Monday 5th March 2018

Otedola Lauds Ambode for ‘Great Works’ Despite Challenges Backs him for second term Gboyega Akinsanmi Business mogul and the Chairman of Forte Oil Plc, Mr. Femi Otedola, has lauded the Lagos State governor,

Mr. Akinwunmi Ambode, for his stewardship in the state despite the numerous challenges in the state, the rest of the country, and the recent recession, saying his

vote massively for him in 2019. In a statement issued yesterday by the businessman, he said he has watched and followed

“great good works” have kept Lagos as the benchmark for other states to aspire to. Otedola also endorsed Ambode for a second term and called on Lagosians to

Ambode with keen interest since he assumed office, and has no doubt that the governor is building on the foundations laid by his predecessors.

According to the entrepreneur and son of a former governor of the state, “As a Lagosian and omo Ibile (child of original Continued on page 8

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Electoral Act: Presidency Intensifies Lobby to Defeat NA Vote to Override Veto APC chieftain heads to court over alteration to election sequence NFI Bill for passage this week Damilola Oyedele in Abuja and Christopher Isiguzo in Enugu Two weeks after the transmission of the amended Electoral Act to President Muhammadu Buhari for

assent, the presidency has intensified efforts to defeat the plan by the National Assembly to override the anticipated presidential veto of the Act. The lobby is intended to

ensure that the required two-thirds majority votes of the 469 federal lawmakers, comprising 109 senators and 360 members of the House of Representatives, is not secured. This is just as a stalwart of

the All Progressives Congress (APC) has dragged the federal legislature to court in Enugu challenging the Electoral Act passed by the National Assembly altering the election sequence.

The lawmakers on February 14 had voted in both legislative houses to change the sequencing of general elections for the presidential election to be conducted last, instead of first, as is the current practice.

The amendment, which is expected to weaken the bandwagon effect of presidential elections on the governorship and state Houses of Assembly elections, has Continued on page 8

Osinbajo: Southerners, Christians are Biggest Beneficiaries of Buhari’s Appointments Omololu Ogunmade in Abuja Vice-President Yemi Osinbajo at the weekend dismissed allegations of nepotism and clannishness levelled against President Muhammadu Buhari, arguing that Southerners and Christians have benefitted more than Northerners and Muslims in his cabinet. Osinbajo, who made this claim in an interview with online journalists whose excerpts were made available to THISDAY late yesterday, said there were in fact more Christians in the Federal Executive Council (FEC) than Muslims. Osinbajo argued that in the South-east, for instance, four of the five states have substantive ministerial portfolios, while the seven

states of the North including the president’s state, Katsina, do not have substantive ministerial positions. From the South-west, the vice-president said for the first time in Nigeria's history, only one person holds three ministerial positions of power, works and housing, in addition to two other major portfolios of finance and communications held by the region. He also insisted that his home state of Ogun, for instance, has the highest number of chief executive officers of agencies of government, adding, however, that in the area of appointments into the security agencies, the president has promised to take a second look at the appointments. Continued on page 55

Scores Feared Dead as Mambilla Crisis Escalates… Page 8

PUBLICITY STUNT OR DAWN OF A NEW ERA?

President of the Senate, Dr. Bukola Saraki; Chief Whip of the Senate, Prof. Olusola Adeyeye; Deputy Chief Whip, Senator Francis Ailimikhena; and others on board an Arik Air flight that departed yesterday for Accra, Ghana, where Saraki is expected to address the Ghanaian Parliament on “Good Governance in Africa” today

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Scores Feared Dead as Mambilla Crisis Escalates Wole Ayodele in Jalingo Scores of people have been reportedly killed and several others injured as the raging communal clashes on the Mambilla Plateau in Taraba State escalated at the weekend. Though there was no official casualty figure as of press time yesterday, THISDAY investigations revealed that no fewer than 40 persons may have been killed among residents of the Mambilla and Fulani warring groups.

The crisis, which erupted Thursday evening at Nguroje village in Sarduana Local Government Area, was temporarily curtailed between Friday and Saturday before hostilities resumed Saturday evening, spreading to other villages and towns particularly Likitaba and Leme on the outskirts of Gembu, the local government headquarters. The state Commissioner of Police, Mr. David Akinremi and the Commandant of the 20 Brigade, Mr. Serti were

reported to have relocated to Gembu to stop the violence and ensure that normalcy returns to the area. Speaking to THISDAY on Saturday before the crisis escalated, Akinremi confirmed the killing of ten persons from both groups, just as he lamented the outbreak of violence in the area despite the series of peace meetings he had held with all the stakeholders from the area. According to him “It is very unfortunate that the crisis occurred. I had held several

meetings with the leaders and stakeholders of all the ethnic groups on the Mambilla on the need to embrace peace and they gave me their word to maintain peace. But its very unfortunate that this happening now.” Besides the scores that have were feared killed in the crisis, THISDAY gathered that no fewer than fifty people sustained varying degrees of injuries while several houses were razed. Meanwhile, the state governor, Darius Ishaku has continued to appeal to the people of the

area to sheath their swords and embrace peace. The governor, who spoke through his media aide, Mr. Bala Dan Abu, said the Mambilla Plateau was of national and international significance and enjoined the people of the area to live in peace with one another, in order to engender the development of the area. He assured residents that the state government will continue to do everything possible to ensure peace reigns in every part of the state while appealing

to the well meaning people of the state to complement government’s efforts aimed at maintaining peaceful coexistence among the diverse people of the state. Since the outbreak of crisis between the two groups in June last year, which claimed several lives, there have been recurring clashes between the two groups. The current clashes erupted despite the presence of soldiers and other security agencies in the area.

is a knowledge-driven leader, hard working, with a passion for our great state. “My endorsement and recommendations for him to have a second term is performance-based and not just the usual conventional charade of second term endorsement in Nigeria. “I am sure that all my respected compatriots, friends and followers will agree with me that Governor Ambode

should please continue with his good job till 2023. “Ambode, please CARRY GO the 2019 election and continue with your passionate work for Lagos State transformation,” he said. He also thanked the governor for being a “true servant leader”, adding: “With your eyes on the ball, surely Lagos State will become the number three economy in Africa.”

OTEDOLA LAUDS AMBODE FOR ‘GREAT WORKS’ DESPITE CHALLENGES regions that make up Lagos), I wish to expressly commend and appreciate the great good works our amiable Governor Ambode is doing in our dear Lagos – Nigeria’s No. 1 state. “I have watched and followed keenly, in the almost last three years of the brilliant transformation projects across the state. No doubt, Ambode is building on the foundations laid by his good predecessors. “He is building roads and

bridges, schools and hospitals, water treatment plants, sewage and storm water drainages, solid waste management plants, and mass transportation infrastructure.” Otedola further recalled that Ambode has approved power projects for Lagos, which when fully executed, will make the state almost energy independent. “You are all aware of the newly acquired mass

transit buses that are going to be natural gas powered, in order for us in Lagos to be the first to comply with the global climate agenda of de-carbonisation. “A clean and smart Lagos will catapult us to the modern global village and make us the number four economy in Africa,” he added. Otedola noted that Ambode was also spearheading the modernisation of the Lagos

State bureaucracy in order to get all the processes reengineered for higher and best performances. “A good government is a reflection of an efficient and responsive bureaucracy. It is the catalytic driver for private sector growth. A bad and weak bureaucracy will produce nothing for the people. “We are lucky to have an able governor like Ambode at the helm of our affairs. He

ELECTORAL ACT: PRESIDENCY INTENSIFIES LOBBY TO DEFEAT NA VOTE TO OVERRIDE VETO allegedly not been well received by President Muhammadu Buhari, who believes it is targeted at weakening him in the 2019 presidential polls. It is therefore widely anticipated that the president would withhold his assent to the amendment of Section 25 of the Electoral Act, which provides for the National Assembly elections to be conducted first, followed by the governorship and state assemblies, while the presidential poll will be conducted last, all on separate days. The president, who is required to give reasons for withholding his assent to any bill, is expected to state that the amendment to the Electoral Act, is in conflict with Sections 76(1), 132(1) and 178(1) of the Constitution, which specifically empowers the Independent National Electoral Commission (INEC) to set the dates for the elections into the National Assembly, Office of Governor, and President. The Senate and House spokespersons, Senator Aliyu Sabi Abdullahi and Hon. Abdulrazak Namdas have, however, indicated the readiness of both legislatures to override the president, if he declines assent. The president, according to Section 58(4) of the Constitution, has 30 days, from the time a bill is presented to him, to give assent or indicate that he is withholding his assent. Section 58(5), however, provides that “where the president withholds his assent and the bill is again passed by both Houses by two-thirds majority, the bill shall become law and the assent of the president shall not be required”. But THISDAY gathered that the backlash that followed some of the lawmakers, who vocally criticised the amendment of the Electoral Act in the Senate, was also worrisome for the presidency, as the lobby was expected to be more successful in the Senate as opposed to the House where the amendment originated from. Senator Adamu Abdullahi was suddenly removed as chairman of the influential Northern Senators’

CORRIGENDUM In our edition of March 4, 2018, an interview with distinguished Senator Peter Nwaoboshi was wrongly captioned. We regret the mix up and apologise for the error. - Editor

Forum, while Senator Ovie Omo-Agege was mandated to appear before the Committee on Ethics and Privileges over his comments that the amendment was targeted at the president. Lawmakers who spoke with THISDAY off record at the weekend, however, believe that the requisite two-thirds votes would be secured, despite the efforts of the presidency. “It is two-thirds of the 469 that is required, not two-thirds of each chamber. So it is possible. We would simply call a joint session. It has been done before when the legislature overrode the veto of the President Olusegun Obasanjo on the NDDC (Niger Delta Development Commission) Bill in year 2000,” a lawmaker explained. “It is likely to pass as long as the House of Representatives is in support of overriding the veto. And this current House is willing, I can assure you. “Many of the members are really angry and they have reasons to be. So, even if we are unable to get many Senators on board, as we expect the EFCC to go after some senators in the coming days over past corruption cases when they were governors, we will get to override the veto,” he said. The lawmaker further pointed out that the opposition to the president was not really about the Electoral Act, but about his perceived hostility to the legislature and his manner of governance generally. A lawmaker from one of the North-central states also disclosed that chieftains of the APC were being enlisted to lobby their “people” in both legislative chambers. “Unfortunately for those (chieftains) deployed from our area, the president has lost the confidence of North-central zone. The manner he has handled the Benue killings and attacks by herdsmen in other states, show that he is isolated from reality. Defeating his veto on any bill, not just the Electoral Act, would show him that he has no base in this parliament, which he does not have good relations with anyway. “He has refused to release the zonal intervention funds, which has killed the re-election bid of some lawmakers in 2019. So such lawmakers already know they have nothing to lose,” he said. Another lawmaker from the North-west explained that the

president has remained aloof in the face of governors on the platform of the party battling federal lawmakers from their states, and has refused to intervene in several internal crises which had deeply polarised the party. “If he asks my state governor to speak to me and the other members, how can that work when we do not see eye to eye. There is hardly any APC state where the party is not in disarray, how would any emergency fence mending work?” the lawmaker wondered. Another lawmaker added that the gloves were completely off in the hostile relations between the two arms of government, then proceeded to enumerate the missteps of the president. “We told the president to call his overzealous and disrespectful aides to order, yet there was no action; we refused to confirm someone, yet no action; we asked for constituency funds, that one is a tussle completely ignored. We are tired of this hot and cold relationship, it is enough. “We were elected by our people, not by the president. So, when they try to remind us that some people here (in the legislature) rode on the back of the president in the 2015 APC tsunami, we tell them it is not necessarily a bad thing for everyone to independently test his popularity. It is better for our democracy,” he said.

N’Assembly Dragged to Court But just as the National Assembly appeared to be set on overriding Buhari’s anticipated veto of the Electoral Act, a stalwart of the APC, Chief Anike Nwoga at the weekend filed a suit at the Federal High Court, Enugu, challenging the bill passed by the National Assembly. The party chieftain also prayed the court for an interlocutory injunction restraining the president from assenting to the bill. Nwoga, who is the zonal vice chairman of the APC in Enugu East senatorial district, filed the suit on Friday through his lawyer, Godwin Onwusi. No date has been fixed for hearing of the suit. In his motion on notice, supported by a 25-paragraph affidavit, Nwoga is insisting that no action should be taken on the bill, pending the determination

of the substantive suit. The motion on notice was brought pursuant to Orders 26 and 28 of the Federal High Court (Civil Procedure) Rules 2009 and under the inherent jurisdiction of the court. Aside the National Assembly, which was listed as the 1st defendant/respondent, others listed as 2nd to 4th defendants/ respondents in the suit numbered: FHC/EN/CS/28/2018, were the Independent National Electoral Commission (INEC), the president and the Attorney General of the Federation (AGF). Apart from the prayer for interlocutory injunction restraining the president from assenting to the bill re-ordering the election sequence, Nwoga is also praying for an order of interlocutory injunction, restraining the National Assembly from overriding the president’s veto, should he decide to veto the bill, and re-ordering the sequence of the elections, pending the determination of the substantive suit. The plaintiff equally asked for an order of interlocutory injunction restraining INEC from complying with the sequence of elections contained in the bill passed by the National Assembly and such further orders as the court may deem fit to make in the circumstances, pending the determination of the substantive suit. Specifically, the plaintiff is asking the court to among other things to determine: “Whether the National Assembly in exercise of its lawmaking powers can make laws to compel INEC to exercise the powers to organise, undertake and supervise elections conferred on it by the constitution in a particular sequence. “Whether the National Assembly, in exercise of her law making powers, can make a law to change the sequence of elections already adopted and published by INEC, pursuant to the powers conferred on it by the Constitution. “Upon the determination of the questions, the plaintiff urged the court to make the following orders: A declaration that the National Assembly cannot make laws to compel INEC to exercise the powers conferred on it by the Constitution to conduct elections in a particular order. “A declaration that the bill passed by the two chambers of the National Assembly, which

altered the sequence of the 2019 elections, already adopted and published by INEC pursuant to the powers conferred on it by the Constitution, is a usurpation of the constitutional powers of INEC and hence unconstitutional. “An order of perpetual injunction restraining the 3rd defendant from assenting to the bill changing the sequence of elections, already adopted and published by the 2nd defendant, when it is presented to him for assent. “An order restraining the 2nd defendant from complying with the sequence contained in the bill or the law, if assented to by the 2nd respondent. “Any further or other orders or consequential orders that the court may deem fit to make in the circumstances of the case.”

NFI Bill for Passage Meanwhile, in a bid to avert Nigeria’s explosion from the Egmont Group and save the financial sector from being blacklisted in the international community, the National Assembly is set to pass the Nigeria Financial Intelligence (NFI) Bill this week. This was confirmed by the President of the Senate, Dr. Bukola Saraki, on his twitter handle on yesterday evening. The bill is expected to be passed on Tuesday and transmitted immediately to Buhari for his assent ahead of the next plenary meeting of the Egmont Group coming up on March 12, 2018. The bill had been delayed over a disagreement at the conference committee level when the Senate and House Committees on Financial Crimes and Anti-Corruption failed to agree on the domiciliation of the Nigeria Financial Intelligence Unit (NFIU), which is currently in the Economic and Financial Crimes Commission (EFCC). However, following the intervention of Saraki and the Speaker of the House, Hon. Yakubu Dogara, it was agreed that the unit would be domiciled in the Central Bank of Nigeria (CBN). The chairman of the Senate Committee on Anti-Corruption, Senator Chukwuka Utazi last Thursday had accused his House counterpart, Hon. Kayode Oladele, of frustrating efforts of the conference committee to conclude work on the bill,

an allegation which the latter refuted. Saraki, however, assured that the leadership of the legislature would intervene in the matter. On his twitter handle Sunday, he said: “Following my meeting on Thursday with Speaker @ YakubDogara, the chairman @ NGRSenate Committee on AntiCorruption and @HouseNGR Chairman on Financial Crimes, the conference committee meeting for the NFIU Bill will hold tomorrow (Monday) and the report presented in both chambers on Tuesday. “I am confident that we will pass the NFIU Bill this week,” Saraki said. Nigeria was suspended from the Egmont Group, a network of the financial intelligence units of 152 countries, following the nation’s failure to grant operational and financial autonomy to the NFIU. The country has a deadline until the next meeting of the group to meet the requirements, or be expelled from the group. The Egmont Group provides a platform for sharing criminal intelligence and financial information bordering on money laundering, terrorism financing, proliferation of arms, corruption, financial crimes, economic crimes and similar offences geared towards the support of local and international investigations, prosecutions and asset recovery. Nigeria was fully admitted into the body in 2007 after operational admittance in 2005.

TOP GAINERS NGN NGN JAPAUL 0.05 0.63 CONSOHALLMARK 0.02 0.29 COURTVILLE 0.02 0.29 TOTAL 11.50 242.50 STERLBANK 0.09 1.92 TOP LOSERS NGN NGN UNIC 0.02 0.22 SOVEREIGNTRUST 0.02 0.38 DN TYRE 0.02 0.38 EQUITY ASSURE 0.02 0.38 GUINNESS 5.20 99.70 HPE Nestle Nig Plc ₦ 1,400 Volume: 403.143 million shares Value: N 9.138 billion Deals: 4,738 As at 2/3/18 See details on Page 35

% 8.6 7.4 7.4 4.3 4.9 % 8.3 5.0 5.0 5.0 4.9

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COMMENT

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

AMCON AND ASSET MANAGEMENT AMCON plays a great role in stabilising the economy, argues Hussaini Hussaini

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sset Management Corporation of Nigeria (AMCON) as established by AMCON act 2010 (“the Act�) is a body that is empowered by the act to take over nonperforming loans from eligible financial institutions with an overriding aim of protecting shareholders interest in the eligible financial institutions. Section 5 of the AMCON Act provides thus:“The functions of the Corporation shall be to (a) acquire eligible bank assets from eligible financial institutions in accordance with the provisions of this Act; (b) purchase or otherwise invest in eligible equities on such terms and conditions as the Corporation, with the approval of the Board of the Central Bank of Nigeria, may deem fit; (c) hold, manage, realise and dispose of eligible bank assets (including the collection of interest, principal and capital due and the taking over or collateral securing such assets) in accordance with the provisions of this Act; (d) pay coupons on, and redeem at maturity, bonds and debt securities issued by the corporation as consideration for the acquisition of eligible bank assets in accordance with the provisions of this act: (e) perform such other functions, directly related to the management or the realisation of eligible bank assets that the corporation has acquired, including managing and disposing assets acquired with the proceeds derived by the corporation from managing or disposing of eligible bank assets acquired by it; (f) take all steps necessary or expedient to protect, enhance, or realise the value of the eligible bank assets that the corporation has acquired, including: (i) the disposal of eligible bank assets or portfolios of eligible bank assets in the market at the best achievable price, (ii) the securitisation or refinancing of portfolios of eligible bank assets, and (iii) holding, realising and disposing of collateral securing eligible bank assets; and (g) perform such other activities and carry out such other functions which in the opinion of the Board are necessary, incidental or conducive to the attainment of the objects of the corporation.� In short, AMCON has the function of taking over non-performing loans from financial institutions that are eligible in accordance with the AMCON Act and the guidelines that section 24 of the said act empowers the central bank of Nigeria to “designate through guidelines any class of bank assets as eligible bank assets�. The function of AMCON is so much important to the Nigeria economy since through it, so many liquidities that have been taken by very powerful recalcitrant debtors are recovered. We may not understand the importance of this corporation, without touching the statistics of its challenges. In a post on its website visited on February 12, 2018, AMCON stated thus : “It would be recalled that 400 obligors of AMCON account for more than N4.5 trillion, which is approximately 80 per cent of the total outstanding loan balance of the corporation’s over twelve thousand accounts with obligors that have become recalcitrant over time despite obvious efforts of the corporation. To deal with the situation however, AMCON has increased the tempo of its recovery activities using firmer negotiation strategies as well as utilising the special enforcement powers vested by the AMCON Act to compel some of its recalcitrant debtors especially those that are politically exposed and business

THE FUNCTION OF AMCON IS SO MUCH IMPORTANT TO THE NIGERIA ECONOMY SINCE THROUGH IT, SO MANY LIQUIDITIES THAT HAVE BEEN TAKEN BY VERY POWERFUL RECALCITRANT DEBTORS ARE RECOVERED

heavyweights to repay their debts.� Studying the above statement, it is not likely that the above 400 obligors may be willing to surrender their assets for AMCON to manage and liquidate their debts back to the financial institutions on a platter of gold without litigation. Taking example of the popular case of Mr. Ifeanyi Uba’s Capital Oil and Gas Industries Ltd on which not less than five cases running around the Federal High Court, The Court of Appeal and the Supreme Court just on Capital Oil alone. On each and every case that is filed by or against AMCON, monies worth millions are expended on both legal and other consultancy services. This is the legal side of it alone. Think about the cost and troubles of the management of the said assets. AMCON mostly goes against the “big boys�, hence, we shouldn’t expect their work to be easy despite their significance in protecting the nation’s economy. AMCON has in 2016 took over Sen. Ben Murray-Bruce’s Silverbird Companies and it has also taken over the property of former Captain of Super Eagles, Mr. Nwankwo Kanu’s Hardley Apartments, amongst others. These are people that have all machinery to fight the corporation with their full force and they are the type of people that constitute the above cited 400 obligors of AMCON. Prior to the establishment of AMCON, the normal story was to the effect that so many huge debts owed to financial institutions usually become bad debts to the institutions which turn out to be a loss on the shareholders of those financial institutions and equally a setback to national economic development. The Nigerian banks’ failures may not be unconnected with the unfair financial dealings and borrowings that were prevailing under the old regime. This is why it is imperative that all hands must be on deck to support AMCON on this important course as we all are enjoined by well-meaning Nigerians such as Chief Kanu Godwin Agabi, SAN, whom while speaking at the Judges Forum organised by the Federal High Court in Abuja stated thus: “I sincerely commend the Federal Government who thought it wise to establish AMCON to stabilise the Nigerian economy; if not for that wise decision, the economy of Nigeria would have been worse than it is today. I also commend the management of AMCON because of the enormous job they are doing to recover the country’s assets from a few debtors that have plundered the country and dragged our economy to where we are today. But AMCON cannot do this job alone, which is why the judges that handle AMCON related cases should pile serious pressure on the debtors to enable AMCON recover these debts� In addition, the president of the Court of Appeal Hon. Justice Zainab Bulkachuwa also made similar appeal to judges and lawyers at a conference which was themed “Effective, Efficient and Expedient Discharge of Institutional Mandate’’, held at the headquarters of the Court of Appeal in Abuja. Not only section 5 cited above, Sections 48 to 52 of the act also grant some special powers to AMCON with respect of appointment of receiver, custody and possession of debtors property; winding up of debtor companies among others. Hussaini is a Legal Practitioner based in Abuja and can be reached through hussaini4good@gmail.com.

2019 ELECTIONS: WHYYAKUBU MUST NOT FAIL (1) Chima Amadi argues that the INEC Chairman has what it takes to conduct a credible election

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his week’s discourse topic presents an instant problem for those familiar with my preferred panacea of an institutional approach to resolving Nigeria’s policy quandary. While I have conceded, that individuals drive policy processes, I had always argued that when institutions are strengthened and made the bedrock of development, the misfits who occasionally find themselves at the driving seat of policy positions will of necessity fall in line. A cursory look at the US elections will foreground this assertion. District Attorneys (DAs) oversee polls at the state level, which also includes those for the president and members of Congress in each state of the Union. These DAs are elected officers of the state who ran for office on the platform of any of the political parties in the US or as independent candidates. Notwithstanding their party affiliations, the DAs oversee the elections to the fullest extent of the law. Americans have not been known to haggle or lose sleep over the party affiliations of DAs who are assisted in the task by thousands of bureaucrats. The reason is simple: the institutions work and are no respecter of persons. Given my epistemological foundation, therefore, it would seem like a contradiction to be engaging in discourse with an individual rather than the institution as the focus of my analysis. I have deliberately chosen to be a bit nuanced from my epistemic position for two reasons. First, I had in an earlier piece depicted the weak institutional framework and safeguards that the Independent National Electoral Commission (INEC) was deliberately deprived of by the political class in constituting the body in 1998. This weakness has been exploited in past elections to ensure that preferred candidates of the establishment and ruling party at any given time gets an unfair advantage at the polls. What has been classified as electoral malpractice or

rigging is merely collusion between political parties and individuals within the Election Management Body (EMB) to exploit the weakness to perpetrate electoral fraud, thereby depriving the people of adequate representation. The weakened structure of the INEC is evident from the appointive process recommended by the constitution for National and Resident Electoral Commissioners. Although on paper, the individuals selected for this responsibility are supposed to be nonpartisan and with unimpeachable character and integrity, there had been verifiable accusations of these criteria being respected in breach. The choice of some of these flawed individuals is not an error of judgment, instead, a deliberate action aimed at getting malleable persons that can exploit the weak structures of the INEC to carry out the bidding of those that influenced or sanctioned their appointments. The confirmation hearings of these commissioners have been known to be flooded with petitions by the opposition questioning the political neutrality and moral character of some of the nominees. The result is the shambolic elections that have been conducted in Nigeria between 1999 and 2015. Concomitantly, in recognition of the amorphous structure of the INEC, several failed attempts have been made at strengthening its framework. Perhaps, the best opportunity to engineer a far-reaching change was lost with the apathy that the political class approached the proposed reforms of the Uwais Committee. The White Paper on the committee’s report is yet to be made public and is probably caking with dust in some government vaults. However, government’s inaction is not suggestive of an impervious political class intent on continuing business as usual in the conduct of elections; it was perhaps more amenable to a superficial quick fix that would still allow the political class access and room for manipulation of the process.

This conclusion is reached given that the Jonathan administration spurned a window of opportunity that opened when Maurice Iwu, the incompetent former head of the EMB was eased out of his position. To be fair, former President Goodluck Jonathan understood that poorly conducted elections had become a niggling pain stabbing steadily and dangerously at the heart of the nation’s fledgling democracy. Like his predecessor, the late Umaru ‘Yar’Adua, he was committed to finding a solution to the malaise. Unlike his late boss, he opted for saddling that responsibility on a strong personality rather than entrenching reforms that would strengthen the institutional base of the EMB. Thus, began the search for that one Nigerian that would bring his integrity, credibility, honesty, and strength of character to bear on the legitimacy crisis of the INEC. Enter Attahiru Jega, and the rest is now academic history. If President Buhari was mulling the idea of returning to the old order of lack-lustre leadership for the INEC, the vocal rejection of the stopgap Amina Zakari administration must have given him a dose of the impatience of Nigerians with ineptitude having experienced a little of what purposeful leadership at the helm of authority can accomplish. The six months or thereabouts it took him to announce a replacement for Jega was not altogether a waste. Mahmood Yakubu, an erudite scholar and professor of history, may not have come with the rock star status of Jega. However, his pedigree, strength of character, integrity and neutral competence are loftily acknowledged among administrative and academic circles. We can only rue what would have been if Buhari had stuck to the criteria he used in searching and selecting the INEC boss in other appointive positions. A little insight into what is known about the INEC boss will reveal that he was indeed a round peg in a round hole. The Jonathan administration

did not sanction his second term tenure as Executive Secretary of TETFund for no other reason than his refusal to allow the fund become an Automated Teller Machine of the then ruling party. Even after ASUU took the unprecedented position of writing a letter to the then president calling for his reappointment, it was apparent that he had stepped on powerful toes. He was then appointed as the Assistant Secretary, Finance and Administration, of the last National Conference. Not many would know that in this position, he saved the nation several billions of naira that would have been lost on a white elephant project proposed by the leadership of the conference. The leadership had proposed to award contracts worth over one billion naira for the provision of an Electronic Voting System (EVS) for the conference to a company owned by a family member of a principal officer of the conference. Yakubu staunchly refused to endorse it insisting that the EVS was unnecessary for an ad-hoc assignment that would end under three months. When suffocating pressure was mounted on him he threatened to resign rather than append his signature to that bogus project. I have confirmed the veracity of this narrative from no less a person than the revered former Chairman of the Nigerian Human Rights Commission, Professor Chidi Odinkalu. This stubborn streak and insistence on respect for process followed Yakubu into his new assignment. As a CSO observer during the Edo governorship elections, this writer is aware that he threatened to resign from his job following the meddlesomeness of the police hierarchy in the infamous postponement of the election and reportedly only rescinded that threat after the president assured him that the Edo debacle would not repeat itself. Dr Amadi, a 2016 Chevening scholar, is the Executive Director of the Centre for Transparency Advocacy

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EDITORIAL CONTAINING THE LASSA FEVER EPIDEMIC The authorities could do more to contain the viral disease

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ven though many Nigerians may not be paying attention, Lassa fever, a deadly viral disease that took its name from one of our communities, has within the last two months claimed the lives of dozens of our citizens, going by the ofďŹ cial ďŹ gures from both the Nigeria Centre for Disease Control (NCDC) and the World Health Organisation (WHO). What is particularly alarming is that, from the latest situation report released last Friday, the disease claimed 36 lives in just one week. Some 14 health workers have also lost their lives in six states. Perhaps to underscore the gravity of the situation, the United Kingdom has sent a team of experts to assist in containing the disease. Daniel Bausch, director of the rapid support team, said: “The Lassa fever situation in Nigeria has been worsening and now requires an escalated level of response in order to help the Nigerian government slow transmission and save lives.â€? Indeed, the WHO revealed last week that the number of DESPITE THE FACT THAT conďŹ rmed cases in THERE HAVE BEEN the past two months EFFORTS IN THE PAST TO has exceeded the CONTAIN THE SCOURGE, IT total number of IS UNFORTUNATE THAT WE cases reported HAVE BEEN WITNESSING throughout 2017 FREQUENT OUTBREAKS IN with 18 states now RECENT YEARS affected. Sadly, not only has the number of fatalities - put at 90 by Friday- increased, there are indeed reports that the ofďŹ cial ďŹ gures may not tell the complete story, especially in states like Ebonyi, Edo and Ondo where the disease is prevalent at the moment. The unofďŹ cial reports suggest that more than 100 lives may have been lost to what has, in all practical terms, become a national epidemic. It is noteworthy that Lassa fever has been a serious

Letters to the Editor

challenge for Nigeria’s health authorities since it was ďŹ rst diagnosed in Lassa (the village for which it was named) in Borno State in 1969. Despite the fact that there have been efforts in the past to contain the scourge, it is unfortunate that we have been witnessing frequent outbreaks in recent years. The symptoms, which include fever, sore throat, vomiting, back pain, cough, abdominal pain, restlessness, and general body weakness usually appear six to 21 days after contact with the virus. But there are recommended preventive measure such as avoiding contact with rats (dead or alive), keeping the house and surrounding clean, clearing all bushes around the house to avoid breeding sites for rats as well as putting refuse into covered dustbins and disposing appropriately.

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DAPCHI GIRLS: BLACK PANTHER TO THE RESCUE?

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oko Haram has brandished its fangs in the most daring way last week. Attack after attack, but with a new onslaught trouncing the old one in audacity, gruesomeness and fatality. Between Thursday and Friday, Boko Haram launched coordinated attacks, like Hitler’s blitzkrieg, on Adamawa, Yobe and Borno. The insurgents hit two villages in Madagali local government area of Adamawa State reportedly abducting some locals and killing innocents. In Borno, the insurgents attacked a military base in Rann, killing four soldiers. They went further to hit a camp of internally-displaced persons in the area, killing four UN workers. In Yobe, a female suicide bomber strolled into a mosque; detonated her death merchandise, killing a worshipper. It is has been a week of bloodshed and horror. On February 4, Rogers Nicholas, theatre commander, Operation Lafiya Dole, said Boko Haram had been “completely defeated�. He also said: “We have broken the heart and soul of Shekau’s group.� He few days later, Dapchi schoolgirls’ abduction happened. How did a “completely defeated� Boko Haram rise like the phoenix from the ashes in weeks? I must say, the military has become superlatively effective with propaganda. Terrorism, everyone knows, is asymmetrical; it is disingenuous and embarrassing for the

he authorities should also heed the recommendation of WHO that, because reporting of conďŹ rmed cases in different parts of the country amid porous borders with neighbouring countries indicate a risk of further spread, public health actions should be focused on enhancing on-going activities including “surveillance, contact tracing, laboratory testing, and case management.â€? However, because the symptoms of Lassa Fever are so varied and non-speciďŹ c, clinical diagnosis is often difďŹ cult, especially early in the course of the disease. For that reason, steps should be taken by the federal government to direct all health facilities in the country to emphasise routine infection prevention and control measures. Healthcare workers should also be careful to avoid contact with blood and body uids in the process of caring for sick persons. While we believe that with effective coordination, the virus can be contained quickly before it becomes another national epidemic with dire implications, the real challenge is for all stakeholders to work towards its total eradication from our country.

military to make categorical statements on the war – soon after which the insurgents will scandalise it with another daring attack. The war against Boko Haram is already in its eight year, and it may linger for more years, if not decades. Why? Boko Haram is powered by a deadly ideology. And that ideology cannot be extinguished by the fire of artillery. Also, the insurgency will linger because there are 10 million out-of-school children on the streets in the north, some of whom lessen the pain of their quotidian and famished existence with hard drugs. At the risk of saying it ad nauseam, the possible antidote to this problem is education, but more importantly, de-emphasising religion in our national life. Religion should play little or no role in our public lives. But when governors spend millionaires of naira building vulgar churches and mosques instead of investing prodigiously in education, you wonder if they are really ready for a solution to the security problem. In the movie, ‘Black Panther’, T’Challa, the Black Panther, rescued some abducted girls from insurgents in Sambisa Forest by the strokes of his claws. It was a telling scene for me. Perhaps, we need the Black Panther to rescue the Dapchi girls in captivity and to stop more abductions. As it is, we are not ready to do the needful, besides military campaigns, to solve the Boko Haram problem. We need a superhero. Fredrick Nwabufo, fredricknwabufo@yahoo.com

PEACE CORPS AND STATE POLICE

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othing kills the integrity of a sitting government faster than double-speak attitudes. Vice-President Yemi Osinbajo was cool about the idea of state police and a lot of people realised that the existing local vigilante corps and Peace Corps structures can be easily integrated into the mooted state police structure. Now, President Muhammadu Buhari has rubbished the Nigerian Peace Corps Bill, thus effectively killing a substrate for state police. This kind of double-speak means the All Progressives Congress government is not sincere about the inauguration of state police. Another double-speak format is observed when the Presidency and its cohorts hollered about “fighting corruption� in all entirety but a slip of tongue by one of those cohorts, the

repugnant Gov. Yahaya Bello of Kogi State, indicates that this socalled “anti-corruption crusade� is targeted at those “who pay tithes,� that is, the Christians. If this APC government is serious about fixing Nigeria’s security problems, then the inauguration of state police is long overdue. If President Buhari says “paucity of funding� is reason why the Nigerian Peace Corps Bill cannot be signed into law, then federal funding for the Nigerian Peace Corps should be de-emphasised and Mr. Dickson “Asquandi� Akor should be elevated with immediate alacrity to the position of Hon. Inspector-General State Police/Peace Corps. First thing first: let this corps build the state police and then let the governors and other stakeholders worry about funding. Sunday Adole Jonah, Department of Physics, Federal University of Technology, Minna, Niger State

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

POLITICS

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

APC: A House Divided Except the dispute between the National Chairman of the All Progressives Congress, John Odigie-Oyegun and the party’s National Leader, Bola Tinubu is first resolved, the ongoing efforts to reconcile aggrieved members of the party will fall through, write Segun James and Shola Oyeyipo

President Muhammadu Buhari Odigie-Oyegun

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ust when it seems that the steaming crisis in the All Progressives Congress (APC) cannot get worse, it does. For much of the past years, as the APC plunged into deep political turbulence, President Muhammadu Buhari played the ostrich. He did nothing to allay the fears of party’s loyalists. Instead, he chose to be silent; and in the political sphere, silence means trouble. While the president turned a blind eye, the leadership of the party made frantic efforts to cover-up the extent of the crack within the party, but it is now obvious that if left unresolved, the in-fights are capable of affecting the fortunes of the party negatively. Today, the day of reckoning has finally arrived. The APC is going into an election very divided and there is no hope in sight. As election draws nearer, the president suddenly realised that it is suicidal to go into a general election as a divided house. He chose the National Leader of the party, Bola Tinubu to lead a consultation, reconciliation and confidence building team with the hope of bringing cohesion into the party. Aside the fact that observers are bewildered over the choice of the APC National Leader for this job because he is considered as an aggrieved party too, many doubt if he would be able to put aside his differences with the party’s national chairman, John Odigie-Oyegun to enable him make a success of the task ahead of him. Tinubu’s terms of reference are clearly spelt out; to resolve disagreements among party members, party leadership and political office holders in states such as Kaduna, Zamfara, Oyo, Adamawa, Kogi and several other states of the federation, including in his domain, Lagos. Tinubu accepted the assignment. However, his unfinished business with Oyegun would turn out to be the obstacle. Time, it is said, heals old wounds. But in the case of Tinubu and Oyegun, this is not so. In the course of carrying out his assignment, Tinubu accused the national chairman of trying to sabotage his effort. Tinubu’s accusation did not come as a surprise to many. In 2016, he had asked for the removal of Oyegun from office accusing him of anti-party activities. From all indication, the cold war between the two of them is still steaming hot.

