Wednesday 11th April 2018

Naomi Campbell Reflects on Arise Fashion Week Naomi Campbell in London Last week, Naomi Campbell visited Lagos in honour of Arise Fashion Week and BBK Africa’s Homecoming – the music festival that played host to the African diaspora including Skepta, Wiz Kid and J Hus. “The energy was amazing,” she recounted

emotionally on her return home.

“From the moment I landed, I had the most incredible time: the people were wonderful, gracious, kind, accommodating… I received so much love that it felt almost overwhelming.”

The first Arise Fashion Week in six years saw some of the

"I left with my heart full of so much happiness; I didn’t want to leave. I haven’t felt that love in a long time, and it made me realise that all the 32 years I’ve been in this business, it’s been worth it" continent’s most esteemed fashion designers – like

Tiffany Amber and Ozwald Boateng – present on the

catwalk, alongside newer names like Laurence Airline and I Am Isigo.

“I went to an amazing shop, Alara, which is like Colette – and I was so excited by all of the fashion, the music, the culture,” she continued.

“I’m gonna wear (all those designers) now that I’m home; I felt so comfortable, so easy,

so relaxed.

“I feel like Africa, as a continent, is on the tip of explosion. It’s the next destination, and it needs a broader platform. I am going to help them get it. It’s more than overdue. There needs to be an African Vogue. It’s time.”

Continued on page 8

Wednesday 11 April, 2018 Vol 23. No 8392. Price: N250

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Presidency Accuses Looters of Staging Veiled Protest Against Buhari in London... Page 10

APC Chieftains Warn of Move to Frustrate Party’s Convention Allege plot to achieve tenure elongation through backdoor Question NWC members' role as supervisors and contestants in same elective contest Details emerge on Lalong c’ttee’s recommendations Tobi Soniyi in Lagos Despite the resolutions agreed to at the meeting of the National Executive Committee (NEC) of the All Progressives Congress (APC) on Monday, not all stakeholders appear to be satisfied with the outcome of the meeting, with some

chieftains of the party warning that the congresses and convention of the ruling party may be deliberately set up or frustrated in order to extend the tenures of executives of the party by subterfuge.

At the NEC meeting of Continued on page 8

Army Sets up Court Martial to Try Partisan Personnel

Bars religious worship outside barracks

Paul Obi in Abuja Barely 24 hours after President Muhammadu Buhari declared his intention to seek re-election in the 2019 polls, the Nigerian Army yesterday set up a special standing court martial that will prosecute officers caught dabbling in politics,

compromising military ethics or playing a role in the 2019 general election.

Officers and soldiers of Nigerian Army have been accused several times of meddling in the elections in the country, especially the Ekiti Continued on page 8

Ayade Weeps as He Signs N1.3trn Budget into Law ... Page 9

GTB MANAGERS MEET THEIR SHAREHOLDERS...

L-R: Mr. Segun Agbaje, Managing Director/CEO, Guaranty Trust Bank (GTBank) Plc; Mrs. Osaretin Demuren, Chairman, GTBank; and Mr. Erhi Obebeduo, Company Secretary, GTBank, at the bank’s 28th Annual General Meeting, held in Lagos… yesterday

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CEO: MTN Nigeria IPO Will Be Done

by Year-end, Market Permitting Emma Okonji with agency report MTN Group Ltd. expects the listing of its Nigerian unit on the Lagos stock exchange to be done by the end of this year, its CEO Rob Shutter has said, after suggesting last November that the process would be concluded by mid-year.

“We are progressing very

well with the Nigerian listing and if market conditions are appropriate, we will conclude that by the end of the year,” he said yesterday in an interview in Lagos. He declined to provide more details on the process.

MTN agreed to the Nigerian Stock Exchange (NSE) initial public offering as part of the settlement of

a $1 billion (N330 billion) revised fine imposed by the Nigerian Communications Commission (NCC) in 2015.

Africa’s biggest wireless operator by sales incurred the penalty after missing a deadline to disconnect unregistered subscribers amid a security crackdown in Nigeria.

Nigeria is the largest of the company’s 22 markets

across Africa and the Middle East.

According to Bloomberg, MTN is planning to raise at least $500 million from the sale of shares, people familiar with the preparations for the listing said.

The company could dispose of as much as 30 per cent of its Lagos-based unit, the people, who asked

not to be identified as the details aren’t public, said in February.

MTN is also preparing to list a 35 per cent stake of its local unit in regional neighbour Ghana, part of a deal with the government to use fourth-generation spectrum, a high-speed mobile data service.

“The Ghana IPO is well advanced,” Shuter said,

declining to provide details.

“We will make the specific announcement of that in accordance with the IPO schedule.”

MTN is targeting close to $800 million dollars with the Ghanaian listing, which would be more than 10 times bigger than the country’s largest IPO to date, people familiar with the matter said in March.

NWC (National Working Committee) to supervise the exercise and re-contest in the intra-party elections.

“In such circumstances, those conducting and supervising the congresses and convention will either formulate rules to favour them as contestants or there may be no commitment to successful congresses and the convention. Which ever way, the exercise can be programmed to achieve tenure elongation through the backdoor,” he explained.

Other recommendations approved by the NEC include a 21-day statutory notice for the holding of elective congresses and the convention to be given to INEC immediately; the current zoning formula for party offices be retained; requirements of Article 31(111) be waived in line with the provisions of Article (13,4(xv) to avoid disruptions in the management of party affairs at all levels; and all pending suits in respect of this matter be withdrawn.

In the memo, Oyegun further noted that on February 27, the NEC voted to authorise all elected officials to continue in acting capacities for a period not exceeding 12 months from the day of the

expiration of their tenure.

He said that the president had observed that the NEC decision might have been in contravention of the extant provisions of the party constitution and the Nigerian Constitution.

He stated that following the president’s observation, the NEC had authorised him to set up the Lalong committee to advise the party on the way forward.

On this, the party chairman wrote that the 10-man committee was mandated to examine the president’s position and recommend a course of action consistent with the constitutions.

Oyegun said the committee affirmed the “constitutionality and legality of the NEC Resolution of February 27” and the “need for elective congresses and convention”.

Quoting the report of the committee, Oyegun had said: “After citing relevant statutes and authorities, the committee concluded that the decision taken by the NEC at its meeting of February 27 did not violate either the constitution of the party and that of the federation.

“In essence, APC is competent, through its relevant organs, to constitute caretaker

committees to run the affairs of the party upon the expiration of the tenure of its elected party officials where, for some reasons, it is impracticable to hold elections before the requisite effluxion of time.

“The committee is of the view that it is the requirement of the constitution that the party should hold democratic congresses and convention every four years.

“The issue, however, is whether or not this requirement accommodates certain exigencies or circumstances that might prevent or make the holding of the congresses and conventions impracticable.”

Oyegun went on to say that the Lalong committee had recommended as follows: “That although the decision taken by NEC on February 27 is legal and constitutional, and violated neither the party constitution or that of the federation, it is still in the best interest of the party to conduct congresses and convention.

“However, in doing so, all reasonable measures should be taken to minimise opportunity for acrimony or rancour while ensuring that all prescribed constitutional and legal conditions are met.”

actions or inactions,” he said.

Buratai added that though he was aware of the constraints affecting some of their operations, but plans were underway to improve, particularly in area of procurement, subject to 2018 budgetary releases.

He assured participant that the Nigerian Army would continue to patronise Nigerian made hardware such as Innoson Motors, Proforce Nigeria and Nigerian Machine Tools, among others.

Buratai also hinted on the partnership with the Harvard Kennedy School of Government on the leadership programme to be held at Harvard University in Boston, Massachusetts.

Earlier, the Chief of Policy and Plans (COPP) of the Nigerian Army, Major General R.O Yusuf had said that the army has continued to receive encomiums from several quarters on its performance in Operations Lafiya Dole, Sharan Daji and

MESA. Yusuf noted that the conference presented an opportunity to appraise all operations by the army for optimum results in the second quarter of the year.

APC CHIEFTAINS WARN OF MOVE TO FRUSTRATE PARTY’S CONVENTION the party on Monday, where President Muhammadu Buhari had declared his intention to seek re-election in next year’s polls, the party reversed its decision in February to extend the tenure of its executives by one year, and directed that the processes for the conduct of congresses and a convention should commence.

But it wasn’t a winner takes it all for those opposed to the tenure elongation, as the NEC also granted a waiver that would enable the current party leadership to seek re-election while retaining their various positions.

Briefing the press after the meeting, Plateau State governor Simon Lalong, who chaired the technical committee set up by the party last week to review the tenure elongation issue, had cited Article 31(111) of the APC constitution, which states: “Subject to the approval of the National Executive Committee, the National Working Committee may in special circumstances grant a waiver to a person not otherwise qualified under if, in its opinion, such a waiver is in the best interest of the party.”

The NEC also approved the recommendation of the Lalong-led committee, which advised that in

the event that there is a problem and the congress and convention becomes inconclusive, the party will ask the current leadership of the APC to remain in office, but in an acting capacity.

However, the approvals given by the NEC of the party may not have gone down well with some of its stakeholders, who informed THISDAY yesterday that the proposed congresses and national convention of the APC may be deliberately set up or frustrated to achieve tenure elongation through the backdoor.

The sources, who preferred to remain unnamed, said the approvals had a hidden motive – to sustain the one-year tenure elongation initially granted APC national and state executives.

Citing a memo by the national chairman of the party, Chief John Odigie-Oyegun, which encapsulated the report of the Lalong committee and was approved by the NEC at its Monday meeting, the sources revealed that the national leadership of the party had anticipated certain circumstances that might make the decision to hold congresses and the national convention impossible to implement.

Oyegun, it was gathered,

referencing the findings of the Lalong committee set up by him, had maintained in the memo that the February 27 decision of NEC neither violated the constitution of the party nor the Nigerian Constitution.

The fifth point raised in the memo by Oyegun, as approved by NEC, stated that the February 27 decision would be upheld in case of unforeseen contingencies arising from the congresses/convention.

The memo stated: “If for reasons of inability to fulfill constitutional and or legal conditions requisite for the conduct of a valid elective congress or convention, then the party may as a last resort leverage on the NEC resolution of February 27, 2018, which in our view is lawful in the circumstances.”

But a party source, who spoke on the issue, disclosed that the approved recommendation, also contained in the Lalong committee report, may become a trigger for disaster, especially if the proposed congresses and convention are not held or stage-managed.

“I suspect a plot to frustrate and subvert the congresses and convention, especially since waivers have been given to the

ARMY SETS UP COURT MARTIAL TO TRY PARTISAN PERSONNEL State governorship election in 2014 where Ayodele Fayose of the Peoples Democratic Party (PDP) beat then-incumbent Kayode Fayemi of the All Progressives Congress (APC).

Military personnel have also been accused of aiding and abating vote rigging in some of the states won by both major political parties.

Speaking at the Chief of Army Staff (COAS) First Quarter Conference in Abuja, the Chief of Army Staff, Lt Gen Tukur Buratai warned his officers and men to steer clear of the 2019 elections.

He also decried recent criticism that has trailed some of the interventions and operations of the Army, stressing that officers are mandated to abstain from meddling in the forthcoming polls.

According to him, “The Nigerian Army must remain apolitical and professionally responsive in the discharge of its constitutional duties.

GOCs (General Officers

Commanding) and Field Commanders at all levels are therefore warned that anyone that runs foul of his professional ethics will be appropriately dealt with.

“You are all enjoined to continue to remind officers and soldiers under your command to remain nonpartisan and be guided by the stipulated code of conduct and rules of engagement in the discharge of their duties particularly in the coming 2019 general election.

“I have directed for a special standing court martial to be set up in preparation for the coming 2019 elections. I must warn that any Nigerian Army personnel found hobnobbing with politicians or being partisan will be investigated and sent to the special standing court martial.

“I must state that any officer or soldier who wishes to be sympathetic to a political, religious or ethnic group should voluntarily

retire from the Nigerian Army.

“Furthermore, all are reminded on the ban on any form of worship outside the barracks except those permitted for wedding and other social events.”

Buratai cautioned officers and soldiers to refrain from any acts of political, religious or ethnic patronage, warning that this would attract severe consequences.

“The fate of the 38 officers who were retired is still fresh in our memories,” he reminded them, making reference to the Ekiti election.

The army chief also charged his men to ensure that killings by criminal gangs are prevented.

“In this regard, issues of murder, arson and other serious crimes perpetrated by ethnic and local militias, criminals and miscreants must be dealt with decisively.

“Commanders would be held responsible for any lapses arising from their

TOP GAINERS JAPAUL DOUBLE11 STERLBANK NAOMI CAMPBELL INTERBREW REFLECTS ON ARISE UNITYBANK FASHION WEEK Besides walking the TOP LOSERS runways, Campbell opened WEMABANK the BBK event with Dream Catchers, a dance collective of LASACO underprivileged children from JAIZBANK Ikorodu, Lagos, who recently broke the internet with viral videos of their performances and who she had travelled to meet.

“I left with my heart full of so much happiness; I didn’t want to leave. I haven’t felt that love in a long time, and it made me realise that, all the 32 years I’ve been in this business, they’ve been worth it.” t $VMMFE GSPN 7PHVF

NGN NGN 0.04 0.53 8.50 178.50 0.08 1.68 2.35 51.50 0.01 0.23 NGN NGN 0.04 0.77 0.02 0.39 0.03 0.62 ETERNA 0.29 6.00 C & I LEASING 0.07 1.49 HPE Nestle Nig Plc ₦1,385.00 Volume: 388.277 million shares Value: N4.208 billion Deals: 4,222 As at yesterday 10/04/18 See details on Page 39

% 8.1 5.0 5.0 4.7 4.5 % 4.9 4.8 4.6 4.6 4.4

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NEWS

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

Ayade Weeps as He Signs N1.3tn Budget into Law Bassey Inyang Ă“Ă˜ Ă‹Ă–Ă‹ĂŒĂ‹Ăœ Cross River State Governor, Professor Ben Ayade, yesterday wept openly when he signed the state’s 2018 N1.3 trillion budget into law.

Ayade, who was overtaken with emotion after signing the budget, shed tears and asked for God’s intervention towards the successful implementation of the budget.

Tearfully, Ayade handed over a signed copy of the budget to a clergyman who attended the ceremony to lead everyone in prayers and supplication for God’s divine intervention for the successful implementation of the budget.

Explaining the importance of the budget christened, ‘Budget of Kinetic Crystallisation,’ the governor said the signing of the budget was epochal in history because it was the first time to pass a N1 trillion mark budget in the state and the nation. “This is the first trillion naira budget by a state government in the annals of Nigerian history, and therefore it is unique and ambitious and intended to decouple the state from dependence on Federation Account. “The philosophy behind the budget is the spirit of we can do it and create a new vista, thinking and horizon that would take us out of the woods. It is

high time we brought to an end the civil service status mentality we have found ourselves in by thinking outside the box,�

Ayade said.

Ayade commended the state House of Assembly for the deep understanding of the budget proposal, and the intricacies that led to its passage into law.

The governor described the state legislature as a great stabilising factor in his administration.

The Speaker of the assembly, Mr. John Gaul Lebo, who presented a copy of the budget before it was signed, said the House had interfaced with various ministries, department and agencies before the passage of the budget. “We had extensive engagements with all the Ministries, Departments and Agencies (MDAs) to arrive at N1.3 trillion. The budget is designed in terms of international benchmarks of deficit and envelop budget. “We shall in line with Section 122 of the Constitution, carry out rigorous oversight functions to ensure that the budget is implemented to deepen the dividends of democracy,� the speaker said.

The state  Commissioner for Finance, Mr. Asuquo Ekpenyong, said the passage and signing of the budget was an indication of the cordial relationship

Buhari RatiďŹ es Appointment of Seven RECs, 16 Agency Heads Olawale Ajimotokan Ă“Ă˜ ĂŒĂ&#x;ÔË The federal government has approved the appointment of seven Resident Electoral Commissioners (RECs) at the Independent National Electoral Commission (INEC) in addition to 16 new Chief Executive Officers of some agencies.

A statement issued yesterday by the Director Information, Office of the Secretary to the Government of the Federation, Lawrence Ojabo, said the RECs were appointed for the initial term of five years with effect from April 17, 2018 when they are to be sworn in by the INEC Chairman, Mahmood Yakubu .

The new RECs are Dr Emmanuel Hart, Mohammed Magaji Ibrahim, Dr Cyril Omoregbe, Dr. Uthman Abdulrahman Ajidagba, Mr. Segun Agbaje, Mr. Baba Abba Yusuf and Yahaya Bello The other appointments were in respect of agencies at the Ministries of Health, Education, Information and Culture, Power, Works, and Housing.

The new heads of the agencies are: Dr  Abdulkareem Jika Yusuf, Medical Director Federal Neuropsychiatric Hospital, Kaduna; Dr Abubakar Musa, Medical Director Federal Medical Centre, Nguru; Dr Abdulahi Ibrahim, Medical Director, Federal Medical Centre, Azare; Dr Nasir Ibrahim Umar, Medical Director, National Obstetric Fistula Centre, Bauchi; Dr Iliasu Adeagbo Ahmed, FCM Owo and

Dr Aliyu Muhammed El Ladan, Medical Director, National Obstetric Fistula Centre, Katsina.

Mrs Stella Oyedepo is the General Manager National Theatre, Lagos. She was appointed for an initial term of four years with effect from April 8, 2018, in compliance with the Establishment Act, especially Sections 7 and 8 of the National Theatre and National Troupe of Nigeria Act 1991.

With her appointment, President Muhammadu Buhari has separated the leadership of the National Theatre from National Troupe of Nigeria.

Dr Baba David Danjuma is the Rector Federal Polytechnic Idah, Dr Usman Kallamu, Rector Federal Polytechnic Damaturu, Dr Jimah Momodu Sanusi, Rector, Federal Polytechnic, Auchi, Dr Dayo Oladebeye, Rector, Federal Polytechnic Ado Ekiti, Mr Sanusi Gumau, Rector, Federal Polytechnic Bauchi, Prof. Tomunomi Abbey, Rector Federal Polytechnic, Oil and Gas, Bonny, Omokungbe Omoseni, Rector, Yaba College of Technology, Lagos, Prof. Faruk Rashid Haruna, Provost Federal College of Education, Kotangora, while Usman Gur Mohammed, Managing Director Transmission Company of Nigeria (TCN) The statement charged the appointees to reinvigorate the agencies in the delivery on their mandates through a renewed commitment to transparency, accountability, and service delivery with integrity.

between the executive and legislature was aimed at the overall interest of the ordinary citizens of the state. “This budget is intended

to crystallise and implement the visions that have been so far formulated by the administration. We are entering the fourth year, so

this is the time to deliver on the mandate and the promises we made to the people. “There is going to be a trickle down effect as we

start implementing the budget and Cross Riverians are going to benefit from the multiplier effect if they position themselves well,â€? Ekpenyong said.Â

A GREAT MAN AT 90

L-R: Ogun State Governor, Senator Ibikunle Amosun; Vice President Yemi Osinbajo, Elder statesman, Pa Ayo Adebanjo; and his wife, Christiana, at the 90th birthday service in honour of Adebanjo, at Isanya Ogbo-Ijebu, Ogun State...yesterday

Again, Crude Oil Price Hits over $70 as US, China Tensions Ease Ejiofor Alike åÓÞÒ Ă‹Ă‘Ă?Ă˜Ă?ĂŁ ĂœĂ?ĂšĂ™ĂœĂžĂ?

Crude oil price yesterday hit over $70 as the trade war between the United States and China appeared to ease.

The price had on January 25, 2018 hit $71, its highest since December 2014.

After dropping, crude oil prices are bounding higher, extending yesterday’s steep gains, as geopolitical tensions ease.

The prices last Friday suffered their worst weekly declines in two months after they had followed equity markets lower amid growing fears of a trade war between the US and China, the world’s two largest economies.

But on Monday, crude oil tracked global stock

prices higher on signs over the weekend that President Donald Trump’s administration might be softening its stance in the trade spat with China.

However, remarks from China’s foreign ministry and a tweet from Trump have suggested that the dispute could easily heat up again.

Global markets were trading positive territory yesterday after China’s President Xi Jinping vowed to continue opening the Chinese economy in a speech, which bolstered oil prices.

Brent crude oil briefly rose above $70. 88 per barrel, while the US benchmark West Texas Intermediate (WTI) futures were up 1.62 per cent at $64.45 a barrel.

Investors are waiting to see how the conflict in Syria

would unfold after Trump promised to make a decision on whether he will attack “very quickly.�

After falling from an alltime high of $147 per barrel in July 2008, Brent crude price had hit a peak of $115 per barrel in June 2014 before the excess inventory in the oil market forced the price down to $27 per barrel in February 2016.

WTI also reached a peak of $105 per barrel in June 2014 before the sharp drop in oil prices.

However, a productioncutting pact between the OPEC, Russia and other producers has given strong tailwind to oil prices.

OPEC’s main objective for the cuts is to eliminate a global surplus in oil stocks and

rebalance the market.

OPEC, together with Russia and a group of other producers, last November extended an output-cutting deal to cover all of 2018.

The cartel had at their November 30, 2017 meeting agreed to extend oil output cuts until the end of 2018 as part of the global efforts to eliminate excess oil supply that had dogged oil markets since 2014.

The current deal, under which OPEC and non-OPEC producers are cutting supply by about 1.8 million barrels per day, expires in March 2018.

OPEC is cutting output by even more than it promised and the restraint is reducing oil stocks globally, a trend most visible in the United States, the world’s largest and most transparent oil market.

NCAA Warns Airlines, Pilots over Thunderstorm as Rainy Season Sets in Chinedu Eze The Nigerian Civil Aviation Authority (NCAA) has issued a weather hazard alert to all pilots and airline operators, indicating the hazards associated with rainy season in flight operations at this period of the year.

The regulatory authority said the alert was quite imperative at the outset of the rainy season which is usually accompanied with severe thunderstorms and many other hazardous weather phenomena such as turbulence, microburst, low level wind shear and hail events.

These weather variations are inimical to flight operations and are known to pose obvious threat to flights, NCAA explained.

In a statement signed by its spokesman, Sam Adurogboye, the agency said the advisory circular as approved by the Director General, Capt. Muhtar Usman- NCAA-AEROMET -25, is issued based on the Seasonal Rainfall Prediction (SRP) released for the year 2018 by the Nigerian Meteorological Agency (NiMet), which predicts March/ April and May/ June 2018 as the onset for rainy season in the Southern and Northern parts of Nigeria respectively.

“Therefore, pilots, operators and air traffic controllers should take note of their responsibilities as follows: Air Traffic Controllers may temporarily close airspace when hazardous weather conditions such as severe thunderstorms, squall lines, microburst or low level wind shear are observed or forecast by Nimet. “Flight Crews/Operators and Air Traffic Controllers (ATC) shall ensure adherence to aerodrome weather minima.

Pilots shall exercise maximum restraint whenever adverse weather is observed or forecast

by Nimet,� NCAA said.

The agency also said that “pilots/flight crew members shall obtain adequate departure, en-route and destination weather information and briefing from Nimet Aerodrome Meteorological officer prior to flight operations;� so operators are therefore advised to ensure necessary measures are put in place to manage effects of flight delays or cancellations on their passengers.

NCAA added that all stakeholders are required to ensure strict compliance with the circular as violations would be viewed seriously.

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NEWS

Presidency Accuses Looters of Staging Veiled Protest Against Buhari in London Barely 24 hours after President Muhammadu Buhari declared his intention to contest for another term in office as president of Nigeria, the camps of alleged looters and corrupt elements within and outside the country have been jolted, forcing them to push panic buttons including renting a motley crowd of professional demonstrators to protest against the president on his arrival into the United Kingdom, presidency sources can now reliably reveal.

According to impeccable sources in the State House, Abuja, and Britain, extremely corrupt Nigerians who are custodians of slush funds stolen from Nigeria, and hiding in UK or are resident cronies of such elements, have colluded to form a league of protesters with the singular aim of distracting and disorganising the scheduled state visit of Buhari to the UK for bilateral talks with Prime Minister Theresa May and other dignitaries.

“Esteemed Nigerians home and abroad, friends and business investors in Nigeria, should please see through the veil of the motive behind the Abuja House, Kensington London demonstration. It was an orchestrated act of desperation and a ploy to blackmail and hoodwink the president from concentrating on his anti corruption campaign,

which is fast gaining grounds locally and internationally,” our source stated authoritatively.

Adding that, “this unpatriotic act is not unconnected to the Federal government policies to name and shame corrupt citizens and looters; to collate database of Nigerians with homes in UK who are not paying the right taxes, and the hot drive to prosecute all financial defaulters through bilateral and multilateral means.”

A public affairs analyst, who preferred anonymity, also said “the protest was benchmarked on an assemblage of local grievances and national challenges which the government is already tackling head on. Such as the herdsmen versus agrarian farmers clashes, fuel scarcity which no longer exists and trumped up charge of hunger in the land at a time when prices of food items are beginning to drop and inflation on the decrease.”

His view was buttressed by presidency sources who further repeated the position of Buhari who famously said corruption was endemic and Nigerians needed to kill it before it kills Nigerians.

“It is obvious that this is a clear cut incident of corruption fighting back. Many of the beneficiaries of corruption and slush funds cannot withstand another devastating blow of Buhari’s anti-corruption

APC Not Ready for Fair Play, PDP Tells German Envoy Accuses ruling party of plot to rig Ekiti election Onyebuchi Ezigbo ÓØ ÌßÔË The Peoples Democratic Party (PDP) has accused the All Progressives Congress-led federal government of muscling the opposition and refusing to respect the rule of law.

The National Chairman of the party, Prince Uche Secondus, alleged that APC and the Independent National Electoral Commission (INEC) have perfected ploy to rig the Ekiti State governorship election.

Secondus stated this when the German Ambassador to Nigeria, Dr Bernhard Schlagheck, paid a courtesy call on the PDP national leadership.

“We want to encourage Germany and other development partners to prevail on the leadership of the APC to abide by the rules of the game. We don’t want crisis in the country, we want in the country and we are preaching peace,” he said.

Secondus who urged the international community to prevail on the incumbent administration to ensure free and fair election, said: “July Ekiti State governorship election will be the first test for this administration. We know that the APC and INEC have perfected plans rig the election.”

He accused the APC-led administration of refusing to respect the rule of law.

The PDP national chairman

said instead of the APC-led administration to fulfill its 2015 campaign promises, it has plunged Nigeria into series of crisis.

He further cautioned that lack of free and fair election is a major cause of crisis in Africa, saying “when citizens are deprived of their right to vote, that will generate crisis that might be difficult to control.”

He added: “Nigeria is an important country on the continent of Africa. The best we can give to our people is election that will be transparent, election that will be credible, election that all, both local and international will welcome.

“So we urge the governing APC that the best they can give this country is to offer one man, one vote. We did that during the electoral campaign in 2015 but they are not assuring this, which means that there is a great fear in the land that the election is not going to be free and fair despite all the promises made

by INEC.” The PDP chairman said he has embarked on two pronged strategy to project the party ahead of 2019, namely generation next and rescue mission.

According to him, generation next is aimed at ensuring mentoring for the youths, while the rescue mission is aimed at salvaging Nigeria from APC’s misrule.

sledge hammer. Hence, they are resolute to derail the apple cart in order to save their ugly faces and sit back to enjoy the loot in their personal banks.

Some of the protesters are not even Nigerians but hired

hatchet men paid to do the dirty job,” we gathered.

According to security sources, the protesters are said to be bent on embarrassing and humiliating the president throughout his stay in the UK.

An insider vowed that they will take their demonstrations to the venue of CHOGM holding later in the month in Britain, which President Buhari is attending as a Commonwealth head of state.

The Senior Special Assistants, Media and Publicity, Garba Shehu, said in reaction that the president will not be distracted from his mission in the UK.

CROSS RIVER BUDGET IS READY

Cross River State Governor, Professor Ben Ayade (left) and officials of the state during the signing of the 2018 N1.3 trillion budget into law at the Executive Council Chambers of the Governor’s Office in Calabar....yesterday.

Ekweremadu Challenges FG’s Planned Seizure of His Assets Court adjourns to April 26 to hear application Alex Enumah ÓØ ÌßÔË The Deputy Senate President, Ike Ekweremmadu, yesterday challenged the proposed seizure of some of his properties by the federal government.

The government had on March 21, 2018, approached the Federal High Court in Abuja for an interim order for the temporary forfeiture of some of his undeclared properties worth billions of naira.

The properties, 22 of them, are said to be located both within and outside the country.

Nine of the mentioned properties are said to be in Abuja, two in London, United Kingdom, eight in Dubai, United Arab Emirates, and three in Florida, United States.

The government had brought the suit pursuant to section 330 of the Administration of Criminal Justice Act, 2015 and section 8 of the Recovery of Public Property (Special Provision) Act. In the suit marked FHC/ABJ/ CS/284/2018, the applicant, (Special Presidential Investigative Panel for the Recovery of Public Property) is seeking an order of temporary forfeiture of the said properties pending the conclusion of its investigation.

The government claimed that without the court’s order attaching/forfeiting the said properties, “the likelihood of the frustration of investigations as well as the dissipation of the said properties is very high.”

It was the contention of the government that the matter was of utmost public interests and concern, and as

such, “an order will enable the government to carry out a thorough investigation into the activities of the respondent in the acquisition of the said properties as it relates to the allegation of a breach of Code of Conduct for Public Officers.”

It said the interim order would lapse as soon as investigation and further inquiry by the Special Presidential Investigation Panel for the Recovery of Public Property is concluded.

It said the respondent might face possible arraignment after investigations.

But at yesterday’s proceedings, the Deputy Senate President informed the court of two applications he had already filed in opposition to the notice of ex parte application filed by the government.

When the matter came up yesterday, counsel to the federal government, Bala Dakum, who held brief for Festus Keyamo (SAN), informed the court that by the nature of an ex-parte application, the respondent was not supposed to be in court not to talk of being heard.

He informed the court of an application he filed seeking leave of court to file a counter affidavit to Ekweremadu’s application seeking to be heard in the ex-parte application.

Since the application was not opposed to by Ekweremadu’s counsel, Adegboyega Awomolo (SAN), the court granted his prayers.

In the counter affidavit filed on April 9, opposing the hearing of Ekweremadu’s application, the

government argued that being privy of the notice of ex parte application does not accord the respondent right to be heard in the suit.

He said what happened was that while waiting for the court to fix a date for hearing of the motion, the respondent filed an application, seeking to be heard.

According to Dakum, what the government seeks to do at this stage is to obtain an order of court stopping Ekweremmadu from dissipating the assets in question whilst investigations are ongoing.

The government further averred that the application of the respondent “is a delay tactics to frustrate the substance of this suit as there are reports that the respondent is already hurriedly selling off the assets in question”.

The government’s lawyer further argued that the position of the respondent that granting the ex parte would infringe on his right to fair hearing was misconceived and urged the court to dismiss the application for lacking merit.

Responding, Awomolo told the court that he equally filed two applications on March 26, 2018. The first according to him, is the one praying the court for leave to be heard in the motion ex parte, while the second is challenging the jurisdiction of the court to hear the ex parte on grounds that the applicant is not recognised in law to file the suit.

“The body that brought that motion ex-parte does not exist in law. We are challenging the

constitutionality of its existence,” he said.

Awomolo, therefore urged the court to adjourned to a convenient date to take all the applications together.

But Dakum objected, stating that the court should first determine whether the respondent should heard in the suit before taking on other matters.

After listening to counsel in the matter, Justice Binta Nyako, severed the two applications filed

by Ekweremadu, and held that the first one should be heard and subsequently adjourned to April 26 for hearing of his application seeking to be heard in opposition to the ex parte application.

The federal government had in the notice of ex parte application sought for “An interim order of this Honourable court temporarily attaching/ forfeiting the properties listed in schedule B hereunder to the federal government of Nigeria pending the conclusion of further inquiry/investigation by the Special Presidential Investigative Panel for the Recovery of Public Property and or possible arraignment of the respondent.

“And for such other orders as the court may deem fit to make in the circumstances of the case.

Some of the grounds on which the application is predicated are that the properties listed in schedule A were the properties declared by the respondent in his asset declaration forms at the Code of Conduct Bureau

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COMMENT

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

N-POWER TO THE RESCUE

The N-Power programme is quietly taking many out of poverty, writes Tochi Eze

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spent my childhood in the company of poverty. My father, a civil servant at the time, had enough money to keep his family in a spacious flat at Ilasa and ensure a driver took my sister and I to school in the mornings. Still, poverty sat in our living room, in the damp heat of the Lagos afternoon. Poverty ate our garri and ogbono, it gave its opinion on government and politics— it scolded us, asked us to do our homework, wash the plates, sweep the floor, and at the end of the day, or the week, or the month, poverty shuffled its feet into my father’s downstairs office—shame on its back, asking for money for transport to return to the village.

It is hard to forget the many names and the many faces of the poverty of my childhood — aunties who called and wrote from the village demanding rent, school fees and money for kidney dialysis; cousins who barged into our city lives on rainy evenings without the formality of a prior notice; a grandfather who died abruptly, a grandmother who moved into the extra room with a stroke, and uncles with no education deported from foreign countries. There seemed to be always one extra mouth to feed, one extra fee to pay, one dying person or business to save. Eventually, my father began to soak in the weight of these needs. He swelled from them, scraping off his resources and savings to measure up with his extended family messiah status, until poverty, once a far and distant thing that dwelt only with those around us finally became our own.

However, my family’s complicated relationship with poverty is not one to be assessed singularly. It mirrors wider socio-political realities.

According to a 2010 report by the National Bureau of Statistics, Nigeria has an alarming 60.9 % poverty ratio. These figures are not abstract numbers conjured out of thin air, they are embodied by millions of unemployed graduates, most of them on the fringes of an expanding global economy, lacking marketable skills. This demography reflects what one of the greatest tragedies of the Nigerian state, and repeated failures of governance.

Recently, I stumbled into the story of a young woman called Hadiza from Bauchi State. Hadiza was an unemployed graduate of over six years who had taken to selling recharge cards to keep poverty outside the doors of her family. Entrepreneurial as she was, her efforts were abysmal, and the pressure to pay her bills and care for her aged parents began to spiral out of control. This was until she got into the N-Power programme, an initiative of the government’s National Social Investment Office and Job Creation Unit. The programme, which is domiciled in the office of the Vice-President, is many things; a skills acquisitions programme with 250 vocational training centres across the country, an internship and job creation effort that has so far engaged 200,000 graduates from various disciplines and deployed them across the 36 states of the federation, and an attempt to increase the provision of services across four key sectors – health, education, agriculture and tax – to most parts of the country. All of these are glued together, and driven forward by technology. N-Power graduate volunteers receive an internet enabled android device that trains them in a wide range of knowledge areas and helps them interface with communities effectively.

Initiatives like N-Power invite a more nuanced view of what we

IT MIGHT SEEM OVERLY AMBITIOUS FOR THE N-POWER PROGRAMME TO CLAIM AN OUTRIGHT ANSWER OR SOLUTION TO THE QUESTION OF POVERTY IN NIGERIA. HOWEVER, IF ALL IT DOES IS TAKE 500,000 PEOPLE LIKE HADIZA AND EMMANUEL OUT OF THE CYCLE OF DEPENDENT YOUTHS, THEN MAYBE THERE IS HOPE FOR THE REST OF NIGERIA

consider the encompassing failure of the governance structures in Nigeria. Many things are not working. Some things are. How can we get them to work better? What can we learn from their successes? And from my perspectives, what dents are they making to the country’s worrying poverty statistics?

Hadiza, now a trained teacher in Bauchi under N-Power, has been receiving a N30,000 stipend in the last 11 months. And if you understand the nature of poverty in Nigeria, you will understand Hadiza’s gratitude to N-Power, and how far this sum has gone in loosening poverty’s grip and setting her on the journey to selfactualisation. There’s a win-win element here worth underscoring; Hadiza receives a stipend, develops skill, her community gains a qualified teacher, society is a little relieved.

Before Emmanuel joined N-Power in 2016 as an N-Agro volunteer, he was an anthropology and sociology graduate from Benue State University, struggling to make ends meet. In 2017 he was deployed, under the programme, to Benue State, to work with local farmers as an agriculture extension agent, a designation that puts him in touch with modern agricultural techniques, as well cutting-edge skills and knowledge in the sector. Today Emmanuel’s ideas have become indispensable to the local farmers he interfaces with, and also to himself who, utilising the new knowledge gained in the agricultural sector, has launched a mid-sized poultry farm, using the savings from his monthly stipends, and launched himself and his dependents out of poverty as a result.

It is hard to go through the testimonies of these beneficiaries and not remember the faces of poverty from my growing years, the lives filled with aching need, the sometimes constant and entitled demands, and the burden of provision that breadwinners and family patriarchs constantly have to bear. Emmanuel, before N-Power, too chased after favours from family members, requesting stipends for survival, small souvenirs of grace to meet his daily needs.

There is no overstating the importance of technology in tackling the complex socio-economic realities of the Nigerian experience.

Yes there are huge cost implications to lifting over 100 million people out of poverty. But programmes like N-Power show how much leverage technology gives us to provide solutions at scale, and how central public-private partnerships are to achieving this, much like the National Social Investment Office and Job Creation Unit’s partnership with Softcom, an indigenous company with a global outlook, working in the private and public sectors to deliver transformational value using technology.

