶĚŝĐĞƐ ʹ ^ ΘW ϱϬϬ ;Ͳϭ͘Ϭй tͲŽͲtͿ ĂŶĚ E ^ Y ;ͲϬ͘ϰй tͲŽͲtͿ ʹ ĚĞĐůŝŶĞĚ ĂƐ ŝŶǀĞƐƚŽƌƐ ƌĞĂĐƚĞĚ ƚŽ ƚŚĞ ƌĞůĞĂƐĞ ŽĨ ŵŝŶƵƚĞƐ ĨƌŽŵ ƚŚĞ &ĞĚ DĞĞƟŶŐ ǁŚŝůĞ ƚŚĞ h< &d^ ƐůŝĚ Ϭ͘ϲй tͲŽͲt͘ DĂƌŬĞƚƐ ŝŶ ƵƌŽƉĞ ĂŶĚ ƐŝĂ ƌĞŵĂŝŶĞĚ ƵƉďĞĂƚ ƚŚŝƐ ǁĞĞŬ ĂƐ ǁĞĂŬĞƌ ƐĞŶƟŵĞŶƚ ŝŶ ƚŚĞ h^ ŵĂƌŬĞƚƐ͕ ƐƚŽŬĞĚ ŝŶĐƌĞĂƐĞĚ ďƵLJŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶ ƚŚĞ ƵƌŽƉĞĂŶ ŵĂƌŬĞƚƐ͕ ŚĞŶĐĞ &ƌĂŶĐĞ͛Ɛ ϰϬ ĂŶĚ 'ĞƌŵĂŶLJ͛Ɛ y dZ y ĂĚǀĂŶĐĞĚ Ϭ͘ϱй ĂŶĚ Ϭ͘ϯй tͲŽͲt ƌĞƐƉĞĐƟǀĞůLJ͘ ^ŝŵŝůĂƌůLJ͕ :ĂƉĂŶ͛Ɛ E/<< / ĂŶĚ ,ŽŶŐ <ŽŶŐ͛Ɛ , E' ^ E' ĂƉƉƌĞĐŝĂƚĞĚ Ϭ͘ϴй ĂŶĚ Ϭ͘ϱй tͲŽͲt ƌĞƐƉĞĐƟǀĞůLJ͘ /Ŷ ƚŚĞ Z/ ^ ŵĂƌŬĞƚƐ͕ Ăůů ŝŶĚŝĐĞƐ ƚƌĞŶĚĞĚ ŶŽƌƚŚǁĂƌĚƐ tͲŽͲt ƐĂǀĞ ĨŽƌ ^ŽƵƚŚ ĨƌŝĐĂ͛Ɛ &d^ ͬ:^ ůů ^ŚĂƌĞ͕ ǁŚŝĐŚ ƉƵůůĞĚ ďĂĐŬ Ϭ͘ϲй ŝŶ ƚŚĞ ǁĞĞŬ͘ ZƵƐƐŝĂ͛Ɛ Zd^ ŐĂŝŶĞĚ ϯ͘Ϭй tͲŽͲt ĂƐ Žŝů ƉƌŝĐĞƐ ƌĂůůŝĞĚ ǁŚŝůĞ ƌĂnjŝů͛Ɛ /ďŽǀĞƐƉĂ ĂƉƉƌĞĐŝĂƚĞĚ ϯ͘Ϭй tͲŽͲt ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ŽƉƟŵŝƐŵ ƚŽǁĂƌĚƐ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ĚŽŵĞƐƟĐ ĞĐŽŶŽŵLJ͕ ƌĞŇĞĐƚĞĚ ŝŶ ƚŚĞ ƌĂnjŝůŝĂŶ ĞŶƚƌĂů ĂŶŬ͛Ɛ ĐŽŶŽŵŝĐ ĐƟǀŝƚLJ /ŶĚĞdž ĨŽƌ ĞĐĞŵďĞƌ ǁŚŝĐŚ ǁĂƐ ƌĞůĞĂƐĞĚ Ăƚ ƚŚĞ ďĞŐŝŶŶŝŶŐ ŽĨ ƚŚĞ ǁĞĞŬ͘ ŚŝŶĂ͛Ɛ ^ŚĂŶŐŚĂŝ ŽŵƉŽƐŝƚĞ ĨŽůůŽǁĞĚ͕ ŝŵƉƌŽǀŝŶŐ Ϯ͘ϴй ĂƐ ƚŚĞ ŵĂƌŬĞƚ ƌĞŽƉĞŶĞĚ ŽŶ dŚƵƌƐĚĂLJ ĂŌĞƌ ĐůŽƐŝŶŐ ĨŽƌ ƚŚĞ >ƵŶĂƌ EĞǁ zĞĂƌ ĐĞůĞďƌĂƟŽŶƐ͘ /Ŷ ĨƌŝĐĂ͕ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ŵŝdžĞĚ ĂĐƌŽƐƐ ƐĞĐƚŽƌƐ ĂƐ ƚŚĞ EŝŐĞƌŝĂŶ ůů ^ŚĂƌĞ /ŶĚĞdž ĂŶĚ ƚŚĞ 'ŚĂŶĂ͛Ɛ '^ ŽŵƉŽƐŝƚĞ ďŽƚŚ ƐŚĞĚ Ϭ͘Ϯй ĂƉŝĞĐĞ͘ KŶ ƚŚĞ ŇŝƉƐŝĚĞ͕ ŐLJƉƚ͛Ɛ 'y ϯϬ ĂĚǀĂŶĐĞĚ ƚŚĞ ŵŽƐƚ͕ ƵƉ Ϯ͘ϰйtͲŽͲt ĨŽůůŽǁŝŶŐ Ă ƌĂƚĞ ĐƵƚ ďLJ ƚŚĞ ŐLJƉƟĂŶ ĞŶƚƌĂů ĂŶŬ ĂƐ ŝŶǀĞƐƚŽƌƐ ĞdžƉĞĐƚ Ă ĨƵƌƚŚĞƌ ƐůŽǁĚŽǁŶ ŽĨ ŝŶŇĂƟŽŶ͘ ^ŝŵŝůĂƌůLJ͕ <ĞŶLJĂ͛Ɛ E^ ϮϬ ƐůŝŐŚƚůLJ ĂƉƉƌĞĐŝĂƚĞĚ Ϭ͘Ϯй tͲŽͲt͘

Monday, February 26, 2018

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

Ticker

Current Price

Previous Current Price Weighting Change

THISDAY AFRINVEST 40 1,769.81

0.98% 1.3%

Price Change YTD

Price Change Index to Date

ROE

ROA

P/E

P/BV

14.7%

77.0%

25.1%

7.9%

8.2x

1.1x

Divinden Earnings d Yield Yield

3.2%

10.1%

1

Guaranty Trust Bank PLC

48.60

22.3%

19.3%

19.9%

26.0%

4.3%

10.1x

2.5x

4.2%

9.9%

2

Zenith Bank PLC

31.90

0.5%

14.1%

24.4%

23.0%

21.7%

3.2%

6.3x

1.3x

6.4%

15.9%

3

Nigerian Brew eries PLC

130.00

5.8%

7.6%

-3.6%

-3.7%

18.9%

8.6%

32.0x

5.8x

3.3%

3.1%

4

Nestle Nigeria PLC

1,378.00

0.0%

6.2%

-11.4%

-11.4%

78.4%

19.0%

35.9x

23.7x

1.8%

2.8%

5

Dangote Cement PLC

260.00

0.0%

6.1%

13.0%

13.0%

30.4%

15.7%

17.9x

5.1x

3.3%

5.6%

6

FBN Holdings Plc

11.70

1.7%

6.4%

33.0%

33.1%

2.6%

0.3%

19.0x

0.7x

1.7%

5.2%

0.8%

7

Access Bank PLC

13.00

4.9%

24.4%

22.6%

15.1%

2.0%

5.3x

0.7x

5.0%

19.0%

8

United Bank for Africa PLC

12.95

-0.4%

4.8%

25.7%

24.4%

17.2%

2.2%

5.7x

1.0x

5.8%

17.6%

9

Ecobank Transnational Inc

19.70

0.0%

3.3%

15.9%

21.1%

-14.6%

-1.3%

0.7x

3.1%

-17.6%

10

SEPLAT Petroleum Development C

685.10

0.0%

2.9%

9.4%

9.4%

-12.4%

-6.7%

0.9x

11

Stanbic IBTC Holdings PLC

46.00

0.0%

2.8%

10.8%

12.5%

28.7%

3.4%

10.6x

2.8x

1.3%

9.4%

12

Guinness Nigeria PLC

104.90

0.0%

2.2%

11.6%

11.6%

14.6%

5.6%

19.7x

2.8x

0.6%

5.1%

51.30

0.0%

-15.3%

13

Lafarge Africa PLC

1.6%

14.3%

14.3%

47.1%

9.8%

4.6x

7.8x

1.9%

21.8%

14

Fidelity Bank PLC

3.00

0.0%

1.3%

22.0%

16.3%

8.0%

1.1%

2.6x

0.4x

4.7%

38.2%

15

Oando PLC

5.99

0.0%

1.1%

0.0%

0.0%

40.7%

4.2%

2.7x

0.6x

16

Dangote Sugar Refinery PLC

21.70

1.6%

1.1%

8.5%

6.6%

43.2%

19.8%

8.5x

3.3x

2.3%

11.8%

37.0%

17

Okomu Oil Palm PLC

72.00

0.0%

1.0%

6.4%

6.4%

37.4%

25.9%

9.6x

3.1x

2.1%

10.4%

18

Unilever Nigeria PLC

48.80

0.0%

1.1%

19.0%

21.4%

50.3%

8.4%

30.1x

11.4x

0.2%

3.3%

19

International Brew eries PLC

57.00

1.9%

0.7%

4.6%

3.7%

24.6%

7.4%

59.7x

13.6x

20

Flour Mills of Nigeria PLC

33.00

0.0%

0.6%

13.8%

13.8%

13.1%

3.0%

6.9x

0.8x

2.8%

14.5%

21

Transnational Corp of Nigeria

2.11

-1.9%

0.7%

44.5%

42.6%

19.6%

4.1%

8.4x

1.5x

1.2%

0.5%

0.9%

0.9%

6.3%

2.2%

10.9x

0.7x

22

UAC of Nigeria PLC

17.05

23

Diamond Bank PLC

2.55

2.0%

0.8%

70.0%

62.4%

2.5%

0.3%

10.3x

0.3x

24

Total Nigeria PLC

228.00

0.0%

0.5%

-0.8%

-0.8%

37.3%

7.4%

8.5x

3.0x

25

FCMB Group Plc

1.7%

11.9% 5.8%

9.1%

2.6%

11.8% 14.6%

9.7%

2.36

2.6%

0.7%

49.4%

3.8%

0.6%

6.8x

0.3x

4.3%

190.00

0.0%

0.4%

-2.4%

-2.4%

32.6%

12.0%

10.1x

2.8x

4.2%

26

11 PLC

27

Forte Oil PLC

44.80

0.0%

0.4%

3.0%

6.7%

44.3%

3.7%

11.3x

5.0x

ŽŵĞƐƟĐ ƋƵŝƚLJ DĂƌŬĞƚ͗ E^ ^/ džƚĞŶĚƐ ĞĂƌŝƐŚ ZƵŶ͕ ĚĞƐƉŝƚĞ 'ĂŝŶƐ ŝŶ ƚŚĞ tĞĞŬ

28

PZ Cussons Nigeria PLC

23.00

0.0%

0.4%

11.7%

8.7%

10.7%

5.0%

21.8x

2.2x

29

Cadbury Nigeria PLC

15.85

0.0%

0.3%

1.1%

1.6%

4.5%

1.6%

45.2x

2.7x

dŚĞ ŽŵĞƐƟĐ ďŽƵƌƐĞ ƐƚĂƌƚĞĚ ƚŚĞ ǁĞĞŬ ŽŶ Ă ďĞĂƌŝƐŚ ŶŽƚĞ͕ ďƵƚ ƌĞďŽƵŶĚĞĚ ŝŶ ƚŚĞ ƐƵďƐĞƋƵĞŶƚ ƐĞƐƐŝŽŶ ĂŶĚ ŐĂŝŶƐ ǁĞƌĞ ĞdžƚĞŶĚĞĚ Ɵůů ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ǁĞĞŬ͘ ,ŽǁĞǀĞƌ ƚŚĞ ĂƉƉƌĞĐŝĂƟŽŶƐ ƌĞĐŽƌĚĞĚ ĐŽƵůĚ ŶŽƚ ŽīƐĞƚ ƚŚĞ ŝŵƉĂĐƚ ŽĨ ƚŚĞ ůŽƐƐ ŽŶ ƚŚĞ ĮƌƐƚ ƚƌĂĚŝŶŐ ĚĂLJ ŽĨ ƚŚĞ ǁĞĞŬ͘ ,ĞŶĐĞ͕ ƚŚĞ E^ ^/ ǁĞĂŬĞŶĞĚ Ϭ͘Ϯй tͲŽͲt ƚŽ ƐĞƩůĞ Ăƚ ϰϮ͕ϱϳϬ͘ϴϵ ƉŽŝŶƚƐ ǁŚŝůĞ zd ƌĞƚƵƌŶ ƚƌŝŵŵĞĚ ƚŽ ϭϭ͘ϯй͘ ĐĐŽƌĚŝŶŐůLJ͕ ŝŶǀĞƐƚŽƌƐ ůŽƐƚ EϮϰ͘ϰďŶ ŝŶ ǀĂůƵĞ ĂƐ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝnjĂƟŽŶ ƌĞĚƵĐĞĚ ƚŽ Eϭϱ͘ϯƚŶ͘ ůƐŽ͕ ĂĐƟǀŝƚLJ ůĞǀĞů ǁĞĂŬĞŶĞĚ ĂƐ ĂǀĞƌĂŐĞ ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ ƚƌĂĚĞĚ ƌĞĚƵĐĞĚ Ϯϲ͘ϰй ĂŶĚ Ϯϭ͘ϳй tͲŽͲt ƚŽ ϰϬϯ͘ϲŵ ƵŶŝƚƐ ĂŶĚ Eϰ͘ϲďŶ ƌĞƐƉĞĐƟǀĞůLJ͘ dŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďLJ ǀŽůƵŵĞ ǁĞƌĞ & E, ;ϮϭϬ͘ϵŵͿ͕ ^<z E< ;ϭϰϵ͘ϱŵͿ ĂŶĚ &/ >/dz ;ϭϰϮ͘ϭŵͿ ǁŚŝůĞ ƚŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďLJ ǀĂůƵĞ ǁĞƌĞ & E, ;EϮ͘ϯďŶͿ͕ E/d, ;Eϭ͘ϴďŶͿ ĂŶĚ 'h Z Edz ;Eϭ͘ϳďŶͿ͘

30

Presco PLC

70.00

0.0%

0.3%

2.2%

2.2%

42.9%

25.9%

3.4x

31

NASCON Allied Industries PLC

20.55

0.0%

0.3%

11.1%

6.9%

53.4%

18.1%

11.6x

32

UPDC Real Estate Investment Tr

10.00

0.0%

0.3%

0.0%

0.0%

33

Union Bank of Nigeria PLC

7.00

2.2%

0.3%

-10.3%

-6.8%

5.6%

1.2%

34

Julius Berger Nigeria PLC

25.95

0.0%

0.3%

-7.3%

-7.3%

-12.2%

-1.2%

35

Sterling Bank PLC

1.92

2.7%

0.4%

77.8%

69.9%

6.1%

0.6%

10.1x

0.6x

9.9%

36

Dangote Flour Mills Plc

16.55

0.3%

0.3%

36.2%

36.2%

61.6%

15.8%

5.4x

2.3x

18.7%

37

GlaxoSmithKline Consumer Niger

20.15

0.0%

0.2%

-6.8%

-6.8%

61.2%

23.6%

4.2x

1.5x

1.5%

38

Chemical and Allied Products P

38.00

8.6%

0.2%

11.8%

6.4%

84.3%

38.5%

16.6x

11.6x

5.8%

6.0%

39

Beta Glass PLC

72.10

0.0%

0.1%

40.5%

40.5%

18.4%

11.9%

10.2x

1.7x

1.4%

9.8%

40

Transcorp Hotels Plc

7.55

0.0%

0.1%

4.7%

4.7%

4.7%

2.8%

21.5x

1.1x

1.6%

4.7%

dŚĞ E^ ^/ ĚĞĐůŝŶĞĚ ŽŶ ŽŶůLJ ϭ ƚƌĂĚŝŶŐ ĚĂLJ ŝŶ ƚŚĞ ǁĞĞŬ ;ŽŶ DŽŶĚĂLJͿ͕ ĂƐ ƚŚĞ ďĞŶĐŚŵĂƌŬ ŝŶĚĞdž ǁĂƐ ĚƌĂŐŐĞĚ ďLJ ůŽƐƐĞƐ ŝŶ E ^d> ;Ͳϰ͘ϮйͿ ĂŶĚ E/' Z/ E Z t Z/ ^ ;Ͳϭ͘ϲйͿ͘ ,ŽǁĞǀĞƌ͕ Ă ƌĞďŽƵŶĚ ǁĂƐ ƌĞĐŽƌĚĞĚ ŽŶ dƵĞƐĚĂLJ ;нϬ͘ϰйͿ ǁŝƚŚ E' D ƵƉůŝŌŝŶŐ ƚŚĞ ŝŶĚĞdž͘ dŚĞ ƵƉƚƌĞŶĚ ǁĂƐ ƐƵƐƚĂŝŶĞĚ Ɵůů ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ǁĞĞŬ Ͳ tĞĚŶĞƐĚĂLJ ;нϮďƉƐͿ͕ dŚƵƌƐĚĂLJ ;нϮϰďƉƐͿ ĂŶĚ &ƌŝĚĂLJ ;нϬ͘ϳйͿ Ͳ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ďƵLJŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶ ĂŶŬŝŶŐ ƐƚŽĐŬƐ͘ EŽƚǁŝƚŚƐƚĂŶĚŝŶŐ͕ Ă Ϭ͘Ϯй tͲŽͲt ĚĞƉƌĞĐŝĂƟŽŶ ǁĂƐ ƌĞĐŽƌĚĞĚ͘