The battle lines are drawn in the quest for the control of the soul of the APC. At a recent National Executive Committee (NEC) of the APC, Oyegun’s tenure was extended, in contravention of the party constitution. Members of the National Working Committee (NWC), the 36 state executive committees, including the FCT, also benefited from the extension. The reason given for the tenure extension for the elected and appointed executive officials of the party was instructive. According to the proponents, it is the cleverest way to avert a pre-election crisis that might arise from the multiple congresses and convention ahead of the 2019 elections. This is because they are not unaware of the fault lines among major stakeholders. So, as the the fault lines remained, Tinubu again accused Oyegun of frustrating and compounding his reconciliation efforts by taking “improper unilateral decisions” on issues affecting national and state chapters. Among others, Tinubu accused Oyegun of refusing to cooperate with him by not releasing information needed for the resolution of crises in state chapters and allowing the crises in the state chapters to fester by not taking appropriate actions. So, it is the view of Tinubu that Oyegun’s “inappropriate unilateral decisions” had created new difficulties for the reconciliation team. He specifically noted that in Kogi State, Oyegun’s hasty decision to inaugurate a parallel state executive committee has affected the peace process and that his indifference to the leadership crisis in the Kaduna State APC was what led to “demolition of property and threat of violence”. To Tinubu, “Lack of openness and fairness, has led to internal crisis in some states.” He maintained that the principles of internal democracy and the “institutions of the party” have been undermined. The APC’s national leader expressed his frustration with Oyegun in a letter dated

It is bad enough that the party has not governed well, it is even worse that the party is divided

February 21 and titled: ‘Actions and conduct weakening the party from within.’ He copied President Buhari, Vice President Yemi Osinbajo, the Senate President Bukola Saraki and the House of Representatives Speaker, Hon. Yakubu Dogara. Tinubu sounded a warning to Oyegun and by extension to his party. He said: “To lessen animosity and return the party to the path of internal democracy and openness, I beg that you refrain from taking any more improper unilateral decisions with regard to the national and state chapters of the party. “As the chairman of the party you must work within the confines of the duties and responsibilities enumerated under the party constitution. If you continue to do so, I fear you may undermine the party in no small degree. You may well cause internal fractures and dissension difficult to repair yet visible to all. “I fear this can undermine our goodwill with the electorate and make the approaching challenges to the party materially more difficult than they need to be.” Tinubu did not shy away from the fact that his relationship with Oyegun is not at its best, but he emphasised that the interest of the party should take precedence over disagreements between individuals in the party. “Whatever personal qualms you may have with me are secondary at this point. You have a moral and professional obligation as the party chairman to act in the party’s best interests,” he urged. Surely not a man of many words, Oyegun, in his two-paragraph response to Tinubu, refuted the Lagos politician’s allegations. Though, he did not respond to some of the specific allegations raised against him, he pledged support forTinubu’s reconciliatory assignment. Obviously, the president had waded into the matter. The APC chairman met with President Buhari over the matter less than 24 hours after Tinubu’s letter, but the extent to which the two party leaders have been reconciled remained unknown. The truth is simple: as long as Tinubu and Oyegun work at cross purposes, the party will remain divided. This is simply because the forces behind Oyegun and Tinubu will remain at loggerheads. Hence, a true APC reconciliation should start between Tinubu and Oyegun.

For instance, obviously not an admirer of Tinubu having benefited from Oyegun’s antiTinubu agenda in his state, the Ondo State governor, Rotimi Akeredolu (SAN), had to clarify an earlier report that he said the reconciliation committee led by Tinubu had no business in Ondo State on the grounds that there is peace. This is an indication that some people in the Oyegun camp are still spoiling for war. On the other hand, supporters of Tinubu are always battle ready. He has been pleading with them to shied their swords. Other leaders remain aggrieved. Last year, a former Vice President, Atiku Abubakar left the party when the situation became unbearable. Many others merely remain in the party but their spirits have left APC. It is bad enough that the party has not governed well, it is even worse that the party is divided. Except the leaders agree to put their differences aside and work together to build their party, they will soon realise that they have no party they can call their own. Importantly, the allegationn of the former Deputy National Publicity Secretary, of the party, Timi Frank, in a letter to President Buhari on October 3, 2016 that Oyegun had not resolved any crisis within the party should not be waved aside. “As far as I am aware, APC under Oyegun has not been able to resolve any crisis in the party since we became the ruling party. Chief Oyegun has shown that he lacks the capacity to resolve all the crises currently rocking our party in nearly all the states of the federation. Not even personal grudges and rifts between party members, e.g Senator Shehu Sani versus Governor El-rufai in Kaduna, or Senator Kwankwaso versus Governor Ganduje in Kano, Senator Goje versus Senator Nafada in Gombe, and lastly, the rift between late Chief Audu’s family against Governor Yahaya Bello of Kogi State . The crisis rocking the Bayelsa State APC which is also divided against itself as well as Delta, Ondo and Ogun States are visible examples to mention a few,” Frank had pointed out. It is important that the party chairman becomes a strong force in the reconciliation process if the APC is truly committed to its ongoing peace CONT’D ON PAGE 19

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POLITICS

MONDAY DISCOURSE APC: A HOUSE DIVIDED

Tinubu

initiative. The president and other leaders of the party must lead an underground reconciliation to ensure that the warring parties are sincerely pacified. That is the only way to create room for unity of purpose. As the saying goes, when two elephants fight, the grass suffers. But who suffers when there are many elephants up in a battle among themselves? Who will count the cost? This is the mythical situation in the APC right now as the race towards 2019 election hots up. Will the party be at the starting block unified? This is the question as the party is enmeshed in one crisis or the other in almost every state in the country. Today, the APC is facing a crisis; a crisis of effective leadership. While the president is still an army general in his thinking and his doings, he is leading a party that is so factionalised, that if elections were to be held today, many members would certainly work against the party.

Crisis in APC States Today in almost every state in the country, the APC is at war against itself and in some cases, in disarray. Here is a look at some of the states where there are deep-seated crises.

Lagos State Lagos State, to a lot of people has been in the firm grip of Tinubu since he became the governor in 1999. It is believed to be safe for the APC as the national leader has firm control. But the situation took a surprised dimension when a new group the Broom United Movement sprang up to challenge the status quo in the state. One of Tinubu’s most ardent loyalists Fouad Oki who was the director general of all the governorship campaign organisations in the state suddenly created a stir. Oki made it clear that he is no longer with the leader; and he is ready to challenge the system. At the inauguration of BUM, Oki has this to say: “Our party was formed on 6th February 2013 in anticipation of the 2015 elections. On March 31st of that election year the party won the presidential election in addition to other elections at the state and parliamentary levels. However, the party like other political parties was weak, unstable, lacking functional party apparatus, while also suffering from low organizational capacity and lack of internal democracy. This was manifested in their party primary elections and the ensuing candidate selection process. This created several challenges which were padded for the elections to take place, hoping that the party will revisit these issues after the election. “The Broom United Movement is a forum within our mass-based progressives party, the All Progressives Party (APC) which has adopted the focus of creating what can be termed a rainbow coalition of all members in one big and united enclave that will accommodate all shades of opinions, views and aspirations in a collective and healthy competitive atmosphere.”

Oki..suspended by the Lagos chapter of the party

The action of Oki was a big blow to the hegemony of the national leader, who until recently has used Lagos to leverage in negotiations with other power bloc in the country. Today, the state chapter of the party has suspended Oki and his supporters, a move that has exacerbated the crisis as most members are now insisting they may not work for Governor Akinwunmi Ambode, even if Tinubu endorses him for a second term.

Kogi State When the national leader accused the national chairman of sabotaging his efforts in reconciling the party, he gave Kogi state as an example of such activity. Tinubu alleged that Oyegun had set up another state party executive to rival the exco on ground. Tinubu was soon proved right when the chairman of the APC, Kogi chapter, Alhaji Hadi Ametuo, was expelled from the party. He was immediately replaced by Ibrahim Ahovi, leader of a faction loyal to Governor Yahaya Bello. Ametuo was reportedly found guilty of anti-party activities along with his team. Ahovi announced the expulsion of Ametuo and others during a press conference in Lokoja. Ahovi said the expulsion was with immediate effect. According to him, the action became necessary following Ametuo’s failure to appeal the decision of the North Central Zonal Executive of the party which had earlier pronounced him guilty of anti-party activities and recommended his expulsion to the national body. Governor Bello until the “coup” has been having it tough with the party faithful in the state. Oyegun supports the governor’s faction; and he was in concert with move to expel the party leadership, a move which Tinubu frowned at as it happened after he was appointed the reconciliatory committee chairman.

Ondo State It is obvious that there is no love lost between Tinubu and his former protégé, the Ondo state governor, Oluwarotimi Akeredolu. Following the setting up of the national reconciliation committee, the governor made it clear that there was nothing for Tinubu to reconcile in his state. He said Tinubu would find no work to

Except the leaders agree to put their differences aside and work together to build their party, they will soon realise that they have no party they can call their own

do in his reconciliation efforts in Ondo State as there was unity in the state chapter of the party. But, that is not the case in Ondo. There is division within the party in Ondo. The governor spoke against the backdrop of earlier reports quoting him as saying that Tinubu had no business coming to the state. However, in a statement signed by his Commissioner for Information, Yemi Olowolabi, the governor however said the former Lagos State governor was welcome in the state.

Kaduna State The Kaduna chapter of the party has been engulfed in crisis for some time now. The battle for the soul of the party in the state between Governor Nasir el-Rufai and the Senator representing Kaduna Central, Shehu Sani and other leaders led to the demolition of a factional secretariat of the party by the state government. The crisis took another dimension when the faction led by S.I. Danladi Wada released guidelines and timetable for the forth-coming local council election. The working committee of the faction which released the details explained how they planned to conduct the state’s local council poll. In a statement, Wada maintained that “the state working committee of the APC wishes to inform all members, especially the aspirants who intend to contest in the forthcoming local government elections that the guidelines and timetable for the party’s primary elections for chairmanship and councillorship candidates have been released.” This was done to the chagrin of El-Rufai. Above all, this has further widened the gulf between the warring factions.

Cross River State The Cross Rivers state chapter of the party is also engulfed in crisis despite the fact that the party is still struggling to find a foothold east there. Some members of the state executive committee kicked against the plan to conduct an elective congress on Saturday to fill vacant positions in the state leadership of the party. The congress was scheduled by an ad-hoc committee of the National Working Committee. The ad-hoc committee headed by the Deputy National Chairman (South), Segun Oni, was set up by the NWC to look into the crisis in the state chapter of the party. Cross River is among the states President Muhammadu Buhari has directed Tinubu to intervene and reconcile the members.

Kano State This is one of the states worse hit by internal crisis within the party. Supporters of both Governor Abdulahi Ganduje and his predecessor, Senator Rabiu Kwakwanso have been engaging themselves in battles that have many maimed. Things got to a head recently when ahead of visit to Kano by Kwankwaso, the Presidency had to summon him and Ganduje in order to

avert breakdown of law and order in the state. The governor, accompanied by two serving senators and two members of the House of Representatives from the state, met with the Chief of Staff to the President, Malam Abba Kyari at the Presidential Villa behind closed doors. Political situation in the state was so tense that the Kano State Police Command advised Kwankwaso against embarking on the visit in order to avert a breakdown of law and order. The State Police Commissioner, Rabiu Yusuf, had on Jan. 27, advised Kwankwaso to shelve the visit as security report had indicated that the controversial visit might lead to political unrest. Yusuf also warned that the law would be allowed to take its full course in the event that the controversial visit resulted into violent clash in the state.

Imo State Governor Rochas Okorocha’s decision to endorse his son-in-law, Mr. Uche Nwosu, as his possible successor has thrown the APC into further crisis. Nwosu is married to Okorocha’s first daughter and currently serves as the chief of staff at the government house, Owerri. The endorsement came just a few weeks after Buhari had appointed Tinubu to head a reconciliation mission within the APC, from the national down to the ward level.

Hopes in the Horizon Following the intervention of the president who may have suddenly woken up to the realities in the party, the national chairman, has offered his hands of fellowship to Tinubu on his assignment. In a letter to the national leader, Oyegun said he supportted Tinubu, contrary to claims that he was frustrating the latter’s reconciliation assignment. “I thank you for your letter dated February 21, 2018, for your prayers and good wishes for my health. I wish you the same and pray that our good God keeps you strong and grants you His peace. “Let me once again formally congratulate you on the peacemaking assignment Mr. President has entrusted you with. “It is most challenging but I believe you will ultimately justify the confidence reposed in you by Mr. President. In this, you have my fullest support”, Oyegun wrote in the letter dated February 23. Because past break ups aren’t risky enough, apparently, the leadership of the APC took it for granted that the situation would pan-out over time, but five years into a party built on a shaky foundation, the bubble in the party is about to burst. As the APC continues to plunge into the abyss, the saying that those who forget the past are doomed to repeat becomes pertinent as the party continues to slide down the road once taken by the Peoples Democratic Party into oblivion.

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

Another Adamawa Massacre Daji Sani writes that despite the efforts of the committee set up by the National Economic Council to end the clashes between herdsmen and farmers across the country, herdsmen have continued to go on the rampage in Adamawa communities

Displaced people from Gwamba Village in Demsa Local Government

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ecently, suspected herdsmen invaded communities in Adamawa State, killing over 37 people, injuring 30 while several houses were completely razed down. At the stakeholders' reconciliation forum of herdsmen and farmers crisis held in Yola, the state capital, before the recent attack on the five communities- Sabon Pegi, Gwamba, Belanga, Sundi and Gidan mission, the stakeholders agreed that the spate of killings and hostilities must stop to give the committee time to conclude its work. The Chairman Committee’s Technical Subcommittee Governor Dave Umahi of Ebonyi State had told journalists in Yola, that the governor of state, Mr. Jibrilla Bindow had set up committees in the past to mediate in the conflict but suspicion has not allowed peace to be achieved totally. However, the Miyetti Allah group had advocated for proper identification of all herdsmen and their cattle in the state so as to know when foreign herdsmen enter the state as it is alleged that these herdsmen are mainly those that do the killings.

Recently, suspected herdsmen invaded communities in Adamawa State, killing over 37 people, injuring 30 while several houses were completely razed down

Bindow....should ensure the security of lives and property in the state

Security experts said, the foreign herdsmen the Miyetti Allah was referring to must have been working with an insider to perpetrate their nefarious activities adding that the Miyetti Allah should be in a better position to identify these herdsmen since it is saddled

with the responsibility of championing the cause of the local herdsmen. By the statement of the group, it appears the group lacks the ability to control the activities of the local herdsmen, if not, the group would have done everything

possible to persuade the foreign herdsmen from denting their image. Secondly, they said the assailants always write letters to the communities they wish to attack before they attack which by implication, the Miyetti Allah, the government and the security agencies must have been aware of the herdsmen coming to attack. At the forum all the groups made their submissions both orally and papers were submitted. "We noticed that the crisis between herdsmen and farmers occurred most in three local government areas which include, Numan, Demsa and Lamurdeb, minor levels in Girei and Shelleng," said Umahi The chairman said, in the course of their interactions, the representative of Lamido of Adamawa, Alhaji Mohammed Brikindo Musdafa and representative of Hamma of Bachawa, Stephen Iyrimiya, Commissioner for Livestock Production, advocated for state government to put up strong policy on how to manage the livestock production in the state. "We noted that we have 31 grazing reserves in the state totaling 105, 646 hectres of land of which the state government submitted that some of these gazetted reserves have been encroached on. "We therefore recommended that the state and federal governments do group the herdsmen in the state into these gazetted reserves, use the Anchor Borrowers' scheme to develop them with modern facilities that will guarantee great yield of the cattle, make water, grass available, schools, a veterinary clinic and milk factory production available,� he said. He said the stakeholders have agreed that with the increase in cattle, crop production and decrease in land, due to climate change, there will continue to be conflict unless cattle movement is restricted into

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grazing reserve. Unfortunately the herdsmen were not patient to give the committee time to conclude its assignment and violated the agreement reached at the stakeholders’ forum by their recent killings and razing down of five communities. The hostilities meted on these communities claimed many lives including the Publicity Secretary of the People's Democratic Party (PDP), Mr. Sam Zadock and several prominent men in the affected areas. According to reports, some people were killed by herdsmen while trying to escape through the River Benue and their dead bodies were yet to be recovered from the river. The District Head of Gwamba village, Chief. Josaih Ayah, said they buried 37 persons killed by the herdsmen while over 30 people were injured and property worth millions of naira were also destroyed. He expressed his disappointment over the dearth of security in the country which he said could result to people carrying small guns to protect themselves since the government cannot provide security for its people. Gwamba Village burnt down by suspected herdsmen The PDP confirmed the death of Zadock, who was among the 37 persons killed in the attack between herdsmen and farmers in Gwamba Village of Demsa Local Government Area of the State. Confirming his death, the state secretary of the PDP, Hon. Abdullahi Parambe said the party would surely miss the absence of Zadok who have been instrumental to its development especially in the southern senatorial district of the state. While addressing journalists in Yola, Parambe said the deceased was also an ex-commissioner in Ministry of Youth and Sports under the administration of former governor Murtala Nyako and had never attempted to defect to any political party. The party also condemned in strong terms the wanton killings but called for calm as it called on the present government to as a matter urgency stop the killings. Zadock was said to have been ambushed by the assailants suspected to be Fulani herdsmen on their way to the troubled area to broker peace. Reports had it that the late former commissioner and his entourage were a stone throw to the troubled areas when they were attacked and killed instantly. Belanga Village razed down by suspected herdsmen Until his demise, Zadock was the Publicity Secretary of the Peoples Democratic Party, in Adamawa State and was an ally to Senator Grace Bent. Zadock who participated during the just concluded peace initiative between the Fulani herdsmen and farmers headed by the Governor of Ebonyi State, Umahi, called on the immediate redeployment of the Brigade Commander of the 232 Batalion, Yola, for taking side with the herdsmen. Responding on behalf of the state government, the Commissioner of Information and Strategy, Comrade Ahmed Sajoh, commended the military for stopping the situation from escalating further. He said those arrested in connection with the attack would be prosecuted and justice delivered at the end of the day to

A native of Gwamba Village, Mr. Omayan Tambaya, explained that the assailants numbering about 50 stormed the village driving in four Hilux vans and motorcycles shooting sporadically at the people. He lamented that the entire Gwamba Village has been razed down and about 2,500 residents displaced

Zadock...killed by suspected herdsmen

serve as deterrent to others adding that the government in collaboration with the

military authorities have deployed more solders to those affected areas.

The commissioner said the state government sympathised with the victims of the attack and has sent relief materials to the troubled area to cushion the effect of the attacks. Also speaking, a native of Gwamba Village, Mr. Omayan Tambaya confirmed that 20 natives from his village were massacred while 30 were injured and many houses were razed down as residents flee to a nearby village for safety. Tambaya explained that the assailants numbering about 50 stormed the village driving in four Hilux vans and motorcycles shooting sporadically at the people. He said that letters and phone calls were received from the assailants two weeks before the attack and reported same to the police division in Gwamba for necessary action, but was surprised that despite the report to the police, no action was taken to avert the ugly situation He lamented that the entire Gwamba Village has been razed down and about 2,500 residents displaced as a result of the attack while property worth millions of naira were destroyed. Confirming the incident, the Police Spokesman in the State, SP Othman Abubakar said a combined team of military and police had moved to the village which was burnt down and the residents deserted. According to the PPRO, while trailing the assailants, one Bula youth was arrested with one AK47 riffle with 41 rounds of 7.62mm while the team moved to Garikiji Village where six herdsmen were also arrested. Items recovered included one locally made riffle with 25 cartridges, a cutlass, bow and arrow, charms and looted clothes are currently in the custody of the army.

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IMAGES

L-R Senate Chief Whip, Senator Prof. Olusola Adeyeye; Director General, National Agency for Food and Drug Administration and Control, NAFDAC, Prof. Mojisola Adeyeye; President, Nigeria Academy of Pharmacy, Prince Julius Adelusi-Adeluyi; Vice Chancellor, Chrisland University, Abeokuta, Prof. Chinedum Babalola, and her husband, Archdeacon, St. Stephen’s Anglican Church, Inalende, Ven. Collins Babalola at the special reception in honor of the two distinguished fellows by the Nigeria Academy of Pharmacy in Lagos...recently abiodun ajala

L-R; Vice Chairman, Apapa Local Government, Hon. Kevin Luciano; Chairman, Apapa Local Government, Hon. Adele Owolabi Elijah; Vice Chairman, Ikosi-Isheri Local Government, Hon. Princess Abolanle Bada; and Vice Chairman Onigbongbo Local Government, Hon. Olatunji Olakanle, at the Inaugural meeting of the 20 local government and 37 local council development area in Lagos, held at Apapa local government in Apapa, Lagos... recently sunday adigun

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

L-R: Let’s Play Ambassador, Victor Ikpeba; Let’s Play Coordinator, Moji Ojo; Delta State Commissioner for Basic and Secondary Education, Chiedu Ebie and the children from left, Royal Ugoji,; Enimofe Merit; and Ogaema Lumaruvs during the SuperSport Let’s Play Initiative held at Delta State Polytechnic Stadium, Ozoro, Delta State...recently

L-R:Proprietor/Director of Administration, Green House School, Ekuah Abudu;Renowned Comedian, Atunuyoto Aleluya Akpobome (aka Ali Baba); Author/Publisher of Clever Clogs, Olubunmi Aboderin Talabi;and Director, Vivian Fowler Memorial School, Funke Fowler-Amba, at the launch of Clever Clogs, books by Talabi in Lagos... recently etop ukutt

L-R; President, Nigerian Dental Association, Dr. Bode ljarogbe; Home Care Director, Unilever, Mrs Bunmi Adeniba and Head of Dentistry Division, Federal Ministry of Health, Mrs Bola Alonge at the World Oral Health Day joint press conference in Lagos...recently L-R: Manager, Education Portfolio, MTNF, Pamela Emodi, Sr. Linda Nwachukwu, Director, Ancilla Motherless Home, Sr. Francisca Opara and Director, MTN Foundation, Mr Dennis Okoro during the presentation of household items to Ancilla Motherless Home, Emekuku under the auspices of the MTNF Orphanage Support Initiative in Owerri, Imo State..recently

L-R: Director- General, Nigeria Emploers’ Consultative Association (NECA), Mr Olusegun Oshinowo; President, Mr. Larry Ettah; Ist Vice President,Dr. Mohammed Yinusa; and 2nd Vice President, Mr. Terry Wilson, during the President’s media brieďŹ ng on the danger of re-enacting new Lagos State Land Use Charge Law and other issaes in Lagos...recently yomi akinyele

CEO Astroturf 2000 Prince Aderoju Ademoroti(left) on a courtesy visit to discuss Epe development issues with HRM Oba Kamorudeen Ishola Animashaun Arolugbade Elepe Il, The Oba Oloja Of Epe Land in Lagos...recently

23

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BUSINESSWORLD

Group Business Editor Chika Amanze-Nwachuku

Email chika.amanzenwachukwu@thisdaylive.com 08033294157

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

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THUMBS UP Moghalu: RedeďŹ ning Leadership Ă–Ă‹ĂžĂ™Ëœ Ă‹Ă˜ Ă‹Ă˜Ă?Ă“Ă?Ă˜Ăž ĂœĂ?Ă?Ă• Ă’Ă“Ă–Ă™Ă?ÙÚÒĂ?Ăœ Ă™Ă˜Ă?Ă? Ă?Ă‹Ă“ĂŽË? ËŤ Ă˜Ă? Ă™Ă? ÞÒĂ? ĂšĂ?Ă˜Ă‹Ă–ĂžĂ“Ă?Ă?

NDIC 2018 BUDGET DEFENCE

L-R: Director Finance, Nigeria Deposit Insurance Corporation (NDIC), Ms. Diana Okonta; MD/CEO, Umaru Ibrahim, and Executive Director (Corporate Services), Mrs. Lola Abiola-Edewor, during the NDIC 2018 Budget defence, before the House of Representatives Committee on Insurance and Actuarial Matters ‌ recently

House C’ttee Probes Law School over N32m Contract Payments Without Tax Deductions rPuts institution on status enquiry James Emejo in Abuja The House of Representatives Committee on Public Accounts has grilled the Director General, Council of Legal Education, Prof. Isa Hayatu Chiroma over contract payments valued at N32million by the Nigerian Law School (NLS), without

ECONOMY relevant tax deductions to government, contrary to existing financial regulations. The committee, chaired by Hon. Kingsley Chinda (PDP, Rivers) had engaged the Council, which runs the NLS, based on eight queries from

the Office of the AuditorGeneral for the Federation (AuGF) bothering among other things, on internal weaknesses in its financial control systems; alleged breach of Federal Character Law in its employment processes; non-submission of audited financial statements from 2011 to 2013.

The query also centered on undated bank mandates including non-utilisation of ledgers for transactions by the law school- raising suspicions of foul play. Further interrogation by the committee revealed that the management prepared its own Continued on page 24

THISDAY Model Portfolios Surge to New High of 43% Goddy Egene Strong growths recorded by Portfolios D and B contributed significantly to the THISDAY Model Portfolio’s (TMP’s) rise to new high of 42.88 per cent last week. While the equities market recorded an aggregate growth of 0.72 per cent as measured by the Nigerian Stock Exchange (NSE) AllShare Index (ASI) last week, TMP improved from 41.8 per cent to a new high of 42.88 per cent. However, the performance was enhanced by improvement posted by two of the five portfolios in the TMP. In all, three of the five portfolios that made up the TMP witnessed growths while two recorded marginal

CAPITAL MARKET fall. TMP is an initiative of THISDAY Economic and Financial Intelligence Unit (TEFIU), designed to enable leading stockbrokers and investment houses in the country share their trading skills and methodologies with ordinary investors. The investment houses involved in the project are Afrinvest Limited, FSDH Securities Limited, Capital Assets Limited, Meristem Limited and Lead Advisory Limited . It comprises five different portfolio types constructed individually in conjunction with five leading stockbrok-

ing 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. By the close of trading last Friday, the TMP has appreciated by 42.88 per cent, showing that the value of the N50 million imaginary fund deployed by the five firms has appreciated to N71.443million.

A further analysis of the performance showed that Portfolio D rose from 58.57 per cent to 63.5 per cent. This implies that the N10 million deployed by the portfolio has increased from N15.861 million the previous week to N16.359 million last week. With this growth, Portfolio D is very close to Portfolio C, which has been dominating as the highest price gainer. Portfolio C ended last week at 64.1 per cent, which is a fall from 65.8 per cent of the previous week. The N10 million deployed by the portfolio stood at N16.412 million. Also, Portfolio B recorded significant growth last week, moving from 49.8 per cent to Continued on page 24