It might seem overly ambitious for the N-Power programme to claim an outright answer or solution to the question of poverty in Nigeria. However, if all it does is take 500,000 people like Hadiza and Emmanuel out of the cycle of dependent youths, if it can propel them into self actualisation and empower them with resources and skills they need, if it can monitor and assess like the scheme has positioned itself to do, then maybe there is hope for the rest of Nigeria, nestled in home grown initiatives leveraging on ubiquitous technology.

Eze wrote from Lagos

BETWEEN DANJUMA AND NNAMDI KANU Sonnie Ekwowusi argues that the authorities must do more to safeguard the people

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bviously the last word has not been said on T.Y. Danjuma’s agitation for citizens to take up arms in self defence against murderous Fulani herdsmen. Danjuma’s postulation has lately placed him in sharp political focus in pari passu with IPOB leader Nnamdi Kanu who authored a similar thesis in 2014. Certainly Kanu is not a mentor of Danjuma in social thought. Before Kanu, Danjuma was. Whereas Danjuma is a respected Northern elite, a wealthy elder statesman and a member of the establishment, Kanu is a pauper still being hunted and hounded by the state as a “terrorist�. But on our hope for safety from the fierce tide of demonic energy called Fulani herdsmen we find a convergence in the postulates of Danjuma and Kanu. But why that of Kanu seems to carry the aura of triumphantism is that he predicted the coming herdsmen murder and hegemony as way back as 2014. In February 2014 Kanu said: “As they campaign vigorously for elections, you would think, they are coming to grow the economy, enthrone justice, breed unity and tolerance, love for one another. No, they are coming to elevate Hausa-Fulani supremacy, to reposition the security agencies by sacking all competent hands and replace them with their kinsmen to drive their ethnic domination of the Biafrans; the Fulani herdsmen will be armed and encouraged to slaughter us with impunity, and their masters will protect them. They are coming to ensure that my people are enslaved forever. Those who do not believe me will soon see it happens before their eyes.�

This was greeted with ominous silence. Instead of heading the warning contained in Kanu’s thesis and stepped up state security against the advancing

murderous herdsmen the authorities, as usual, treated it with levity. As we have noted here on several occasions, toleration of injustices in Nigeria is producing barbaric injustices. Instead of tackling the injustices headlong we hypocritically resort to sweeping them under the carpet in the pretence that time will heal the wounds of the injustices. But unfortunately the effluxion of time has not managed to heal the wounds of the injustices in Nigeria. One injustice left unremedied begets another injustice. As Martin Luther King Jr. rightly stated “one injustice anywhere is a threat to justice everywhere�. When, for example, genocidial attacks and killings were committed against the Igbos on the threshold of the Nigerian Civil War little did we know that 48 years after the civil war the entire spectrum of Nigerian society will be the target of the most vicious genocidial attacks and killings.

For many years, the Fulani herdsmen have literally overrun the different parts of Nigeria, killing, raping, maiming their victims and destroying farmlands. Within the last three years, they have successfully foisted their hegemony on the unwilling people of Nigeria. The question is: why the conspiracy of silence over the herdsmen dominance, colonisation and murderous activities in Nigeria? For example, until the Fulani herdsmen started killing the town folks of Danjuma in 2018 he had maintained a questionable silence over the herdsmen killings in Nigeria. For example, in July 2012: Senator Gyang Dantong and the Majority Leader of the Plateau State House of Assembly, Mr. Gyang Fulani died in the stampede that ensued while attending the mass burial of about 50 victims of attack by herdsmen at Maseh village in Riyom LGA. On April 23, 2013: 10 farmers killed in an

attack in Mbasenge community, Guma L.G.A by suspected herdsmen. Danjuma kept mute. In June 2015: Fulani herdsmen attacked Motokun village, Patigi Local Government Area, Kwara State. The Oro-Ago community in Ifelodun Local Government Area of the state was also attacked. Fulani herdsmen attacked Ninji and Ropp villages in Plateau State and killed 27 persons. Also, the same group reportedly murdered about 70 Christians. Danjuma kept mute. Then on April 25, 2016 over 500 armed Fulani herdsmen invaded seven villages- Ekwuru, Nimbo-Ngwoko, Ugwuijoro, Ebor, Enugu-Nimbo, Umuome and Ugwuachara-in Ukpabi-Nimbo, a border town in Uzo-Uwani area of Enugu State, and left scores of citizens dead. Danjuma also maintained a sealed lip. In January 2018, the bodies of about 80 citizens of Benue State murdered by the Fulani herdsmen January 1 – 2, 2018 were given mass burial amid tears of sorrow. Benue State governor, Samuel Ortom said at that time that the Fulani herdsmen had murdered no fewer than 1,878 citizens of Benue State within the last three years.

No comments from Danjuma.

But after the herdsmen attacked and killed the Taraba town folks of Danjuma a couple of weeks ago it dawned on him that human life was indeed precious and must be preserved. Consequently, while speaking at the maiden convocation ceremony of Taraba State University in Jalingo on March 24, 2018, the respected elder statesman said, “I ask all of you to be on the alert and defend your country, defend your state. This ethnic cleansing must stop in Taraba, and it must stop in Nigeria. These killers have been protected by the military; they cover them and you must be watchful to guide and protect yourselves because you have no other place

to go.�

As I said earlier, there is a common strand in the thoughts of Danjuma and Kanu on herdsmen dominance and killings. Both agree that the herdsmen killings are ethnic cleansings. Both concur that the murderous herdsmen are being shielded by the state. Both agree that self preservation is a basic instinct of every human being. Both agree that self defence is appropriate in the face of Fulani herdsmen attacks and killings. Initially Kanu said that he would “use civil disobedience as a potent weapon� but later he was quoted as approving self-defence against the incessant attacks on Igbos by the Fulani herdsmen.

Sad, isn’t? Therefore the Buhari government must wake up. In the last three years the federal government has lost its mooring and so acts with little or no regard to the fulfillment of its constitutional responsibility to protect the lives and property of its citizens. Its beats the imagination that while the federal government was quick at declaring IPOB as a terrorist organisation it has refused to declare the murderous Fulani herdsmen in Nigeria as the greatest terrorists and murderers of all times. That is why Kanu and Danjuma are calling for self-defence.

But some disagree with Kanu and Danjuma. With due respect, I disagree with those who disagee with Kanu and Danjuma. It is trite that where life is in danger or imperilled or in an emergency situation, the necessity of saving life may justify self defence.

In his book, “A Constitutional History of Nigeria,�

Prof B.O. Nwabueze, SAN persuasively argues, and I agree with him, that the doctrine of necessity recognised in both private and public law as a legal defence for an action otherwise unlawful but necessary to preserve the life of the individual or society.

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EDITORIAL RAPE AND THE ENUGU CONCERT The state could do more to reverse the upsurge in the crime

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o fewer than 20 girls were reportedly sexually attacked by hoodlums during the recent “free� music concert featuring popular Afro pop star, Chinedu Okoli, aka Flavour, at the Michael Okpara Square in Enugu. More troubling was that the gang rape took place despite the presence of the state governor, Mr Ifeanyi Ugwuanyi and his team of security forces. And with cases of rape in public places increasingly becoming rampant, the pertinent question remains: Why are culprits getting away so easily?

It is rather unfortunate that a public event with thousands of people in attendance could be converted into a theatre of rape by some morally-bankrupt young men. It is worrying because a similar concert held last year in the same state by another popular artiste ended with the same stories of gang-rape and sexual attacks.

Predictably, nobody was ever brought to book for the crime.

Unfortunately, the police authorities are resorting to their perfect alibi: WHILE DILIGENT no victim has come to PROSECUTION AND report even when they SWIFT AND EXEMPLARY are well aware that in SANCTIONS WOULD Nigeria, the insensiCERTAINLY SEND A tivity of the authorities STRONG SIGNAL TO and the fear of stigma THE PERPETRATORS (or persecution) help TO DESIST, THE MEDIA to discourage victims REMAINS A NECESSARY of sexual violence PARTNER IN SUSTAINED from formalising the EFFORTS TO CURB THESE reports of incidents WANTON ACTS OF EVIL involving them. This reluctance, however, has only contributed to the rise in a culture of impunity on the part of the perpetrators. The need for a review of existing strategies and the strengthening of mechanisms, including for documenting these incidents, has therefore never been more urgent.

The society also needs to be alive to its responsibility.

A point of safe, protective and comforting recourse

Letters to the Editor

must exist for victims of sexual violence to address their immediate needs as well as to enable them summon the courage to pursue the ends of justice. While diligent prosecution and swift and exemplary sanctions would certainly send a strong signal to the perpetrators to desist, the media remains a necessary partner in sustained efforts to curb these wanton acts of evil.

While we join other stakeholders in demanding justice in the instant case of Enugu on which the state government should show more concern, we are also calling on the relevant authorities to devise effective measures to checkmate the growing menace of sexual assaults across the country. Even when it is true that human rights violations of this nature occur everywhere, as the sick and the deranged exist in all societies, the only manner in which citizens can feel safe and secure is where the response to crime is swift, efďŹ cient and effective. That is what the current situation demands from the relevant authorities.

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gainst the background that rape is a violation of the most demeaning kind that scars many victims for life, no society should condone what regrettably is fast becoming a social epidemic. Our courts must also be more proactive and stringent in applying sanctions, as some of the verdicts, for the few that have actually been successfully prosecuted, are ridiculous. Our private network providers should readily donate help-lines with free calls for victims of violence, while our hospitals and the legal profession should be prepared to offer pro bono services to the victims.

As we have said repeatedly, rape is a violation of the most demeaning kind. However, we are also mindful of the fact that having created a society in which the seemingly strong are seeking ways to display their superiority over ‘weaker’ people, rape is becoming a more blatant manifestation of a deeper deviation in our social psychology. It goes without saying that when positive means of personal identiďŹ cation and legitimate expression are suppressed, the devil ďŹ nds work. But no society should condone rape which regrettably is fast becoming an epidemic.

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

LAGOS AND CONSUMERS’RIGHT PROTECTION

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lobally, there is an obvious disparity of knowledge and power relationship between the producers of goods and services and customers. Over the years, this disparity seems to lean towards the advantage of producers, who are strengthened by the tradition maxim “caveat emptor� (let the buyer beware) and the ever changing and growing free market philosophy which tends to put the producers and suppliers at liberty to do whatever they want to do.

In Nigeria, in view of this situation, consumers have over the years been at the receiving end in the hands of manufacturers and producers of diverse goods and services who not only shortchange the consumers through the proliferation of substandard goods and poor services that do not meet up to acceptable standard. So, as in the song of maverick late Afrobeat exponent, Fela Kuti, the hapless Nigerian consumers simply continue to wallow in a suffering and smiling trajectory.

But then, that poignant narrative is about to change now, at least in Lagos. The Lagos State government recently set up the Lagos State Consumer Protection Agency (LASCOPA), with a view to offering Lagos consumers a platform through which they could be protected from producers of goods and services that treat them with ignominy.

It will be recalled that he Lagos State government recently enacted the law that established the agency. The law, which was passed by the State House of Assembly in 2015, has since been assented by the state governor, Mr. Akinwunmi Ambode. Under the law, a convict would be mandated to pay penalty considered appropriate by court as

compensation to consumers’ whose right has been infringed on.

LASCOPA has the statutory responsibilities to uphold the rights of consumers to be protected against marketing of goods and services which are hazardous to life; the rights of consumer to be informed about quality, quantity potency and purity standard and price of goods and services as the case may be, so as to protect the consumers against unfair trade practices; the rights of consumers to seek redress against unfair trade practices or unscrupulous exploitation of consumers; the right to be heard and assured that the interest of consumers will receive due consideration at the appropriate time as well as the right to consumer education and awareness.

Globally, consumer protection ensures the provision of proper and efficient means to protect the pecuniary, health, environment, safety and security interests of all legal persons against misleading, fraudulent and harmful business practices including manufacturing, trading, packaging, advertising, distribution and selling of goods and services to the ultimate consumers.

It needs to be emphasised that the need to protect consumers becomes imperative since the reliance on the rule of “Caveat Emtpor� is no longer an adequate protective measure because the principle is based on the premise or assumptions that the buyer knows what he wants, has knowledge necessary to choose wisely and has adequate contact with the sellers.

With the establishment of LASCOPA, the Lagos State government is sending out signals that it would stop at nothing to ensure that consumers’ rights are protected in the state. According to the

General Manager of the agency Mrs. Kemi Olugbode, the Ambode administration is unyielding in its resolve to make sure that consumers not only get value for their money, but that they are actually helped to seek redress whenever their rights are infringed upon.

In fact, LASCOPA has already begun to walk the talk. Speaking to news men after the inspection of a facility and production process of Kellogg Tolaram, an industry located at the Lekki Free Trade Zone, Mrs. Olugbode revealed that the agency has zero tolerance for acts that are likely to undermine the interests of consumers in the state. According to the General Manager, the inspection visit to Kellogg Tolaram was necessitated by a new media report received by LASCOPA from a consumer about Kellogg’s Corn Flake.

While noting that her agency is not out to witch-hunt any one, Olugbode insisted that the main concern of LASCOPA is the common good of all. She, therefore, urged consumers to take advantage of the services of the agency and reach out to it whenever their rights are infringed upon.

Similarly, as part of efforts to sensitise traders and ensure the protection of consumers, LASCOPA recently embarked on a routine monitoring of some consumable products across the state. The exercise is designed to enlighten dealers of consumable products in the state to cooperate with the agency and give priority attention to consumer protection. The overriding goal is for the agency to ensure that harmful products do not flood the market.

Tayo Ogunbiyi, Lagos State Ministry of Information & Strategy, Alausa, Ikeja

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MIDWEEKPOLITICS

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

THE NEWSMAKER

At 90, Adebanjo Refuses to Quit A former chairman of the National Democratic Coalition, Ayo Adebanjo has shown that old age is not a reason to stop agitating for a better country, writes Shola Oyeyipo

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ven now that he has clocked the ripe age of 90, former National Democratic Coalition (NADECO) chieftain and leading member of the Pan-Yoruba socio-political organisation, Afenifere, Chief Ayo Adebanjo, is by every measurable standard, one of the few rare breeds on the Nigerian political turf.

Hate him or like him, you cannot but agree that he has remained a dogged, fearless, honest fighter and a dyed in the wool seeker of a better Nigeria, and the reason is understandable. It is because he is among the few living people who were privileged to cut their political teeth under the tutelage of the late sage, Chief Obafemi Awolowo.

He was about 32 years old when Nigeria attained independence in 1960. Like so many other Nigerians, he saw the country in its heydays - when it promised to join the league of greater nations on the globe, but sadly enough, he is still around to see the continued gradual atrophy of the golden opportunities. And it is basically for these reasons that he said he could not remain silent on Nigeria as long as he lives and things are not done right.

He has been a front line voice in condemning successive governments and national leaders for their failures.

According to him, his relationship with and trainings under Awolowo got him genuinely committed to the entrenchment of a new social order and to persistently criticise anyone he considers as standing in the way of Nigeria’s political development and corresponding progress.

Born on April 10, 1928 to Chief Joel Adedairo Adebanjo and Salawatu Anomo Adebanjo in Ijebu Ogbu Oke in Odogbolu Local Government Area of Ogun State he had his primary and secondary education in Lagos. Later, Adebanjo had a short stint at the Ministry of Health, Lagos.

He was sacked from the job on the grounds that he was rude to an expatriate after he participated in a demonstration for selfgovernance in Nigeria. He later joined the Nigerian Tribune as a journalist. From the newspaper owned by Awolowo, he was recruited into the Action Group and became the pioneer organising secretary.

This was the position he held between 1947 and 1953 before he proceeded to the United Kingdom to study law. He was called to the Bar in Lincocin City in 1961. On his return to Nigeria, he joined Awolowo’s chambers as a practising lawyer until the crisis of the Action Group in 1966, where leaders of the party, including him, were charged with treasonable felony.

Adebanjo was in Ghana on exile from 1966 to 1967. He later returned to Awolowo to form the Unity Party of Nigeria (UPN) and from then on he has maintained a place of prominence in the evolution of the Nigerian political history.

The elder statesman was a die-hard Zikist - supporter of late Chief Nnamdi Azikiwe, who started buying copies of the West African Pilot published by the latter when he was a standard five student. He was however swayed by superior argument at the emergence of Awolowo, who proffered federalism as against the unitary system Azikiwe canvassed.

He has taken strong stances on a number of issues in Nigeria, but at the moment, his position is that without restructuring, Nigeria will eventually stop to exist as a country, stressing that: “Without restructuring, there

Chief Ayo Adebanjo

is no Nigeria. No matter how you delay restructuring, if you don’t do it, that is the end of Nigeria and I don’t mince words about it. You won’t have political stability without restructuring and without political stability, there can be no progress.

A walking encyclopedia of Nigeria’s history, Adebanjo is ever willing and ready to share with anyone who cares to listen his knowledge of the rich history of the country

“There will be no political stability without having the national question being resolved.

The national question is that the federating units must be satisfied with the conditions of being together. That is the consensus of those of us who have been agitating for restructuring.”

His argument has been that the 1959 and the 1963 federal and regional constitutions of Nigeria were symbolic of true federalism that Nigeria’s founding fathers put in place.

For those who think corruption was a recent phenomenon in Nigeria, Adebanjo said it dated back to the early days of the country. However, and understandably so, it was not this rampant. He said: “We should be apologizing and asking God to forgive us for those who we thought were corrupt

then compared to what is happening now.

They were 10 percenters. Our people now are 150 percenters in corruption.”

A walking encyclopedia of Nigeria’s history, Adebanjo is ever willing and ready to share with anyone who cares to listen his knowledge of the rich history of the country. And he will tell you the history in the most fascinating manner.

In an interview last year with Seye Kehinde, City People Publisher, when he was 89, Adebanjo explained why he refused to give up on Nigeria. He said: “Because we need to keep educating our children. That is why I am always open to press men because each time I grant interviews, I get feedbacks of people, who said they had learnt one thing or the other from it, particularly those from the South and Yorubaland. If you don’t take interest in what is happening now, the blind people will be leading you with your two eyes open.

“I am always surprised when I see some of those who say they are opposed to restructuring. This happens to be people who were once elected into public office and fed on the principle of federation, who were elected on the basis of support for federalism. It makes me feel sad, all because some of them have the illusion that working with the Northerners and agreeing with them can make you President.

“The truth is that, bulk of the Northern conservatives who are in government are led by Buhari. They don’t want to rule, they want to dominate. Even if you say you want peace and you want us to live together why are you opposed to our sitting down together to discuss our problems? To this very moment that the Biafra people are agitating, we have never had agitation for separation in Yorubaland. We have always been saying let us sit together and talk.

“Even the Acting President tried to insult me and others recently when he said we must learn to live together. It is not a question of being together now. What we are agitating for is the conditions of living together amicably, that we must agree to. We have passed the stage of people preaching to us that we must learn to live together, that has been causing confusion. Since the conditions under which you want us to live together which I described as the unity of the horse and the rider, where you will be the horse and they are the rider.

“Unfortunately, the Vice President, myself and his father are followers of Chief Awolowo. I can say that the Acting President was born under a federation.

Just like the constitution we are asking for now, they too made the manifesto of APC

by Buhari and Asiwaju in which they say they are going to do restructuring. So, my dear Acting President, first class lawyer, brilliant lawyer, now told us in Nigeria at this stage that restructuring is not the priority now, it is the diversification of the economy. It is unfortunate.

The Acting President must be reminded that he was the Attorney General of Lagos that took Obasanjo to court over the question of local government, denying them of their rights. What has now changed ever since? Is it because he is now the Acting President? Those are the things that really make me sad. How people sing another song once they get into office.”

Adebanjo is one of the few remaining statesmen who are not afraid to speak truth to power. For doing this, he was called all sorts of names but he has remained undaunted.

T H I S D AY ˾ WEDNESDAY, APRIL 11, 2018

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PERSPECTIVE

MIDWEEKPOLITICS

Obi: SDGs, Critical to Africa’s Development Former Anambra State governor, Peter Obi has urged African leaders to explore the synergy between Sustainable Development Goals and good governance

C

oming shortly after the Millennium Development Goals (MDGs) was wound down, Sustainable Development Goals (SDGs) is one among the cocktail of measures by the global community towards making the world a better place. I am a strong advocate in Nigeria and Africa for exploring the synergy between SDGs and good governance and leveraging the goals to work for our people and our humanity at large.

Most of us are still saddened that we never fully explored the utility of MDGs as key development tools for the fifteen years they lasted. I remain mindful of missed opportunities and lessons learned, more so as a former state governor who appreciated fully how sub-national governments could benefit from and be instrumental to the implementation of MDGs in the interest of humanity. One of the lessons was that as much as we tried as individual leaders to attain the MDGs, such measures fell far short of the full effects of collective action.

I am concerned about the same fate befalling the implementation of the SDGs. From my leadership, political and personal perspectives, it seems difficult to address SDGs without first grasping the harmful effects of not giving unfettered support to meeting the MDGs targets. If the MDGs did not fly fully, will the consequent SDGs fly – since the SDG programme is a follow-on to the MDGs? I recall the then UN Secretary-General Mr. Ban Ki-Moon’s frank observation that “The Millennium Development Goals were a pledge to uphold the principles of human dignity, equality and equity, and free the world from extreme poverty… The MDGs measured what mattered to people. As we look ahead, we must do more to reach those who are most vulnerable, are not counted and have not shared the improvements of the past 15 years”.

Unquestionably, there was a void, but it must be admitted that where faithfully pursued, MDGs added value not just to good governance, but to overall development and quality of life, as exemplified in China.

China’s successful integration of MDGs into its national development planning, with effective and coordinated implementation from national to local governments, helped the country to achieve an unprecedented transformative result, using the three most critical goals: lifted 439 million people out of poverty; achieved universal basic education ahead of schedule; and made tremendous improvements in health care for women and children, and disease prevention and control. In contrast, within this period in Africa, there was drastic under-performance in the three critical goals: poverty rose from 290 million to 414 million persons; less than 70% was achieved in universal basic education; the number of under-nourished children rose from 27 million to 32 million.

An example of what could have been done to achieve better results could be drawn from our efforts in my home state, Anambra, in Nigeria, where we domesticated the MDGs via a home-grown mechanism tagged “Anambra Integrated Development Strategy” (ANIDS). This approach enabled us to simultaneously engage constructively in seamless planning, budgeting, and implementation of all the MDGs. These enabled us to achieve remarkably visible results across the MDGs, especially in first 3 critical goals as will be seen in subsequent paragraphs.

We became the first state in Nigeria to conduct mapping to establish the statistics of poverty.

A major finding from the study was that poverty was fuelled by inadequate access to rural communities, which made us construct rural roads across the state to open up those areas to development opportunities and grant rural farmers access to urban markets for increased earnings from their produce. As affirmed by the then Federal Minister of Works and the Senate Committee on Works, Anambra State during our administration had the best road network, particularly rural roads, in the country.

Poverty alleviation also received a boost from the reconstruction and rehabilitation of our industrial estate in Onitsha; attracting investments from such Fortune 500 companies like the then

Peter Obi

SABmiller. We further accelerated the pace of industrialization as first state in Nigeria to partner with the Bank of Industry to obtain low-interest loans for MSMEs domiciled in the state.

Our decision to return schools to their original missionary proprietors gave rise to a novel and unprecedented Government-Church partnership.

The state consistently earned the first position in most national examinations, with the added value of raising productivity in different walks of life. So unique were ANIDS and its dividends that the World Bank commissioned a study of our achievements by a team led by renowned Oxford University’s Professor Collier, for possible adoption by other governments. The World Bank supports Anambra State because of that revolutionary approach.

In gealth, again with novel partnership with the missionaries, we were able to resuscitate 10 schools of Nursing, Midwifery and Health Technology. Existing hospitals were rehabilitated and revamped through huge investments in facilities and staffing. We also established 10 primary and maternal health hospitals in rural communities across the state from the money we won from Melinda and Gates Foundation by being the best state in the eradication of polio; and at the tertiary level, a teaching hospital. With these efforts, Anambra State achieved reduction in infant mortality ahead

China’s successful integration of MDGs into its national development planning, with effective and coordinated implementation from National to Local Governments, helped the country to achieve an unprecedented transformative result

of the MDGs deadline of 2015. Our efforts to achieve the MDGs Health Goals were widely acclaimed, including commendations from the Head of MDGs in the Presidency (Dr. Precious Gbenieol) and other stakeholders.

Apart from these three critical goals, our administration made concerted efforts to achieve other MDGs. On environmental sustainability, we partnered with other state governments in the south-east region, the Federal Ministry of Environment and the World Bank on the National Erosion and Watershed Management Programme (NEWMAP), working on various erosion sites in the seven participating states and towards mitigation of perennial flooding in major cities as Onitsha.

On Global Partnership for Development, we attracted several development partners, including donor agencies whose support was indispensable in bridging funding gaps in our state, Anambra, which is not an oil producing state.

It has been argued that the framework of the SDGs and Agenda 2030 (with 17 goals, 169 targets & 230 indicators) is too broad to make any meaningful impacts possible. But the reality is that the SDG framework is only as broad as the prevailing global challenges and unmet development needs. If we desire truly to attempt to end poverty and ensure that people’s human dignity and human rights are respected, we should be less concerned about the multiplicity of goals, targets and indicators.

Rather, we should get to work – moving from agenda to action. I share the views o f Helen Clark, the then UNDP Administrator, who recognized in 2015 that world leaders had the unique and unprecedented opportunity “to shift the world onto a path of inclusive, sustainable and resilient development”. If the SDGs Programme is a continuum and should kick off where the MDGs ended, then the African continent needs to acknowledge that it failed in the three most critical MDGs and that such poor results must not be repeated with the SDGs. It is instructive that the MDGs success was offset by prevailing challenges and many areas of unmet needs, which characterized the results and progress as at best halting and mixed. Lingering problem areas likely to affect

the SDGs include lack of political will, poor co-coordination, bureaucratic bottle-necks, poor resource management, erratic industrial actions, poor or total lack of true and validated baseline data, poor budgeting and accountability, and non-coordination between Federal, State and Local Government agencies.

Drawing from our experience in the poor implementation of the MDGs in Africa, making the SGDs work requires complete domestication of SDGs into the development planning of each country, and tailoring their effective and coordinated implementation modalities to the peculiarities of each nation and their sub-national and local geo-political entities.

Effective funding is of critical importance.

Africa cannot be parsimonious in funding the SDGs and expect the programme to achieve its set goals. Africa must match its funding efforts with broad support for the development of human capital and eschew negative trends like nepotism and corruption that chase capital and investments away. Nepotism is worse than corruption because it kills hard work and professionalism as people’s hard work would not match their opportunities.

Africa must premise its action on the understanding that the most critical drivers of the SDGs are human beings – the beneficiaries and the implementers. Besides the human component, the continent must strive for adequate, reliable data collection, processing & utilization; effective evaluation and monitoring at every stage of progress; transparent & inclusive budgeting; accountability; applying lessons learned & grasping missed opportunities; and strong political will.

Finally, Africa owes it to our humanity to rally to a consensus that the SDGs must not flounder like the MDGs on account of collective inaction. The time to act is now, and this Global Festival of Action for SDGs represents a clarion “Call to Action”. Africa must overcome their lethargy, and must seize the moment.

Obi, Former Governor of Anambra State spoke at the Global Festival of Action for Sustainable Development Goals, at the World Conference Centre, Bonn, Germany, 21-23 March, 2018

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FEATURES

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

THISDAY and the Journey to Universal Health Coverage Universal health coverage enshrined in the Nigerian Constitution gives the government the statutory responsibility of ensuring all citizens have access to affordable and qualitative healthcare. But 73 per cent of Nigerians still pay out of pocket for their healthcare. The launch of the Basic Healthcare Provision Fund by the Minister of Health, Professor Isaac Adewole and the Director General of the World Health Organisation, Dr. Tedros Adhanom Ghebreyesus at the 2nd THISDAY Healthcare Policy Dialogue holding this Thursday, April 12 in Abuja, hopes to change the narrative. Martins IďŹ jeh writes

Minister of Health, Adewole...is the Chief Host

I

n Nigeria, when a citizen falls ill, he either walks straight to the hospital to purchase treatment out of his pocket, or prays to his creator for healing. If none of these happen and he is broke, or having a delayed salary, or is unemployed, or no one to lend him money, or the ailment cost more than the money he has, he simply dies. It is that simple in this part of the continent.

About 73 per cent of Nigerians are presently taking this risk on their health, especially poor Nigerians who comprise the major chunk of the country’s population.

This therefore has in no small measure increased the country’s mortality rate, reduced life expectancy, and the myriads of poor healthcare statistics which the country is known for.

No wonder when health indices are discussed at the global stage on a countryby-country basis, Nigeria often emerges one of the countries with the worst indices on key global health issues. The country sits comfortably among the 10 worst countries

WHO DG, Ghebreyesus...is the key note speaker for the event

in the world with high incidents of disease outbreaks.

For example, Nigeria has the highest incidence of malaria globally, with about 40 per cent of global malaria deaths occurring in the country alone. Not only that 90

The Nigerian Government, as part of efforts to address its own healthcare issues, enacted the National Health Act in 2014, which the present government of President Muhammadu Buhari is now ready to operationalise through the Basic Health Care Provision Fund

per cent of Nigerians are at risk of the disease, as it kills over 300,000 persons yearly, with 11 per cent of maternal deaths linked to it.

Also, Nigeria is rated as the second worst country with maternal and child deaths globally, just second to India. About 15 per cent of global maternal deaths occur in Nigeria alone, and the deaths of newborn babies in the country represent a quarter of the total number of deaths of children under five worldwide. In fact, a woman’s chance of dying from pregnancy or childbirth in Nigeria stands at a ratio of one to 13, according to the indices provided by the World Health Organisation (WHO).

Among other areas, Nigeria has the second worst incidence of malnutrition globally, just second to India.

Several countries with similar poor health indices decades ago have prioritised their healthcare financing through the implementation of Universal Health Coverage (UHC) for their citizens. For instance, countries like Turkey, Mexico,

Thailand, Kenya, Ghana, among others are currently doing well in healthcare coverage for their citizens.

Turkey successfully introduced health system changes and provided its citizens with the right to health to achieve universal health coverage, which helped to address inequities in financing, health service access, and health outcomes. With what it has achieved in the last two decades, it is almost unbelievable that Turkey began its journey in 2003 with the implementation of the Health Transformation Programme (HTP) designed around the Basic Health Law. This led to changes in the health system function which were implemented systematically over a 10-year period. Needless to mention that 15 years after it has achieved UHC through the HTP, improved population health and well-being now provides remarkable possibilities for increases in economic growth.

The Nigerian Government, as part of efforts to address its own healthcare

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FEATURES

Chairman, Senate Committee on Health, Tejuoso...is one of the panelists

issues, enacted the National Health Act in 2014, which the present government of President Muhammadu Buhari is now ready to operationalise through the Basic Health Care Provision Fund (BHCPF).

The BHCPF is a fund allocation to cater for the basic health needs of all Nigerians, with a minimum of one per cent provision by government as stipulated in the 2014 National Health Act. If included in the 2018 national budget, the BHCPF will amount to at least N45 billion for the year.

It is also in tackling the universal health coverage issue in the country that THISDAY Newspapers is holding the second edition of its Healthcare Policy Dialogue series, tagged: ‘Journey to Universal Health Coverage in Nigeria’, where stakeholders in the health sector and policy makers will chat a way forward for a UHC model for the country.

The federal government, through the Minister of Health, Prof. Isaac Adewole, who is the Chief Host of the policy dialogue, will use the occasion to launch the logo of the BHCPF and the beneficiary identification card as stipulated in the National Health Act. This could not be happening at a better time with news emerging from the National Assembly that it has appropriated a minimum of N45 billion for the implementation of the Basic Health Care Provision Fund in the 2018 Appropriation Act. With this quantum of resources by the National Assembly, Nigeria may as well be on its way to join other countries that have made giant strides in achieving universal health coverage.

In a chat with THISDAY, the Chairman, Senate Committee on Health, Senator Lanre Tejuoso, said the National Assembly was about concluding the passage of the 2018 national budget, but that if it doesn’t reflect the one per cent of the consolidated revenue fund for health, the country would be sending a wrong signal to development partners. “If we don’t do this, it means we are not encouraging development partners that have spent more than that over the past years. We cannot surrender our health financing to foreign friends,� he added.

He said the implementation for 2018

would mean a minimum of about N45 billion would be set aside in this year ’s national budget for BHCPF. According to him, this is why the health summit, organised by THISDAY Newspapers is coming at the right time since the passage of the national budget is around the corner, adding that the event would afford policy makers and healthcare stakeholders the opportunity to chat a way forward for universal health coverage for the citizens.

Tejuoso said the leadership of the National Assembly led by Senate President Bukola Saraki who is a medical doctor, has insisted that the Committee on Appropriation protects the budget line for the BHCPF in the 2018 budget.

This will be a game-changer for Nigeria since the government has invested so little resources in health over the last two decades compared to countries of similar economic status.

Benjamin Loevinsohn of the World Bank

It is also in tackling the universal health coverage issue in the country that THISDAY Newspapers is holding the second edition of its Healthcare Policy Dialogue series, tagged: ‘Journey to Universal Health Coverage in Nigeria’, where stakeholders in the health sector and policy makers will chat a way forward for a UHC model for the country

Country Director, World Bank Nigeria, Benmassoud...is one of the panelists

told THISDAY that only 10 per cent of the poorest Nigerian children are immunised using Penta3 as compared to 28 per cent in Chad and 52 per cent in Niger.

Remarkably, despite having a lower Gross Domestic Product per capita than Nigeria, Ghana and Kenya spend considerably more on publicly funded healthcare.

The THISDAY high level policy dialogue will hold Thursday 12th April at the Congress Hall, Transcorp Hilton Hotel, Abuja by 10a.m. It will be headlined by the Director General of the World Health Organisation (WHO), Tedros Adhanom Ghebreyesus and Prof. Adewole The first edition with the theme: ‘Healthcare Financing in Nigeria’, was held Tuesday March 6th 2018 in Abuja, and it recorded a huge success as it drew quality participation and came up with some far reaching conclusions that are currently being discussed at the highest level of government in the country.

This second edition, which draws on the success of the first, is particularly relevant as Nigeria sets into motion its Universal Health Coverage aspirations with the launch of the BHCPF under the administration of President Buhari.

This high level policy dialogue will bring together policy makers, including members of the Federal Executive Council, parliamentarians, development partners, including bi-and multi lateral institutions, entire senior leadership of the WHO, healthcare practitioners, civil society organisations, private sector leaders, media think-tanks, academia, institutions involved in financing and delivering healthcare – banks, HMOs, MFIs and insurance companies, and members of the public.

The WHO DG will be accompanied to the event by the entire senior leadership of the WHO, including the African Regional Director of WHO, Dr. Matshidiso Rebecca Moeti (the first woman to hold such position).

Ghebreyesus will use the occasion to launch the logo and beneficiary identification card for the Basic Health Care Provision Fund of the National Health Act. He will also be hosted at a high-level experience sharing event by the Nigerian

Government as the country has set in motion its universal health coverage aspirations with the launching of the Basic Healthcare Provision Fund of the National Health Act under the administration of President Buhari.

Other speakers at the THISDAY summit include the Country Director, World Bank Nigeria, Rachid Benmassoud, Chairman, Zenith Bank, Jim Ovia, Minister of State for Health, Osagie Ehanire, the Representative of Bill and Melinda Gates Foundation, Paulin Basinga, Representative of United Nations Children’s Fund (UNICEF), Mohammed Malick Fall, Minister of State for Budget and National Planning, Zainab Ahmed, Representative of United Nations Populations Fund, (UNFPA), Diene Kieta, and Senior Rep and Mission Chief, International Monetary Fund (IMF), Amine Mati.

According to a statement to announce the policy dialogue, THISDAY Board of Directors said the theme was carefully chosen because Nigerians were in dire need of Universal Health Coverage. “Universal Health Coverage (UHC) is about ensuring that people have access to the healthcare they need without suffering financial hardship. It also helps drive better health and development outcomes. The best investment for a safer, fairer and healthier Nigeria is one where the attainment of UHC is made a moral imperative,� the Board noted.

Federal Ministry of Health had earlier noted that Nigeria was fully committed to the ideals espoused by the principles of universal health coverage, adding that a National Health Act signed into law in 2014 guarantees a basic minimum package in terms of health services for all Nigerians and also assured additional financing for the sector through the implementation of the Basic Health Care Provision Fund.

Nigeria had earlier hosted a presidential summit on health financing in March 2014 which ended with a declaration on universal health coverage in Nigeria.

Co-organisers of the summit are the Federal Ministry of Health, World Bank, World Health Organisation (WHO), UNICEF, UNFPA, and the United States Agency for International Development (USAID).