T o p 10 G a ine r s

4.6%

1.2x

2.1%

29.0%

5.3x

3.4%

8.6%

0.8x

7.2%

2.2%

0.4x

11.2%

1.4x

-8.8%

T ic k er

P ric e

P ric e C hg %

T ic k er

CA P

38.00

8.6%

FB NH

42.1

1.7%

0.42

7.7%

Z EN IT H B A N K

29.3

0.5% 4.6%

J A P A ULOIL WA P IC NB

Vo lum e

0.68

6.3%

F ID SON

28.9

5.8%

NB

25.7

5.8%

1.49

4.9%

T R A N SC OR P

20.0

-1.9% 0.8%

P ric e

P ric e C hg %

DĂƌŬĞƚ ďƌĞĂĚƚŚ ;ĂĚǀĂŶĐĞͬĚĞĐůŝŶĞ ƌĂƟŽͿ ǁŚŝĐŚ ŵĞĂƐƵƌĞƐ ŝŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ͕ ǁĞĂŬĞŶĞĚ ƚŽ Ϭ͘ϰdž ĨƌŽŵ Ϭ͘ϲdž ƚŚĞ ƉƌĞǀŝŽƵƐ ǁĞĞŬ ĂƐ Ϯϯ ƐƚŽĐŬƐ ĂĚǀĂŶĐĞĚ ǁŚŝůĞ ϱϯ ƐƚŽĐŬƐ ĚĞĐůŝŶĞĚ͘ dŚĞ ƚŽƉ ŐĂŝŶĞƌƐ ĨŽƌ ƚŚĞ ǁĞĞŬ ǁĞƌĞ >/s ^dK < ;нϭϵ͘ϬйͿ͕ : W h> K/> ;нϭϲ͘ϳйͿ Ͳ ĨŽůůŽǁŝŶŐ Ă ƌĂůůLJ ƐƚŽŬĞĚ ďLJ ƚŚĞ ĂŶŶŽƵŶĐĞŵĞŶƚ ŽĨ Ă EϯϱϬ͘Ϭŵ ĮŶĂŶĐŝŶŐ ĚĞĂů ǁŝƚŚ DŝůŽƐƚ 'ůŽďĂů /ŶĐŽƌƉŽƌĂƚĞĚ Ͳ ĂŶĚ W ;нϳ͘ϴйͿ ǁŚŝůĞ ƚŚĞ ǁŽƌƐƚ ƉĞƌĨŽƌŵŝŶŐ ƐƚŽĐŬƐ ǁĞƌĞ KEK/> ;Ͳϭϴ͘ϯйͿ͕ KhZds/>> ;Ͳϭϱ͘ϴйͿ ĂŶĚ hE/ ;Ͳϭϱ͘ϲйͿ͘ ĞƐƉŝƚĞ ƚŚĞ ĚĞĐůŝŶĞ ƌĞĐŽƌĚĞĚ ŝŶ ŵĂƌŬĞƚ ƉĞƌĨŽƌŵĂŶĐĞ͕ ƚŚĞ ŝŶĐƌĞĂƐĞ ŝŶ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ ƐƵŐŐĞƐƚ ƐĞŶƟŵĞŶƚ ŝƐ ŐƌĂĚƵĂůůLJ ŝŵƉƌŽǀŝŶŐ ŝŶ ƚŚĞ ŵĂƌŬĞƚ͘ tĞ ĂŶƟĐŝƉĂƚĞ ĐŽŵƉĂŶŝĞƐ ƚŽ ďĞŐŝŶ ĮůŝŶŐ &z͗ϮϬϭϳ ĞĂƌŶŝŶŐƐ ƌĞƐƵůƚ ďLJ ŶĞdžƚ ǁĞĞŬ͕ ŚĞŶĐĞ ƚŚŝƐ ǁŝůů ďĞ Ă ŵĂũŽƌ ĚƌŝǀĞƌ ŽĨ ƉĞƌĨŽƌŵĂŶĐĞ ŝŶ ƚŚĞ ŶĞĂƌ ƚĞƌŵ͘

H M A R KIN S

0.25

-7.4%

NB

C OUR T VILLE

0.32

-5.9%

CCNN

16.85

C A VER T ON

2.40

F ID SON

4.76

4.6%

A C C ESS

19.7

H ON YF LOUR

2.90

3.9%

F ID ELIT YB K

18.1

0.0%

1.19

3.5%

UB A

17.0

-0.4%

LIVEST OC K A IIC O

0.75

2.7%

FCM B

15.5

2.6%

ST ER LN B A N K

1.92

2.7%

H ON YF LOUR

13.4

3.9%

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

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

T ic k er

Value

P ric e C hg %

3288.3

5.8%

Z EN IT H B A N K

937.7

0.5%

-4.8%

FB NH

483.0

1.7%

-4.8%

GUA R A N T Y

335.8

1.3%

1.51

-4.4%

A C C ESS

255.0

0.8%

UN IC

0.27

-3.6%

UB A

219.1

-0.4%

A GLEVEN T

0.55

-3.5%

F ID SON

137.6

4.6%

2.11

-1.9%

IN T B R EW

95.7

1.9%

12.95

-0.4%

UA C N

69.9

1.2%

N EST LE

62.0

0.0%

C ON T IN SUR E

T R A N SC OR P UB A

23.9%

P ric e C hg %

130.00

UN IT YB N K

(A Dealing Member of the Nigerian Stock Exchange)

2.2%

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

^ĞĐƚŽƌ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ŵŝdžĞĚ ƚŚŝƐ ǁĞĞŬ ĂƐ Ϯ ŽĨ ϱ ƐĞĐƚŽƌ ŝŶĚŝĐĞƐ ĂĚǀĂŶĐĞĚ͘ dŚĞ ĂŶŬŝŶŐ ŝŶĚĞdž ůĞĚ ŐĂŝŶĞƌƐ͕ ƵƉ ϭ͘ϱй ĚƵĞ ƚŽ ŐĂŝŶƐ ŝŶ h ;нϲ͘ϲйͿ ĂŶĚ 'h Z Edz ;нϰ͘ϱйͿ͘ dŚĞ /ŶƐƵƌĂŶĐĞ ŝŶĚĞdž ĨŽůůŽǁĞĚ ĐůŽƐĞůLJ͕ ĂƉƉƌĞĐŝĂƟŶŐ ϭ͘Ϯй ĂƐ // K ;нϳ͘ϭйͿ ĂŶĚ D E^ Z ;нϯ͘ϴйͿ ĂĚǀĂŶĐĞĚ͘ KŶ ƚŚĞ ŇŝƉƐŝĚĞ͕ ƚŚĞ Kŝů Θ 'ĂƐ ŝŶĚĞdž ůĞĚ ůĂŐŐĂƌĚƐ͕ ĚŽǁŶ ϭ͘ϴй ĨŽůůŽǁŝŶŐ ůŽƐƐĞƐ ŝŶ KEK/> ;Ͳϭϴ͘ϯйͿ ĂŶĚ DK /> ;Ͳϰ͘ϱйͿ͘ ^ŝŵŝůĂƌůLJ͕ ƚŚĞ ŽŶƐƵŵĞƌ ĂŶĚ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚŝĐĞƐ ĚŝƉƉĞĚ ϭ͘ϭй ĂŶĚ Ϭ͘ϱй ƌĞƐƉĞĐƟǀĞůLJ ĚƵĞ ƚŽ ůŽƐƐĞƐ ŝŶ E ^d> ;Ͳϭ͘ϲйͿ͕ W ;Ͳϴ͘ϬйͿ͕ t W K ;Ͳϭ͘ϯйͿ ĂŶĚ EE ;Ͳϳ͘ϭйͿ͘

Afrinvest Securities Limited (RC 603 315)

8.9x

9.9% 8.8%

Investment Research

Brokerage Ayodeji Ebo | aebo@afrinvest.com

Robert Omotunde | romotunde@afrinvest.com

Bolaji Fajenyo | bfajenyo@afrinvest.com

Omotola Abimbola | oabimbola@afrinvest.com

41

˾ MONDAY, FEBRUARY 26, 2018

MARKET NEWS

EGM Links Investors to Opportunities in Global Financial Markets Goddy Egene One of Africa’s most innovative financial technology (Fintech) companies, Eagle Global Markets (EGM) is empowering investors by providing trading access 1000 global market financial products using our local currency, the Naira.

The company, which has already been facilitating trade through its United States Dollar MT4 platform, recently added the Naira Cloudtrade Platform.

Speaking about the opportunities the firm is offering, Co-Founder, EGM, Mr. Gbite Oduneye said: “We have two platforms: the Naira Cloudtrade and then the US Dollar MT4 which is the only one other players in the industry offer to their clients.”

According to him, ranging from international equities, commodities, indices and currency pairs, traders can through EGM naira platform access over 1000 financial products across the world,

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

which include derivatives of companies such as Facebook, Google and Snapchat; as well as commodities such as Crude Oil, Gold and Silver.

He explained that global market watchers recently saw one of largest drops in the history of the Dow Jones as well as a rise followed by a drop in oil prices.

“In times gone by, this will constitute engaging conversation but now one could generate an income from taking advantage of these moves from the comfort

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 22-Feb-2018, unless otherwise stated.

of your mobile phone with Naira. EGM makes the investing world a much smaller place by breaking down barriers, making it possible for Nigerians to trade 1000s of financial products with Naira,” Oduneye said.

He disclosed that EGM has experienced account managers who guide its clients. “We are one of the most innovative financial technology (Fintech) companies in Africa. We offer tight spreads, Mobile apps: Android and Apple;

and Fast Trade Execution. Our clients are at the heart of our business and we provide the best client management in the industry. In less than two years we have grown our clientelle base considerably from a mere 500 to 5000 and still counting. This is driven by our commitment to professionally advise and educate of our clients.

Education is at the heart of our business, we offer free seminars in our Ikoyi office as well as our EGM Academy in Ikeja. We are looking to

open in Ibadan in the next quarter of this year,” he added.

He noted that the company enables clients diversify their portfolios by taking advantage of opportunities that exist in global markets.

“We enable Nigerians earn extra income and provide jobs for our Introductory brokers. We offer the highest level of compliance with our Financial Conduct Authority (FCA) regulated technology partners. We hold all clients funds in segregated accounts.

Offer price: The price at which units of a trust or ETF are bought by investors.

Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return.

NAV: Is value per share of the real estate assets held by a REIT on a specific date.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 1 270 1680 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 194.53 195.02 9.37% Nigeria International Debt Fund 252.41 252.93 8.96% 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 4.66% ACAP Income Funds 0.62 0.62 3.90% 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 16.05% 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 20.08 20.68 9.89% ARM Discovery Fund 419.66 432.31 7.86% ARM Ethical Fund 28.80 29.67 5.42% ARM Money Market Fund 1.00 1.00 15.80% 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 164.31 165.46 8.32% AXA Mansard Money Market Fund 1.00 1.00 15.72% 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 12.88 13.21 4.19% Women's Investment Fund 102.02 104.64 1.38% 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 N/A N/A N/A 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 15.29% Coronation Balanced Fund 1.12 1.14 6.86% Coronation Fixed Income Fund 1.10 1.14 6.88% 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 1,177.40 1,178.57 2.57% FBN Heritage Fund 150.36 151.77 7.89% FBN Money Market Fund 100.00 100.00 14.80% FBN Nigeria Eurobond (USD) Fund - Institutional $114.19 $114.73 1.13% FBN Nigeria Eurobond (USD) Fund - Retail $114.14 $114.68 1.19% FBN Nigeria Smart Beta Equity Fund 191.23 194.08 11.98% 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 2.94 2.94 1.97% 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 3,137.38 3,178.07 5.23% Coral Income Fund 2,522.09 2,522.09 3.10% 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 14.57% 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 N/A N/A N/A Vantage Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Kedari Investment Fund (KIF) N/A N/A N/A

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 1.46% Lotus Halal Fixed Income Fund 1,048.22 1,048.22 1.68% 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 16.49 16.65 17.04% Meristem Money Market Fund 10.00 10.00 13.23% 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 8.35% PACAM Fixed Income Fund 11.30 11.39 2.56% 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 142.44 144.64 10.48% 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 1.52 1.52 2.11% 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 2,351.56 2,370.50 4.83% Stanbic IBTC Bond Fund 177.87 177.87 0.80% Stanbic IBTC Ethical Fund 1.09 1.10 8.42% Stanbic IBTC Guaranteed Investment Fund 226.68 226.78 2.94% Stanbic IBTC Iman Fund 187.47 189.70 4.71% Stanbic IBTC Money Market Fund 100.00 100.00 14.88% Stanbic IBTC Nigerian Equity Fund 10,297.43 10,438.93 6.50% Stanbic IBTC Dollar Fund (USD) 1.07 1.07 0.94% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.37 1.38 15.60% United Capital Bond Fund 1.59 1.59 2.80% United Capital Equity Fund 1.01 1.03 13.90% United Capital Money Market Fund 1.00 1.00 13.71% United Capital Eurobond Fund 103.90 103.90 1.00% 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 13.38 13.58 7.51% Zenith Ethical Fund 13.84 14.00 5.29% Zenith Income Fund 19.46 19.46 2.85%

REITS NAV Per Share

Yield / T-Rtn

10.00 133.55

-11.35% 0.82%

Bid Price

Offer Price

Yield / T-Rtn

12.36 161.83 120.55

12.46 165.32 122.81

1.97% 13.32% 10.35%

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

N/A N/A N/A N/A N/A

N/A N/A N/A N/A N/A

N/A N/A N/A N/A N/A

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.

42

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CITYSTRINGS

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;

Combating Cultism the Lagos Way Chiemelie Ezeobi writes that community policing strategy of the Lagos State Police Command has started yielding fruit as over 860 cultists have renounced cultism in a little over six months

Lagos CP, Imohimi Edgal (5th right) with other security personnel receiving the surrendered weapons

"T

oday, we are in Ikorodu at the instance of our royal father and his lieutenants to take over these arms and ammunition that belong to members of major cult groups who renounced such confraternity.

"We have identified leaders of Aiye, Eiye and Buccaneers, who have come out with their over 200 members to give up arms.

What is happening here is that jointly, we are making history.

"All these weapons have been voluntarily handed over by cultists who have renounced membership and have pledged to build Ikorodu and allow peace, security to reign.â&#x20AC;?

Those were the words of the Commissioner of Police, Lagos State Police Command, Imohimi Edgal, at the renunciation ceremony of over 200 cultists hitherto terrorising Ikorodu and its environs.

At the ceremony, the community policing strategy of the Lagos State Police Command paid off again as over 200 youths from different cult groups renounced cultism, just as they surrendered their arms and ammunition.

With this recent renunciation, the number of cultists that have called it quits with cultism in Lagos skyrocketed to 860 in the past six months under the present police leadership. The youths drawn from the Aiye, Eiye and Bucanneer confraternities renounced their membership at the palace of

the Ikorodu monarch, Oba Kabiru Shotobi.

Also surrendered were 15 locally made long guns, 30 bullets, 11 cutlasses, four axes, four double-barrel guns, five short locally made pistols and a sword.

Receiving the youths and the surrendered weapons, Edgal, said the voluntary renunciation was as a result of community policing and community partnership. While assuring the repented cultists that the command would do all within its might to ensure

All these weapons have been voluntarily handed over by cultists who have renounced membership and have pledged to build Ikorodu and allow peace, security to reign.

These arms are weapons of destruction and I am happy you volunteered to relinquish them. They would be sent to police armoury

Ikorodu was rid of criminality, said their reintegration into the society has been set in motion.

He said: "All these weapons have been voluntarily handed over by cultists who have renounced membership and have pledged to build Ikorodu and allow peace, security to reign. These arms are weapons of destruction and I am happy you volunteered to relinquish them. They would be sent to police armoury.