Ă™Ă? ĂœĂ?Ă?Ă&#x;Ă?Ă“Ă˜Ă‘ ÞÙ ĂšĂ‹ĂœĂžĂ“Ă?ÓÚËÞĂ? Ă“Ă˜ ÚÙÖÓÞÓĂ?Ă? Ă“Ă? ÞÒËÞ ĂŁĂ™Ă&#x; Ă?Ă˜ĂŽ Ă&#x;Ăš ĂŒĂ?Ă“Ă˜Ă‘ ÑÙà Ă?ĂœĂ˜Ă?ĂŽ ĂŒĂŁ ĂŁĂ™Ă&#x;Ăœ Ă“Ă˜Ă?Ă?ĂœĂ“Ă™ĂœĂ?˛ˏ Ă’Ă‹Ăž Ă“Ă? ĂĄĂ’ĂŁ ÞÒĂ? ĂŽĂ?Ă?Ă“Ă?Ă“Ă™Ă˜ ĂŒĂŁ Ă‹ Ă?Ă™ĂœĂ—Ă?Ăœ Ă?ĂšĂ&#x;Þã Ùà Ă?ĂœĂ˜Ă™Ăœ Ă™Ă? Ă?Ă˜ĂžĂœĂ‹Ă– Ă‹Ă˜Ă• Ă™Ă? Ă“Ă‘Ă?ĂœĂ“Ă‹ Ě™ ĚšËœ ĂœĂ™Ă?Ă?Ă?Ă?Ă™Ăœ Ă“Ă˜Ă‘Ă?Ă–Ă?ĂŁ Ă’Ă“Ă?ĂŽĂ&#x; ÙÑÒËÖĂ&#x; ÞÙ ĂžĂ’ĂœĂ™ĂĄ Ă’Ă“Ă? Ă’Ă‹Ăž Ă“Ă˜ ÞÒĂ? ĂœĂ“Ă˜Ă‘ ĂŒĂŁ ĂŽĂ?Ă?Ă–Ă‹ĂœĂ“Ă˜Ă‘ Ă’Ă“Ă? Ă“Ă˜ĂžĂ?Ă˜ĂžĂ“Ă™Ă˜ ÞÙ Ă?Ă™Ă˜ĂžĂ?Ă?Ăž ÞÒĂ? Ͱ͎ͯ͡ ĂšĂœĂ?Ă?Ă“ĂŽĂ?Ă˜ĂžĂ“Ă‹Ă– Ă?Ă–Ă?Ă?ĂžĂ“Ă™Ă˜ Ă’Ă‹Ă? ĂŒĂ?Ă?Ă˜ ĂĄĂ“ĂŽĂ?Ă–ĂŁ ĂœĂ?Ă?Ă?Ă“Ă Ă?ĂŽ ĂŒĂŁ Ă“Ă‘Ă?ĂœĂ“Ă‹Ă˜Ă? ĂĄĂ’Ă™ Ă?Ă?Ă?Ă— Ă?ĂœĂ&#x;Ă?ĂžĂœĂ‹ĂžĂ?ĂŽ ĂŒĂŁ ÞÒĂ? ĂšĂœĂ?Ă?Ă?Ă˜Ăž Ă?ĂœĂ™Ăš Ă™Ă? ÚÙÖÓÞÓĂ?Ă‹Ă– Ă–Ă?Ă‹ĂŽĂ?ĂœĂ?Ë› Ă’Ă? Ă‹Ă&#x;ĂŽĂ‹Ă?Ă“Ă™Ă&#x;Ă? ×Ùà Ă? ĂŒĂŁ ÙÑÒËÖĂ&#x; Ă“Ă? Ă?Ă?Ă?Ă˜ Ă‹Ă? Ă‹ Ă?ĂžĂ?Ăš Ă“Ă˜ ÞÒĂ? ĂœĂ“Ă‘Ă’Ăž ĂŽĂ“ĂœĂ?Ă?ĂžĂ“Ă™Ă˜ Ă?Ă™Ăœ Ă‹ Ă˜Ă‹ĂžĂ“Ă™Ă˜ ÞÒËÞ Ă“Ă? Ă&#x;ĂœĂ‘Ă?Ă˜ĂžĂ–ĂŁ Ă“Ă˜ Ă˜Ă?Ă?ĂŽ Ă™Ă? ĂœĂ?ĂŒĂ“ĂœĂžĂ’Ë› Ă’Ă? Ă?Ă™ĂœĂ—Ă?Ăœ Ă?Ă?Ă˜ĂžĂœĂ‹Ă– ĂŒĂ‹Ă˜Ă•Ă?Ăœ Ă?Ă˜Ă?Ă‹ĂšĂ?Ă&#x;Ă–Ă‹ĂžĂ?ĂŽ Ă’Ă“Ă? Ă—Ă‹Ă˜Ă“Ă?Ă?Ă?ÞÙ Ă?Ă™Ăœ ÞÒĂ? ĂžĂœĂ‹Ă˜Ă?Ă?Ă™ĂœĂ—Ă‹ĂžĂ“Ă™Ă˜ Ă™Ă? ÞÒĂ? Ă?Ă™Ă&#x;Ă˜ĂžĂœĂŁ Ă“Ă˜ Ă’Ă“Ă? Ă˜Ă?ĂĄ ĂŒĂ™Ă™Ă• Ă?Ă˜ĂžĂ“ĂžĂ–Ă?ĂŽË? ËŤ Ă&#x;Ă“Ă–ĂŽËœ Ă˜Ă˜Ă™Ă Ă‹ĂžĂ? Ă‹Ă˜ĂŽ ĂœĂ™ĂĄ ĚŽ ĂŁ Ă“Ă?Ă“Ă™Ă˜ Ă?Ă™Ăœ Ă&#x;Ăœ Ă™Ă&#x;Ă˜ĂžĂœĂŁËœËŞ ĂĄĂ’Ă“Ă?Ă’ ĂĄĂ‹Ă? Ă–Ă‹Ă&#x;Ă˜Ă?Ă’Ă?ĂŽ Ă“Ă˜ Ă“Ă‘Ă?ĂœĂ“Ă‹ ĂœĂ?Ă?Ă?Ă˜ĂžĂ–ĂŁË› Ă’Ă? Ͱͳ̋͡ÚËÑĂ? ĂŒĂ™Ă™Ă• ĂšĂ™Ă“Ă˜ĂžĂ? ÞÙ ÞÒĂ? Ă?Ă‹Ă?Ăž ÞÒËÞ Ă“Ă‘Ă?ĂœĂ“Ă‹ Ă?Ă‹Ă˜ËŞĂž Ă’Ă‹Ă Ă? ÑÙÙÎ ÑÙà Ă?ĂœĂ˜Ă‹Ă˜Ă?Ă? åÓÞÒÙĂ&#x;Ăž ÑÙÙÎ Ă–Ă?Ă‹ĂŽĂ?ĂœĂ? Ă‹Ă˜ĂŽ ÑÙÙÎ Ă–Ă?Ă‹ĂŽĂ?ĂœĂ?ÒÓÚ˛ Ă? Ă˜Ă™ĂžĂ?ĂŽ ÞÒËÞ Ă“Ă‘Ă?ĂœĂ“Ă‹ËŞĂ? Ă–Ă?Ă‹ĂŽĂ?ĂœĂ?Ă’Ă“Ăš ĂšĂœĂ™ĂŒĂ–Ă?Ă— Ă“Ă? Ă–Ă™Ă?Ă‹ĂžĂ?ĂŽ Ă—Ă‹Ă“Ă˜Ă–ĂŁ Ă“Ă˜ Ă“ĂžĂ? Ă Ă?Ă˜Ă‹Ă– ÚÙÖÓÞÓĂ?Ă?Ë› Ă’Ă? ĂšĂœĂ?Ă?Ă“ĂŽĂ?Ă˜ĂžĂ“Ă‹Ă– ÒÙÚĂ?Ă?Ă&#x;Ă– Ă?ĂžĂœĂ™Ă˜Ă‘Ă–ĂŁ ĂŒĂ?Ă–Ă“Ă?Ă Ă? ÞÒËÞ åÓÞÒ ÞÒĂ? Ă?Ă&#x;ĂœĂœĂ?Ă˜Ăž Ă?ÞËÞĂ? Ă™Ă? ÞÒĂ? Ă?Ă™Ă&#x;Ă˜ĂžĂœĂŁ ĂĄĂ’Ă?ĂœĂ? Ă“Ă˜Ă?ÞÓÞĂ&#x;ĂžĂ“Ă™Ă˜Ă? Ă?Ă&#x;Ă?Ă’ Ă‹Ă? ÞÒĂ? Ă˜ĂžĂ?ĂœĂ˜Ă‹ĂžĂ“Ă™Ă˜Ă‹Ă– Ă™Ă˜Ă?ĂžĂ‹ĂœĂŁ Ă&#x;Ă˜ĂŽ Ă’Ă‹Ă Ă? Ă’Ă“Ă‘Ă’Ă–Ă“Ă‘Ă’ĂžĂ?ĂŽ ÞÒĂ? ĂĄĂ™ĂœĂ?Ă?Ă˜Ă“Ă˜Ă‘ Ă?ÞËÞĂ? Ă™Ă? ÚÙà Ă?ĂœĂžĂŁ Ă“Ă˜ ÞÒĂ? Ă?Ă™Ă&#x;Ă˜ĂžĂœĂŁËœ ÞÒĂ?ĂœĂ? Ă“Ă? Ă‹Ă˜ Ă&#x;ĂœĂ‘Ă?Ă˜Ăž Ă˜Ă?Ă?ĂŽ ÞÙ ĂĄĂ‹Ă‘Ă? Ă‹ ĂĄĂ‹Ăœ Ă‹Ă‘Ă‹Ă“Ă˜Ă?Ăž ÚÙà Ă?ĂœĂžĂŁË› Ă? Ă“Ă? Ă‹Ă–Ă?Ă™ ĂŽĂ“Ă?ĂžĂ&#x;ĂœĂŒĂ?ĂŽ ĂŒĂŁ ÞÒĂ? ĂœĂ“Ă?Ă“Ă˜Ă‘ Ă?ÞËÞĂ? Ă™Ă? Ă?Ă“Ă Ă“Ă– Ă&#x;Ă˜ĂœĂ?Ă?ĂžËœ Ă?ĂžĂ’Ă˜Ă“Ă? Ă?Ă–Ă‹Ă?Ă’Ă?Ă? Ă‹Ă? ĂĄĂ?Ă–Ă– Ă‹Ă? ÞÒĂ? Ă“Ă˜Ă?Ă“ĂŽĂ?Ă˜Ă?Ă? Ă™Ă? ĂžĂ?ĂœĂœĂ™ĂœĂ“Ă?Ă— Ă“Ă˜ ÞÒĂ? Ă?Ă™Ă&#x;Ă˜ĂžĂœĂŁË› Ă?Ă?Ă™ĂœĂŽĂ“Ă˜Ă‘ ÞÙ ÙÑÒËÖĂ&#x;Ëœ ÚÙÖÓÞÓĂ?Ă‹Ă– Ă–Ă?Ă‹ĂŽĂ?ĂœĂ? Ă—Ă&#x;Ă?Ăž ÑÙà Ă?ĂœĂ˜ Ă?Ă™Ă˜Ă?Ă?Ă“Ă™Ă&#x;Ă?Ă–ĂŁ åÓÞÒ Ă?ĂžĂœĂ‹ĂžĂ?Ă‘ĂŁËœ ĂĄĂ’Ă“Ă?Ă’ Ă’Ă‹Ă? ÞÙ ĂŽĂ™ åÓÞÒ Ă?ĂžĂœĂ‹ĂžĂ?Ă‘ĂŁ Ă—Ă‹Ă˜Ă‹Ă‘Ă?Ă—Ă?Ă˜Ăž Ă‹Ă˜ĂŽ ÞÒĂ? ĂŽĂ“Ă?Ă?Ă“ĂšĂ–Ă“Ă˜Ă? Ă™Ă? Ă?âĂ?Ă?Ă&#x;ĂžĂ“Ă™Ă˜Ë› Ă? Ă˜Ă™ĂžĂ?ĂŽ ÞÒËÞ Ă?Ă Ă?ĂœĂŁ ÑÙà Ă?ĂœĂ˜Ă—Ă?Ă˜Ăž Ă—Ă&#x;Ă?Ăž ĂŽĂ?Ă–Ă“Ă Ă?Ăœ Ă™Ă˜ ÞÒĂ? ĂšĂœĂ™Ă—Ă“Ă?Ă?Ă? Ă“Ăž Ă—Ă‹ĂŽĂ? Ă?Ă™Ăœ ĂŽĂ?Ă–Ă“Ă Ă?ĂœĂ‹ĂŒĂ–Ă?Ă? ÞÒËÞ Ă‹ĂœĂ? Ă?Ă?Ă?Ă?Ă˜ĂžĂ“Ă‹Ă– Ă?Ă™Ăœ Ă?Ă?Ă?Ă?Ă?ÞÓà Ă? ÑÙà Ă?ĂœĂ˜Ă‹Ă˜Ă?Ă?Ë› Ă? Ă‹Ă–Ă?Ă™ Ă?Ă’Ă‹Ă–Ă–Ă?Ă˜Ă‘Ă?ĂŽ ÞÒĂ? ĂŁĂ™Ă&#x;ÞÒĂ? ÞÙ ĂšĂœĂ?ĂšĂ‹ĂœĂ? ÞÒĂ?Ă—Ă?Ă?Ă–Ă Ă?Ă? åÓÞÒ ÞÒĂ? ĂœĂ?Ă–Ă?Ă Ă‹Ă˜Ăž Ă›Ă&#x;Ă‹Ă–Ă“Ă?Ă“Ă?Ă‹ĂžĂ“Ă™Ă˜Ă? Ă‹Ă˜ĂŽ ÞËÕĂ? Ùà Ă?Ăœ ÞÒĂ? Ă—Ă‹Ă˜ĂžĂ–Ă? Ă™Ă? Ă–Ă?Ă‹ĂŽĂ?ĂœĂ?Ă’Ă“ĂšËœ Ă?Ă‹ĂŁĂ“Ă˜Ă‘ ÞÒĂ? Ă?ĂžĂœĂ&#x;Ă‘Ă‘Ă–Ă? Ă“Ă? Ă‹ĂŒĂ™Ă&#x;Ăž ÞÒĂ? Ă?Ă&#x;ĂžĂ&#x;ĂœĂ? Ă™Ă? Ă“Ă‘Ă?ĂœĂ“Ă‹Ëœ Ă˜Ă™Ăž Ă“ĂžĂ? ÚËĂ?Þ˛ Ă? Ă?Ă˘ĂšĂ–Ă‹Ă“Ă˜Ă?ĂŽË? ËŤ Ă’Ă? ĂŒĂ‹ĂžĂžĂ–Ă? ÞÙ ĂœĂ?Ă?Ă’Ă‹ĂšĂ? Ă“Ă‘Ă?ĂœĂ“Ă‹ Ă“Ă˜ĂžĂ™ Ă‹ Ă?ĂžĂœĂ™Ă˜Ă‘ Ă‹Ă˜ĂŽ Ă?Ă‹ĂšĂ‹ĂŒĂ–Ă? Ă?Ă™Ă&#x;Ă˜ĂžĂœĂŁ ĂœĂ?Ă›Ă&#x;Ă“ĂœĂ?Ă? Ă?Ù×ÚĂ?ĂžĂ?Ă˜Ă?Ă?Ëœ Ă?ËÚËĂ?ÓÞã Ă‹Ă˜ĂŽ Ă?Ă’Ă‹ĂœĂ‹Ă?ĂžĂ?ĂœËœ Ă‹Ă˜ĂŽ Ă‹Ă? Ă‹ Ă?ÓÞÓäĂ?Ă˜ ĂĄĂ’Ă™ Ă‹Ă?ĂšĂ“ĂœĂ?Ă? ÞÙ ĂŒĂ? Ă‹ ĂšĂœĂ?Ă?Ă“ĂŽĂ?Ă˜ĂžËœ ÚÙĂ?Ă?Ă?Ă?Ă? Ă‹Ă–Ă– ĂžĂ’ĂœĂ?Ă?Ë› ËŤ Ă? Ă“Ăž Ă“Ă? Ă‹ĂŒĂ™Ă&#x;Ăž Ă?Ù×ÚĂ?ĂžĂ?Ă˜Ă?Ă?Ëœ Ă—ĂŁ ĂĄĂ™ĂœĂ• Ă‹Ă? Ă‹ ĂŽĂ?ĂšĂ&#x;Þã ÑÙà Ă?ĂœĂ˜Ă™Ăœ Ă™Ă? ÞÒĂ? ĂĄĂ’Ă™ ÚÖËãĂ?ĂŽ Ă‹ Ă–Ă?Ă‹ĂŽĂ?ĂœĂ?Ă’Ă“Ăš ĂœĂ™Ă–Ă? Ă“Ă˜ ĂœĂ?Ă?Ă?Ă&#x;Ă“Ă˜Ă‘ Ă‹Ă˜ĂŽ Ă?ĂžĂ‹ĂŒĂ“Ă–Ă“Ă?Ă“Ă˜Ă‘ ÞÒĂ? Ă“Ă‘Ă?ĂœĂ“Ă‹Ă˜ ĂŒĂ‹Ă˜Ă•Ă“Ă˜Ă‘ Ă?ĂŁĂ?ĂžĂ?Ă— Ă‹Ă?ĂžĂ?Ăœ ÞÒĂ? Ă‘Ă–Ă™ĂŒĂ‹Ă– Ă?Ă“Ă˜Ă‹Ă˜Ă?Ă“Ă‹Ă– Ă?ĂœĂ“Ă?Ă“Ă? Ă?ĂšĂ?Ă‹Ă•Ă? Ă?Ă™Ăœ Ă“ĂžĂ?Ă?Ă–Ă?Ë› ËŤ Ă? Ă“Ăž Ă“Ă? Ă‹ĂŒĂ™Ă&#x;Ăž Ă?ËÚËĂ?Ă“ĂžĂŁËœ Ă—ĂŁ ĂĄĂ™ĂœĂ• Ă“Ă˜ ÞÒĂ? Ă˜Ă“ĂžĂ?ĂŽ Ă‹ĂžĂ“Ă™Ă˜Ă? ĂœĂ?Ă?Ă™Ă˜Ă?ĂžĂœĂ&#x;Ă?ĂžĂ“Ă˜Ă‘ Ă?Ă™Ă&#x;Ă˜ĂžĂœĂ“Ă?Ă? ĂžĂ™ĂœĂ˜ ĂŒĂŁ Ă?Ă“Ă Ă“Ă– ĂĄĂ‹Ăœ Ă™Ăœ ĂœĂ?Ă?Ă™ĂœĂ—Ă“Ă˜Ă‘ ÞÒĂ? Ă“Ă˜ĂžĂ?ĂœĂ˜Ă‹Ă– ĂĄĂ™ĂœĂ•Ă“Ă˜Ă‘Ă? Ă™Ă? ÞÒĂ? ĂĄĂ™ĂœĂ–ĂŽ ĂŒĂ™ĂŽĂŁ Ă“Ă? ÞÒĂ?ĂœĂ? Ă?Ă™Ăœ Ă?Ă Ă?ĂœĂŁĂ™Ă˜Ă? ÞÙ Ă?Ă?Ă?Ë› ËŤ Ă? Ă“Ăž Ă“Ă? Ă‹ĂŒĂ™Ă&#x;Ăž Ă?Ă’Ă‹ĂœĂ‹Ă?ĂžĂ?ĂœËœ ĂĄĂ?Ă–Ă–Ëœ ÞËÖÕ ÞÙ Ă—ĂŁ Ă?ÙÖÖĂ?Ă‹Ă‘Ă&#x;Ă?Ă?Ëœ Ă—Ă?Ă˜ĂžĂ™ĂœĂ?Ëœ Ă?ĂœĂ“Ă?Ă˜ĂŽĂ?Ëœ Ă‹Ă˜ĂŽ Ă™Ă? Ă?Ă™Ă&#x;ĂœĂ?Ă? Ă—ĂŁ Ă?Ă‹Ă—Ă“Ă–ĂŁËœ Ă‹Ă˜ĂŽ Ă–Ă“Ă?ĂžĂ?Ă˜ ÞÙ ĂĄĂ’Ă‹Ăž ÞÒĂ?ĂŁ Ă’Ă‹Ă Ă? ÞÙ Ă?Ă‹ĂŁË› ĂžĂœĂ™Ă˜Ă‘Ëœ Ă•Ă˜Ă™ĂĄĂ–Ă?ĂŽĂ‘Ă?Ă‹ĂŒĂ–Ă? Ă‘Ă&#x;Ă“ĂŽĂ‹Ă˜Ă?Ă? Ă“Ă? Ă˜Ă?Ă?ĂŽĂ?ĂŽ Ă‹Ă? Ă“Ă‘Ă?ĂœĂ“Ă‹ Ă˜Ă‹Ă Ă“Ă‘Ă‹ĂžĂ?Ă? ÞÒĂ?Ă?Ă? ĂŽĂ“Ă?Ă?Ă“Ă?Ă&#x;Ă–Ăž ĂĄĂ‹ĂžĂ?ĂœĂ?Ëœ Ă‹Ă˜ĂŽ Ă™Ă?Ă?Ă?Ăœ Ă—ĂŁĂ?Ă?Ă–Ă? Ă?Ă™Ăœ Ă?Ă?ĂœĂ Ă“Ă?Ă? åÓÞÒ Ă‹ Ă?ÙÖÓÎ ĂžĂœĂ‹Ă?Ă• ĂœĂ?Ă?Ă™ĂœĂŽ Ă™Ă? Ă–Ă?Ă‹ĂŽĂ?ĂœĂ?ÒÓÚ˛˪˪ Ă? ĂšĂ™Ă“Ă˜ĂžĂ?ĂŽ Ă™Ă&#x;Ăž ÞÒËÞ ÞÒĂ?ĂœĂ? Ă“Ă? Ă˜Ă™ĂžĂ’Ă“Ă˜Ă‘ Ă—Ă™ĂœĂ? ÚËÞÒĂ?ÞÓĂ? ĂžĂ’Ă‹Ă˜ ÞÙ Ă•Ă?Ă?Ăš Ă’Ă?Ă‹ĂœĂ“Ă˜Ă‘ ÞÒĂ? Ă?âĂ?Ă&#x;Ă?Ă?Ă? Ă?Ă™Ăœ Ă–Ă?Ă‹ĂŽĂ?ĂœĂ?Ă’Ă“Ăš Ă?Ă‹Ă“Ă–Ă&#x;ĂœĂ? Ă“Ă˜ Ă?Ă™Ă˜ĂžĂ?Ă—ĂšĂ™ĂœĂ‹ĂœĂŁ Ă“Ă‘Ă?ĂœĂ“Ă‹Ëœ Ă”Ă&#x;Ă?Ăž Ă‹Ă? Ă’Ă? Ă?ĂžĂœĂ?Ă?Ă?Ă?ĂŽ ÞÒËÞ Ă?Ă?Ă?Ă?Ă?ÞÓà Ă? ÑÙà Ă?ĂœĂ˜Ă‹Ă˜Ă?Ă? ĂœĂ?Ă›Ă&#x;Ă“ĂœĂ?Ă? Ă—Ă™ĂœĂ? ĂžĂ’Ă‹Ă˜ ÑÙÙÎ Ă“Ă˜ĂžĂ?Ă˜ĂžĂ“Ă™Ă˜Ă?Ë› ËŤ Ù×ÚĂ?ĂžĂ?Ă˜Ăž Ă“Ă˜ĂŽĂ“Ă Ă“ĂŽĂ&#x;Ă‹Ă–Ă? Ă—Ă&#x;Ă?Ăž ĂŒĂ? Ă?Ă?Ă–Ă?Ă?ĂžĂ?ĂŽ ÞÙ ÚÙĂ?Ă“ĂžĂ“Ă™Ă˜Ă? Ă™Ă? ĂšĂ&#x;ĂŒĂ–Ă“Ă? ĂžĂœĂ&#x;Ă?Þ˛ Ă?ĂœĂ“Ăž Ă?Ă’Ă™Ă&#x;Ă–ĂŽ Ă˜Ă™Ăž ĂŒĂ? Ă?Ă‹Ă?ĂœĂ“Ă?Ă“Ă?Ă?ĂŽ Ă™Ă˜ ÞÒĂ? Ă‹Ă–ĂžĂ‹Ăœ Ă™Ă? Ă?Ă?ĂŽĂ?ĂœĂ‹Ă– Ă?Ă’Ă‹ĂœĂ‹Ă?ĂžĂ?Ăœ ĂŒĂ?Ă?Ă‹Ă&#x;Ă?Ă? ÞÒĂ?ĂœĂ? Ă‹ĂœĂ? Ă’Ă“Ă‘Ă’Ă–ĂŁ Ă?Ù×ÚĂ?ĂžĂ?Ă˜Ăž Ă‹Ă˜ĂŽ Ă?Ă•Ă“Ă–Ă–Ă?ĂŽ Ă“Ă‘Ă?ĂœĂ“Ă‹Ă˜Ă? Ă?ĂœĂ™Ă— Ă‹Ă–Ă– ĂšĂ‹ĂœĂžĂ? Ă™Ă? ÞÒĂ? Ă?Ă™Ă&#x;Ă˜ĂžĂœĂŁËœËŹ Ă’Ă? Ă?ĂžĂœĂ?Ă?Ă?Ă?ĂŽË›

Ăž Ă“Ă? ĂŒĂ?Ă–Ă“Ă?Ă Ă?ĂŽ ÞÒËÞ åÓÞÒ Ă’Ă“Ă? Ă’Ă‹Ă˜ĂŽĂ?Ě‹Ă™Ă˜ Ă?âÚĂ?ĂœĂ“Ă?Ă˜Ă?Ă? Ă“Ă˜ ÚÙÖÓĂ?ĂŁ Ă—Ă‹Ă•Ă“Ă˜Ă‘ ĂĄĂ’Ă?ĂœĂ? Ă‹Ă? Ă‹ Ă?Ă?Ă˜ĂžĂœĂ‹Ă– ĂŒĂ‹Ă˜Ă•Ă?Ăœ Ă’Ă? Ă–Ă?ĂŽ Ă‹ ĂžĂ?Ă‹Ă— ÞÒËÞ ĂœĂ?ÚÙĂ?Ă“ĂžĂ“Ă™Ă˜Ă?ĂŽ ÞÒĂ? Ă?Ă™Ă&#x;Ă˜ĂžĂœĂŁËŞĂ? ĂŒĂ‹Ă˜Ă•Ă“Ă˜Ă‘ Ă?ĂŁĂ?ĂžĂ?Ă— Ă‹Ă˜ĂŽ Ă“Ă˜Ă“ĂžĂ“Ă‹ĂžĂ?ĂŽ ÚÙÖÓĂ?Ă“Ă?Ă? ÞÒËÞ ĂŽĂœĂ™Ă Ă? Ă‘ĂœĂ™ĂĄĂžĂ’ Ă“Ă˜ ÞÒĂ? Ă?Ă™Ă&#x;Ă˜ĂžĂœĂŁËœ ÙÑÒËÖĂ&#x; Ă’Ă‹Ă? ÞÒĂ? Ă?ËÚËĂ?ÓÞã ÞÙ ĂžĂœĂ‹Ă˜Ă?Ă?Ă™ĂœĂ— Ă–Ă?Ă‹ĂŽĂ?ĂœĂ?Ă’Ă“Ăš Ă“Ă˜ ÞÒĂ? Ă?Ă™Ă&#x;Ă˜ĂžĂœĂŁË› ÙÑÒËÖĂ&#x;Ëœ Ă‹ ÚÙÖÓÞÓĂ?Ă‹Ă– Ă?Ă?Ă™Ă˜Ă™Ă—Ă“Ă?ĂžËœ Ă–Ă‹ĂĄĂŁĂ?Ăœ Ă‹Ă˜ĂŽ Ă?Ă™ĂœĂ—Ă?Ăœ Ă˜Ă“ĂžĂ?ĂŽ Ă‹ĂžĂ“Ă™Ă˜Ă? Ă™Ă?Ă?Ă“Ă?Ă“Ă‹Ă–Ëœ Ă“Ă? Ă‹Ă–Ă?Ă™ Ă‹ ĂšĂœĂ™Ă?Ă?Ă?Ă?Ă™Ăœ Ă™Ă? ĂœĂ‹Ă?ÞÓĂ?Ă? Ă“Ă˜ Ă˜ĂžĂ?ĂœĂ˜Ă‹ĂžĂ“Ă™Ă˜Ă‹Ă– Ă&#x;Ă?Ă“Ă˜Ă?Ă?Ă? Ă‹Ă˜ĂŽ Ă&#x;ĂŒĂ–Ă“Ă? ÙÖÓĂ?ĂŁ Ă‹Ăž Ă’Ă? Ă–Ă?ĂžĂ?Ă’Ă?Ăœ Ă?ÒÙÙÖ Ă™Ă? Ă‹ĂĄ Ă‹Ă˜ĂŽ ÓÚÖÙ×ËĂ?ĂŁ Ă‹Ăž Ă&#x;Ă?ĂžĂ? Ă˜Ă“Ă Ă?ĂœĂ?ÓÞã˛

Moghalu

T H I S D AY Ëž Ëœ ÍłËœ Í°ÍŽÍŻÍś

24

BUSINESSWORLD HOUSE C’TTEE PROBES LAW SCHOOL OVER N32M CONTRACT PAYMENTS WITHOUT TAX DEDUCTIONS

financial statements, rather than allow external auditors to do the job. Chiroma, who appeared alongside the Council’s Director of Finance (DFA), Mr. Terzugwe Gbishe was unsure of its entire nominal roll, prompting Chinda to direct that the exact roll call be produced within 24 hours. Although both the DG and DFA claimed they were unaware of some of the alleged infractions, the latter, however, admitted to the committee that taxes were never deducted on the contract payments in question. The committee also established that some of the bank mandates used for transactions were not dated while official ledgers were never used. The lawmakers said the degree of infractions raised by the AuGF appeared to be incurable and tended to suggest that there had been some level of pilfering which could only be measured by putting the institution on status enquiry. The Committee said there had been a serial breach of financial guidelines by the Council. In ruling on the queries, however, Chinda said it was clear that the allegation on undated bank mandate and non utilisation of ledgers were true adding that the council had failed to put forward any tangible defence. The law school also used un-numbered audit stamp in its transactions. The chairman said the queries by the AuGF were substantial and “hold water�. He, therefore, placed the Council on Status Enquiry, setting up a sub-committee to probe its activities from 2011 to 2018 and ascertain the quantum of leakages in the institution. The committee further mandated the Council to produce mandates and bank statements to verify some of its claims.

THISDAY MODEL PORTFOLIOS SURGE TO NEW HIGH OF 43% 51.8 per cent, meaning that the N10 million deployed has grown to N15.182 million. Similarly, Portfolio A rose

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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)

from 33.4 per cent to 33.6 per cent, meaning that the N10 million deployed has improved to N13.364 million.

However, Portfolio E fell from 1.3 per cent to 1.24 per cent. Meanwhile, all stocks in

Portfolio B closed positive last week. The highest gain is 155.9 trailed by 142.1 per cent. Others are: 55.5 per

cent; 53.8 per cent; 46.6 per cent; 44 per cent; 40.8 per cent; 24.4 per cent; 17.3 per cent and 0.6 per cent.

Delayed ConďŹ rmation of MPC Nominees Worries Private Sector Operators Obinna Chima Members of the organised private sector under the umbrella of the Nigeria Employers’ Consultative Association (NECA) have expressed disappointment about the non-confirmation of nominees to the Monetary Policy Committee (MPC) by the National Assembly. This is just as the association vehemently opposed the over 200 per cent increase in Land Use Charge in Lagos state, describing it as an insensitivity and gross disregard of the current state of wellbeing of both corporate and residents in the state. The President of NECA, Mr. Larry Ettah, said this in a statement obtained at the weekend. He noted that the MPC, which he described as a critical

committee, “has been unable to meet because it could not form a quorum as stipulated in the CBN Act 2007. “We believe that the country’s monetary policy should not be left to run on auto-pilot as the outcome of the deliberation of the MPC is important to the sustainable economic growth and development of our country,� he added. He, however, commended the federal government for the constitution and re-constitution of some Boards of Parastatals and Agencies, albeit very late. The lateness and outright non-reconstitution of some other Boards, according to him, portends danger for good governance with negative image for the country. Ettah pointed out that of

greater concern to businesses was the non-reconstitution of critical Boards such as the Nigeria Social Insurance Trust Fund (NSITF), National Health Insurance Scheme (NHIS), PenCom, Central Bank of Nigeria, the Securities and Exchange Commission, among others. “We had expected government to have set up the Boards by now. The absence of Boards for the parastatals is one awful legacy of the military regime that should be discarded without further delay. Commenting further on the hike in Land Use Charge in Lagos, Ettah pointed out that the real estate sector continues to wallow in deep recession with high vacancy rates.

Alleged Import Fraud: House Probes Olam Group, Pancham Int’l, Chelsea Hotel Others James Emejo in Abuja

Group Business Editor

NEWS

Chairman, House of Representatives Committee on Customs, Hon. James Abiodun Faleke has said that investigation into alleged multi billion naira fraud perpetrated by some companies through massive breach of importation procedures, which led to huge loss of revenues to the Federation Account has commenced. The chairman told journalists in Abuja that the committee had invited the affected companies to appear and clear the charges against them or face the wrath of the law. The House had in plenary on December 9, 2017 mandated the committee to investigate alleged infractions of import procedures leading to monumental loss of revenue to the nation. Faleke said the committee was determined to carry out a thorough forensic Investigation in line with its mandate.�

He said: “The unpatriotic and fraudulent act of some of these companies had cost the nation a lot financially. We are talking of losses probably in Trillions of Naira that should have accrued to our common purse.� He said the Committee is not on a mission to witch-hunt but on an “altruistic, patriotic mission aimed at recovering our collective patrimony from unpatriotic elements and corporate entities.� The lawmaker said letters detailing the alleged infractions had been dispatched to the affected companies for appropriate responses and fair hearing. Some of the companies in the first batch include, Seaview Emporium Ltd, Pancham International ltd, Alfatek Integrated Ventures, Verona Industries Ltd, Vital Products Ltd, Odun & Remy Trading Company. Others are Mac Resolute Service Ltd, Viscous Global

Investment Ltd, Fadobra Ventures Ltd, China Homes and Office Equipment, Links World Redemption Enterprises, SCC Nigeria Limited, J.I. Ejison International Nigeria Limited, and Tak Continental Ltd. Others are Metal African Steel Products Limited, Sunshine Guest House &Hotel Ltd, Elim Top Suite Ltd, Noktel Resort Hotel, Naks Hotels & Tower Ltd, Luxurium Leisure Service, Chelsea Hotel, and Vinimo. “Others are Hotel Dabras, Skills Suites, Amassco Ltd, Cynergy Suites Ltd, Olam Group, News Engineering Ltd, Diamond Star Port & Terminals Ltd, Rite Aid Wire Industries Limited and Amioun Steel Limited.� Furthermore, Faleke said: “Investigative Hearing Commences from March 7, 2018 and all the companies invited are expected to appear on the date allotted to them unfailingly or risk Sanctions.�

“How on earth would any decent authority increase taxes overnight by over 200 to 500 per cent, when in reality government should be doing more to stimulate the sector to come out of recession? “To compound matters, there is a repugnant and odious penalty payment ranging between 125-200 per cent, if payment is not made between April and August,� he added. In its bid to increase its internally generated revenue and expansion of its tax base, the Lagos State government recently repealed its 2001 Land Use Charge Law, and replaced the 2001 Law with a new Land Use Charge Law, 2018. The government also extended the period for the payment of all annual Land

Use Charge (LUC) Demand Notices for 2018, to Saturday, April 14th, 2018. The latter was to enable property owners and affected occupiers take the option of enjoying the discounts available for the prompt and early payment of LUC invoices. “While we commend Governor Akinwumi Ambode of Lagos State for all his good works in Lagos, which is a model for good governance, he, however, has to realise that sensitivity and humanness is a critical part of governance. “In reality, the new law will expect property owners in Lagos State to pay at the very minimum a monstrous, appalling and callous increase of over 200 per cent and in some instances over 500 per cent in Land Use Charge.

Shipping Companies Risk Sanction for Over-billing Importers, Exporters Eromosele Abiodun The Nigerian Shippers’ Council (NSC) weekend sounded a fresh note of warning to shipping companies and some service providers that circumvent the law by either over-billing shippers on demurrage charges or indulging in indiscriminate imposition of illegal charges. This is just as the ports economic regulator said its field officers monitor such incidences against importers, exporters and will take appropriate action to stop the perpetrators. Executive Secretary of the NSC, Hassan Bello who was reacting to the recent case of over-billing of a shipper, Sunflag Steel Limited to the tune of $23,000.00 (N8.280 million) on demurrage charges by Cosco Shipping Company said this was not good for trade facilitation. Bello said that while the Council was always out to create an enduring peace among service

providers, it would not tolerate a situation in which shipping companies or terminal operators decide to cunningly defraud shippers through some forms of over-billing. He noted that this was not good for the national economy, adding that service providers should abide by the rules guiding trade. Bello described over-billing as a serious trade crime that should not be encouraged in the interest of the national economy and individual companies affected. The NSC boss said that the council with what happened in the case of Sunflag Steel Limited, will not spare any company found to be involved in such unlawful act. The Compliance, Monitoring and Enforcement Division of the NCS had recovered the sum of $23,000.00 from Cosco Shipping Company as overbilling demurrage charges for Sunflag Steel Limited.

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INSIDE BROAD STREET

A view of Lagos ďŹ nancial district

AKINWUNMI IBRAHIM

Non-oil Sector as Game Changer Obinna Chima The drive by the federal government to promote activities in the non-oil sector appears to be gaining traction. This clearly manifested in the latest Gross Domestic Product (GDP) figures that were released by the National Bureau of Statistics (NBS) recently. According to the NBS, the Nigerian economy grew in real terms by 1.92 per cent in the fourth quarter (Q4) of 2017 (year-on-year), maintaining its positive growth trajectory since the emergence of the economy from recession in the second quarter (Q2) of 2017. The latest data also indicated that the economy recorded a real annual GDP growth rate of 0.83 per cent in 2017, an improvement over the -1.58 per cent recorded in 2016. According to the Q4 figures, Nigeria’s nonoil sector continued to reverse the contraction recorded in previous quarters, with a 1.45 per cent growth in the fourth quarter of 2017, the first since the economy slipped into recession in the second quarter of 2016. The NBS also stated that the 2017 real annual growth rate of 0.83 per cent was higher by 2.42 per cent than –1.58 per cent recorded in 2016. In the quarter (Q4) under review, aggregate GDP stood at N31.209 trillion in nominal terms higher when compared to N29.169 trillion in Q4 2016, resulting in a nominal GDP growth of 6.99 per cent. This growth was lower relative to the growth recorded in Q4 2016 at 12.49 per cent. Nominally, 2017 recorded an annual growth rate of 12.05 per cent, higher by 4.25 per cent compared to 2016 annual growth of 7.80 per cent. Specifically, the non-oil sector recorded an annual growth of 0.47 per cent compared to -0.22 in 2016, adding that the fourth quarter growth was 1.78 points higher than the rate recorded in the same quarter of 2016 but 2.21 per cent point higher than in the third quarter of 2017. “This sector was driven this quarter mainly by agriculture (crop), trade, and transportation and storage. In real terms, the non-oil sector contributed 92.83 per cent to the nation’s GDP, lower from the share recorded in the fourth quarter of 2016 (93.25 per cent), but higher than in the third quarter of 2017 (89.96 per cent). Annual contribution was 91.32 per cent in 2017 and 91.65 per cent in 2016,� the NBS said. Focusing on other core economic metrics, while inflation in the country has slowdown to 15.13 per cent in Nigeria, the 13th consecutive month;foreign exchange reserves has gained about five in the past month to reach $42.8 billion presently; the naira has remained stable with

MARKET INDICATOR the Investors’ and Exporters’ window recording improved turnover. In addition, the federal government and the Central Bank of Nigeria (CBN) have continued to support farmers in the country through various agriculture intervention scheme. For instance, the CBN Governor, Mr.Godwin Emefiele recently put the total amount of money disbursed by the Bank under the ABP in partnership with the state government and private sector group since the commencement of the programme at N55.526 billion to over 250,000 farmers. These set of farmers that had benefited from the programme, according to the CBN Governor, have cultivated almost 300,000 hectares of farmland for rice, wheat, maize, cotton, soybeans, cassava, etc. The ABP was 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. Indeed, the latest report about the country’s GDP is expected to propel the federal government to channel more of its investments in the real sector of the economic, to achieve its quest for economic diversification. A diversified economy creates a sustainable cycle of economic activity where businesses continually feed off of one another and grow larger as the economy grows. They must be reminded that resource-dependent countries, with narrow base of economic activity, are particularly vulnerable whenever there is a shock. That is why theymust be more vigilant in managing risks to their economies. Not only must a country’s GDP be balanced among sectors, but key elements of its economy must be varied, flexible, and readily applicable to a variety of economic opportunities, and areas of overconcentration must continually be identified and mitigated. According to a report by Strategy&, which is part of the PwC network of firms, policymakers must work to achieve greater economic diversification, to reduce the impact of external events and foster more robust, resilient growth over the long term. Also for a resource-rich nation such as Nigeria, the immediate imperative is to diversify exportoriented sectors, but for the benefit of long-term sustainability, policy makers must also look at the larger picture. A strong institutional and regulatory framework and workforce development initiatives are indispensable to the diversification effort; and proper management of human capital is the key, especially in those countries experiencing a “demographic dividend.�

To Research Analyst at FXTM, Lukman Otunuga, the latest GDP figures would help strengthen confidence in the economy. According to him, if the current momentum holds and economic data continues to follow a positive trajectory. According to Otunuga, while the I & E window has played a role in the naira’s steady price action, another factor could be the overall positive sentiment. “The allure of higher interest rates and appreciating Dollar could spark capital outflows from Nigeria consequently pressuring the naira. With regards to oil, the outlook remains somewhat cloudy as investors grapple with a selection of fundamental themes impacting the commodity. While the bull’s argument for oil to stabilise is likely based on OPEC’s production cuts, risk’s associated with risk production from U.S Shale continues to empower the bears. “While we have repeatedly said that Nigeria could continue benefiting from oil prices short term, lessons from the past have proven that this is not a long term solution. With Oil prices vulnerable to heavy losses amid soaring U.S Shale production, it remains highly encouraging that Nigeria is making efforts to diversify from oil reliance. “As we head into the final trading month of the first quarter of 2017, markets will be heavily focusing on the developments surrounded the 2018 budget. For Nigeria to maintain the strong momentum, it is critical that the 2018 budget is approved. This will reduce uncertainty and boost investor confidence ultimately supporting the nation further,� he added. On their part, analysts at Lagos-based Afrinvest Securities Limited, stated that their outlook for the economy remains positive as they anticipate the oil sector low-base-push to last till the fourth quarter of 2018. Also, the Special Adviser to the President on Economic Matters, Dr. Adeyemi Dipeolu said the expectations of the administration that the Nigerian economy will grow this year by 3.5 per cent, was on course. He explained: “There are two encouraging aspects of the figures. The first is that all major sectors of the economy, namely, agriculture, industry and services are now experiencing positive growth. “The other notable element of the data was that the non-oil sector experienced a strong growth of 1.45 per cent in Q4 2017 compared to a contraction in the previous quarter and the whole of 2016. This showing, the strongest since 2015, points to steady improvements across the economy.� But the chief executive of the Financial Derivatives Company Limited, Mr. Bismarck

Rewane, noted that although the 0.83 per cent growth recorded in 2017 wasn’t impressive, it was a movement in the right direction. He stressed the need for the Central Bank of Nigeria (CBN) to reduce the cash reserve requirement (CRR) for banks as well as refund some of the CRR to the lenders. This, he anticipated, would spur lending. “So, we need to now begin to invest, bring down the interest rate and credit to the private sector needs to grow. “We have to reduce CRR and we have to accept that inflation will increase marginally. So, in all, 0.83 per cent is actually not good enough, but it is positive. “We need to do some things differently from what we have been doing them in the past,� he added. Rewane explained that the CBN doesn’t have to hold a monetary policy committee (MPC) meeting before it can implement some of his suggestions, saying: “You can bring down the nominal rate without bringing down the policy rate. You can bring the treasury rates down and you can refund some CRR to the banks and then encourage the banks to lend more to the private sector.� On his part, the Fixed Income Research Specialist at Ecobank Nigeria, Mr. Adewale Okunrinboye, pointed out that the non-oil GDP recorded stronger growth in the fourth quarter of 2017 because of the improvement in foreign exchange liquidity in the market. This, he also said, was very important for trade and manufacturing. “The overall takeaway from the GDP report is that the forecast for GDP is expected to start moving more towards three per cent in 2018. We now see a much stronger growth in 2018 if the non-oil sector continues to grow at the rate it is growing and importantly if forex liquidity continues to improve. “Generally, looking at treasury bills, interest rates are now much lower than what they were last year, that suggests that there would be more lending to the private sector,� he added. Also, analysts at Lagos-based CSL Stockbrokers Limited anticipated that the Nigerian economy would continue to gather momentum over the course of 2018 owing to improving outlook for both the oil and non-oil sector. With respect to oil production, they noted that a reduction in militant attacks had seen output rise over the course of 2017. “We are also expecting the CBN to begin to gradually ease monetary policy in 2018, having pencilled in 200 basis points cuts to the Monetary Policy Rate (MPR) during the year. “Lower interest rates will stimulate lending as demand for credit increases in tandem with improving sentiment across the economy. We forecast that 2018 headline real GDP growth will come in at three per cent, albeit, well below the 6-7 per cent potential growth rate,� they added.