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IMAGES

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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; Executive Producer, Yeye Cabaret, Ayo Ogundipe; Former First Lady, Lagos State, Dame Abimbola Fashola; Director, Greater Nigeria Foundation, Mrs Omotayo Omotosho; Pastor Mrs Yinka Morgan and her husband, Pastor Remi Morgan of RCCG, Christ Church, Gbagada during a Special Culturaal Tourism ďŹ esta to commemorate Mothers Day in Nigeria, tagged 2018 YEYE CABARET in Lagos...recently abiodun ajala

L-R: Head, Media/ Public Relations, The Lord’s Chosen Charistmatic Revival Ministries, Pastor Louis Chidi; General Overseer, Pastor Lazarus Muoka; and wife, Pator (Mrs) Joy Muoka, at a crusade on God’s Covenant of peace and blessing in Lagos ...recently etop ukutt

L-R: Marketing Manager, DStv Tope Oshunkeye; Lagos Regional Operations Manager, MultiChoice Nigeria, Fuad Kadiku; Public Relations Manager, DStv, Efosa Aiyevbomwan and Regional Sales Manager, Johnson Ivase during the DStv Customer Forum held at the SWAN Secretariat, National Stadium, Surulere, Lagos...recently

L-R: Head, Special Projects & Strategy, Leadway Assurance, Tunde Alao-Olaifa; Head, Corporate Communications, Leadway Assurance, Olubunmi Adeleye; Corporate Communications OďŹƒcer, Leadway Assurance, Aishat BelloGaruba; Assistant Secretary General (Kuru Old Students Association)/Vice Principal Admin., Government Science School, Kuru, Plateau State and Secretary General, Kuru Old Students Association, Miyen Swomen at the presentation of N5m donation to the School Association by Leadway Assurance at their Corporate OďŹƒce in Iponri, Lagos... recently

L-R; Chief Executive OďŹƒcer, Kunle Ahmed;, General Counsel/ HR Director, Omowunmi Mabel-Adewusi; Group Head, Corporate Business, Abisola Nwoboshi, and Group Head, Energy & Special Risks, Akinlolu Akinyele,, all of AXA Mansard Insurance plc after receiving award for most innovative deployment of HR strategy in Lagos... recently

L-R: Minister of Information and Culture, Alhaji Lai Mohammed, Kwara State Governor, Dr. Abdulfatah Ahmed and Commissioner of Police, Kwara State Command, Lawan Ado during condolence visit to the Governor by the Minister over robbery incident in Oa, at Government House, Ilorin...recently

L-R: Lagos Regional Sales Director, Nigerian Bottling Company, Segun Oduyemi, one of the lucky winners of Coca-Cola’s “Score a Trip to Russiaâ€? promo, Olushola Jacob;; Senior Brand Manager, Coca-Cola Nigeria Limited, Soji Omoigui and, Nigeria Franchise Director (South) Coca-Cola Nigeria Limited, Eduardo Pontual during the oďŹƒcial presentation in Lagos....recently

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BUSINESSWORLD R A T E S MONEY MARKET OBB OVERNIGHT

A S

A T

REPO 3.67 % 4%

CALL 1-MONTH 3-MONTH

3% 7.50 % 7.75%

Group Business Editor Chika Amanze-Nwachuku

Email chika.amanzenwachukwu@thisdaylive.com 08033294157

A P R I L 6 , 2 0 1 8 S & P INDEX INDEX LEVEL 1-DAY MONTH-TO-DATE

347.03 % -0.00% 0.30%

S & P INDEX 1/4 TO DATE YEAR TO DATE

0.30 % 5.33%

EXCHANGE RATE ͹͎ͳ˛ʹ͎˚ͯ ̊ ̊

Quick Takes Report Reveals Political Risk in Africa

LITFC FINANCIAL BIDS OPENING

L-R: Deputy Director at the Bureau of Public Enterprises (BPE), Mr. Chukwuma Nwoko; representative of Price Water House Cooper (PwC), Dolapo Omole; Associate Director, KPMG, Mr. Vince Onyejeli; Director General, BPE, Mr. Alex A. Okoh; Senior Consultant, CPCS, Ms. Amaka Onwuli; Business Development Executive, Feedback Infrastructure Services, Mr. Michael Adelakin; Principal Partner, Feedback Infrastructure Services, Azubuike Chima and representative of KPMG, Bamidele Sobayo, at the ďŹ nancial bids opening for Transaction Advisory Services for the concession of the Lagos International Trade Fair Complex (LITFC) in Abuja... recently

Nigerian Equities Market Sheds N1.55tn on Profit Taking, Price Correction Goddy Egene The Nigerian equities market has lost N1.55 trillion following persistent bearish trend caused by profit taking and market correction.

The market, which rebounded in 2017 attracted more demand at the beginning of 2018 and lifted the equities capitalisation to a 10-year high of N16.154 trillion on January 19.

However, a continual sell-off since middle of February has depressed the market capitalisation to N14.604 trillion as at Monday, indicating a decline of 9.5 per cent. The Nigerian Stock Exchange (NSE) All-Share Index (ASI) recorded a decline of 10 per cent, falling from a peak of

CAPITAL MARKET 15,092.83 on January 19, to 40,429.18 last Monday.

Market analysts attributed the decline to profit taking, market correction and weak investors’ sentiments. The historic rally in the equities market had been linked to dollar inflows from foreign investors who took advantage of the Investors and Exporters (I&E) foreign exchange window.

Besides, investors’ high expectations for impressive results for 2017 financial year attracted many domestic investors, a situation, analysts said, led to most stocks being overbought. “The unprecedented demand

for stocks by investors at the beginning of the year in anticipation for impressive full year corporate earnings moved many stocks into overbought situation. Now that the corporate results are being released, the shares have little room to move up because they are mostly over valued already. The market is now going through a correction that can only be stabilised when the first quarter results begin to hit the market,� the head of research of an investment banking firm told THISDAY on Monday.

Similarly, an analyst from another investment banking firm said apart from the market correction, the current political environment is impacting the stock market.

According to him, in a political period when there are preparations for elections, investment assets suffer. “Some of the investors have invested in stocks and real estate to amass value and now that we are preparing for elections, such investors would sell and get out their money to execute their political plans,� he said.

While the market rallied at the beginning of the year, there were still some warning signs. Some analysts had said the 120-day correlation between Nigerian stocks and Brent crude was now around the highest in two years, adding that if oil prices reverse their 45 per cent

Analysts at FSDH Merchant Bank Limited have predicted that investors would take profit on some of their investments in FGN Eurobonds and move their investments to some of the corporate Eurobonds with higher yields.

The firm therefore urged investors to take advantage of current yields on one-year treasury bills.

It noted in its latest monthly economic and financial markets outlook titled: ‘Growth Prospect Improves, But Uncertainties Remain,’ obtained on Monday that some of the corporate bond trading in Nigeria also have attractive yields which investors can take position in, stating that such an investment strategy would create liquidity in the Nigerian corporate bond

ECONOMY market.

It also put the total inflow into the money market in March at N1.85 trillion.

Furthermore, it estimated that a total outflow of about N594billion from the various sources such as government securities and statutory withdrawals would be recorded in the market, leading to a net inflow of about N1.25 trillion.

The report however expects the market to remain relatively liquid in April, which may necessitate the issuance of Open Market Operations (OMO) to mop-up the liquidity in the system.

The report also stated that yields on the NTBs may drop further from the current levels and that yields on the FGN

Bonds may gradually increase from the current levels as the FGN starts to increase its borrowings to fund the 2018 budget which is closed to its approval.

The report also showed that the equity market recorded the second month-on-month decline in 2018 as it depreciated in March, compared with the closing position in February.

However, it anticipated that the stock market would appreciate in the second quarter of of 2018 based on historical performance.

The FSDH research identified major uncertainties in the economy as: delay in the passage of the 2018 Budget; possibility of capital flight as a result of monetary policy normalisation in the advanced countries; possibility of a

Afreximbank, REC Organise Roadshow

The African Import Export Bank (Afreximbank) and the Russian Export Center (REC) on Monday in Nairobi began a series of roadshows under a new partnership that will raise the proďŹ le of Russian aircraft and helicopters in Africa. The roadshows, which will feature presentations, will showcase a range of cutting-edge Russian aircraft and helicopters, with demonstrations and ight experiences,overthenextďŹ vedays,startinginNairobi,andcontinuing in Kampala, Lagos, Abuja and Bamako. The roadshows are part of Afreximbank’s eort to improve the air transport infrastructure across Africa, given that the continent’s road and rail infrastructure suers from signiďŹ cant limitations and that the aviation sector is considered critical to achieving the continent’s trade, growth and development objectives. It is estimated that a 10 per cent reduction in transport costs would increase trade by 25 per cent. “Our partnership with the Russian Export Centre gives key players in Africa’s aviation industry tremendous opportunities.The 17-year average eet age of African airlines is the oldest of any world region, and by showcasing state-of-the-art and more fuel-eďŹƒcient aircraft, and the newest helicopters, together with our expertise and experience in aircraft ďŹ nance, we can enable the upgrading of Africa’s aviation industry.

Rainfall Boosts Ivory Coast Cocoa Continued on page 24

Investors May Dump FGN Securities for Corporate Bonds Obinna Chima

Political risk will remain a major concern for dealmakers in Africa in 2018.According to a recent report:�Resourceful dealmaking: Outlook for Mergers And Acquisition (M&A) in Africa,� published

by Mergermarket in collaboration with specialist risk consultancy Control Risks, there has been a dramatic fall in M&A activity, with declines of 25 per cent in volume and 26 per cent in value in the ďŹ rst half of 2017, compared with a relatively buoyant 2016.

Senior Political Risk Consultant at Control Risks, Imad Mesdoua said: “The drop-o signiďŹ es growing investor anxiety surrounding governance issues and weaker economic signals across key African markets. SpeciďŹ cally, political risk and transparency concerns have become the principal obstacles to successful acquisition in Africa. Ethical and compliance considerations are another major factor clouding the outlook for potential investors.â€? It noted that political uncertainty and relatively weak economic fundamentals have negatively aected M&A activity in Africa, adding that a fall-o in deals was seen in the ďŹ rst half of 2017 compared with a relatively buoyant 2016. “Political risk will be a major obstacle to dealmaking in Africa over the next 12 months, according to 84% of respondents. Other risk factors include transparency concerns and completeness of information, which ranked joint ďŹ rst alongside political risk (84%), as well as compliance and integrity issues (80%). “Almost three-quarters (72%) of respondents say that getting caught up in a regulatory or criminal investigation is one of the highest risks in relation to a target company’s ethics and compliance standards.

drop in the crude oil price at the international market; and possible increase in the food prices as a result of the rising unrest in the food producing states in Nigeria, pointing that they may have unfavourable impacts on inflation rate.

It also forecast further decline on inflation rate to 13.47 per cent in March mainly on account of base effect of previous year. “We expect inflation rate to drop to single digit in July 2018, provided there is no adjustment to the price of Premium Motor Spirit (PMS), electricity tariff, and government resolve to stop the rising crises in some parts of the country quickly. “The declining inflation rate may lead to a further drop in the yields on fixed income Continued on page 24

Above-average rainfall in most of Ivory Coast’s cocoa regions last week produced a wave of owers and cherelles on trees that point to a healthy mid-crop, farmers said on Monday. Ivory Coast’s Aprilto-September cocoa mid-crop is closely watched by markets.The government of the world’s top producer expects the harvest to yield about 500,000 tonnes of beans for the harvest, and around 2 million tonnes of beans in total for the 2017/18 season, in line with last year’s record. “Compared to last year, the quality is good and there is a lot of cocoa on the trees for the mid-crop,â€? Vincent Yavo, who farms in the southern region of Agboville told Reuters. “If it continues to rain in May, we will have fewer rejections in sales this year,â€? he said. In the centre-western region of Soubre, at the heart of the cocoa belt, farmers said the good mix of moisture and sun would help pods to ripen over the next two months. “The rains that fall now will help the mid-crop be long with big beans,â€? said KoďŹƒ Kouame, who farms in the region of Soubre where 25 millimeters of rain fell last week, 7 mm above average, according to Reuters data.

“The MPC was of the view that further tightening would strengthen the impact of monetary policy on inflation with complementary positive effects on capital flows and exchange rate stability�

CBN Governor,

Godwin EmeďŹ ele

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NIGERIAN EQUITIES MARKET SHEDS N1.55TN ON PROFIT TAKING, PRICE CORRECTION climb since June, Nigerian assets could take a hit.

That was one reason HSBC Holdings Plc had a negative outlook on the Nigerian stocks. The United Kingdom had said Nigeria would have to free its currency further if it wants to attract more investment.

While the Central Bank of Nigeria eased some capital controls last year and opened a trading window for foreign portfolio traders, it continues to operate several exchange rates. “Nigeria’s multiple exchange rate system is likely to remain a key drag, keeping long-term investors on the side lines,� HSBC analysts David Faulkner, John Lomax and Kishore Muktinutalapati had said in January.

INVESTORS MAY DUMP FGN SECURITIES FOR CORPORATE BONDS securities, particularly at the short-end of the yield curve.�

It however, noted that the current strategies of the Debt Management Office (DMO) to reduce the interest expense on the debt of the Federal Government of Nigeria (FGN) was working.

The report further said: “FSDH Research had issued a note to justify the need for monetary policy easing to stimulate growth in the economy. “Although the MPC desires more credit flow to the economy to stimulate growth, it did not give clear indications of how it would achieve this. “FSDH Research believes the CBN may soon deploy measures that will inject additional funds to the financial system that will enable bank increase credit creation in the economy to stimulate growth.�

It added: “The rising foreign capital inflows into Nigeria; favourable crude oil price; and increased oil production have led to significant accretion to the external reserves. The positive outlook for the Nigerian economy also adds an impetus for further accretion to the external reserves.

SunTrust Bank, BOA Seal Deal on Agric Banking Jonathan Eze Bank of Agriculture (BOA) and SunTrust Bank have sealed an e-banking agreement described by the Minister of Agriculture, Audu Ogbe as ‘landmark’ and instrumental to the development of agricultural sector in Nigeria.

The agreement was signed on Monday at the Federal Ministry of Agriculture, Abuja.

Managing Director/CEO of SunTrust Bank Nigeria Limited, Muhammad Jibrin and the Chief Executive of Bank of Agriculture, Kabiru Adamu, signed for their respective banks.

The agreement, will among other things, allow the SunTrust Bank to deploy its innovative banking services and other complimentary e-banking services to enable BOA serve its customers across its 140 branches in Nigeria.

The MD of SunTrust Bank said the deal will also allow the bank to deploy its banking platforms, technology like ATM and infrastructure for the over one million farmers in the kitty of BOA. Jibrin said: “We will also provide training support to the BOA staff.�

In his remark, the MD/ Chief Executive Officer of the BOA expressed optimism that the MoU will revolutionise agriculture in the country.

According to Adamu, both banks have agreed to bring together their mutually unique capabilities and experiences to enable BOA serve its

Audu Ogbeh

customers to facilitate quicker penetration of the unbanked farmers.

He said SunTrust Bank shall provide electronic payment solutions using its existing platform, including USSD, Mobile Money

Service, Merchant and Settlement Accounts for e-transaction.

Speaking, Minister of Agriculture, Ogbe said he was elated by the MoU, adding that the “landmark deal will change the face of farming in the country�.

Ogbe, who expressed regret that the BOA has been in difficulty over the years, said he expects that the new agreement and partnership with SunTrust Bank will get it out of the woods. “We have been trying to set up IT services at the BOA but it has been difficult. We hope that with your backing, the

services will eventually come to fruition,� the minister said.

He said plans are afoot for farmers to own 30 per cent shares of the Bank of Agriculture. “Thirty percent of BOA will be owned by farmers which will eventually makes it to be referred to as farmers Bank like the one in China,� Ogbe said.

He added that he looks forward to achieving five per cent interest rate for farmers, describing the current interest rate as unfriendly and disincentive. ‘I think both of you (BOA and SunTrust Bank) will enjoy

this relationship,� he stressed.

SunTrust Bank commenced operation on Monday August 15, 2016.

It is an innovative, IT savvy and financial technology based bank in Nigeria. Its banking services also cover various mobile and Internet banking platforms enshrined with traditional banking values.

Only recently the SunTrust Bank and federal government through Ministry of Finance signed an agreement for the provision of 5, 635 housing units for civil servants across the federation.

UNVEILING OF FCMB FLEXX HUB

L-R: Regional Head, Lagos of First City Monument Bank (FCMB), Mr. Oliver Opara; Executive Director, Business Development of the Bank, Mrs. Bukola Smith; Special Adviser to Governor of Lagos State on Education, Mr. Obafela Bank-Olemoh and Rector of Lagos State Polytechnic (LASPOTECH), Mr. Samuel Sogunro, during the opening ceremony of the FCMB Flexx Hub at the school in Ikorodu, Lagos ‌ recently

..Signs Financing Agreement with ICD SunTrust Bank and two others have signed a financing memorandum of understanding (MOU) with the Islamic Corporation for the Development of the Private Sector (ICD).

The ICD is a multilateral development financial institution and is part of the Islamic Development Bank (IDB) Group.

Speaking to the journalists immediately after the signing ceremony, the SunTrust Chief Executive Officer, Muhammad Barde, said the deal has provided for the bank another line of funds to support the growth of small and medium size enterprises. He explained

that non-interest loans are more supportive to businesses as there are no pressures of accumulated interests.

According to him, the bank embraced Islamic banking as part of its portfolio in order to provide adequate support to small and medium enterprises which are growth drivers in the economy. Profit and loss sharing which he said is a major pillar of Islamic banking allows businesses enough time to thrive instead of been strangulated with interest payment burden.

Describing the benefits of non-interest financing, Jibrin said any financial institution that

provides non-interest banking will be able to have favourable and cordial relationship with its customers, as they are now partners and stakeholders in the business. He said such partnership is good for the economy as businesses and enterprises suffering under heavy interest burden will now have relief.

The Chief Executive Officer of SunTrust Bank, Muhammad Jibrin signed for the bank while Regional Officer Director, ICD, Mr. Okan Altasli signed on behalf of the acting Chief Executive Officer & General manager, ICD, Mr. Mohammed Al Ammari.

The signing agreement was witnessed by the Permanent Secretary, Ministry of Finance, Aliyu Ahmed, who represented the Minister of Finance, Mrs. Kemi Adeosun.

The signing ceremony was one of the events at the ongoing 3rd Africa Islamic Finance Forum holding in Lagos.

According to the terms of the MOU, SunTrust Bank will get a financing of $10 million for lending to small and medium scale business on profit sharing basis instead of the normal banking interest based system.

In his opening remarks, Regional Office Director, ICD,

Mr. Altasli said African countries are embracing non-interest banking which qualifies them for financing lines from the ICD. He reiterated ICD’s support for infrastructure and small scale enterprises across Africa.

The Minister of Finance in her goodwill message said she considers the forum important because government is positioning the private sector as the key for growth. The minister represented by Aliyu Ahmed said government is exploring the benefits and capacities of Islamic financing to drive the desired growth in the domestic economy.

CIIN Partners London Institute on Human Capital Devt Group Business Editor

Ă’Ă“Ă•Ă‹ Ă—Ă‹Ă˜Ă¤Ă?Ě‹ ĂĄĂ‹Ă?Ă’Ă&#x;Ă•Ă&#x; AgriBusiness/Industry Editor

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Comms/e-Business Editor

Ă—Ă—Ă‹ Ă•Ă™Ă˜Ă”Ă“ Capital Market Editor

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Senior Correspondent

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Ebere Nwoji The Chartered Insurance Institute of Nigeria (CIIN) and Chartered Insurance Institute of U.K., have initiated a collaboration targeted towards building required human capital that will contribute to the advancement of the emerging developments in the global insurance market .

The deal was sealed at a recent strategic meeting between the two institutes at the London office of the CII. At the meeting, the two institutes, deliberated extensively on how to build stronger relationship, knowledge

sharing and best practice as well as other areas that both bodies could work together to engender human capital development and education for the benefit of the insurance industry.

CIIN president, Funmi Babington- Ajayi, who led the Nigerian delegation to the meeting, was received by the, CEO of the CII, UK, Susan Fisher, the institute’s COO, John Bissell, and strategic adviser to the CEO of CII, Carmen Powell.

A statement from CIIN, said after presentations by both bodies, they agreed on areas of collaboration that will enable

the CIIN explore options/ suggestions from CII London in order to get exemptions at Advanced Diploma level of the CII London examinations, and also earn maximum credit points.

Also agreed to be considered was collaboration for M.Sc. Insurance/Risk Management with the University of Lagos, where there will be exchange of already prepared curriculum so that the pragramme can be considered for exemptions by CII London.

CIIN authority, further said the meeting also agreed to look at recognising the Center for Insurance and Financial

Management (CIFM) as an institution of prior learning.

It said other areas of collaboration include resuscitation of staff exchange programme to enhance capacity building, as well as run CII certification programmes and train the trainers at the CIFM. Meanwhile, the CII, after the meeting, promised to send the CIIN a response to all the agreed areas of collaboration after due consideration by its board.

The CIIN statement, said Carmen Powell, strategic adviser to the CII, CEO during his presentation gave a snapshot of CII operations

in Nigeria, saying the UK body, has only 145 members in Nigeria, which included 63 Associates and 19 Fellows.

The institute however acknowledged that it had limited interactions with the regulator, students, affiliate institutes, educational organistions and corporate bodies in Nigeria.

According to him, it is imperative that CII works together with the CIIN to grow membership in Nigeria since it had decided that Africa was the key to its successful international operations. The CII seeks to double its 13,000 overseas membership quickly, Powell said.

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Son Restates Commitment to Fight against Substandard Products Jonathan Eze The Director General, Standards Organisation of Nigeria (SON), Osita Aboloma, has stated that with the reinvigorated SON Act 2015, the standards body has the mandate to police the whole country to ensure that substandard goods do not find their way into the hands of unsuspecting Nigerian consumer.

The SON boss, who was represented by the Director, Enforcement and Compliance, Bede Obayi at an enforcement exercise to different warehouses in Lagos, urged importers to always consult SON for quality control guidelines before importing goods into the country. This he said will give their products certificate of free sales without unnecessary hindrances from different regulatory agencies Aboloma said: We want to ensure that as people consume these products, it will be the same as those who are sending the products to us. We want to have a certificate of free sale that once we are consuming these products, we are sure the quality

is same as to where the products are coming from.

We want to let importers of these goods to know that Nigeria is supposed to be a safe country for all of us and so if you want to import any product, you must follow all the quality control guidelines set down by the SON.�

He added: “We have two policies which are the MANCAP for madein-Nigeria products and the SONCAP for imported products. We want people to be sure whenever they are consuming these goods that they would not harm them while also getting value for the money spent on these products. SON is saying that there is no boundary in terms of the enforcement of this mandate, wherever we see these products, we would take them out and if you comply with our requirements, you will not experience any hindrance taking these products from the ports, borders into the markets, but when you do not follow the laid down rules, we will go into the warehouses to pick out these products.� “This is why we are moving from warehouse

to warehouse, markets to markets, roads to borders so that we will be sure that nobody leaves these points with substandard products into the country. Nigerians rely so much on the capacity of the SON officials who have been adequately trained to ensure that these products do not get into the markets. We have picked up some products and all of them would be properly assessed, we must find out how they came in, find out their quality characteristics by testing because our labs are now properly equipped.

Wherever these products are found we would recall them and that is the essence of this enforcement exercise.�

According to him, quality is the same all over the world, stressing that SON is a member of ISO where standards are being developed in close collaborations with stakeholders from different sectors of the global economy network.

He assured importers and manufacturers of the agency’s commitment to create an enabling environment for businesses to thrive, therefore advising importers to desist from the illicit trade of substandard products.

LCCI to Celebrate Business Excellence with Awards The Lagos Chamber of Commerce and Industry (LCCI) plans to honour excellence in business at its 2018 Commerce & Industry Awards slated to hold on Tuesday, May 1, 2018 at the Lagos Oriental Hotel, Lekki-Epe Expressway, Victoria Island, Lagos.

This year ’s edition, which is the 5th in the series, promises to be an improved edition and hopes to attract major players in the various sectors of the Nigerian economy.

Director General of the LCCI, Muda Yusuf, said: “The objective of

the annual awards is to recognise, celebrate and promote private and public institutions that have exhibited the core values of best business practices, growth through innovations, business s u s t a i n a b i l i t y and have positively i m p a c t e d t h e s o c i e t y. �

He added that “the L C C I C o m m e rc e a n d I n d u s t r y Aw a rd s p r i d e i t s e l f a s a c re d i b l e platform where winners emerge through a painstaking selection process s u p p o r t e d b y ro b u s t re s e a rc h a n d m a r k e t intelligence. Some of the awards categories to be

w o n a t t h e p re s t i g i o u s event include: Award for Excellence in sectors of the economy such as Banking, Insurance, Health Care, Manufacturing, Real Estate, Aviation, Pharmaceuticals, Education, Media among others.� “The LCCI aims to celebrate deserving corporate organisations and public institutions that have made remarkable contribution to the development of commerce and industry, and the economy at large. Good corporate governance is also a major consideration in the evaluation of nominees for the award.� Yusuf added.

ELEVATING TO THE NEXT LEVEL Marie-Therese Phido

Don’t ForgetWhat Made You Successful!

My sister had a baby recently in one of the well liked hospitals by many in Victoria Island. Their focus is mainly gynecology, maternity and pediatrics. In fact, two of my sisters have had babies in this same hospital. Many years ago, when the hospital started, the treatment and service was top notch. I remember my sister being in labour with a nurse dedicated to her for the duration of her labour, to monitor the contractions and to generally ensure that she was comfortable and the labour was progressing positively. Visitors were treated politely, with consideration. When they erred they were told about the correct requirement in a courteous manner without rancour.

You can imagine my shock when we went there recently for the delivery of her baby and the changes I witnessed.

The place had become what I would say is more “successful�. This level of success was in terms of the number of customers and staff. I am sure it must be good for the profitability of the business, but I wonder about how the “success� will affect their longevity in terms of loyalty and customer satisfaction.

The first thing I noticed, was the attitude of the staff – they were no longer polite nor nice. The feeling of well-being, satisfaction and confidence their service engendered was no longer apparent. The nurses were grumpy and rude, the doctors were cold and officious.

I left there feeling like I had just left one of the general hospitals we have across the country. This feeling is a big disservice to them, considering how they made you feel before and the way the establishment was regarded. Now, this has all changed. They have become a completely different organization – same name, same service, but a negative perception of their service – impersonal with very poor customer service.

I had to ask what happened? How could a hospital that was so well run and respected become what it is now?

Somebody attributed this fundamental change to the fact that they have been bought over by a hospital group and been given performance criteria, which is affecting them, their customers and visitors negatively. The resultant effect of this is that what made them successful has now been eroded either by size or by the performance scorecard given by

make so much noise about their food, our mission is to take the best of Nigeria dishes to the rest of the world. We want to put Nigeria in the scheme of things, on the map. I travel around the country to get my cooking staff; if you go to my kitchen you will see different tribes.� “In view of our name Natives and our vision to continuously take our dear customers unto a culinary and cultural journey back to their roots, we choose to promote some of the rich ancestral heritages of the four major ethnic and regional settlements in the country with major emphasis on some dishes, drinks, fashion and music peculiar to these tribes.

First weekend of the month

is the Hausa/Fulani Day, second weekend is Yoruba day, third weekend is the Niger Delta Day and fourth weekend is the Igbo Day while fifth weekend is the Natives Variety Days� “We don’t just sell food to people, we also promote culture. We don’t make scientific or over spiced dishes, all our condiments and spices are local like our Ogiri and Palm oil is gotten from the east and it is made to our specification, our tables and chairs were designed and supervised by me, as you can see, I used the normal Nigerian mat to make my roof, its high time we start producing things ourselves and let our money circulate amongst us, this was how China began.�

Eroding Customer Service Customer complaints increase and satisfactory servicing becomes a problem.

Oftentimes, in pursuit of greater success, companies grow quickly that their backend support system, delivery and order fulfillment sections fail to catch up.

Inability to Manage all Business Processes Management becomes so involved with trying to administer all of the new operations acquired that it losses track of the essential business functions. A company’s risk of failure also increases given an overly centralized management team that lacks depth. A growing company must be able to recruit and retain personnel qualified and capable of taking the company to its next phase of growth.

Internal Systems and Procedures Not Catching Up

Ex-Banker Floats Ark of X Natives Kitchen The Managing Director of Ark of X Natives, Ikenna Eze Uzoamaka, has said that there is the need to promote Nigerian foods and culture to the world, hence the creation of the Natives restaurant in Victoria Island, Lagos.

According to the trained Accountant, the Ark of X Natives is an eco- friendly community that brings its customers close to nature and a reminiscent of the beauty of African heritage.

Speaking on his passion for the country, Ikenna said: “My family stays in the United Kingdom and I have travelled around, I noticed that in Nigeria, we have good food but we don’t promote that much, you go to other places they

the Group that bought them over.

It is clear that their brand has diminished and their brand equity will continue to reduce significantly. What made them successful or attractive to the Group that bought into their business will become a mirage. If they do not work on their brand and customer service, they will indeed become a general hospital and lose patronage.

What has happened to them is not strange.

Many of us forget what made us successful and how we must ensure that as we scale we do not lose the essence of our value. We’ve seen scale and “success� affect businesses in Nigeria. Many of us remember when GTBank started in Nigeria. They came on a platform of customer service. When success came, in terms of customer size and profitability, they appeared to lose sight of why everybody flocked to them – which was the way they treated their customers at the start. Each customer left their premises feeling like a king back then.

While, this is no longer so, they have made up for it, in the quality of their branches and with technology. MTN had the same problem. They were first to market with GSM and became the biggest, and at a time the most problematic service wise.

So, the question is, why do these companies forget what made them successful? The short answer is that they failed to take adequate precautions to optimize for the future by employing the right people, deploying tactics and processes that will solve problems that are not immediate. In addition to the above, they also failed in the following three areas according to Isabel Isidro:

So, the question is, why do these companies forget what made them successful? The short answer is that they failed to take adequate precautions to optimize for the future by employing the right people, deploying tactics and processes that will solve problems that are not immediate

Bureaucracy rears its head in the form of more memos, meetings, and buck passing, further compounded by a defective monitoring and information systems. Growing companies must be able to obtain information (internal costs and budget, competition, inventory controls, cash flow, sales growth, among others) in a timely, organized and efficient manner.

In conclusion, don’t forget what made you successful. It’s important to grow and be profitable, but losing sight of the essence of what made your business is a recipe for disaster. GTBank and MTN were big enough to overcome their growth challenges, you may not be as lucky.

Be deliberate about how you scale and remember what made you successful.

.– Marie-Therese Phido is Sales & Market Strategist and Business Coach Email: mphido@elevato.com.ng tweeter handle @osat2012 TeL: 08090158156 (text only)

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Cadbury Nigeria on the Upswing Goddy Egene reports that with the combined sales drive and cost reduction strategies, Cadbury Nigeria Plc returned to profitability and recommended a dividend for its shareholders for the 2017 financial year

Cadbury head oďŹƒce

When Cadbury Nigeria Plc, manufacturer of confectionery and food drinks, slipped into the red in 2016, many of its shareholders were highly disappointed. Their disappointment stemmed from the fact they would, again, be without dividend.

Cadbury, which used to be a leader, boasting of products that appeal to consumers years back, had a bad patch following account overstatements scandal. However, series of restructuring and management changes later restored the fortunes of the company and brought it to profitability.

After seven years without dividend, shareholders began to receive dividends on the investments in 2012. However, the joy of shareholders was cut short in 2016 as the company returned to a loss. The company had ended the year with a loss of N296 million. But while shareholders were probably expecting another long wait, Cadbury rebounded in 2017 and recommended a dividend of 16 kobo per share for the year.

2017 Financial performance According to the results of the company for the year ended December 31, 2017, revenue increased from N29.979 billion in 2016 to N33.079 billion in 2017, representing a 10 per cent growth. Sales and distributed fell from N5.595 billion to N5.228 billion, while administrative expenses reduced from N2.073 billion to N1.594 billion in 2017. But net finance cost rose from N169 million to N361 million.

However, Cadbury ended the year with profit before tax of N350 million, compared with a loss of N563 million in 2016. Similarly, profit after tax stood at N299.998 million, up from a loss of N296.403 million in 2016.

Its profit after tax also rose from N296 million loss in 2016, to a gain of N299.998 million in 2017, representing growth of 200 percent. In addition, the company reported a profit before tax of N350.317 million in

2017, compared to a loss of N296.403 million in 2016.

Based on its improved performance, the board of Cadbury Nigeria has proposed a dividend payment of 16 kobo per share to its shareholders for the year 2017.

Company Explains Results Explaining the performance in a statement, the company’s Corporate and Government Affairs Director for West Africa, Mr. Bala Yesufu said: “We have been working assiduously over the years to turnaround our loss situation. We are happy to announce that we finally realised our vision to reposition Cadbury for improved performance, in 2017. “We built our business on four key pillars, namely price competitiveness, aggressive route to market initiatives, sustained consumerdriven activations and exponential growth in our treat portfolio. Despite the difficult operating environment, the company recorded impressive growth in all these four areas, leading to its full return to profitability at the end of 2017.�

According to Yesufu, “As part of our repositioning drive, we have invested a lot in our human capital, pioneered some innovation in the industry, and acquired new world-class technology. We are confident that these investments will further strengthen our capabilities and enable us to deliver more value for our broad spectrum of stakeholders.�

Cadbury Nigeria unveiled its new fully automated $50million state-of-the-art Bournvita plant in Agidingbi, Lagos, in 2015. According to the company, the plant has increased its production capacity and efficiency and positioned the brand to become more competitive.

Impact of New MD There was a high turnover of managing directors as the company had two MDs within two years. As part of efforts to sustain

the company’s performance the parent company of Cadbury Nigeria, Mondelez International had appointed Mr. Roy Naaman in January 2015 and was replaced by Mr. Muhammad Shamsi in January 2017. It is believed that Shamsi’s strategies, based on his experience and supported by the board, management and staff made Cadbury to return to profitability in 2017.

Shamsi joined Mondelez International as a marketing director of its biscuit business in Pakistan in June 2009. From there, he moved up the ranks to become Head of New Categories, Gum & Candy at Kraft Foods, a Mondelez business in West Africa from 2012 to 2013. He became the Marketing Director of Kraft Foods in West Africa from October 2013 to March 2016. From April 2016 to January 2017, he was in charge of Mondelez Innovation kids Wholesome, Global Biscuits in East Hanover, United States before his appointment as MD of Cadbury.

Prior to joining Mondelez, Shamsi held different managerial and marketing positions at ICI Paints –Dulux Paints in Pakistan from October 2004 to May 2009.

He also worked as a Brand Manager for GlaxoSmithKline Consumer Healthcare from 2001 to 2004; Account Planner, Walls Ice Cream at Orient McCann Erickson from 2000 to 2001; and as Assistant Brand Manager, Biscuit Category at O.J Foods (licensee of Nabisco International).

Analysts’ Assessment Looking at the results, analysts at Cordros Capital Limited, said revenue grew by 10.3 per cent while EBIT, PBT, and PAT of N711 million, N350 million, and N300 million were reported vs. losses in 2016. “Net earnings was in loss (N64.5 million) as at nine months (9M) in 2017. So, the full year (FY) profit was on the back of the

N364 million net profit reported in the final quarter (Q4-17). Compared to our estimate, revenue was ahead by two per cent while net profit beat the N146 million we estimated.

Effective tax rate was 14.4 per cent vs. the 32 per cent we estimated,� they said.

Cordros Capital explained that Q4-17 revenue was equally ahead of their estimate by 10 per cent. “The top-line grew by 0.7 per cent year-onyear(y/y) and 7.6 per cent quarter/quarter (q/q) during the period. Net revenue has now grown q/q consecutively for two years in Q4.

We believe Cadbury’s revenue growth in Q4-17 was largely volume-driven, as opposed to Q4-16 which was majorly on prices. We were informed by distributors that there was an aggressive promotional activity in Q4, wherein customers were rewarded with discounts of as much as N800 for purchasing, say one carton of Bournvita,� they said.

Looking at the margins, the analysts said gross margin outturn was a negative surprise. “Compared to Q4-17 and Q4-16, gross margin fell by 667 bps and 916 bps respectively.

The cashback may have depressed gross margin,� they said.

On expenses, Cordros Capital said operations expenses (opex) was down 41 per cent y/y and 27 per cent q/q during the review period, while the ratio to net sales of 14.9 per cent was lower 1,049 bps y/y and 691 bps q/q. “Cadbury’s Q4 opex is typically the lowest (although last year’s was an exception). While EBIT margin was higher relative to Q4-16, it fell by 210 bps compared to Q3-17, owing to the weaker gross margin,� they said.

Assessing the balance sheet, Cordros Capital noted that a short term loan of N1.7 billion was drawn in Q4, noting that “It would seem the borrowing was deployed towards settling trade payables which reduced by N3.1 billion from 9M-17.�

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Rufai-Lariba: The Finance House Sub-sector Has Bright Prospects Managing Director, Crownrise Finance Limited, Mr. Babatunde Rufai-Lariba spoke on the challenges and opportunities in the finance house sub-sector under the regulation of the Central Bank of Nigeria. Obinna Chima presents the excerpts: In the 90s, the Finance Houses sub-sector used to be very vibrant and played prominent roles in the economy, but today the sub-sector appears comatose. What was responsible for that?

Then we had over 1,000 Finance Houses and everybody was just trying to outplay each other. In the course of that, they started offering interest rates and items that were not possible at that time. While it exhibited early then was because we had no windows.

Of course, you know banks have windows and because of the special position they hold in the economy, government must always create window for them to ensure that such commercial remains afloat. But that wasn’t given to us. Also, at that time, some operators didn’t even know that Finance Houses were set up to bridge the gap of those that didn’t have access to the larger banks. We were set up to assist the SMEs. The first 50 Finance Houses were licenced in 1992 and everybody was happy then. So, seeing that the Central Bank of Nigeria (CBN) had started licencing the sub-sector, all manner of operators started springing up all over the country and we had over 3,000 firms then. And some of those firms went under because unlike what we have now, there was no corporate governance, no risk management framework and the firms then didn’t have strategic plans.