"I hear there are still few persons in your midst, who do not want to join this drive to shun cultism. Be vigilant. Do not allow them to carry out their activities in Ikorodu.

I have told my men here to partner you in order to arrest such persons."

Leader of Onyeabo Vigilante group, Lanre Olabinjo said the renunciation took several meetings with the various cult groups, appealing that the youths, most of whom were graduates, be gainfully engaged.

The prodigals return Speaking on behalf of the recently repented cultists, Aiye leader, Afeez Sholebo alias Chiny said they signed an undertaking to never return to cultism. He said, "Our demands to government are that we should be employed permanently. There should be vocational seminars, scholarship to study in any institution in the country, infrastructural development of Ikorodu."

But prior to the recent renunciation, two other batches had late last year also

called it quits with cultism under Edgal.

Perhaps the first renunciation on November 7, 2017, was the trigger that others needed to follow suit as no fewer than 500 youths in Ijede Local Council Development Area of Ikorodu, Lagos, voluntarily renounced their membership of various cult groups in the area.

They included cultists from Aiye, Eiye, Buccaneer, and KK among others. The youths, whose ages ranged between 17 and 35, also submitted their weapons. The weapons, which were displayed at the Ijede LCDA hall included pump action rifles, AK-47 rifles, locally-made guns and single-barrel guns. Also displayed were cartridges of various types as well as axes and machetes.

Edgal, who was also at Ijede to receive the arms, pointed out that the act was a boost to his Police/public partnership policy, even as he applauded the efforts of the LCDA Chairman, Mr. Salisu Jimoh, for pioneering the move, adding that the voluntary renouncement by the former cultists, is the first step in the process of reintegrating them into the society.

In his speech, former head of KK confraternity, Abdulrazeez Densi, said the renunciation marked the beginning of a new day in his life, as he had been living in uncertainty.

Asked why he decided to opt out, he said: â&#x20AC;&#x153;I decided to renounce my membership because of the safety of my life and that of members of my community. I want peace

43

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

CITYSTRINGS

Some of the recovered arms and ammunition.

to reign in my community.â&#x20AC;?

Another former cultist, Olarewaju Adesoye, who claimed to be the former head of Eiye confraternity, said: â&#x20AC;&#x153;I was the number one man of Eiye. Cultism started from power tussle over boundary issue.

But the crisis that followed was not what we bargained for. My appreciation goes to the local government chairman, who pioneered this move. â&#x20AC;&#x153;We made up our minds to renounce our membership for long, but the logical way to follow, so as not to be arrested, was not visible.â&#x20AC;?

Another former cultist, who simply gave his name as Temitayo, said most of them joined various cult groups because of lack of jobs. He said members of the various cult groups comprised graduates and artisans.

It was therefore not surprising that after the success of the first one with no reprisal attack, another batch followed suit on November 29, 2017. Thus on that occasion, no fewer than 120 youths renounced cultism and surrendered their arms and ammunition to the police at Oba Ajibade Agoro, the Ranodu of Imota Ikorodu, Lagos State. The ceremony was significant because those were the same group that had unleashed terror on the community.

The CP, who was still in acting capacity at that time, had also received them, adding that the success belongs to God Almighty, and also to the policing ideology of the Inspector General of Police, Ibrahim Idris, on community policing and safety partnership.

He stated that he is not only a student of the Inspector General of Police school of thought, but an ardent practitioner of the philosophy of community policing which has yielded great dividend in Imota. The CP had before his departure, directed the Area Commander Area 'N' ACP Garba Ahmed, to profile, document and obtain

the biometrics of the erstwhile cult members for record purposes.

He had also urged the community leaders to partner the police and other security agencies to sensitise other cultists to renounce their membership and surrender their arms.

The paramount ruler of Imota, Oba Ajibade Agoro, had also urged youths in the community to renounce cultism and embrace peace, adding that without peace there cannot be development.

Measures for rehabilitation Acknowledging the fact that an idle man is indeed the devil's workshop, Edgal said there was need for rehabilitation for all.

He said, "When I assumed duty as Commissioner of Police in Lagos, I discovered that cultism and drug abuse are the most challenging crimes.

Your renunciation is the ďŹ rst step, afterwards you will be trained in vocational skills before your reintegration into the society. There would also be opportunities for soft loans to establish your vocational trade

â&#x20AC;&#x153;But the important thing is that the process whereby youths are now willingly renouncing cultism to take up vocational skills have started. The vocational job is to be instituted by the council chairman, the lawmakers and other stakeholders in Imota. We want a 24-hours economic and nightlife in Lagos."

Addressing the repented cultists, Edgal said their voluntary renouncement would be accompanied by vocational training to enable them acquire new skills. He said, "I know you have fears and uncertainties but I can assure that there is a process.

Your renunciation is the first step.

"Thereafter, the Oba will approach the local government chairman to train you in vocational skills before your reintegration into the society. There would also be opportunities for soft loans to establish your vocational trade. Ikorodu is the fastest growing part of Lagos and the world is concerned about what is happening here.

"I hereby call on youths of other communities in Lagos to renounce cultism. I am also appealing to youths to shun hard drugs.

If you take these drugs, you won't have a bright future. Do not allow drug dealers to rob you of your future. Anywhere you find a drug dealer in Ikorodu, report to the police and the person would be arrested."

Earlier, Shotobi had said criminality is alien to Ikorodu, thus why youths were being encouraged to renounce publicly. He went on to assure that their legitimate demands would be presented to the governor for action.

Also, Mr. Nurudeen Solaja, the lawmaker representing Ikorodu 2 Constituency in the Lagos State House of Assembly, said that the renouncement was a welcome development, adding that he would join hands with other stakeholders to ensure that the repented cultists were re-integrated back into the

community.

He said, "We will train those cultists who willingly renounced their membership to become better individuals. Most of these cultists are artisans who donâ&#x20AC;&#x2122;t have an idea of how or what cultism is all about; we want to make sure that peace returns to Imota community which is my constituency."

Also speaking, Prince Wasiu Agoro, Chairman, Imota Local Council Development Area (LCDA), said that the council would continue to sensitise the community on the need to maintain peace for development of the area.

Preaching community partnership These giant strides won't have been possible without Edgal's passion for community partnership.

Ab initio, on community partnership and Edgal had said, "When I resumed as Commissioner of Police last September, I came with a strategy, which was backed up by intelligence and technology because there were problems of major crimes such as armed robbery, car snatching, mugging, drug abuse, youth restiveness and violence against women and children.

"Thus, I introduced community policing and safety partnerships. I attended over 12 town hall meetings across the state, where I met with the people and explained the need for their close involvement in security.

"Thus, it is the intention of the police to allow the people take the front burner on how their community is policed. We want the people to be more involved in how their community is policed.

"Community policing involves partnership with the people and relies heavily on intelligence gathering. We would use community policing to get information from the public and process same."

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49

50

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T H I S D AY ˾ MONDAY FEBRUARY 26, 2018

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T H I S D AY ˾ MONDAY FEBRUARY 26, 2018

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RETURNS ON UTILIZATION OF FUNDS SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 23rd-FEBRUARY 2018 This publication: Mandated by the Central Bank of Nigeria (CBN)

BANK: ECOBANK NIGERIA LIMITED SN

CUSTOMER

ITEM OF IMPORT

DATE OF EXCHANGE FUND RATE PURCHASE

AMOUNT

SN

CUSTOMER

ITEM OF IMPORT

DATE OF EXCHANGE FUND RATE PURCHASE

1

UDO EKAETTE GODWIN

BTA PTA

19-Feb-18

360.00

1,500.00

59

TOP STEEL NIGERIA LIMITED

FERRO SILICO MANGANESE

21-Feb-18

361.00

163,520.00

2

UMAR SHEHU

BTA PTA

19-Feb-18

360.00

2,000.00

60

TOP STEEL NIGERIA LIMITED

361.00

2,650.00

3

BABUDOH STELLA ERHURHORO

BTA PTA

19-Feb-18

360.00

4,000.00

PLANT & MACHINERY AND EQUIPMENTS FOR STEEL 21-Feb-18 MELTING SHOP CONTINOUS CASTING MACHINE, 132/33 KV ELECTRIC SUBSTATION WITH PARTS & ROLLING MILLS

4

USEN FREDERICKS HENRY KING

BTA PTA

19-Feb-18

360.00

1,000.00

61

AMEEN MUHAMMAD BARIATU

BTA PTA

19-Feb-18

360.00

4,000.00

ZAHAV AUTOMOBILE COMPANY NIG LTD 192 UNITS OF CHANGAN VEHICLES SKD AS PROFORMA IN- 21-Feb-18 VOICE NUMBER PC-17/PFI-0314-B DATED 15 AUGUST,2017

360.00 2,018,880.00

5 6

ALETOR ANNA OSAYANOMO

BTA PTA

19-Feb-18

360.00

4,000.00

62

21-Feb-18

360.00

611,090.00

7

AKINWANDE OLABISI

BTA PTA

19-Feb-18

360.00

2,500.00

ZAHAV AUTOMOBILE COMPANY NIG LTD 48 UNITS OF CHANGAN VEHICLES SKD AS PER PROFORMA INVOICE NUMBER PC-17/PFI-0227 DATED 06 JULY,2017

8

BAWAALLAH ADEMOLA MONSURU

BTA PTA

19-Feb-18

360.00

3,000.00

63

AKEBONO INDUSTRIAL CO NIG LTD

NEW DAYLONG MOTORCYCLE DL125 CKD

21-Feb-18

315.00

336,500.00

9

HOLDGOD HENRIETTA SIMON

EDUCATION

19-Feb-18

360.00

5,000.00

64

AKEBONO INDUSTRIAL CO NIG LTD

IMPORTATION OF MOTORCYCLE PARTS

21-Feb-18

315.00

67,200.00

10

LABINJO ADENIKE

EDUCATION

19-Feb-18

360.00

5,685.86

65

AKEBONO INDUSTRIAL CO NIG LTD

IMPORTATION OF MOTORCYCLE SPARE PARTS

21-Feb-18

315.00

26,980.00

11

MUHAMMAD ISA SALIHU

EDUCATION

19-Feb-18

360.00

1,602.00

66

AKEBONO INDUSTRIAL CO NIG LTD

IMPORTATION OF MOTORCYCLE PARTS

21-Feb-18

315.00

67,200.00

12

UWEFOH ANDREW ALDRAINE

EDUCATION

19-Feb-18

360.00

10,630.25

67

AKEBONO INDUSTRIAL CO NIG LTD

IMPORTATION OF MOTORCYCLE SPARE PARTS

21-Feb-18

315.00

152,120.00

13

EMMANUEL EGBIREMONLEN

EDUCATION

19-Feb-18

360.00

14,159.94

68

FRANKENSTEIN INNOVATORS LIMITED

IMPORT OF ELECTRICAL AND ELECTRONIC EQUIPMENT

21-Feb-18

305.50

12,196.53

14

DURU MARTIN OKOLI

EDUCATION

19-Feb-18

360.00

7,765.22

15

SAGOE KOFI OFRIBROHNBRA

EDUCATION

19-Feb-18

360.00

5,767.30

16

CHIEF WILLIAM ODODO OPUTA

EDUCATION

19-Feb-18

360.00

15,000.00

17

HAMZA ISHAQ

EDUCATION

19-Feb-18

360.00

7,500.00

18

CYPRIAN ONYEISI UKAH-OFUASIA

EDUCATION

19-Feb-18

360.00

1,400.00

19

OFILI ONYEKACHI BENITA

EDUCATION

19-Feb-18

360.00

1,000.00

AMOUNT

69

FRANKENSTEIN INNOVATORS LIMITED

IMPORT OF ELECTRICAL AND ELECTRONIC EQUIPMENT

21-Feb-18

305.50

64,401.75

70

MANTRAC NIGERIA LIMITED

CATERPILLAR

21-Feb-18

334.50

404,864.00

71

FABUC MASTERS INDUSTRIES LTD

FPR PURCHASE OF NEW AUTO PARTS(CLINDER LINEAR, VALVE, GASKET

21-Feb-18

334.50

29,383.43

72

MANTRAC NIGERIA LIMITED

VARIOUS CATERPILLAR CKD DIESELGENERATOR SETS MODELS

21-Feb-18

334.50

271,642.00

73

FRANKENSTEIN INNOVATORS LIMITED

IMPORT OF ELECTRICAL AND ELECTRONIC EQUIPMENT

21-Feb-18

334.50

43,559.69

74

ECOBANK TRANSNATIONAL INCORPORATED

DIVIDEND AND CAPITAL REPATRIATION

21-Feb-18

334.50

546,614.97 3,011.00

20

JOHNSON JOSEPH

EDUCATION

19-Feb-18

360.00

2,921.88

21

ADELE BADUBULACHI COLLINS

EDUCATION

19-Feb-18

360.00

2,500.00

75

SMITH ETEYEN SUNDAY

EDUCATION

21-Feb-18

360.00

22

WANDEL INTERNATIONAL NIG LTD

THREE WHEELERS (200CC MOTORIZED TRICYCLES- SPARK 19-Feb-18 IGNITION)IN CKD-TVS BRAND ENGINE TYPE :4 STROKE PETROL VERSION, ENGINE CAPACITY:200CC

315.00

63,257.48

76

ROYAL ROOTS COMM NET LTD

EDUCATION

21-Feb-18

360.00

8,139.00

77

WILSON JOSIAH IJU (SALARY A/C)

EDUCATION

21-Feb-18

360.00

2,150.00

23

JAMINO ELEVATOR INTERNATIONAL LTD ELEVATOR (LIFT)AND ACCESSORIES

19-Feb-18

360.00

9,000.00

78

NWACHUKWU ARINZE KENNETH

EDUCATION

21-Feb-18

360.00

3,475.00

24

FRANKIX INTEGRATED RESOURCES LTD

HAMMER

19-Feb-18

360.00

20,000.00

79

OSADEBE NGOZI JULIE

EDUCATION

21-Feb-18

360.00

1,000.00

25

FERDESCO MULTIBIZ INTERNATIONAL LIMITED

HAMMER

19-Feb-18

360.00

20,000.00

80

PROMASIDOR NIGERIA LIMITED

BULK MULTI-PLY BAGS COWBELL INSTANT MILK

21-Feb-18

360.50

223,521.72

26

EDEH INNOCENT EBIEM

BTA PTA

20-Feb-18

360.00

3,977.31

81

PROMASIDOR NIGERIA LIMITED

BULK MULTI-PLY BAGS COWBELL INSTANT MILK POWDER FORTIFIED

21-Feb-18

360.50

228,707.00

27

ADENUSI IDOWU ADEYOOLA

BTA PTA

20-Feb-18

360.00

4,000.00

82

PROMASIDOR NIGERIA LIMITED

21-Feb-18

360.50

567,569.00

28

SOLANKE IBIDAPO SAMSON

BTA PTA

20-Feb-18

360.00

4,000.00

BULK MULTI-PLY BAGS COWBELL INSTANT MILK POWDER FORTIFIED

29

SOLANKE GRACE IFEOMA

BTA PTA

20-Feb-18

360.00

4,000.00

83

PROMASIDOR NIGERIA LIMITED

BULK MULTI-PLY BAGS COWBELL INSTANT MILK POWDER FORTIFIED

21-Feb-18

360.50

567,569.00

30

OGBODO SUNDAY

BTA PTA

20-Feb-18

360.00

4,000.00

84

PROMASIDOR NIGERIA LIMITED

360.50

338,862.00

ALABI OLADELE ADEBIYI

BTA PTA

20-Feb-18

360.00

4,000.00

BULK MULTI-PLY BAGS COWBELL INSTANT MILK POWDER FORTIFIED

21-Feb-18

31 32

OLUDEMI JOSEPHINE OLUWAKEMI

BTA PTA

20-Feb-18

360.00

1,500.00

85

WANDEL INTERNATIONAL NIG LTD

MOTORIZED TRICYCLES SPARE PARTS - TVS BRAND

21-Feb-18

360.00

65,614.18

33

ICHA EYZA TRISSA

BTA PTA

20-Feb-18

360.00

4,000.00

86

TOP STEEL NIGERIA LIMITED

360.00

109,323.82

34

ADEGBITE JAMIU OMOTAYO

BTA PTA

20-Feb-18

360.00

3,800.00

PLANT & MACHINERY AND EQUIPMENTS FOR STEEL 21-Feb-18 MELTING SHOP CONTINOUS CASTING MACHINE, 132/33 KV ELECTRIC SUBSTATION WITH PARTS & ROLLING MILLS

35

OMOLIKI ITUNOLUWA OPE

BTA PTA

20-Feb-18

360.00

4,000.00

87

GBMT GLOBAL LIMITED

INDUSTRIAL RAW MATERIAL HOT ROLLED STEEL SHEETS

21-Feb-18

334.50

25,000.00

88

MIKANO INTERNATIONAL LTD

86 UNITS OF CKD GENERATORS CONSISTING OF PERKINS ENGINE and Mecc Alte/STAMFORD ALTERNATOR

21-Feb-18

334.50

25,000.00

89

PRUDENT ENERGY AND SERVICES LTD

IMPORTATION OF PETROLEUM PRODUCTS

21-Feb-18

334.50

446,614.97

90

REGATTA INDUSTRIES LIMITED

IMPORT OF INDUSTRIAL RAW MATERIAL - TOLUENE (TDI)