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BUSINESSWORLD Customs Raids Lekki Car Mart, Seizes Rolls Royce, Others Eromosele Abiodun The Nigeria Customs Service (NCS)), Federal Operations Unit, (FOU), Zone A, Ikeja has announced the seizure of assorted vehicles including 1 Rolls Royce, Chrysler, Audi Q7 and other assorted vehicles at a car mart located on Lekki, Lagos. Customs Area Controller of the unit, Comptroller. Mohammed Uba, who disclosed this in a chat with journalists, said that the unit arrested 17 suspects including a Chinese in respect of smuggling offences. He said the Federal Operations Unit, (intercepted vehicles, foreign parboiled rice and poultry products worth N1.03billion Naira in February. The unit, he said, also recovered N68million from importers and clearing agents who underdeclared their cargoes at various nation’s seaports and airports. According to him, “We have been able to intercept various contraband with a Duty Paid Value (DPV) of N1.03billion in one month. The seized items include 18 assorted vehicles, seven trailers of foreign parboiled rice, 2619 cartons of frozen poultry products, 1,105 Jerry can of vegetable oil, 2638 pieces of used tyres, 1,333 bales of used clothing, 2001kg of pangolin and 343kg of elephant tusks among others.” “The detained vehicles include a Roll Royce, 1 Chrysler, 1 Audi Q7, 1 Land Rover HSE, Toyota Venza, Ford Taurus, Honda Cross tour, 4 Mercedes Benz, 3 Kia Rio, Escalade ranging from 2008 to 2015 model. Also, a 1/20ft container, CAIU0961053 was seized for false declaration which is tantamount to seizure. “Within the period under review, we have also recovered N68million from demand notices raised on goods intercepted while attempting to neat the system through transfer of value and under declaration, “he said The Customs boss also expressed worry over incessant arrest of Chinese for breaking Nigeria trading rules. “The arrest of Chinese nationals is taking new dimension because about two or three time now that Chinese nationals are arrested, “he said. He however expressed the command’s readiness to engage Chinese nationals through their envoys on Nigeria trading rules. “In our own case we can make an arrangement with their association if any to inform them about our trading rules but I believe they have an association and we can enlighten them on what to bring in and what not to bring into the country. “When that one is done and even if not done if they continue to infringe on our law, we will continue to arrest them,” he warned. He stated further: “The Convention of International Trade in Endangered Species (CITES 1973) entails that Customs Administration globally protects wild life by intercepting illegal trade on such animals. It further prevents the killings of endangered species since the tusks are only available after the killing of the elephants and pangolin.”

NEWS

The Best Time to Invest in Nigeria is Now, Ekeh Tells Investors Obinna Chima The Chairman of Zinox Group, Leo Stan Eke has advised international and local investors to take advantage of investment opportunities in Nigeria. Speaking at the Standard Bank’s West Africa Investors’ Conference 2018 held in Lagos, Ekeh stressed that investors that exit the country before their investments mature always regret. “This is the best time to invest in Nigeria, this is the best time to take that risk. You can say the country is partially analogue, but it is an opportunity for investors. “A lot of people are panicking because there would be election next year. The Nigeria of today is not the Nigeria

of yesterday. Cowards lose money. Every business has an element of risk and you must anticipate the future in the third world. “Nigerians like to spend. Are we going to continue having problem, the answer is no. There is a terminal date for the problems in this country. “When you are doing business in this type of a country, you must look at the positive side. You need to understand the science of business in the third world. “We have the negative side of every business. If everything is comfortable you won’t make money. A simple shift of 0.5 per cent in inflation hits you in New York, but here in Nigeria, five per cent shift means nothing,” he told his audience at the

conference. According to Ekeh, there are two different types of investors in the third world -those who understand the business and those who are looking for money. He, however, stated that the “science of business in the third world has to do a lot with common sense.” “The challenge of Africa is the quality of leadership and this has nothing to do with age. Basically, what I want to say is that cowards panic during this period, but smart people make money. “Nigeria is not going to go through war. If you are an investor, you must see the country from a positive angle. “The challenge of this country is that investors come

to look for profit, they don’t invest any percentage of that profit in this country. Social responsibility is something that should be driven from your conscience,” he added. In his presentation, the Managing Director, Financial Derivatives Company, Mr. Bismark Rewane, has said inflation in the country will generally remain high in 2018 and2019 “Inflation is expected to average at 14.8 percent this year; it will likely be in the range between 14-16 percent,” he said. Speaking on the theme, ‘The Pathway Towards Inclusive Economic Growth’, Rewane urged the federal government to invest in infrastructure, power and create opportunities for businesses to thrive. He added: “Only policies

that are considered politically expedient will take the forefront, hence little or no difference in policy changes would be expected. “In fact, policy and economy will be driven by political considerations. The economy is performing suboptimally as the Real Gross Domestic Product growth rate at 0.8 percent lags growth in potential GDP of 1.9 percent. This is affected by indecision, self interest and the crony capitalism in place.” Rewane further added: “Misery index is increasing due to rising unemployment currently at 55.13 percent. The high-income inequality, with income per capita of $2000 and high poverty rate of 69 percent is not good enough.”

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APPOINTMENT

ENL Wins ‘Maritime Operator of the Year’ Award ENL Consortium Nigeria Limited has emerged the Most Outstanding Maritime Operator of the Year 2017 at the Independent Awards organised by Independent Newspapers. ENL Consortium, which is the operator of Terminals C and D of the Lagos Port Complex Apapa, was one of the 27 recipients at the prestigious awards held in Lagos recently. The award is coming on the heels of a

similar honour bestowed on the company when it won the Port and Container Terminal Development Award at the prestigious Seatrade International Award held in Dubai, United Arab Emirates. The Executive Vice Chairman/ CEO of ENL Consortium, Vicky Haastrup, who dedicated the award to “all the hardworking management and staff� of the company, said all hands must be

on deck to promote the development of the maritime sector. Haastrup, who doubles as the Chairman of Seaport Terminal Operators Association of Nigeria (STOAN), said ENL Consortium has made substantial investment in human and material resources to enable the country realise the benefits of port concession. “We have good people working with us and I am happy to dedicate this award t all

of them – the hardworking, committed and patriotic staff of ENL Consortium, who work day and night to ensure that ships are promptly discharged and cargoes are delivered in good time to their owners. “When we came into the port in 2006, the terminals handed over to us to manage were at ground zero. Nothing was working. The equipment were not functional, there were endless

ship queues even as touts called the shot. The morale of workers was at its lowest ebb�, she said. Haastrup pointed out that notwithstanding the success recorded by the federal government’s port concessioning programme, the dilapidated state of the port access road remains a huge challenge to the Nigerian maritime industry. The Managing Director of Independent Newspapers, Mr.

Ade Ogidan, said the awards were organised to recognise and honour individuals and corporate organisations that have made significant contributions to the development of Nigeria. He said the award winners emerged through a painstaking process, which ensured that only those who have excelled and are outstanding in their various spheres of endeavours, were honoured.

Nigerian Public Institutions for Award in Rwanda ACEN Installs Akindayomi Stakeholders in government and the gathering will bring together had impact on the populace representatives in construcprivate sectors, will converge in leaders in the public and private in meaningful and significant tive panel sessions, visionary as National President Kigali, Rwanda in April, at the sectors with opportunities to ways will be honoured for keynote speeches, structured To fill the vacuum created at the Association for Consulting Engineering in Nigeria (ACEN), following the appointment of Suleiman Adamu, as the Minister of Water Resources by the federal government, the association has formally installed Charles Akinyele Akindayomi as its 17th President. Until his appointment, the new president has been acting as a standby to the outgoing president. Speaking after his inauguration, Akinyele, who is expected to run the affairs of the group for two years, pledged to move the association forward by collaborating with the government in areas of project procurements and advocate for strong government support. He also promised to ensure that only ACEN registered consultants are used through the enforcement of the regulatory policies of the Council for the Regulation of Engineering in Nigeria (COREN) Act. Akindayomi also urged government to embrace industrialisation and give Nigerian Engineers the space to create a prosperous country. He pointed out that it will be convenient for companies to involve in Corporate Social Responsibility activities, if they receive adequate government patronage. On Scale of Fees, he stated that: “Another area of concern is that, some of our private sector clients insist on using the outdated Federal Government Scale of Fees which was issued in 1996, rather the Council for the Regulation of Engineering in Nigeria (COREN), recommended hourly rates, issued in 2015 which are charges for various cadres of engineering personnel for consultancy services. “The federal government some times in this month issued an

Executive Order outlining a procedure for planning and execution of projects, promotion of Nigerian content in contracts and science, engineering and technology. This is a bold and laudable effort of government to address the anomaly whereby Nigerian professionals are less favoured in the award of contracts to the advantage of foreign consultants and contractors,� he noted. Speaking on the importance of industrialisation to the economy, he said a country without any form of industrialisation will not have an economy that is sustainable, pointing out that the time is now right for Nigeria’s government to set up support and develop light industries to produce household items. He said: ‘’This will mop up all our graduates and unemployed engineering graduates. We can only create the country we dream of, when we give our Nigerian engineers the space to create solutions for different areas of human life.� Also speaking at the event, a former Governor of Ogun state, Gbenga Daniel, admitted that local consulting Engineers are not given enough opportunity to learn and grow. “The biggest challenge we have as country is that we do not patronise our people, we keep looking for quality and do not provide enough opportunity for our people to learn on the job. It has always been surprising how we give even the smallest jobs to foreign companies. Like people usually say; Germany was built by Germans, Romans built Rome and if we think we are going to get anywhere if we keep bringing foreign companies to work for us, we would not learn and I think that is something we should change,� he said.

Radix Pension Boss Lauds PenCom’s Regulatory Functions The acting Managing Director, Radix Pension Managers, Mr. Kunle Adeboye, has Commended the National Pension Commission (PenCom) for its effective regulation of the pension sector through introduction of programmes that are targeted at lifting the flag of the Contributory Pension Scheme (CPS) higher as well as better the lot of pensioners. Adeboye also acknowledged the efforts of the PenCom in regulating the activities of Pension Fund Managers (PFAs) to ensure security of pensioners’ retirement savings. He noted that PenCon, through various checks and balances has maintained stability in Nigeria’s pension system since

the inception of the CPS. The Radix Pension boss gave the commendation in a document made available to THISDAY. “The National Pension Commission has never at anytime refrained in its duties to regulate and administer all PFAs in Nigeria .The body professionally monitors the activities of all participants in the industry, limits are placed on investments made by PFAs of all participants in the industry, limits are placed on investments made by PFAs with contributions received from clients and this is evidenced by the recent review of the Fund Accounting Guideline, which is aimed at enhancing fair competition and safe investments�, he said.

Africa Public Sector Conference and Awards to reward excellence and achievement. A statement issued in Lagos and signed by the Chief Executive Officer of InstinctWave, Mr. Akin Naphtal, has stated. According to the statement,

build partnerships, share insights on strategies, policies and best practices that will drive more efficient and smarter public services in Africa. At the event, Nigeria’s public agencies, institutions and organisations that have

their efforts towards the development and growth of the country. The Conference themed, ‘Re-inventing Public Sector for Growth’, will engage Africa’s top governments’ agencies, public servants, investors, advisers and governments’

networking sessions and private breakout discussions that will address challenges, problems and the way forward in making public sector organisations across Africa more vibrant and effective in order to contribute to the development of Africa.

NAICOM Approves Binji’s Appointment as FIN Insurance MD/CEO The National Insurance Commission (NAICOM), has approved the appointment of Mr. Bashir Haliru Binji as the Managing Director/Chief Executive Officer of FIN Insurance Company Limited. This was conveyed in a letter signed by the Ag Director (Authorisation and Policy),

Mr. L. M. Akah, on behalf of the Commissioner for Insurance. Binji is a graduate of Usman Danfodio University, Sokoto with BSc in Management Studies. He is an Associate of Chartered Insurance Institute London and has an MBA from Ahmadu Bello University, Zaria and a Diploma (Distinction) in Insurance from the

famous West African Insurance Institute Banjul, The Gambia. He started his Insurance career with Nigeria Reinsurance Corporation where he worked in Investment, Underwriting and Marketing departments. He then moved to pioneer Zenith Insurance Company, a subsidiary of (Zenith Bank)

as zonal Head/Northern operations a position He held for nine years. Prior to joining FIN Insurance Company Limited as MD/CEO, Binji was appointed by the federal government as Executive Director, Operations and later acted as MD/CEO of Nigeria Agricultural Insurance Corporation(NAIC).

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PERSPECTIVE

Analysing CBN’s New Dividend Policy In this article, Arize Nwobu appraises the recently released policy on dividend payment by Nigerian banks The new policy directive by the Central Bank of Nigeria on dividend payment by banks is a proactive measure to strengthen and protect the banking industry, consumers and financial system, to ensure a more efficient economy. The policy is in tandem with the Consumer Protection Framework for Banks and Other Financial Institutions regulated by CBN which was released in November, 2016 in furtherance of the apex bank’s mandate to promote a stable financial system for a stable macro economy. The Bank is the most important financial intermediary in developing economies where it provides the Lion’s share of financial services to lubricate the wheel of the economy through efficient allocation of funds from savers to borrowers. In Nigeria banks dominate the Nigerian financial system. In advanced economies, project funding is largely through the mechanism of the capital market. CBN’s new policy on dividend payment relates to the residual dividend policy, whereby company earnings are distributed to shareholders after all of a company’s obligations have been met and the management has allocated funds for reinvestment into business. According to experts, the residual dividend is ‘’based on the theory that a firm’s optimal distribution policy is a function of the firm’s capital structure, the investment opportunities that the firm has, and the availability and cost of external capita. The firm makes distribution on the residual earnings.’’ It is believed that the residual dividend policy makes the most sense in terms of business operations. In a letter dated January 31, 2018, CBN, among other highlights, stated that ‘’no bank shall pay dividend on shares until all its preliminary expenses, organizational expenses, share selling commission, brokerage, amount of losses incurred and other capitalized expenses not represented by tangible assets have been completely written off and adequate provisions have been made to the satisfaction of the bank for actual and contingency losses on the risk assets, liabilities, off balance sheet and such unearned income as are deductible there from.’’ The new policy is targeted at banks with high Non-Performing Loans (NPLs) and low Capital Adequacy Ratio (CAR). It aims at facilitating sufficient and adequate capital build up for banks in line with their risk appetite. CBN

set limits for risk profile of banks, and try to maintain a balance between risk and rewards for banks who could be driven to perilous limits by the competition. Retained earnings is a primary source for banks to raise capital, and the rule is, as risk increases, the dividend payout as a percentage of earnings should decrease. But CBN had noted that despite its October 2014 circular, ‘’some institutions pay out a greater proportion of their profits, irrespective of their risk profile and the need to build up resilience through adequate capital buffers.’’ CBN places financial system stability on the front burner, and has been even more agile in that regard after the 2008 global financial crisis. As the Governor, Godwin Emefiele noted, ‘’in that regard we hope to anchor on two main pillars: managing factors that create liquidity shock and zero tolerance on practices that undermine the health of financial institutions.’’ Non- Performing loans is one of the major causes of financial system instability. It poses a major threat to the health of financial institutions as it disrupts bank earnings and reduces available capital and ability to make profit, thereby leading to low capital base which hampers subsequent lending, whereas lending is one of the main function of Deposit Money Banks. NPL is defined as ‘’the sum of borrowed money upon which the debtor has not made payments for at least 90 days’’. A non-performing loan is either in default or close to being in default, and it has been noted that once a loan is non-performing, the odds that it will be repaid in full are considered to be substantially lower. Such loans may be recovered if they are backed by specific assets, otherwise the lender resorts to other permissible and workable mechanism of recovery. Contributory factors to NPLs include, credit culture of the people, changes in the market/economy, real estate changes, improper assessment by banks, collusive complacency of credit officers and so on and so on. Some analysts have noted that many Nigerian banks will not be able to pay dividend in 2018, based on their capital reserves as well as the proportion of the NPLs. In a press report, a South African research and investment firm, The SBG Securities (Pty), projected that only nine out of the existing 22 banks would be able to pay dividends in 2018. The latest CBN’s

EmeďŹ ele Financial System Stability Report revealed that ‘’commercial banks in the country experienced deterioration in assets quality at end-December 2016’’. The deterioration

was attributed to the rising inflationary trend, negative GDP growth, and the depreciation of the naira. The report further noted that the banking industry’s non-performing loans ratio

rose from N1.678 billion in June to N2.08 trillion in 2016, and the ratios of non-performing loans to gross loans increased from 11.7 per cent in June to 14 per cent in December 2016. Furthermore, the report noted that ‘’the ratio of regulatory capital to risk weighted assets decreased by 0.8 per cent In Greece, NPLs have been noted as the biggest challenge facing the banking sector, and it is top priority for the European Central Bank which has nudged Greek banks to work harder to reduce their high stock of NPLs. According to the Chair of the Supervisory Board of the European Central Bank, Daniele Nouy, ‘’Greek banks must do more and do it faster’’. Like CBN, Greece also passed new laws to facilitate the ‘work out’ of NPLs, but Nouy noted that ‘’passing laws is just the first step; they also need to be implemented and applied.’’ To ensure strict compli-

ance to the new policy, CBN mandated that ‘’banks shall submit their Board approved dividend payout policy to the Bank before payout of dividend shall be permitted.’’ And to curb non-performing loans , the apex bank stipulated that bank directors who are culprits should either quit or be sacked. In past years before the promulgation of the Bank and Other Financial Institutions Decree (BOFID) in 1991, many bank directors were notorious for contributing to a greater percentage of Non-performing loans which contributed to the collapse of the banking industry in that era. In some instances, such directors had multiple non-performing loans accounts respectively, which was unethical and grossly immoral. Nwobu, a Business Journalist and Chartered Stockbroker wrote via arizenwobu@yahoo. com.Tel: 08033021230

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NIG Reappoints Onyekwere as Board Member Mr. Chima Uzoma Onyekwere, was re-appointed as a member of the board of trustees of the Nigeria Internet Group (NIG) at the annual general meeting of the organisation held recently in Lagos. In a congratulatory letter personally signed by the President of the National Executive Council of NIG, Mr. Destiny Amana, he said: “Your appointment is indeed not by accident but an attestation to your esteemed profile in your profession, the industry you represent and particularly your immense contributions to the information communication technology (ICT) industry for the national development of our

great country, Nigeria.� Amana commended Onyekwere’s acceptance of the appointment as “a call to national duty to keep our great country’s flag flying high in the cyberspace which NIG is the flagship.� Born on 19 May1961, in London, United Kingdom, Onyekwere attended Federal Government College, Kano from where he was admitted into the University of Ife where he obtained a degree in Geology/ Geophysics. He later obtained a Masters degree in Information Technology (Information Assurance) from University of Maryland University College,

UMUC, USA. Onyekwere who is also a graduate of Lagos Business and Harvard Business Postgraduate Schools, started his Career with Mobil Nigeria Limited before establishing Saap Tech Nigeria Limited which was a technology distribution Company. He championed the internet revolution in Nigeria by establishing one of the first Internet Service providing (ISP) company in Nigeria, LinkServe Limited. He has served and is still serving Nigeria as Chairman Internet exchange Point (ixp. net.ng) and Chairman Nigeria Internet Registration Authority (NIRA.ng) respectively.

iSON Technologies Wins 2018 ICT Leadership Award iSON Technologies, a leader in technology services and consulting, with presence in 25 countries in Africa, has bagged the 2018 ICT Leadership Excellence Prize, at the Africa Corporate Leadership Excellent Prize which held recently in Lagos. The award was in recognition of iSON Technologies’ outstanding contribution to the development of the continent, the economic aspirations of its citizenry, and the transformation of Africa’s image in the

international market; while also displaying high standards of good corporate citizenship, social, and environmental responsibilities. The award also aimed to encourage the company to further develop innovative and creative technology solutions, which will uplift the image of Africa both locally and internationally. Receiving the award, the Deputy Sales Director, iSON Technologies, Mr. Henry Erigha, expressed his excitement and

gratitude for being a part of the award ceremony on behalf of iSON. “We at iSON are truly honoured to receive this award. iSON is excited about the development of the continent through innovative technology and its contribution in expanding the ICT industry across our footprints around the world, and especially in Africa due to its tremendous potential. To be recognised by the African Institute for Leadership Excellence is a rewarding achievement for us� Erigha said.

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Ashade: There’s Urgent Need to Fast-track Infrastructure Devt in Lagos The Lagos State Commissioner for Finance, Akinyemi Ashade, spoke with select journalists on the recently passed 2018 budget, the urgency for infrastructure renewal in the state, and the aggressive drive to boost internally generated revenue, among others. Chika Amanze-Nawchuku presents the excerpts: Lagos State Government has just passed a budget of over one trillion Naira into law. This is certainly a ďŹ rst for any state in Nigeria. What informs this level of mega budgeting and what guarantee can you give that this budget will be fully implemented? Are you not being a little over-ambitious? When you examine the requirements of the state especially from the point of provision of social and physical infrastructure you will find that there is still a huge vacuum that needs to be filled. And this is despite what has been done over the years especially since 1999. Take a look at any area whatsoever, from roads to public housing to education to security and healthcare and education. There is still so much that needs to be done. And perhaps that is why you will see that His Excellency, Governor Akinwunmi Ambode is so anxious to turn things around and to do so in a systematic manner. And as you would have obviously already witnessed, there is so much that is going on currently in Lagos in terms of infrastructural development. In fact, it is a full infrastructural renewal that is going on. The reconstruction and total redevelopment of Airport Road into a 10-lane expressway is underway and progressing very well. Oshodi is being completely overhauled into a modern transport interchange that will not only facilitate movement but also drive business and commerce and provide jobs for people. Like the Ajah and Abule-Egba flyovers, which Governor Ambode built in record time, the Pen Cinema bridge is also being aggressively worked on. The Pen Cinema bridge will help to provide relief to the millions of citizens who live in the Agege-Ogba-Oke-Ira areas of Lagos and their neighborhoods from the traffic congestion that has for decades been associated with the rapid expansion and population growth in that entire axis. His Excellency’s promise is to deliver that project this year. You may have probably heard of the embedded power project as well. This is a unique power project and will deliver independently produced power to Lagosians. Target completion date is 2018 and this project will deliver regular electricity to Lagosians. Now, can you imagine how that singular project on electricity will impact the lives of Lagosians? By how much it will help to unleash the entrepreneurial energy of the people and drive the efficiency of businesses and make life more convenient for the people? And there are lots of other projects in Education, public housing, healthcare, security and other areas. So you see, the budget is a reflection of the enormity of work that needs to be done by a responsive and responsible government. But some people have complained that despite the huge annual budgets, development hardly seems to get to their immediate localities. Some say they contribute to grade their streets and repair their transformers and even provide their own water. I think this question in a way provides some answer to your first question. The N1.046 trillion budget may be huge indeed, but it remains insufficient to really drive development in the optimal manner that the state deserves especially given the fact that we have for many decades considerably under-invested in infrastructure. What I’m saying here is that even for such a relatively huge budget, there are still limitations as to what it can achieve. That is why government has to be exceedingly painstaking in the overall budgeting process. The idea is to deliver the greatest good to the greatest number of people and ensuring that in as many ways as possible everyone enjoys the dividends of good governance. That is why you will find that all of the projects that are

Ashade

being implemented are those that will deliver the greatest impact to the highest number of people. This is not to say that we will not take projects everywhere. Ultimately, every ward,

What has happened in the recent past is that government has made an effort to enhance the efďŹ ciency of the tax regime in the state as part of the overall reforms in the ďŹ nancial management of the state.You may probably have heard the LIRS frequently complain that the tax burden in the state is shouldered by a small fraction of people. Many people who ought to pay tax do not pay. And this creates a problem for everyone. You may have read press reports of the Speaker of the Lagos House of Assembly lamenting recently that of the more than 2million taxable properties in Lagos, only about 300,000 were actually paying Land Use Charge

every street will benefit from one project or the other. Many of the projects I have mentioned are the big signature projects of this administration but there are lots of others. For instance, a BRT Lane will be constructed from Oshodi to Abule-Egba. There’s an 8 Kilometer regional road to connect VGC with Freedom Road in Lekki Phase One and alternative routes to connect Lekki-Epe Expressway from Oke-Ira in Etiosa Local Government. Also in this budget, of recurrent expenditure, which also has a critical role to play in the economic value chain. Governance as you know, still must be carried out by functionaries at different levels. However, we continue to watch the government headcount very keenly but more importantly, Governor Ambode will always emphasize efficiency. It’s not just about the headcount, it is also about how much the government is empowering its own people to deliver at their best, how much it is providing them with training, tools and facilities to operate the machinery of government efficiently. This brings me to the key question of funding this budget of N1 trillion. How do you plan to fund this overly ambitious budget? Well, you are right to call it an ambitious budget. But I’m sure that the scenario I have painted in our discussion so far, justifies why it needs to be ambitious if it is to truly deliver a better tomorrow to us and our children. To fund the budget, we are looking primarily at internally generated revenue. As you very well know, dating back to the days of Asiwaju Bola Ahmed Tinubu, IGR has been a mainstay of our local economy in Lagos and that has been very critical to the progress we have continued to make as a state and set us apart from all other states in Nigeria. But people are beginning to complain about your taxes. In fact, some people say you are over-taxing‌

I very much appreciate where all of this is coming from, especially against the backdrop of the current economic situation. None of us, no matter how wealthy, is immune to the current economic situation. Even if you are, you must have friends, and relatives who are affected. But I assure you that everything we are doing is based on a fundamental premise which is not to burden any citizen with more than what he can conveniently shoulder. That is the explicit instruction of His Excellency, Governor Ambode. That is why you will find that in every instance, we have incorporated a feedback mechanism so that any citizen who legitimately believes that what he’s being charged may be excessive has a right to seek clarification and even appeal. What has happened in the recent past is that government has made an effort to enhance the efficiency of the tax regime in the state as part of the overall reforms in the financial management of the state. You may probably have heard the LIRS frequently complain that the tax burden in the state is shouldered by a small fraction of people. Many people who ought to pay tax do not pay. And this creates a problem for everyone. You may have read press reports of the Speaker of the Lagos House of Assembly lamenting recently that of the more than 2million taxable properties in Lagos, only about 300,000 were actually paying Land Use Charge. In fact, this was one of the motivations for the review and repeal of the old Land Use Charge Law. So what has happened basically, has been an attempt to redress this. For instance, there are taxes or levies that had over the years become obsolete. If you were paying a tax or levy of N50 in 2001 for instance, that may have been quite significant at that time, but certainly much less significant in 2018. So on one hand, some of these taxes and levies had become obsolete. CONTINUED ON PAGE 32

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INTERVIEW

ASHADE: THERE’S URGENT NEED TO FAST-TRACK INFRASTRUCTURE DEVT IN LAGOS

By relief, I am referring to the several buffers that the law has put in place in order to reduce the amount that is eventually paid. So even though properties are valued at market rate, in calculating the Land Use Charge rate to be paid, a general relief of 40% is applied. And then of course, if payment is made promptly there is an additional 15% relief. So in essence, one is paying just about 45% of the chargeable rate if one pays in good time

On the other hand, there was also the question of the inefficiency in the collection process. This is an area which we are aggressively striving to ramp up. For Land Use Charge, for instance we are enhancing the enumeration of properties across the state. We are doing this physically but also supporting it with the use of GPS technology. But the complaint is that the Land Use Charge has gone up astronomically. Quite a few people have complained bitterly that the new rates under the land use charge regime may have negative impact on future property development in the state because of the land use charge rate. When the old Land Use Charge law was repealed by the Lagos State House of Assembly recently, one of the complaints the Assembly had was that there was a bit of opacity in that whole regime. So for instance you could be paying far more than someone living in a much bigger house on the same street because the method of calculation of Land Use Charge tended to be very subjective. That was why the House of Assembly decided that in making the new law there would need to be some standardisation. That was why they decided that going forward, properties would be valued at market rate. As you know, market rate is very much standardized and if you use the services of a professional valuer you will find that these professionals do actually provide very accurate valuation of properties based on market rates. So using market value in property valuation is helping to eliminate some of the opacity that used to be associated with the Land Use Charge regime. It is also helping to ensure that obsolete rates are brought fairly up-to-date. Another thing it also does is that now, you do not necessarily need to wait to receive your annual demand notice before you pay your Land Use Charge. If you wish, you can value your property with the help of a professional valuer and calculate the value of Land Use Charge yourself and then go ahead to make payment. But the market rate approach for determining Land Use Charge has also led to very steep increases in Land Use Charge. Some people have said that they got increases of over 200%. Is this increase not too high? First, I think that the use of percentages can be very misleading. Someone who has been paying say N1,500 since 2006 and who is now requested to pay N5,000 today, 12 years later, may say it’s a 300% increase but you and I know what the value of N1,500 was 12 years ago versus what it is today. But more importantly, I want to say that

Ashade

the State Government has been very encouraged by the responses so far to the Land Use Charge. The officials started distributing the demand notices just a few weeks ago and so far the responses have been very good. Very many property owners have proceeded to make payments. And we would continue to encourage property owners and those who have up to 10-year leases on properties to go ahead and pay as soon as possible because in doing so, you benefit from an additional 15% relief on the Land Use Charge, which is one of the additional reliefs in the new Land Use Charge regime. What do you mean by “reliefs� are you talking about discount? Is the Land Use Charge discounted? By relief, I am referring to the several buffers that the law has put in place in order to reduce the amount that is eventually paid. So even though properties are valued at market rate, in calculating the Land Use Charge rate to be paid, a general relief of 40% is applied. And then of course, if payment is made promptly there is an additional 15% relief.

So in essence, one is paying just about 45% of the chargeable rate if one pays in good time. Apart from this, retirees who are aged 70 years and above and live in their own houses are exempted. They do not pay any Land Use Charge. The same applies to properties that are used for religious and not-for-profit activities. They are also exempted. There are categories of exemptions and reliefs for the physically challenged as well. And as I said earlier, the majority of property owners have gone ahead to make payments. But this is not to say that all those who are complaining about the new Land Use Charge regime have no case. This is a system that is man-made, so it is not necessarily perfect. This is why we have a Help Desk office at the Ministry of Finance, specifically dedicated to handling such complaints. And I encourage every citizen with a legitimate complaint to please contact the Land Use Charge Help Desk. The Help Desk is very accessible and can be reached by phone and email. All the contact details of the Help Desk are on the demand notices. Any property owner disputing his bill may simply contact the Help

Desk to resolve these issues. The Help Desk is manned by trained professionals, human beings like you and I, who live in the same Lagos, so they empathise. I assure you that once a legitimate case is established, then of course, a remedy will be instituted promptly. As I said earlier and I must continue to re-emphasize this: the new law was not designed to punish anyone. The sole objective was to make it more realistic and functional. Where any property owner may feel that the computation of his bill is wrong, please feel free to contact the Help Desk of the Land Use Charge office. So you are looking at funding the N1.04 trillion budget using IGR basically? Well, IGR alone will not be able to completely fund this. In terms of IGR and what we receive from the centre we project that the state will receive about N897billion. The balance will have to be funded through budget deficit financing. So you can see that in the face of the developmental challenge that we are confronted with, we all have to be extremely committed and creative to generate the funding to surmount this. We will need to make sacrifices from time-to-time, and thankfully, Governor Ambode is clearly demonstrating that these sacrifices are not in vain. His commitment to infrastructure renewal across the entire state is very palpable and the evidence is there for all to see. I will continue to appeal for cooperation and understanding from my fellow Lagosians in this journey towards building a mega city of the future; a city that our children will be very proud of.