But considering the challenges in the sub-sector, few ďŹ rms including yours have continued to survive. What are those things that have kept your ďŹ rm aoat?

As a banker, I had rigorous training on financial discipline and I had mentors I was always looking up to. These included the likes of Otunba Subomi Balogun, Jimi Lawal and people that were young and had made it in the financial sector. So, we made financial discipline our principle. Also, we made sure we selected shareholders that were also focused on doing the right things. My staff members are also committed. So, financial discipline has helped me and is still our main principle till today.

Some of your members are clamouring for Nigeria Deposit Insurance Corporation’s cover for the sub-sector. What do you think would be the beneďŹ ts of that policy to the sub-sector?

It will be another confidence boosting initiative. That a customer has his or her money in a Finance House and if anything happens, the regulators would arrest the situation and to alleviate customers’ suffering in case of any unpleasant outcome, the NDIC would pay the customers a certain amount of money and they would take over the company’s assets. That alone will enhance confidence in the sub-sector.

How can one differentiate a Finance House from a Merchant Bank as well as a microďŹ nance bank?

A finance house generally can do everything the commercial banks do, except deposit-taking and foreign exchange. The regulators now gave us a caveat that we can do financial consultancy and services whose range wasn’t defined. But you have to look at your core competence in whatever you choose to do.

On the other hand, a merchant bank is like with Crownrise Finance is all about. The only difference is that while we call the funds we receive borrowings, they call theirs deposit.

The merchant are allowed to do foreign exchange, but we are not allowed to do it.

They are not allowed to have counters for savings, just like the finance houses. So,

Rufai-Lariba

finance houses are mini-merchant banks.

That is why they call us investment banks as well. So, we are doing virtually everything the merchant banks do. If you are a big customer of Crownrise, we can give you indirect cheque book. All we need to do is to have an agreement with our bank. But if you don’t have the financial capability, you don’t just dabble into merchant banking. For you to operate a merchant bank today, you need about N25 billion. But microfinance banks are just like the conventional banks.

The only thing they cannot do is foreign exchange. Before, by law they couldn’t grant more than N500,000 as loan.

But that amount has just been increased to N5 million. But a finance house can grant any amount of loan to its customers, if its capital, multiplied by 20 is more than what the customer is asking for. For example, if you have capital of N100 million, multiplied by 20, that gives you N2 billion, if a customer is asking for N1 billion loan, we can grant the customer. That is why the NDIC cover I talked about earlier is important. If we are telling the whole world that we can multiply our capital before giving out loan, that means we should have a cover to hedge against risk. And we are not allowed, just like all other banks to do things directly, but to finance firms. So, the microfinance banks were developed to take the form

of the commercial banks, while finance house were modelled after the merchant banks. You know at some point in time the regulators phased out merchant banks. But they saw that wholesale banking was lacking in the economy and had to bring back the sub-sector. What we are fighting now is that there are some areas that the central bank must stop the commercial banks from going into. What is a commercial banking doing in leasing business? In other climes, a commercial bank should work with a finance house or a merchant bank to execute such transaction. Go to America, India or Britain, you can never see a commercial bank going into business outside its core competence.

Do you foresee a bright future for the sub-sector and what are your plans for expansion?

There is a bright prospect for the sub-sector because from over 3,000 operators, we are just 71 presently. There has been increased supervision from the central bank and they now come every six months to look at our operations. So, before any industry issue that would affect the sub-sector would arise, the CBN would have arrested it. We have a department at the CBN that was wholly assigned to monitor our activities and we send returns regularly through a software.

So, there is room for expansion and we are desirous of exploring it. The financial discipline and resilience that has been with us has been inculcated in every staff. We emphasis on training and re-training of our staff. At Crowrise, we are very ethical. We don’t do anything outside the permissible areas and that has helped us a lot. So, we like to operate within the rules and regulations of the regulators. Our products and services are within the permissible areas. For instance, we have what is called the Crownrise Running Account. We have the Crownrise Retirement Scheme, which enables young entrepreneurs and chief executives to save till they retire.

How do you intend to utilise the N1 billion you plan to raise through bond offering?

Of course, we are putting 35 per cent into project financing. We are going into operating leasing which requires money, so we are putting 40 per cent into that. Of course, loan syndication and loan facilities will get about 20 per cent and five percent will go into trade financing because we have to service small scale businesses. So, we are going into operating lease and project financing seriously. We will never run away from lending because that is the traditional way of helping majority of small scale business owners. The bond offering is not for any capital project.

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Ezeagu: Stockbrokers Must Adopt Proactive Risk Management Strategies Chairman of the Association of Stockbroking Houses of Nigeria Chief Patrick Ezeagu spoke to journalists on the reasons for the intensive training on risk management recently organised by the association for capital market operators. Goddy Egene presents the excerpts: What informed ASHON’s decision to organise training in Risk Management?

ASHON in its own wisdom looked at the deficiencies in the Human capital capacities of operators within the industry and found out that with the kind of economy that we are operating, risks are inherent in the business we do. There are risks that are evident arising from the way and manner government policies impact on the market as well as the global vicissitude that had sent out some shock waves within the industry.

Therefore, we cannot continue to fold our hands and sometimes pretend that these are not ominous for our business survival.

It appears the training programme is also an extension of capacity building initiative of ASHON? Absolutely yes. There is the need to ensure that we develop our own local capacities to be able to evaluate risk and then provide mitigants that will ensure that risks are reduced to the bearest minimum. In that way, we can ensure that our businesses operate within some checks and balances and risk is managed at all times.

We must therefore ascertain and evolve mitigants to be applied promptly in a sustainable manner to manage risks.

How would you respond to the concept that risks change with time ?

Effective and efficient risk management structure positions Stockbroking Houses to exist in perpetuity as a going concern. Risk changes over time and therefore, tools of identifying and managing risk must change over time and the only way you can ensure that we are prepared to manage risks is to continually train and re-train risk Managers within the Capital Market space.

It is necessary to consistently train those who are involved in the day to day management of risk associated with our businesses.

That was why we decided to organise the training workshop on Risk Management.

We also looked through the other training programmes and they appear theoretical and they do not cover some practical aspects of risk management. Therefore, we decided to bring in people who have skills and competencies in Risk Management to conduct this particular training for operators with the Capital Market.

How would you assess the training?

Well, from the feedback I am getting, the attendance was very impressive. I understand that the participants got value for their money. This is apparent from the post training assessment conducted on the participants, including some chief executive officers of stockbroking firms who participated.

What are the risk management issues affecting stockbroking ďŹ rms in Nigeria?

It depends on how you identify them.

There is financial risk, capital adequacy risk, operational risk, control risk, technology risk and human capital management risk among others. There are different levels of risks in whatever we do. This explains the overriding importance of risk management for our businesses.

Could you shed light on the roles of Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) in addressing risk management issues among the capital market operators in Nigeria?

SEC is the Head Master of the capital market and it plays the role of a supervisor alongside that of the development of the capital market.

It has rules and regulations that guide and also mitigate against some of these risks. But people must understand rules and regulation and then be able to apply the rules and regulations

Ezeagu

governing the market appropriately, How do we train our members to ensure that at least they will be able to work within that purview of what SEC expects of them to do in order to have a very healthy capital

What we are ďŹ ghting now is that there are some areas that the central bank must stop the commercial banks from going into.

What is a commercial banking doing in leasing business?

In other climes, a commercial bank should work with a ďŹ nance house or a merchant bank to execute such transaction

market? The same thing applies to The Stock Exchange. The Stock Exchange is a self regulatory body that provides the platform under which the trading takes place. They too have their rules and regulations that help to guide operators in the Stock Market. That in itself partially mitigates risk.

However, when the people who function within the back office and those who are involved in daily activities are trained to understand what risks are, the issue of risk management becomes easier to handle.

How would you advise the promoter of stockbroking ďŹ rms to ensure compliance with the modern risk management challenges?

The need for a new stockbroking firm to comply with modern risk management strategy is number one. It starts with capital adequacy, having the right organisational structure on the ground, having the right management team with requisite experienced people to be able to run the firm. Then the firm must meet the Minimum Operating Standard (MOS) stipulated by the regulatory authorities. With these on ground you cannot get it wrong because the rules are there, the markets are there, the capacities in terms of men and materials that you are going to use are there. And then, over time, you will be able to learn and key into the way(s) and manner the business is run.

How can investors in the capital market be protected?

When you have knowledgeable people managing the Capital Market environment that in itself, is protection. It means that the professionals will not lead you astray except those that are fraudulent.

The fact is that, we have what is called Trade Guaranty Fund (TGF). We also have Investment Protection Fund. The fund in itself is not the issue, it is the integrity of the market participants that is more important. Once the integrity of the market is assured by the fact that people operate within rules and regulations guiding the market, then you can be sure that the market is well protected. The market is guided by rules and regulations and there is the apex institution that is like the “big brother� watching you. These are the things that ensure that there is integrity and investors can trust the market and participate actively in the market.

Added to the above is that there are avenues for the ventilation of grievances between parties in the market. Because in a situation where you have two parties that interact, sometimes there will be conflict.

And we have a very robust conflicts management frame work which has been designed and flows from Firm to SEC and even to the Investment & Securities Tribunal. Once people are assured that they can come into the market and exit whenever they like in an orderly manner, people develop confidence and patronise the market.

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Insurance Firms Still Reeling from the Recession Although Nigeria has exited the recession, its adverse effects on the insurance sector are yet to dissipate, writes Ebere Nwoji Recently, the media was awash with reports that 50per cent of insurance firms in Nigeria are more or less without adequate reserves.

The situation is a major source of concern, not only to the board and management of the affected firms, but other stakeholders in the insurance industry.

This is because, given the position of the insurance sector as the pillar on which every country’s economy stands including Nigeria, any indisposition on the part of the sector, directly or indirectly affects the economy.

Apparently, though the sector has not had it so rosy over the years due to poor patronage and low level of insurance awareness in Nigeria, the present situation which depleted some operating firms’ reserves was not unconnected with the recession that hit Nigeria two years ago. Though the recession similarly affected other sector operators, its negative impact on insurance was more pronounced mainly because one, by its nature, insurance is risk mitigating business that has to do with claims payment irrespective of the state of the economy. Secondly insurance often occupies the last position in the scale of preference of an average Nigerian as such any need for adjustment in their list of expenses affects the sector.

Against this backdrop, during the recession, the twin problem of insecurity situation in the country and federal government’s Forex policy exposed the insurers to huge expenses on claims coming from wanton destruction of lives and properties and claims from dollar denominated policies taken when the exchange rate of Naira to dollar was low during the recession when the exchange rate was at its highest.

This unarguably exerted pressure on some insurance firms and compelled them to deep hands into their reserves to meet up their claims challenges.

The ugly situation which has set some stake holders in the sector jittery is already taking its toll on the sector’s workforce as currently, it is no longer news to hear that some insurance firms owe their workers arrears of salaries even as some have devised means of shirking claims through misinterpretation of their policy statements.

But thanks to the sector regulator, the National Insurance Commission (NAICOM), which has put on eagle’s eye in its efforts to ensure that public interest, is protected to the last in terms of claims payment.

A critical examination of operations of some insurance firms depicts a picture of prominent scares left on their financial stature by the recession especially in their 2016 reports, to the extent that some shy away from publishing their annual reports in popular newspapers but merely published them in less popular papers just to fulfill regulatory obligations.

Indeed, about 23 of the existing 58 insurance firms recorded losses in their 2016 business outing and as such could not give returns to their shareholders. For the 2017 report which is yet to fully come out, there is yet no much evidence that some firms will fare better.

Prominent among factors that affected the performance of the firms within the period are huge claims from insecurity situation in different parts of the country especially since the emergence of the Boko Haram insurgency, kidnapping and climatic change which damaged lives and properties in addition to incessant fire outbreaks in major markets and factories.

For instance, there have been reports that frequent tragedies befalling Nigeria’s security agencies, especially the Nigeria Police Force (NPF), have shot up the insurance claims paid to victims’ families by over 300 per cent in two years.

Against this backdrop, there is fear that the development, if not checked, is likely to increase the N5.4 billion annual budgets for federal government workers’ Group Life insurance scheme.

According to data on this from the Nigeria Insurers Association (NIA), life insurance operators paid over N312.85 million group life claims to the Nigerian Police Force on deceased officers in 2016 as against N74 million paid in 2014.

Commissioner for Insurance, Alhaji Mohammed Kari

This according to NIA, represents over 300 per cent increases.

NIA , in the latest edition of its annual insurance digest, reported that no less than 29 out of the existing 58 insurance firms reported negative reserves amounting to N93.15 billion in 2016.

The report further revealed that 15 non- life operators posted N51.79 billion, while 14 Life operators posted N41.36 billion.

The negative reserves may not be unconnected with the recession as many insurance firms who underwrite dollar denominated policies, during the period had to pay the claims from their reserve due to the high inflation rate and rise in the exchange rate of Naira to dollar.

Speaking on the development, stakeholders said the insurance industry needs urgent at-

Prominent among factors that affected the performance of the ďŹ rms within the period were huge claims from insecurity situation in different parts of the country especially since the emergence of the Boko Haram insurgency, kidnapping and climatic change which damaged lives and properties in addition to incessant ďŹ re outbreaks in major markets and factories

tention as negative reserves is an indication of imminent crisis.

At the heat of the recession, the Managing Director International Energy Insurance, Mr. Peter Irene, had in an exclusive interview with THISDAY, raised the alarm that the dearth of Forex occasioned by the collapse of oil price and the prevailing government Forex policy then, had compelled firms which underwrite dollar denominated risks, to fall back to their internal operations to settle claims at the expense of their comprehensive income.

He had also observed that insurers who delayed settlement of dollar denominated claims until the country plunged into recession and the attendant astronomical rise in forex would have difficulty settling such claims.

He noted but because of influence of the sector regulator that the National Insurance Commission (NAICOM) on such firms, the firms would resort to their reserves to settle such claims, a situation which he said would be suicidal for such firms. “Most insurance firms had their treaty agreement in Naira even when they accepted dollar risk. What it means is that for example, you now have a claim, you have to pay in dollar but at the time you took up the risk, even though some people placed it in dollar, the exchange rate at that time was a fixed rate.

Because of that, most insurance firms have to cough up huge claims in dollar.�

He said closely connected to this is the fact that most treaties in Nigeria are denominated in Naira and most of them were translated at the exchange rate ruling at that time the contract was signed.

Furthermore, he said: “If you have to pay, it means that you have to cough up money from your internal operations to make up when you are paying claims in dollar that were denominated in Naira.

Another problem he noted was that most of the dollar claims that were not paid before, will

have to be paid now and to do that, operators have to pay more and that will impact on their comprehensive income.

The international Energy Insurance boss said those were the issues adding that many insurance companies have been caught up with this and cautioned other operators to be careful in their business.

Two years down the line, the insurance firms are facing the negative impact of the recession in form of negative reserves as predicted by the IEI boss.

Meanwhile, industry analysts said this portends danger for the industry and it signals the negative state of health of most operating firms in the industry.

According to the analysts, if 29 of the existing 58 insurance firms, representing about 50 percent have negative reserves, it means the entire industry has to tread with caution in their business operations.

Some industry stakeholders said the insurance industry needs urgent attention as negative reserves is a pointer to crisis.

Managing Director Lancelot Ventures Limited, Adebayo Adeleke, who is also a prominent member of Independent Shareholders Association of Nigeria (ISAN), speaking to an online news agency Inspenonline on this, noted that if 29 firms which is half of numbers of firms in the industry, have such challenges, it means the industry is really in trouble.

According to him, negative reserves denote that shareholders’ funds have depleted and that the firms are not making profits.

He called on the NAICOM to look into operations of most firms and encourage ailing ones to merge before they collapse and erode policyholders’ funds.

A researcher, Obinna Chikezi, said many reasons such as having claims above reserves, poor reinsurance protections for covers provided, high management expenses, low capitalisation and others could induce negative reserves.

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FMBN: Marching Towards Affordable Housing Isaac Olu writes that through collaboration and accountability, the Federal Mortgage Bank of Nigeria, under the watch of Managing Director, Ahmed Musa Dangiwa, is on a steady march towards bridging the huge housing deficit in Nigeria

Under the watch of its new Managing Director, Arc Ahmed Musa Dangiwa, the Federal Mortgage Bank of Nigeria (FMBN) is on a steady match towards bridging the huge housing deficit in the country. The World Bank estimated that Nigeria has a housing deficit of about 17 million units.

But at a time optimism is in short supply in virtually all sectors, the FMBN is giving contributors to the National Housing Fund reasons for hope. The new management is pulling off some remarkable feet particularly with its promotion of the following innovative reforms: Business Process Automation: The FMBN has embraced technologies aimed at achieving end-to-end business process automation within the institution. Its adoption of core banking application, wide area networking and mobile and internet solutions will allow the Bank to seamlessly link with primary mortgage banks and interface with customers. Corporate Governance Framework: The Bank has engaged the Centre for Corporate Governance which is affiliated to the Institute of Directors (IoD) to carry out Corporate Governance Audit and develop a Corporate Governance Framework and Governance structure in line with international best practices.

Enterprise Risk Management Framework: The FMBN is presently implementing an Enterprise Risk Management Framework project undertaken by PricewaterhouseCoopers (PwC) Limited and which is due for completion by Q2 2018.

Improvement in Loan Portfolio Performance: The institution has embarked on aggressive loan recovery that has, in turn, improved its loan portfolio performance. By engaging debt collectors and working with the Nigeria Inter-Bank Settlement System (NIBSS) and PMBs, the Bank is automating loan repayment debits from customers’ bank accounts, which will reduce the rate of loan defaults.

Advocacy for Legal/Regulatory Framework Reviews: As part of its ongoing reforms, the bank has worked with government and private institutions like the Central Bank of Nigeria (CBN), the Real Estate Developers Association Nigeria (REDAN) and the Nigeria Mortgage

Refinance Company (NMRC) on advocacy with State Governments to enact mortgage friendly (foreclosure) laws and improve land registry practices.

The rendition of Outstanding Financial Statements: To ensure accountability and regulatory compliance in FMBN, the new Executive Management Team of the Bank has taken crucial steps to ensure the rendering of all outstanding financial statements by end of 2018. A top executive of the Federal Mortgage Bank who spoke under condition of anonymity revealed to our correspondent that the Bank will soon finish reconciling all backlogs of its outstanding and audited financial accounts.

The source noted that prior to resumption of the new management; no submission of the Bank’s audited account was done since 2013. Not until the entrance of the new FMBN management in April 2017 that a task force was constituted to clear outstanding backlogs.

The new management of the FMBN has continued to ensure transparency in the NHF with SMS and email alerts now being introduced. The Bank has steadied its application of best practices in managing risks both within the institution and in its dealings with stakeholders.

Mr Dangiwa, in a newspaper interview, said: “Our vision is to reposition the bank as a foremost apex mortgage bank in the country and provide affordable housing financing for contributors to be achieved through improved and transparent operations. All of these are achievable with the cooperation and collaboration of stakeholders. This is our primary aim and focus�. The FMBN has demonstrated a strong will to remain accountable and transparent through stable and uninterrupted monthly NHF refunds from April 2017 to January 2018.

The disbursement of NHF mortgage loans and FMBN Home renovation loans (FHRL) have equally remained steady.

NHF Refund: Documents obtained from the FMBN show that between April 2017 and January 2018, the new Executive Management Team of the Bank has refunded N5, 568, 252, 279.88 to 38, 255 contributors of the National Housing Scheme. This indicates a 31.4% increase in NHF refunds

from a cumulative repayment of N17, 734, 599, 814.76 to a total of 190, 943 contributors since inception of the window in 2015.

Also, the usually long period taken to process NHF Refunds has been shortened by the FMBN new management. This is intended to ease the time and strain it ordinarily would have taken NHF contributors to initiate and complete the refund process.

The condensed procedure has seen a prompt repayment of funds to the scheme’s contributors under the new FMBN management. As part of the reforms, contributors to the NHF will before the end of the second quarter of 2018 begin to receive SMS and email updates on their refund.

NHF Mortgage Loans (NHFL): Figures obtained from the FMBN show that the Bank has equally disbursed N7.97 billion as NHF mortgage loans to 1, 019 beneficiaries between April 2017 and January 2018.

FMBN Home Renovation Loan: Disbursements totalling N5.06 billion was made as home renovation loan to a total of 6, 718 beneficiaries under the aforesaid period.

Our source further gathered that the FMBN, as of January 2018, has cleared backlogs of outstanding accounts up to 2014. The audited accounts are said to be pending approval of Central Bank of Nigeria (CBN) and the Honourable Minister of Power, Works and Housing. The 2015 audit exercise has equally been concluded and FMBN is awaiting the draft copy. The 2016 and 2017 outstanding accounts will be concluded before the end of 2018.

The FMBN, incorporated as the Federal Mortgage Bank of Nigeria in 1956, is the sole government institution saddled with the task of providing mortgage finance to Nigerians through the National Housing Fund (NHF).

Previously known as the Nigerian Building Society, the FMBN is tasked with the provision of long-term facilities to mortgage institutions, mobilization of both domestic and offshore funds into the housing sector, collection and administration of the National Housing Fund in the country in accordance with the provisions of the NHF Act. The FMBN has carefully designed the NHF to mobilize funds to provide the citizens with affordable residential houses through accredited Primary Mortgage Banks

(PMBs) at 6% which is the lowest rate in the country.

Tasks Ahead of the FMBN Even though the FMBN has faced a couple of operational challenges over the years, the institution has continued to ensure increased accountability in the management of the National Housing Fund.

The FMBN has taken thoughtful steps to re-integrate defaulting states like Niger, Bauchi Kebbi, Lagos, Kano, Ondo, Edo and Oyo into the NHF scheme in order to improve its performance indices. “We are currently reaching out to these states to see if we can bring them back on board to the NHF scheme‌Mostly, we always tell them the advantages of joining the scheme because of the numerous products they can access and enjoy. We have, for example, the home renovation loans, which non-participating states can’t benefit from,â€?

Mr Dangiwa said in an interview with the Leadership, adding that “We have about 500 houses that are lying idle in the states funded by the Federal Mortgage Bank of Nigeria. But the houses are not accessed because the states are not joining the scheme. Lagos is about returning; we have been engaging them.�

The Bank’s new management is undoubtedly treading a part of progress especially with its promotion of corporate governance practices in the Bank’s dealings.

The management’s determination to ensure accountability, transparency and collaboration in the discharge of its core mandate is a sure way to guarantee success, and ensure that the provision of affordable housing for Nigerians is not a mirage.

Citizens in the formal and informal sectors, salaried or non-salaried, can be assured of access to affordable housing products of the Bank. Also, when the FBMN finally accesses the N500 billion recapitalisation, more mortgage facilities can be easily made available to Nigerians through the institution.

This way, the FMBN would be poised to contribute significantly towards bridging the nation’s 17 million housing deficit.

- Olu wrote in from Abuja

T H I S D AY ˾ WEDNESDAY APRIL 11, 2018

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EDUCATION Boosting Soft Skills among Secondary School Students The request by the Liberian government for Nigeria to provide the country with 6,000 teachers In an effort to ensure that secondary school students are equipped with the necessary skills to better prepare them for the world of work after graduation, The British Council and the MacArthur Foundation developed an intervention, ‘The Fast Forward Project’, so that students could practice the work-based skills learnt in the classroom and give them the opportunity to work with prospective employers. Funmi Ogundare reports

The Rivers State Commissioner for Education Tamuno Gogo Jaja (middle) anked by oďŹƒcials of TEP Centre, MacArthur Foundation, British Council and LEAP Africa, at the ďŹ nal dissemination programme in Lagos... recently

For many people today, a career for life is no longer an option as employers are often looking for skills that go beyond qualifications and experience. While one’s education and experience may make one eligible to apply for a job, to be successful in the role, one will need to exhibit a mix of skills; employability skills.

As a way of achieving this, the MacArthur Foundation and the British Council put together an action research pilot initiative tagged ‘The Fast Forward Project’ that tested a work-based learning model for teaching employability skills in public secondary schools in Nigeria.

The project is designed to enhance classroom engagement, preparing students for both postsecondary education and the workplace, as well as encourage collaboration between schools, students and employers thereby exposing key stakeholders to the link between educational innovation and improved employability.

The pilot project, with the support of LEAP Africa (the implementing partner), kicked off in Lagos, Rivers and Cross River States in July 2016 and ran until December 2017.

Speaking at the final dissemination programme, held recently in Lagos, the Project Manager, Skills, Ms. Maria Williams said skills learnt in the classroom implementing the project, over 300 teachers, school administrators and counsellors were trained on the use of the work-based learning approach to teaching in their classrooms, to enable them infuse employability skills into their individual subject areas with the current senior secondary school curriculum.

She said the teachers were also trained on how to better support students to maximize the benefits of the work-based learning experience. “Over 1,000 senior secondary school (SSS) students benefitted from the innovative teaching practice and over 300 students spent time in employer organisation for workplace internship.

The aims of the internship were for students to practice the employability skills learnt in the classroom and also have the opportunity to experience the work environment with prospective future employers.�

She highlighted the employability skills focused on during the project to include team work, leadership, critical thinking and problem solving, values, vision and goal setting.

The Marketing Manager of the council, Mr. Nnamdi Odiwe said in order to test the effectiveness of the project, it engaged the services of external consultant to carry out an evaluation exercise, adding that the purpose

was to effectively determine the project’s progress, achievements and lessons learned that would provide a basis for scale up or review of approach in subsequent interventions. “Findings from the evaluation suggest that the project is judged positively by key stakeholders with definite expectations for the sustainability and scale of the project’s impact. Also employers appreciate the platform provided by the Fast Forward Project to contribute towards improving the quality of education for secondary school students by offering them internship placements. “Finding also showed that 60 per cent of the employers sampled are of the opinion that work-based learning model is an effective way of delivering work readiness, while 30 per cent are cautiously optimistic about the fast forward work-based learning model,�

Odiwe said.

In a chat with journalists, the Executive Secretary, Calabar Chamber of Commerce and Industry, Mines and Agriculture, Mr. Kenneth Asim Ittah expressed satisfaction with the project and working with the British Council on the fast forward project, saying, “when they first approached us, we had this reservation on why secondary school students must go through the project, but when the engagement went on, it became quite obvious that if the skills are not infused early enough, it will be difficult for them to practice and grow with them. “It is a wonderful project and from what we have seen, the outcomes or results of the project have been enormous. Even for most of the employers back in Cross River State, they feel happy about it and look forward to being able to continue with this kind of engagement and being able to impart this knowledge that they have by giving soft skills to the children to grow. “The earlier they get it, the earlier they will be able to grow with it, it becomes a part of them and they are able to put them into practice as they go ahead in life.�

Ittah said the state is looking forward to scale the project up to more schools and organisations. “If it is possible, let us make this national and make it a part of our educational system so that we will know that the students we are churning out are going to be employable and they are going to have what is needed to be good employees and even better entrepreneurs.�

Asked if his state will want to incorporate

it into schools’ curriculum, he said: “Already the Calabar Chamber of Commerce has started conversations with the government towards scaling this up. We look forward to the report and working with the state government under a public private partnership model to be able to see how we can implement it across all the schools in state. We believe that the methodology of delivering learning to students using this fast forward intervention model will have great benefit for everybody.�

The Rivers State Commissioner for Education, Mr. Tamunosisi Gogo Jaja described the project as worthwhile and timely, considering the fact that the country’s education sector has performed below expectation and assessment.

He expressed hope that with the intervention of the British Council, the teachers and students should be able to define and rediscover themselves and their skills.

He commended the council for the initiative and appealed that the project be extended to other parts of the country. “They have taken their pilot states; I believe that for them to make an impact in the system, they should go beyond the pilot states that they have chosen. A lot of things are happening in Rivers State in terms of quality and infrastructure and commitment. We have some of our teachers here and members of our senior and junior secondary school boards and therefore what is being taught here are issues we have been tackling in Rivers State. “Some of them have been there and they are organising training for our teachers; we believe that the major issue we are going to address is what the governor has insisted on; training the trainers, which is very important to us because in our system, most people who are teachers today are really not trained teachers. “A lot of teachers in the country today are graduates of various disciplines, they are not professional teachers. If you are a graduate of mathematics, that does not make you a mathematics teacher. Teachers are those who should be able to create impact not because there is no job,� Jaja said.

A teacher at Amusan Senior High School, Lagos, Mrs. Folashade Adeoye said the initiative has made an impact on students, while stressing that when graduates are not employable, it becomes a big problem.

She commended the organisers for the project, saying, “we need collaboration and teamwork. After their internship, I made my

students to realise that they need to use their initiative and think. The labour market does not need people to just come out and tell stories; they must be able to proffer solutions to problems. “From all the 10 core skills that we were taught, I was able to use major part of it in teaching the students and it has made teaching easier for me. It became a kind of practical class. The internship programme changed their way of thinking and how they dress.�

The Senior Human Resources Manager, Bel Oil and Gas Limited, Mrs. Jessica Eneh described the internship programme as very interesting. “We were able to get the students into the system. We were prepared and clear on what the objectives were.�

She stressed the need for employers that have interns in their offices to give them opportunity to develop and add value to them, rather than seeing it as an avenue to waste their time which is what a lot of organisations do.

Eneh advised teachers and school leaders to look for programmes that would help the learning process and incorporate soft skills required by the students after school. “It is not just about talking at the students, but they need to be very deliberate about their efforts in the learning process.�

For some of the students that participated in the internship, it was a motivating experience. A student of Eva Adelaja Senior Secondary School, Lagos, Miss Oyindamola Bello, who did her internship at Unilever Nigeria PLC said she learnt how to observe safety rules and regulations, adding that it was an eye opener for her. “We were taught so many things; the internship was educating, fascinating and improved me as an individual in all aspects.�

Another student of the same school, Miss Foluke Jemilugba, who had her internship at Guaranty Trust Bank Head Office, said she learnt how to attend to customers and to be time conscious. She described the experience as worthwhile and urged other students to grab the opportunity when it presents itself.

Master Yusuf Fetuga of Eko Boys High School, Lagos, who was drafted to DHL, Oshodi, said he worked at the customer service department of the organisation, adding that he learnt team work, dressing properly and effective communication. “I learnt that when you work in a team, you can achieve more.�

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EDUCATION

Students, Parents, Others Kick as Ondo Varsity Hikes Fees James Sowole in Akure The increase in fees to be paid by returning and new students of the Ondo State owned Adekunle Ajasin University, Akungba Akoko (AAUA) by more than 500 per cent has heightened tension among stakeholders in the state.

Governor Oluwarotimi Akeredolu had at every opportunity announced that fees increase has become inevitable as the current fee regime was unsustainable.

Last week, the government made good its threat by increasing the fees of the institution that was known to charge the least fees among state universities in the country.

Though there were several rumours on the actual figures, the new fees regime was finally released by the institution’s

Head of Information and Public Relations, Mr Sola Imoru.

Giving a breakdown of the fees schedule, Imoru disclosed that fresh students in the Faculties of Arts and Education are to pay N150,000 while returning students are to pay N120,000.

For Faculties of Science, Agriculture, Social and Management Sciences, fresh students are to pay N180,000, while returning students are to pay N150,000.

The statement also revealed that fresh students in the Faculty of Law are to pay N200,000, while returning students are to pay N180,000.

Before the increment, students had been paying between N25,000 and N35,000 per session. Imoru enjoined all students to access the university portal for fees payable and mode of payment.

Irked by new fees schedule,

students under the aegis of the National Association of Nigerian Students (NANS) Joint Campus Committee (JCC) said students rejected the university’s decision.

NANS JCC in a statement signed by the Ondo Axis Chairman, Adewunmi Adebowale, directed all students to shun any form of compliance with the new fees regime. “As we all know, the new school fee regime has been announced. It is in total disregard to our long agitations and a shocking alliance of our state government and the school management to pile more hardship on indigent Nigerian

students. “AAUA students are strongly advised not to go ahead with any payment. In furtherance to our agitation, all students should kindly boycott April 9, 2018 resumption date as our agitations continue. “We seek your patience and maximum cooperation as we face this callous decision head on. Stay at alert and await further direction,� Adebowale stated. The position of the students was shared by some parents, who accused Akeredolu of not being sensitive to the plight of parents and the students. Some parents, who spoke

with journalists, said the increase was too sharp considering the economic reality and the fact that the tuition was the only thing that an average citizen had been benefiting from the state.

A parent, whose three children attend the university, lamented that the new fees regime has automatically sent his children out of school. “What can I do now, I have three students in the institution, I have one in the Faculty of Law and two in other faculties.

How can I meet up as a civil servant? “This is callous and unexpected at this time. This is a

bad omen. If care is not taken, the problem will have multiplier effects on the society at large because many students would drop out of school.�

Similarly, the Peoples Democratic Party (PDP) in a statement alleged that Akeredolu is not governing with a human face.

In a statement signed by officers of the party’s group known as PDP Grassroots Mobilizers, Ondo State chapter, Kunle Ajibogun and Femi Ogunleye, the Coordinator and Deputy Coordinator, said: “We noticed that pleasant news has not been coming from Ondo State in the past couple of months.

Minister Launches 2017/2018 Global Education Monitoring Report Kuni Tyessi in Abuja The Global Education Monitoring Report 2017/2018 with the theme ‘Accountability in Education: Meeting our Commitment’ has been launched in Abuja by the Minister of Education, Mallam Adamu Adamu.

The minister in his keynote address at the occasion said the ministry had successfully aligned its 10 pillars of the Ministerial Strategic Plan (MSP) 2016-2019 to the Sustainable Development Goals (SDG4) targets, as well as organised several sensitisation meetings/workshops for stakeholders to ensure effective implementation. He said various agencies under the ministry have many success stories regarding their specific interventions towards achieving the targets in the 10 pillars. The minister, who was represented by the Permanent Secretary in the ministry, Sonny

Echono, said 222 female scholars were awarded special scholarships; 330 laptop computers were distributed to female students in federal unity schools, as well as training of principals and teachers in classroom management using ICT which were accomplished under the SDG4 project. He announced that a 10-year education plan was being developed under the Nigeria-UNESCO Plan of Co-operation, adding that efforts are also being made to commence the second phase of Revitalising Adult and Youth Literacy in Nigeria, which will among other things, increase the number of youths and adults with relevant skills. Adamu commended UNESCO and other donor partners for their support, saying that the annual report has become a good platform for self-evaluation by countries and opportunity to identify gaps for possible remediation.

13 Years After, Niger Poly to Graduate 24,000 Students Laleye Dipo in Minna After 13 years, the Niger State Polytechnic, Zungeru is now set to graduate over 24,000 students.

The Rector, Dr. Umar Ahmed Egbako, who disclosed this on Sunday, said those to graduate are from the 2005/2006 academic year.

Egbako, who said the convocation ceremony will hold on April 14, attributed the institution’s inability to officially pass out its students in the past to “obvious reasons.�

He said the ceremony would be an opportunity for the polytechnic to showcase its achievement to the world. “Since I came here, I have attracted so many projects, may be more than 20 new projects

among which is the School of Engineering Complex, School of Mechanical Studies Complex, road networks, street lights, ICT centre, girls’ hostel that could accommodate over 300 students and the renovation of the administrative block.

He added that from only 20 accredited programmes, the polytechnic can now boast of 58 courses with full accreditation of the National Board for Technical Education (NBTE) and more than 38 lecturers with PhD. Egbako said the state Governor, Abubakar Sani Bello, prominent traditional rulers from within and outside the state and members of the academic community would grace the event.

L-R:The Head, Youth Segment, Diamond Bank PLC, Adaeze Ume; Executive Director of the bank, Chizoma Okoli; ECWA Church Representative, Rev. Dr. Okanlawon; Regional Head, Business Banking, West, Diamond Bank, Oluropo Olarenwaju; and a student of ECWA Junior Secondary School, Ilorin, Kwara State, at the financial literacy training organised by the bank at the school‌ recently

Group Seeks Educational Ties between Nigeria, Belarus Uchechukwu Nnaike Members of Belarusniki, the alumni association of Belorussian institutions, Nigerian chapter, have expressed their commitment to facilitating an enduring educational and economic relationship between Nigeria and the Republic of Belarus.

The President, Muktar Usman, who made this known recently at the association’s second annual general meeting in Lagos, said its hope is to work with the government to encourage exchange programmes among students and lecturers of both countries to share ideas and best practises. He said the non-political, non-religious and non-ethic association was established in April 2016 to foster economic, educational and socio-political ties between both countries. According to him, the move is the members’ way of showing appreciation to the federal government for sending them to Belarus to acquire quality education, which has made them professionals in various fields in Nigeria and in the diaspora.

On the activities of the young association, Usman said though Belarusniki is currently grap-

pling with inadequate funds, the members recently provided food items and materials for internally displaced persons in Abuja with resources that were pulled together through their donations and contributions. “Our young association in the next few years will consolidate on the membership drive in all parts of the country and beyond.

We are also planning to reach out to donor agencies for support, and in terms of giving back to the society, we are thinking in the area of education and cultural exchanges whereby students and academics from the Republic of Belarus and Nigeria can benefit from exchange programmes mutually.�

He therefore appealed to the government of Belarus to use the opportunity offered by the establishment of the association to exploit the huge investment potential that abound in all sectors of the economies of both countries.