21-Feb-18

334.50

7,761.00

91

PRUDENT ENERGY AND SERVICES LTD

IMPORTATION OF PETROLUEM PRODUCTS

21-Feb-18

334.50

559,327.32

92

EDO CEMENT COMPANY LIMITED

TRUCKS FOR EDO CEMENT

21-Feb-18

334.50

100,000.00

93

ECOBANK NIGERIA LIMITED

SUBSCRIPTION FEES

21-Feb-18

360.00

3,346.38

94

SARO AGROSCIENCE LIMITED

AGRICULTURAL HERBICIDES: STRIKER

21-Feb-18

360.00

834.34

95

SARO AGROSCIENCE LIMITED

AGRICULTURAL HERBICIDE: PARAQUAT FOR SLASHER

21-Feb-18

360.00

2,204.83

96

BASE FLUID EXCHANGES LTD

BASE OIL

21-Feb-18

360.00

58.93 32,964.00

36

IBIKUNLE OLUWAKOREDE PHILIP

BTA PTA

20-Feb-18

360.00

1,000.00

37

RIZKALLAH-IMOISILI MARCELLE

EDUCATION

20-Feb-18

360.00

4,122.57

38

AMADI WHISTINE CHISOM

EDUCATION

20-Feb-18

360.00

1,060.00

39

PST SEGUN AND MRS BUNMI AKINWALE EDUCATION

20-Feb-18

360.00

4,700.00

40

OLANIYAN LATEEF KOLAWOLE

EDUCATION

20-Feb-18

360.00

8,400.00

41

GOLDEN SUGAR COMPANY LIMITED

12,000M/TONS OF BRAZILIAN CANE RAW SUGAR OF AN 20-Feb-18 AVERAGE COLOR BETWEEN 200 AND 1500 ICUMSA IN BULK

360.30 2,626,605.01

42

GOLDEN SUGAR COMPANY LIMITED

NEW INDUSTRIAL CHEMICALS FOR SUGAR MANUFACTURING PURPOSES

360.30

20-Feb-18

808,036.02

43

TOP STEEL NIGERIA LIMITED

PLANT & MACHINERY AND EQUIPMENTS FOR STEEL 20-Feb-18 MELTING SHOP CONTINOUS CASTING MACHINE, 132/33 KV ELECTRIC SUBSTATION WITH PARTS & ROLLING MILLS

358.00

9,600.00

97

ECOBANK NIGERIA LIMITED

SUBSCRIPTION FEES

21-Feb-18

360.00

44

WANDEL INTERNATIONAL NIG LTD

MOTORIZED TRICYCLES SPARE PARTS - TVS BRAND

20-Feb-18

347.00

42,901.00

98

MANTRAC NIGERIA LIMITED

OFFSHORE CHARGES

21-Feb-18

360.00

328.38

45

FLOUR MILLS OF NIGERIA PLC

16,000M/TONS OF GRADE No. 2 OR BETTER CANADIAN WESTERN RED SPRING WHEAT WITH MINIMUM PROTEIN OF 13.5% IN BULK

20-Feb-18

360.30 1,722,200.00

99

BLESSED HARRY INVESTMENT CO LTD

80W B22, AND 60W B22 DISCHARGE LAMPS

21-Feb-18

360.00

20,000.00

100 MAY-HIGH VENTURES

HAMMER

21-Feb-18

360.00

20,000.00

46

FLOUR MILLS OF NIGERIA PLC

8,000 METRIC TONS OF U.S. NO.2 OR BETTER SOFT RED WINTER WHEAT WITH MINIMUM PROTEIN OF 9.0 PERCENT IN BULK

20-Feb-18

360.30 1,101,033.24

101 ATO Z AND DIGITAL PRINTING LTD

BICYCLE ROLLER CHAIN

21-Feb-18

360.00

20,000.00

102 OJORA ADEKUNLE

BTA PTA

21-Feb-18

360.00

4,000.00

47

WANDEL INTERNATIONAL NIG LTD

MOTORIZED TRICYCLES SPARE PARTS - TVS BRAND

20-Feb-18

347.00

47,099.00

103 OJORA ERELU OJUOLAPE

BTA PTA

21-Feb-18

360.00

4,000.00

48

WANDEL INTERNATIONAL NIG LTD

MOTORIZED TRICYCLES SPARE PARTS - TVS BRAND

20-Feb-18

347.00

61,416.18

104 OGBEBOR MINA LORETTA

BTA PTA

21-Feb-18

360.00

4,000.00

49

WANDEL INTERNATIONAL NIG LTD

THREE WHEELERS (200CC MOTORIZED TRICYCLES- SPARK IGNITION)IN CKD-TVS BRAND ENGINE TYPE :4 STROKE PETROL VERSION, ENGINE CAPACITY:200CC

20-Feb-18

360.00

70,742.52

105 ONAH LILIAN

BTA PTA

21-Feb-18

360.00

4,000.00

106 BAKARE ADEKUNLE

BTA PTA

21-Feb-18

360.00

2,100.00

107 BELLO AISHA

BTA PTA

21-Feb-18

360.00

4,000.00

108 ESTATE OF MATHIAS KAYODE AKINBAMI EDUCATION

22-Feb-18

360.00

5,533.08

109 OKPARAH IHEDINACHI JANE

EDUCATION

22-Feb-18

360.00

15,000.00

110 ODIBO MACDONALD I A

EDUCATION

22-Feb-18

360.00

2,212.92

111 KOLAWOLE DELE AREMU

EDUCATION

22-Feb-18

360.00

12,294.00

112 ENYINNIA JULIE

EDUCATION

22-Feb-18

360.00

2,211.00

113 JUBAILI AGROTEC LIMITED

AGRICULTURAL HERBICIDES

273,307.49

50

LILYEMMAN INTERNATIONAL LTD

UNCOATED CRAFT PAPER

20-Feb-18

360.00

20,000.00

51

CENT MARK GLOBAL LIMITED

MOBILE PHONE BATTERIES

20-Feb-18

360.00

20,000.00

52

MIKE MAURITZ INTL CO LIMITED

WATER PROOFING MEMBRANC

20-Feb-18

360.00

3,600.00

53

ORAMS ASSOCIATES LIMITED

FLASH LIGHT

20-Feb-18

360.00

20,000.00

54

ABA SPORTS CLUB - SUNDAY GOLF

UNCOATED KRAFT PAPER BOARD

20-Feb-18

360.00

9,100.00

55

TOMADUKS VENTURES

UNCOATED KRAFT PAPER BOARD

20-Feb-18

360.00

20,000.00

56

TOP STEEL NIGERIA LIMITED

PLANT & MACHINERY AND EQUIPMENTS FOR STEEL 21-Feb-18 MELTING SHOP CONTINOUS CASTING MACHINE, 132/33 KV ELECTRIC SUBSTATION WITH PARTS & ROLLING MILLS

361.00

8,860.00

57

TOP STEEL NIGERIA LIMITED

PLANT & MACHINERY AND EQUIPMENTS FOR STEEL 21-Feb-18 MELTING SHOP CONTINOUS CASTING MACHINE, 132/33 KV ELECTRIC SUBSTATION WITH PARTS & ROLLING MILLS

361.00

83,474.74

58

TOP STEEL NIGERIA LIMITED

PLANT & MACHINERY AND EQUIPMENTS FOR STEEL 21-Feb-18 MELTING SHOP CONTINOUS CASTING MACHINE, 132/33 KV ELECTRIC SUBSTATION WITH PARTS & ROLLING MILLS

361.00

210.00

22-Feb-18

334.50

114 SHEDYCO INVESTMENT COMPANY LIMITED SPORTS EQUIPMENT

22-Feb-18

360.00

20,000.00

115 PAN JOHN INTERNATIONAL LIMITED

FOOD PACKING FLASK

22-Feb-18

360.00

20,000.00

116 CHIPPO SHERIFF AND MERGERS LIMITED

AIR FRESHNER(SCENT)

22-Feb-18

360.00

20,000.00

117 GIONIME COMMUNICATIONS LIMITED

WATER PUMP

22-Feb-18

360.00

20,000.00

118 ALPHA SYSTEMS INTL

80W AND 60W B22 DISCHARGE LAMPS

22-Feb-18

360.00

20,000.00

59

T H I S D AY ˾ MONDAY FEBRUARY 26, 2018

RETURNS ON UTILIZATION OF FUNDS SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 23rd-FEBRUARY 2018 This publication: Mandated by the Central Bank of Nigeria (CBN)

BANK: ECOBANK NIGERIA LIMITED SN

CUSTOMER

ITEM OF IMPORT

DATE OF EXCHANGE FUND RATE PURCHASE

AMOUNT

119 DIVINE GRACE STEEL CO LIMITED

BICYCLE ROLLER CHAIN

22-Feb-18

360.00

20,000.00

120 JOMBO AND MARK INVESTMENT LIMITED

UNCOATED KRAFT PAPER BOARD

22-Feb-18

360.00

20,000.00

121 LA EVE LIMITED

FOOD PACKING FLASK

22-Feb-18

360.00

20,000.00

122 IFYSIANA AND AWARD NIG ENTER

BICYCLE ROLLER CHAIN

22-Feb-18

360.00

20,000.00

123 MOREGATE INDUSTRIES LIMITED

CELLULOSE FIBRE FOR SHOE MATERIALS ONLY

22-Feb-18

360.00

20,000.00

124 CELESTION INDUSTRIES LIMITED

MUSICAL INSTRUMENTS

22-Feb-18

360.00

20,000.00

125 BLESS PERO INTL LIMITED

CELLULOSE FIBRES FOR SHOE MATERIALS ONLY

22-Feb-18

360.00

20,000.00

126 MULTI RHYTHMS NIGERIA LIMITED

SAFETY DOOR (STEEL) AND WATER CLOSET

22-Feb-18

360.00

20,000.00

127 STAYLONG INVESTMENTS LTD

CELLULOSE FIBRE FOR SHOE MATERIALS ONLY

22-Feb-18

360.00

20,000.00

128 FCAR TECH NIGERIA LTD

CRANKSHAFT FOR DOLLMAR MACHINE

22-Feb-18

360.00

20,000.00

129 OYEYIPO KAYODE OLAOLU

EDUCATION

22-Feb-18

360.00

3,795.25

130 MORODION PHILEMENA NWABUOGOR BTA PTA

22-Feb-18

360.00

3,991.31

131 BELLO RAHEEM OLUSEGUN

BTA PTA

22-Feb-18

360.00

2,000.00

132 ALOZIE EYOANWAN

BTA PTA

22-Feb-18

360.00

2,500.00

133

MALU ABRAHAM

BTA PTA

22-Feb-18

360.00

4,000.00

134

INIMGBA JOY IHUOMA

BTA PTA

22-Feb-18

360.00

2,000.00

135 MUSA YAKUBU

BTA PTA

22-Feb-18

360.00

2,500.00

136 DAG INDUSTRIES NIGERIA LTD

"BAJAJ BOXER- BM100CC MOTORCYCLE IN CKD PACKED CONDITION"

23-Feb-18

305.95

49,715.00

137 DAG INDUSTRIES NIGERIA LTD

"BAJAJ BOXER- BM100CC MOTORCYCLE IN CKD PACKED CONDITION"

23-Feb-18

305.95

200,285.00

138 VISTA INTERNATIONAL LIMITED

INDUSTRIAL RAW MATERIAL RAW MATERIAL FOR PRODUC- 23-Feb-18 TION OF EXERCISE BOOKS

315.00

101,737.96

139 VISTA INTERNATIONAL LIMITED

INDUSTRIAL RAW MATERIAL FOR PRODUCTION OF EXERCISE 23-Feb-18 BOOKS: UNCOATED WOODFREE PAPER.

315.00

32,371.90

140 VISTA INTERNATIONAL LIMITED

INDUSTRIAL RAW MATERIAL FOR PRODUCTION OF EXERCISE 23-Feb-18 BOOKS

315.00

40,051.39

141 VISTA INTERNATIONAL LIMITED

INDUSTRIAL RAW MATERIAL FOR PRODUCTION OF EXERCISE 23-Feb-18 BOOKS: UNCOATED WOODFREE PAPER.

315.00

12,560.81

142 VISTA INTERNATIONAL LIMITED

INDUSTRIAL RAW MATERIAL FOR PRODUCTION OF EXERCISE 23-Feb-18 BOOKS: PLAIN PAPER BOARD

315.00

78,359.93

143 VISTA INTERNATIONAL LIMITED

INDUSTRIAL RAW MATERIAL FOR PRODUCTION OF EXERCISE 23-Feb-18 BOOKS:

315.00

13,286.40

144 VISTA INTERNATIONAL LIMITED

INDUSTRIAL RAW MATERIAL FOR PRODUCTION OF EXERCISE 23-Feb-18 BOOKS

315.00

21,616.02

145 VISTA INTERNATIONAL LIMITED

INDUSTRIAL RAW MATERIAL FOR PRODUCTION OF EXERCISE 23-Feb-18 BOOKS:

315.00

17,743.73

146 VISTA INTERNATIONAL LIMITED

INDUSTRIAL RAW MATERIAL FOR PRODUCTION OF EXERCISE 23-Feb-18 BOOKS: UNCOATED WOODFREE PAPER.

315.00

67,212.02

147 VISTA INTERNATIONAL LIMITED

INDUSTRIAL RAW MATERIAL FOR PRODUCTIONOF EXERCISE 23-Feb-18 BOOKS: UNCOATED WOODFREE PAPER IN REELS

315.00

10,169.32

148 VISTA INTERNATIONAL LIMITED

INDUSTRIAL RAW MATERIAL FOR PRODUCTION OF EXERCISE 23-Feb-18 BOOKS:

315.00

4,890.52

149 WANDEL INTERNATIONAL NIG LTD

THREE WHEELERS (200CC MOTORIZED TRICYCLES-SPARK IG- 23-Feb-18 NITION)IN CKD-TVS BRAND,ENGINE TYPE :4 STROKE PETROL VERSION, ENGINE CAPACITY 200CC

348.00

108,000.00

150 TOP STEEL NIGERIA LIMITED

23-Feb-18 PLANT & MACHINERY AND EQUIPMENTS FOR STEEL MELTING SHOP CONTINOUS CASTING MACHINE, 132/33 KV ELECTRIC SUBSTATION WITH PARTS & ROLLING MILLS

360.00

32,981.44

151 ELMANTOS LIMITED

FLASH LIGHT

23-Feb-18

360.00

20,000.00

152 DESCOVERY INTEGRATED CONCEPT LTD BICYCLE ROLLER CHAIN

23-Feb-18

360.00

20,000.00

153 OKOLI GRACE CHINYERE

EDUCATION

23-Feb-18

360.00

2,147.00

154 ONOH OLUWASEUN AUSTIN

EDUCATION

23-Feb-18

360.00

800.28

155 SCC NIGERIA LIMITED (2)

DESIGN SERVICES

23-Feb-18

360.00

14,250.00

156 ECOBANK NIGERIA LIMITED

OFFSHORE CHARGES

23-Feb-18

360.00

21,728.78

157 A A RANO NIGERIA LTD

OFFSHORE CHARGES

23-Feb-18

360.00

100.00

158 A A RANO NIGERIA LTD

OFFSHORE CHARGES

23-Feb-18

360.00

18,503.51

159 FLOUR MILLS OF NIGERIA PLC

OFFSHORE CHARGES

23-Feb-18

360.00

2,177.19

160 A A RANO NIGERIA LTD

OFFSHORE CHARGES

23-Feb-18

360.00

200.00

161 ENERGO NIGERIA LTD

OFFSHORE CHARGES

23-Feb-18

360.00

124.32

162 A A RANO NIGERIA LTD

OFFSHORE CHARGES

23-Feb-18

360.00

22,445.57

163 ECOBANK NIGERIA LIMITED

OFFSHORE CHARGES

23-Feb-18

360.00

240.56

164 OVH ENERGY MARKETING LIMITED

OFFSHORE CHARGES

23-Feb-18

360.00

27,785.59

165 FLOUR MILLS OF NIGERIA PLC

OFFSHORE CHARGES

23-Feb-18

360.00

1,391.92

166 BASE FLUID EXCHANGES LTD

OFFSHORE CHARGES

23-Feb-18

360.00

22,880.52

167 A A RANO NIGERIA LTD

OFFSHORE CHARGES

23-Feb-18

360.00

7,704.62

168 ADIMMADU OBINNA FRANKLINE

BTA PTA

23-Feb-18

360.00

4,000.00

169 GARBA SULEIMAN

BTA PTA

23-Feb-18

360.00

3,693.60

170 HASSAN MARIAM

BTA PTA

23-Feb-18

360.00

4,000.00

171 IBEAWUCHI WILFRED OGOCHUKWU

BTA PTA

23-Feb-18

360.00

3,000.00

172 OBI CHUKWUKA

BTA PTA

23-Feb-18

360.00

4,000.00

173 OGOH EDOYEMI BENEDICT

BTA PTA

23-Feb-18

360.00

4,000.00

174 OKONWANJI IRO-UWA SANDRA

BTA PTA

23-Feb-18

360.00

1,395.90

175 OKONWANJI IRO-UWA SANDRA

BTA PTA

23-Feb-18

360.00

2,604.00

176 UDUOISE EMMANUEL EHIMARE

BTA PTA

23-Feb-18

360.00

3,000.00

RETURNS ON SOURCES OF FUNDS PURCHASED FROM CUSTOMERS FOR THE WEEK ENDED FRIDAY 23RD-FEBRUARY 2018

SN

SOURCE

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

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

DATE OF FUND PURCHASE 19-Feb-18 19-Feb-18 19-Feb-18 19-Feb-18 19-Feb-18 19-Feb-18 19-Feb-18 19-Feb-18 19-Feb-18 19-Feb-18 19-Feb-18 19-Feb-18 20-Feb-18 20-Feb-18 20-Feb-18 20-Feb-18 20-Feb-18 20-Feb-18 20-Feb-18 20-Feb-18 20-Feb-18 20-Feb-18 20-Feb-18 20-Feb-18 20-Feb-18 20-Feb-18 20-Feb-18 20-Feb-18 20-Feb-18 20-Feb-18 20-Feb-18 20-Feb-18 20-Feb-18 21-Feb-18 21-Feb-18 21-Feb-18 21-Feb-18 21-Feb-18 21-Feb-18 21-Feb-18 21-Feb-18 21-Feb-18 21-Feb-18 21-Feb-18 21-Feb-18 21-Feb-18 21-Feb-18 21-Feb-18 21-Feb-18 22-Feb-18 22-Feb-18 22-Feb-18 22-Feb-18 22-Feb-18 22-Feb-18 22-Feb-18 22-Feb-18 22-Feb-18 22-Feb-18 22-Feb-18 22-Feb-18 22-Feb-18 22-Feb-18 22-Feb-18 23-Feb-18 23-Feb-18 23-Feb-18 23-Feb-18 23-Feb-18 23-Feb-18 23-Feb-18 23-Feb-18 23-Feb-18 23-Feb-18 23-Feb-18 23-Feb-18 23-Feb-18 23-Feb-18