Africa’s Takeaway from the World Economic Forum Adele Adeniji The World Economic Forum for 2018 may have come and gone, but the question that will linger remains what lessons African leaders took out of it. The summit in Davos had ‘Creating a Shared Future in a Fractured World’ as its theme, and the issue of climate change was on the front burner once more. From the forum’s global risk perception surveys, there is evidence that people see climate change-related issues like extreme weather and natural disasters as amongst the most critical problems of this planet. As such, climate change featured prominently at the forum discussions with the Governor of Bank of England, Mark Carney, calling on businesses to be more transparent on the risks they face from climate change. The founder and executive chairman of WEF himself, Klaus Schwab, broadened the discussions by calling on civil society, businesses and government to do more in creating workable solutions to combat climate change. It is unfortunate that when talks on climate change are delivered, those who steer the conversation are those who contribute the largest to greenhouse emission but suffer less from its effects. Africa is the worst hit by the calamity, but it contributes the least to greenhouse emission and is usually at the backseat watching others decide on its behalf.

Across the continent of Africa, the agricultural sector still employs about 65% of the labour force, and most of the rural poor. In Nigeria, majority of farmers are dependent on rain-fed agriculture and rangeland, factors which are at the mercies of the weather. In some parts of Nigeria, rainfall doesn’t come knocking for at least half of the year. This increase in the severity of extreme weather events in this region of the country has been termed ‘the little hunger season’ as it has increased risk of hunger and malnutrition for the vulnerable populations. Further repercussions of climate change, experts say, will manifest only in a matter of decades. If temperatures keep increasing at its current pace, 75% of Africa’s population will be at risk of hunger by 2080, according to the UN Office of the Special Adviser on Africa. The forecasted changes will be followed by a cut of 22% of crop yields in the sub-Sahara, as well as, desertification, drought, air pollution, and rising sea levels. The report by the global poverty organisation, Oxfam, indicates that in East African countries, climate change has elevated food and drought crises. In Somalia, 2.9 million people face hunger and 3.2 million people are in urgent need of water. The question these statistics raise is how serious was the climate change discussion at the World Economic Forum? The Co-Chair of the Global Commission on the Economy and Climate, Dr. Ngozi Okonjo-Iweala, in an interview with CNBN Africa during the

summit, believes that there is progress on the climate change discussion this year. She said: ’I think the climate and environmental issues are really being taken seriously. From the survey of CEOs by the World Economic Forum, the report and some of the infographics they produced show there is a convergence of identified risks around climate issues. These issues cluster around the environment, natural resource management, disasters, climate change, and even water shortages. It is amazing that over the last two years the perception of risk has clustered around these issues. The CEOs said they see the biggest impacts of the climate risk on people’s lives.’ Also, the Co-Chair of the Global Commission on Economy and Climate also believes that the CEOs are likely to put their money where their mouths are because they realise that climate change can wipe away certain businesses or even make them lose a significant market if the challenges are not mitigated. However, another trouble with the CEOs’ commitment is that no particular standpoint has been adopted on what to do for Africa. The greater trouble is that Africa is yet to deepen its discussions on climate change as Dr. Ngozi Okonjo-Iweala rightly pointed out at the summit. This is worrisome on several layers because when you talk about climate change in Switzerland it could be an unusual amount of snow in a certain weather cycle, but in Africa, it could mean anything from heavy

flooding in Lagos or heavy hunger in Mali, or even storms and droughts in yet another African city. With one in four people in sub-Saharan Africa still living in grinding poverty and with hundreds of millions of people lacking the same safety net afforded those in wealthier, industrialised nations, Africa should be at the vanguard of ensuring more is done to mitigate the consequences of climate change, especially at the gathering of the movers and shakers of the world like the WEF. However, it’s not all gloom and doom. In 2016, 26 African Union member countries agreed to set up the African Risk Capacity agency that stands today as the continent’s only bold response to climate change. The agency, also chaired by Dr. Ngozi Okonjo-Iweala, provides members with rapid funds in the event of natural disasters. The agency has so far paid out $36 million to four countries to manage drought events, and has supported over 2 million people and 1 million livestock. While the African Risk Capacity is a great initiative, Africa needs to further exploit its best brains like Dr Ngozi Okonjo-Iweala to present solutions that will meet the evolving demands of climate on the continent. The Paris Agreement is not enough if Africa does not drive the conversation. African leaders should do more for the sake of future generations. - Adeniji is a public affairs analyst and lives in Port Harcourt. He can be reached on adele.adeniji2020@gmail.com

T H I S D AY ˾ MONDAY MARCH 5, 2018

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‘Nigeria Needs Leaders that Will Run its Economy as Quasi Business’ Obinna Chima Nigerians have been urged to choose leaders who will see the running of the country as quasi-business going forward. The need to rise above the pedestrian mode of choosing leaders based on sentiments was also identified as the only way out of the under development that has beset the most populous country in sub-Saharan Africa for decades. The Managing Director/ CEO, H. Pierson Associates Limited, Mrs. Eileen Shaiyen, who made the call in report obtained at the weekend, noted that leadership in Nigeria must be based on competence. She explained: “Talking about competence, l mean a new world competence. A leader has to be nominated based on the

footprints of what he has done. Our economy, states are just too large to be used as experiments. At all levels of leadership, we need a paradigm shift on how we see leadership. “They must be leaders who have a global view and global standard. That requires deliverables and transformation. l think we need to have a fundamental shift on how we define good leadership and we need to also act very quickly.� Speaking on efforts of government to diversify the economy of Nigeria, Shaiyen commended the policy trust of the President Muhammadu Buhari administration. She called on government to be committed to the execution of the Economic Recovery and Growth Plan (ERGP), which she said was well articulated and focused. “You will agree with

me that it is very well focused, well articulated. But what we need is execution. In strategy, everything is about execution. “As we go through to 2019, what we need is consistency in governance, and timeline for execution. If we begin to do that, you will begin to see the impact. But if you have major interjections that disrupt execution, you lose focus and the plans are disrupted�, she disclosed. On growing the economy through the activities of small and medium enterprises (SMEs), Shaiyen said the only way to fast-track economic prosperity through the sector is to drastically bring down interest rate and create access to finance. “I believe we need to step back and review our approach to the SME business.

Women Urged to Invest in Real Estate Nume Ekeghe The Chief Executive Officer, Fine and Country West Africa, Mrs. Udo Okonjo has urged women to take advantage of investment opportunities in the real estate. She made this call at an executive breakfast meeting where she engaged a few highflying career women and some driven millennials. Okonjo who has successfully been at the forefront of encouraging women towards investing in real estate through the Finer wealth series which is in its fourth year, has also introduced ‘Finer Wealth Investment Club’ which aims at giving accurate real estate investment advice and wealth management through a

partnership with FBN quest. Okonjo said: “Fine and Country is going to be 10 years and over those years almost 50 percent of our clients have been women. “And it is interesting the way women invest, so even when they have money, there is always this sense of reluctance, discomfort and confidence. But somehow we found out that if they have the right information, it made them more confident and therefore they were able to do much more.� She further spoke extensively on rewards of investing in real estate. Furthermore, more women present attested to the benefits in investing in real estate and shared their experiences.

She also gave an insightful description of the various investing plans such as land, off plans and others. Furthermore said said: “We believe that real estate is a strong path towards creating wealth. For us, the finer wealth at the higher level is actually about purposeful women who understand the power of wealth and want to use real estate as one of those pathways to creating or fast-tracking their wealth creation.� Also speaking on the wealth club, she said: “Finer wealth is an investment club is a real estate community and it is also a resource platform where we provide women with the information and accurate insights to enable them make better decision.

FCMB Certified as a ‘Great Place to Work’ First City Monument Bank (FCMB) said it has been certified as a ‘Great Place to Work,’ by the independent analysts at Great Place to Work (GPTW) Institute, a global research firm. According to a statement, ‘Great Place to Work’ surveys were sent to a random cross section of FCMB employees, and 84 per cent of the workers agreed that the bank is a great workplace. The certificate was presented to FCMB byGPTW Institute Africa at a ceremony held in Lagos recently. Commenting on the certification, the Managing Director/ Chief Executive of FCMB, Mr. Adam Nuru expressed delight at the recognition.

According to him, “our employees are at the heart of FCMB’s mission. Creating an enabling environment where employees can pursue their career goals and thrive, while providing the best customer experience to our customers, and supporting the communities where we operate, have remained key priorities for us’’. Senior Vice President and Divisional Head, Corporate Services, FCMB, Felicia Obozuwa, added: “We want our employees to love working here, so we try to create the type of work environment that positively impacts our employees’ personal and professional lives. When looking for a company to work for, we have found that it is not all about

salary anymore. People want to know that their work is valued, the opportunities for upward mobility, the training made available to learn new skills, they want to know that you have a strong supportive culture, their work will be challenging, and they will work with supervisors that motivate and inspire them. These are the areas we have focused our attention on over the years’’. She further stated that “FCMB employees are the most dedicated, smart and hardworking. So, we support our people by creating an inclusive, respectful, high performance culture, bringing different perspective to bear, and making everyone feel valued.�

Standard Chartered Posts Impressive Results Standard Chartered Plc has released its results for the year ended 31 December 2017, showing significant improvement in profitability. The results showed that the international bank recorded profit before tax of $3 billion in the year under review, a 175 per cent increase compared with the previous year figure and up 71 per cent excluding principal finance. The operating income stood at $14.3 billion, up by three per cent, despite a four per cent drag from financial markets. Standard Chartered also recorded 13 per cent income growth from

key areas of investment, with particular strength in liability-led products, just as industry-wide low volatility during 2017 impacted its performance in financial markets. “Other operating expenses of $8.6 billion were well controlled rising two per cent due primarily to variable pay. Over 85 per cent of the four-year $2.9 billion gross cost efficiencies target has been achieved with a year to go. “Regulatory costs rose 15 per cent, with several large programmes including Markets in Financial Instruments Directive (MiFID) II and IFRS 9 being implemented. Further

significant progress was made in implementing financial crime prevention capabilities. Continuing cooperation and ongoing discussions with US and UK authorities to resolve historical matters “Asset quality overall has improved with the focus on better quality origination within a more granular risk appetite. Loan impairment of $1.2 billion halved as management actions resulted in improvement across all client segments. Profit from associates and joint ventures rose $185 million following better performances in China and Indonesia,� the bank stated.

Broad Street

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

AUGUST 2017 Broad Money (M2)

21,851,454.31

-- Narrow Money (M1)

9,890,813.10

---- Currency Outside Banks

1,523,239.91

---- Demand Deposits

8,367,573.19

-- Quasi Money

11,960,641.22

Net Foreign Assets (NFA)

9,732,990.89

Net Domestic Assets(NDA)

12,118,463.42

-- Net Domestic Credit (NDC)

26,821,446.81

---- Credit to Government (Net)

4,824,226.22

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

7,834,536.74

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

--3,010,310.52

---- Credit to Private Sector (CPS)

21,997,220.59

--Other Assets Net

--14,702,983.39

Reserve Money (Base Money)

5,486,804.65

--Currency in Circulation

1,868,735.07

--Banks Reserves

3,268,266.17 Ëž Ă™Ă&#x;ĂœĂ?Ă? Ě‹

Money Market Indicators (in Percentage) Month

August 2017

Inter-Bank Call Rate

22.63

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

14.00

Treasury Bill Rate

13.35

Savings Deposit Rate

4.08

1 Month Deposit Rate

8.86

3 Months Deposit Rate

10.14

6 Months Deposit Rate

11.51

12 Months Deposit Rate

11.40

Prime Lending rate

17.69

Maximum Lending Rate

31.20

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OPEC DAILY BASKET PRICE AS AT THURSDA MARCH 1, 2018

The price of OPEC basket of fourteen crudes stood at $62.23 a barrel on Thursday, compared with $63.97 the previous day, according to OPEC Secretariat calculations. 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

35

T H I S D AY Ëž Ëœ ÍłËœ Í°ÍŽÍŻÍś

MARKET NEWS

Nestle to Pay N22.7bn Final Dividend as ProďŹ t Jumps by 325% to N34bn Goddy Egene and Nosa Alekhuogie The Board of Directors of Nestle Nigeria Plc has recommended a final dividend of N21.798 billon or N27.50 per share for the year ended December 31, 2017. This will bring the total dividend to N33.687 billion or N42.50 per share for the year. The total dividend indicates 99 per cent payout of the profit after tax of N33.724 billion recorded

for the year. According to the audited results made available last Friday, Nestle Nigeria Plc reported gross revenue of N244.2 billion, up 34.2 per cent, from N181.9 billion recorded in 2016. Cost of sales went up 34.4 per cent to N143.3 billion, from N106.6 billion, making the firm to close with a gross profit of N100.9 billion, which was 33.9 per cent higher than the N75.3 billion recorded in 2016. Marketing and distribution expenses rose from

P R I C E S MAIN BOARD

F O R DEALS

N28.77 billion to N35.15 billion, while administrative expenses rose from N8.33 billion to N10 billion in 2017. Net finance costs fell by 46.8 per cent from N16.7 billion to N8.9 billion. Profit before tax settled at N46.8 billion, showing a growth of 117 per cent compared with N21.5 billion recorded in 2016. Profit after tax grew faster by 325 per cent from N7.9 billion to N33.7 billion in 2017. Hence, the directors recom-

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

mended a total dividend of N42.50, which is 325 per cent higher than the N10.00 paid in respect of 2016 financial year. The company had last year paid a low dividend due to a decline of 67 per cent in bottom-line. While the company grew its revenue by 20 per cent from N151.3 billion in 2015 to N181.9 billion in 2016, PAT fell from N23.7 billion to N7.92 billion due to impact of naira devaluation and expiration of the pioneer status among

T R A D E D MAIN BOARD

A S

others. But the stable foreign exchange has impacted positively on the company’s performance in 2017, which was reflected in the decline in cost of finance and eventually led to higher profitability for the year. Commenting on the 2017 results, Nestle said it was pleased with the growth, which it attributed to multiple factors such as continued loyalty and trust of its consumers in its brands, the dedication of its people and the efficiency of its

O F

distribution network. “In line with our strategic roadmap, we will continue to invest behind brands and route-to-market activities while proactively managing input cost pressures to stay on the growth path. We will continue delivering value to our shareholders with our commitment to provide high quality nutritious products to meet the needs and preference of our consumers,� the company said.

0 1 / 0 3 / 2 0 1 8 DEALS

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36

˜ ͽ˜ ͺ͸͹Ͷ ˾ T H I S D AY

Nigeria Daily Stock Market Report: *OREDO (TXLW\ 0DUNHW 3URSRVHG 3URWHFWLRQLVW /DZV E\ 86 DQG )20& 3ROLF\ ([SHFWDWLRQV 7ULJJHU %HDULVK 3HUIRUPDQFH LQ WKH *OREDO (TXLW\ 0DUNHWV ƚ ƚŚĞ ŶĞǁ h^ &ĞĚ ŚĂŝƌ͛Ɛ ĐŽŶŐƌĞƐƐ ƚĞƐƟŵŽŶŝĞƐ ŚĞůĚ ŽŶ dƵĞƐĚĂLJ Θ dŚƵƌƐĚĂLJ͕ ŚĞ ;:ĞƌŽŵĞ WŽǁĞůůͿ ƐƵŐŐĞƐƚĞĚ ƚŚĂƚ ŝŶƚĞƌĞƐƚ ƌĂƚĞƐ ĐŽƵůĚ ďĞ ƌĂŝƐĞĚ Ăƚ Ă ĨĂƐƚĞƌ ƉĂĐĞ ƚŚĂŶ ĞĂƌůŝĞƌ ĂŶƟĐŝƉĂƚĞĚ ŐŝǀĞŶ ƚŚĞ ŝŵƉƌŽǀĞŵĞŶƚƐ ŶŽƟĐĞĚ ŝŶ ƚŚĞ ďƌŽĂĚĞƌ ĞĐŽŶŽŵLJ͘ ŽŶƐĞƋƵĞŶƚůLJ͕ Ă ŚŽƐƚ ŽĨ ŐůŽďĂů ĞƋƵŝƚLJ ŝŶĚŝĐĞƐ ǁĞƌĞ ƐĞŶƚ ŝŶƚŽ Ă ƚĂŝůƐƉŝŶ ǁŝƚŚ ϭϯ ŽĨ ƚŚĞ ϭϲ ŝŶĚŝĐĞƐ ƵŶĚĞƌ ŽƵƌ ĐŽǀĞƌĂŐĞ ƚƌĞŶĚŝŶŐ ƐŽƵƚŚǁĂƌĚƐ tͲŽͲt͘ &ƵƌƚŚĞƌŵŽƌĞ͕ ĨĞĂƌƐ ŽĨ Ă ƉŽƐƐŝďůĞ ƚƌĂĚĞ ǁĂƌ ďĞƚǁĞĞŶ ƚŚĞ h^ ĂŶĚ ŚŝŶĂ ǁĞƌĞ ƐƉĂƌŬĞĚ ĚƵƌŝŶŐ ƚŚĞ ǁĞĞŬ ĂƐ WƌĞƐŝĚĞŶƚ ŽŶĂůĚ dƌƵŵƉ ĂŶŶŽƵŶĐĞĚ Ă ƉůĂŶ ƚŽ ŝŵƉŽƐĞ ŝŵƉŽƌƚ ƚĂƌŝīƐ ŽŶ ^ƚĞĞů ;Ϯϱ͘ϬйͿ ĂŶĚ ůƵŵŝŶƵŵ ;ϭϬ͘ϬйͿ͘ ŽŶƐĞƋƵĞŶƚůLJ͕ Ăůů ŝŶĚŝĐĞƐ ƵŶĚĞƌ ŽƵƌ ĚĞǀĞůŽƉĞĚ ŵĂƌŬĞƚ ĐůĂƐƐŝĮĐĂƟŽŶ ĐůŽƐĞĚ ŝŶ ƚŚĞ ƌĞĚ tͲŽͲt͘ dŚĞ h^ ^ ΘW ϱϬϬ ĂŶĚ E ^ Y ĚĞĐůŝŶĞĚ Ϯ͘ϱй ĂŶĚ Ϯ͘ϭй tͲŽͲt ƌĞƐƉĞĐƟǀĞůLJ ǁŚŝůĞ ƚŚĞ h< &d^ ůŽƐƚ ϭ͘ϵй tͲŽͲt͘ >ŝŬĞǁŝƐĞ͕ ƚŚĞ ƵƌŽƉĞĂŶ ŵĂƌŬĞƚƐ ĚŝƉƉĞĚ ŝŶ ƚŚĞ ǁĞĞŬ ǁŝƚŚ 'ĞƌŵĂŶLJ͛Ɛ y ĂŶĚ &ƌĂŶĐĞ͛Ɛ ϰϬ ƐůŝĚŝŶŐ ϰ͘ϰй ĂŶĚ Ϯ͘ϵй tͲŽͲt ƌĞƐƉĞĐƟǀĞůLJ͘ dŚĞ ďĞĂƌŝƐŚ ƐĞŶƟŵĞŶƚ ĮůƚĞƌĞĚ ŝŶƚŽ ƐŝĂ ǁŝƚŚ :ĂƉĂŶ͛Ɛ EŝŬŬĞŝ ǁĞĂŬĞŶŝŶŐ ϯ͘Ϯй ǁŚŝůĞ ,ŽŶŐ <ŽŶŐ͛Ɛ ,ĂŶŐ ^ĞŶŐ ;ͲϮ͘Ϯй tͲŽͲtͿ ǁĂƐ ĚƌĂŐŐĞĚ ďLJ ƚŚƌĞĂƚƐ ŽĨ Ă ƉŽƐƐŝďůĞ ƚƌĂĚĞ ǁĂƌ ǁŝƚŚ ƚŚĞ h^͘ /Ŷ ƚŚĞ Z/ ^ ŵĂƌŬĞƚ͕ Ăůů ŝŶĚŝĐĞƐ ĐůŽƐĞĚ ŝŶ ƚŚĞ ƌĞĚ͘ >ĞĂĚŝŶŐ ƚŚĞ ŶĞŐĂƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ ǁĞƌĞ ƌĂnjŝů͛Ɛ /ďŽǀĞƐƉĂ ;ͲϮ͘ϵй tͲŽͲtͿ ĂŶĚ ^ŽƵƚŚ ĨƌŝĐĂ͛Ɛ &d^ ͬ:^ ůů ƐŚĂƌĞ ;Ͳϭ͘ϵй tͲŽͲtͿ ĂƐ ŝŶǀĞƐƚŽƌƐ ƌĞĂĐƚĞĚ ƚŽ ŶĞǁ &ĞĚ ŚĂŝƌ͛Ɛ ŚĂǁŬŝƐŚ ĐŽŵŵĞŶƚƐ͘ >ŝŬĞǁŝƐĞ͕ ZƵƐƐŝĂ͛Ɛ Zd^ ĚŝƉƉĞĚ ϯ͘ϯй tͲŽͲt ĂƐ ƚŚĞ ƵƉǁĂƌĚ ƚƌĞŶĚ ŝŶ Kŝů ƉƌŝĐĞƐ ĐĂŵĞ ƚŽ Ă ŚĂůƚ͕ ĨĂůůŝŶŐ ƚŽ h^Ψϲϯ͘ϳϬͬď ŽŶ &ƌŝĚĂLJ ĨƌŽŵ h^Ψϲϱ͘ϴϬͬď ŝŶ ƚŚĞ ƉƌŝŽƌ ǁĞĞŬ ǁŚŝůĞ /ŶĚŝĂ͛Ɛ ^ ^ĞŶƐ ĨĞůů Ϭ͘ϯй tͲŽͲt͘ /Ŷ ƚŚĞ ƐĂŵĞ ǀĞŝŶ͕ ŚŝŶĂ͛Ɛ ^ŚĂŶŐŚĂŝ ŽŵƉŽƐŝƚĞ ůŽƐƚ ϭ͘Ϭй tͲŽͲt ĂƐ ŚŝŶĂ ƌĞŵĂŝŶƐ ƚŚĞ ůĂƌŐĞƐƚ ĞdžƉŽƌƚĞƌ ŽĨ ^ƚĞĞů ĂŶĚ ůƵŵŝŶŝƵŵ͖ ŚĞŶĐĞ ƚŚĞ ĐŽƵŶƚƌLJ ĐŽƵůĚ ďĞ ĂīĞĐƚĞĚ ďLJ ĂŶ ŝŵƉŽƐŝƟŽŶ ŽĨ ƚĂƌŝī ŽŶ ^ƚĞĞů ĂŶĚ ůƵŵŝŶŝƵŵ ŝŵƉŽƌƚĂƟŽŶ ŝŶ ƚŚĞ h^͘

,ŽǁĞǀĞƌ͕ ǁĞ ƐĂǁ ŝŶĐƌĞĂƐĞĚ ďƵLJŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶ ĨƌŝĐĂŶ ŵĂƌŬĞƚƐ ĂƐ Ăůů ŝŶĚŝĐĞƐ ƚƌĞŶĚĞĚ ŶŽƌƚŚǁĂƌĚƐ tͲŽͲt ƐĂǀĞ ĨŽƌ 'ŚĂŶĂ͛Ɛ '^ ŽŵƉŽƐŝƚĞ ǁŚŝĐŚ ĐůŽƐĞĚ ŇĂƚ͘ <ĞŶLJĂ͛Ɛ E^ ϮϬ ŝŵƉƌŽǀĞĚ ƚŚĞ ŵŽƐƚ͕ ƵƉ ϭ͘ϳй tͲŽͲt ĨŽůůŽǁĞĚ ďLJ ŐLJƉƚ͛Ɛ 'y ǁŚŝĐŚ ĂĚǀĂŶĐĞĚ Ϭ͘ϴй t ͲŽͲt͘ ^ŝŵŝůĂƌůLJ͕ EŝŐĞƌŝĂ͛Ɛ ůů ^ŚĂƌĞ /ŶĚĞdž ďƵĐŬĞĚ Ă ϯͲǁĞĞŬ ůŽƐŝŶŐ ƐƚƌĞĂŬ ƚŽ ĂĚǀĂŶĐĞ Ϭ͘ϳй tͲŽͲt͘

'RPHVWLF (TXLW\ 0DUNHW %X\LQJ ,QWHUHVW LQ 'LYLGHQG 3D\LQJ 6WRFNV %XR\ 3HUIRUPDQFH dŚĞ ĚŽŵĞƐƟĐ ďŽƵƌƐĞ ŚĂůƚĞĚ Ă ϯͲǁĞĞŬ ůŽŶŐ ďĞĂƌŝƐŚ ƉĞƌĨŽƌŵĂŶĐĞ ƚŚŝƐ ǁĞĞŬ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ŝŶĐƌĞĂƐĞĚ ďƵLJŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶ ŵĂƌŬĞƚ ďĞůůǁĞƚŚĞƌƐ ĂƐ ĞĂƌŶŝŶŐƐ ƌĞƐƵůƚƐ ďĞŐŝŶ ƚŽ ƚƌŝĐŬůĞ ŝŶ͘ ĐĐŽƌĚŝŶŐůLJ͕ ƚŚĞ E^ ůů ^ŚĂƌĞ /ŶĚĞdž ; ^/Ϳ ƌŽƐĞ Ϭ͘ϳй tͲŽͲt ƚŽ ƐĞƩůĞ Ăƚ ϰϮ͕ϴϳϲ͘Ϯϯ ƉŽŝŶƚƐ ǁŚŝůĞ zd ƌĞƚƵƌŶ ŝŵƉƌŽǀĞĚ ƚŽ ϭϮ͘ϭй͘ &ƵƌƚŚĞƌŵŽƌĞ͕ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝnjĂƟŽŶ ŝŶĐƌĞĂƐĞĚ ďLJ EϭϮϲ͘ϬďŶ ƚŽ Eϭϱ͘ϰƚŶ͘ ^ŝŵŝůĂƌůLJ͕ ĂĐƟǀŝƚLJ ůĞǀĞů ƐƚƌĞŶŐƚŚĞŶĞĚ ĂƐ ĂǀĞƌĂŐĞ ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ ƚƌĂĚĞĚ ŝŵƉƌŽǀĞĚ ϳ͘ϱй ĂŶĚ ϳϵ͘ϵй tͲŽͲt ƚŽ ϰϬϯ͘ϭŵ ƵŶŝƚƐ ĂŶĚ Eϵ͘ϭďŶ ƌĞƐƉĞĐƟǀĞůLJ͘ dŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďLJ ǀŽůƵŵĞ ǁĞƌĞ & D ;Ϯϯϳ͘ϰŵͿ͕ EE ;ϭϲϳ͘ϲŵͿ ĂŶĚ dZ E^ KZW ;ϭϱϰ͘ϬŵͿ ǁŚŝůĞ ƚŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďLJ ǀĂůƵĞ ǁĞƌĞ E ^d> ;Eϱ͘ϮďŶͿ͕ 'h Z Edz ;Eϰ͘ϯďŶͿ ĂŶĚ EE ;EϮ͘ϵďŶͿ͘ ůů ƐĞĐƚŽƌ ŝŶĚŝĐĞƐ ĂĚǀĂŶĐĞĚ͕ ƐĂǀĞ ĨŽƌ ƚŚĞ ĂŶŬŝŶŐ ŝŶĚĞdž ǁŚŝĐŚ ĚĞĐůŝŶĞĚ Ϭ͘ϲй tͲŽͲt ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ƉƌŽĮƚ ƚĂŬŝŶŐ ŝŶ 'h Z Edz ;ͲϬ͘ϮйͿ ĂŶĚ E/d, ;Ͳϭ͘ϭйͿ͘ KŶ ƚŚĞ ŐĂŝŶĞƌƐΖ ĐŚĂƌƚ͕ ƚŚĞ Kŝů Θ 'ĂƐ /ŶĚĞdž ǁĂƐ ƚŚĞ ƚŽƉ ĂĚǀĂŶĐĞƌ͕ ƵƉ ϭ͘ϲй tͲŽͲt͕ ĚƵĞ ƚŽ ŐĂŝŶƐ ŝŶ dKd > ;нϲ͘ϰйͿ ĂŶĚ ^ W> d ;нϮ͘ϮйͿ͘ /ŶƚĞƌĞƐƚ ŝŶ ƚŚĞ ůĂƩĞƌ ǁĂƐ ďƵŽLJĞĚ ďLJ ƚŚĞ ƌĞůĞĂƐĞ ŽĨ ĂŶ ŝŵƉƌĞƐƐŝǀĞ &z͗ϮϬϭϳ ĞĂƌŶŝŶŐƐ ƐĐŽƌĞĐĂƌĚ ǁŚŝůƐƚ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŝŶ ƚŚĞ ĨŽƌŵĞƌ ǁĂƐ ĚƌŝǀĞŶ ďLJ ĂƩƌĂĐƟǀĞ ĚŝǀŝĚĞŶĚ LJŝĞůĚ ŽĨ ϲ͘ϱй ĂƐ Ăƚ ĚĞĐůĂƌĂƟŽŶ͘ dŚĞ /ŶƐƵƌĂŶĐĞ ŝŶĚĞdž ƚƌĂŝůĞĚ͕ ƵƉ ϭ͘ϱй tͲŽͲt ĂƐ E D ;нϭϴ͘ϰйͿ ĂŶĚ ,D Z</E^ ;нϭϲ͘ϬйͿ ĐůŽƐĞĚ ŝŶ ƚŚĞ ŐƌĞĞŶ͘ ^ŝŵŝůĂƌůLJ͕ ƚŚĞ /ŶĚƵƐƚƌŝĂů ĂŶĚ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ŝŶĚŝĐĞƐ ŐĂŝŶĞĚ ϭ͘Ϯй ĂŶĚ Ϭ͘ϵй ƌĞƐƉĞĐƟǀĞůLJ ĚƵĞ ƚŽ ƉƌŝĐĞ ĂƉƉƌĞĐŝĂƟŽŶ ŝŶ E' D ;нϭ͘ϵйͿ͕ E/' Z/ E Z t Z/ ^ ;нϬ͘ϴйͿ ĂŶĚ E ^d> ;нϭ͘ϲйͿ dŚŝƐ ǁĞĞŬ͕ ϯϳ ƐƚŽĐŬƐ ĐůŽƐĞĚ ŝŶ ƚŚĞ ŐƌĞĞŶ ǁŚŝůĞ ϰϰ ƐƚŽĐŬƐ ĚĞĐůŝŶĞĚ͘ ,ĞŶĐĞ͕ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ ;ĂĚǀĂŶĐĞͬĚĞĐůŝŶĞ ƌĂƟŽͿ ƐƚƌĞŶŐƚŚĞŶĞĚ ƚŽ Ϭ͘ϴdž ĨƌŽŵ Ϭ͘ϰdž ŝŶ ƚŚĞ ƉƌĞǀŝŽƵƐ ǁĞĞŬ͕ ŝŶĚŝĐĂƟŶŐ ĂŶ ŝŵƉƌŽǀĞŵĞŶƚ ŝŶ ŝŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ͘ : W h> K/> ;нϱϬ͘ϬйͿ͕ hE/dz ;нϭϴ͘ϴйͿ ĂŶĚ E D ;нϭϴ͘ϰйͿ ůĞĚ ŐĂŝŶĞƌƐ ƚŚŝƐ ǁĞĞŬ ǁŚŝůĞ ^Ks Z /E ;ͲϮϬ͘ϴйͿ͕ hE/ ;Ͳϭϴ͘ϱͿ ĂŶĚ Dh>d/s Z ;Ͳϭϳ͘ϲйͿ ůĞĚ ůĂŐŐĂƌĚƐ͘ Ɛ ŵŽƌĞ ĐŽŵƉĂŶŝĞƐ ĮůĞ &z͗ϮϬϭϳ ĞĂƌŶŝŶŐƐ ƌĞƐƵůƚƐ ŝŶ ƚŚĞ ĐŽŵŝŶŐ ǁĞĞŬ͕ ǁĞ ĞdžƉĞĐƚ ŝŶǀĞƐƚŽƌƐ ƚŽ ƚĂŬĞ ƉŽƐŝƟŽŶ ŝŶ ĨƵŶĚĂŵĞŶƚĂůůLJ ƐŽƵŶĚ ĚŝǀŝĚĞŶĚ ƉĂLJŝŶŐ ƐƚŽĐŬƐ͘ ,ĞŶĐĞ͕ ǁĞ ĂŶƟĐŝƉĂƚĞ Ă ůĂƌŐĞůLJ ƉŽƐŝƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ ŝŶ ƚŚĞ ĐŽŵŝŶŐ ǁĞĞŬ͘