In his remarks, the Counsellor of the Embassy of Belarus in Nigeria, Mr. Aleksandr Lukashevich stated that the country has managed to maintain the rich tradition of the Soviet Union in terms of quality education and in other areas.

NUC Accredits 21 Programmes at ATBU Segun Awofadeji in Bauchi The National Universities Commission (NUC) has approved the accreditation of 21 courses at the Abubakar Tafawa Balewa University (ATBU), Bauchi State.

The Director Public Relations, ATBU, Mr. Andee Iheme in a statement, said a letter from the Directorate of Accreditation, NUC, Abuja to ATBU, stated that all the nine engineering programmes of the institution were fully accredited with only one given interim status.

According to the statement, “the courses with full accreditation are Agricultural and Bioresources, Automobile, Chemical and Civil Engineering. “Others are Computer and Communication, Electrical/ Electronics, Mechanical and Petrochemical Engineering.

Only Mechatronics and System Engineering have interim status.�

Iheme added that all the programmes in the Faculty of Education had full accreditation with the exception of Metal Work Technology which had interim accreditation. “So also the Faculty of

Agriculture came out with full accreditation of all its programmes. In the Faculty of Science, out of the four courses presented, only Computer Science and Mathematics scored full accreditation. “The Faculty of Environmental Science also had full accreditation in Quantity Surveying and Urban and Regional Planning. Also Faculty of Management scored full accreditation in Banking and Finance.�

Iheme said the ViceChancellor, Professor Saminu Ibrahim has vowed to do everything possible to secure full accreditation for the remaining four courses and those with interim status.

He said the VC assured the students and staff that all necessary arrangements have been made to address the areas of inadequacies observed by the NUC “in such courses as Accounting, Environmental Management Technology, Ecology and Microbiology. “Saminu said ATBU has carved a niche as a citadel of excellence and that he will not allow that standard drop on his watch.�

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Security: Principal Emphasises Cordial Relationship with Community Uchechukwu Nnaike In light of the rampant cases of violence and kidnap of students from schools in the country, the Principal of Rainbow College, Ogun State, Mr. Adeshina Okunubi has stressed the need for schools to maintain a cordial relationship with members of the host community and its environs.

Okunubi, who made this known in a chat with THISDAY during the school’s press day recently said since the school is enveloped by the community, the management makes it a point of duty to relate well with the community so that the members will in turn look out for the school and help prevent any form of security breach.

Apart from its internal security measures and protocol, which it reviews periodically, he said the school also pays men of the community vigilante groups.

It also gives back to the community by providing books and furniture for local schools; organising medical outreach for members of the community; as well as maintaining the roads and drainages and providing electricity for the community.

Buttressing the effectiveness of such a relationship, he said, “if a Rainbow College student is seen outside the school gate, within five seconds the school will get a call from a member of the community to ask what the student

is doing outside.�

Commenting on the quality of education in the country, the principal said the major problem with the country’s education system is the “anything goes� mentality, which started when the government took over schools from the missionaries, but could not manage them, as well as monitor and evaluate them.

He regretted that the rot also brought mediocrity and shortcut into the system, as some persons that are not qualified to set up schools were certified to do so.

Okunubi however said such situation is not applicable to the private sector, adding that a school like Rainbow College has sustained its trend of excellence over the years. He said the school operates the Nigerian curriculum with an international flavour to enable the students excel anywhere they find themselves. “We not only focus on education, but on behaviour and other areas as we aim to raise a total child.

We use the six pillars of character to train the students to be responsible, caring and be good citizens of Nigeria. “We also try to develop their talents with extra-curricular activities and ensure that they join clubs like the fencing club, JET club, automobile club, choreography club, swimming club, basketball club, athletics club, chess club and animation club and engage in activities like dancing, sports, makeup

and fashion. In fact, we represented Nigeria in the just concluded fencing championships and won medals for the country for the first time in 14 years.

We are national champions in swimming as well; we partake in activities and competitions all over the country.

As a school, we have been effective in the most way we can. As we train the students, we always try to keep track of their progress. It is important to track our effectiveness so as to produce good results,� he said.

The founder of the school, Mrs. Oludolapo Odunlami, who stated that the future of any country lies more in its children and youths than in any natural resources, said the belief has sustained her passion for education more than 30 years after the establishment of her first school, Pampers Private School, Surulere, Lagos. “Our key motivation as well as staying power is the child. Giving the child world-class education is our aim. We should endeavour to train the Nigerian child to be a better person and add value to the society. So any child that crosses the threshold of our school must be given top-notch education.�

Odunlami said the commitment has continued to yield fruits as products of the school are doing well within and outside the country.

Some students of Rainbow College, Ogun State during their beads making session as part of their extra-curricular activities recently

Runsewe Lauds Introduction of Culture Clubs in Edo Schools The Director General of the National Council for Arts and Culture (NCAC), Olusegun Runsewe, has commended Edo State government for the patriotic initiative of introducing culture clubs in public schools in the state.

Noting that the step would help in stimulating the interest of the youths in the rich cultural heritage of the state and Nigeria, he said the move by Governor Godwin Obaseki was not surprising in view of the cultural antecedents of the state.

Runsewe pointed out that the state has a rich cultural history and tradition which are as old as the ancient Benin Kingdom and are reflected in the various art forms such as sculptures, paintings, bronze works, dances, oral tradition, among others.

He said most of the vices in Nigerian society today are largely due to the deterioration of traditional value system, occasioned by the undue influence of

foreign cultural values, adding that for the country to make significant progress, it must return to its value system. “The best starting point is to consciously socialise our children in our core national values, using the family, the school and other agents of socialisation. “I have been stressing the need for us to revive cultural education in the schools’ curricula and I presented a council memo on this during the 2017 National Council for Culture and Tourism in Jigawa.�

While expressing delight that Obaseki has given practical expression to the call, he enjoined other state governors to join the campaign to revive the country’s fast deteriorating cultural values.

Runsewe stated that the NCAC under his leadership will work with the states to ensure that cultural clubs are not only fully established, but are also

functional in all schools nationwide.

He added that the council is engaging Nigerian youths on cultural revival through programmes like national culture quiz competition for secondary schools, children’s component of the National Festival for Arts and Culture (NAFEST).

All these he said are geared towards inculcating in the youths the appreciation of Nigerian arts and culture, as well as building in them innovative skills, healthy competition and intercultural exchanges that would foster national peace, unity and development. “When the youths are properly groomed to internalise the attributes of our traditional values like love of neighbour, community spirit, personal integrity, hard-work, discipline and honesty, they will grow up to be responsible adults that can contribute meaningfully to national development,�

Runsewe said.

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Ă—ĂšĂ™ĂœĂžĂ‹Ă˜ĂžĂ–ĂŁËœ ĂŒĂ?Ă?Ă™ĂœĂ? ĂžĂ’Ă“Ă˜Ă‘Ă? Ă?Ă Ă?Ă˜ Ă‘Ă?Ăž Ă™Ă&#x;Ăž Ă™Ă? Ă’Ă‹Ă˜ĂŽĂ?Ëœ Ă‹Ă? ĂŁĂ™Ă&#x;Ăœ Ă?Ă’Ă“Ă–ĂŽĂœĂ?Ă˜ Ă—Ă‹Ă•Ă? ÞÒĂ? ĂŽĂ™Ă&#x;ĂŒĂ–Ă? ʨÑĂ&#x;ĂœĂ? Ě‹ ĂœĂ™Ă&#x;Ă˜ĂŽ Ă‹ĂŒĂ™Ă&#x;Ăž Ă‹Ă‘Ă? ÍŻÍŽËœ Ă‘Ă?Ăž Ă‹ Ă‘ĂœĂ“Ăš Ă™Ă˜ ĂŁĂ™Ă&#x;ĂœĂ?Ă?Ă–Ă? Ă‹Ă˜ĂŽ Ă?Ă™Ă˜Ă?Ă“ĂŽĂ?Ăœ Ă‹ĂšĂšĂ–ĂŁĂ“Ă˜Ă‘ ÞÒĂ? Ă?Ă™Ă–Ă–Ă™ĂĄĂ“Ă˜Ă‘ ÞÓÚĂ?Ë? ÍŻĚš Ă? Ă“Ă˜ĂžĂ?ĂœĂ?Ă?ĂžĂ?ĂŽ Ă“Ă˜ ĂŁĂ™Ă&#x;Ăœ Ă?Ă’Ă“Ă–ĂŽ Ă‹Ă˜ĂŽ ĂĄĂ’Ă‹Ăž ÞÒĂ?ĂŁ Ă’Ă‹Ă Ă? ÞÙ Ă?Ă‹ĂŁËœ Ă?Ă Ă?Ă˜ Ă“Ă? ĂŁĂ™Ă&#x; Ă—Ă‹Ă•Ă? ÞÒĂ?Ă— Ă™Ă&#x;Ăž ÞÙ ĂŒĂ? ËŠĂ?Ă’Ă“Ă–ĂŽĂ“Ă?Ă’ ÞËÖÕ˪˛ Í°Ěš Ă?Ăž ĂŒĂ™Ă&#x;Ă˜ĂŽĂ‹ĂœĂ“Ă?Ă? Ă?Ă™Ăœ ĂŁĂ™Ă&#x;Ăœ Ă?Ă’Ă“Ă–ĂŽĂœĂ?Ă˜ Ă‹Ă˜ĂŽ Ă?Ă?Ăž Ă‘ĂœĂ™Ă&#x;Ă˜ĂŽ ĂœĂ&#x;Ă–Ă?Ă? åÓÞÒ ĂŁĂ™Ă&#x;Ăœ Ă?Ă’Ă“Ă–ĂŽĂœĂ?Ă˜Ë› ͹̚ Ă˜Ă™ĂĄ ĂĄĂ’Ă™ ÞÒĂ?Ă“Ăœ Ă?ĂœĂ“Ă?Ă˜ĂŽĂ? Ă‹ĂœĂ? Ă“Ă˜ Ă?Ă?ÒÙÙÖ Ă‹Ă˜ĂŽ ĂĄĂ’Ă“Ă?Ă’ Ă?ĂœĂ“Ă?Ă˜ĂŽĂ? ÞÒĂ?ĂŁ Ă’Ă‹Ă˜Ă‘ Ă™Ă&#x;Ăž åÓÞÒ ̙ÚĂ?ĂœĂ—Ă“Ă?Ă?Ă“Ă™Ă˜ Ă?Ă™Ă&#x;ÑÒÞ̚˛ Ͳ̚ ĂœĂ™Ă™Ă?Ă’ ÞÒĂ? ÞÙÚÓĂ?Ă? Ă™Ă? ĂŽĂœĂ&#x;Ă‘Ă?Ëœ Ă‹Ă–Ă?ÙÒÙÖ Ă‹Ă˜ĂŽ ĂšĂ?Ă?Ăœ ĂšĂœĂ?Ă?Ă?Ă&#x;ĂœĂ? åÓÞÒ ĂŁĂ™Ă&#x;Ăœ Ă?Ă’Ă“Ă–ĂŽĂœĂ?Ă˜Ë› ͳ̚ Ă“Ă˜ĂŽ Ă™Ă&#x;Ăž ĂĄĂ’Ă‹Ăž ĂŒĂ?Ă’Ă‹Ă Ă“Ă™ĂœĂ? Ă‹ĂœĂ? ÒËÚÚĂ?Ă˜Ă“Ă˜Ă‘ Ă“Ă˜ Ă?Ă?ÒÙÙÖ˛ Ă’Ă?ĂŁ ĂĄĂ“Ă–Ă– ĂžĂ?Ă–Ă– ĂŁĂ™Ă&#x; Ă™Ăœ ĂŁĂ™Ă&#x; ĂĄĂ“Ă–Ă– Ă‘Ă?Ăž ÞÒĂ? Ă‘Ă“Ă?ĂžËœ Ă“Ă? ĂŁĂ™Ă&#x; ĂœĂ?Ă‘Ă&#x;Ă–Ă‹ĂœĂ–ĂŁ Ă‹Ă?Ă• ÞÒĂ?Ă— Ă‹ Ă›Ă&#x;Ă?Ă?ĂžĂ“Ă™Ă˜ Ă–Ă“Ă•Ă?Ëœ ËŠ Ùå ĂĄĂ‹Ă? Ă?Ă?ÒÙÙÖ ÞÙÎËãˣ Í´Ěš Ă˜Ă™ĂĄ ĂĄĂ’Ă?ĂœĂ? ĂŁĂ™Ă&#x;Ăœ Ă?Ă’Ă“Ă–ĂŽ Ă“Ă? Ă‹Ăž Ă‹Ă˜ĂŁ ĂšĂ™Ă“Ă˜Ăž Ă“Ă˜ ÞÓ×Ă?Ëž ĂŽĂ™ Ă&#x;Ă˜Ă‹Ă˜Ă˜Ă™Ă&#x;Ă˜Ă?Ă?ĂŽ Ă?ÚÙÞ̋Ă?Ă’Ă?Ă?Ă•Ă? Ă™Ă˜ ÞÒĂ?Ă— Ă?ĂœĂ™Ă— ÞÓ×Ă? ÞÙ ÞÓ×Ă?Ë› ;̚ Ă˜Ă™ĂĄ ĂŁĂ™Ă&#x;Ăœ Ă?Ù××Ă&#x;Ă˜Ă“ĂžĂŁ Ă‹Ă˜ĂŽ åÒËÞ˪Ă? Ă‘Ă™Ă“Ă˜Ă‘ Ă™Ă˜ ÞÒĂ?ĂœĂ?Ë› Ă‹Ă•Ă? Ă?ĂœĂ“Ă?Ă˜ĂŽĂ? åÓÞÒ Ă•Ă?ĂŁĚ‹ĂšĂ?ÙÚÖĂ? Ă™Ă˜ ĂŁĂ™Ă&#x;Ăœ Ă?ĂžĂœĂ?Ă?Ăž Ă‹Ă˜ĂŽ ĂŒĂ™ĂœĂŽĂ?ĂœĂ“Ă˜Ă‘ Ă?ĂžĂœĂ?Ă?ĂžĂ?Ë› ̚͜ Ă˜Ă™ĂĄ ÞÒËÞ ÞÒĂ?ĂœĂ? Ă“Ă? Ă˜Ă™ĂžĂ’Ă“Ă˜Ă‘ ĂĄĂœĂ™Ă˜Ă‘ åÓÞÒ ĂŁĂ™Ă&#x; ĂŒĂ?Ă“Ă˜Ă‘ Ę¨ĂœĂ— åÓÞÒ ĂŁĂ™Ă&#x;Ăœ Ă?Ă’Ă“Ă–ĂŽĂœĂ?Ă˜Ë› Ù×Ă?ÞÓ×Ă?Ă? ĂŁĂ™Ă&#x; Ă—Ă“Ă‘Ă’Ăž Ă?Ă Ă?Ă˜ Ă˜Ă?Ă?ĂŽ ÞÙ ĂŒĂ? Ă?ĂžĂ?ĂœĂ˜ Ă“Ă˜ Ă™ĂœĂŽĂ?Ăœ ÞÙ Ă?ĘĽĂ?Ă?Ăž Ă‹ Ă?Ă™ĂœĂœĂ?Ă?ĂžĂ“Ă™Ă˜Ë› ͡ Ă?ÞÓà Ă?Ă–ĂŁ Ă?ÒÙå ĂŁĂ™Ă&#x;Ăœ ÖÙà Ă? ÞÙ ĂŁĂ™Ă&#x;Ăœ Ă?Ă’Ă“Ă–ĂŽĂœĂ?Ă˜ Ă“Ă˜ ĂŁĂ™Ă&#x;Ăœ Ă?ĂšĂ?Ă‹Ă•Ă“Ă˜Ă‘ ÞÙ ÞÒĂ?Ă— Ă‹Ă˜ĂŽ Ă“Ă˜ Ă‹Ă?Ă?Ă™Ă—Ă—Ă™ĂŽĂ‹ĂžĂ“Ă˜Ă‘ ÞÒĂ?Ă“Ăœ Ă?Ă‹Ă“Ă–Ă“Ă˜Ă‘Ă?Ë› ÍŻÍŽĚš Ă?ÞÓà Ă?Ă–ĂŁ Ă?Ă?Ă?Ă• Ă™Ă&#x;Ăž Ă™ĂšĂšĂ™ĂœĂžĂ&#x;Ă˜Ă“ĂžĂ“Ă?Ă? Ă™Ă? Ă?Ă™Ă˜Ă?ĂžĂœĂ&#x;Ă?ÞÓà Ă? Ă?Ă˜Ă‘Ă‹Ă‘Ă?Ă—Ă?Ă˜ĂžĂ? Ă?Ă™Ăœ ĂŁĂ™Ă&#x;Ăœ Ă?Ă’Ă“Ă–ĂŽĂœĂ?Ă˜Ë› Ă˜ĂœĂ™Ă–Ă– ÞÒĂ?Ă— Ă“Ă˜ Ă?Ă–Ă‹Ă?Ă?Ă?Ă? ĂĄĂ’Ă?ĂœĂ? ÞÒĂ?ĂŁ Ă?Ă‹Ă˜ Ă–Ă?Ă‹ĂœĂ˜ Ă Ă‹Ă–Ă&#x;Ă‹ĂŒĂ–Ă? Ă–Ă“Ă?Ă?Ě‹Ă?Ă•Ă“Ă–Ă–Ă?Ë›

Ě‹ Omoru writes from the UK

UNIFEMGA Holds 2018 Public Lecture/Luncheon The Obafemi Awolowo University Muslim Graduates’ Association (UNIFEMGA) is set to hold its 18th annual public lecture/luncheon in Lagos, with the aim of sensitizing its members and members of the public on important issues and areas that are beneficial to their needs and the society at large.

This year’s event is will hold on Sunday April 15, 2018 at the Banquet Hall, Sheraton Hotel, Lagos from 10am-2pm prompt.

The lecture with the theme ‘Nigeria Agricultural Revolution: Opportunities and Options for Muslim Professionals’ will be chaired by the Group Financial Officer, Honeywell Group, Alhaji Sikiru Rufai, while the guest speaker is the Managing Partner, Sahel Agric-Business Manager Ltd,

Mr. Mezuo Nwuneli.

Expected to bring their wealth of experience to the front burner are panelists in the persons of Head of SME Funds, Bank of Industry, Mr. Michael Oye; Managing Director/Chief Executive Officer, Starlink Global and Idea Limited, Alhaji Murthada Adeniji; and Group CEO, Balls Bridge Limited, Alhaji Abdulganiy Akano According to a statement by the Chairman, Organizing Committee, Saheed Bashiru, this year’s topic is driven by the need to diversify Nigeria’s economy from crude oil, encourage participation of Muslim professionals in agriculture, wealth creation through agriculture and create alternative sources of income, among others.

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Hold Govt Accountable for Policy Implementation, Okebukola Tells Nigerians Funmi Ogundare The Chairman of Council, Crawford University, Igbesa, Ogun State, and former Executive Secretary of the National Universities Commission (NUC), Professor Peter Okebukola has called on Nigerians to hold the government accountable to implement policy that can rank well on the global league table.

He said such policy implementation must go with a high degree of ideality and a monitoring team or committee must be put in place that would ensure that the government provides funding or resources to back it up.

Okebukola, who was the guest speaker at a stakeholders’ engagement forum on the review of the Lagos State Policy

on Education, organised by the state Ministry of Education, expressed concern that government only makes policy statements that are hardly implemented because nobody is policing their implementation.

In his paper, ‘Education Policy Review: The Journey So Far’, he said: “We have very good policy in different sectors but implementing the policy is our challenge and the reason is that we don’t have a monitoring and implementation mechanism embedded in the policy. “Everyone must be accountable. There must an implementation committee that will be monitoring how well it is being delivered. At the end of the year, a report can be written to government, they should be able to identify what the challenges are in the

implementation with a view to fine tune the policy and put more resources in place so that year in year out, we can see the implementation of that policy.�

He revealed that the NUC is coming out with a National Policy on Open Educational Resources triggered by the Executive Secretary, Professor Abubakar Rasheed, adding that an implementation mechanism has been built in to monitor and reported upon every year. “The policy will be sent to the Joint Consultative Committee on Education (JCCE) this week after which it will come to NCE. What they have done is to avoid the pitfalls in education, health, agric sectors among others.�

Okebukola, who is also the Director of the UNESCO Institute for African Culture and

International Understanding, argued that the National Policy on Education (NPE) cannot stand side by side with that of the NUC, adding, “Lagos State has a good policy on education, but it does not have the best ranking in terms of performance of students in SSCE, NECO and WAEC on account of implantation. I will assume that our policy on science and technology is very good but we don’t rank well on the global league table. “The reason is that we don’t have adequate resources to teach sciences in our laboratories and provide teachers with knowledge and skills through training and workshops. So that is the gap that we see and until we are able to badge that gap between what the policy prescribes and practices, we will continue to get distortion

in performance.� He stressed the need for the NPE to be reviewed holistically.

The Lagos State Deputy Governor, Dr. Idiat Adebule said the government realised the need to review the education policy, which was last reviewed in 1998 to re-align it with current realities and best practices. “The new policy will seek to inculcate appropriate knowledge, attitudes, values and skills for individual, state and national development.

A review committee was constituted in January 2016 to provide a functional framework for the delivery of effective, efficient and access to inclusive education. “We will appreciate your continued collaboration and cooperation to achieve our collective aim of making

education very effective and efficient for the benefit of our dear state.�

Adebule, who also oversees the state ministry of education, said the ministry would justify the huge investment on education by the Ambode-led administration.

Some of the stakeholders suggested that the status of teacher be spelt out in the document as the key driver of quality education. They also suggested that the rights and privileges of private school owners be specified in the document to allow them key fully into the policy implementation.

Earlier, the Permanent Secretary in the ministry, Mrs. Adebunmi Adekanye, said the state government’s commitment towards raising the standard of education prompted the policy review.

NTI DG Calls for Improved Remuneration for Teachers John Shiklam in Kaduna The Director General of the National Teachers’ Institute (NTI), Kaduna, Prof. Garba Azare has called for improved remuneration for teachers in the country.

Speaking at the launch of a nationwide capacity building workshop for basic education teachers, under the Sustainable Development Goals (SDGs), Azare said Nigerian teachers deserve all the encouragement to be able to perform optimally on the job. “They should be encouraged to undergo regular and continuous retraining programmes that will equip them with current best practices around the globe for higher output. “The Nigerian teacher also deserves adequate and improved remuneration to motivate and retain him on the lob.�

He said the two requirements, in addition to improved learning facilities in schools will help revamp the education sector in the country.

He commended the federal government for efforts towards total overhaul of the education system, stressing that the introduction of feeding system in schools was a step towards

attracting more enrolment into schools. “In the same vein, sponsoring teachers to participate in capacity building programmes such as this will go a long way to enhance their cutting edge as professional classroom teachers. “I will appeal, however, that funds for the purpose of the retraining programmes should be released in good time to be able to organise the retraining exercise at the best suitable time.

He said the NTI is ready to organise workshops and teacher retraining programmes to boost the capacity of teachers in the country, adding that the institute has been tested and has the capacity to train teachers across the country Azare appealed to state governors to partner the institute for the training of teachers, while charging the participants to utilise the opportunity to improve their knowledge and skills about the teaching job. “Remember you are all expected to step down the training to your colleagues back at your respective schools so that together you can change the fortunes of you students.�

LEAMSP Holds Mock Exams for Primary Six Pupils Ahead of the common entrance exami into junior secondary schools, the League of Muslim School Proprietors (LEAMSP) has conducted this year’s mock exam for primary six pupils of member schools across the country.

About 5,000 candidates sat for the voluntary exam nationwide with Lagos State producing the highest number.

The Registrar, LEAMSP Examination Council, Mr. Raji Yekini said the purpose of the assessment was to prepare their pupils for common entrance exam for

those willing to go to either the federal government colleges or state-owned secondary schools, adding that the annual exercise has been yielding good results.

He said the pupils were tested on three core subjects: Mathematics, English Language and General Paper with the candidates having the option of pen and paper or computer-based format.

Yekini said the results have been released and that awards would be presented to the best three candidates at the oncoming annual programme of the association.

L-R:The Lagos State Deputy Governor, Dr. Oluranti Adebule; Special Assistant to the Governor on Education, Mr. Obafela Bank-Olemoh, SUBEB Chairman, Dr. Ganiyu Sopeyin; and Professor Peter Okebukola at the stakeholders forum on Lagos State Education Policy Review... recently

Nigerian Students Hold Forum Fountain, USVarsity Partner on Rethinking the Future on Medical Programme Nigeria students drawn from various universities across the country recently held a forum, ‘UNIV Nigeria’, an annual gathering aimed at expanding their horizon beyond their imagination and offer them the opportunity to exchange ideas and constructively reflect on the most important issues facing them in today’s world.

This year’s programme, which is the 50th anniversary, held at Pan Atlantic University, Lekki, Lagos with the theme of ‘Rethinking the Future’, featured students from University of Ibadan, Pan Atlantic University, University of Lagos, University of Nigeria, Nsukka, (UNN), University of Benin and the Institute for Industrial Technology.

The Coordinator of UNIV Nigeria, Mr. Ikechukwu Onuoma, who appraised the theme of this year’s event, described life as a story that is written in the first person, but no one can write it without counting on others. “No human life is isolated.

No man or woman is a single verse; we all make up one poem,� he said, adding that the youth glimpses the world both in its greatness and imperfections.

“In the university, a student encounters both satisfactions and dissatisfactions of the world. One feels a desire for change, along with a certain insecurity one never knows whether one’s efforts will be successful.�

He said UNIV Nigeria, inspired by the UNIV forum, began in Rome in 1968, which attracted about 3,000 students from different American, European and African countries annually, adding that they gather to share ideas on how to shape the world to become a better place. “50 years ago, this same restlessness led to a revolution that overthrew all points of reference. Freedom was confused with unruliness, opening the way to the current liquid society. Like all ideologies, the student revolution of May 1968 did not do justice to the authentic greatness of the human person. “To be effective, every paradigm shift needs reflection; it needs to listen to the deepest truth of the human heart.

Otherwise, the revolution ends in chaos and debris, the human person needs to ask how we can build a more just, more humane and cleaner future today,� Onuoma said.

The management of Fountain University, Osogbo is partnering a US-based institution, Duke University, North Carolina to transfer technologies and equipment for the take-off of its medical programme.

The newly appointed Vice-Chancellor of Fountain University, Professor Amidu Sanni, who announced the partnership recently, said the institution as part of measures to increase the number of courses it offers and serve one of its core purpose, has secured another partnership with the Ministry of Higher Education in Saudi Arabia to boost its Centre for Open and Distance Learning programme.

He said one of the programmes that would be offered by the centre is Diploma in Arabic, Islamic and International Studies. “The institution will meet proprietors of Arabic schools across the state and impress on them the need to teach their students with uniform curriculum to make them eligible for the diploma programme.�

While identifying fund-

ing as a major challenge, Sanni called on the federal government to assist private universities through the provision of infrastructural and humanitarian support for them.

The VC appealed to President Mohammadu Buhari to find means of assisting private university operators since they are playing a critical role of educating the populace.

On his plans to address the challenge of funding, Sanni said: “We are looking inward to generate funds that can be used for our university. The federal government should consider infrastructural and humanitarian supports because graduates produced from private universities are also Nigerians. “With Harvard University in US and Cambridge University in the UK, less than 20 per cent of their funding comes from the government.

They get funding from grants, donations from private organisations. We are looking inward to generate funds that can be used for our university. We are thinking of Fountain University Ventures to generate funds.�

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Ă?ĂžĂ“Ă˜Ă‘ Ă?Ă‹ĂžĂ&#x;ĂœĂ?Ă? ĂŽĂ“ĂžĂ™ĂœË? Ă’Ă‹ĂœĂ–Ă?Ă? Ă”Ă&#x;Ă˜ĂĄĂ‹ Ă—Ă‹Ă“Ă– Ă?Ă’Ă‹ĂœĂ–Ă?Ă?˛ËÔĂ&#x;Ă˜ĂĄĂ‹ĚśĂžĂ’Ă“Ă?ĂŽĂ‹ĂŁĂ–Ă“Ă Ă?Ë›Ă?Ù×

Foundation with a Caring Heart The Caring Heart Foundation run by Hon. LinusAbaa Okorie, the member representing Ohaozara/Onicha/Ivo federal constituency, recently addressed the health and welfare needs of the vulnerable and less-privileged. Benjamin Nworie writes

F

or the past five weeks, the Caring Heart Foundation has been inundated with activities and programmes geared towards providing essential and welfare services to the people of Ebonyi State.

The foundation was the initiative of the member representing Ohaozara/Onicha/Ivo Federal Constituency, Hon. Linus Abaa Okorie, to empower his people. Since its existence, the foundation has remained the rallying point and platform to reach out to his constituents and execute most of his programmes.

Caring Heart Foundation was founded in 2010 as a platform to empower and assist the downtrodden, aged and vulnerable children and also uplifts the welfare of his people. It has also engaged in the provision of social services like installation of electricity, the building of schools, bridges, youth empowerment, and succour to widows and scholarships to indigent students. About 1,000 persons have also been trained in various agricultural skills and products value chains.

He has embarked on the completion of a one thousand seating capacity examination hall started by Onicha Christian Women Forum at Community Secondary School Agunkwo in Onicha Local Government Area of Ebonyi State.

At the handover ceremony at the secondary school premises, Okorie explained that he took over the project to contribute his quota to the educational development of the community.

THISDAY gathered that the construction of the one thousand seating capacity examination hall was embarked upon by Onicha Igboeze Christian Women Forum in 2012 with the aim of providing the final year students of the school a comfortable hall to undertake their examinations and engage in other academic activities.

However, seven years down the line the, hall is yet to be completed due to the paucity of funds as explained by the President General Onicha Igboeze Christian Women Forum, Mrs. Doris Chukwu, at the handover ceremony.

In February 2018, Caring Heart Foundation flagged off its free monthly medical and welfare programmes at Akaeze. The success of the programme was extraordinary. Over 600 women, aged men and women, children and pregnant mothers trooped out en mass to access medical services. It was a glorious day for the beneficiaries. Many of them were diagnosed with various ailments. The medical team of AMURT group was in high spirit attending to the crowd one by one.

The Ebonyi State deputy governor, Barrister Kelechi Igwe represented the governor, David Umahi in the flag off. Thrilled by the development, the governor expressed optimism that the gesture of the lawmaker to provide medical outreach to his constituency would spur other National Assembly members from the state to emulate it, adding that Okorie was the only federal lawmaker that has brought leadership and politics to his people.

Umahi said: “Men have been going to National Assembly before Hon. Linus Okorie but I’m sure they never brought these to your people. Linus Okorie is the only lawmaker that remembers that he’s coming from somewhere. I am also aware that he is not the only one that was sent to Abuja by the people of Ebonyi State but I am standing on the land of Akaeze to throw it as a challenge to all the members of the National Assembly from Ebonyi State, that we expect that from time to time, they will call us as state government to come and witness the programmes that they have developed for their people. “I believe that what we are doing here is bringing down leadership and politics to the grassroots that people may be able to understand why you are always enjoined to look for a credible candidate to vote for in election because when you vote them into power whether the chamber is green or red, they will remember

Okorie handing over cash and food item to an indigent woman

He has embarked on the completion of a one thousand seating capacity examination hall started by Onicha Christian Women Forum at Community Secondary School Agunkwo in Onicha Local Government Area of Ebonyi State. At the handover ceremony at the secondary school premises, Okorie explained that he took over the project to contribute his quota to the educational development of the community

Okorie...putting smiles on the faces of the vulnerable and less-privileged

that they are coming from somewhere. “So, Linus Okorie, we are grateful to you and we are pleased that you are doing what you are doing. If we have our way, we will say you are already there in 2019. We say so as state government but we will still leave you in the hands of your people who will determine

your fate and say he has related so well with us and deserves to go back to Abuja.�

The free medical outreach is expected to cover the 10 clans in the constituency. It includes: Akaeze, Ishiagu, Uburu, Okposi, Ugwulangwu, Abaomege, Ukawu, Oshiri, Isu and Onicha.

It is also billed to end by November, 2018. At the end of each clan, the foundation raps it

up with church thanksgiving where welfare items were being given to indigent women and cash donation for the churches.

He added that each outreach shall be hosted at designated government owned health centres in each clan.

Okorie said: "The Linus Okorie Caring Heart Foundation has initiated a constituency widefree medical and welfare outreach programme to address the health and welfare needs of Ohaonivo. The medical outreach consists of two partners: AMURT Foundation. This team focuses exclusively on pregnant women and under-five children. “Coalition of Professionals, the team engages all other groups including the elderly, young adults

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and older children, men and women. Services to be rendered include free registration, free laboratory investigations, free doctors’ check and treatment of common illnesses, free ultrasound scan for pregnant women, free drugs and free ambulance referral.

"The foundation shall also be making a donation of some basic health consumables like needles, syringes, gloves and cleaning liquids to each host health centre visited. The welfare outreach is a programme that will see us worshipping each month from February to November 2018 in a local church, selected by the CAN/Ministers Forum leadership of each clan. It will typically hold on the Sunday after each medical outreach.

"The foundation will in the course of each worship distribute some welfare materials such as foodstuff, wrappers and cash support to selected widows and other indigent persons to be nominated by the church leaders of the clan hosting the church. We will also render some support to the local church. These programmes have been designated to hold on the third Saturday and Sunday of each month and already stated last February 17/18 2018 at Akaeze, Ivo LGA, and will end in November 2018 at Onicha, Onicha LGA." He, therefore, called on everyone to kindly join the train of making a success of his programme as it was his hope that the little effort would positively impact on some of the poor and needy in the society At Akaeze, the programme was a huge success.

This undoubtedly may be the first of its kind.

The impact was extraordinary, hence the case of one Master Emmanuel Sunday. He is the little two-month-old boy who was presented with a serious anomaly to warrant doctors to refer him as an emergency case to the Federal Teaching Hospital in Abakaliki on February 17.

At the FETHA, he was diagnosed with intussusception of the small intestines. This was explained to be the twisting or blockade of the small intestines resulting in the constriction of the blood supply to the affected areas. It was considered life-threatening, requiring urgent surgical intervention. The surgery was carried out on February 18, 2018 and reported successful to the relief of his empathisers and the mother.

People heaved a sigh of relief and joy that Little Emmanuel could live again.

Emmanuel was to be discharged on February 24. But at last, that was not to be. On February 23, there came terrifying news that Emmanuel stitches suddenly broke and his entire guts or intestines swarmed out of his bowels. This was a devastating blow and a huge shock.

Accordingly, he was rushed back into the theatre and operated on again. For days, he was in excruciating pain and cried uncontrollably.

Worst of all, he was unable to take anything including his mother’s breast milk. Those were the days of extreme anguish and worry for the Caring Heart team that were involved in the case.

However, Emmanuel and the mother were discharged finally after a comprehensive assessment of his recovery and good health. The discharge coincided with the birthday of the lawmaker on March 9. Okorie hinted that Emmanuel's recovery and discharge was the best birthday gift from God. Okorie said: “And wait for it‌Emmanuel was to be discharged on the 9th March, my very birthday. Even if Master Emmanuel recovery ends up the only success of our programme across our 10 clans in the federal constituency.

In February 2018, Caring Heart Foundation agged off its free monthly medical and welfare programmes at Akaeze. The success of the programme was extraordinary. Over 600 women, aged men and women, children and pregnant mothers trooped out en mass to access medical services

Emmanuel and his mother after the former's operation

Patients receiving treatment during the medical outreach organised by the Caring Heart Foundation

His life, which God allowed the privilege of contributing to, is worth more than all the money in this world and every effort and commitment to the entire outreach programme.�

The foundation also intervened in the pathetic and painful story of an octogenarian woman in Ogidi Akaeze in Ivo Local Government Area. She is Mrs. Elizabeth Nwgoke. Aged 87, Ngwoke is a mother of 10 children but lost nine to the cold hands of death.

The only surviving son left the village for about seven years now and never returned nor called his mother. The old woman had no shelter on her head. Her mud house was leaking in all the corners, while the walls were deeply cracked as if it had suffered a natural disaster. In all the seasons, she had no choice than to stay under the rain or scourge of the sun while mosquitoes feast on her every night due to no door or window. Yet this woman

had not located succour anywhere. She was abandoned by villagers and relatives.

However, on watching the video of the plight of the woman which went viral on social media, the Caring Heart group launched an intensive search to locate the woman and rescue her from the scourge of poverty and helplessness. At last, the foundation also resolved to renovate her house immediately and sought other ways to provide succour for her.

T H I S D AY Ëž , APRIL 11, 2018

38

BUSINESS/MONEYGUIDE

MTN Targets Year-end for NSE Listing Signs mobile banking partnership withEcobank Nume Ekeghe with agency report The MTN Group Limited yesterday disclosed that the planned listing of its Nigerian subsidiary on the Nigerian Stock Exchange (NSE) will be done by the end of this year.

The chief executive officer of the MTN Group, Rob Shuter was quoted by Bloomberg to have said this.

The group had suggested in November that the process would be concluded by midyear. “We are progressing very well with the Nigerian listing and if market conditions are appropriate, we will conclude that by the end of the year,�

Shuter said.

He declined to provide more details on the process.

MTN agreed to the Nigerian Stock Exchange initial public offering as part of the settlement of a $1 billion fine imposed by local regulators in 2015.

Africa’s biggest wireless operator by sales incurred the penalty after missing a deadline to disconnect unregistered

subscribers amid a security crackdown in the West African country. Nigeria is the largest of the company’s 22 markets across Africa and the Middle East.