EXCHANGE RATE

AMOUNT

355.00 359.00 304.95 304.95 304.95 305.90 261.00 360.60 305.44 305.90 306.00 359.30 358.00 357.00 357.00 359.00 357.00 346.00 346.00 355.00 355.00 306.00 305.95 306.00 356.00 356.00 356.00 356.00 356.00 356.00 356.00 356.00 306.00 306.00 306.00 362.04 305.44 306.00 315.00 334.00 334.00 357.00 359.50 359.00 305.00 360.50 360.00 310.00 360.50 306.00 362.04 305.48 306.00 356.00 356.00 356.00 356.00 305.00 355.00 355.00 355.00 305.95 314.00 314.00 305.45 314.50 347.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 359.00

75,017.47 1,000,000.00 16.00 1,825.61 4,000.00 392,795.93 5,638.16 2,866.75 2,000.41 17,596.98 20,000.00 6,257,874.27 1,000,000.00 1,000,000.00 1,000,000.00 225,000.00 9,600.00 90,000.00 61,416.18 62,773.08 23,611.87 17,890.50 257,003.22 147,251.93 335,422.26 1,232.58 525.14 131,498.34 1,252.33 316.15 200,005.97 384,871.61 20,000.00 142,274.91 267,697.77 2,797.29 12,555.82 377,519.74 120,000.00 546,614.97 2,186,459.90 1,528.62 2,629,970.00 174,938.00 76,598.28 1,474,000.00 258,714.74 11,942.14 452,228.72 109,817.05 5,256.58 2,697.42 34,667.16 1,121.97 1,399.67 374,069.20 293,317.11 150,000.00 85,561.94 12,519.23 46,475.55 25,000.00 46,299.20 222,609.00 500,000.00 400,000.00 108,000.00 62,996.42 99,508.43 69,630.53 50,165.92 10,972.52 70,457.73 109,874.51 82,897.20 216,278.80 150,557.57 380,000.00 25,207,294.35 323,170.44

60

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T H I S D AY ˾ MONDAY FEBRUARY 26, 2018

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T H I S D AY ˾ MONDAY FEBRUARY 26, 2018

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MONDAY, FEBRUARY 26, 2018˾ T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

North Korea Willing to Hold Talks with US, Says South Korea North Korea is willing to hold talks with the US, BBC reported South Korea as saying.

The announcement came after Gen Kim Yong-chol met South Korean President Moon Jae-in before the closing ceremony of the Winter Olympics.

US President Donald Trump’s daughter Ivanka also attended the ceremony, but US officials have ruled out meeting the North Korean delegation.

The US says North Koreans pulled out of a meeting with Vice-President Mike Pence during the opening ceremony.

The Korean peninsula has been divided since the 1950-53 war and the two sides have never signed a peace treaty.

The rapprochement between the two Koreas has been seen as a move by the North to drive a wedge between the South and the US. Experts have cautioned that the latest developments do not put an end to underlying regional tensions, particularly following last year’s nuclear and missile tests carried out by the North.

While South Korea’s president held out a hand to Gen Kim, not

everyone in his country was as accepting.

Gen Kim has been accused of orchestrating attacks on the Cheonan warship andYeonpyeong Island in 2010, leading to the death of 46 South Korean sailors.

He arrived in the South with families of the victims and conservative MPs trying to block his entry.

According to Mr Moon’s office, he said North Korea was “very willing”to hold talks with the US. It added that the North had “agreed that inter-Korea talks and North-US relations should improve together”.

Pyongyang has not yet commented. But it has often said it is willing to talk without any preconditions.

However, the US has insisted that concrete steps towards denuclearisation take place first.

The revelation from the South Korean presidency came hours after a furious statement from the North that described fresh sanctions announced by Washington as “an act of war”.

Pyongyang’s foreign ministry praised the way the two Koreas had co-operated together during

the Olympics, but said the US had “brought the threat of war to the Korean peninsula with large-scale new sanctions” just as the Games were coming to a close.

South Korean media is abuzz with suggestions that North-US talks could still take place while the respective delegations are in town.

The BBC’s Laura Bicker, in Pyeongchang, asked an official from South’s government if the meeting could take place in the next two days, and the answer was: “We will see.”

North Korea has sent an eightperson team across the border, including officials responsible for its nuclear programme and diplomats in charge of US issues.

Meanwhile, Allison Hooker - a Koreas specialist from the US National Security Council - is part of the US delegation. She met Gen Kim in 2014 in North Korea, as the US tried to free two American detainees.

The scene could be set for a more low-key meeting than the failed attempt with Mr Pence.

MONDAY, FEBRUARY 26, 2018Ëž T H I S D AY

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Ă?ĂĄĂ? Ă&#x17D;Ă&#x201C;Ă&#x17E;Ă&#x2122;Ă&#x153; Davidson Iriekpen Ă&#x2014;Ă&#x2039;Ă&#x201C;Ă&#x2013; davidson.iriekpen@thisdaylive.com, 08111813081

Ajaokuta: House Invites Adeosun, Fayemi to Sectoral Debate Adopts report regulating issuance of work permit to foreigners

James Emejo Ă&#x201C;Ă&#x2DC; Ă&#x152;Ă&#x;Ă&#x201D;Ă&#x2039; The House of Representatives will next Thursday resume its sectoral debates with special focus on the steel sector, particularly on how to revive the moribund Ajaokuta Steel Company in Kogi State.

House Speaker, Hon. Yakubu Dogara, recently made an unprecedented visit alongside members of the lower chamber to the steel company earlier this month to seek ways of completing the firm, seen as pivotal to the countryâ&#x20AC;&#x2122;s industrialisation efforts, but

neglected by successive administrations. However, top players in the sector and major stakeholders are expected to attend the sectoral debate which will be televised live from 11a.m to 3p.m, including ministers, top government bureaucrats, members of the Ajaokuta community, experts and other stakeholders.

Notably, the minister of Solid Minerals, Mines Development, Dr. Kayode Fayemi; Â his State counterpart, Hon. Bawa Bwari; Minister of Finance, Mrs. Kemi Adeosun; Ohinoyi of Ebira land,

Ex-First Lady Asks Court to Jail CEOs of Three Banks for Disobedience to Court Order Alex Enumah Ă&#x201C;Ă&#x2DC; Ă&#x152;Ă&#x;Ă&#x201D;Ă&#x2039; Former Nigerian First Lady, Dame Patience Jonathan, has asked the Federal High Court in Abuja to commit the Chief Executive Officers of three major banks, First Bank, Skye Bank and Diamond Bank to prison for their persistent refusal to obey the court order that lifted the embargo placed on the various bank accounts owned by Mrs. Jonathan and her family members.

Already, forms 48 and 49 which are legal process of initiating the imprisonment for flouting court order have been served on Dr. Adesola Adeduntan, the Group Managing Director and Chief Executive Officer of First Bank; Tokunbo Abiru, CEO Skye Bank, and Uzoma Dozie, MD/ CEO, Diamond Bank.

In a motion on notice brought pursuant to order 3 rule 1 of the Federal High Court, Jonathan, through her counsel, Chief Mike Ozekhome (SAN), is praying the court to commit the three bank chiefs to prison for deliberately refusing to comply with court order that embargo placed on the 16 bank accounts be lifted since December last year.

In the motion dated December 7 2017, the ex-first lady is also seeking an order of the court striking out a purported â&#x20AC;&#x2DC;ex parte originating summonâ&#x20AC;&#x2122; filed by the Economic and Financial Crimes Commission (EFCC), praying for forfeiture of all funds in the various bank accounts in the three banks to the federal government.

The grouse of Jonathan is that the purported ex parte originating summon constituted a gross abuse of court process and an attempt to undermine the earlier order of the court made in December last year de-freezing the bank accounts.

In a 20 paragraph affidavit in support of the motion, it was averred that the EFCC had on May 30, 2017, obtained an exparte order granted by Justice Binta Nyako, freezing all bank accounts traced to Mrs. Jonathan, her families and business interest.

The order made in respect of

FHC/ABJ/CS/821/2016 was however to last for 90 days when the anti-graft agency was expected to have completed all investigations in respect of the bank accounts.

The affidavit deposed to by one Chinedu Maduba, a legal practitioner in the law firm of G.I. Abibo (SAN) indicated that the order placed on the bank accounts through the EFCC exparte motion was vacated in December 5, 2017, when the 90 day life span of the exparte order expired and vacated by the same Justice Nyako.

The affidavit indicated that the embargo order on the bank accounts was not renewed or extended by the court in favour of EFCC. Mrs. Jonathan and other applicants in the motion on notice claimed that all efforts to make transaction in the three banks in compliance with the December 5, 2017, order of the court defreezing the accounts were resisted by the chief executive officers of the three banks.

The affidavit further indicated that upon enquiry on why transactions were not allowed in the bank accounts in compliance with court order, Mrs. Jonathan and other applicants were said to have been told that EFCC had filed exparte originating summon praying for the forfeiture of all monies in the accounts.

The former first lady therefore prayed the court to jail the three bank chiefs for acting in violation of the court order which de-freeze the accounts for transactions, because there was no renewal order or extension of the embargo earlier placed on the bank accounts.

When the matter came up, it was discovered that the EFCC was not in court because it has just been served with court process which may require it time to respond.

Although counsel to the three bank chiefs were in court, Justice Nyako, however, adjourned till April 11 to enable EFCC respond to issues raised in the motion as well as appear in court.

Alhaji Ado Ibrahim, Chairman of Ajaokuta Local Government Area, representatives of workersâ&#x20AC;&#x2122; union, experts in mines and steel as well as other stakeholders will be present in the House chamber.

The session will also be broadcast live on television and streamed live via House of Representatives Facebook page and YouTube channel between 11a.m. to 3p.m., according to a statement by the Speakerâ&#x20AC;&#x2122;s Special Adviser on Media, Mr. Hassan Turaki.

Sectoral Debate is an initiative of the eighth House of Representatives encapsulated in the Legislative Agenda introduced by Dogara with the aim of reviving Nigeriaâ&#x20AC;&#x2122;s economy.

The first phase of the debates was held in May 2016 and was attended by ministers in the chambers of the House with a view  to making  them more efficient and effective.

Meanwhile, the lower chamber has adopted a report of its committee on Interior seeking amendments to the Immigration Act, 2015. The adoption followed consideration of the report by lawmakers at the plenary session of the House presided by the Deputy Speaker, Mr. Lasun Yussuff. The proposed law, when signed by the president, will restrict Nigerian Immigration Service (NIS) from issuing Work Permit to foreign expatriates in fields where Nigerian citizens have requisite knowledge and skills. Each of the clauses in the report got the nod of the House and forwarded to the Senate for concurrence.

The sponsor of the bill and Leader of the House, Femi Gbajabiamila, in a statement issued by his Media Aide, Olanrewaju Smart, yesterday said the adoption of the report

by the House  which coincided with Executive Order 5 on local content signed by President Muhammadu  Buhari would give legal strength to the intentions of the president.

Gbajabiamila said:â&#x20AC;?This Immigration Act, 2015 Amendment Bill I sponsored in July 2016 preceded the Executive Order made by President Buhari on similar matter on February 5, 2018, and will considerably provide legal teeth to ensure implementation of the presidential order beyond tenure of the current president.â&#x20AC;?

He further hinted that the amendments to the Immigration Act, 2015, was the Houseâ&#x20AC;&#x2122;s response to the growing unemployment in the country.

He said: â&#x20AC;&#x153;This is a further step taken by the legislature to find solutions to unemployment.

In the country line with the state of emergency, which the House demands from the federal government.â&#x20AC;?

According to the report, Section 38 of the principal Act is amended by deleting the existing sub-section (4) (5) (6) and creating new sub-sections to provide strict measures to regulate influx of foreigners in the labour market against the Nigerian interest. â&#x20AC;&#x153;Notwithstanding any other provision in this section, with this bill or in any other enactment, no foreign National shall be granted a Work Permit in Nigeria unless the employer(s) has shown to the Comptroller General of Immigration that he has sought applications from qualified Nigerians in that same position for which the foreign national/expatriate is being employed and no Nigerian possesses the requisite knowledge or is willing to work in that area of specialisation or interest,â&#x20AC;? he said.

In addition, the House also raised the penalty for violation from 1 million to 2 million. Â

THEIR EXCELLENCIES

L-R: Edo State Governor, Godwin Obaseki; Minister of Mines and Steel Development, Dr. Kayode Fayemi; and Ogun State Governor, Senator Ibikunle Amosun, at the first year in office of the Governor Rotimi Akeredolu of Ondo State in Akure....weekend

APC National Caucus Meets Today over Oyegun, Othersâ&#x20AC;&#x2122;Tenure Presidential primary, funding also on the card Oyegun feud Olawale Olaleye The national caucus of the All Progressives Congress (APC) is scheduled to meet tonight to discuss sundry issues plaguing the party, including the tenure of the National Working Committee (NWC) headed by Chief John Odigie-Oyegun.

Other issues to be discussed, according to reliable THISDAY sources, are the partyâ&#x20AC;&#x2122;s presidential nomination primaries, funding and possibly, the feud between Oyegun and the National Leader, Senator Bola Tinubu, which broke out last week.

The outcome of the caucus

meeting, sources said, would be tabled before the National Executive Committee (NEC), which is scheduled to meet on Tuesday.

There had been a division among the party leaders over the tenure of the NWC, which terminates on June 3, 2018. While a group argued for the holding of a national convention to elect a new working committee before the presidential nomination primaries, the other proposed the extension of the outgoing committeeâ&#x20AC;&#x2122;s tenure, contending that it would appear awkward to hold two conventions within a few months interval.

President Muhammed Buhari

May discuss Tinubu,

is said to have the ears of both sides and would be expected to break the ice tonight as the gladiators battle for the soul of the party.

The pro-extension group in support of Odigie-Oyegun was said to have met in Lagos on Saturday to put finishing touches on its strategy for tonightâ&#x20AC;&#x2122;s battle.

Also expected to dominate the meetingâ&#x20AC;&#x2122;s discussion is the feud between Tinubu and Odigie-Oyegun.

The national leader had, last week, in a letter addressed to the national chairman accused him of undermining him (Tinubu) in his efforts to carry out the assignment Buhari gave to him

to reconcile aggrieved members within the party.

Odigie-Oyegun had promised a response at the weekend, but it was learnt he was prevailed upon by the presidency, he, however, replied Tinubu, promising to cooperate thenceforth.

The national chairman, a THISDAY source said, is expected to go to the meeting with his defence to the allegations by the national leader for the review of the caucus.

The outcome of the review, the source said, would determine the fate of Odigie-Oyegun and his colleagues in the NWC.