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

Monday, March 5, 2018

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

Ticker

Current Price

Previous Current Price Weighting Change

Price Change YTD

Price Change Index to Date

ROE

ROA

P/E

P/BV

Divinden Earnings d Yield Yield

THISDAY AFRINVEST 40 1,767.95

0.27%

14.6%

76.8%

25.1%

8.0%

8.0x

1.1x

3.3%

1

Guaranty Trust Bank PLC

48.50

1.0%

22.3%

19.0%

19.6%

26.0%

4.3%

10.1x

2.5x

4.2%

11.1% 9.9%

2

Zenith Bank PLC

31.55

0.2%

14.0%

23.0%

21.7%

21.7%

3.2%

6.2x

1.3x

6.4%

16.0%

3

Nigerian Brew eries PLC

4

Nestle Nigeria PLC

5

Dangote Cement PLC

131.00

0.0%

7.6%

-2.9%

-3.0%

19.2%

8.8%

31.6x

5.9x

3.2%

3.2%

1,400.00

-2.9%

6.3%

-10.0%

-10.0%

78.4%

19.0%

36.5x

24.1x

1.8%

2.7%

265.00

0.0%

6.3%

15.2%

15.2%

30.4%

15.7%

18.3x

5.2x

3.2%

5.5%

1.8%

6.2%

29.5%

29.7%

2.6%

0.3%

18.6x

0.6x

1.8%

5.4%

5.0%

27.3%

25.5%

15.1%

2.0%

5.4x

0.8x

4.9%

18.6%

5.6x

0.9x

5.9%

17.9%

0.7x

3.1%

-17.6%

6

FBN Holdings Plc

11.40

7

Access Bank PLC

13.30

2.7%

8

United Bank for Africa PLC

12.75

-0.4%

4.7%

23.8%

22.5%

17.2%

2.2%

9

Ecobank Transnational Inc

19.70

0.0%

3.3%

15.9%

21.1%

-14.6%

-1.3%

10

SEPLAT Petroleum Development C

700.10

3.7%

3.0%

11.8%

11.8%

-12.4%

-6.7%

4.1x

0.9x

0.0%

2.9%

13.3%

14.9%

28.7%

3.4%

10.8x

2.8x

1.3%

24.1%

11

Stanbic IBTC Holdings PLC

47.00

12

Guinness Nigeria PLC

99.70

-5.0%

2.1%

6.1%

6.1%

14.6%

5.6%

18.7x

2.6x

0.6%

5.3%

13

Lafarge Africa PLC

51.00

1.8%

1.6%

13.6%

13.6%

47.1%

9.8%

4.6x

7.7x

1.9%

21.9%

5.0%

40.9%

14

Fidelity Bank PLC

2.80

-2.1%

1.2%

13.8%

8.5%

8.0%

1.1%

2.4x

0.4x

15

Oando PLC

5.99

0.0%

1.1%

0.0%

0.0%

40.7%

4.2%

2.7x

0.6x

-0.9%

9.2%

37.0%

16

Dangote Sugar Refinery PLC

21.40

1.1%

7.0%

5.1%

43.2%

19.8%

8.3x

3.2x

2.3%

12.0%

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

51.55

0.0%

1.2%

25.7%

28.2%

50.3%

8.4%

31.8x

12.1x

0.2%

3.1%

19

International Brew eries PLC

57.00

-1.1%

0.7%

4.6%

3.7%

24.6%

7.4%

59.7x

13.6x

20

Flour Mills of Nigeria PLC

33.60

1.8%

0.7%

15.9%

15.9%

13.1%

3.0%

7.0x

0.8x

2.7%

14.2%

21

Transnational Corp of Nigeria

1.99

-1.0%

0.7%

36.3%

34.5%

19.6%

4.1%

8.0x

1.4x

0.0%

0.5%

0.9%

0.9%

6.3%

2.2%

10.9x

0.7x

42.7%

2.5%

0.3%

9.0x

0.2x

22

UAC of Nigeria PLC

17.05

23

Diamond Bank PLC

2.24

-4.7%

0.7%

49.3%

24

Total Nigeria PLC

242.50

5.0%

0.5%

5.5%

25

FCMB Group Plc

2.54

-0.8%

0.7%

26

11 PLC

177.00

-3.8%

0.4%

0.0%

1.7%

12.6% 5.8%

9.1% 11.1%

5.5%

37.3%

7.4%

10.3x

3.2x

7.0%

9.7%

60.8%

3.8%

0.6%

7.4x

0.3x

3.9%

13.6%

-9.0%

32.6%

12.0%

9.4x

2.6x

4.5%

10.6%

2.1%

4.5%

-9.0%

27

Forte Oil PLC

44.90

0.4%

3.3%

6.9%

44.3%

3.7%

11.3x

5.0x

28

PZ Cussons Nigeria PLC

23.30

-3.5%

0.4%

13.1%

10.2%

10.7%

5.0%

22.1x

2.2x

29

Cadbury Nigeria PLC

15.50

-2.2%

0.3%

-1.1%

-0.6%

4.5%

1.6%

44.2x

2.6x

30

Presco PLC

72.75

3.9%

0.4%

6.2%

6.2%

42.9%

25.9%

3.6x

1.3x

2.1%

27.9%

31

NASCON Allied Industries PLC

23.80

3.7%

0.4%

28.6%

23.8%

53.4%

18.1%

13.4x

6.2x

2.9%

7.5%

32

UPDC Real Estate Investment Tr

10.00

0.0%

0.3%

0.0%

0.0%

0.8x

7.2%

33

Union Bank of Nigeria PLC

7.05

4.4%

0.3%

-9.6%

-6.1%

5.6%

1.2%

9.0x

0.4x

11.1%

34

Julius Berger Nigeria PLC

24.85

0.0%

0.2%

-11.3%

-11.3%

-12.2%

-1.2%

1.3x

-9.2%

35

Sterling Bank PLC

1.92

4.9%

0.4%

77.8%

69.9%

6.1%

0.6%

10.1x

0.6x

9.9%

36

Dangote Flour Mills Plc

16.20

-1.5%

0.3%

33.3%

33.3%

61.6%

15.8%

5.2x

2.3x

19.1%

37

GlaxoSmithKline Consumer Niger

21.00

0.0%

0.2%

-2.8%

-2.8%

61.2%

23.6%

4.4x

1.6x

1.4%

23.0%

0.0%

8.8%

2.3%

38

Chemical and Allied Products P

38.00

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%

T o p 10 G a ine r s T ic k er

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

P ric e

P ric e C hg %

Vo lum e

P ric e C hg %

J A P A ULOIL

0.63

8.6%

UB A

74.2

-0.4%

H M A R KIN S

0.29

7.4%

Z EN IT H B A N K

44.3

0.2%

C OUR T VILLE

0.29

7.4%

GUA R A N T Y

38.0

1.0%

242.50

5.0%

T R A N SC OR P

24.1

-1.0%

ST ER LN B A N K

1.92

4.9%

FB NH

22.0

1.8%

N EM

2.25

4.7%

FCM B

19.7

-0.8%

UB N

7.05

4.4%

A C C ESS

15.1

2.7%

SKYEB A N K

0.97

4.3%

SKYEB A N K

14.8

4.3%

C ILEA SIN G

1.95

4.3%

F ID ELIT YB K

13.9

-2.1%

J A IZ B A N K

1.01

4.1%

LA SA C O

13.0

2.9%

T OT A L

T ic k er

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 P ric e

P ric e C hg %

T ic k er

Value

UN IC

0.22

-8.3%

GUA R A N T Y

1840.5

1.0%

D UN LOP

0.38

-5.0%

N EST LE

1397.2

-2.9%

T ic k er

P ric e C hg %

EQUIT YA SUR

0.38

-5.0%

Z EN IT H B A N K

1396.7

0.2%

SOVR EN IN S

0.38

-5.0%

UB A

977.4

-0.4%

99.70

-5.0%

SEP LA T

886.3

3.7%

D IA M ON D B N K

2.24

-4.7%

P R ESC O

692.8

3.9%

N EIM ET H

0.86

-4.4%

D A N GC EM

288.1

0.0%

T R IP P LEG

0.88

-4.3%

FB NH

248.0

1.8%

T A N T A LIZ ER

0.46

-4.2%

CCNN

200.1

0.0%

J OH N H OLT

0.48

-4.0%

A C C ESS

199.6

2.7%

GUIN N ESS

Investment Research

Brokerage Ayodeji Ebo | aebo@afrinvest.com

Robert Omotunde | romotunde@afrinvest.com

Bolaji Fajenyo | bfajenyo@afrinvest.com

Omotola Abimbola | oabimbola@afrinvest.com

37

˾ MONDAY, FEBRUARY 26, 2018

MARKET NEWS

Rights Issue Shares Lift UACN Market Capitalisation to N49bn The market capitalisation of UAC of Nigeria Plc rose to N49.1 billion last Friday, following the listing of additional shares of 960,432,193. By this action, the total outstanding shares of the company now stood at 2,881,296,580. The company had made the Rights Issue last year to raise N15.37 billion as part of efforts to boost its operations. The company had said the proceeds of the rights issue would provide it with the requisite financial capability to address the capital needs of its agro-facing subsidiaries in 2018 among others. UACN had reported a revenue growth of 21 per cent to N68.7 billion for the nine months ended September 30, 2017, from N56.8 billion in the corresponding period of 2016. However, profit after tax fell by 55 per cent from N4.8 billion to N2.2 billion, partly due to high interest charges 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

and cost of inputs. “We have made progress in reducing finance costs through focused execution of UACN Property Development Company Plc’s Cash Generation Plan, the depletion of high-priced inventory and the equity raise of Portland Paints, Livestock Feeds and UPDC. We have launched our N15.4 billion Rights Issue. This will provide us with the requisite financial capability to address the capital needs of our agrofacing subsidiaries in 2018,” the company said. Also, as part of strategies to remain efficient, the company recently decided to close down one of its subsidiary, Warm Spring Waters Limited(WSWL) due to poor performance. The conglomerate owns 76 per cent equity in the company that is based in Ikogosi-Ekiti State. UACN had explained that the company was promoted in 2002 with Ekiti State Government, Ikogosi-Ekiti

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 1-Mar-2018, unless otherwise stated.

Community and some private investors to produce premium quality spring water under Gossy label. According to UACN since WSWL commenced commercial production in 2013, it has been delivering weak operational performance due to problems associated with the rural location of the plant at the source of the spring. “There were also associated logistics challenges, 100 per cent reliance on company generated power and difficult operating environment. The shareholders of the company, at a meeting held on February 6, 2018, resolved to appoint a liquidator to wind up the affairs of the company distribute its assets,” it said. UACN assured stakeholders that the liquation of the WSWL will not have any negative impact since its contribution to the group’s results is less than one per cent.

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 N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A 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 4.85% ACAP Income Funds 0.63 0.63 4.10% 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 15.95% 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 N/A N/A N/A ARM Discovery Fund N/A N/A N/A ARM Ethical Fund N/A N/A N/A ARM Money Market Fund N/A N/A N/A AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund 166.45 167.62 9.73% AXA Mansard Money Market Fund 1.00 1.00 15.70% 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 12.70 13.03 2.76% Women's Investment Fund 102.79 105.42 2.14% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 15.68% CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A 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 1,181.66 1,182.83 2.95% FBN Heritage Fund 151.52 152.94 8.72% FBN Money Market Fund 100.00 100.00 15.00% FBN Nigeria Eurobond (USD) Fund - Institutional 114.48 115.07 1.41% FBN Nigeria Eurobond (USD) Fund - Retail 114.46 115.06 1.49% FBN Nigeria Smart Beta Equity Fund 192.96 195.93 13.02% 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 2.95 2.95 2.24% 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 3,171.51 3,213.19 6.38% Coral Income Fund 2,529.14 2,529.14 3.38% 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 14.44% INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 1.00 1.00 15.00% Vantage Balanced Fund 2.20 2.23 4.63% Vantage Guaranteed Income Fund 1.00 1.00 17.88% Kedari Investment Fund (KIF) 117.43 117.77 2.09%

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 1.98% Lotus Halal Fixed Income Fund 1,054.57 1,054.57 2.28% 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 16.51 16.67 17.18% Meristem Money Market Fund 10.00 10.00 14.30% 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 8.44% PACAM Fixed Income Fund 11.32 11.41 2.68% PACAM Money Market Fund 10.00 10.00 17.01% 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 142.07 144.31 10.21% 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 2.42% 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 2,369.09 2,388.26 5.61% Stanbic IBTC Bond Fund 178.35 178.35 1.08% Stanbic IBTC Ethical Fund 1.09 1.11 8.91% Stanbic IBTC Guaranteed Investment Fund 227.37 227.46 3.25% Stanbic IBTC Iman Fund 188.81 190.97 5.44% Stanbic IBTC Money Market Fund 100.00 100.00 14.88% Stanbic IBTC Nigerian Equity Fund 10,376.13 10,518.91 7.31% 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 1.35 1.36 5.85% United Capital Bond Fund 1.60 1.60 2.08% United Capital Equity Fund 1.01 1.04 10.82% United Capital Money Market Fund 1.00 1.00 13.87% United Capital Eurobond Fund 104.01 104.01 1.08% United Capital Wealth for Women Fund 1.13 1.13 20.67% 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 13.56 13.77 7.90% Zenith Ethical Fund 13.93 14.10 6.00% Zenith Income Fund 19.51 19.51 3.15% Zenith Money Market Fund 1.00 1.00 13.40%

REITS NAV Per Share

Yield / T-Rtn

10.00 133.65

-11.35% 0.90%

Bid Price

Offer Price

Yield / T-Rtn

12.62 162.51 121.85

12.72 166.02 124.14

4.11% 13.80% 11.54%

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

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

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

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

5.67 9.92 19.61 22.90 153.65

5.71 10.00 19.71 23.10 155.65

19.53% 3.66% 10.36% 16.32% 3.39%

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.

38

T H I S D AY ˾ ͳË&#x153; ͰͮͯͶ

T H I S D AY ˾ MONDAY MARCH 5, 2018

39

40

T H I S D AY ˾ ͳË&#x153; ͰͮͯͶ

T H I S D AY ˾ MONDAY MARCH 5, 2018

41

42

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

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;

Inside the Lagos Rice Market Sunday Ehigiator who was at the popular Daleko rice market recently, gives insight into why most Nigerians patronise foreign rice instead of the local variety

O

ne cannot ignore the welcoming embrace of the bad road and uncompleted buildings while entering the popular Daleko Market, especially after a rainy day. With over decades of being in existence, it has fully transformed from how it used to be into a well structured environment, harbouring Mosques, Churches and several big name banks in Nigeria. Speaking with THISDAY, a long-time rice dealer in the market who pleaded anonymity said, reconstruction of the market started several years ago, but the annex part of the market was completed about a couple of years ago by the past administration. But the major parts of the market are still under construction as she called on concerned authority to speed up the construction process, adding that they are at risk selling under uncompleted buildings. Commenting on the cheap prices rice is sold in the market as compared to other places within the country, she said â&#x20AC;&#x153;before recession it used to be cheaper than it is now. A bag of rice was as cheap as N9,000, half bag for N4,500, a paint rubber for N700 and a derica for N200 or even less. But now, we sell Caprice for N13,900 and Tomatoes brand rice for N13,700.â&#x20AC;? Aside recession, the recently experienced increase in the price of rice could as well be linked to President Muhammadu Buhariâ&#x20AC;&#x2122;s New Year Dayâ&#x20AC;&#x2122;s declaration of his intents to stop rice importation this year, to encourage Nigerians to patronise Nigeria-Made rice, and also the frequent closure of Benin Republic, Cotounou border, which causes rice-crossers to resort into smuggling of the products into the country. Narrating their ordeals, a clique of ricecrossers who gave their views anonymously, explained that they resort to smuggling of the products whenever borders are closed. And this cost them more days on the road, thereby translating to spending more on feeding and fuelling their vehicles. This makes them charge dealers more in bringing in the goods for them. And if they solely buy and bring in goods into the country by themselves, they charge dealers a bit higher than they would normally charge should it be that they were contracted by dealers to cross in goods for them. When asked how much they charge dealers to bring in goods into the country, they were reluctant to disclose any certain amount but speculated around 4,000 to 5,000 CEFA, and maintained that they currently sell a bag of rice to dealers in Daleko for N12,700, adding that they charge dealers for the expenses incurred while bringing in the goods, while the dealer adds his/ her own incurred expenses in moving the goods from the point of purchase (either across border or within the country) to his/her warehouse/shop, then use it as an integral determinant of the price of the product before selling to wholesalers or retailers. According to them, this is the reason why the final consumer suffers more in the supply chain. Sharing her thoughts on why she prefers to shop for rice at Daleko Market, other than any other market she can get the commodity, a consumer Mrs. Abibat Afolayan

Traders in any other market around Lagos and even outside Lagos come here to buy rice because it is cheaper here

The Daleko rice market

The rice loaders in Daleko market

said, â&#x20AC;&#x153;Traders in any other market around Lagos and even outside Lagos come here to buy rice because it is cheaper here. I

have an occasion next week and I need about four bags of rice, I can only get it cheaper here since it is even close to my

house and would also get it at the rate it is sold to wholesalers.â&#x20AC;? Another consumer who came to buy the

43

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

CITYSTRINGS

A retail buyer

product, Mr. Anthony Ogana has this to say, â&#x20AC;&#x153;Rice is cheaper here than any other place in Lagos State, so I prefer to drive down here to buy it whenever I need it in large quantity. I think the only place you can get rice cheaper than Daleko Market is when you travel around the border area, somewhere like Idiroko, or Imeko and maybe Badagry.â&#x20AC;? Asked why he bought foreign rice instead of the Nigerian-made rice? He responded using sarcasm with a big grin on his face and said, â&#x20AC;&#x153;My brother, try going to price our rice, you are also a Nigerian, so it is our rice. Try going there and price the rice and you would find out that it is too expensive, it is not rice meant for poor man. And if you eventually buy it, cook it and eat it, then tell me if you would feel proud of yourself.â&#x20AC;? He concluded that the rice is not as good as foreign rice, and it is sometimes stony and takes longer time to cook. Another consumer Mrs. Feyitomi Michael said, â&#x20AC;&#x153;There was this time I bought it (local rice) once for my family but the experience was so bad. My husband complained bitterly of stones and we abandoned it. We didnâ&#x20AC;&#x2122;t even finish eating the half bag I bought; it is still at home wasting. Another thing is that it doesnâ&#x20AC;&#x2122;t scent well after cooking it. You know, if you are cooking Caprice or Tomatoes rice, even somebody far from where you are cooking it can easily know that you are cooking rice. But this one, I canâ&#x20AC;&#x2122;t even explain how the thing deyâ&#x20AC;&#x2122; scent.â&#x20AC;? So she concluded with laughter. Though obvious that foreign brands of rice are better packaged and enjoyed among Nigerians as compared to local rice, the reasons could presumably be attributed to limited technology in its production and ironically; its high quality processing, in the sense that; it is not over parboiled as compared to foreign rice. This makes it retain more nutrients after production, and explains why its colour is not as bright as that of foreign brands when compared. From findings, a bag of Mamaâ&#x20AC;&#x2122;s Pride rice (as earlier believed, before the twist that followed), is sold at the rate of N15,500 and half bag for N7,800 in Daleko Market. This is against the prices for a bag of Caprice and Tomatoes Rice which goes for N13,900 and N13,700 respectively, and their half bags are sold for N6,950 and N6,850 apiece. Mamaâ&#x20AC;&#x2122;s Pride rice is Nigeria-Made rice sold in Daleko Market, along with other foreign brands. It is made by Olam Nigeria Limited. From subsequent findings, it was revealed that no Nigerian rice has been

The rice crossers

Entrance to Daleko Market

brought to or sold in Daleko Market for some months ago or currently selling in Daleko Market at the moment. However, there seems to be some set of shady dealers who derive delights in misleading and exploiting the unsuspecting public in the market by packaging mixtures of other brands of rice into the bag of Mamaâ&#x20AC;&#x2122;s Pride. Thereby, sending a wrong impression that the product is too expensive in the market and perhaps the most expensive of all brands of rice. Speaking with THISDAY, another rice dealer by name Christian, said that â&#x20AC;&#x153;there

There was this time I bought it (local rice) once for my family but the experience was so bad. My husband complained bitterly of stones and we abandoned it. We didnâ&#x20AC;&#x2122;t even ďŹ nish eating the half bag I bought; it is still at home wasting. Another thing is that it doesnâ&#x20AC;&#x2122;t scent well after cooking it

is no Nigerian product available in this market for some months now. What people see outside with some dealers or probably retailers at the first line of shops in Daleko Market are not Nigerian rice. They just mixed different types of rice together and put it inside Nigerian-made brands and sell to customers. They even do same for Caprice and Tomatoes and sell it cheaper to unsuspecting members of the public. The most expensive brand of rice in the market now is Special Rice from Thailand sold for N14,500. And it is not the same as the Special Rice that we used to have long ago that is made in Brazil, because that one is no longer in existence.â&#x20AC;? He concluded by saying that â&#x20AC;&#x153;to know an original rice that wasnâ&#x20AC;&#x2122;t mixed or re-baged, just look at the threads that they seal the bag with (showed THISDAY the original way of sealing bag), if it is not like this, know that it has been tampered with, and donâ&#x20AC;&#x2122;t buy it. I can take you to where they sell empty bags of these different products that are not in the market again and others that are still in the market; look at that other shop; do you see those empty bags they covered with nylon? (Shows THISDAY) Thatâ&#x20AC;&#x2122;s one of the places they buy from.â&#x20AC;? The President of Nigeria, Buhari, had on his New Year Dayâ&#x20AC;&#x2122;s speech promised to stop the importation of foreign rice this year, and make available on Nigerians dishes, fresher and more nutritious local rice. In his words, â&#x20AC;&#x153;â&#x20AC;ŚTwo years ago I appealed to

people to go back to the land. I am highly gratified that agriculture has picked up, contributing to the governmentâ&#x20AC;&#x2122;s effort to re-structure the economy. Rice imports will stop this year. Local rice, fresher and more nutritious will be on our dishes from now on.â&#x20AC;? But itâ&#x20AC;&#x2122;s an Irony that the rice is not available in the popular Daleko rice market, thereby giving some unscrupulous dealers an edge in exploiting uninformed public. Christianâ&#x20AC;&#x2122;s testimony may not be too much of a surprise to those used to the intricacies and mendacious nature of some rice dealers who seek illegal profit from the business at all cost; even at the expense and detriment of the well-being of the public. And though, it has overtime become a norm in the rice business; it is proper to say at this juncture that, it is a puzzle that authorities concerned must unravel and stop it as causes the country not just an uncelebrated image, but poses as threat to the health and financial well-being of the people. And while Nigerians are happy over the fact that we now produce high quality and nutritious indigenous rice, it is obvious that the price of the commodity still remains a scare and an issue of concern to Nigerians, as they hope it could be made further affordable or even subsidised, so it can compete effectively when compared with foreign rice, and more Nigerians can begin to embrace it in the same way they have embraced foreign rice, if not better.

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email:foreigndesk@thisdaylive.com

At Joke-filled Dinner, Trump Suggests US Will Meet with North Korea Suggests US may, one day, have a president for life In the midst of a joke-filled monologue at a dinner with journalists, President Donald Trump suggested on Saturday that the United States will be meeting with North Korea but has told Pyongyang it must first“denuke”, Reuters reported on Sunday. “Now we are talking and they, by the way, called up a couple of days ago. They said that‘we would like to talk.’ And I said‘So would we, but you have to denuke, you have to denuke,’” Trump told attendees at the annual Gridiron Club dinner. “We will be meeting and we’ll see if anything positive happens,” he added. It was unclear if Trump was joking or if formal U.S.-North Korea talks were imminent. “I won’t rule out direct talks with Kim Jong Un. I just won’t,” he said, referring to North Korea’s leader. Trump did, however, make a

joke at his own expense. “As far as the risk of dealing with a madman is concerned, that’s his problem, not mine,” Trump said. If a meeting were to come together, it would be the first between the Trump administration and Pyongyang, which are in a standoff over North’s development of nuclear weapons capable of hitting the United States. Trump’s remarks came shortly before South Korea’s presidency announced on Sunday that a high-level delegation of South Korean officials will travel to North Korea on Monday to discuss improving relations on the peninsula and possible talks between Washington and Pyongyang. After the two-day visit to North Korea, the special envoys will travel to the United States to brief officials on their discussions in Pyongyang, South Korea’s presidential Blue House said.

Last month, U.S. Vice President Mike Pence was scheduled to meet with North Korean officials, including leader Kim Jong Un’s sister, while in South Korea for the Winter Olympics but the North Koreans canceled at the last minute, U.S. officials said in February. They said the North Koreans had walked away after Pence

condemned North Korean human rights abuses and announced plans for new economic sanctions. Also, PresidentTrump says he thinks it’s great that China’s president now holds that office for life and muses that maybe the U.S. will do the same someday. Trump’s remarks were met

with laughter and applause during a luncheon for Republican donors Saturday at his South Florida estate. CNN said it obtained a recording of the remarks. Chinese President Xi Jinping recently consolidated power. Trump told the gathering: “He’s now president for life. President for life. And he’s great.” Trump

added, “I think it’s great. Maybe we’ll give that a shot someday.” Trump criticized his Democratic presidential opponent Hillary Clinton, repeated his view about “a rigged system,” and called the Iraq invasion “the single worst decision ever made.” He referred to former President George W. Bush as “another real genius.”

Syria War: Residents Flee Eastern Ghouta Bombardment Residents are reported to be fleeing the rebel-held Eastern Ghouta enclave in Syria as the situation there was described as “beyond critical”, according to BBC. Syria’s military appears to be advancing on several fronts as it tries to retake the enclave just to the east of the capital, Damascus. Government forces have now taken 25% of the area, UK-based Syrian Observatory for Human Rights monitors say. A UN aid convoy planned for Sunday has not been able to enter the enclave. The fighting since 18 February

has left more than 600 people dead, many of them children. Neither a daily five-hour truce ordered by the Russians - Syria’s main backers - nor the ordering of a nationwide ceasefire by the UN Security Council have led to any humanitarian relief for the enclave. The UN says that the “collective punishment of civilians is simply unacceptable”. The organisation said it had failed to obtain permission from Syrian officials to allow 40 trucks carrying humanitarian supplies to enter the key town of Douma.

ItalyVotes in Uncertain Election Stalked by Populism Italy went to the polls Sunday in one of the country’s most uncertain elections ever with far-right and populist parties expected to make major gains and Silvio Berlusconi set to play a leading role as voter turnout heads towards a new low, according to an AFP report. Polls opened at 0600 GMT and will close at 2200 GMT, and early figures from the Interior Ministry put nationwide turnout at 19.4 percent, above the 14.9 percent from the same point in 2013, when however the country voted over two days. The numbers are in line with those from the same point of the constitutional reform referendum in December 2016, when overall 65.5 percent of the nation voted. That would put turnout at the lowest levels for a general election since the Second World War. Confusion and delays blighted voting at some polling stations, with new anti-electoral fraud procedures being blamed for huge queues, while in one polling station in Rome

voting had to be suspended due to the discovery of voting cards with the wrong candidates’ names printed on them. Tensions between far-right and anti-fascist activists have marred a gloomy campaign dominated by fears about immigration and economic malaise. “This election campaign has been pretty squalid, including from the Democratic Party (PD), who I voted for,” 24-year-old barber Mirko Canali told AFP after casting his vote in Rome. He said he knew many other young people who, fed up with high youth unemployment, had decided to support the anti-establishment Five Star Movement (M5S). “They’re pissed off, can’t bear (PD leader Matteo) Renzi anymore and maybe they’re right,” Canali said. Many Italians are cynical about promises made by the many squabbling parties and confused about what the outcome might be.

Mr Trump said that nobody does self-deprecating humour better than he does GETTY

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MerkelVows ‘Good for Germany’ as SPD Paves Way for Her Fourth Term Chancellor Angela Merkel on Sunday vowed to work with the Social Democrats for the “good of Germany”, after the centre-left party agreed to join her new coalition, but the veteran leader will go into her fourth term with weaker cards than before, AFP reported. Two in three of the SPD’s rank and file voting in a make or break referendum backed a new partnership with Merkel’s conservatives, heralding an end to the political stalemate that has plagued Europe’s biggest economy since September’s inconclusive elections. But the chancellor, in power

for 12 years, has had to pay a high price to coax the reluctant Social Democratic Party (SPD) back into another loveless “grand coalition”. Congratulating the SPD for its “clear result”, Merkel said using her CDU party’s Twitter account that she was looking forward to “further cooperation for the good of our country”. Stung by their worst post-war results, the SPD had initially ruled out another four years under Merkel’s shadow. But after Merkel’s attempt to cobble together a government with two smaller parties failed, the SPD relented.

With the party riven over its way forward, its leadership promised its more than 460,000 members the final say on any coalition deal. “We now have clarity. The SPD will be in the next government,” said SPD’s caretaker chairman Olaf Scholz, adding his party plans to send three male and three female ministers to the cabinet. European partners waiting impatiently for post-war Germany to end its longest stretch of coalition haggling heaved a sigh of relief, with French President Emmanuel Macron calling the SPD decision “good news for

Europe.” “France and Germany will work together starting in the coming weeks to develop new initiatives for advancing the European project,” Macron’s office said. In a nod to the the abbreviation “GroKo” as the grand right-left coalition is known in Germany, European Commission vice president Frans Timmermans wrote on Twitter: “GroGO! For solidarity in Germany and EU!” Following the SPD’s emphatic decision for a new partnership, Merkel is expected to launch her fourth government by mid-March.

Israeli Arab Motorist Rams Security Men in North Israel and Is Shot – Police An Israeli Arab motorist injured three security personnel in a ramming attack in northern Israel on Sunday and was shot and wounded, Reuters reported police and the military as saying. A police statement said the driver was taken into custody after carrying out the attack at a

market parking lot and outside a train station in the city of Acre. The force said he had acted for nationalistic reasons. Video posted on social media showed a sport utility vehicle turning into the parking lot at high speed and hitting a pedestrian, sending him flying. In other footage,

the vehicle is seen mounting a sidewalk. Police said three people were struck by the vehicle, identifying one of them as a paramilitary policeman. The military said the two others hurt in the incident were soldiers. A hospital official said their injuries were not life-threatening.

The police statement did not say who shot the driver, who it identified as an Arab citizen of Israel. Local media reports said soldiers at the train station fired at the vehicle. The hospital official said the driver was shot several times and was in a moderate to serious condition.

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Nigerian Banks Seen as ‘Sleeping Giants’ Obinna Chima Nigerian banks have been described as “sleeping giants”, following the lower than expected banking penetration in the country, compared with the country’s demography which presents a massive opportunity for the sector to expand. Global consulting firm, Mckinsey, stated this in its 2018 report titled: “Roaring to Life: Growth and Innovation in African Retail Banking,” obtained at the weekend. The 54-page report also described Nigeria’s oilproducing peer, Angola as a “sleeping giant, noting that at the respective income levels of their financial institutions, banking penetration in both countries ought to be higher. According to Mckinsey, the prominence of oil in a national economy often steers banks away from lending more to other sectors, or to the consumer market. “In these markets, we also see credit bureau coverage of only three per cent—the lowest of the four archetypes—and less innovation in areas such as mobile money,” it added. The report identified four archetypes in African banking markets—each with markedly different per capita income, banking penetration, revenue growth, profitability, and financial infrastructure – to include the mature market, which includes countries such as Egypt and South Africa, with higher GDP per capita and asset penetration; the

CBN Governor, Godwin Emefiele

fast-growing transition market, which covers countries like Ghana, Cote d’Ivoire, and Kenya, where banking penetration is ahead of the curve; the sleeping giants, which Nigeria is part of; and the nascent market, which includes countries such as Ethiopia and Tanzania. Mckinsey pointed out that globally, the banking industry was facing disappointing returns and sluggish growth, adding that for seven consecutive years, its return on equity (ROE) has been stuck in a narrowly defined range of between eight percent and 10 per cent—a level most

consider the industry’s cost of equity. But it stressed that banks in Nigeria and other African countries provide a refreshing contrast as their markets were fast-growing and nearly twice as profitable as the global average. “Although competition is heightening and regulation is tightening, there is still much room to grow: Africa’s retail banking penetration stands at just 38 per cent of GDP, half the global average for emerging markets. “Africa’s banks face challenges aplenty, including low-income levels in many

countries, widespread use of cash in most economies, and poor coverage of credit bureaus. “But some banks are already tapping the opportunities inherent in these challenges, for example harnessing Africa’s widespread mobilephone coverage to create lowprice offerings and innovative distribution models. “Driven by such innovation, African retail banking’s revenue growth could accelerate significantly in the next five years. “Africa’s fast-growing, profitable banking markets, global media reports, are

more likely to highlight Africa’s social and political problems than its rise as a business market. “Yet the reality is that the continent is in the midst of an historic acceleration that is lifting millions out of poverty, creating an emerging consumer class, and propelling rapid economic growth in many economies,” Mckinsey stated. It revealed that Africa’s banking sector is the secondfastest-growing market in the world, taking both retail and wholesale banking together. Between 2012 and 2017, African banking revenue pools grew at a compound annual growth rate of 11 per cent in constant 2017 exchange rates, just as it anticipated that the African banking market would remain a growth leader going forward, growing at a rate of 8.5 per cent in the next five years. “In terms of size, Africa’s banking market is today approximately $86 billion in revenues before risk cost. Our projected growth for African banking revenue pools of 8.5 per cent a year between 2017 and 2022 will bring the continent’s total banking revenues to $129 billion. “Of that total, $53 billion will be in retail banking—up from $35 billion in 2017—an absolute growth in retail banking revenues of $18 billion. “Africa is a continent of 54 countries, leading to some inevitable fragmentation of the banking opportunity. We estimate that the top

five banking markets in Africa—South Africa, Nigeria, Egypt, Angola, and Morocco— account for 68 per cent of the total banking revenue pool, compared to over 90 per cent for the top five regions such as North America, Latin America, Middle East, and Emerging Asia. “For Africa, this means that the remaining 49 countries represent only 32 percent of the revenue pool. Furthermore, Africa’s banking markets exhibit high variation in growth and profitability. “It thus becomes extremely important for banks to draw the right map—the first of the winning practices, we believe will be crucial to success in the coming years,” the consulting firm stated. While stressing the importance of banks having the right winning strategy for retail banking, it cited the example of Guaranty Trust Bank (GTBank) Plc. According to the report, GTBank’s average ROE of 30 per cent between 2011 and 2016 out-performed Nigeria’s other top five banks, which posted ROEs of 11 to 22 percent. “GTBank has had great success in Nigeria’s affluent segment, based on high service levels. It has been rated best in class in terms of CSAT, a measure of client experience. “Focusing on the higherincome segments has also enabled GTBank to keep their branch network smaller relative to those of their competitors,” it added.

OSINBAJO: SOUTHERNERS, CHRISTIANS ARE BIGGEST BENEFICIARIES OF BUHARI’S APPOINTMENTS Against this backdrop, the vice-president described the allegations of ethnic and religious bigotry levelled against his boss as nothing but a narrative. “Look at the cabinet, for example, from the point of view of religion, it has an equal number - 18 Christians, 18 Muslims. But we have the Secretary to the Government of the Federation as well as the Head of Service who are Christians. “So, we have 20 Christians to 18 Muslims; that’s the structure of the cabinet. So, if you take that narrative you may argue that perhaps the Christians have the upper hand. That’s a possible narrative. “Let us look a little deeper into that, so there are those who may argue, for example, that the North has the upper hand or perhaps one section has the upper hand in the cabinet as one narrative. “The South-east, for example, has five states. Four of the South-eastern states have senior ministers; all of them, except one, who is Minister of State for Education. “In assigning particular portfolios, all these were looked at. In the North, seven Northern states have no senior minister, including the president’s home state, Katsina. So, it’s a narrative, depending on how you want to run it.

“I will give you another example: I am from the South-west and there are people who will say ‘I am from the South-west, the North has everything’. “But the South-west, for the first time in the history of this country, has one minister who is in charge of three ministries: Power, Works and Housing. The Ministers of Finance and Communications are also from the South-west. These are critical ministries. So, you can run the narrative in whichever way that you choose. “There are those who will say, for instance, look at the number of CEOs of agencies of government; the highest number of CEOs in our nation today comes from Ogun State, the state has the largest number. “There are those who will say that this is his (vicepresident) state. So, you can run the narrative, depending on how you want to run it. “The president has admitted that, yes there are situations where you can find certain things as true and he intends to have a look at that. “For instance, you’ve given the example of security positions and he said he is going to take a second look at it. I believe that is the way to go because you can run any narrative that will suit the figures you are showing. And that is where we have a legal process.