MTN is planning to raise at least $500 million from the sale of shares, people familiar with the preparations for the listing said. The company could dispose of as much as 30 per cent of its Lagos-based unit, the people, who asked not to be identified as the details aren’t public, said in February.

MTN is also preparing to list a 35 percent stake of its local unit in regional neighbour Ghana, part of a deal with the government to use fourth-generation spectrum, a high-speed mobile data service. “The Ghana IPO is well advanced,� Shuter said, declining to provide details. “We will make the specific announcement of that in accordance with the IPO schedule.�

MTN is targeting close to $800 million dollars with the listing, which would be more than 10 times bigger than the country’s largest IPO to date,

people familiar with the matter said in March.

Meanwhile, MTN has signed an agreement to form a partnership with Ecobank on mobile banking across Africa, the telecoms group and lender said on Tuesday.

The partnership enables both companies to leverage each other’s assets that will ultimately offer more value to their respective customers across the continent.

MTN’s large subscriber base, comprehensive distribution, innovative digital products and drive for mobile financial services are being linked with Ecobank’s digital banking products to provide instant bank accounts and remittances through Africa’s largest bank by network.

The two entities, with an extensive footprint on the continent, have signed a Memorandum of Understanding to develop this partnership agreement, which will allow them to innovate and enhance access to affordable financial services via MTN Mobile Money and Ecobank Banking services.

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

AUGUST 2017 Broad Money (M2)

21,851,454.31

DMO,Others Inspect Sukuk Bonds Financed Roads

-- Narrow Money (M1)

9,890,813.10

---- Currency Outside Banks

1,523,239.91

Obinna Chima

---- Demand Deposits

8,367,573.19

-- Quasi Money

11,960,641.22

Officials of the Debt Management Office (DMO), the Federal Ministry of Power Works and Housing, Federal Ministry of Finance and Office of the Accountant-General of the Federation have commenced the inspection of the roads being financed with the sovereign Sukuk issued in 2017.

The proceeds of the N100 billion Sukuk were designated for the financing of 25 road projects across the six geopolitical zones of the country.

According to a statement yesterday, from the list of road projects made available to the public when the Sukuk was issued, these were major roads that would facilitate the movement of people, goods and services, thereby contributing to economic growth and development.

The current administration had prioritised investment in infrastructure as a major focus in its plans for the growth of the economy and job creation. “The Sukuk represents a promise kept and a step forward in Nigeria’s

drive for the development of infrastructure, which is in line with the Economic Recovery and Growth Plan (ERGP) launched by the Government in 2017,� the statement added.

It also revealed that the team visited the Abuja-Abaji-Lokoja Road, the Obajana-Okene Road, the Suleja-Minna Road and the Kaduna Eastern Bypass Road.

During the inspection, the team were said to have assessed progress on the work that had been done as well as ongoing rehabilitation and construction works on the roads. “The team interacted with the various contractors handling the projects. The inspection revealed that significant amount of work had been done and the contractors expressed their appreciation for the Sukuk which assured them of prompt payment for work done. “The Sukuk has incentivised the contractors to accelerate work on the selected roads because of the confidence that the government had dedicated funds already in place to pay them upon completion of milestones.

“Of particular significance was the fact that the funds from the Sukuk had made it possible to construct the Okene Bypass, a new road which would ensure a safer and more convenient journey for travellers and residents by moving traffic away from the township and reducing congestion on the roads within the town,� it added.

Similarly, it pointed out that theKaduna Eastern Bypass, whose construction had been delayed by inadequate funding would ease traffic within the Kaduna metropolis, while also improving the travel experience for persons transiting through Kaduna to other towns.

Furthermore, it showed that the government delegation would alsoinspect all the Sukuk-financed roads to confirm that the Sukuk funds have been utilised as planned. “This debut Sukuk has breathed new life into old projects and provided funding for new ones. It is, therefore, a financing instrument that is very appropriate for the development of infrastructure,� it added.

Diamond Bank Rewards 1,016 Customers Diamond Bank Plc has rewarded a total of 1,016 customers with over N59 million naira in cash and car prizes in the DiamondXtra season 10 first quarterly draw held in Lagos.

Speaking at the event, the Head, Consumer Banking Diamond Bank, Karimot Tukur, said DiamondXtra is an avenue through which the bank rewards her faithful customers, enabling them pay rent, school fees and attain other financial and personal goals.

She also said the bank had rewarded a total of 11,000 of her customers with over N5

billion in the past nine years.

She further stated that the DiamondXtra season 10 promises to reward a total of 4,957 customers with N433.2 million with 10 customers winning N1 million and a star prize of salary for life at each monthly draw.

A statement quoted the Head MassMarket, Diamond Bank, Osita Ede, to have said the campaign promises bigger and better rewards for customers of the bank.

He further stated that the draws would produce three car winners, three winners of

educational allowance for five years, nine winners of rent for a year worth N1,000, 000 and other consolations prizes from each quarter.

To be a part of this all promising reward system, all you need to do is to visit the nearest Diamond Bank branch to you, open a DiamondXtra account and fund it with N5,000, with an increased chance of winning from multiple increments in your savings plan of N5,000.

The reward scheme is open to new and existing customers with the DiamondXtra account, Osita added.

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‹

MANAGED FUNDS Month

AUGUST 2017

Inter-Bank Call Rate

22.63

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

14.00

Treasury Bill Rate

13.35

Savings Deposit Rate

4.08

1 Month Deposit Rate

8.86

3 Months Deposit Rate

10.14

6 Months Deposit Rate

11.51

12 Months Deposit Rate

11.40

Prime Lending rate

17.69

Maximum Lending Rate

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

OPEC DAILY BASKET PRICE AS AT, MON, APRIL 9, 2018 The price of OPEC basket of fourteen crudes stood at $65.09 a barrel on Monday, compared with $64.82 the previous Friday, according to OPEC Secretariat calculations.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), ZaďŹ ro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

SOURCE: OPEC headquarters, Vienna

T H I S D AY Ëž , APRIL 11, 2018

39

MARKET NEWS

Oando Shareholders Call for Lifting of Technical Suspension Goddy Egene and Nosa Alekhuogie

Exchange (NSE) to lift the technical suspension placed on the shares of Oando Plc. SEC had last October directed the NSE to place the shares of Oando Plc on full suspension and later technical suspension. The capital market apex regulator had ordered the suspension to further conduct a forensic audit of Oando Plc following petitions by Ansbury

Some concerned shareholders of Oando Plc have called on President Muhammadu Buhari, Senate President, Bukola Saraki Speaker, House of Representatives, Yakubu Dogara and other well -meaning Nigerians to prevail on the Securities & Exchange Commission (SEC) and Nigerian Stock

Inc. and Alhaji Dahiru Mangal claiming majority shareholding in the company. They also alleged the mismanagement of and the Wale Tinubu-led management.

However, while Oando Plc has made attempts to resolve the issues raised by Ansbury and Mangal, the shares of the company remained on technical suspension.

Speaking in Lagos on behalf of the concerned Oando shareholders, Mr. Patrick Ajudua, said that the continued suspension of Oando shares is impacting negatively on their investments. He stressed that the federal government must protect a prosperous company like Oando from going down if it wants to demonstrate to the investing world about its

PRICES FOR SECURITIES TRADED AS OF

We appeal to the federal government to intervene in our travails because the International investment community is keenly watching.

The value of the investment as shareholders of Oando have made is being eroded because of this continued suspension of trading. We appeal that this suspension order must be lifted now.�

seriousness to attract investors to the country. “The continued suspension of Oando Plc is a wrong signal to the global market about the prevailing harsh operating environment in Nigeria, and this is at variance with the federal government’s initiatives to diversify the economy through increased foreign direct investment.

A S AT 1 0 / 0 4 / 2 0 1 8

Price List (Equities) PRICES FOR PREMIUM BOARD SECURITIES FINANCIAL SERVICES S/N 1

BANKING

MARKET CAP(Nm)

PRICE

%CHANGE

ZENITH INTERNATIONAL BANK PLC

827,297.61

26.35

-2.04

BANKING S/N 2 OTHER FINANCIAL INSTITUTIONS FINANCIAL SERVICES INDUSTRIAL GOODS S/N

OTHER FINANCIAL INSTITUTIONS FBN HOLDINGS PLC

BUILDING MATERIALS

3 DANGOTE CEMENT PLC BUILDING MATERIALS INDUSTRIAL GOODS PREMIUM BOARD TOTALS Price List (Equities) PRICES FOR MAIN BOARD SECURITIES AGRICULTURE S/N 4 5 6 CROP PRODUCTION S/N 7 FISHING/HUNTING/ TRAPPING S/N 8 LIVESTOCK/ANIMAL SPECIALTIES AGRICULTURE CONGLOMERATES S/N 9 10 11 12 13 DIVERSIFIED INDUSTRIES CONGLOMERATES CONSTRUCTION/REAL ESTATE S/N 14 BUILDING CONSTRUCTION S/N 15 16 INFRASTRUCTURE/ HEAVY CONSTRUCTION S/N 17 REAL ESTATE DEVELOPMENT S/N 18 19 20 REAL ESTATE INVESTMENT TRUSTS (REITS) CONSTRUCTION/REAL ESTATE CONSUMER GOODS S/N 21 AUTOMOBILES/AUTO PARTS S/N 22 23 24 25 26 BEVERAGES--BREWERS/ DISTILLERS S/N 27 28 29

CROP PRODUCTION

MARKET CAP(Nm) 430,743.51

MARKET CAP(Nm) 4,345,329.39

494

43,984,447

31

43,984,447

32

TRADES

VOLUME

321

24,889,545

321

24,889,545

815

68,873,992

PRICE

%CHANGE

TRADES

VOLUME

255.00

1.19

42 42 42

131,916 131,916 131,916

857

69,005,908

33 34 FOOD PRODUCTS S/N 35 36 FOOD PRODUCTS-DIVERSIFIED S/N 37 38 HOUSEHOLD DURABLES

39 PRICE

%CHANGE

TRADES

VOLUME

440.00

0.20

-

4

931,120

FISHING/HUNTING/ TRAPPING ELLAH LAKES PLC.

MARKET CAP(Nm) 511.20

LIVESTOCK/ANIMAL MARKET CAP(Nm) SPECIALTIES LIVESTOCK FEEDS PLC. 2,670.00

40 PERSONAL/HOUSEHOLD PRODUCTS CONSUMER GOODS FINANCIAL SERVICES S/N 41 42

73.00 72.00

0.41 -

17 2 23

235,772 157 1,167,049

PRICE

%CHANGE

TRADES

VOLUME

4.26

-

0

0

43

0

0

44

PRICE

%CHANGE

TRADES

VOLUME

45

0.89

-

22

225,683

22

225,683

45

1,392,732

46 47 48 49 50

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

1,694.27

0.64

-

3

8,778

210.14 2,111.93

0.54 3.25

-

0 0

0 0

67,069.18

1.65

-2.94

108

9,250,057

48,982.04

17.00

-

32

125,724

54

143

9,384,559

55

143

9,384,559

TRADES

VOLUME

BUILDING CONSTRUCMARKET CAP(Nm) TION ARBICO PLC. 711.32 INFRASTRUCTURE/ MARKET CAP(Nm) HEAVY CONSTRUCTION JULIUS BERGER NIG. PLC. 31,878.00 ROADS NIG PLC. 165.00 REAL ESTATE DEVELOPMARKET CAP(Nm) MENT UACN PROPERTY DEVEL7,795.19 OPMENT CO. LIMITED

AUTOMOBILES/AUTO PARTS DN TYRE & RUBBER PLC

-0.83

30

494

MARKET CAP(Nm) 69,635.43 72,000.00

REAL ESTATE INVESTMENT TRUSTS (REITS) SKYE SHELTER FUND PLC UNION HOMES REAL ESTATE INVESTMENT TRUST (REIT) UPDC REAL ESTATE INVESTMENTTRUST

12.00

%CHANGE

VOLUME

S/N

FTN COCOA PROCESSORS PLC OKOMU OIL PALM PLC. PRESCO PLC

DIVERSIFIED INDUSTRIES A.G. LEVENTIS NIGERIA PLC. JOHN HOLT PLC. S C O A NIG. PLC. TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC.

PRICE

TRADES

PRICE 4.79

PRICE 24.15 6.60

%CHANGE -

%CHANGE -

53

56 57

0

0

0

59

TRADES

VOLUME

0

15 0

15,615 0

15

15,615

%CHANGE

TRADES

VOLUME

3.00

-0.33

10

246,849

10

246,849

TRADES

VOLUME

MARKET CAP(Nm) 2,000.00

100.00

-

0

0

11,300.89

45.20

-

0

0

%CHANGE

S/N

58

PRICE

PRICE

51 52 BANKING

60 61 62 63 64 65 66 67 68 69

26,682.70

MARKET CAP(Nm) 1,574.98

BEVERAGES--BREWERS/ MARKET CAP(Nm) DISTILLERS CHAMPION BREW. PLC. 19,417.15 GOLDEN GUINEA BREW. 242.22 PLC. GUINNESS NIG PLC 225,609.43 INTERNATIONAL BREW442,686.89 ERIES PLC. NIGERIAN BREW. PLC. 1,033,199.74 FOOD PRODUCTS MARKET CAP(Nm) DANGOTE FLOUR MILLS 67,250.00 PLC DANGOTE SUGAR 264,000.00 REFINERY PLC FLOUR MILLS NIG. PLC. 97,096.78

10.00

-

0

0

0

0

25

262,464

70 71 72

PRICE

%CHANGE

TRADES

VOLUME

0.33

-2.94

5

605,269

5

605,269

PRICE

%CHANGE

TRADES

VOLUME

2.48

-

6

137,350

0.89

-

0

0

103.00

-

42

359,164

51.50

4.78

28

117,609

129.20

0.23

53

284,087

129

898,210

TRADES

VOLUME

PRICE

%CHANGE

13.45

2.28

135

2,348,084

22.00

2.56

109

3,520,694

37.00

1.37

105

32,230,215

73 74 75 76 77 78 INSURANCE CARRIERS, BROKERS AND SERVICES S/N 79 80

HONEYWELL FLOUR MILL PLC MULTI-TREX INTEGRATED FOODS PLC N NIG. FLOUR MILLS PLC. NASCON ALLIED INDUSTRIES PLC UNION DICON SALT PLC.

19,349.68

2.44

-

1,489.00

0.40

-

0

0

1,113.75

6.25

-

0

0

598,896

56,168.09

21.20

-

30

247,545

3,676.41

13.45

-

0 402

0 38,945,434

FOOD PRODUCTSMARKET CAP(Nm) -DIVERSIFIED CADBURY NIGERIA PLC. 27,233.93 NESTLE NIGERIA PLC. 1,097,828.91

PRICE

%CHANGE

TRADES

VOLUME

14.50 1,385.00

-

43 19

182,371 9,640

62

192,011

PRICE

%CHANGE

TRADES

VOLUME

HOUSEHOLD DURABLES MARKET CAP(Nm) NIGERIAN ENAMELWARE 1,680.31 PLC. VITAFOAM NIG PLC. 3,273.04 PERSONAL/HOUSEHOLD MARKET CAP(Nm) PRODUCTS P Z CUSSONS NIGERIA 93,107.69 PLC. UNILEVER NIGERIA PLC. 305,059.79

BANKING MARKET CAP(Nm) ACCESS BANK PLC. 347,135.66 DIAMOND BANK PLC 43,541.53 ECOBANK TRANSNA322,034.62 TIONAL INCORPORATED FIDELITY BANK PLC 71,857.50 GUARANTY TRUST BANK 1,265,540.71 PLC. JAIZ BANK PLC 18,267.83 SKYE BANK PLC 9,022.20 STERLING BANK PLC. 48,367.90 UNION BANK NIG.PLC. 193,653.01 UNITED BANK FOR 377,903.61 AFRICA PLC UNITY BANK PLC 10,754.19 WEMA BANK PLC. 29,702.34 INSURANCE CARRIERS, MARKET CAP(Nm) BROKERS AND SERVICES AFRICAN ALLIANCE INSURANCE COMPANY 4,734.55 PLC AIICO INSURANCE PLC. 4,643.24 AXAMANSARD INSUR26,460.00 ANCE PLC CONSOLIDATED HALL2,380.00 MARK INSURANCE PLC CONTINENTAL REINSUR19,293.30 ANCE PLC CORNERSTONE INSUR5,449.92 ANCE COMPANY PLC. EQUITY ASSURANCE PLC. 4,200.00 GOLDLINK INSURANCE 2,411.47 PLC GREAT NIGERIAN INSUR1,913.74 ANCE PLC GUINEA INSURANCE PLC. 2,456.00 INTERNATIONAL ENERGY INSURANCE COMPANY 616.36 PLC LASACO ASSURANCE 2,856.14 PLC. LAW UNION AND ROCK 3,522.99 INS. PLC. LINKAGE ASSURANCE 6,480.00 PLC MUTUAL BENEFITS AS2,720.00 SURANCE PLC. N.E.M INSURANCE CO 13,570.89 (NIG) PLC. NIGER INSURANCE CO. 2,631.42 PLC. PRESTIGE ASSURANCE 1,717.83 CO. PLC. REGENCY ALLIANCE INSURANCE COMPANY 1,867.25 PLC SOVEREIGN TRUST 1,668.16 INSURANCE PLC STANDARD ALLIANCE 5,680.85 INSURANCE PLC. STANDARD TRUST AS4,483.72 SURANCE PLC UNIC DIVERSIFIED HOLD516.46 INGS PLC. UNITY KAPITAL ASSUR3,189.33 ANCE PLC UNIVERSAL INSURANCE 8,000.00 COMPANY PLC WAPIC INSURANCE PLC 7,092.85 MICRO-FINANCE BANKS MARKET CAP(Nm) FORTIS MICROFINANCE 11,799.67 BANK PLC NPF MICROFINANCE 4,619.01 BANK PLC

22.10

-

0

0

3.14

-

12 12

77,937 77,937

PRICE

%CHANGE

TRADES

VOLUME

23.45

-

10

20,668

53.10

-3.45

34

208,530

PRICE 12.00 1.88

%CHANGE -2.08 -2.08

MORTGAGE CARRIERS, MARKET CAP(Nm) BROKERS AND SERVICES

44

229,198

654

40,948,059

TRADES 223 54

VOLUME 30,040,812 1,253,646

17.55

2.93

52

538,932

2.48

-2.36

125

10,945,121

43.00

-1.15

256

7,538,637

0.62 0.65 1.68 6.65

-4.62 -3.08 5.00 -

16 113 53 51

970,660 37,458,865 2,855,180 378,360

11.05

-1.34

228

18,470,476

0.92 0.77

-4.17 -4.94

43 36 1,250

7,402,638 1,710,265 119,563,592

PRICE

%CHANGE

TRADES

VOLUME

0.23

-4.17

1

100,000

0.67

-4.29

49

2,956,913

2.52

-

7

134,726

0.34

-

1

6,000 278,038

1.86

-

15

0.37

-

0

0

0.30

-

9

961,097

0.53

-

0

0

0.50

-

0

0

0.40

-

1

250

0.48

-

0

0

0.39

-4.88

22

3,292,500

0.82

-

32

18,900

0.81

1.25

7

1,055,700

0.34

-

3

99,166

2.57

-0.39

11

1,092,000

0.34

-

0

0

0.45

-4.26

1

150,000

0.28

3.57

11

511,767

0.20

5.00

51

82,457,600

0.44

-

3

300

0.48

-

0

0

0.20

-

0

0

0.23

4.55

4

670,000

0.50

-

0

0

0.53

3.92

56

676,180

284

94,461,137

PRICE

%CHANGE

TRADES

VOLUME

2.58

-

0

0

2.02

-

1

2,800

1

2,800

PRICE

%CHANGE

TRADES

VOLUME

MICRO-FINANCE BANKS S/N

23

˾ WEDNESDAY, APRIL 11, 2018

40

Nigeria Daily Stock Market Report:

dŚŝƐ ĂLJ ĨƌŝŶǀĞƐƚ ϰϬ ƐŚĞĚƐ ďLJ ϲϲ ďĂƐŝƐ ƉŽŝŶƚ

dŚŝƐĚĂLJ ĨƌŝŶǀĞƐƚ ϰϬ ƐŚĞĚ ϲϲ ďĂƐŝƐ ƉŽŝŶƚ LJĞƐƚĞƌĚĂLJ ƚŽ ĐůŽƐĞ Ăƚ ϭϲϰϬ͘ϴϱ ƉŽŝŶƚƐ ǁŚŝůĞ zd ƌĞƚƵƌŶƐ ŵŽĚĞƌĂƚĞĚ ƚŽ ϲ͘ϰй͘ dŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ŝŶĚĞdž LJĞƐƚĞƌĚĂLJ ǁĂƐ ĚƌĂŐŐĞĚ ďLJ E/d, ;ͲϮ͘ϬйͿ͕ 'hZ Edz ;Ͳϭ͘ϭйͿ ĂŶĚ & E, ;ͲϬ͘ϴйͿ ǁŚŝĐŚ ĐƵŵƵůĂƟǀĞůLJ ĂĐĐŽƵŶƚ ĨŽƌ ϰϬ͘ϵй ŽĨ ƚŚĞ ŝŶĚĞdž͘

ƋƵŝƟĞƐ DĂƌŬĞƚ ƵĐŬƐ ϮͲĚĂLJ ĞĂƌŝƐŚ ZƵŶ͙ E^ ^/ ƵƉ ϭϳďƉƐ

dŚĞ ĚŽŵĞƐƟĐ ďŽƵƌƐĞ ƌĞďŽƵŶĚĞĚ ŝŶ ƚŽĚĂLJ͛Ɛ ƐĞƐƐŝŽŶ ĨŽůůŽǁŝŶŐ ďƵLJŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶ E' D ĂƐ ƚŚĞ E^ ůů ^ŚĂƌĞ /ŶĚĞdž ; ^/Ϳ ŝŶĐŚĞĚ ϭϳďƉƐ ŚŝŐŚĞƌ ƚŽ ĐůŽƐĞ Ăƚ ϰϬ͕ϰϵϵ͘Ϭϰ ƉŽŝŶƚƐ͘ džͲ E' D͕ ƚŚĞ ^/ ǁŽƵůĚ ŚĂǀĞ ĐůŽƐĞĚ ϮϱďƉƐ ůŽǁĞƌ͘ ŽŶƐĞƋƵĞŶƚůLJ͕ ŝŶǀĞƐƚŽƌƐ ŐĂŝŶĞĚ EϮϱ͘ϮďŶ ŝŶ ǀĂůƵĞ ĂƐ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝnjĂƟŽŶ ƌŽƐĞ ƚŽ Eϭϰ͘ϲƚŶ ǁŚŝůĞ zd ƌĞƚƵƌŶ ŝŵƉƌŽǀĞĚ ƚŽ ϱ͘ϵй͘ dŽĚĂLJ͛Ɛ ďƵůůŝƐŚ ƉĞƌĨŽƌŵĂŶĐĞ ŝƐ ŵĂŝŶůLJ ĂƩƌŝďƵƚĂďůĞ ƚŽ ďƵLJŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶ E' D ;нϭ͘ϮйͿ ĂƐ ǁĞůů ĂƐ /Ed Z t ;нϰ͘ϴйͿ ĂŶĚ d/ ;нϮ͘ϵйͿ͘ ĐƟǀŝƚLJ ůĞǀĞů ǁĂƐ ŵŝdžĞĚ ĂƐ ǀŽůƵŵĞ ƚƌĂĚĞĚ ƌŽƐĞ ϯϱ͘ϯй ƚŽ ϯϴϴ͘ϯŵ ƵŶŝƚƐ ǁŚŝůĞ ǀĂůƵĞ ƚƌĂĚĞĚ ĨĞůů ďLJ ϭϰ͘ϯй ƚŽ Eϰ͘ϮďŶ͘ dŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ĨŽƌ ƚŚĞ ĚĂLJ ďLJ ǀŽůƵŵĞ ǁĞƌĞ ^KsZ E/E^ ;ϴϮ͘ϱŵͿ͕ E/d, ;ϱϬ͘ϬŵͿ ĂŶĚ ^<z ;ϯϳ͘ϱŵͿ ǁŚŝůĞ ƚŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďLJ ǀĂůƵĞ ǁĞƌĞ &>KhZD/>> ;Eϭ͘ϮďŶͿ͕ E/d, ;Eϭ͘ϮďŶͿ ĂŶĚ 'h Z Edz ;Eϯϲϭ͘ϯŵͿ͘

DŝdžĞĚ ^ĞĐƚŽƌ WĞƌĨŽƌŵĂŶĐĞ

^ĞĐƚŽƌ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ŵŝdžĞĚ ĂƐ ϯ ŽĨ ƚŚĞ ϱ ŝŶĚŝĐĞƐ ƵŶĚĞƌ ŽƵƌ ĐŽǀĞƌĂŐĞ ĐůŽƐĞĚ ƐŽƵƚŚǁĂƌĚƐ ǁŚŝůĞ Ϯ ĂƉƉƌĞĐŝĂƚĞĚ͘ dŚĞ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚĞdž ůĞĚ ŐĂŝŶĞƌƐ͕ ƵƉ Ϯ͘ϴй ŽŶ ĂĐĐŽƵŶƚ ŽĨ ŐĂŝŶƐ ŝŶ E' D ;нϭ͘ϮйͿ ĂŶĚ t W K ;нϯ͘ϰйͿ ǁŚŝůĞ ƚŚĞ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ŝŶĚĞdž ŐĂŝŶĞĚ Ϭ͘ϲй ĚƵĞ ƚŽ ƉƌŝĐĞ ĂƉƉƌĞĐŝĂƟŽŶ ŝŶ /Ed Z t ;нϰ͘ϴйͿ͕ E'^h' Z ;нϮ͘ϲйͿ ĂŶĚ E/' Z/ E ;нϬ͘ϮйͿ͘ KŶ ƚŚĞ ŇŝƉƐŝĚĞ͕ ƚŚĞ ĂŶŬŝŶŐ ŝŶĚĞdž ůŽƐƚ ϭ͘ϱй ĂƐ ƐĞůů ƉƌĞƐƐƵƌĞƐ ŝŶ E/d, ;ͲϮ͘ϬйͿ ĂŶĚ 'h Z Edz ;Ͳϭ͘ϮйͿ ƉƵůůĞĚ ƚŚĞ ŝŶĚĞdž ůŽǁĞƌ͘ dŚĞ /ŶƐƵƌĂŶĐĞ ŝŶĚĞdž ƚƌĂŝůĞĚ͕ ƐŚĞĚĚŝŶŐ Ϭ͘ϭй ĂƐ ůŽƐƐĞƐ ŝŶ // K ;Ͳ ϰ͘ϯйͿ ĂŶĚ > ^ K ;Ͳϰ͘ϵйͿ ĚƌĂŐŐĞĚ ƉĞƌĨŽƌŵĂŶĐĞ͘ >ĂƐƚůLJ͕ ƚŚĞ Kŝů Θ 'ĂƐ ŝŶĚĞdž ĚĞĐůŝŶĞĚ ϲďƉƐ ĨŽůůŽǁŝŶŐ ƐĞůůͲŽīƐ ŝŶ &KZd ;Ͳϯ͘ϱйͿ͕ d ZE ;Ͳ ϰ͘ϲйͿ ĂŶĚ dKd > ;Ͳϭ͘ϮйͿ ǁŚŝĐŚ ŽīƐĞƚ ŐĂŝŶƐ ŝŶ ϭϭW> ;нϱ͘ϬйͿ͘

/ŶǀĞƐƚŽƌ ^ĞŶƟŵĞŶƚ ^ƚĂLJƐ &ůĂƚ /ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ĂƐ ŵĞĂƐƵƌĞĚ ďLJ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ ;ĂĚǀĂŶĐĞͬĚĞĐůŝŶĞ ƌĂƟŽͿ ƐƚĂLJĞĚ ŇĂƚ Ăƚ Ϭ͘ϲdž ĐŽŶƐĞƋƵĞŶƚ ŽŶ ϭϲ ƐƚŽĐŬƐ ĂĚǀĂŶĐŝŶŐ ĂŐĂŝŶƐƚ Ϯϲ ĚĞĐůŝŶĞƌƐ͘ dŚĞ ƚŽƉ ƉĞƌĨŽƌŵŝŶŐ ƐƚŽĐŬƐ ƚŽĚĂLJ ǁĞƌĞ : W h>K/> ;нϴ͘ϮйͿ͕ ϭϭW> ;нϱ͘ϬйͿ ĂŶĚ ^d Z>/E' ;нϱ͘ϬйͿ ǁŚŝůĞ t D ;Ͳϰ͘ϵйͿ͕ > ^ K ;Ͳ ϰ͘ϵйͿ ĂŶĚ : / E< ;Ͳϰ͘ϮйͿ ůĞĚ ƚŚĞ ůĂŐŐĂƌĚƐ ĨŽƌ ƚŚĞ ĚĂLJ͘ ĞƐƉŝƚĞ ǁĞĂŬ ŵĂƌŬĞƚ ƐĞŶƟŵĞŶƚ͕ ǁĞ ŵĂŝŶƚĂŝŶ ŽƵƌ ƐŚŽƌƚ ƚĞƌŵ ƉŽƐŝƟǀĞ ŽƵƚůŽŽŬ ŽŶ ƚŚĞ ŵĂƌŬĞƚ ĂŶĚ ĂƐ ƐƵĐŚ ǁĞ ĞdžƉĞĐƚ ŝŶĐƌĞĂƐĞĚ ďĂƌŐĂŝŶ ŚƵŶƟŶŐ ƚŽ Ɛƚ ƉĞƌĨŽƌŵĂŶĐĞ ŝŶ ƐƵďƐĞƋƵĞŶƚ ƐĞƐƐŝŽŶ͘

ŽŵƉĂŶLJ ŝŶ &ŽĐƵƐ͗ W ƵƐƐŽŶƐ WůĐ ;͞W ͟Ϳ

W ƵƐƐŽŶƐ EŝŐĞƌŝĂ WůĐ ;͞W ͟Ϳ ŵĂŬĞƌƐ ŽĨ ƉŽƉƵůĂƌ ŚŽƵƐĞŚŽůĚ ďƌĂŶĚƐ ƐƵĐŚ ĂƐ /ŵƉĞƌŝĂů >ĞĂƚŚĞƌ ĂŶĚ ƵƐƐŽŶƐ ĂďLJ ŝƐ Ă ůĞĂĚŝŶŐ &D ' ĐŽŵƉĂŶLJ ŝŶ EŝŐĞƌŝĂ ŽƉĞƌĂƟŶŐ ŝŶ ƉĞƌƐŽŶĂů ĐĂƌĞ͕ ŚŽŵĞ ĐĂƌĞ͕ ĞůĞĐƚƌŝĐĂůƐ ĂŶĚ ĨŽŽĚ Θ ŶƵƚƌŝƟŽŶ͘ dŚĞ ĐŽŵƉĂŶLJ͛Ɛ ŚŝƐƚŽƌLJ ĚĂƚĞƐ ƚŽ ϭϴϵϵ ĂŶĚ ŚĂƐ ƐŝŶĐĞ ŐƌŽǁŶ ƚŽ ďĞ ŽŶĞ ŽĨ ƚŚĞ ďŝŐŐĞƐƚ ƉůĂLJĞƌƐ ŝŶ ƚŚĞ ĐŽŶƐƵŵĞƌ ŐŽŽĚƐ ƐĞĐƚŽƌ͘ W ŚĂƐ Ă ĐƵƌƌĞŶƚ ŵĂƌŬĞƚ ĂƉŝƚĂůŝnjĂƟŽŶ ŽĨ Eϴϵ͘ϯďŶ͘ dŚĞ ĐŽŵƉĂŶLJ ƌĞůĞĂƐĞĚ ĮƌƐƚ ƋƵĂƌƚĞƌ ƌĞƐƵůƚ ĨŽƌ ŝƚƐ ϮϬϭϴ ĮŶĂŶĐŝĂů LJĞĂƌ͘ WĞƌĨŽƌŵĂŶĐĞ ƌĞŵĂŝŶĞĚ ůĂƌŐĞůLJ ƵŶĚĞƌǁŚĞůŵŝŶŐ͕ ĂůďĞŝƚ ǁŝƚŚ ĂŶ ŝŵƉƌŽǀĞŵĞŶƚ zͲŽͲz͘ 'ƌŽƐƐ ƌĞǀĞŶƵĞ ŝŵƉƌŽǀĞĚ ϭϮ͘ϴй zͲŽͲz ƚŽ Eϭϴ͘ϵďŶ ŝŶ Yϭ͗ϮϬϭϴ ĨƌŽŵ Eϭϲ͘ϴďŶ Yϭ͗ϮϬϭϳ ůĂƌŐĞůLJ ŽŶ ĂĐĐŽƵŶƚ ŽĨ ŚŝŐŚĞƌ ƐĂůĞ ƉƌŝĐĞƐ͘ >ŝŬĞǁŝƐĞ͕ ĐŽƐƚ ŽĨ ƐĂůĞƐ ĐůŝŵďĞĚ ϭϳ͘ϲй zͲŽͲz Ͳ ĂůƚŚŽƵŐŚ Ăƚ Ă ĨĂƐƚĞƌ ƉĂĐĞ ;ƚŽ EϭϮ͘ϵďŶ ŝŶ Yϭ͗ϮϬϭϴ ĨƌŽŵ EϭϬ͘ϵďŶ ŝŶ Yϭ͗ϮϬϭϳͿ͘ Ɛ Ă ƌĞƐƵůƚ͕ ŐƌŽƐƐ ƉƌŽĮƚ ŵĂƌŐŝŶ ĨŽƌ ƚŚĞ ƉĞƌŝŽĚ ĚĞĐůŝŶĞĚ ϯƉƉƚƐ ƚŽ ϯϮ͘Ϭй͘ &ŽƌĞŝŐŶ ĞdžĐŚĂŶŐĞ ůŽƐƐĞƐ ǁŚŝĐŚ ŚĂĚ ĚƌĂŐŐĞĚ ƉĞƌĨŽƌŵĂŶĐĞ ŝŶ ĞĂƌůŝĞƌ ƌĞƉŽƌƚƐ ĐĂŵĞ ŝŶ ůŽǁĞƌ Ăƚ Eϭ͘ϳďŶ ĨƌŽŵ Eϰ͘ϳďŶ ŝŶ Yϭ͗ϮϬϭϳ͕ ŝŵƉůLJŝŶŐ Ă ϲϭ͘ϴй ĚĞĐůŝŶĞ zͲŽͲz͘ ŽŶƐĞƋƵĞŶƚůLJ͕ W ƌĞƉŽƌƚĞĚ Ă >ŽƐƐ ĂŌĞƌ dĂdž ŽĨ EϭϮϯ͘ϭŵ͕ ƵƉ ϵϮ͘Ϯй zͲŽͲz ĨƌŽŵ Eϭ͘ϲďŶ ŝŶ Yϭ͗ϮϬϭϳ͘ ^ŝŵŝůĂƌůLJ͕ ŽŶ Ă ƐƚĂŶĚĂůŽŶĞ ďĂƐŝƐ͕ ƚŚĞ ĐŽŵƉĂŶLJ͛Ɛ Yϭ͗ϮϬϭϴ ƉĞƌĨŽƌŵĂŶĐĞ ƌĞŵĂŝŶĞĚ ƵŶŝŵƉƌĞƐƐŝǀĞ ĂƐ 'ƌŽƐƐ ƌĞǀĞŶƵĞ ĚŝƉƉĞĚ ϭϱ͘ϱй YͲŽͲY ƚŽ Eϭϴ͘ϴďŶ ŝŶ Yϭ͗ϮϬϭϴ ;ĚŽǁŶ ĨƌŽŵ EϮϮ͘ϱďŶ ŝŶ Yϰ͗ϮϬϭϳͿ͘ /Ŷ ƚƵƌŶ͕ ŽƐƚ ŽĨ ƐĂůĞƐ ŝŵƉƌŽǀĞĚ ϲ͘Ϯй YͲŽͲY ƚŽ EϭϮ͘ϵďŶ ǁŚŝůƐƚ ŽƉĞƌĂƟŶŐ ĞdžƉĞŶƐĞƐ ƌŽƐĞ ϭϮ͘ϴй YͲŽͲY ƚŽ Eϰ͘ϭďŶ ƌĞƐƉĞĐƟǀĞůLJ͘ ĐĐŽƌĚŝŶŐůLJ͕ ƚŚĞ ŽŵƉĂŶLJ ƌĞƉŽƌƚĞĚ Ă >ŽƐƐ ĂŌĞƌ dĂdž ŽĨ EϭϮϯ͘ϭŵ ĨƌŽŵ WƌŽĮƚ ĂŌĞƌ dĂdž ŽĨ EϮ͘ϭďŶ ŝŶ Yϰ͗ϮϬϭϳ͘ KŶ ƚŚĞ ďĂĐŬ ŽĨ ƌŝƐŝŶŐ ĐŽƐƚ ƉƌĞƐƐƵƌĞƐ ĂŶĚ ĞdžƉĞĐƚĂƟŽŶƐ ĨŽƌ W ƚŽ ĚƌŝǀĞ ƌĞǀĞŶƵĞ ƐĂůĞƐ ƚŽ ĐŽǀĞƌ ĂŶLJ ƐŚŽƌƞĂůů͕ ŽƵƌ ŽƵƚůŽŽŬ ŽŶ ƚŚĞ ƐƚŽĐŬ ƌĞŵĂŝŶƐ ŶĞƵƚƌĂů͘