MONDAY, FEBRUARY 26, 2018˾ T H I S D AY

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Take a Bow and Return Home, Fayose, Afegbua Tell Buhari President pays little or no cognisance to re-election, says aide Omololu Ogunmade ÓØ ÌßÔË áÓÞÒ ËÑÏØÍã ÜÏÚÙÜÞ Ekiti State Governor, Ayodele Fayose and former Edo State Commissioner for Information, Kassim Afegbua, have again called on President Muhammadu Buhari to step aside.

The governor said the insecurity and economic problems in the country were indications that the president lacks the know-how to be at the helm of the affairs of the country.

In a statement issued by Lere Olayinka, his spokesman, the governor said the abduction of 105 pupils of Government Girls Technical College, Dapchi, Yobe State, and Nigeria’s regression in Transparency International’s perception of corruption report were further proof that the president needs to “take a bow.”

He said: “President Buhari promised Nigerians that he would bring back the missing Chibok girls and defeat Boko Haram within three months.

After more than 32 months in office, Boko Haram is still killing Nigerians, with herdsmen also on killing spree.

“Painfully, the same Boko Haram they claimed to have defeated suddenly became strong enough to kidnap over 100 students. Now, Nigeria is not only looking for the remaining Chibok girls, another over 100 innocent students have joined, this is unacceptable.

“Funny enough, a few days ago, the president called on all Nigerians to be prepared to pay the ‘ultimate price’ for the progress and unity of the country and I wish to ask him what other price he wants Nigerians to pay.

“Already, Nigerians are sacrificing their lives by getting killed while seeking

what to eat. Some have even committed suicide. Yet, the same president who is enjoying all the benefits of his office is calling on Nigerians to forego personal pleasures and pay the ultimate price.”

Fayose further said the president has nothing to campaign with ahead of the 2019 elections.

“When President Buhari mounts the campaign podium, what will he tell Nigerians? Will he tell Nigerians that corruption and insecurity has not worsened than it was in 2015? Will the president say that Nigerians deserve to be buying petrol that they were buying at N86 per litre in 2015 at N180 now?

“Is President Buhari going to justify that within 30 months, Nigeria’s debt that was N12.06 trillion in 2015 increased by over N10 trillion?”

On his part, Afegbua said if he were President Buhari’s son, he would have graciously advised his father not to re-contest the 2019 presidential election but go home and rest.

Afegbua who is also the spokesman of the former military President, General Ibrahim Babangida (rtd), therefore advised the president not to run for second term if he were his son.

According to The Cable, he said former President Olusegun Obasanjo was right to have said the Buhari-led administration is nepotic.

“If President Buhari is my father, I will graciously advise him. I will say, ‘Daddy, it is time to go home and manage the rest of your life. It is time to leave the stage where people will be abusing you’. I will not bring out my dad to be so vilified if I were to be his son.”

“So it is not about changing policies, it is about the fact that

Lagos Police Call for Verification, Revalidation of Pump Action Rifles Chiemelie Ezeobi In a bid to revalidate the firearms of those civilians licensed to bear arms, especially pump actions, the Lagos State Police Command has called for submission of the weapons.

According to the state Police Public Relations Officer, Chike Oti, the message is targeted at those issued with licence to bear pump action firearm or other repeating firearm operated by a slide action mechanism, by the Lagos State Police Command Firearms Registry(D7).

He said they are to submit their weapons and licences to the Divisional Police Officer (DPO) of the nearest police station to their abode for verification, confirmation and revalidation.

Oti said the move is to enable the command update its data base with information about the

owners, licences, and state of the firearms.

Quoting the state Commissioner of Police, Edgal Imohimi, he said the owners of these firearms type are given two weeks grace period from the date of this publication to ready themselves for the exercise which would last till March 29, 2018.

He said: “The Commissioner of Police, Lagos State, Edgal Imohimi, enjoins all licenced gun owners to take advantage of this revalidation programme.

“This is because any firearm found in the possession of anybody or group who did not participate in the exercise would be deemed as illegitimate.

“Such individual or group would be arrested and charged for unlawful possession of firearm(s) in accordance with the provisions of Prohibited Firearms Act 2004, Laws of the Federation.”

this is the age of retirement, this is the age of having more time for yourself and family than committing to public service.

“When Babangida clocked 70, I was one of those who prevailed on him to quit partisan politics.

We prepared a statement for him at a public event in Abuja, he announced his retirement from partisan politics. That is the hallmark of a statesman,” he said.

Afegbua who is a member of the All Progressives Congress (APC), said Nigeria “cannot afford the luxury” of a president whose doctors have advised him to “eat more and sleep more.”

He said: “Now the president has told us that his doctors told him to eat more and sleep more. But this country needs a president who will be awake

when the country is sleeping.

Or who will be awake when the country is awake. India is awake at night, 24 hours because they want to catch up with lost time.

“We cannot afford the luxury of having a president who will sleep when we have insecurity everywhere, herdsmen here and there. We need a president that has the capacity to go round and preach peace to all the ethnic groups.

President Meanwhile, Buhari and Vice-President Yemi Osinbajo pay little or no cognisance to re-election bid, a presidential aide, Ismael Ahmed, said in Abuja at the weekend.

Ahmed, a Senior Special Assistant to the President on Social Investment Programme (SIP), who made this disclosure while addressing journalists

along with the Special Adviser to the President on SIP, Mrs. Maryam Uwais, said both the president and his deputy were more pre-occupied with the wellbeing of Nigerians than any re-election.

According to Ahmed, the implementation of SIP had provided a veritable platform for economic growth at the grassroots to the extent that the success recorded thereof is part of the package that All Progressives Congress (APC) can showcase ahead of elections.

However, he said notwithstanding, the focus of the programme is not about the search for re-election but rather about poverty reduction, wealth distribution, insisting that both the president and vice-president hardly bother about re-election but are rather more concerned

about the interests of citizens.

“I think even though this is a political promise, it came from a manifesto of a political party. The implementation is far from being just political.

The implementation is for all Nigerians. When we set out and were campaigning in 2015, we didn’t say what we are going to do is going to be solely for political reasons.

“The president and vice-president are more committed to the electorate rather than elections and are concerned about the future rather than just next one year. So, this is entirely about the country itself and not just for political reasons.

But if you are talking about what we can leverage on, there are a lot of successes in SIP. We are engaging 73,000 cooks that are growing rural economy. They are buying from local farmers.”

KEEP THE AWARDS COMING

R-L: Gombe State Governor, Ibrahim Dankwanbo; former Abia State Governor, Dr. Orji Uzor Kalu; Wife of the Rivers State Governor, Justice Eberechi Suzzette Nyesom-Wike; Governor, Nyesom Ezenwo Wike; and Group Managing Director of Sun Newspaper, Mr. Eric Osagie, during the presentation of the Sun Newspaper Governor of the Year 2017 to Wike in Lagos.....weekend

Supreme Court Reinstates Appeal Court Chief Registrar Nine Years after Compulsory Retirement Alex Enumah ÓØ ÌßÔË After nine years of legal battle, the Supreme Court has reinstated Mr. Bode Thomas as the Chief Registrar of the Court of Appeal from where he was compulsorily retired in 2009.

The apex court re-absorbed Thomas to the position on the grounds that he was denied fair hearing in the circumstances that led to his being pushed out of office by the Federal Judicial Service Commission.

In a unanimous judgment, delivered by Justice Kumai Bayang Akaahs, the Supreme Court held that the former President of the Court of Appeal, Umar Abdullahi, who accused the appellant of gross misconduct, erred in law when the same Appeal Court boss presided over the investigation and compulsorily retired of the appellant.

In the judgment, the apex court held that the proceedings of the Investigative Committee, together with the decision of the Federal Judicial Service Commission (FJSC) are a nullity, for failure to adhere strictly to the rule of natural justice.

Justice Akaahs, who read the lead judgment of the five-man panel of the apex court, voided and set aside the compulsory retirement of Thomas by the FJSC as the Chief Registrar of the Court of Appeal on March 5, 2009.

Thomas was on November 17, 2008 issued a query by the President of the Court of Appeal on series of allegations of serious misconduct.

The allegations among others were that the appellant unilaterally fixed his salary at the last step of the consolidated salary of Chief Registrars, contrary to law and that he

recruited several junior staff without due clearance from the president of the court.

He was also accused of authorising foreign trips for some staff of the court and that he had a soured and dis-cordial relationship with Deputy Chief Registrars of the court due to alleged ineffective leadership style.

The response of the appellant to the query dated November 18, 2008 was said to have been found unsatisfactory by the president of the court, prompting his matter to be forwarded to the FJSC for consideration.

The FJSC at its meeting of December 2, 2008, upheld the report of the Court of Appeal against the appellant interdicted him pending the completion of investigation into his matter.

He was subsequently found guilty of serious misconduct and was compulsorily retired from

the Judicial Service Commission (JSC).

In a writ of summon at the Federal High Court with No: FHC/ABJ/CS/313/09 dated May 27, 2009, the plaintiff had challenged his compulsory retirement and prayed for an order of the court to reinstate him and to ensure payment of his entitlement from March 2008, when he was retired.

The Federal High Court in its judgment delivered on May 12, 2011, granted all the reliefs sought by the plaintiff, prompting the FJSC being the defendant to approach the Court of Appeal for intervention.

The Court of Appeal in its own judgment delivered on January 16, 2013, resolved all issues in favour of FJSC, set aside the judgment of the high court and also awarded a cost of N30, 000 against Thomas.

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APC to Reconcile Differences in Kaduna Chapter Soon, Says Oni their differences as it begins a fact finding mission to the state on Sunday.

Oni, the Deputy National Chairman (South) of the APC, gave the assurance, when he addressed journalist shortly after he led other committee members to the site of the demolished factional secretariat Yekini Jimoh ÓØ ÙÕÙÔË and arrested one of the suspects, of the party at 11B, Sambo Buba Arbo, while two other Road, in Kaduna.

The APC stalwart said the Suspected Fulani herdsmen at suspects escaped. the weekend allegedly ambushed The arrested suspect told the committee was on a fact finding and killed a 15-year-old boy, people that it was his father who mission and its report would be used by the Bola Tinubu Mahmudu Audu, at Guchidan asked them to kill the boy. village of Kupa district, Lokoja He also confessed at the police Presidential Committee to Local Government Area of Kogi station that they killed the boy reconcile all aggrieved members State. for preventing their cows from of the party ahead of the 2019 THISDAY reliably gathered grazing on their farm land, general elections.

“Let me say that we are here yesterday from one Hon. saying he killed the boy on on a fact finding mission; the Abubakar Mahmud that the the orders of his father. herdsmen numbering three, Mallam Mahmoud Abubakar National Working Committee allegedly butchered and told journalists that the Fulani (NWC) of the party is very mutilated the young boy. herdsmen and his parent have concerned with the crisis The source disclosed further been residing with the people of rocking the party in the state.

“We do not want acrimony that the boy along his elder the community for a long time. brother, Mallam Abubakar Audu, He wondered why the father within our family and we don’t went to his father’s farm with asked his son to kill the boy. a motorcycle to hunt for rats He therefore appealed to and grass cutters. the state government and They were ambushed by the the security agents to take a Fulani herdsmen whose father proactive action to avoid any lived in the community for years. crisis in the community.

The source narrated that The case has been referred to during the attack, the elder the Kogi State Police Command brother escaped but luck ran for further investigation as the out of the younger one who Fulani man never denied the fell into the hands of the Fulani killing of the young boy. herdsman who mutilated the The late boy has since been boy. buried in his town Guchidan “His brother reported the according to Muslim rites. case to the community and Meanwhile, when THISDAY when they got to the farm they called on the Police Public met that the boy had already Relation Officer of Kogi State been killed and then set their Police Command, Mr. William motorcycle on fire and escaped Ayah, to confirm the incident, from the scene.” he said he was yet to get any After the incident, the information about the incident community stormed the farm from the DPO in Kupa.

The Segun Oni-led All Progressives Congress (APC) Committee on Kaduna

chapter crisis has given an assurance that the different factions will soon reconcile

Herdsmen Kill 15-year-old Boy in Kogi

Babalakin Seeks Internal Cleansing of Judiciary Senior lawyer and businessman, Dr. Wale Babalakin, has canvassed for an internal cleansing of the judiciary.

He spoke at the presentation of a book: ‘New Developments in Law and Practice in Nigeria,’ written in honour of Mr. Dele Adesina, a former SecretaryGeneral of the Nigerian Bar Association (NBA), to mark his 35th year as a lawyer and the 25th anniversary of his law firm.

It is also to mark his 10th year as a Senior Advocate of Nigeria.

Babalakin said: “The legal profession must heal itself. We can’t come here and continue to say that we are not happy about the profession, when we’ve not actively participated in changing the course of the profession. The profession today, sadly, is incongruous. I see senior lawyers who are blessed but their audience is the court. It is very anomalous to have criteria that make it more beautiful to become a Senior Advocate of Nigeria than to be a High Court judge. We senior advocates go to the High Court judges to make our cases.

If the audience is not better than you, you are wasting your time.

“Secondly, institutionalisation must happen in the Judiciary. It must happen if we are going

to protect justice. I was in court on Tuesday. We started a trial and a senior lawyer stood up and told the court that although the case was for the next three days, he would not be able to come on the last day because he was going for a social event.

I was alarmed that he could stand up and tell the court this when the dates had been agreed, that he was otherwise engaged. Of course, the court ignored him but I was told by my colleague that some courts would have yielded to him. Now that wouldn’t have happened if he had a relatively big firm. But since he was able to continue, he must have trained enough people, who could step into his shoes and continue. If he hadn’t done that, then he’s not a successful lawyer.

“Many of us have held high political offices. I have seen lawyers take actions that would have shocked even the most barbaric people. I’ve seen lawyers discountenance the rule of law simply to achieve a temporary advantage. How did this happen? We created deliberately or inadvertently a profession that is not clearly meritdriven and is anchored on a high point of mediocrity. I hope this will change very quickly.

want a situation where some members will feel bad and aggrieved. That is why we are here.

“We are also here to appeal to both sides or all the sides that you should sheathe your swords and give us time to put this report together,“ Oni said.

Oni, who apologised to the factional party leaders led by Sen. Suleiman Hunkuyi and owner of the demolished Secretariat building for arriving at the venue behind schedule, agreed to hold the meeting behind closed doors at 8p.m. yesterday.

The News Agency of Nigeria (NAN) reported that the committee billed to meet with the leadership of the Danladi Wada faction of the APC at its demolished secretariat by 11 a.m., arrived the venue at 3:41p.m.

The national headquarters of the APC had set up the committee following the demolition of the Kaduna APC

factional office which was trailed by public outcry.

The committee chaired

by Oni has as members the party’s National Auditor, George Moghalu, and National Woman Leader, Rahmatu Alliyu.

Oni said on arrival that the committee would meet with Governor Nasir el-Rufai and later proceed to the residence of the party’s National Chairman, North-west Zone, Alhaji Inuwa Abdulkadir, whose house was also demolished by el-Rufai on April 6, 2017.

He appealed to the aggrieved party leaders to allow peace to reign in the state.

Hunkuyi, who received the committee on arrival, told members of the committee how leaders of the party had waited for six hours before leaving the venue of the interface.

The federal lawmaker also informed the committee that while the chairman of

the other faction was invited by the NWC for the next National Executive Committee meeting, its own chairman (Danladi Wada) was not invited.

“If there will be reconciliation, there should fairness and justice shown to all,“ Hunkyi said.

Earlier, Senator Shehu Sani (APC, Kaduna Central ) had addressed journalists on behalf of the group, insisting that the factional APC chairman, Wada, remains the authentic acting party chairman in the state.

Sani, who passed a vote of confidence on the Oni-led committee, however, left with other leaders of the party before the arrival of the visiting reconciliation team.

“The notice was that they would here by 11:00 a.m. but all communication to hear from them has remained futile. “ We still have confidence in the committee,” Sani said.

CELEBRATING WITH A FRIEND

L-R: Chairman, Resort Group, Dr Wale Babalakin (SAN); Sir Remi Omotoso; Mr. Dele Adesina (SAN); and his wife, Bola; Mrs. Folake Solanke (SAN); Prince Julius Adelusi-Adeluyi; and the Alawe of Ilawe-Ekiti,Oba Adebanjo Ajibade; at the presentation of the book, New Developments in Law and Practice in Nigeria, written to mark Adesina’s 35 years of legal practice in Lagos...recently

Air Peace Delivers First Boeing777 to Nigeria Chinedu Eze Nigeria’s leading carrier, Air Peace, set a new record at the weekend with the arrival of its newly acquired Boeing B777-200 aircraft, thus becoming the first and only Nigerian airline to procure and register the brand of the airliner in the country.

The airline said in a statement signed by its spokesman, Chris Iwarrah, that the development is coming weeks after the airline took delivery of two Embraer 145 aircraft on January 31 and February 9 respectively and made history with the setting up of a subsidiary, Air Peace Hopper, to organise its shorthaul operations in line with its no-city-left-behind project.