“There are people who don’t know that the number of CEOs from Anambra State is more than the number of CEOs from Katsina State or anywhere else, except Ogun,” he stated. On the 2018 budget, the vice-president said the government kept its own part of the agreement with the National Assembly to return the country to the JanuaryDecember fiscal calendar by submitting the budget early enough, insinuating that the delay on its passage was caused by the National Assembly. “We have a democracy that has, as you know, three arms. The two relevant arms for the budget passage are the executive and legislature. If you recall when I was acting president, I signed the 2017 budget and, at that time, I made the announcement with the full consensus of the National Assembly that from 2018, we are going to have a budget that is going to apply in January and end in December the normal financial year. “We agreed that we will submit our proposal in good time, and we did that in the first week of November. The president did so. We fulfilled that part of the agreement. So, the budget is now with the National Assembly and there is very little we can do to control that. That’s the system that

we have, Osinbajo explained. Also, on the rampant killings in various parts of the country, the vice-president described the situations as tragic, pointing out that no degree of condolences that could compensate for the loss of human lives. “Let me say it first that no amount of condolences can compensate for the loss of lives, whether in Calabar, Mambilla or Benue or where people were killed, or in Adamawa or Zamfara, any of these states. “The Benue killings were one set of killings far too much; there is no amount of condolences that can compensate for that. And I want to say that it’s a massive tragedy. “But the question that you seem to ask and I’ve been to Zamfara, I’ve been to Adamawa after the killings took place: There are those who said, ‘Oh, why don’t you visit the Fulani settlement, why do you visit only where Christians are?’ “I even visited Benue in September where there have been killings before, then I visited them when the floods took place and we looked at all the issues and tried to address many of these. “There have been several of these issues in different places, more recently Dapchi. We have expressed condolences, but no amount of condolence

would do. “So, we have to address the security question in a much more robust way; that the police are able to do their jobs effectively. We have deployed the military to Kaduna – two battalions to Kaduna. In the Benue and Taraba axis, we have the 93 Battalion and we have 72 Special Forces. We also have full concentration in Taraba and all of that, and by the way, the military is fighting in most of the North-east. “So, there is a situation where the military is overstretched. So, I think that the most important thing is first of all to ensure they actually address the security of the people,” he observed. Osinbajo also acknowledged that Nigerians would like to see the leadership of the country grieving with families that have lost loved ones to violent attacks, or whose daughters have been abducted like the Dapchi schoolgirls. “Let me say that I definitely agree with you, the more places that we can go to the better. But I made a point earlier that we also have to address the serious concerns that people have. “We have to address those concerns; we have to address the rehabilitation concerns. I am going round and the president is also going round, there is no question at all and I agree that if we go to all these places it would be so

much better,” he said. On Nigeria’s recent downgrade on the Corruption Index by Transparency International, the vicepresident said: “I think that by even Transparency International’s own assessment, Transparency International uses nine different indices to come to a conclusion. “In four out of those indices, Nigeria moved up, in another four Nigeria stabilised, but dropped in only one index. So in aggregation, it (T.I) then decided that it has fallen by a certain number of points below where we were. “But I think that the important thing to bear in mind about Nigeria’s anticorruption fight is that the government has done what it ought to do by focusing on grand corruption. “Grand corruption is the type we experienced years before when, for example, $15 billion was lost in defence contracts. Two to three weeks to elections (in 2015), N100 billion in cash was taken out, and again $293 million in cash. That’s the kind of impunity we had to address. “And of course you are also familiar with the scam that went on in the NNPC at the time; the so-called statutory contracts, that’s grand corruption. That is the corruption that crippled the economy of the country.”

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

Adewole, World Bank Chief: Why We’re Involved in THISDAY Healthcare Financing Summit Tejuoso: Summit is critical to addressing our healthcare challenges Martins Ifijeh Key stakeholders in the THISDAY Healthcare Financing Policy Dialogue holding tomorrow in Abuja - the Nigerian Representative and Chief of Health, Nutrition and Population of the World Bank, Dr. Benjamin Loevinsohn; Minister of Health, Professor Isaac Adewole, and the Chairman, Senate Committee on Health, Senator Lanre Tejuoso - have explained that the event will help in charting the way forward for an improved healthcare financing model for a sustained investment in the provision of quality healthcare for Nigerians. Loevinsohn said the World Bank was involved in the summit holding at the Musa Yar’Adua Conference Centre because it was concerned that Nigeria spends less on healthcare than almost any other country in the world, resulting in poor Nigerians paying out of pocket for their health He noted that most poor Nigerians are unable to afford adequate healthcare. “This government’s low spending also means the country is unable to spend adequately for health services and facilities. For instance, only about 10 per cent of Nigerian children are immunised, whereas in Chad and Niger, about 30 per cent and 50 per cent are immunised, respectively. “In addition, Nigeria is pretty much the worst place in West Africa to be a poor child or a poor mother. Again, this outcome is worse than in Lake Chad and in Niger. This is a real problem we can’t wish away. That is why we are involved,” he added. He said he believed the summit would be able to address this, and provide a platform to chart a way forward for the benefit of Nigerians. “We hope this summit will make

a difference in the model currently practised in the country,” he added. Adewole in a chat with THISDAY yesterday, he said the summit was critical because healthcare financing was the key to Universal Health Coverage (UHC) Tejuoso on his part described the summit as timely, adding that it would encourage government to, as a last chance, make a difference in remodelling the proposed 2018 budget for increased allocation to the health sector. “I believe this is our last chance to improve funding through the budget. Accordingly, for the 2018 budget which the executive and the National Assembly are already concluding presently. this is critical to addressing our healthcare challenges. “We should not reinvent the wheel. Successful African countries in the health sector have one thing in common: their annual health budget averages 15 per cent of their total national budget,” he added. According to him, Nigeria is yet to exceed five per cent health sector funding, adding that what he and other stakeholders were advocating was for the country to achieve the inclusion of one per cent of the Consolidated Revenue Fund in the health budget from 2018 as stipulated in the 2014 Health Act. The summit, tagged: ‘Moving Nigeria Towards Universal Health Coverage through Appropriate Financing, aims to galvanise discussions on why the country should prioritise financing of the health sector as a bastion of human capital development that is critical for the attainment of the Economic and Growth Recovery Plan (EGRP) of the administration. Dignitaries expected to headline the summit include members of the World Bank Group; Senate President, Bukola Saraki; Minister of State for Health, Osagie Ehanire;

Bakare: With 110 Missing Dapchi Girls, I Don’t Know What Buhari was Doing at Kano Wedding The General Overseer of the Latter Rain Assembly (LRA), Pastor Tunde Bakare, has said he cannot comprehend what President Muhammadu Buhari and 22 state governors were doing at the Kano wedding, while 110 Dapchi schoolgirls are still in captivity. Last Saturday, at least 22 governors converged on Kano, to celebrate the wedding of Idris Ajimobi and Fatima Ganduje, the children of the Governor of Oyo State Abiola Ajimobi and his Kano State counterpart, Ibrahim Ganduje. Also in attendance was the president, and high-ranking members of the All Progressives Congress (APC), including former Governor of Lagos State, Bola Tinubu, Bakare, according to The Cable, said the wedding, which came two days after Boko Haram killed some UN aid workers in Rann, and two weeks after the abduction of the Dapchi school girls in Yobe, shows the insensitivity of Nigerian leaders. “Forgive my ill-mannerism, but I could not comprehend why a governor will celebrate the wedding of his daughter, and another governor of his son, on

the front pages of newspapers, flashing it before our eyes, when other peoples’ daughters are in captivity,” Bakare said. “If any of them had lost a daughter in that captivity, would they celebrate that way? I know the Bible says rejoice with them that rejoice, but I do not know what the president of Nigeria was doing there. “And somebody came to say, let me explain to you, it is Islamic tradition, before this time, about January, they had agreed, that he (Buhari) will be the one to give the bride away and Tinubu will be the one to pay the dowry, and present the son, and they agreed long before now. “I looked at him and said the president of Nigeria wanted to come to my daughter’s wedding, and I said to him, sir, don’t come. That is beneath your office. Face the work of the state and keep serving. “And 22 governors showed up to mark register, when 110 daughters of citizens of your nation were captured by Boko Haram that you said you have already technically defeated? Cont’d on pg 57

Managing Director, Shell Petroleum Development Company (SPDC), Osagie Okunbor, President, Global Development Programme, Bill & Melinda Gates Foundation, Chris Elias; Chairman, Senate Committee on Finance, Senator John Owan Enoh; Chairman, House Committee on Primary Healthcare Service, Hon. Chike Okafor; and Chairman, House Committee on Health Institution, Hon Jocelyn Betty Apiafi. Among the World Bank chiefs

expected at the summit are the Director, Health Nutrition Population of the World Bank Group, Washington, Olusoji Adeyi; the Country Director, World Bank Nigeria, Rachid Benmassoud; Chair of Global Alliance for Vaccine and Immunisation (GAVI) and former Minister of Finance, Ngozi Okonjo Iweala; and CEO GAVI, Seth Berkley. Adeyi, who is the keynote speaker at the summit, is a

Nigerian currently heading the Health, Nutrition, and Population Directorate of the World Bank Group in Washington. He is described as a firm advocate for adequate healthcare financing and believes investment in health is a powerful driver of economic growth and overall development. THISDAY’s Board of Directors and Editorial Board believe the summit would be a policy dialogue where major healthcare

organisations/individuals and the political class in the country will meet under one roof to chart a way forward for an improved healthcare financing model for the better health of Nigerians. It believes the policy dialogue is necessary because the country’s health sector allocation in the national budget has continued to decline over the years despite the increase of diseases and mortality rates in the country.

DANGOTE DONATES SCHOOL

L-R: Donor of the building and President of Dangote Group, Aliko Dangote; Emir of Kano, Alhaji Mohammad Sanusi II; and Jigawa State Governor, Alhaji Abubakar Badaru, duing inauguration of the ultra modern Dangote Business School edifice at the Bayero University in Kano....weekend

Akabueze: Buhari Submitted Budget With Usual Details Says 2018 budget delay not from presidency Iyobosa Uwugiaren in Abuja The Director General, Budget Office of the Federation, Mr. Ben Akabueze, last night said President Muhammadu Buhari submitted the 2018 Appropriation Bill with all the usual details required by National Assembly to process the budget, adding that the delay in passing the 2018 budget was not from the presidency. Akabueze stated this in a statement he signed in Abuja while reacting to media reports which suggested that the federal government 2018 Budget was submitted to the National Assembly without details for some ministries, departments and agencies (MDAs). According to him, “The attention of the Budget Office of the Federation has been drawn to media reports suggesting that the federal government 2018 Budget was submitted to the National Assembly without details for some MDAs. “We have also received enquiries along same lines from concerned members of the public. It has therefore become necessary to clarify the facts regarding this matter. Mr. President submitted the budget with all the usual details required by to process

the budget. “We would like to emphasise, for the avoidance of doubt, that on November 7, 2017 President Buhari, as constitutionally stipulated, laid before the National Assembly the executive budget proposals for 2018 with all the usual details required by the National Assembly to process the budget.’’ Stressing that the details of the budgets of all federal MDAs based on the Government Integrated Financial Management Information System (GIFMIS) budget templates were contained in the budget, the Budget Office added the ministers and heads of agencies had made themselves available to explain and defend the budget. Akabueze said in the course of its review of the budget proposals the National Assembly normally invites the MDAs to appear before them to defend the president’s budget submissions. He continued: “Given the seriousness the presidency attaches to getting the 2018 budget passed so it could earnestly focus on achieving the goals set out in the Economic Recovery and Growth Plan 2017-20 (ERGP), which formed the basis of the budget, it had directed heads of ministries and extra-ministerial agencies to attend to any requests

for meetings/information by the National Assembly with dispatch. “To the best of our knowledge, this directive has been complied with. Should any committees of National Assembly still experience any issues with attendance of any MDA, the Minister of Budget and National Planning has indicated that he is available to liaise with the particular MDA to ensure full cooperation with National Assembly by the relevant MDA.’’ He added that complaints about additional information with respect to the budgets of Government Owned Agencies (GOEs) are being addressed, saying that the budget is distinct from the budget of Government Owned Enterprises (GOEs) and as such any delay in the GOEs providing additional details on their budgets should not affect the early passage of the federal government main budget. The Senate at its February 14, 2018 sitting had complained that some GOEs had not submitted the details of their 2018 budget in a format acceptable to the Senate, directing the GOEs to submit their 2018 budget details in the format required by the Senate within a week. “It is important to note that it is the GOEs, and not MDAs, that the Senate complained about.

While the budgets of these GOEs are separate and distinct from the main federal government budget, we would like to explain that their budgets were also included, as attachments, in the 2018 budget package presented by President Buhari to the National Assembly on November 7, 2017,’’ Akabueze further explained. “However, as is sometimes the case, the respective committees of the National Assembly which oversight the GOEs may require them to provide additional details to support their budget proposals. “Following this observation by the Senate, the Budget Office intervened directly with the affected GOEs to obtain the details in the format requested by the Senate. Most of them have since complied with the Senate’s requirement.’’ The DG further explained that whilst any delay in providing these additional details by the GOEs does not affect the early passage of the federal government budget, the Budget Office is following up to ensure that every GOE complies with the directives of the Senate, stating that the statement was issued to clarify and respond to numerous queries from interested parties and the public.

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Abducted Rann Nurse Cries Out, Says She’s in Trouble Hauwa Mohammed, a 25-year-old midwife who sent out a WhatsApp voice message from Rann that Boko Haram had invaded their camp was not lucky to escape the attack that officially claimed the lives of at least 11 persons. The International Committee of the Red Cross (ICRC) has confirmed that two of its midwives were missing, indicating they might have been abducted by the Boko Haram gunmen. Nearly 72 hours after last Thursday attack, the federal government has not officially provided details of the attack which many fear may have claimed more lives than reported. The UN said 11 persons, including three UN aid workers, were killed in the attack. Eight of the 11 are Nigerian security officials including four soldiers, international agencies have said. The Nigerian military is yet to officially announce the casualty. Also, no government official or security agency has explained how the attack took place and why Boko Haram fighters had easy access to Rann. The most that has been revealed by the Nigerian military in Borno State was an anonymous confirmation by a senior soldier who simply said “there were casualties on both sides, including civilians there; the details are not clear for now”. But a careful analysis of Hauwa’s WhatsApp messages may explain how the attack took place. It was gathered that Ms. Mohammed is a trained midwife recently employment by ICRC and posted to Rann mid-February. Her friends and family members confirmed that after getting her new job, the midwife was flown to Rann

in Kala-Balge Local Government Area of Borno State on February 19. “We celebrated her new job and even joked about her coming back so that we could help her spend her first salary in Maiduguri,” said a close friend who identified herself as Fatima Saeed whom the missing woman also referred to in her WhatsApp message. Some of Mohammed’s friends, ccording to Premium Times, said she loves keeping in touch with family and friends. They said they were worried how she would cope working in a cut-off locality like Rann where there is zero access to telecommunication. It was her first major job since her graduation, following a stint with Fhi 360 in 2017, a North Carolina USA-based NGO working in Borno State. “But two days after she left, I received a WhatsApp message from her and I was surprised because I knew there was no network in Rann,” said Mrs. Saeed. “Then she told me that they have an internet Wifi to which they connect in order to chat or send emails.” On the day of the attack, Mohammed did not chat with her Mrs. Saeed. She was, however, having a chat with another friend when the Boko Haram gunmen invaded their camp. Under such an extremely dangerous situation, the terrified Hauwa was still able to use the WhatsApp handle on her phone to alert her friends about the attack on Rann, using the voice message application to send out patches of information while she was hiding at a location she said was within the soldiers’ barracks. Piecing the different patches of voice messages she managed

to send out before Boko Haram gunmen finally spotted her in her hideout, one could conjecture how the attack occurred. In the messages, she informed her friend in Maiduguri that they were under attack and that they had to run to the military base for protection. But her last voice chat indicated that the attackers had stormed the military base where they were taking refuge and she was about to be harmed. The first voice message with gun shots in the background says; “Inna lillahi wa inna ilayhi rajium (meaning from God we come and unto Him shall we all return), Boko Haram have invaded our camp, they are coming to take us away. Being a young woman and very much aware of the latest abduction of girls in Dapchi, Mohammed believed the worst that could happen to her may not be death, but Boko Haram taking her and other females away. The second Whatsapp message came in a more panicked voice. “Please don’t tell anybody yet, I

beg you in the name of God don’t let it out yet, don’t tell Fatima too for now. I am scared (voice broken with tears)…if my parents hear about this now, they will not be happy. Oh God, here they are, are you hearing the gunshots?” The third voice message seemed to be answering a question from the recipient as she said “no, they are still here and they will go with us.” It also suggests that the gunmen may have been repelled earlier before they regrouped and returned for a second phase of the attack; and that Hauwa and other aid workers had to leave their camp and flee into the military base for refuge. “Please go and tell my parents they don’t know the situation that their daughter is in now. For God sake, go and tell them. Call Fatima to go and meet my parents, but she shouldn’t tell them now. “We are now in the barracks and the gunmen have come back again. Oh inna lillahi wa inna ilayhi rajiun…” The fourth voice message

was the most disturbing, voices of men were heard alongside heavy gunshots, and clanking of metal sheets as Hauwa announced in hushed voice that “There they are, Boko Haram have entered where I am now; please don’t tell anyone yet, I beg you in the name of God.” The fifth voice message was only for about a second as it ended with Hauwa screaming and calling on the name of God. “Inna lillahi wa inna….”. The recipient of the messages said he could not reach her afterwards. But her message gave at least a hazy scenario of how the attack happened. The gunmen invaded their camp in Rann and during the attack, most of the aid workers fled into the military post which they called barrack to take refuge. After a moment of exchange, the military seemed to have repelled the attack. But after a while, the gunmen returned, as Hauwa said in her third voice message, “Boko Haram

gunmen have returned” to attack the military post. UN’s Humanitarian coordinator in Nigeria, Edward Kallon, called on Nigerian authorities “to ensure the perpetrators are brought to justice and account.” ICRC’s Communication Coordinator, Aleksandra Matijevic Mosimann, in a statement said his organisation was very much concerned about the safety of Hauwa and another midwife who they suspected have been abducted by Boko Haram. “At present we remain concerned about the safety of two midwives working in a Ministry of Health clinic in Rann, supported by the ICRC, whose whereabouts we don’t know yet. “We would like to express our sincere condolences to the families of all persons killed or injured in the attack, including the families of the humanitarian workers tragically killed or injured in Rann”. The UN, after the attack, announced the withdrawal of all aid workers from Rann.

Buhari Leaves for Ghana’s 61st Independence Anniversary Omololu Ogunmade in Abuja President Muhammadu Buhari will today depart for Accra, Ghana to attend the country’s 61st independence anniversary celebrations taking place tomorrow at the Independence Square. According to a statement by Mr. Femi Adesina, Special Adviser to the President on Media and Publicity, the president is the only foreign leader invited to the event as special guest of honour. Adesina also said aside host President Nana Akufo-Addo, Buhari is the only foreign guest scheduled to address the gathering. According to him, the president will use the opportunity offered him

by the occasion to reaffirm the longstanding warm relations between the people and government of Ghana and those of Nigeria. He also said Buhari would maximise the opportunity to express Nigeria’s commitment towards strengthening its bilateral ties with Ghana in furtherance of democracy, good governance and overall development not only in the West African sub-region, but also on the African continent. He listed those in the delegation to include the Minister of Foreign Affairs, Geoffrey Onyeama, and the National Security Adviser, Babagana Monguno adding that the president will return to Abuja after the celebrations tomorrow.

BAKARE: WITH 110 MISSING DAPCHI GIRLS, I DON’T KNOW WHAT BUHARI WAS DOING AT KANO WEDDING “It just shows how insensitive our leaders are. We have gotten to a stage that our president has become a king and a monarch. That his son who rode his pleasurable bike that almost claimed his life, will be returning from an overseas trip, where he had received special healthcare that Nigerians cannot afford, that it took a whole minister of state to go and welcome him, because he has no job.” Speaking at the Latter Rain Assembly yesterday, Bakare said anyone who knows the true state

of things in Nigeria would weep for the country. “If you truly know the truth, you will weep, if you know how much we are owing as a country, you will weep. For 16 years of PDP, they borrowed N6 trillion, for three years of APC, they borrowed N11 trillion. “And they are not going to pay the debt. You and I, and our children, and our children’s children will pay the debt, unless they write them off again.”

OGFZA BOARD MEMBERS

R-L: Board members of the Oil and Gas Free Zones Authority (OGFZA) , Kuyebi Temitope; Hon. Frank A. Owhor; Timipre Sylva; Mr. Umana Okon Umana; Ngozi O. Jipreze; Murtala Adhama; and Dr. Emi Membere-Otaji after their inauguration by the Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah in Abuja...recently

Daily Independent’s Abuja Bureau Chief Still in DSS Detention Tony Ezimakor, the Abuja Bureau Chief of Independent Newspapers, is still being held by the Department of State Services (DSS) without charge, despite appeals by wellmeaning individuals, activists and other groups. All the rights activists, lawyers, non-governmental organisations (NGOs) and journalists, who commented on Ezimakor’s incarceration, have decried the shameful and undemocratic act by the DSS who spat on the laws of the land by holding him for days without arraigning him in court. But yesterday marked the fifth day Ezimakor willingly walked into the head office of the DSS in Abuja, in response to an invitation from the security agency. The Abuja-based journalist is being held purportedly over exclusive stories on Boko Haram

campaign and the negotiations with Boko Haram insurgents. Citizens Advocacy for Social and Economic Rights (CASER), yesterday added its voice to the call on the DSS to immediately release the journalist. According to the NGO, it is utterly shameful for state authorities to use punitive detention as a means of attempting to stifle truth, which is the raison d’être of Section 39 of the 1999 Constitution. “It is, therefore, a despicable posture by the DSS to deprive the Nigerian citizen of his ‘right to know’ and the journalists’ right to freely express or publish facts together with his opinion on those facts. “The DSS must quickly realise that it would be constituting itself into an enemy of democracy in a modern Nigeria if it begins

to hound journalists either for their opinions or for publishing well-researched facts that have the potential of exposing corruption and grand deceit in official circles. “Ezimakor’s published investigative report on the involvement of a Swiss Foreign Service agent, and the alleged clandestine payment of millions Euros by the Nigerian government to secure the release of the kidnapped Chibok girls, deserves commendation in a country as Nigeria where journalists are least motivated to be so professional,” CASER said. Other groups that have added voice to the cry to have Ezimakor released include Muslim Rights Concern (MURIC), Nigeria Union of Journalists (NUJ), OurMumuDonDo, a coalition of

civil rights organisations led by Charlie Boy Oputa. All their efforts have yielded no positive result as the security agency continues to hold on to Ezimakor. On Saturday, the wife of the detained journalist, raised the alarm over the health of her husband. Ezimakor is known to be hypertensive, but has been denied access to his doctor and medication. DSS frustrated efforts by some members of NUJ and his church to see him by 2p.m yesterday. Many commentators have warned Nigerians to be alert to the fact that detention of journalists without trial is a sign of the repression and strong-arm tactics that will increase as 2019 approaches.

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3,000 Oil Jobs Under Threat as Labour Dispute Threatens Nigerian Content Policy Ejiofor Alike The raging labour dispute between the oil workers’ unions and Nigerian indigenous firms that have committed huge resources to develop local capacity and capability in line with the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010, has threatened 3,000 jobs in the oil and gas sector, THISDAY has learnt. THISDAY gathered that the dispute has already led to the sack of about 1,000 workers by indigenous oil companies and oil service firms, with 2,000 more jobs on the line as these firms downsize in a bid to curb exposure to the unions’ excessive demands. While the indigenous service providers struggle to retain indigenous workers they staked substantial investments to train under the Nigerian Content Law, these firms have alleged that the labour unions’ demands for unionisation of workforce, payment of huge remunerations for their members, and payment of fat exit packages to disengaged staff have posed a great threat to their survival. However, the Chairman of Petroleum Technology Association of Nigeria (PETAN), Mr. BankAnthony Okoroafor, said the association had scheduled a meeting Wednesday this week to look into series of complaints by workers and employers involved in the disputes. Okoroafor promised that PETAN is working with all parties in the disputes to address the worrisome development, adding that over 15 other companies outside PETAN are also affected by the labour dispute. He blamed the low activity cycle that affected the financial capacity of most service companies in the country for the crisis, stressing that labour leaders should take cognisance of the prevailing crisis in the industry in the context of the current economic condition of the country and collaborate with investors to revive the sector. Investigation revealed that the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) is on a collision

with over 18 companies that allegedly failed to abide by their Collective Bargaining Agreement (CBA) on payment of remuneration to their members, unionisation of workforce, reinstatement of sacked workers and payment of huge exit packages to disengaged staff. The National President of PENGASSAN, Mr. Francis Olabode Johnson, did not respond to calls and text messages but the Public Relations Officer of the association, Fortune Obi told THISDAY yesterday that the labour disputes in the companies were caused by the financial mismanagement of these firms by their CEOs and not labour’s demands. “The first thing the CEOs of the indigenous companies do when they win contract is to go outside the country and buy houses and come back to tell their staff that there is no money. There are collective bargaining agreements (CBAs) between PENGASSAN branches and the individual companies. But instead of the indigenous companies to abide by the terms of the CBAs, they give all kinds of excuses. Basically, Nigerian companies do not respect CBAs or obey labour laws. When the workers invite them to a negotiation table, they will not honour the invitation. We are writing to companies that do not respect the laws. If the IOCs disobey our laws the way indigenous companies disobey our laws, Nigeria’s oil and gas industry would not have advanced to this stage” Obi explained. He reminded the local operators that the local content policy they now enjoy was championed by PENGASSAN. Obi argued that PENGASSAN is a responsible body of professionals who cannot work for the collapse of companies where their members earn their living. However, the indigenous firms alleged that some of the workers demanding juicy severance packages are leaving for foreign multinational oil service firms after the indigenous firms had employed them as pupil engineers and trained them to develop the

APC Wins Edo Council Polls Adibe Emenyonu in Benin City The All Progressives Congress (APC) has been announced winner of the local government elections conducted last Saturday across the 18 council areas of Edo State. Results declared by the Edo State Independent Electoral Commission (EDSIEC) led by Prof. Stanley Orobator, showed that the APC defeated nine other political parties which participated in the elections with a wide margin. The main opposition party, the Peoples Democratic Party (PDP), boycotted the election and instituted a legal action challenging the composition of electoral committee as well as whether the state assembly has the right to change the electoral law. However, the election was generally peaceful across the state and witnessed huge turnout of voters in the areas monitored. Announcing the results,

Chairman of EDSIEC, Prof. Stanley Orobator, said the Certificate of Return would be presented to the winners today. A chieftain of the APC in Esan North East, Prince Joe Okojie, in his reaction, described the outcome of the election as a death knell onthe PDP in the state. Prince Okojie said the PDP willingly opted out of the polls because it did not want to expose itself to its national officers that the party is depleted. Some of the elected council chairman are, Mrs. Eghe Ogbemudia (Egor) Destiny Enabulele (Ovia South West) Patrick Aguinede (Esan West) Musa Yakubu (Estako West) Esan Central (Waziri Idemudia) Joseph Odia (Igueben) Frank Ilaboya (Owan West) Emuakhagbon Victor (Esan South East) Jelkins Osunde (Oredo) Dr. Eric Osayande (Ikpoba-Okha) Ogbemudia Osaze (Ovia North East) Andrew Osigwe (Owan East) and Sylvester Okoro (Orhiomwon)

requisite skills to tackle complex jobs in the industry. The chief executive officer of one of the indigenous firms told THISDAY at the weekend that the workers who seek greener pastures to work for foreign companies, also demand full exit entitlements from indigenous firms, thus fueling a collision between the indigenous operators and the workers’ unions – PENGASSAN and the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG). It was learnt that 18 companies are currently battling to save their investments from the unions over unresolved entitlement issues, while about four companies based in Port Harcourt, Rivers State, have received demand notices from the workers’ groups. One of the companies, Ciscon Nigeria Limited, it was learnt, has allegedly threatened declaring insolvency, citing hostility from labour unions in the face of downturn in upstream operations. In a petition addressed to

PETAN, some of the disengaged workers of the company stated that the Chairman and Chief Executive of Ciscon, Mr. Shawley Coker, had in a memo tagged ‘Ciscon-The Choice,’ sought to discount duly earned terminal entitlements of staff, threatening that where that option was not agreeable to them, then the company should be “shut permanently.” Coker was said to have explained that the company had to downsize in response to activity downturn in upstream operations after weak oil prices and low oil income forced the IOCs to defer and in some cases, cancel projects. One of the firms also berated the leadership of PENGASSAN “for being too parochial in their appraisal of prevailing situation in the industry,” urging them to “get clear understanding of their roles as partners in building the nation’s economy and not to align with agents that demolish business structures that create

jobs.” Also speaking on the issue, the Managing Director of Warribased indigenous oilfield services contractor, Weafri Well Services, Mr. Chris Onyekwere, said he had pioneered a campaign against poaching of trained employees by foreign companies and decried what he described as “the glee with which workers indigenous firms spent fortunes to train walked over to foreign competitors on the promise to work abroad.” Onyekwere argued that regulators should insist that “poaching must carry a condition that the foreign employers must first offset the training cost of the employees they seek to pull out from indigenous companies.” Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, had acknowledged the existence of the conflict and pledged to wield into the crisis and find a meeting point between the employers and the labour leaders. Speaking at the recent maiden

edition of the Nigeria International Petroleum Summit (NIPS) in Abuja, Kachikwu also stated that the federal government was working to attract the right level of investment capital to keep the Nigerian Content scope of the industry vibrant in the short to medium term, adding that it would require over $100 billion worth of investments to recalibrate activity the industry. “I have appealed to the unions to bring labour issues in the industry to me for initial dialogue before they become labour issue. My advice is that ultimatums and work stoppage are something that must be used very sparingly. In a typical year, we lose a lot of time because we are back to back with strike. It is almost like that the organised labour in the industry believes that the only way to get attention from us is to go on strike. But it shouldn’t be. When we are not doing things right we need to correct ourselves,” Kachikwu had said.

FACILITY VISIT

Member, House of Representative, Hon. Kingsley Chinda; Chairman Committee Local Content, Hon. Emmanuel Ekon; Financial Controller, MicCom Cables, Mr. Seun Awe; COO, MicCom Cables, Mrs Bukola Adubi; Hon. Jones Onyereri; and Factory Manager, Samson Adedipesoye, when members of the House Committee on Local Content visited MicCom Cables & Wires Ltd ....recently.

Buhari, the Only Glue Holding APC, Says Shehu Sani Senator Iroegbu in Abuja The senator representing Kaduna Central senatorial district, Shehu Sani, has said President Muhammadu Buhari is the only rallying point for the ruling All Progressives Congress (APC). Sani also said the crisis rocking APC has grown from a cat to tiger, adding that without the president, who he described as the only ‘glue’ holding the party together, the ruling party would have collapsed. The senator made these remarks while speaking to journalists at the weekend shortly after a closed door meeting with Mr. Segun Oniled fact-finding panel on the Kaduna APC crisis. The Senate Committee Chairman on Loan and Foreign

Debts, threatened that if the criss is not resolved, he has plan A, B and C. He also noted that the appointment of Senator Bola Tinubu to chair the reconciliation committee has given many contending forces within the party the hope and confidence that the issues would be addressed. He said: “Tinubu, is a man who is expected to bring peace Somalia, to bring peace to Syria, to bring peace to Afghanistan and also to reconcile Palestine and Israel, so, we pray for him to be able to achieve all these but we can say this clearly that we allowed APC’s problems to move from being a cat to being a tiger. And it now grew to such a level that threatens to consume everyone.

“I still see President Buhari as the glue of APC. Buhari is the glue of APC. These three words you are seeing, A, P and C, Buhari is the glue. If we don’t have Buhari in the APC, suddenly everyone will find way to his home. So as he remains the the glue, he must also be up and doing in addressing these crises. And part of the problems we are having here is the philosophy of being for everybody and for nobody, it led the party to nowhere. “So as far as I am concerned, I believe that there is a future for this party but if only everyone of us is treated with equity, justice and fairness. We must avoid the symptoms of crisis that destroyed the PDP. It must not come over

here. These problems can be resolved but as I said earlier, it has been allowed to move from being a cat to the tiger.” Speaking on his plans if the crisis continue, Sani said: “You see, we say all politics is local. As far as I am concerned, if the crisis in Kaduna lingers and it defies all sorts of peaceful moves, certainly people will take the next step. And as far as I am concerned, everyone has plan B. “As for me, I have plan B, Plan C and Plan D. So, If anybody feels he can enslave me, if anybody thinks he can dictate to me, if anyone feels that this party belongs to him and doesn’t belong to me and I am not needed in the party, there is no way I can continue to remain in the party afterall it is a free world.”

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Appeal Court Strikes out False Asset Declaration Charges against Former Customs Boss, Owolabi Says trial should be under a new CCT Chairman Alex Enumah inAbuja The Court of Appeal in Abuja last Friday struck out the false assets declaration charges brought against a former Comptroller of the Nigerian Customs Services

(NCS), Rasheed Taiwo Owolabi at the Code of Conduct Tribunal (CCT). The court in a judgment delivered on an appeal filed by Owolabi, challenging the jurisdiction of the tribunal to entertain the allegations

Nigeria to Benefit as China Amends Its Constitution Solomon Elusoji in Beijing One of Nigeria’s biggest trading and infrastructure partners, China, is set to amend its constitution for the first time in 14 years as its top legislative body, the National People’s Congress (NPC), convenes for its annual session beginning today. Speaking during a tightly packed conference at the country’s capital, Beijing yesterday, the spokesperson for this year’s NPC meet, Mr. Zhang Yesui, said the constitution was being amended because it was important to adapt to “changing circumstances.” There are 21 items to either be introduced or amended in the constitution, including the removal of set term limits for China’s President and Vice President, a move that might extend the presidential tenure of the current General Secretary of the Communist Party of China (CPC), Xi Jinping, indefinitely. Analysts who spoke to THISDAY on the sidelines of the Beijing press conference, which was held at China’s Great Hall of the People, believe extending Jinping’s tenure is a good omen for the stability of Nigeria-China relations as it relates to economic growth and investment policies. In 2013, Jinping announced the Belt and Road initiative, an economic project that has been described as the world’s largest platform for promoting policy coordination, financial integration, unimpeded trade and infrastructure democracy. His tenure has also seen Nigeria

and China’s trade relationship continue to improve. Between January and November 2017, the value of trade between the two countries stood at $12.3billion, a 30 per cent increase compared to the same period in 2016. Nigerian President Muhammadu Buhari has equally acknowledged that Mr. Xi’s China has, more than any other country, invested heavily in the country’s infrastructure. “In some projects, the Chinese have committed to funding the projects by as much as with 85 per cent through soft loans that span 20 years,” Buhari said last January. “No country has done that for us.” Meanwhile, Nigerians can expect the constitution amendment to go through smoothly, as Mr. Xi and the CPC enjoy a cordial relationship with the legislature. On Sunday, the NPC spokesman, Mr. Zhang, told journalists that the removal of the term limit, contrary to reports in some quarters that the change will lead to imminent autocracy, is only aimed at bringing the office of the president in line with Xi’s other positions atop the party and the Central Military Commission, which do not impose term limits. “It is conducive to upholding the authority of the Central Committee of the party with Comrade Xi Jinping at the core and also to unified leadership,” Zhang said. “This amendment does not mean changes in the system of retirement for party and state leaders and also does not imply that leaders will have lifetime tenure.” Nigeria and China established formal diplomatic relations in February 1971.