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

Wednesday, April 11, 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 1,640.85

-0.66%

6.4%

64.1%

24.0%

7.9%

7.9x

1.0x

53.7%

1

Guaranty Trust Bank PLC

43.00

-1.1%

21.3%

5.5%

6.0%

30.6%

5.2%

7.1x

2.1x

6.3%

12.1% 14.1%

2

Zenith Bank PLC

26.35

-2.0%

12.6%

2.8%

1.6%

23.3%

3.4%

4.6x

1.0x

10.2%

21.5%

3

Nigerian Brew eries PLC

129.20

0.2%

8.1%

-4.2%

-4.3%

19.2%

8.8%

31.1x

5.8x

3.2%

3.2%

4

Nestle Nigeria PLC

1,385.00

0.0%

6.7%

-11.0%

-11.0%

89.0%

21.3%

32.6x

24.5x

3.1%

3.1%

5

Dangote Cement PLC

255.00

1.2%

6.5%

10.9%

10.9%

26.3%

12.4%

21.9x

5.7x

4.1%

4.6%

-0.8%

6

FBN Holdings Plc

12.00

7.1%

36.4%

36.5%

2.6%

0.3%

19.5x

0.7x

1.7%

5.1%

7

Access Bank PLC

12.00

0.0%

4.9%

14.8%

13.2%

13.0%

1.6%

5.5x

0.7x

5.4%

18.1%

8

United Bank for Africa PLC

11.05

-1.3%

4.4%

7.3%

6.1%

16.1%

2.0%

5.0x

0.7x

7.7%

20.1%

9

Ecobank Transnational Inc

17.55

2.9%

3.2%

3.2%

7.9%

10.3%

0.8%

6.6x

0.6x

3.5%

10

SEPLAT Petroleum Development C

665.10

0.0%

3.1%

6.2%

6.2%

19.4%

11.1%

3.8x

0.7x

11

Stanbic IBTC Holdings PLC

15.7%

17.4%

28.7%

3.4%

11.1x

2.9x

1.0%

19.3x

2.7x

0.6%

5.2%

1.5x

3.5%

-12.0%

5.6%

48.00

0.0%

3.2%

103.00

0.0%

2.4%

9.6%

9.6%

14.6%

5.6%

42.40

3.4%

1.5%

-5.5%

-5.5%

-32.7%

-6.5%

12

Guinness Nigeria PLC

13

Lafarge Africa PLC

14

Fidelity Bank PLC

2.48

-2.4%

1.2%

0.8%

-3.9%

8.0%

1.1%

2.2x

0.4x

Oando PLC

5.99

0.0%

1.2%

0.0%

0.0%

40.7%

4.2%

2.7x

0.6x

15

15.1% 26.0% 9.0%

46.2% 37.0%

16

Dangote Sugar Refinery PLC

22.00

2.6%

1.2%

10.0%

8.1%

43.2%

19.8%

8.6x

3.3x

2.3%

11.7%

17

Okomu Oil Palm PLC

73.00

0.4%

1.1%

7.8%

7.8%

44.1%

32.7%

7.6x

2.8x

4.1%

13.1%

-3.5%

0.2%

3.1%

18

Unilever Nigeria PLC

53.10

1.3%

29.5%

32.1%

50.3%

8.4%

32.7x

12.4x

19

International Brew eries PLC

51.50

4.8%

0.7%

-5.5%

-6.3%

24.6%

7.4%

53.9x

12.3x

20

Flour Mills of Nigeria PLC

37.00

1.4%

0.8%

27.6%

27.6%

13.1%

3.0%

7.7x

0.9x

2.5%

12.9%

21

Transnational Corp of Nigeria

1.65

-2.9%

0.6%

13.0%

11.5%

8.3%

1.8%

14.1x

1.1x

121.2%

7.1%

22

UAC of Nigeria PLC

17.00

0.0%

0.5%

0.6%

0.6%

2.2%

0.8%

23.0x

0.6x

3.8%

23

Diamond Bank PLC

1.88

-2.1%

0.6%

25.3%

19.7%

2.5%

0.3%

7.6x

0.2x

24

Total Nigeria PLC

233.80

-1.2%

0.5%

1.7%

2.38

0.0%

0.7%

178.50

5.0%

0.4%

-3.5%

0.4%

25

FCMB Group Plc

26

11 PLC

1.9%

4.3% 13.2%

1.7%

31.0%

6.5%

9.9x

2.8x

7.3%

10.1%

50.6%

5.1%

0.8%

4.9x

0.2x

1510.5%

20.3%

-8.3%

-8.3%

30.8%

11.0%

8.8x

2.4x

4.5%

11.4%

-11.2%

-8.1%

19.6%

1.8%

19.5x

3.4x

27

Forte Oil PLC

38.60

28

PZ Cussons Nigeria PLC

23.45

0.0%

0.4%

13.8%

10.9%

10.7%

5.0%

22.2x

2.3x

2.2%

4.5%

29

Cadbury Nigeria PLC

14.50

0.0%

0.3%

-7.5%

-7.1%

2.6%

1.1%

57.1x

2.3x

1.1%

1.8%

0.0%

5.1%

30

Presco PLC

72.00

0.4%

5.1%

5.1%

42.9%

25.9%

3.5x

1.3x

2.1%

28.2%

31

NASCON Allied Industries PLC

21.20

0.0%

0.4%

14.6%

10.3%

54.6%

19.5%

10.5x

4.9x

7.1%

9.5%

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

6.65

0.0%

0.3%

-14.7%

-11.5%

5.6%

1.2%

8.5x

0.4x

34

Julius Berger Nigeria PLC

24.15

0.0%

0.3%

-13.8%

-13.8%

17.3%

1.8%

6.7x

1.1x

35

Sterling Bank PLC

1.68

5.0%

0.4%

55.6%

48.7%

6.1%

0.6%

8.8x

0.5x

36

Dangote Flour Mills Plc

13.45

2.3%

0.3%

10.7%

10.7%

61.6%

15.8%

4.4x

1.9x

1.5%

23.0%

37

GlaxoSmithKline Consumer Niger

29.90

-0.3%

0.3%

38.4%

38.4%

61.2%

23.6%

6.2x

2.2x

25.1%

16.1%

38

Chemical and Allied Products P

38.75

0.0%

0.2%

14.0%

8.5%

66.2%

30.2%

18.1x

12.1x

5.6%

5.5%

Beta Glass PLC

75.70

0.0%

0.2%

47.5%

47.5%

18.4%

11.9%

10.7x

1.8x

1.4%

9.4%

7.45

0.0%

0.1%

3.3%

3.3%

4.7%

2.8%

21.2x

1.0x

1.8%

4.7%

39 40

Transcorp Hotels Plc T o p 10 G a ine r s T ic k er J A P A ULOIL M OB IL ST ER LN B A N K

11.8% 4.1%

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

P ric e

P ric e C hg %

0.53

8.2%

SOVR EN IN S

82.5

0.0%

178.50

5.0%

Z EN IT H B A N K

44.0

-2.0% 0.0%

T ic k er

Vo lum e

P ric e C hg %

1.68

5.0%

SKYEB A N K

37.5

IN T B R EW

51.50

4.8%

F LOUR M ILL

32.2

1.4%

UN IT YKA P

0.23

4.5%

A C C ESS

30.0

0.0%

0.53

3.9%

FCM B

26.9

0.0%

42.40

3.4%

FB NH

24.9

-0.8%

WA P IC WA P C O ET I

17.55

2.9%

UB A

18.5

-1.3%

D A N GSUGA R

22.00

2.6%

F ID ELIT YB K

10.9

-2.4%

D A N GF LOUR

13.45

2.3%

T R A N SC OR P

9.3

-2.9%

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

T o p 10 L o s e r s P ric e

P ric e C hg %

T ic k er

Value

WEM A B A N K

0.77

-4.9%

F LOUR M ILL

1192.4

1.4%

LA SA C O

0.39

-4.9%

Z EN IT H B A N K

1161.1

-2.0% 0.0%

T ic k er

14.9% 11.3%

P ric e C hg %

J A IZ B A N K

0.62

-4.6%

A C C ESS

361.3

ET ER N A

6.00

-4.6%

GUA R A N T Y

325.2

-1.1%

C ILEA SIN G

1.49

-4.5%

FB NH

299.1

-0.8%

C OUR T VILLE

0.22

-4.3%

UB A

204.9

-1.3%

A IIC O

0.67

-4.3%

D A N GSUGA R

77.3

2.6%

P R EST IGE

0.45

-4.3%

FCM B

63.3

0.0%

A F R IN SUR E

0.23

-4.2%

WA P C O

38.1

3.4%

UN IT YB N K

0.92

-4.2%

GUIN N ESS

37.0

0.0%

Investment Research

Brokerage Ayodeji Ebo | aebo@afrinvest.com

Robert Omotunde | romotunde@afrinvest.com

Bolaji Fajenyo | bfajenyo@afrinvest.com

Omotola Abimbola | oabimbola@afrinvest.com

41

˾ WEDNESDAY, APRIL 11, 2018

MARKET NEWS

Shareholders Applaud GTBank’s Improved Performance Nosa Alekhuogie The shareholders of Guaranty Trust Bank (GTBank) Plc have commended the bank for its improved performance in the 2017 financial year and its consistency in terms of dividend payout and sustainable growth over the years. The shareholders gave the commendation at the company’s annual general meeting (AGM) held in Lagos yesterday.

For instance, founding

National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Sunny Nwosu hailed the Managing Director of GTBank, Mr. Segun Agbaje for his contribution towards the growth of the bank, “When you took over, profit before tax was less than N50billion but as of today it is over N200billion, which is very commendable.”

Another shareholder of the bank, Mr. Adeleke Oladimeji said that he was

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

impressed with the results and everything the bank represents and hailed all the staff right from the junior staff till the top management.

In her address, the Chairman of the bank, Mrs. Osaretin Demuren, said 2017 was a good year for the bank as gross earnings grew to N419.2 billion for the year ended December 31, 2017, from N414.6 billion reported in 2016.

Profit before tax stood at N200.2 billion which represents

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 09Apr-2018, unless otherwise stated.

a growth of 21.3 per cent over N165.1 billion recorded the corresponding year ended December 2016.

She added that the bank’s loan book fell by 8.9 per cent from N1.590 trillion recorded as at December 2016 to N1.449 trillion in December 2017 while customer deposits increased by 3.8 per cent to N2.062 trillion from N1.986trillion in December 2016.

She further explained that the bank’s balance sheet

remained strong with a 3.9 per cent growth in total assets and contingents as the bank closed the year with total assets and contingents of N3.845 trillion and share holders’ funds of N625.2 billion.

“In terms of assets quality, non-performing loan (NPL) ratio increased to 7.7 per cent in December 2017 from 3.7 per cent in December 2016 largely as a result of classification of a single exposure within the Nigerian telecommunications Industry. Over all, asset quality

remains stable with adequate coverage of 119.6 per cent, while capital remains strong with Capital Adequate ratio (CAR) of 25.7 per cent. Total dividend for 2017 financial year is N2.70 per unit of ordinary share.” she said.

She thanked the shareholders for their continued support and promised to take advantage of immense opportunities in all the markets in which they operate in other to grow earnings and profitability, going forward.

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 191.07 192.02 7.56% Nigeria International Debt Fund 243.96 244.94 5.47% ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund 0.85 0.86 3.58% ACAP Income Funds 0.65 0.65 8.32% 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 14.70% 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 158.32 159.43 4.37% AXA Mansard Money Market Fund 1.00 1.00 14.50% 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 14.95% Paramount Equity Fund 12.44 12.75 12.15% Women's Investment Fund 103.49 106.13 2.84% 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 14.53% CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 14.80% Coronation Balanced Fund 1.13 1.15 7.29% Coronation Fixed Income Fund 1.10 1.13 6.37% FBNQUEST ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund 1,202.48 1,203.71 4.76% FBN Heritage Fund 146.38 147.70 5.01% FBN Money Market Fund 100.00 100.00 14.20% FBN Nigeria Eurobond (USD) Fund - Institutional 114.79 115.31 1.65% FBN Nigeria Eurobond (USD) Fund - Retail 114.79 1.76% FBN Nigeria Smart Beta Equity Fund 179.10 181.88 11.30% 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 1.38 1.41 5.94% Legacy Debt Fund 2.99 2.99 3.73% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Growth Fund 3,158.60 3,191.35 5.80% Coral Income Fund 2,568.58 2,568.58 4.98% 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 13.59% 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 14.28% Vantage Balanced Fund 2.16 2.19 2.57% Vantage Guaranteed Income Fund 1.00 1.00 16.36% Kedari Investment Fund (KIF) 118.35 118.74 2.92%

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 2.01% Lotus Halal Fixed Income Fund 1,069.88 1,069.88 3.48% 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 N/A N/A N/A Meristem Money Market Fund N/A N/A N/A 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 1.31 1.34 10.39% PACAM Fixed Income Fund 11.54 11.59 4.53% PACAM Money Market Fund 10.00 10.00 14.02% 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 140.44 142.97 9.07% 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 1.55 1.55 4.30% 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 2,333.18 2,353.51 4.04% Stanbic IBTC Bond Fund 181.43 181.43 2.82% Stanbic IBTC Ethical Fund 1.06 1.07 5.45% Stanbic IBTC Guaranteed Investment Fund 231.00 231.09 4.90% Stanbic IBTC Iman Fund 189.57 191.70 5.85% Stanbic IBTC Money Market Fund 100.00 100.00 14.39% Stanbic IBTC Nigerian Equity Fund 10,012.24 10,148.68 3.54% Stanbic IBTC Dollar Fund (USD) 1.08 1.08 2.15% 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 1.33 1.34 -0.37% United Capital Bond Fund 1.62 1.62 3.55% United Capital Equity Fund 1.00 1.02 9.04% United Capital Money Market Fund 1.00 1.00 13.41% United Capital Eurobond Fund 105.16 105.16 2.19% United Capital Wealth for Women Fund 1.12 1.13 3.34% 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 13.33 13.52 5.97% Zenith Ethical Fund 13.99 14.15 6.47% Zenith Income Fund 19.84 19.84 4.83% Zenith Money Market Fund 1.00 1.00 13.60%

REITS NAV Per Share

Yield / T-Rtn

10.00 134.56

-11.35% 1.59%

Bid Price

Offer Price

Yield / T-Rtn

12.23 156.58 115.38

12.33 159.95 117.54

0.89% 9.64% 5.61%

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

5.07 9.55 18.65 20.53 155.36

5.11 9.63 18.75 20.73 157.36

6.91% -0.17% 5.01% 4.36% 4.54%

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

42

T H I S D AY ˾ ͯͯË&#x153; ͰͮͯͶ

T H I S D AY ˾ WEDNESDAY APRIL 11, 2018

43

44

T H I S D AY ˾ ͯͯË&#x153; ͰͮͯͶ

T H I S D AY ˾ WEDNESDAY APRIL 11, 2018

45

46

T H I S D AY ˾ ͯͯË&#x153; ͰͮͯͶ

WEDNESDAY, APRIL 11, 2018˾ T H I S D AY

47

INTERNATIONAL

email:foreigndesk@thisdaylive.com

As US Response Looms, Russia and Syria Urge Inspection of Attack Site President Bashar al-Assad’s government has invited international inspectors to send a team to Syria to investigate an alleged chemical attack in the town of Douma in a move apparently aimed at averting possible Western military action over the incident, Reuters reported on Tuesday.

U.S. President Donald Trump on Monday warned of a quick, forceful response once responsibility was established.

The White House said Trump will now not travel on Friday to the Summit of the Americas in Peru so that he can focus on the crisis.

At least 60 people were killed and more than 1,000 injured

in Saturday’s suspected attack on Douma, then still occupied by rebel forces, according to a Syrian relief group.

The Syrian government and Russia said there was no evidence that a gas attack had taken place and the claim was bogus.

But the incident has thrust Syria’s seven-year-old conflict back to the forefront of international concern.

Adding to the volatile situation, Iran, Assad’s main ally along with Russia, threatened to respond to an air strike on a Syrian military base on Monday that Tehran, Damascus and Moscow have blamed on Israel.

Meanwhile on the ground,

thousands of militants and their families arrived in rebel-held northwestern Syria after surrendering Douma to government forces. The evacuation deal restores Assad’s control over the entire eastern Ghouta - formerly the biggest rebel bastion near Damascus.

The Hague-based Organisation for the Prohibition of Chemical Weapons (OPCW) is already at work trying to establish what exactly took place in Douma.

But whether a team would try to get there was unclear. OPCW inspectors have been attacked on two previous missions to the sites of chemical weapons attacks in Syria.

Russian Spy: Yulia Skripal Discharged from Hospital Yulia Skripal, the poisoned daughter of Russian ex-spy Sergei, has been discharged from hospital, according to BBC on Tuesday.

The 33-year-old left Salisbury District Hospital on Monday and has been taken to a secure location.

The hospital said:“This is not the end of her treatment but marks a significant milestone.”

Her 66-year-old father remains in hospital and is “recovering more slowly than Yulia”. Doctors hope he will

be discharged “in due course”.

The pair were taken to hospital on 4 March after being exposed to the toxic nerve agent Novichok.

The father and daughter were found slumped on a park bench in the centre of Salisbury.

Wiltshire Police Det Sgt Nick Bailey, who attended the scene, was also treated in hospital after being exposed to the nerve agent, but has since been discharged.

A statement from Ms

Skripal released through the Metropolitan Police last week said her “strength is growing daily”.

Mr Skripal remains at Salisbury District Hospital but is no longer in a critical condition.

Medical director Dr Christine Blanshard said he has made “good progress”, adding: “Although he’s recovering more slowly than Yulia we hope he too will be able to leave hospital in due course.”

Israel Confirms Video of Soldier Shooting Palestinian Israel’s military on Tuesday confirmed the authenticity of a widely shared video showing a soldier shoot a Palestinian on the Gaza border followed by rejoicing, actions that have added to scrutiny of the army’s use of live fire, according to AFP. The video comes at a highly sensitive time for Israel’s military, which has faced mounting criticism over its use of live fire on the Gaza Strip border, where 31 Palestinians have been killed since late March as mass protests have led to clashes.

But the army alleged that the December 22 shooting in the video it said left the Palestinian with a leg wound followed rioting and warnings

from troops.

Palestinians said it was proof that Gazans were being shot along the border fence while posing no threat to soldiers.

Israeli right-wing ministers meanwhile defended the actions of the soldiers in the video, which began to spread widely on Monday night.

Defence Minister Avigdor Lieberman said the sniper deserved a medal -- but that the soldier who filmed it should be demoted.

The army said in a statement that “the video depicts a short part of the response to a violent riot, which included rock hurling and attempts to sabotage the security fence, and lasted about two hours.”

It alleged the warnings

including firing into the air were ignored.

“A single bullet was fired towards one of the Palestinians who is suspected of organising and leading this incident while he was a few metres from the fence,” it said.

It said the video was recorded by a soldier not part of the unit that fired the shot and that action would be taken against him.

“As for the unauthorised filming of an operational event, the distribution of the filmed material and the statements made there, it should be noted that these do not suit the degree of restraint expected of (Israeli) soldiers and will be dealt by commanders accordingly,”

After China’s Massive Drill, US Patrols Disputed South China Sea In a span of 20 minutes, 20 F-18 fighter jets took off and landed on the USS Theodore Roosevelt aircraft carrier, in a powerful display of military precision and efficiency, a Reuters disclosed.

The nuclear-powered

warship, leading a carrier strike group, was conducting what the U.S. military called routine training in the disputed South China Sea on Tuesday, headed for a port call in the Philippines, a defence treaty ally.

The United States is not alone in carrying out naval patrols in the strategic waterway, where Chinese, Japanese and some Southeast Asian navies operate, possibly increasing tensions and risking accidents at sea.

48

WEDNESDAY, APRIL 11, 2018˾ T H I S D AY

NEWSXTRA

FIRS Commends EFCC over N28bn Recoveries from Banks Says anti-graft agency has replied Adeosun Iyobosa Uwugiaren ÓØ ÌßÔË The acting Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Magu, said yesterday that the anti-graft agency had received strong commendation from the Federal Inland Revenue Services (FIRS) for helping it to recover N28billion from banks and other sources.

EFCC chairman also said he had responded to request for information by the Minister of Finance, Kemi Adeosun, who lately asked him to clarify where the cash recoveries from May 2015 to January 2018 had been deposited and provide associated evidence, saying the ministry might not have proper understanding of how EFCC does its jobs.

Chatting with some senior editors in Abuja yesterday, the EFCC’s boss said the Executive Chairman of FIRS, Babatunde Fowler and other senior

management staff members of the agency, were at the headquarters of the anti-graft agency in Abuja yesterday to thank the agency for the recoveries.

Magu said although the recoveries were not handed over to the EFCC as usual, its efforts in looking at the books of the affected banks forced them to refund the huge amount of money to FIRS. He added that similar efforts had also led to recoveries of over N328.9 billion from some oil marketers by the Nigerian National Petroleum Corporation (NNPC).

The recovery was said to have been made by the Kano office of the commission between July 2016 and July 2017, following a petition against the management of NNPC and its subsidiary, Pipelines and Product Marketing Company (PPMC).

The petition had alleged that N40billion had been diverted

by the major oil marketers in connivance with the leadership of the NNPC and PPMC. The EFCC, in a swift reaction, referred the petition to a special task force, which swung into action by conducting a discrete investigation, and later findings by the operatives of the EFCC revealed that the oil marketers were actually indebted to the federal government to the tune of N91.5billion between 2010 and 2016.

Further investigation into the allegation was also said to have revealed that the oil marketers had continued to obtain petroleum products from the government without proper payment, in violation of the NNPC/PPMC credit facility regulations. A probe of which further led to the

discovery of N258.9bn, while the total amount of debt stood at N349.8bn following the latter discovery.

Magu added that similar efforts by EFCC had also paid off for the Nigeria Customs Services; Asset Management Corporation of Nigeria (AMCON) and others, saying the anti-corruption commission usually does not have access to the funds, but go to the appropriate agencies.

EFCC chairman also said he had responded to the request for information by Adeosun.

In a letter dated with reference number: FM/HMF/ EFCC/S-EFCC-REC/2018/1 dated February 9, 2018 and entitled: ‘Summary of EFCC Recoveries from May 2015 to January 2018,’ the Minister of Finance said the clarification

became necessary based on the information available to the Office of Accountant-General of the Federation.

“This is to notify you of the records of cash asset recoveries in the custody of the EFCC from May 2015 till date based on information available to the Office of the Accountant-General of the Federation (attached),’’ she stated.

“It has however come to the attention of the Ministry of Finance, that the use of recovery figures in media reports by the EFCC do not reconcile with the records of the ministry.

“You are therefore kindly requested to clarify where these cash recoveries have been deposited and provide accompanying evidence. Please, accept the assurances of my best

regards.’’

But responding to questions on whether he had responded to the minister’s letter, Magu said: “Yes, we have responded to the letter; we explained everything in details. We are not saying we have these monies—in different currencies; but our efforts led to the recoveries by many federal government agencies.

The money usually goes to the different agencies; we do not have access to them.’’

He said the letter by the minister might have been based on lack of knowledge on how EFCC works.

Magu challenged the media to partner the anti-corruption agency, in line with their mandate of holding government accountable, to save Nigeria from the looters of public treasury.

NAF Bombs Boko Haram Hide out with Intelligence from Niger Republic Paul Obi ÓØ ÌßÔË The Nigerian Air Force (NAF) under Operation Lafiya Dole in a combined operation with the Nigerien Air Force has launched a coordinated air strike on Boko Haram terrorists’ locations at Arege and Tumbun Rago in Borno State.

NAF Director of Public Relations and Information, Air Vice Marshal Olatokunbo Adesanya, explained that “the successful attacks followed reports received sequel to an Intelligence, Surveillance and Reconnaissance (ISR) mission conducted by an aircraft belonging to Nigerien Air Force, which revealed Boko Haram’s activities at Arege and Tumbun Rago.

“Consequently, the ATF detailed NAF Alpha Jet and F-7Ni aircraft to conduct air interdiction strikes on the locations, while the ISR aircraft

from Niger provided necessary support and also conducted Battle Damage Assessment (BDA).”

Adesanya observed that “the subsequent BDA revealed that during the first wave of attacks at AREGE, several vehicles belonging to the terrorists were totally destroyed, killing all the occupants in the process.

“Furthermore, the NAF fighter aircraft neutralised fleeing terrorists in subsequent waves of attack.

“Thereafter, NAF fighter aircraft and the ISR aircraft from Niger again combined to successfully attack Boko Haram locations at Tumbum Rago. “ “The combined operations by the air forces of both countries are part of renewed efforts at clearing Boko Maram elements from their known locations in North-east Nigeria,” Adesanya added.

FG Re-arraigns Son of Former Plateau Gov over Money Laundering Allegations Alex Enumah ÓØ ÌßÔË The federal government yesterday re-arraigned Nanle Dariye, son of former Plateau State Governor, Senator Joshua Dariye, before the Abuja division of the Federal High Court.

The Economic and Financial Crimes Commission (EFCC) had slammed a six-count amended charge of money laundering to the tune of N1.5bn against the son of the former governor.

When the matter was called, the prosecuting counsel, Mr .George Adebola, had informed

the trial judge, Justice Ijeoma Ojukwu, that the matter was for re-arraignment of the defendant.

He therefore prayed the court that the charge be read to the defendant for him to take his plea.

The defendant however, pleaded not guilty to the charges read against him.

Subsequently, Justice Ojukwu adjourned to April 27 for commencement of the trial.

The EFCC had first arraigned Nanle Dariye on February 27 on the same charges alongside, ‘Apartment le Paradis’, a hotel where he was a director.

DIGNITY IN SERVICE LAUNCHED

L-R: Book Reviewer, Rev. Kekong Bisong; Chief Presenter, Senator Musa Adede; Minister of Transportation, Mr. Rotimi Ameachi; Archbishop of Abuja, Cardinal John Onaiyekan; and former Minister of Defence, Lt-General Aliyu Gusau (rtd), during the inauguration of a book titled: Dignity in Service by Dr. Matthew Mbu, in Abuja...yesterday

CPC Warns against Consumption of Medication Containing Codeine Classifies it narcotic substance Senator Iroegbu ÓØ ÌßÔË The Consumer Protection Council (CPC) has warned members of the public against consumption of medication containing codeine.

The Executive Secretary of CPC, Mr. Babatunde Irukera, in a statement said the warning was issued pursuant to Section 2(c), (e), and (j) of Consumer Protection Council Act 2004.

According to Irukera, even though codeine has not been declared as an illegal drug, it can be classified as a narcotic substance.

He stated: “Codeine is an opiate, and one of many in the opioids family. It is therefore classified as a narcotic substance, although not an illegal drug. Codeine is largely used as a pain reliever and cough suppressant. As such, it is

an active ingredient in some expectorants or cough syrups.

“Currently, and in exercise of the regulatory authority of the National Agency for Food and Drug Administration and Control (NAFDAC), expectorants/cough syrups containing codeine may not be dispensed as non-prescriptive Over the Counter (OTC) medication.”

As such, he said, it was illegal and a violation of law to attempt to purchase, as well as dispense any of such medication, except exclusively in accordance with prescription by a qualified and legitimate medical practitioner.

He further warned that “any possession, delivery or provision of these medications in the absence of a prescription, or legal acquisition but dispensing to a person other than whom it is specifically prescribed for, is a

violation of law, constitutes drug abuse, and presents significant medical risks including possible injury, risky behaviour, addiction, and in extreme cases (especially pediatrics), fatality”.

In particular, he said, codeine is implicated in serious adverse effects when taken with, or contemporaneously with alcohol or carbonated drinks.

Irukera stressed that these methods of mixtures negatively interact and have become a serious and dangerous pattern which pose significant risks of debilitating side effects including respiratory difficulties, nervous system deficiencies and mental impairment.

To this end, he said that emerging professional medical and regulatory preference is to prohibit prescription of cough

medication containing codeine to minors because of its properties and propensity to promote addiction and other exposure to illegal drug use.

The council, he stated, advises that cough medication with codeine should be prescribed, dispensed and administered in an abundance of caution and only in strict compliance with professional medical direction, and in any case not prescribed for, dispensed to, or administered to minors.

The CPC boss also reminded consumers that violation of law with respect to dispensing, possessing and consuming illegal drugs, or legal drugs illegally is criminal and may subject offenders to apprehension, detention and prosecution, including by the NDLEA, and upon conviction, a sentence to a term of imprisonment.

49

WEDNESDAY, APRIL 11, 2018˾ T H I S D AY

BUHARI’S RE-ELECTION BID…

BUHARI’S RE-ELECTION BID…

I Have More to Offer than Buhari, Says Moghalu Our Correspondents

A presidential aspirant in the upcoming 2019 general election, Prof.

Kingsley Moghalu, yesterday said he has more to offer Nigeria than President Muhammadu Buhari Moghalu stated that though President Buhari has every right to seek a second term in office if his political party nominates him, it would be up to Nigerians to judge his performance track record so far.

In a statement issued to THISDAY last night, the former Deputy Governor of the Central Bank of Nigeria (CBN), said if elected president in 2019, he would lead a government that would unite Nigeria and build a stable and secure nation.

Henoted that he would also focus on reversing the extreme poverty and high unemployment with effective economic management and restore the country’s standing in the world.

Moghalu also stated that his government would establish a productive innovation-led economy that reduces dependence on oil revenues, establish a public-private venture capital fund with a minimum capital of N500 billion to create jobs by investing in new businesses by unemployed youths.

In the statement, he added that he would also reform the Nigerian Police Force (NPF) by recruiting, training and equipping a minimum of 1.5 million persons with improved remuneration to create safe and secure communities, empower women with a 50:50 gender parity policy in political appointments, and initiate a constitutional restructuring of Nigeria to restore true federalism for stability and prosperity.

The statement added: “My government will establish a productive innovation-led economy that reduces dependence on oil revenues, establish a public-private venture capital fund with a minimum capital of N500 billion (with private sector co-investment to fund could attain a size of N1 trillion) to create jobs by investing in new businesses by unemployed youth, reform the Nigerian Police Force by recruiting, training and equipping a minimum of 1.5 million persons with improved remuneration to create safe and secure communities, empower women with a 50:50 gender parity policy in political appointments, and initiate a constitutional restructuring of Nigeria to restore true federalism for stability and prosperity.”

Ex-Lawmaker Praises Buhari Over Timely Declaration A member of the seventh House of Representatives, Hon. Bamidele Faparusi, has described the early declaration of interest in the 2019 presidential poll by President Muhammadu Buhari as a confirmation of the enormous respect he has for Nigerian voters.

He said the president was quite aware that no one, no matter how powerful, could use his position to rig election, hence, his declaration to give him the ample opportunity to reach out to Nigerians.

The chieftain of the All Progressives Congress (APC) said President Buhari had again redefined the polity by influencing the unanimous decision taken by the National Executive Committee (NEC) of the party to conduct congresses and hold National convention in consonance with the party’s constitution.

Faparusi, an APC governorship aspirant, also endorsed Buhari’s second term bid assuring that he would work assiduously with other progressive politicians in the state to mobilise not less than 80% of Ekiti voters to back the president.

In a statement in Ado Ekiti yesterday, Faparusi said Buhari’s second term would give him veritable chance to fight corrupt individuals and insurgents who were bent on destabilising the country to achieve certain parochial interest.

Buhari’s Declaration: IPOB Hails Decision The Indigenous People of Biafra (IPOB) has hailed the decision of President Muhammadu Buhari to run for a second term in office.

The group in a statement signed by its Publicity Secretary, Emma Powerful, and sent to THISDAY in Awka said it would be happy for Buhari to return as realising Biafra during his government would be a form of humiliation to him.

It said: “IPOB worldwide view the decision of the bearer and custodians of the name Buhari to seek re-election in 2019 as a welcome development. We have always maintained that the rebirth of Biafra will happen under Buhari or under whoever is answering to his name.”

It said the second coming of Buhari portends goodwill for freedom lovers because God wants to fulfill his divine purpose in the life of Biafrans in 2019 as foretold by its leader, Nnamdi Kanu many years ago.

Minister Slams Obasanjo, Babangida, Says They’re Not God The Minister of Communications, Adebayo Shittu, has asked supporters of the governing All Progressives Congress (APC) not to entertain fears that former President Olusegun Obasanjo and other ex-military leaders may block President Muhammadu Buhari’s chance of coming back.

Shittu, who made the remarks on yesterday in an interview with the News Agency of Nigeria (NAN) in Abuja, said since the former Nigerian leaders “are not God, there should be no

Senate President, Dr. Abubakar Bukola Saraki, in a handshake with President Muhammadu Buhari. With them is the Chairman of the Nigeria Governors’ Forum (NGF), Abdulaziz Yari, and Governor Rochas Okorocha, during the National Executive Committee (NWC) meeting of the All Progressives Congress (APC) in Abuja...Monday. apprehension.”

Buhari had on Monday declared his intention to seek reelection at the closed-door meeting of the National Executive Council (NEC) of the party in Abuja.

Buhari said he was responding to the clamour by Nigerians to re-contest in 2019, adding that he wanted to give NEC the honour of notifying them first.

However, Obasanjo and former military president, Ibrahim Babangida, had advised the president not to run in the 2019 poll, asking Nigerians to vote him out should he decide otherwise.

While reacting to Buhari’s declaration, the minister, who in January floated a campaign organisation ‘Buhari/Osinbajo Dynamic Support Group’ for the re-election of Buhari and Osinbajo, said the president’s decision to run again was a welcome development.

Ozekhome: Buhari Has Failed Nigeria A constitutional lawyer, Chief Mike Ozekhome, yesterday said President Muhammadu Buhari should not have declared for the 2019 election because he has failed Nigeria having performed abysmally between 2015 and 2018.

Ozekhome, also a human rights activist, thus asked Nigerians to reject him at the polls, saying president has failed to deliver his electoral promises to restore economy, fight corruption and ensure security.

He made the call yesterday in a statement he issued in response toBuhari’s declaration to seek re-election in 2019, noting that the speculation that the ruling All Progressives Congress (APC) “is banking on massive rigging of the 2019 election to win is merely illusory.”

According to him, the plan to rig cannot work. Nigerians are more enlightened today than ever before. They will use their PVCs to vote wisely, notwithstanding any acts of intimidation or coercion. 2019 is just 10 months away.

I will keep my fingers crossed to see how it all plays out.

Ozekhome lamented that the economy “is in an all time low,” noting that from an over $500 billion rebased economy he inherited, Buhari led Nigeria into recession and now claimed to have taken it out.

DPC: Buhari Should First Apologise to Nigerians Democratic Peoples Congress (DPC) has said President Muhammadu Buhari should have offered apology to Nigerians for failing to deliver on most of his key election promises before declaring interest to go for second term.

DPC in a statement issued yesterday by its National Chairman, Segun Peters, described President Buhari’s declaration as insensitive to the plights of Nigerians.

“It is obvious to Nigerians that President Buhari has failed in every aspect of governance. He made hardship the watchword of his government as if the electorate committed a crime against humanity for electing him president of the Federal Republic in 2015.

“His three years reign has taken the country 30 years backward. Nigeria has lost her pride and glory in the comity

of nations due to clueless governance with recycled, retired and tired politicians who are out of touch with the heart desires of the people for progressive people-oriented governance.”

DPC said it was time to return the government to the people as power resides in the people.

Group Rejects Buhari’s Presidential Bid Advocacy group, OurMumuDonDo, yesterday rejected President Muhammadu Buhari’s declaration to contest the 2019 presidential elections for the second time under the All Progressives Congress (APC).

The group in a statement signed by Adebayo Raphael, OurMumuDonDo, Deji Adeyanju, Concerned Nigerians, Ariyo Dare Atoye, Coalition in Defence Of Nigerian Democracy, Bako Abdul Usman, Campaign For Democracy, and Moses Paul for MAD Connect, explained that the gross incompetence, poor leadership and abysmal performance of the economy under President Buhari are clear indicators that would make Nigerians reject Buhari at the 2019 presidential polls.

They said: “Our movement is utterly dismayed by the self-seeking and vain-glorious declaration of President Buhari to rerun for the office of the Commander-in-Chief of Nigeria in 2019. This laughable declaration reeks of the unapologetic demeanor of the APC and their leader despite monumental failure. Even more, it has become obvious that there are more sycophants around President Buhari than truth-sayers.”

He commended the efforts of the security agencies in the state whose members have paid the supreme price and calls for more deployments to the flashpoints in order to enhance their operations.

The governor says the new attacks have engendered new humanitarian crises and calls for more assistance from the federal government, the international community, public spirited individuals, organisations as well as other corporate bodies to tackle the challenges.

PDP Presidential Aspirant, Baba-Ahmed Dismisses Buhari’s Chances A presidential aspirant on the platform of the Peoples Democratic Party (PDP), Senator Datti Baba-Ahmed, has dismissed the chances of incumbent President Muhammadu Buhari in the 2019 general election.

Reacting to Buhari’s announcement to seek re-election next year, Baba-Ahmed, said the president has taken the support of Nigerians for granted and has disappointed in various sectors including security and economy. Nigerians are also much more politically aware and active, he added.

Speaking with journalists in Abuja yesterday, the presidential hopeful said Buhari’s much touted popularity which helped him clinch the seat in 2015, is now highly argumentative.