The 274-capacity aircraft, which touched down at the Murtala Muhammed International Airport in Lagos at about 3.45 p.m. last Friday, is the first of two Boeing 777 airliners Air Peace recently acquired in preparation for its Dubai, Sharjah, London, Guangzhou-China, Houston, Mumbai and Johannesburg

services.

The airline said it is finalising talks to add two more B777 aircraft to its fleet soon.

The airline said indigenous crew has been trained to operate the aircraft with registration number 5N-BVE. The aircraft was flown in by the Chief Pilot of the airline, Capt. Victor Egonu, and Capt.

Simon Donoghue, and it landed to a rousing welcome by an excited team from Air Peace led by Onyema and enthusiastic crowd of top aviation personnel as well as security operatives.

Speaking on the arrival of the aircraft, Onyema assured Nigerians that Air Peace, which launched its Banjul, Freetown and Dakar services on February 19, would soon start flights to Dubai, Sharjah, Guangzhou-China, London, Houston, Mumbai and South Africa.

“Air Peace is ready to begin operations on these routes as soon as we get the cooperation of our aviation agencies, our home governments and the outside

governments of the countries planned destinations. As soon as we get their cooperation, we will make it happen, “Onyema said.

He said the feats Air Peace had recorded in just three years of its flight operations are a proof that Nigerian airlines could compete with and even outperform the legacy of other airlines if there were a level-playing field.

“This is the first time a Nigerian carrier is acquiring a B777. What we have had in the past were through leases which were not favourable to the airline operators. So, I don’t believe that Nigerian airlines cannot compete favourably with others. What we have been lacking is the necessary support.

“Within the last three years, we have been able to increase our fleet size to 24 aircraft. That is rapid growth and we are still growing stronger,” he said.

Onyema dismissed insinuations that Nigerian airlines were not safe, stressing that Air Peace spent up to $2.5 million annually in maintaining

a single aircraft on its fleet.

“So, in terms of safety, we can assure our guests of the very best because even our technical partner is a firm from the United Kingdom.

Air Peace cannot be said to be weak or indebted, and if there are airlines that are going through that, they should come out and name them instead of generalising them,” he added The Air Peace boss said he remained opposed to the Single African Air Transportation Market (SAATM) initiative, insisting that Nigeria had little or nothing to gain from it at present, and noted that most African airlines that would take advantage of the SAATM window to operate in the country lacked attractive destinations Nigerian airlines would reciprocally operate into.

He added that some of the countries on the African continent were imposing high charges in a bid to discourage Nigerian airlines from operating into their countries.

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Nine Banks Will Meet New CBN Dividend Pay-out Policy in 2018, Forecasts Report Obinna Chima The SBG Securities (Pty) Limited of South Africa, a wholly owned subsidiary of the Standard Bank Group has projected that about nine commercial banks in Nigeria would be able to pay dividends this year, despite the adjustment to the dividend-pay out policy issued by the Central Bank of Nigeria (CBN) recently.

The banks, according to a report by the research and investment firm, are Zenith Bank Plc, Guaranty Trust Bank Plc (GTBank), United Bank for Africa Plc (UBA), Access Bank Plc, Stanbic IBTC Plc, Fidelity Bank Plc, First City Monument Bank Plc, First Bank of Nigeria and Ecobank.

The CBN recently released a circular, making an amendment to a previous circular dated October 8, 2014 on internal capital generation and dividend pay-out ratio.

The new circular introduced some conditions for banks to be allowed to pay dividend, which are the Composite Risk Rating of the bank, nonperforming loans (NPLs) ratio, as well as Capital Adequacy Ratio (CAR).

While banks do not publicly disclose their Composite Risk Rating, the minimum CAR for international banks in the country is 15 per cent, 10 per cent for national banks and 16 per cent for systemically important banks.

However, the report stated that based on the analysis

of the firm from a CAR perspective, shareholders of the aforementioned banks would not be affected by the policy, which restricted payment of dividends by some financial institutions based on their results as at the end of September 2017.

It explained: "Going by the results released in September 2017, most of the banks not restricted from paying dividend have either exceeded or are close to their 2016 full year profit level.

“Fidelity Bank with a profit before tax of N16.2 billion in September 2017 has done 147 percent of its 2016 full year profit; Sterling Bank with its N6.6 billion profit before tax as at September 2017 has done 131 percent of its 2016 full year

profit; while Stanbic IBTC has already recorded 123 percent of its 2016 full year profit before tax as at September 2017.

"Other banks close to their 2016 full year gross profit include Zenith, GTB, Access and UBA. These banks will most likely pay at least the same dividend paid in the previous financial year."

The analysts also reiterated banks, which belong to a holding company (HoldCo) structure such as FBN Holdings Limited could typically still pay dividend, which would be derived from their nonbank subsidiaries, while the policy did not apply to ETI group (parent company for Ecobank Nigeria) because it is not regulated by the CBN. According to the firm:

"Dividend pay-out estimates are in line with the regulation as they had previously emphasized the need for a reduction in dividend pay out to build buffers, remarking that for 2017 earnings, the highest dividend pay-outs will come from Zenith at 50 percent and GTB at 49 percent."

It reiterated its positive dividend pay-out outlook for 2017 earnings, estimating 21 percent average growth in dividend per share for the listed banks in their 2017 results, driven primarily by strong earnings growth.

The new CBN circular had among others, stated on dividend payment: "No bank shall be allowed to pay dividend out of reserves. Banks that do not meet the minimum

capital adequacy ratio shall not be allowed to pay dividend.

"Banks that have a Composite Risk Rating (CRR) of “High” or a NPL ratio of above 10% shall not be allowed to pay dividend.

"Banks that meet the minimum capital adequacy ratio but have a CRR of “Above Average” or an NPL ratio of more than 5% but less than 10% shall have dividend pay-out ratio of not more than 30 per cent.

"Banks that have capital adequacy ratios of at least 3% above the minimum requirement, CRR of “Low” and NPL ratio of more than 5% but less than 10%, shall have dividend pay-out ratio of not more than 75% of profit after tax."

Reprieve for Benue IDPs as Rochas Foundation Offers 1,000 Scholarships to Displaced Children Rochas Foundation has offered 1000 scholarships to children in the displaced camps in Benue as a result of the recent clashes in the state.

Director General of the foundation, Mrs Uloma Rochas Nwosu made the announcement in an interview with journalists in Owerri, Imo State at the 20th Anniversary celebration of the establishment of the foundation.

According to her, the offering of scholarships to the 1000 children was part of the agenda of the foundation which is to take off one million African children from the streets by 2030.

The Benue State Government recently announced that over 10000 children are unable to go to school as a result of killings and clashes between herdsmen and farmers forcing thousands to relocate to camps for displaced persons.

"As a foundation, we shall be offering free and qualitative education to 1,000 children at the IDP Camp in Benue State. This may not be enough considering that over 10,000 children are estimated to be out of school as a result of the recent clashes in that State", she disclosed.

President of the foundation and Governor of Imo State, Rochas Okorocha called on well to do citizens in Africa to establish educational foundation that could help reduce illiteracy in the continent.

He made the call at the 20th Anniversary celebration of the foundation at Heroes Square, Owerri, the Imo state capital, weekend.

According to him, this call has become necessary in view of increasing illiteracy in Africa.

"Those children that have poor background can

become somebody if provided opportunity to attend schools", he noted.

He therefore appealed to well to do Africans to join in the campaign to take one million children off the streets by 2030, adding that he was convinced that children of the continent, if properly educated, are the future of the world.

"As we celebrate the 20th Anniversary of Rochas Foundation, I am using the opportunity to launch 'Vision 2030' which is aimed at taking one million African children off the streets by that date. I urge everyone to volunteer.

Help train a child in school.

Because I am convinced that these children, if properly trained, are the future of the world", he declared.

Chief Okorocha pointed out that the Rochas foundation has come to stay in tackling the problem of the less privileged,

not only in Nigeria but in other African countries.

He revealed that since inception of the Rochas Foundation College in Owerri in 2001, admission has increased to more than 16,000 students with more than 4,000 having graduated from the university.

In her speech, the Director General of the foundation Mrs Nwosu said: "From the modest first Rochas foundation college, Owerri in 2001 we have grown into 10 different colleges across the country, we also have the Rochas foundation college of Africa with 5 children from 55 African countries”.

Wife of the governor and Vice President of the foundation, Nneoma Nkechi Okorocha, expressed joy that what started in Jos, Plateau State as a modest contribution to help humanity has grown into a phenomenon.

"When my husband and I decided to set up this foundation we did not know it will grow so fast this way.

The children have also learnt well. By the grace of God we shall continue to do good", she said.

Other speakers at the event include Uchechi Rochas Okorocha, Aham Rochas Okorocha and Amen Rochas Okorocha all of whom extolled the vision of the founder and publicly rededicated commitment to the cause of humanity.

The high point of the event was the handover of a fully furnished apartment, two million naira and a taxi to one Miss Onyemuwa Ihuoma Victoria who won the star prize.

The star prize winner, an orphan from Amuzi, Obowo Local Government of Imo State, emerged after the spinning of jackpot supervised

by the Ambassadors of Australia, Pakistan, Gambia and Congo.

6 other winners got brand new homes and N100,000, while several others got cash prizes ranging from N300,000 to N100,000 and N50,000 respectively, while the crowd drawn from 27 Local Governments of the state and numbering over 12,000 went home with various categories of gift items like sewing machines, grinding machine, bags of rice, cartons of noodles, etc.

Music maestro, Timi Dakolo, Hip Hop sensation, Yemi Alade and Waje thrilled the audience with several tunes, while Nollywood stars, Uti Nwachukwu and Alex Ekubo were on hand to witness the event. The children from the Rochas Foundation Colleges made a special rendition of the Rochas Foundation anthem.

which commenced on July 1, 2017, provides an opportunity for taxpayers to voluntarily and truthfully declare their assets and incomes before the March 31, 2018, deadline.

It embraces all federal and state taxes such as Companies Income Tax, Personal Income Tax, Petroleum Profits Tax, Capital Gains Tax, Stamp Duties, Tertiary Education Tax,

Technology Tax, Tenement Rates, and Property Taxes.

VAIDS also covers all back taxes for the last six years in line with the statutory periods of limitation under the relevant tax statutes.

other stakeholders, INEC is definitely not sincere with the sanitization of INEC voters' register in Kano, Katsina and other states where, out of intimidation, it is allowing the registration of minors.

“INEC under Prof. Yakubu is already manifesting weaknesses and bias, which further confirms why it should not be trusted in the conduct of the 2019 general elections.”

It said it would, along with its aligning stakeholders, not accept any findings or recommendations from the INEC investigative panel because it did not believe that

its outcome would lead to the cleaning up of the register.

The party said: “We insist that INEC must be bold enough to extend the inquest to Katsina state as well as other states where minors were registered unless it wants the world to believe that it had already caved in to pressure ahead of the 2019 general elections.”

The PDP, therefore, urged Yakubu to redeem his name by disbanding the committee and set up a more credible and transparent panel made up of political parties, credible NGOs and CSOs as well as extend the inquest to Katsina

and other states.

The party stated: “Prof.

Yakubu must understand that his allegiance is to Nigeria and not the APC. INEC under him must not lose its credibility or be reduced to an annex of the APC and its failed presidency, anything as such would be resisted.

“Indeed, Nigerians would not accept anything short of a credible, free and fair general elections in 2019 and any attempt by anyone to pander towards the rejected APC with a view to subverting the determined will of the people will have himself to blame.”

VAIDS: NO SACRED COWS AFTER DEADLINE, FOWLER WARNS “Currently, we have just 14 million taxpayers out of 70 million who are economically active. So, many people who should be paying are not paying anything. It is the development of taxes that

will help the States and the Federal Government to achieve their true potential,” the Minister said.

She advised taxpayers to take advantage of the tax amnesty opportunity to

regularise their tax profiles, adding that tax defaulters would be subjected to investigations as well as made to face criminal prosecution for tax offences.

The VAIDS programme,

PDP DISMISSES INEC INVESTIGATION ON UNDERAGE VOTING The party in a statement by its National Publicity Secretary, Mr. Kola Ologbondiyan, queried the credibility of the panel, saying it was made up of members of the electoral body, which compiled the discredited register in the first instance.

According to the party, given the composition of the panel, it would be difficult for it to come up with a credible outcome, alleging that its members had been detailed to arrive at predetermined findings and recommendations aimed at exonerating the Yakubu-led commission.

The party argued further that the investigative panel would have no choice, in the circumstances, other than to play down the overall implications of having under-aged voters on the voters' register for the 2019 general elections.

The PDP also rejected the scope of the investigation, particularly the exclusion of Katsina State from the probe, despite, what it called, vast evidence of underaged voters in the state.

It said: “Nigerians have been wondering why INEC is afraid of looking at its register in Katsina State. Is it because

Katsina is the home state of President Muhammadu Buhari and a probe is likely to expose cans of worms?

“Is INEC afraid that a sanitized register would lead to a massive drop in the voting population in the state and cripple APC's rigging plan?

“Nigerians are also wondering why INEC has vehemently refused to include other stakeholders, including political parties, credible NGOs and Civil Society Organizations in this important assignment to guarantee its credibility.

“We hold that by excluding

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T H I S D AY ˾ MONDAY, FEBRUARY 26, 2018

MONDAYSPORTS

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

Kano Pillars Moves to the Summit of NPFL Kano Pillars is the new leaders of the NPFL after they drew 1-1 with hosts Enugu Rangers just as Niger Tornadoes moved off the bottom of the table after a 2-0 win over Abia Warriors in Minna.

Pillars now have 17 points from 10 matches and are ahead of second-placed Enyimba, who also have 17 points but have an inferior goals difference after they beat Sunshine Stars 2-1 in Calabar.

Striker Junior Lokosa netted his ninth goal of the season in the 87th minute after Godwin Aguda gave Rangers the opening goal four minutes from the break.

Rivers United recorded a rare away win at Kwara United courtesy of a stoppage winner

by Chikere Osita.

The Ilorin club is now second from bottom of the table with 10 points from as many matches amid rumours of sweeping changes at the club soon.

Katsina United picked up their first point on the road at Wikki

Tourists in Jos. Martins Usule grabbed a much-needed equaliser for Katsina United three minutes from after Wikki shot ahead in the 25th minute through Shammah Tanze.

FC Ifeanyiubah and Yobe Desert Stars won at home, while MFM FC was held to a goalless draw in Lagos by Lobi Stars.

Matches involving Plateau United and Akwa United were rescheduled due to their international engagements.

MATCH DAY 10 Rangers 1-1 K’ Pillars Kwara Utd 0-1 Rivers Utd Wikki 1-1 Katsina Utd MFM FC 0-0 Lobi Stars Ifeanyiubah 1-0 Nasarawa Yobe D’Stars 2-0 El Kanemi Tornadoes 2-0 Abia Warriors Enyimba 2-1 Sunshine

PREMIERSHIP Crystal Palace 0-1 Tottenham Manchester Utd 2-1 Chelsea

NWFL Moves Secretariat to Lagos ahead Maiden Champions Shield To ensure that the maiden Nigerian Women Football League’s (NWFL) Charity Shield game takes place without hitches, the secretariat of the body has relocated to Lagos.

Aiteo Cup winners, Rivers Angels are to battle NWFL Super Four champions, Nasarawa Angels for the Charity Shield at the newly refurbished ‘Soccer Temple,’ Agege International Stadium on March 4.

According to NWFL Chairperson, Aisha Falode, before the Champions Shield game, the women football league board will hold its congress on March 3 to set the stage for the 2018 season’ activities.

Part of the activities preceding the Champions Shield is a mentorship talk on education and football involving over 1000 girls, which is part of the league body’s Community Relations Service (CRS), Falode said.

She revealed that the body was working round the clock with Lagos State officials to give the football feast the ambience

and flavour it deserves.

“Of course, the activities and headquarters of the NWFL have been moved to Lagos to ensure the Congress and Champions Shield turned out a huge success.

“Already, the league body and relevant officials of the sponsors, Lagos State, have struck a good working relationship and wonderful rapport to ensure everything goes on flawlessly,” observed Falode at the weekend.

She also hinted that the Agege Stadium has been refurbished to meet international standard.

“The stadium is in its best form given the recent upgrade and refurbishment to international standard to accommodate the nation’s CAF Champions League campaigners, Mountain of Fire Miracles Ministries (MFM FC),” she said.

Falode added that Nasarawa Amazons and Rivers Angels officials have indicated their intention to come into the state a bit early to familiarise themselves with the local fans as well as get ready for Sunday’s match.

Heineken Continues to Share the Drama in UCL Football Experience After kicking off the special live viewing of 2017/2018 UEFA Champions League knockout games on February 14 in Lagos, international premium lager beer, Heineken extended its premium cinematic football experience to the city of Port-Harcourt, with live broadcast of the Chelsea vs Barcelona game last Tuesday.

The much-anticipated clash between last season’s English Premier League champions and current Spanish League leaders was watched by hundreds of excited football fans at special Heineken viewing venues simultaneously in Lagos at IMAX Cinemas, Lekki and FilmHouse Cinema, in Port Harcourt.