VAIDS: Adeosun Asks Taxpayers to Demand Written Notices from Tax Officials Ndubuisi Francis in Abuja The Minister of Finance, Mrs. Kemi Adeosun, has advised taxpayers to demand for written notices when they receive phone calls from tax officials. The admonition was in response to the activities of some fake tax officials purporting to be officials of the Voluntary Assets and Income Declaration Scheme (VAIDS). In a statement issued yesterday by her spokesman, Mr. Oluyinka Akintunde, the minister said her attention was drawn to reports of some unidentified tax officials requesting for bank details and address of taxpayers. She advised: “If you receive a phone call from someone claiming to be from the Tax Office, do not panic. Ask them to send you a written notice. Do not provide

any details like your address or bank details.” Meanwhile, the Governor of Kaduna State, Mallam Nasir el-Rufai and Adeosun have honoured a consistent taxpayer, Lema Jibrin. Jibrin was honoured during the just-concluded VAIDS sensitisation programme in Kaduna. The governor noted that Jibrin had consistently paid tax to the government for 40 years. “Elder Lema Jibrin, the Dan Iyan Katsina, is the most tax-compliant Nigerian. He has been paying his taxes consistently for 40 years and has not relented or evaded the payment of taxes,” el-Rufai said. Adeosun also praised Jibrin for his consistency and diligence in tax payment, and urged tax payers to utilise the amnesty programme of the federal government to regularise their tax profiles.

against him also barred the Chairman of the Code of Conduct Tribunal (CCT), Danladi Yakubu Umar, from participating in the further trial of Owolabi. According to the appellate court, the charge against the ex-customs boss can only be revived when the tribunal has been re-constituted. Owolabi was arraigned before the tribunal on allegations of false asset declaration but turned around to accuse chairman of the tribunal of demanding N10million bribe to pervert justice. Delivering judgment, Justice Tinuade Akomolafe-Wilson, held that there was no way the ex-customs chief can get fair judgment at the tribunal under the chairmanship of Umar, having written a petition against him to the Economic and Financial Crimes Commission (EFCC) accusing him of demanding for bribe.

The Appeal Court held that Umar having been thoroughly investigated by EFCC and partly indicted in the findings, would naturally create a real likelihood of bias against his accuser in the minds of right thinking people. Justice Akomolafe-Wilson held that the fear of denial of fair hearing raised by Owolabi was justifiable while the issue of fair treatment was fundamental that it cannot be waived aside. The court noted that although the EFCC did not arraign Umar on the strength of Owolabi’s petition, it cannot be doubted that the petition has caused some humiliation against the CCT chairman, hence the likelihood of bias against the defendant. “The fact that the chairman was absolved from prosecution over the allegation of bribery

made against him by the appellant does not justify the refusal of the tribunal to recuse Umar from the trial of the appellant. “No matter how strong the character of Judex might be, he should not sit as a judge over the case of an accuser. “It is even noteworthy that the chairman was not completely absolved of blame in the petition filed against him to the EFCC. Though, the EFCC after investigation could not get sufficient fact to prosecute the chairman, yet he was vilified for a most unethical and highly suspicious conduct on his part. “Let me state here that having regards to the investigating report of EFCC, the bias cannot by any stretch of imagination said to have been intestinally instigated by the appellant as a play to escape prosecution as being contested by counsel to the respondent.

“It is settled that justice must not only be done, it must manifest and be seen to have been done. A court must never place itself in a situation where the confidence reposed in it by the public to do justice to all parties before it in all circumstances is eroded. “The stream of justice must be kept clean and clear without any suspicion of pollution. “Justice cannot be said to be carried out in a case where the chairman of a tribunal who has been accused of graft from the appellant over a charge in which the chairman is presiding, still goes ahead to adjudicate over the case involving his accuser. “I hereby set aside the decision of the CCT delivered on October 20, 2016 and strike out the charge against the appellant pending when the tribunal is reconstituted with another chairman,” the court held

PRODUCT LAUNCH

L-R: Hajia Fatima Ugbada; Mrs. Ifunanya Kalu; Chief Promoter of First International Bank (FiBank) Group and former Governor of Abia State, Chief Orji Uzor Kalu; former President, Dr. Goodluck Jonathan; Managing Director of FiBank (Sierra Leone), Mrs. Hasiatu Jalloh; and Nigerian Ambassador to Sierra Leone, Dr. Habiss Ugbada, during the launch of FiBank Mobile Application at Radisson Blu Mammy Yoko Hotel, Freetown ....weekend

142 Cameroonians Escape to A’Ibom Due to Crisis in Southern Cameroon Okon Bassey in Uyo No fewer than 142 Cameroonian are taking refuge in Akwa Ibom State as a result of the crisis rocking the Southern and English-speaking part of Cameroon, the state Controller of the Nigeria Immigration Service (NIS), Livingstone Amadi, said at the weekend Amadi who made the disclosure during an interview in Uyo, said the refugees currently spread across three local government areas of the state. The state NIS boss who is barely three months old in the state, said the Cameroonian refugees were being camped in a makeshift structures in Oron, Eket and Mkpat Enin Local Government Areas of the state. According to him, the Akwa

Ibom State government had assisted with relief materials, stressing that the Cameroonian refugees experience was a national issue to Nigeria given the influx of people from Southern Cameroon. “You know border states like Cross River, Benue and Taraba, are also affected by the refugees fleeing English-speaking areas of Cameroon into Nigeria. “The Akwa Ibom State government had sent relief materials to the three different camps to support the refugees there. “We have also gotten delegations from the National Human Rights Commission (NHRC) and the United Nation High Commission for Refugees (UNHCR),” he added. Since last year, the English-

speaking regions of Cameroon haswitnessed tensionsover alleged discrimination against them by the majority French-speaking population, leading to thousands fleeing the country. Amadi said within the last three months of his assumption of duty, he had rebranded the state headquarters to make the work environment attractive to both staff and the public. “We have tiled the passport office, giving facelift to the comptroller’s office; we are tiling the production and enrolment office in the next one week. We are making judicious application of the little funds that we have,” Amadi stated. The NIS comptroller said he was impressed with the conduct of his officers in the command,

emphasising that his they have exhibited the highest sense decorum in border management. “The federal government is working on modalities for ease of doing business in Nigeria, my officers are very responsible, they cannot brutalise any businessman coming in or going out of Nigeria. “We are security agency of government interfacing with the public at all times. “My officers had been conducting themselves in orderly manner depicting the behaviour of trained and disciplined officers,” he maintained. He said t it was unfounded that his men had been extorting money and brutalising travellers along the Oron beach in Oron Local Government Area of the state.

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Smugglers Force NNPC to Record N774m Deficit in Petrol Supply Daily consumption hits 60 million litres Chineme Okafor in Abuja The Nigerian National Petroleum Corporation (NNPC) yesterday disclosed that the alleged unwholesome activities of crossborder smugglers of petrol in border states across Nigeria had now forced it to record a daily under-recovery worth N774 million in its importation and distribution of petrol in the country. NNPC’s Group Managing Director, Dr. Maikanti Baru, stated this at a meeting with the Comptroller General of the Nigerian Customs Service (NCS), Mr. Hameed Ali, in Abuja at the weekend. A statement from the Group General Manager, Public Affairs

of the corporation, Mr. Ndu Ughamadu, contained Baru’s conversation with Ali. In it, Baru raised the alarm that the proliferation of fuel stations in communities with international land and coastal borders across the country was affecting NNPC’s capacity to supply petrol to cities in the country as well as its financial bottom-line. Baru insisted that this development has energised unprecedented cross-border smuggling of petrol to neighbouring countries, and making it difficult for the corporation to sanitise the fuel supply and distribution challenges Nigeria has. He said detailed study conducted by the NNPC showed a strong

Amosun, Dickson Congratulate Obasanjo at 81 Ogun State Governor, Senator Ibikunle Amosun and his Bayelsa State counterpart, Seriake Dickson, have congratulated former President Olusegun Obasanjo as he celebrates his 81st birthday today, describing him as a quintessential leader. In a statement signed by the state Commissioner for Information and Strategy, Mr. Adedayo Adeneye, Amosun said the retired general and statesman, as military head of state and civilian president, demonstrated an exceptional passion for the socio economic development of the country and wellbeing of Nigerians. “His service to the country can be summarised as that of total sacrifice and exceeding zeal to ensure that Nigeria is great. Even incarceration did not douse his vision”, he stated. Amosun further described Obasanjo as a phenomenon, who was a gallant soldier, astute engineer and consistent statesman, adding that his sterling leadership qualities and administrative acumen, have been of great benefit to Nigeria, the international community and mankind in general. “This international figure, distinguished Nigerian and illustrious son of Ogun State, is a shining star, whose enviable reputation has not been diminished by diverse challenges,” he said.

The governor prayed that God grants the former Nigerian leader good health, wisdom and knowledge, to re-energise him towards an accomplished global leadership. On his part, Dickson in a statement signed by his Chief Press Secretary, Francis Ottah Agbo, prayed God to grant the elder statesman long life as well as good health so that “we can continue to tap from his fountain of knowledge and experience.” While thanking the former president for sparing time out of his tight schedule to visit Bayelsa recently to commission legacy projects, Dickson said clocking 81 years calls for celebration. He said: “On behalf of the government and the grateful people of Bayelsa State, I warmly felicitate with you on your 81st birthday Anniversary. Baba, we cannot thank you enough for all you have done for us as a people including your three-day Visit to Bayelsa State on my sixth anniversary where you commissioned legacy projects such as the world- class diagnostic centre, aquaculture village, the specialist hospital and the Olusegun Obasanjo Drive. As you celebrate your new age, I join your family, friends and associates to wish you many happy returns! May God grant you many more years in good health.”

Gunmen Kidnap Kano SUBEB Secretary Ibrahim Shuaibu in Kano The Board Secretary of Kano State Universal Basic Education Board (SUBEB), Alhaji Uba Muhammad, has been abducted by unknown gunmen at gunpoint. A brother of the victim, who preferred to remain unnamed, confirmed the development to journalists last night. He confirmed that the abductors had reached out to the family of the SUBEB secretary yesterday, demanding the sum of N20 million for his release. The source revealed that Muhammad was whisked away by unknown persons in the early hours of Saturday at his Shiye village in Bunkure Local Government Area of Kano State, where he frequently

spends his weekends. According to the source, the case was reported to the government and the police, saying that the concerned authorities are working to see how to rescuing the victim alive. The spokesman of the police in the state, Magaji Musa Majiya, confirmed the development while promising that the police were committed to rescuing the victim alive. Majiya said the police were initially unaware of the incident until a representative of the family lodged a complaint at the police headquarters on Saturday evening after which the Commissioner of Police directed the officer command in-charge of Anti-corruption to swing into action.

correlation between the presence of the border stations and the activities of fuel smuggling syndicates, and that this had led to NNPC’s observed abnormal surge in the daily consumption rate of Nigeria and evacuation of petrol from less than 35 million litres per day to more than 60 million litres per day. This, he added, was in sharp contrast with established national consumption pattern. He also provided a detailed presentation of the NNPC’s findings, stating that 16 states in the country have among them 61 local government areas with border communities and 2,201 registered fuel stations which have a combined fuel tank capacity of 144. 9 million litres of petrol. Baru further explained that eight states with coastal border communities spread across 24 local government areas in the country

accounted for 866 registered fuel outlets with combined petrol tank capacity of 73.4 million litres. He said because of the obvious differential in petrol price between Nigeria and other neighboring countries, smugglers now found it lucrative to use these border stations as conduit for the smuggling of petrol to neighbouring countries. According to him, this had resulted in a thriving market for Nigerian petrol in all the neighouring countries of Niger Republic, Benin Republic, Cameroun, Chad and Togo and even Ghana which has no direct borders with Nigeria. “NNPC is concerned that continued cross-border smuggling of petrol will deny Nigerians the benefit of the federal government’s benevolence of keeping a fix retail price of N145 per litre despite the increase in PMS open market price

above N171 per litre,” said Baru, who noted that based on the heightened petrol consumption rate of 50 million litre per day, the corporation was incurring an under-recovery of N774 million every day. The statement also quoted Ali to have said the customs would work with the NNPC to stem the tide of cross-border smuggling of petrol. Ali equally called on the government to address the issue of price differentials which he reportedly said was the underlying motivation for the smuggling of petrol from Nigeria across to neighbouring countries. NNPC’s further breakdown of its findings, stated that among the states with land border, three local government areas in Ogun State accounted for 633 fuel stations with a combined petrol tankage

of 40.4 million, while nine local government in Borno State have 337 fuel outlets with combined petrol storage capacity of 21.1 million litres. In Lagos, NNPC said one local government that has a border community has 235 registered fuel stations with total petrol storage facility of 19.9 million litres, while on the coast of Lagos, six local governments with border communities have 487 registered fuel stations with combined in-built storage capacity of 50.2 million litres. In Akwa Ibom State which has five local governments with border communities, NNPC said there are 134 registered petrol stations with capacity to store 8.3 million litres of petrol, while Ondo State has two local governments that have border communities and 110 fuel stations that can store 3.8 million litres of petrol.

POWER ROUNDTABLE

L-R: Chairman, Kaduna Electric, Yusuf Hamisu Abubakar; Chairman, House of Representatives Committee on Power, Hon. Daniel Asuquo; and Director General, Bureau of Public Enterprises (BPE), Mr. Alex Okoh, at the Powering Africa Summit Roundtable on Nigeria in Washington DC ....recently

Dickson: Why Adeniran, Gana Must Return to PDP Reiterates call for Nigeria’s restructuring Emmanuel Addeh in Yenagoa Governor of Bayelsa State, Mr. Seriake Dickson, yesterday maintained that for the Peoples Democratic Party (PDP) to have a formidable run against the ruling All Progressives Congress (APC) in 2019, the likes of Professors Jerry Gana and Tunde Adeniran, who recently defected to the Social Democratic Party (SDP) must be wooed back in no distant time. Dickson also noted that the PDP remains a “national asset” owned by all Nigerians, and not by any individual, contrary to insinuations that the party had been hijacked by certain persons. He described both professors as icons of democracy and leaders of progressive politics in the PDP and the country, stressing that the party must do everything within its power

to win them back to its fold. The governor said the most rational thing for all PDP stakeholders to do now is to start a process of building consensus and reaching out to players across party lines with the PDP leading the coalition to wrest power from APC in 2019. Dickson who is also the Chairman of the PDP Reconciliation Committee, in a statement in Yenagoa, by his spokesman, Francis Agbo, said he believed that while the leaders of the party are important stakeholders in the scheme of things, the real stakeholders of PDP are the ordinary Nigerians in whom sovereignty lies. “No one governor, no one lawmaker or leader of PDP can own PDP or singlehandedly produce a presidential candidate. Therefore, what is required of PDP leaders now is to work with all parties including

those who have left the PDP to produce a credible candidate that is acceptable to the generality of Nigerians on the platform of PDP to defeat the APC in 2019,” he said. He added that his Reconciliation Committee would continuously engage aggrieved party members, including those who have left PDP to return to the party, stressing that all well-meaning Nigerians must pull together to save the party and country from collapse. He said with less than one year to the 2019 general election, time was of the essence and called on PDP members not to lose faith in the party. While stressing that the next election would be critical to the survival of democracy and the country, he pointed out that history will be unkind to PDP leaders, if they fail to lead a coalition to unseat the APC-led federal government,

which he noted has put the country on a precipice. Meanwhile, Dickson, along with former Governor of Delta State, Chief James Ibori, have again called for the restructuring of the country. Both politicians spoke when they were conferred with chieftaincy titles by the Pere of Kabowei Kingdom, King Peremobowei Shedrack-Erebulu, Aduo the 3rd in Patani. Dickson restated his commitment to the clamour for a fair, equitable and restructured Nigeria that would be beneficial to all sections of the country. Also speaking, Ibori, who aligned himself with Governor Dickson, called for fairness in the country and urged political leaders, irrespective of party affiliation to collectively champion the cause, noting that any referendum must be in the interest of the region.

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MONDAYSPORTS

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

Messi Scores 600th Goal as Barca Go Eight-point Clear Barcelona struck what will surely prove to be a decisive blow in La Liga’s title race on Sunday afternoon, establishing an eight-point advantage over nearest challengers Atletico Madrid with a 1-0 win at the Nou Camp. Although the victory came by the narrowest of margins, it was a fully deserved success for the home team, who managed to create several decent chances to add to Lionel Messi’s magnificent free-kick after 25 minutes against a stubborn Atletico defence that has only conceded 12 goals in 27 league games. The winning goal was also the 600th of Messi’s career. The closest Barca came to a second goal was the unlikely

route of a fierce left-footed volley by the excellent Sergio Busquets from a corner, forcing visiting keeper Jan Oblak into a smart reflex save. There were also a couple of efforts on target for ex-Liverpool man Philippe Coutinho, who delivered a bright performance starting on the right of a forward three and then on the left of midfield after captain Andres Iniesta went off injured. Messi also had a dangerous shot deflected over the bar and Luis Suarez sent a late curler narrowly wide, while at the other end Atletico only managed one shot on target in the whole game - and that was only a gently looping header by Saul Niguez which home keeper Marc-Andre ter Stegen saved with ease. Atletico attempted to increase their intensity in the final stages as manager Diego Simeone finished with four

forwards in a bold 4-2-4 formation, but Diego Costa was subdued by the excellent home central defensive pairing of Gerard Pique and Samuel Umtiti, and reported Barca transfer target Antoine Griezmann couldn’t maintain his golden form after coming into the game on the back of consecutive hat-tricks. It was entirely appropriate that Messi was the match-winner of this top-of-the-table clash with his brilliant first-half free-kick, because the Argentine has been magnificent throughout the campaign to lead La Liga in both scoring (24) and assists (12). The goal also completed another spectacular week for Messi, who somehow conjured up a new way of making headlines by blasting home magnificent free-kicks of varying styles in three consecutive games.

NPFL… NPFL… NPFL…

Kano Pillars Consolidate at the Top Three players sent off in Match-day 11 fixtures

Duro Ikhazuagbe On a day three players from three different clubs in the Nigeria Professional Football League (NPFL) saw red for various infractions of Matchday 11, Junior Lokosa continued his brilliant form this season, scoring his 10th goal as Kano Pillars beat Go Round FC 2-0 to consolidate at the top of the log. The Sai Masu Gida now have 20 points but have now played

two more games than champions Plateau United who formerly occupied top spot in the table. Pillars blew the chance to take the lead in the 29th minute when Lokosa missed from the spot. They were awarded another penalty kick in the 57th minute when Chris Kpekpe handled Victor Dennis’ cross inside the box which was duly converted by Alhassan Ibrahim. Lokosa finally hit the back of the net five minutes from time

to double his side’s lead. He was set up by Salisu Mustapha for the goal. At the Yakubu Gowon Stadium in Port Harcourt, Ifeanyiubah picked its first away point of the season as they held hosts, Rivers United FC to a 1-1 draw result. The Anambra Warriors were awarded a penalty in the 59th minute when veteran goalkeeper Rotimi Sunday hacked down Seka Pascal in the box.

Rotimi was sent off for the dangerous play with Onyekachi Chidume scoring the spot kick. Ochefu Salefu restored parity for the home team five minutes from time, blasting home from 18 yards. Also, in Nnewi, Heartland FC’s Fuad Ekelojuoti was sent off four minutes from time in the game Lobi Stars defeated the Imo State team 1-0 to move to the second spot on the log.

Samad Kadiri scored the winner in the 25th minute. In Maiduguri, Niger Tornadoes goalkeeper, Edwin Nwakanma, was the third player to be sent off in the Match-day 11 clashes as they pulled a goalless draw with hosts El Kanemi Warriors. Nwakanma was sent off at half-time for assaulting a ball boy. In Akure, Sunshine Stars and Enugu Rangers battled to

a 1-1 draw while Abia Warriors defeated Kwara United 1-0 with captain of the team Austin Obaroakpo scoring the winner in the 52th minute. MATCHDAY 11 (Results) Kano Pillars 2 - 0 Go Round Heartland 0-1 Lobi Stars Sunshine 1 – 1 Rangers Rivers United 1 - 1 Ifeanyiubah Nasarawa Utd 1- 0 Wikki Abia Warriors 1 - 0 Kwara Utd El-Kanemi 0 - 0 Tornadoes

Nigeria Returns Empty Handed Rivers Angels Win Maiden NWFL Champions Shield Again from World Indoor For the fifth consecutive edition Team Nigeria failed to mount the podium after curtains were drawn on the 17th IAAF World Indoor Championships yesterday evening at the Arena Birmingham in Birmingham, United Kingdom. Sprint hurdler Tobiloba Amusan gave Nigeria a ray of hope Saturday evening when she qualified for the 60m hurdles final (7.91) albeit as one of the two fastest losers. However, in the final, Amusan could only place seventh (8.05) as USA’s Kendra Harrisson ran away with her first global title in a new 7.70 seconds personal best and championships record. Signs that it would be another fruitless trip was noticed on Thursday, the first day of the championships when quarter-miler Patience Okon-George failed to

show up for her first round heat. She was followed by another quarter-miler Chidi Okezie who ran a rather disappointing 48.53 to place 17th out of 18 participants in the semi-final. The women’s 4x400m relay team did not show up at the championships leaving the duo of hurdler Lindley Lindsay and Amusan to salvage Nigeria. Lindley fell at the semi-final stage (8.08) while Amusan ran all the way to the final to become the second Nigerian man or woman to run in the final of the 60m hurdles event at the championships. Nigeria last won an IAAF World Indoor Championships medal in 2008 in Valencia, Spain courtesy of Olusoji Fasuba’s incredible 6.51 seconds 60m run which fetched him an historic gold medal-the first for Africa in the event.

Wenger Defiant as City Closes in on EPL Title Arsene Wenger insisted he was still the right man to turn around Arsenal’s fortunes after a 2-1 loss to Brighton yesterday saw the Gunners suffer their fourth straight defeat in all competitions. Successive 3-0 reverses by Manchester City, the first in the League Cup final and the second in the league, could be explained in part by the dominance of Pep Guardiola’s runaway table-toppers, but the losses to Ostersunds in the Europa League and to Brighton verged on embarrassing. City won 1-0 at home to Chelsea later on Sunday, with

Bernardo Silva scoring the decisive goal, as they moved a commanding 18 points clear of the chasing pack. First-half goals from Lewis Dunk and Glenn Murray put south coast club Brighton in command and, although PierreEmerick Aubameyang pulled one back before the break, that was as good as it got for the Gunners. Arsenal’s eighth loss since the turn of the year left their hopes of a top-four finish in tatters, with Wenger admitting it was “already gone” even before the Gunners were left 13 points adrift of the leading quartet.

Rivers Angels… Champions Rivers Angels yesterday emerged the best female football club in the country after defeating Nasarawa Amazons 4-3 in a penalty shootout to win the maiden edition of the Nigeria Women Football League (NWFL) Champions Shield. Scores at regulation time was one-all before the dame dragged into shootout at the Agege Stadium. Rivers Angels who were

beaten by the same Nasarawa team in the NWFL Super 4 Tournament in Benin City late last year however got their pound of flesh in the Champions Shield competition meant to determine the best female team between the winner of the league and the Aiteo (Federation) Cup. Alice Ogebe scored the opening goal of the game in the 42nd minute for River Angels with a

header. Ejalonibu cancelled out that advantage in the 58th minute to level scores for the Amazons. The goal by Ogebe deep into the second half for Angels that would have prevented the game from dragging into shootout was however ruled offside. Chief Coach of the Rivers Angels, Edwin Okon, told THISDAY that he was the happiest person yesterday

winning the maiden Champions Shield sponsored by Lagos State. “I am the happiest person today for my team to emerge winners of the maiden Champions Shield. It confers on us as the best team in the country. For us (River United) as the winners of the Aiteo Cup to defeat the League champions means we are the best in Nigeria,” enthused Edwin who is former chief coach of the Super Falcons.

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MISSILE Kidnapped Victim to IG, NDLEA Chairman “At gunpoint with their leader on my side and one member of the gang on the other side I used my Diamond Bank ATM card to withdraw the sum of N160,000 (One hundred and sixty thousand Naira) in tranches of twenty thousand until all my ATM cards stopped dispensing. The time was about 9 pm. I believe the bank ATM cameras would record me with my armed kidnappers beside me.” A kidnapped victim Mr. Chiedu Nweke narrating his ordeal in petitions to Inspector General of Police, Ibrahim Idris and his NDLEA counterpart, Col. Muhammad Abdallah (rtd) detailing how NDLEA operatives in Enugu kidnapped and robbed him at gun point.

SHAKAMOMODU Tinubu’s Mission Impossible I THIS REPUBLIC

must confess that I am not a clairvoyant, neither am I a politician. And let me admit beforehand that if I were a politician, I would probably have been a poor one at least within the context of how it is played in this clime. I was raised in the very simple and principled way of life - to stand for something, value hard work, integrity and honour my father’s name. I cannot claim to have always excelled, but I can claim to have reasonably acquitted myself. These are the values that have defined me and my interactions with my fellow man. You can hardly find these values in the conduct and behaviour of our politicians. Theirs is about the politics of money, material acquisition, godfatherism, cult membership, human sacrifice, etc. It has nothing to do with a dream or a vision for society. And betrayal is the currency of their trade. I can hardly belong here. But I have come to the realisation that at some point, we may have to throw our hats into the ring in an effort to reorder our politics. We cannot just sit down and lament day in, day out. We have to come out and put our money where our mouth is and then walk the talk. My generation is too complacent. We want change but lack the courage and will to effect it. Now let’s go back to the main thrust of this article. Let me make a very categorical prediction here: Tinubu’s task to reconcile the APC is doomed to failure! Certainly, there is no gainsaying the evidence of this prediction as is right in our faces. The attempt at reconciliation is a last-ditch effort to save a rudderless ship bound for the bottom of the ocean. The party that duped Nigerians with the sweet-nothing promise of change, only to exhibit the worst of the very behaviour it had condemned in others, is about to implode and there is no one to save it from its original sin. To start with, Tinubu is the wrong person for this reconciliatory effort if the intentions were truly to reconcile the many aggrieved members before the 2019 general election. Tinubu himself is a factor to the crisis rocking the coat of many colours. Often overrated as “the greatest political strategist in Africa” by his lackeys and hangers-on and buoyed up by the media, he has an insatiable sense of entitlement, and has remained implacable over his loss of the control of the party, sulking over his inability to hand-pick and impose his preferred candidates on the party at the national level. Consequently, he has had a running battle with the party’s National Chairman, Chief John Odigie Oyegun, whom he had a very public spat with over the conduct of the Ondo State primary election to choose the APC governorship standard-bearer in 2016. Tinubu went to the extent of even accusing him of corruption, undemocratic behaviour and demanded his resignation. It was one of those moments Tinubu tried to flex his ACN muscle. When his call was largely ignored, Tinubu quietly withdrew into his shell to lick his wounds. The irony here is that it was Tinubu who was alleged to have pulled all the stops to make Oyegun the chairman of the APC, perhaps in the hope Oyegun would be used as a stooge in the implementation of Tinubu’s not-so-hidden-agenda to take over the structures of the party. Well, men’s fortunes do change and new alliances are forged. Oyegun found new friends and drifted away from the original unspoken intent and the unwritten script to the chagrin of Tinubu. Make no mistake, Oyegun is a sycophant of the current finger-pointing government. He has been talking like a man whose life depends on President Muhammadu Buhari running for another term. He daily pleads with Buhari to seek another term “to continue the good work” he and a few others see. In his warped thinking, God sent Buhari to save Nigeria. He is an unfeeling chairman who represents

shaka.momodu@thisdaylive.com

Tinubu everything a New Nigeria should move away from. And so is Tinubu. They are both more interested in Buhari’s continuation and advancing their relevance than condemning the killer herdsmen who continue to wreak havoc on lives and properties across the country. I am sure Tinubu himself does not expect he would succeed in reconciling his party of coat of many colours. It was not a coat made by a loving mother whose love is eternal and never fades. The APC is a coat of many colours made by a mixture of “walking wounded politicians with a vendetta ideology” of different shades and vices and experts in propaganda. A party of strange bedfellows which succeeded in wresting power from an incumbent – a victory well beyond its own imagination and which unfortunately has saddled it with a responsibility to govern – a responsibility now provably far beyond its capacity. For a few of us who saw through the massive propaganda in 2015, we are not surprised by the tragedy that has become this coat of many colours and a “vast reservoir of inner nothingness”. If Tinubu thinks his reconciliation would succeed, then it shows how extremely naïve he is. I suspect there may be other reasons for picking him other than a true desire at reconciliation. It may be to keep him busy and give him a false sense of relevance from the abyss he was sidelined to. Otherwise, how can it be that the Aggrieved Commander-in-Chief is suddenly the right person to reconcile a fractious party? Has Tinubu reconciled himself with the party’s players who “trashed” him after the party won, as stated by his wife just recently? Has he reconciled himself with Muiz Banre and Babatunde Fashola within his Lagos domain? Has he done likewise with Kayode Fayemi and Rotimi Akeredolu within his South-west domain? A man who cannot fix his own house is now saddled with the task of fixing the crises in several state chapters of the party? There are two court cases instituted by Muiz Banre in Lagos, a direct fallout of the last local government elections. And what am I hearing that Tinubu’s headache just got bigger with the split in the Lagos chapter of the APC? Sometimes, it not only rains, it pours. How can Tinubu be a fair arbiter in the crisis rocking the Kogi State APC chapter when he is a factor in the crisis that has seen some members at daggers drawn with the governor’s faction? The kind of talisman he would use to reconcile the intolerant and tyrannical Kaduna State governor, Nasir el-Rufai with Senators Shehu Sani and Suleiman Hunkuyi whose house was demolished on the orders of el-Rufai a few days after Tinubu was appointed to reconcile the many irreconcilable enemies in the party remains to be seen. In Rivers State, the Rotimi Amaechi/Magnus Abe feud is festering. Amaechi wants to be the godfather who determines who gets what, like Tinubu is in Lagos. Will Tinubu be able to tell Amaechi to keep his empire dream

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in abeyance for the good of the party? Is that not wishful thinking? What magic wand will he wave to resolve the war of attrition between Governor Abdullahi Ganduje and Senator Rabiu Kwankwaso in Kano? Tinubu would soon find out that his Lagos sphere of influence does not extend to Kano, Kaduna, Kogi Adamawa, Rivers, Oyo, etc. In Ondo State, the governor, Akeredolu, has practically declared Tinubu persona non grata in his state, advising him not come to the state with his reconciliation committee. It remains to be seen whether other state governors will follow in his footsteps. Before I forget, has Tinubu truly made up with Bukola Saraki and Aminu Tambuwal? Saraki went against the party/Tinubu’s choice to emerge the Senate President in 2015. Tambuwal was said to have stabbed Tinubu in the back when he refused to support Femi Gbajabiamila’s quest to be the Speaker of the House of Representatives and instead, backed Yakubu Dogora. I have been intrigued watching the way Tinubu has approached his “presidential assignment” with obvious relish. It is more as if he saw an opportunity to resurrect his grudge fight with his own party chair or those he had disagreed with in the past. If you doubt me, read the condescending and very commanding letter laced with accusations he wrote to the chairman of the party. Let me provide excerpts here for my readers: “You have taken it as your own personal ambition to thwart my presidential assignment in these key states. While this may place you in significant affinity with those parallel officials you hand-picked, this machination suggests no improvement in the welfare of the party in Kogi or at the national level.” He accused Odigie-Oyegun of rushing to Kogi to inaugurate a new parallel state executive without reference to the appropriate organ of the party. Tinubu told Odigie-Oyegun: “It is my understanding that your dissolution of the duly-constituted state executives and the hurried naming of the above-mentioned caretaker group were not approved by the NWC. You had let this situation fester for months on end. Only when I was appointed to help resolve internal disputes and when you realised I might focus early on Kogi, did you stir from your indifference and inaction.” Consequently, Tinubu stated, “In furtherance… I request that you make available to me the status reports and all the pertinent information regarding the state chapters without further delay.” Even though he used the word request to disguise his order, it sounded more like a command to Odigie-Oyegun. Then of course he threw in the catch, “my presidential assignment” for effect - clearly an undisguised attempt to seemingly intimidate and barrel his way through any likely resistance. Can this tactic work in the pursuit of peace, in an environment where the president is badly weakened by his own poor understanding of party politics? Here is a president who has largely remained aloof and uninterested in the internal politics of his party. Without mincing words, Buhari’s after-victory attitude to his party is at the root of the APC dysfunction. The party could have stood a chance at transforming from a contraption into what nearly looks like a party despite its poor foundation, if Buhari was interested. But he was apparently more interested in the victory than the vehicle he used to achieve that victory. At the height of his popularity when his body language was doing wonders, he could have stamped his moral authority on the party, before that authority unraveled. But he failed and allowed the competing forces for power and influence to fester and even in some cases his name was dropped to advance certain interests. For all he cared, the party ceased to matter after his win. It is that failure to build the party that is now about to spell the end of it.

His ethnic agenda and nepotism since coming to power have more than anything damaged him in the estimation of not only his party members but the generality of Nigerians – that is if it has not completely eroded his authority. Now, faced with a daunting task of being re-elected and a moral authority that is not worth more than paperweight, he is attempting to act, albeit belatedly. Buhari suddenly realises he needs the party as a vehicle and the support of the competing interest groups and factions in unison to win a second term. Unfortunately, many of these interest groups and factions have solidified their blocks within the party and every so often go to war with one another in their battle for supremacy. It is now a fight to the finish in many states. Many of the actors duelling it out in these warring state chapters, not only detest Tinubu as a person, they loathe his politics. It is unlikely they will be charmed by the opening salvo contained in his letter. Before we forget, Tinubu’s mandate is to reconcile aggrieved members and unite the fractured party ahead of 2019. Does anyone think Tinubu is really going to succeed, especially going by his approach which bears all the hallmarks of one who sees an opportunity to avenge an old slight? At the end of his “presidential assignment”, I can bet an arm and a leg that the APC would be more divided. The 12-month tenure extension granted Oyegun and other principal officers of the NWC by the party’s NEC is not only a forceful rebuttal of Tinubu and his tactics, but a ringing endorsement of Oyegun. He has been “trashed” again. Obviously, the self-proclaimed national leader does not have a national following. Where does Tinubu go from here? As me, I know when I am being ridiculed. All his investments in the quest for power is going up in smoke. There is no better way of seeing what happened last week – the extension of Oyegun’s tenure despite Tinubu’s opposition. Tinubu should take heart because it was “party supremacy” at work. No doubt, Tinubu is a very successful and experienced politician, but he has been very lucky as well that he has had loyal successors who decided to play the good boys. With all his successes in politics, his temperament seems unsuited for the assignment he so enthusiastically accepted. In this, he certainly needs tutoring in the art of diplomacy. It is also possible but highly unlikely that Tinubu is about to outsmart those who sidelined or better put “trashed” him. It is either he wants to cause more chaos and division and then have the last laugh, or that he may be genuinely naïve about his political reach. Either way, we’ll find out soon. Let me not discount the significance of the fact that some good can come out of Tinubu jetting around the country in pursuit of the so-called reconciliation. Since Buhari is rumoured to be offering a carrot in the form of 2023 presidency to Tinubu to get his endorsement for 2019, there is one benefit that will most likely accrue to Tinubu, if he can see it: an opportunity to identify crucial players, key indicators and build new bridges in critical states for himself in furtherance of his ambition ahead of 2023 under the cover of the “presidential assignment” to reconcile aggrieved members. If Buhari wins the 2019 election (God forbid)! Tinubu’s eyes would be opened to the “true lies” and deception he has been sold. Drawing from that, let me make one more prediction: Tinubu’s political reign is about to end, whether Buhari wins or loses. But I guess Tinubu has probably decided that he is probably better off sticking with Buhari than ditching him because if the opposition party should win the presidency, the Tinubu political empire would inevitably be a prime target for a total decimation.

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