Heineken’s upscale viewing centres equipped with impressive giant screens also offered guests ice cold Heineken drinks and delicious snacks.

In addition to the refreshments, football fans also had access to a

variety of recreational games to keep busy before kickoff, as well as quizzes, contests and giveaways during the halftime break.

The Chelsea vs Barcelona game ended in a one-all draw, courtesy goals from Willian, who scored on the 63rd minute, and Messi, who equalized in the 75th minute, effectively ending an 8 match goal drought against the London side. Also on the same night, Bayern Munich beat Besiktas 5-0, giving the German side a huge boost ahead of the return leg in Turkey in a fortnight.

A dramatic night of top class football ended on a high for fans, both in Lagos and Port Harcourt, and sets up delightful expectations for the next set of UEFA Champions League games to be broadcast live at Heineken’s exclusive viewing centres in Lagos, Port Harcourt and Abuja throughout the rest of the 2017/2018 season’s edition of Europe’s elite football competition.

Manchester City players celebrating after winning the League Cup a fifth time… yesterday

getty images

Man City Hammers Arsenal 3-0 to Lift League Manchester City won the first trophy of the Pep Guardiola era yesterday, brushing Arsenal aside 3-0 in the League Cup final with the help of an old-fashioned route-one goal from Sergio Aguero.

It was an impressive statement of intent from Guardiola’s team at Wembley after a shock FA Cup defeat to lowly Wigan last week ended their bid for an unprecedented quadruple. Man City

opened the scoring in the 18th minute when a long punt upfield from goalkeeper Claudio Bravo was controlled by Aguero, who coolly lifted the ball over a helpless David Ospina in the Arsenal goal. Captain Vincent Kompany doubled the lead in the second half with just over half an hour to go and David Silva put the game out of the reach of Arsene Wenger’s team.

Again, The SUN Crowns Pinnick as Sports Personality of the Year Eagles’ TA, Rohr, shares in accolade For the second time in two years, The SUN newspapers on Saturday presented the Sports Personality of the Year gong to President of Nigeria Football Federation, Mr. Amaju Melvin Pinnick.

At a well-attended Awards ceremony at the Eko Hotels and Suites, Victoria Island, Lagos that also marked 15 years of the top media house’s existence, Pinnick was honoured alongside other prominent and dedicated Nigerians like Senate President Bukola Saraki (Outstanding Politican of the Year); Governor Akinwunmi Ambode of Lagos State (Man

of the Year); Governor Nyesom Wike of Rivers State (Governor of the Year); Emir of Kano, Alhaji Muhammad Sanusi (Courage in Leadership Award); NDDC Managing Director Nsima Ekere (Public Service Award); Zenith Bank’s Group Managing Director Peter Amangbo (Banker of the Year); Dr. Emeka Okwuosa (Investor of the Year); Dr. Samuel Adedoyin (Lifetime Achievement Award); Central Bank Managing Director Godwin Emefiele (Public Service Award) and; the pair of Senator Osita Izunaso and Dr. Joe Okei-Odumakin (Humanitarian Service Award).

This time, Pinnick had to

share the award with Super Eagles’ Technical Adviser, Gernot Rohr, whose immense work in qualifying Nigeria for the 2018 FIFA World Cup from a so-called ‘Group of Death’ with a match to spare, did not go un –noticed.

The NFF President was sole winner in 2016, and it was retained in the Glass House the following year after NFF 2nd Vice President/LMC Chairman Shehu Dikko was crowned.

Pinnick thanked the organizers and also commended the industry and commitment of Members of the NFF Executive Committee, the NFF Congress

and the NFF Management that have reinvigorated the Nigerian Football space.

Also at the occasion were NFF 1st Vice President, Seyi Akinwunmi; NFF 2nd Vice President/LMC Chairman, Mallam Shehu Dikko; NFF Executive Committee members Hon. Suleiman Yahaya-Kwande, Sunday Dele-Ajayi and Ms Aisha Falode; a number of NPFL Club managers and; other football stakeholders.

Mr. Rohr was unavoidably absent, as he was already in Russia for the FIFA World Cup Team Workshop taking place in Sochi early this week.

2 0 1 8 L A G O S P O LO T O U R N A M E N T

Lagos Fifth Chukker/ Access Bank Defeat Kaduna Keffi to Clinch Majekodunmi Cup Duro Ikhazuagbe The 2018 Lagos Polo International Tournament came to an exciting end yesterday with Lagos Fifth Chukker/ Access Bank winning the club’s most cherished Majekodunmi Cup after upstaging Kaduna Keffi Pony’s 9 – 6.

The home teams had a great day as Lagos A Plus/DDSS also emerged champions of the Low Cup by edging Kano Hamdan 6 - 5 1/2 goals.

Before the final game galloped off, the organisers of this edition added class and glamour by ensuring that the newly refurbished Majekodunmi Cup in London was delivered to the club President, Mr Ade Laoye, at the centre of the pitch by a Carveton helicopter.

That singular action heighten the anxiety of polo aficionados who wanted to know which of the two teams will walk away with the silverware first donated to the club by Dr Moses Majekodunmi in 1962.

The 11-day of high-class polo action, which has GTBank as main sponsor, climaxed with the clash between Lagos Fifth Chukker/ Access Bank and the KadunaKeffi Ponys.

The visiting team went into the six-chukker tie with two goals advantage and that increased to three when team patron, Hon Ahmed Wadada tapped in a shot from about 20 yards early in the first chukker.

The Ponys’ which also has Idris Badamasi (+3), Patricio Cieza (+6) and Juan Cruz (+7) were seeking to avoid another

loss having fell in their earlier clash on Thursday but Julio Estrada kept Fifth Chukker in touch scoring a diagonal shot to end the opening chukka 3-1.

Argentine seven-goaler, Estrada scored again at the start of second chukka to close the gap and the home team, which also has Babangida Hassan-Katsina (+3), team patron Adamu Attah (+3) and Augustine Canale (+6), drew level in the second chukka through Canale.

However, Ponys kept their heads and scored two more goals in the early stage of the third chukka but Fifth Chukker won’t let go as team patron, Attah and Estrada scored to level scores 5-5 heading to the fourth chukker which eventually ended 6-5 with the

Kaduna team in the lead as Cieza scored again.

The final two chukkas, as expected, were fiercely contested, and in the end, it was the higher handicap team that triumphed scoring three more goals by Eatrada, Attah and Canale for a 9 - 6 final scoreline and winner of the Majekodunmi Cup. In the earlier match played three-goaler, Kwame Issa and Abdulrahman Mohammed (+2) starred as A plus, complete by Habu Jigunu (+1) and team patron, Luqman Adebayo (+1) puts behind them the disappointment of their Open Cup final loss a week earlier to end their campaign on a memorable note by winning the Arbico-sponsored medium-goal event.

Monday February 26, 2018

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Price: N250

MISSILE Niger State PDP to APC

THE ADDRESS OF LUXURY IN LAGOS

“These people defected immediately after the 2015 elections and were presented at a well-publicized rally. It is surprising that more than two years after that rally, the same people are being received in another ceremony. You cannot present the same set of people three to four times for the same purpose” – Inside Fulani Settlements in Kebbi Niger State chapter of the PDP accusing the ruling APC in the state of ‘recycling’ defectors to deceive the public.

ALEXOTTI OUTSIDE THE BOX

alex.otti@thisdaylive.com

Zuma: At Last, The Statue Falls

“D

isregard any rumor that Zuma has stepped down! I visited him in Owerri this morning and he is still standing there” For a split second, I was going to believe this message which went viral on social media a day after Zuma was reported to have “stepped aside”. It did not take time for me to realize it was the usual Nigerian humor, making light of every situation. Humour is a life saver for Nigerians!

Sometime ago, a study showed that Nigerians were the happiest people on earth. I do not know where we stand on the happiness index right now, even with the recent appointment of a Commissioner for Happiness in a state in the South East. This is because Nigeria itself has gone through various transformations, albeit in the negative territory. Nigerians now kill each other with more reckless abandon. Kidnapping for ransom, abduction of innocent school children from school, unleashing of general mayhem at will, invading of crowded places and places of worship with bombs and explosives and generally having little or no regard for each other’s lives, have become mainstream occurrences. Hate speeches have become the order of the day and ethnic and religious war mongering seem to take centre stage in our daily discourse. Matters are not helped by the poor state of the economy. It is only the social media that keeps some people entertained.

In the midst of all these, Jacob Zuma, the ‘interesting, if not ‘near-comical’ leader of ANC was forced to retire from power. I am sure that one of the people who did not welcome the ouster of Zuma with excitement is the Executive Governor of Imo State, “Uncle Roche” who not long ago had raised a controversial statue for him in Owerri, thousands of kilometers away from where Zuma enjoyed any significant facial or name recognition. The name “Uncle Roche” came from a recent encounter I had with a woman who was preparing some youngsters for a presentation at a forum for the South South and South East Governors.

I am not sure of the details, but what I was meant to understand was that there was going to be a banquet where the kids were going to entertain the Governors and their guests. The kids were going to address the Governors, not in their official appellation but as uncles. As I came in, I saw that they had resolved how to address the Governors save for two South South governors, those of Rivers and Bayelsa States.

They felt “Uncle Wik” sounded like “Weak” and did not represent the man well, given his fighting and “never say die” spirit as he was not weak by any standards. They had more problems with the Bayelsa governor given that “Uncle Dick” did not sound very appropriate for the “Country Man”. They were concerned about the mischievous connotation “Uncle Dick” could be associated with. They needed my input. I solved the problem for them when I recommended that they should work with their first names, which will not only be consistent with the other governors, but will save them the trouble. Nyesom became “Uncle Nyes” while Henry became “Uncle Hen”. As I went through the rest of the list, I found that there were bigger problems with how to address the governors of Abia and Imo, which they apparently weren’t conscious about. To their disappointment, I explained that “Uncle Oke” had a very negative connotation because “Oke” in Igbo language means rat. I was sure that they didn’t have any intention to judge the governor nor address him in a derogatory manner. I also quarreled with the appellation, “Uncle

Zuma Roche” given that this may also be misunderstood as it may be a short form of cockroach. They were still struggling with it when I left and I’m unsure if and how they resolved the two names.

Jacob Gedleyihlekisa Zuma, 76, was the fourth President of Independent South Africa. He took office in 2009. He was one of the strong members of the African National Congress (ANC) which was founded in 1912. As a member of the militant wing of the ANC, he served a 10 year jail term in Robben Island, the same gulag where the late Nelson Mandela was held.

Before taking over as President, he served as Deputy to President Thabo Mbeki from 1999 to 2005, a position he was sacked from for bribery and money laundering that had to do with an arms deal involving a French company. Mbeki, was subsequently forced to leave office on September 20, 2008, owing to a ruling by the South African court that he had interfered with the operations of a prosecuting authority which in fact was prosecuting Zuma for corruption. The ANC acted promptly by recalling Mbeki and in response to this, he put in his resignation. The case of corruption, fraud, money laundering and racketeering against Zuma suffered many setbacks at the courts and at the end of it all, it was struck out for procedural error and political interference. Nigeria may not be alone, you might say!

Then enter the case of improper sexual conduct against Zuma. Even though he was not convicted, Zuma confessed to forcefully sleeping with an HIV positive family friend, but put up a ludicrous defense to the effect that he had a shower after the act to prevent him from being infected by the virus. That he was not convicted was not because he was innocent but the court went into technicalities and dropped the charges against him. Sounds familiar, right? All these happened just before he was elected President in May 2009.

Zuma was a man of controversy all around; from politics to business and down to the home front. He has six wives and over twenty children, some of them out of wedlock.

Moving from one scandal to another, in 2013, Zuma was accused of using public funds to engage in massive renovation and retrofitting of his private palatial property in Kwa Zulu Natal. Three years later, after employing all sorts of tactics to frustrate the matter in court, he was found guilty of abuse of office and corrupt diversion of about $27m of public funds to personal use. Sequel to the conviction, President

Zuma apologised and offered to make refunds of some $16m to the public treasury.

Sometime in the middle of 2017, Zuma was again to get involved in yet another scandal. Some email leaks implicated the influential Indian family, the Guptas, in a “state capture” allegation. This family was accused of influencing the appointment of some key government functionaries and illegal award of juicy contracts to themselves (and most likely those they represent). This scandal led to attempts by leaders of the party to force Zuma out. All the efforts, however, hit a brick wall as parliament was unable to muster enough support to pass a vote of no confidence on the President. There is no doubt that Zuma understood how to manipulate his way to remain in power and this worked for a while. As should have been known by now, manipulation can work for a while, but in the final analysis, it fails. It was therefore, time for it to fail and on Valentine’s Day, February 14, 2018, Jacob Zuma whose middle name means “one who smiles while causing others harm” had to this time around be at the receiving end of the harm as South Africans were able to smile for the first time in almost a decade. Cyril Ramaphosa became the beneficiary of Zuma’s fall and was sworn in on the 15th of February as his successor. Ramaphosa was actually the person that Nelson Mandela favoured to succeed him.

Are there lessons to learn from the South African experience? I believe there are and I believe that there are also similarities between our experience and that of South Africa. Somehow, society has a way of throwing up some of its worst into leadership positions. Other than participating in the militant wing of the ANC, just like being in the military, there was no reason why the country should elect Zuma as its President. Having made the mistake of electing him, there was also no reason why he should have been there for nine years given the close to 700 corruption cases hanging like a Sword of Damocles over his head. That he was able to work his way around them and still hung on to power for that number of years, remains a mystery. Just before his ouster, there had been about 6 votes of no confidence in the parliament, sponsored by the Opposition, which did not see the light of the day.

Basically, this was because the ANC, which holds the majority in Parliament, would not support those Bills.

He was only made to leave because the party had withdrawn its support from him. This clearly reveals a very sharp difference from what we have in Nigeria.

The Zuma episode demonstrates the supremacy of the party in South Africa, even if it came too late.

When the Party decided that it had had enough of Zuma, it took a decision and removed him. Our experience in Nigeria is that because leadership of the parties is under the President, it is difficult for party supremacy to function in Nigeria. If anything, what we have is Presidential Supremacy and sometimes, both the party and the President would be deluding themselves in the face of national crises until both of them fall like a pack of cards.

The second lesson, and which is enduring in itself, is that at the end of the day, the will of the people must prevail, no matter how much manipulation and filibustering that the party and its President embark on. It may take time, but somehow, someday, good will always triumph over evil. This was clearly demonstrated in the Zuma case. It is also true of the case of Zimbabwe where Robert Mugabe held sway for decades, yet his dynasty was toppled by the collective will of the people.

Again, in the contest between strong men and strong institutions, the latter will always prevail. It may take time, but strong men have expiry dates, strong institutions don’t. It is therefore imperative to focus on building strong institutions and deemphasize strong men. History records that strong men, if not checked, eventually become despotic and may not know when the line is crossed. Even when they are good, their legacy may be dismantled shortly after they are gone if there are no institutions to protect them and build on what they had achieved.

Because power corrupts and absolute power corrupts absolutely, those whose responsibility it is to make laws should always make laws that do not put absolute powers in the hands of one man, no matter what role they want him to play. There must be clear checks and balances. The constitution that Nigeria is forced to operate since 1999 is very defective. The President has too much power such that one President had remarked that if he used 30% of his power, his opponents would be in serious trouble. Talking about opponents, it is very clear from the South African example that strong and virile opposition is critical for a successful democracy.

Virtually all failed previous attempts to oust Zuma were sponsored by the Opposition because not only does it exist, it is effective. There is still confusion here in Nigeria, as to whether opposition exists and if it does, if it understands its role in the political process.

The most important lesson to learn is that governance is about the governed and not government.

It is not a spectator sport! The governed must therefore show interest in how they are governed. Like I had written in my previous interventions, we seem to be very docile and unconcerned about how we are governed. That has made underperforming governments remain very comfortable. This is true of local governments, it is true of State governments and it is also true of the government at the center.

Sometimes, when we do get interested, we are more concerned about the Federal government and seem to forget that the other tiers of government should also be put to even greater scrutiny as their activities should affect us more. Some of our leaders get away with so much incompetence and malfeasance because we don’t seem to know the right questions to ask and sometimes, they (and even we), forget that they are accountable to us. The case of the local governments is even more pathetic. Because some governors have captured the local government system by appointing their cronies and thugs as Chairmen and Councilors, those appointees only account to their principals and show up to the people only during election time where their main role is to deliver their benefactors and their parties. Once that is done, you would only hear from them again in the next four years.

The point being made here is that the actions and inactions of leaders at any level affect the people most. The people, therefore, should move away from their present state of docility to the level of activism so that leaders can sit up.

I must congratulate South Africans for rising to the occasion and taking their destiny in their own hands, even if it ought to have happened nine years ago. Like it is said, it is better late than never. On the issue of the Zuma Statue still standing in Owerri, I shall leave that matter to “Uncle Roche” to determine what to do with it. My sense is that if he chooses to do nothing, as he leaves in one year, the people of Imo State may decide to do something. It would be up to them, what that would be.

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