“I think the support of many Nigerians have been taken for granted. The average Nigerian has now become more intelligent politically and more aware,” he said.

Baba-Ahmed said it is erroneous for those who have been in power to assume that Nigerians would automatically support and endorse them.

WEDNESDAY, APRIL 11, 2018Ëž T H I S D AY

50

NEWSXTRA

NERC Queries Wâ&#x20AC;&#x2122;Bankâ&#x20AC;&#x2122;s $112m Guarantee on Gas Sales Agreement for Calabar Plant Undecided on NDPHCâ&#x20AC;&#x2122;s request to increase retail electricity tariff Chineme Okafor Ă&#x201C;Ă&#x2DC; Ă&#x152;Ă&#x;Ă&#x201D;Ă&#x2039; The Nigerian Electricity Regulatory Commission (NERC) has written to the Vice President, Prof. Yemi Osinbajo, to express its worries about the Gas Sales Agreement (GSA) the Niger Delta Power Holding Company (NDPHC) signed with a private gas firm, Accugas Limited for the supply of gas to its 562 megawatts (MW) Calabar power plant, and which the World Bank guaranteed after initially refusing to.

Documents obtained by THISDAY yesterday in Abuja, indicated that the NERC initiated an investigation into the GSA between Calabar power and Accugas - a subsidiary of Seven Energy, from which it raised its worries on the likely impact of the World Bankâ&#x20AC;&#x2122;s $112 million guarantee for the GSA, on Nigeriaâ&#x20AC;&#x2122;s electricity market.

It was gathered that NERCâ&#x20AC;&#x2122;s investigation involved a public hearing with key stakeholders in the sector except the World Bank which allegedly ignored

the public hearing, and that NDPHCâ&#x20AC;&#x2122;s â&#x20AC;&#x2DC;take or payâ&#x20AC;&#x2122; GSA with Accugas was consummated regardless of NDPHCâ&#x20AC;&#x2122;s very difficult financial position which the World Bank originally raised and said was the reason it would not guarantee the GSA. In this regards, other documents obtained by THISDAY which included a December 2016 letter to the Minister of Finance, Mrs. Kemi Adeosun, by the World Bank Country Director, Mr. Rachid Benmessaoud, had the bank clearly stating that it would not proceed with its guarantee of the GSA between NDPHC and Accugas because of NDPHCâ&#x20AC;&#x2122;s poor finances. â&#x20AC;&#x153;At the time of the due diligence, the Bank was informed that NDPHC was on track with its payment obligation and well-funded, and the IDA guarantee was presented to the IDA board on this basis. â&#x20AC;&#x153;Since the time of such board approval, in August 2016, the financial situation of the energy sector has deteriorated, and

it appears that NDPHCâ&#x20AC;&#x2122;s financial position has substantially changed for the worst. IDA is not in a position to backstop an entity in default of its obligations and therefore would be unable to proceed with re-execution of the IDA guarantee agreement,â&#x20AC;? read excerpts of Benmessaoudâ&#x20AC;&#x2122;s 2016 letter to Adeosun.

Similarly, another document from the World Bank indicated that one of its arms, the International Finance Corporation (IFC) had invested $75 million in equity in Seven Energy - the parent company of Accugas, as well as $500 million bond as an anchor investor.

However, NERCâ&#x20AC;&#x2122;s report stated that the NDPHC had posted a Letter of Credit (LC) with JP Morgan Chase to backstop its payment obligation under the GSA, and that the Nigerian Bulk Electricity

Trading Ltd (NBET) would according to the structure of the contract, assume the credit risk for a drawdown on the LC. The regulator noted that this was of concern to it, been that it has a potential impact on the power sector as well as on Nigeriaâ&#x20AC;&#x2122;s sovereign credit rating.

Worried about the bankâ&#x20AC;&#x2122;s initial position and what may have informed its change of decision, NERC referred to Benmessaoudâ&#x20AC;&#x2122;s 2016 letter to Adeosun, saying: â&#x20AC;&#x153;In the course of reviewing the documents submitted, the commission noted with particular interest the content of a letter dated December 19, 2016 issued by the World Bank to the federal ministry of finance in which the IDA indicated that it was not proceeding with the re-execution of one of the suites of agreements under

the PRG for gas supply to Calabar power plant.â&#x20AC;? â&#x20AC;&#x153;The reasons adduced for the change of position by the World Bank included an acknowledgment of by the management of the NDPHC of the state of arrears in respect of payment for gas supply to Accugas Ltd, lack of funds to settle current and future obligations for gas supply deliveries to its Calabar power plant and the deteriorating liquidity situation in the NESI,â&#x20AC;? added the regulator.

It explained that the World Bank has not given reasons why it changed its decision, and as such asked the federal government to investigate the transaction and what forms of assurances the bank may have obtained to therefore proceed with its guarantee of the GSA. Also in the report, NERC

stated that a request by the NDPHC that its retail tariff be reviewed upwards from N18 per kilowatts hour (kWhr) to N23kWhr, as it is with other generation companies (Gencos) in the country to enable it meet its obligations, has not been decided yet.

It explained that it had simulated the impact of the tariff review request on the current end-user tariff and that it would led to a four per cent increase in the average electricity tariffs of consumers in the country, as well as an addition of about N47.8 billion to the 2018 tariff deficit.

NERC therefore asked the government to clarify its policy direction on the current role of NDPHCâ&#x20AC;&#x2122;s power plants in reducing overall tariff shortfall in the market through rates that are lower than that of other Gencos.Â

Ortom: My Detractors are Behind My Rumoured Exit from APC George Okoh Ă&#x201C;Ă&#x2DC; Ă&#x2039;Ă&#x2022;Ă&#x;Ă&#x153;Ă&#x17D;Ă&#x201C; Benue State Governor, Samuel Ortom, yesterday said he had no plan of defecting from the ruling All Progressives Party (APC) as being rumoured.

The governor who stated this while addressing APC expanded caucus at the Government House in Makurdi, refuted allegations that he has plans to defect from APC to an opposition party.

He described the rumour as an act of his political enemies who think his position is a stumbling block to their personal ambitions. â&#x20AC;&#x153;I remain a member of the

APC. I have no intention of joining another political party.

The rumour that I plan to dump APC is the handiwork of my detractors who want me to leave the party so they can come in.â&#x20AC;?

Ortom also noted that the anti open grazing law enacted in the state had been copied world wide and in Nigeria, disclosing that northern governors have just concluded to adopt it as a law as land is no longer what it used to be in the 60s.

He further noted that Fulani crisis has been on from his days as minister so it would be wrong to say that President Muhammadu Buhari started it.

Adeosun: No Controversy over Recovery of Abacha Loot Ndubuisi Francis Ă&#x201C;Ă&#x2DC; Ă&#x152;Ă&#x;Ă&#x201D;Ă&#x2039; The Minister of Finance, Mrs. Kemi Adeosun, has stated that there was no controversy on funds recovered from the loot associated with the late military Head of State, Gen. Sani Abacha.

In a statement by her media aide, Mr. Oluyinka Akintunde, the minister said her attention had been drawn â&#x20AC;&#x153;to false media reports of a â&#x20AC;&#x2DC;strongly-worded letter to the Presidentâ&#x20AC;&#x2122; objecting to the payment of $16.9 million fees to two lawyers for the recovery of Abacha funds.â&#x20AC;?

The statement dissociated Adeosun and the Ministry of Finance â&#x20AC;&#x153;from recent malicious and misleading media reports on the Abacha refund.â&#x20AC;?

It added that the minister had at no time written a letter to President Muhammadu Buhari or any member of the Federal Executive Council (FEC) on the payment of lawyers for the Abacha recovery. â&#x20AC;&#x153;She also refuted the flawed media reports of controversy surrounding the Abacha recovery, disclosing that the sum of US$322,515,931.83 was received into a Special Account in the Central Bank of Nigeria (CBN) on December 18, 2017 from the Swiss Government. â&#x20AC;&#x153;For the avoidance of doubt, there is no controversy concerning the recovery of the Abacha monies from the Swiss Government,â&#x20AC;? the statement added.

DIPLOMATIC VISIT

Founder/President, Belemaoil Producing Limited, Mr. Jack-Rich Tein Jnr (left), and Consul General of United States in Nigeria, Mr. F. John Bray, when the latter paid a courtesy visit to Belemaoil in Port Harcourt.....yesterday.

SARS Brutality Allegedly Claims One Life Police mediate in another case Chiemelie Ezeobi Barely hours after the Lagos State Police Command initiated an investigation into the harassment and extortion of one Emmanuel James  by operatives of the Special Anti Robbery Squad (SARS), another victim was yesterday feared dead in another incident.

While James was arrested and harassed last Monday at the Okota area, the other victim, whose identity is yet to be known, was brutally beaten up by SARS operatives at Ogba. According to reports, the operatives had accosted

him at Haruna Bus stop in Ogba and requested to have his phone searched but he refused, which resulted to them brutalising him. As was captured in a video by some bystanders, the victim was seen being brutalised after he refused to release his phone.

After they had tied him up and beaten him, he was left in his pool of blood, convulsing until some persons decided to rush him to the hospital, where he reportedly died.

Meanwhile, the police command had earlier issued a statement declaring the police team responsible for Jamesâ&#x20AC;&#x2122; predicament to be

on illegal duty.

According to the state Police Public Relations Officer, Chike Oti, Jamesâ&#x20AC;&#x2122; cousin, Ekene Okoro had reported that his cousin was  being harassed by policemen alleged to be SARS operatives at Ago-Palace way, Okota.

He said sequel to the information, a team of policemen from the Command X-Squad (the disciplinary unit of the police, section, led by Musa Shuaibu, was dispatched to intervene in the matter. He said: â&#x20AC;&#x153;However, on sighting the X-Squad personnel, the erring police officers hurriedly left the

scene in a manner suggestive that they were on illegal duty. â&#x20AC;&#x153;Going forward, the CP Lagos, Edgal Imohimi directed the officer in charge of the  X-Squad section to fish out the policemen within two hours and that directive has been actualised  with the identification of the policemen involved. â&#x20AC;&#x153;They were led in that inglorious duty by one Inspector Jude Akhoyemta attached to FSARS Ikeja. â&#x20AC;&#x153;The public is hereby informed that the CP has ordered for their arrest and as soon as that is done, the public would be communicated as usual.â&#x20AC;?

WEDNESDAY, APRIL 11, 2018˾ T H I S D AY

51

NEWSXTRA

Niger Delta Group Raises the Alarm over Plot against New Amnesty Boss Iyobosa Uwugiaren ÓØ ÌßÔË The Niger Deltans for Accountability and Good Governance (NDAGG) has said it has discovered secret plan by persons it described as “unscrupulous contractors and enemies of the Niger Delta” to distract and possibly distract the newly appointed Presidential Adviser (Amnesty Programme), Professor Charles Dokubo, saying it would do all that was legal and within its powers to thwart this plot.

In a statement to the journalists yesterday in Abuja after a meeting with Dokubo, the spokesperson

for the advocacy group, Claudius Egba, dismissed a recent publication by another group, Trained Agitators Forum, alleging that the new presidential adviser was allowing a relative of his to wield powers at the Amnesty Office as false and misleading.

According to the statement, “First, we must clarify that there is no such group as Trained Agitators Forum.

It is just a creation of some disgruntled contractors and enemies of the Niger Delta, who are not happy at the decision of the new coordinator to review the huge and un-performing

Flood Sweeps Away Seven-year-old in Akwa Ibom Okon Bassey ÓØ ãÙ A seven-year old infant has been drowned in Uyo, Akwa Ibom State capital following heavy downpour that lasted several hours in the metropolis.

The rains which flooded many areas and submerged homes reportedly dragged the seven-year-old, who was struggling to escape from drainage channel.

Eyewitnesses said the deceased was struggling to escape with the mother and her newborn baby strapped to her back along Akwa Efak area off two-lanes road within the state capital.

The Commissioner for Information and Strategy, Mr. Charles Udoh, and his counterpart in the Environment and Mineral Resources Ministry, Dr. Iniobong Essien, were said to have rushed to the scene of the flood that carry the baby away.

They sympathised with the family of the victim, assuring that the state government would put necessary safety measures in place to guide road users from straying into open gutters and big drainages in the capital.

The commissioners, who further inspected the floodprone areas of Akwa Efak by two lanes, promised to construct or erect barricades including wire mesh and iron bars to prevent such accidents.

“Government is committed to taking proactive measures towards providing safety measures for lives and properties during this rainy season.

“It is also expedient for members of the public and transporters to be careful as they walk or drive through the streets during the heavy downpours especially near big drains and gutters to safeguard death by drowning,” he stressed.

PDP Chieftain Condemns Offa Robbery Attack A chieftain of the Peoples Democratic Party (PDP) in Kwara State, Olarewaju Jimoh Falola, has condemned last week’s armed robbery attack on the ancient town in Offa which led to the killing of both policemen and residents of the town and property running into millions of naira destroyed.

In a statement he personally signed, Falola, who is aspiring to represent Offa, Oyun and Ifelodun Federal Constituency at the House of Representatives in the 2019 general election, expressed shock at the unfortunate incident and called on the police to do everything within their powers to bring the perpetrators of the heinous crime to book.

Falola also commiserated with the monarch of the town, Olofa of Offa, and the entire people of the town on the losses they suffered and the attendant

trauma the attack must have caused them.

“I pray that God would console the bereaved and restore the losses of those who lost money and other valuables during this most unfortunate attack. I am also calling on security agencies to redouble their efforts in their fight against all forms of crimes in order to forestall a recurrence of the sordid event,” Falola said.

He pledged to use his position, if elected, to address the myriad of social problems in the constituency.

Over 30 dare-devil armed robbers stormed the town last Thursday afternoon and attacked five banks, carting away undisclosed amount of money.

In the operation, which lasted for over one hour, six policemen as well as six residents of the town were killed.

contracts awarded by his predecessor, Brig-Gen Paul Boroh (rtd). ‘’They want business as usual but the new coordinator assured us that he will never allow that and we believe him and totally support his decision to carry out a holistic review of the huge contracts awarded by his predecessor.”

The NDAGG spokesman also refuted reports that renowned actress and movie producer, Ms. Hilda Dokubo, was “running the activities” of the Amnesty Office.

“We have just met with Charles Dokubo, the new Coordinator of the Amnesty Programme; he assured us that he has not made any appointments since he assumed office. He has been working with the personnel he met on ground. We in fact totally frown against that because we are aware that a number of the management staff that worked with his predecessor, Boroh, did not

live up to expectations,’’ the group, which met with Prof.

Dokubo in Abuja yesterday further stated.

“Some of them were even known to be very corrupt.

We advised him to clean up the place even if it means doing away with most of the personnel in that office; secondly, the new coordinator is lucky to have someone like Hilda Dokubo, who has since inception of the Amnesty Programme in 2010, has been involved in one way or the other with the Amnesty Office, offer him tips on how to succeed on the job.

“Though they share the same surname, Hilda and Professor Dokubo are not related at all. They are just maligning Hilda Dokubo in their bid to distract and possibly smear the new coordinator.

“We have our eyes on the Amnesty Office, our group was at the forefront of efforts to oust the very corrupt and

inept era of Brig-Gen Boroh and we can confirm to you all that the new coordinator has thus far shown that he his focused, disciplined and able to do the job that has been entrusted to him.”

The NDAGG spokesman urged Nigerians to disregard what he called “false and politically motivated information being peddled about the new Coordinator of the Amnesty Programme by some panicky contractors.”

Egba revealed that following the appointment of Professor Dokubo as the Coordinator of the Presidential Amnesty Programme, many of the contractors at the Amnesty Office panicked because of his pedigree as an incorruptible scholar.

He added: “These contractors are very used to persons they can control and easily corrupt.

But the professor’s pedigree as an incorruptible scholar is giving them nightmares.

They are now going about saying all sorts of negative things simply because the new coordinator is not willing to pander to their usually corrupt dictates. They have to get use to the new order, a new Sheriff is in town.”

The NDAGG, Egba said, had concluded plans to compile, name and shame the persons plotting to sabotage the new coordinator of the Presidential Amnesty Programme, adding “We know all of them and we are not afraid to call them by their names. We are watching very closely, if they continue with their plot to defocus this new coordinator, we would be left with no other option but to name and shame them.’

“They are all contractors who want the rotten era at the Amnesty Office to continue.

We will expose all of them and show Nigerians the relevant documents about their contracts if they do not stop forthwith from distracting Professor Dokubo.”

COURTESY VISIT

L-R: Senate Leader, Senator Ahmad Lawan; Chairman, MTN Nigeria, Dr. Pascal Dozie; Senate President, Dr. Abubakar Bukola Saraki; Group Chairman of MTN, Mr. Phuthuma Nhleko; and Group CEO of MTN, Rob Shuter, during a courtesy visit on the senate president by the MTN Group in Abuja..... Monday

Buhari Seeks Confirmation of NPC Members Senate, House adjourn for late lawmakers Damilola Oyedele ÓØ ÌßÔË President Muhammadu Buhari has written to the Senate, seeking confirmation of 23 members of the National Population Commission (NPC), one National Commissioner of the Independent National Electoral Commission (INEC) and two members of the Federal Judicial Service Commission.

The separate letters seeking the confirmation of the 26 nominees, were read at plenary by Senate President, Dr. Bukola Saraki.

The letter for the NPC members, dated March 27, 2018 read: “In accordance with

the provision of Section 154 (1) of the 1999 Constitution, I write to forward to the Senate for confirmation, the following names of 23 nominees representing their respective states at the NPC.” The nominees are Nwanne Johnny Nwabuisi (Abia), Dr. Clifford T.O. Zirra (Adamawa), Mr. Chidi Christopher Ezeoke (Anambra), Mr. Isa Audu Buratai (Borno), Navy Captain Charles Iyam Ogwa (rtd) (Cross River), Mr. Richard Odibo (Delta), Okereke Darlington Onuabuchi (Ebonyi), Mr. A.D. Olusegun Aiyejina (Edo) and Mr. Ejike Ezeh (Enugu).

Others are Hon. Abubakar

Mohammed Danburam (Gombe), Prof. Uba S.F. Nnabue (Imo), Dr. Abdulmalik Mohammed Durunguwa (Kaduna), Sulaiman Ismaila Lawal (Kano), Prof. Jimoh Habibat Isah (Kogi), Dr. Sa’adu Ayinla Alanamu (Kwara), Nasir Isa Kwarra (Nasarawa), Mr. Aliyu Datti (Niger), Mrs. Seyi Aderinokun Olusanya (Ogun), Dr. Oladiran Garvey Iyantan (Ondo), Senator Mudashiru Oyetunde Hussain (Osun), Mrs. Cecilia Arsun Dapoet (Plateau), Dr. Ipalibo Harry (Rivers) and Sale S. Saany (Taraba).

Buhari also nominated Mr. Festus Okoye as the National Commissioner of INEC representing the

South-east.

He also nominated Senator Abba Ali (Katsina- Northeast) and Mohammed Sagir (Niger – North-central) who are non legal practitioners, as members of the Federal Judicial Service Commission.

Meanwhile, both chambers of the National Assembly adjourned their respective plenary sessions, in honour of their colleagues who died during the Easter recess.

The Senate lost Senator Bukar Mustapha (Katsina North) while the House of Representatives lost its Deputy Leader, Hon. Jibrin Buba.

Both chambers would hold valedictory sessions for the late lawmakers today.

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US to Wike: Stop Election Violence, Get Investments Belemaoil appeals for US business liaison office in Port Harcourt The United States Government has called on the government and people of Rivers State to jettison election violence in the 2019 elections and in return get more investments from America and other foreign nations.

The call came as the Founder/ President of Belemaoil Producing Limited, Mr. Jack-Rich Tein Jnr, urged the United State Department of Commerce to site its Business Liaison Office in Port Harcourt to attract more investments to the state and also advance mutually beneficial interests.

Speaking during a courtesy visit to Belemaoil Producing Limited at its corporate headquarters in Port Harcourt yesterday, the United States Consul General in Nigeria, Mr. F. John Bray, noted that Nigeria was going into a serious political period and urged the people of Rivers State to use the opportunity to change the general perception about the state.

His words: “We are going

into a very serious political period in Nigeria. One of the most terrible reputation for electoral violence is right here in Port Harcourt. When I was speaking with Governor (Nyesom) Wike last night, I said if you want investors to come, let’s have free, fair, transparent, non-violent elections in Port Harcourt. Let the world see that. Yes security is important.”

Bray also urged Nigeria to start planning and develop programmes that would develop the youth and create employment opportunities to take care of the country’s rising population.

He noted that academics estimate that more than 77 per cent of Nigerians are under the age of 34, adding that projections that the country would be the third largest in the world by 2050, create a scenario that Nigeria would have a “youth problem” if nothing is done.

“Another thing that is important when we look at statistics about Nigeria as a

country is that according to US projections, by the year 2050, Nigeria will be the third most populated country in the world.

“And we are looking at something that requires an emergency handling: the youth problem. What we spoke about at the University of Port Harcourt this morning is how we can turn that problem into an advantage. This is going to come through education, training and employment opportunities so that the families can take of themselves and their children and their communities,” he said.

The Consul General commended Belemaoil for the giant strides it has made within one year of operations especially in its host communities and urged other businesses to emulate the investment in human resources especially as it affects the host communities to achieve better peace and security in the Niger Delta.

In his remarks, the Founder/

President of Belemaoil Producing Limited, Mr. Jack-Rich Tein Jnr, called on the United States Department of Commerce to establish a Business Liaison Office in Port-Harcourt to foster strategic economic growth.

“The establishment of such an office will effectively coordinate the activities of the US Department of Commerce within the Niger Delta as well as promote investment opportunities in the region,” Tein said.

He noted that Port-Harcourt is West Africa’s economic hub for oil and gas investment which contributes over 85 per cent of Nigeria’s economy, adding that: “The city is also the heart of the Niger Delta, which is Nigeria’s treasure base. Therefore, such US Commercial presence will greatly foster economic and diplomatic cohesion.”

Tein said the collaboration with the US Department

would strengthen existing relationship with the United State and create more value for mutual benefits through collaboration in areas such as trainings and workshops, technical partnerships, procurement of equipment, materials and spare parts, acquisition of state-of-the-art technology to support home economy, and other bilateral relationships with Rivers State and the federal government.

On the achievements of the company within one year of operation, Tein said the Belemaoil has over 3,000 direct employments to youths, over 400 local/overseas scholarships and achieved 100 per cent eradication of incidences Sabotage/Vandalism of pipeline within the OML 55 operational area.

He said the model has brought “restoration of confidence, cooperation and partnership with host communities which

guarantees economic activities, create jobs, empower our host communities and thereby occasioning peace and stability within the Niger Delta.”

Under the company’s Graduate Trainee Scheme, over 100 graduates were currently on training in different technical and engineering fields, adding that under its medium term plan, direct benefits to communities would include 36,000 employment generation for monitoring patrol guards as well as skilled and unskilled jobs.

Critical benefits of Belemaoil’s operations to the Federal Government, Tein said, include peace and order with increased regional youth employment; investment-friendly climate for other injectors/ investors based on investment friendly environment maintained

by Host Communities and increase in crude oil production and revenue.

Senate Floors Police IG in Rights Violation Suit The FCT High Court in Jabi, Abuja has dealt a big blow to the suit filed by the InspectorGeneral of Police, Mr. Ibrahim Idris, alleging violation of his fundamental human rights by the Senate.

The court presided over by Justice Abba-Bello Muhammad, yesterday dismissed the suit for lack of merit as Section 88 and 89 of the Nigeria’s Constitution empowers the lawmakers to carry out investigations on issues of public interest.

Joined in the suit are the Senate President, Senator Isah Misau and members of the ad-hoc committee that heard complaints of financial misappropriation levelled against the police.

The judge, according to the News Agency of Nigeria (NAN), said that the IG failed to establish the element that constituted infringement on his

fundamental human rights as he alleged against the Senate.

“His right has not been infringed to require the court’s intervention, inviting the applicant is a mere invitation to shed more light on the allegations leveled against him.

“More so, the Police Act also empowers the police to carry out investigation about itself which the police was already doing as at the time the allegations were raised,” the judge said.

The IG had approached the court seeking a declaration that the investigative activities of the Senate Ad-Hoc Committee breached his rights as the Head of the Police Force.

He also sought for a declaration that his invitation to appear before the ad-hoc committee based on Misau’s petition was also a violation of his rights.

Ebonyi APC Calls for Redeployment of Police Commissioner Olawale Ajimotokan ÓØ ÌßÔË The Ebonyi State chapter of the All Progressive Congress (APC) has demanded for the immediate redeployment of the state Commissioner of Police, Titus Lamorde, questioning his ability to be on top of the security situation in the state.

A delegation of the chapter made the call yesterday during a visit to the Secretary to the Government of the Federation (SGF), Boss Mustapha.

The state APC Chairman, Chief Eze Nwachukwu Eze, who led the delegation, alleged that Lamorde was colluding with Governor David Umahi to unleash violence

on the opposition in the state.

Eze appealed to the SGF to intervene in the security situation in the state.

He also accused the governor of making life unbearable for the opposition and demanded for the disbandment of what he called a killer group, allegedly floated by the governor.

But reacting to the allegations yesterday, the Chief Press Secretary to the Governor, Emmanuel Uzor, in a statement denied the allegations that Umahi was operating a killer squad.

He said Umahi would not be distracted by the antics and mendacity of political jobbers, parading themselves as opposition.

GOOD TO SEE YOU SIR

L -R: Media Consultant, Aramide Tola Noibi; Kaduna State Governor, Mallam Nasir El- Rufai; and Special Adviser to the Governor on Media and Communications, Mr. Muyiwa Adekeye at the 2018 Kaduna State Government Investment Summit in Kaduna, after the governor’s inauguration of the Mahindra Tractors Assembly Plant sponsored by the Springfield Agro Limited and Mahindra Tractors Corporation of India built in Kaduna....recently

20 States, 14 African Countries Join Soyinka in Ogun Festival Nobel Laureate, Prof. Wole Soyinka and other literary icons will feature in the 2018 African Drums Festival that will be attended by 20 states and 14 African countries.

The conference that will feature the drums festival is scheduled to hold in Abeokuta from April 19 to 22.

Ogun State Governor Ibikunle Amosun said Soyinka had been scheduled to coordinate a conference on April 20 at the Olumo Rock Tourist Centre, with the theme, ‘Drums For Advancement.’

During the conference, experts would speak on the importance of drums.

He said an art exhibition would also hold at the same venue while a “Walk For Drum,’’ will also hold from the Cultural Centre at Kuto to the Olumo Rock at Itoku area in Abeokuta.

Amosun said that Africa had a rich culture which predated the Western civilisation, saying that the festival was organised “to re-awake and revive our dying culture.’’

“We have noted that our culture is dying and need to

be revived.

“Drums and Drumming are important features of the African culture that cut across the strata of the continent.

“There is nowhere that you don’t have one type of drum or the other and if we are to revive our ideals and ideas as a continent, we must start with a culture that cuts across, which is drumming, ’’ the governor said.

He said that about 70 private cultural groups as well as other countries like Haiti, Brazil, Trinidad and Tobago, would also participate in the festival.

The governor, according to the News Agency of Nigeria (NAN), said that the state government was determined to nurture the festival to maturity, so that subsequent governments would also preserve the legacies of the festival.

“Thereby making it (Drums Festival) a flagship for cultural activities in the state and the country at large,’’ Amosun said.

He said that the festival would continue to hold in Ogun annually on every third week of April.

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Jonathan Charges Youths Not to Repeat Past Mistakes of Leaders Former President Goodluck Jonathan has advised Nigerian youths, especially aspiring young leaders, not to repeat the mistakes of the past, charging them to revolutionise a new paradigm shift in leadership and citizenship.

Jonathan gave the charge yesterday in Yenagoa while receiving the New Nigeria 2019 Group, (#NN-2019) and the Young Professionals of Nigeria (YPN) led by Chima Nwafor and Moses Siasia.

He also commended the youth groups for trying to chart a new course for the socio-political development of the country.

The former president, who described youths as the pillar of any society, stressed that anybody who meant well for the society will not downplay the role of the youths, noting that the political history of the country was replete with youths who have played leadership positions and performed creditably well.

He also went on to urge the youths not to make the fundamental mistakes of past leaders which included mistakes of tribalism, nepotism, and mistakes of religious intolerance.

He said: “I am happy that you cut across all parts of the country, you are not here because you are Christians or Muslims, you are not here because you are from the South-South, or from the North-east, or North-west or South-west, but because you are Nigerian youths that are committed to a particular cause and you want to make an impact for a better society for us and the future generations.”

A statement issued by his media adviser, Ikechukwu Eze, also noted that Jonathan identified himself with other leaders who had advocated Asaba, Prof. Chike Edozien, for young people to be I saw Ojukwu on his knees. fully involved in leadership.

“Two of my sisters live According to the statement, in Asaba, so I know how former President Jonathan said our brothers across the further that he believed in the Niger feel; though, we do philosophy of Late Maitama Sule not understand that when it came to giving sacrifices for the Igbo land, they paid more than many of us and so for me, Achuzia represented an opportunity for us to dramatise our brotherhood, our oneness in recognition Ndubuisi Francis ÓØ ÌßÔË of the tremendous carnage that befell on our brothers The Centre for Social Justice (CSJ) and the African Network for in the cause of the war.

“I also led the national Environment and Economic executive of Ohanaeze to Justice (ANEEJ) have served Asaba last year when they two Freedom of Information remembered 700 of our (FoI) requests on the Minister people who were murdered of Finance, Mrs. Kemi Adeosun by federal troops contrary in respect of improving to the rules of engagement, transparency and accountability the same kind of thing that in the management of recovered happened to us not too looted funds.

The first FoI is in respect long ago when we had the ‘operation python dance’. of funds recovered under “I had the opportunity to the United States Dollars 321 confront the leadership of Million Memorandum of the army who gave me an Understanding signed between assurance that there is going the Federal Republic of Nigeria, to be a court martial of all the Swiss Federal Council and soldiers who are identified that were involved in that behaviour that was contrary to their rules of engagement.

I have been following this matter with correspondence and I will continue to follow it until we know those who massacre our children without cause.”

Also speaking, a former Military Administrator of Imo State, Navy Commodore James Aneke (rtd), extolled the late Achuzia as a man filled with great patriotism and boldness.

He, however justified the civil war insisting that Ndigbo would have been totally taken for granted but for the war. He, however, asked the present day leaders to ensure that the nation did not experience such a bloody war the second time.

The gathering attracted notable Igbo leaders including former President General of Ohanaeze Ndigbo, Chief Enwo Igariwey, former Secretary General of Ohanaeze, Dr. Joe Nwaorgu, and Ben Etiaba, Chairman of Enugu Sports Club.

The family of Achuzia was represented by his three sons, Joe Oseluka Achuzia, Simon Achuzia and Onyeka Achuzie.

Nwodo, Others Extol Achuzia’s Contributions to Nigeria-Biafra Civil War Christopher Isiguzo ÓØ ØßÑß The President General of the apex Igbo socio-cultural organisation, Chief Nnia Nwodo, on Monday night extolled the contributions of the Igbo speaking part of Delta State during the Nigeria-Biafra civil war.

Nwodo who spoke at the Night of Tributes organised in honour of late former Secretary General of Ohanaeze Ndigbo, Chief Joseph Oseluka Achuzia at Enugu Sports Club, in Enugu by Ohanaeze leadership said the human sacrifice made

by Anioma people during the war were immeasurable.

He specifically lamented the massacre of over 700 young men at Asaba by the federal troops, adding that recalling the sacrifice made by the Anioma people in defence of Biafran territory would continue to elicit pain and tears.

Achuzia who died recently at the age of 90 was actively involved in the bloody war retired as a Colonel in the Biafran army. Achuzia, a prominent Biafran war hero, and native of Asaba, Delta State, passed on recently at the age of 90. His remains would be interred at Asaba on Saturday this week at his hometown in Delta State.

At the night of tributes, notable Igbo leaders poured encomiums on the departed leader, describing him as a man of courage, high integrity and one who displayed high level of selflessness.

The Ohanaeze President General in his message, said the story of the Biafran war would never be complete without discussing the wonderful contributions of the late Achuzia.

“I’m happy that I’m one of the people that was sent to Asagba of Asaba at the end of the war to say to our kiths and kins in Delta that we are extremely sorry, that we have not shown enough sympathy for the carnage in that part of Igbo land and for the fact that we the brothers haven’t come to pay our respect for the dead since the war ended.

“All of us knelt down at the house of the Asagba of

who posited “that the young breed without old breed will breed greed.” I believe that both old and young people must come together.

He noted that there was a time young people played dominant roles in the nation’s politics. He said: “All the big historical names you hear; Nnamdi Azikiwe, Obafemi Awolowo, Sarduana of Sokoto, Michael Okpara, all of them got involved in governance at very young age. Some of them were ministers in their twenties.”

He stressed that the situation was similar up to the time of the military heads of state, starting from Yakubu Gowon who was 32 and Ibrahim Babangida and President Buhari who became heads of state as young men.

He said further: “I am not envisioning a government that every actor will be below thirty-five years old, but I share the aspiration of those who want young people to be fully involved in governance.

“I remember when Alfred Diette Spiff was the military governor of the then old Rivers State, though most of the members of his cabinet were older than him and even referred to him as “my son,” together they achieved much in infrastructure and human development.

Jonathan stated that during his political career as a governor and president, he encouraged young people and women to play key roles in governance.

“Before I leave let me charge the young people in two key areas; the young must reform the young for us to grow positively. Some of the challenges like cultism, kidnapping and terror that we are have in the society are perpetrated by youths who have been used negatively.

“A group like yours constituting of CEOs must create platforms to re- orientate the thinking of our young

people. I am glad that you mentioned setting up similar bodies, across the country.

At least even if you start from the universities and secondary schools, to change the mindset of the youths.

Youth movements like Boys Scout, Boys Brigade and Girls Guide, developed from this kind of thinking. He went on to note that the growth of society should not be marked by flashy cars, sky scrapers and beautiful roads but by the people, the way they think and the way they do things.

Earlier, the Convener of NN-2019, Dr. Chima Anyaso and Chairman of NYPF, Moses Siasia, said they are consulting with elder statesmen all over the country to seek their blessings and support, and mobilising young minds to advocate for democratic inclusion come 2019, stressing that they have taken up the challenge to participate actively in the democratic process of the country.

CSOs Write Adeosun, Demand Increased Transparency, Accountability on Recovered Funds the International Development Association on the return, monitoring and management of illegally acquired assets confiscated by Switzerland to be restituted to the Federal Republic of Nigeria.

According to a statement issued by the Lead Director, CSJ, Mr. Eze Onyekpere, the request to the minister sought to know the money so far received by the federal government.

“The request further sought information on the purpose(s) to which the said money have been disbursed and deployed.

Further, it sought for the details of the beneficiaries (if any) of the said disbursement and this

should include their names, addresses and phone numbers and in the event the money has been deployed to projects, the project details, description and specific location of projects.

“This should exclude the details of beneficiaries and projects funded through appropriation or borrowing.

The second FoI is in respect of the money so far received by the federal government of Nigeria under the Memorandum of Understanding signed between the Government of the United Kingdom of Great Britain and Northern Ireland and the Federal Republic of Nigeria, on the modalities for the return

of Stolen Assets confiscated by United Kingdom.

“The request sought for specific information on the recovered loot from the Malabu oil deal. It also demanded details of the purpose(s) to which the said money received have been disbursed and deployed or will be disbursed or deployed.

“Finally, it sought the details of the beneficiaries (if any) of the said disbursement and this should include their names, addresses and phone numbers and in the event the money has been deployed to projects, the project details, description and specific location of projects,” the statement said.

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WEDNESDAYSPORTS

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com 0811 181 3083 SMS ONLY

C O M M O N W E A LT H G A M E S

Team Nigeria Makes Clean Sweep of Para-weightlifting Gold Medals Esther Oyema sets world record in women’s lightweight category Gold medalist wants commensurate appreciation from President Buhari Duro Ikhazuagbe Roland Ezuruike yesterday sparked Team Nigeria’s gold rush at the ongoing XXI Commonwealth Games in Gold Coast, Australia. By the time competition ended on Day Six of the Games, Team Nigeria moved up from just two silver to four gold and four silver medals and ninth on the overall medals standings.

Ezuruike lifted a total of 224.3kg in the Men’s Lightweight category of the para-weightlifting to dump his compatriot and former record holder, Paul Kehinde to play second fiddle.

The I, 2 finish for Team Nigeria was glorious as it created the right spirit for others to similarly emulate him. England’s Jawad Ali took the bronze.

Esther Oyema and Ndidi Nwosu also won gold medals in their various categories.

Abdulazeez Ibrahim won the fourth gold medal in the same para-weightlifting.

Esther Oyema snatched the gold after a horse-race with compatriot Lucy Ejike. Oyema lifted 131kg in the Women’s Lightweight category final to

set a new world record.

Ejike settled for the silver while England was yet again condemned to the bronze.

Team Nigeria’s third gold medal of the Games also came from the para-weightlifting as Ndidi Nwosu defeated other contestants in the women’s heavyweight class to win.

Ibrahim added Nigeria’s fourth gold medal to cap the brilliant performance of the country’s para athletes on the Day Six of competition at the Games in Gold Coast.

He lifted a total of 191.9kg to finish ahead a strong field of 10 contestants.

The silver medal went to Yee Khie Jong of Malaysia who lifted 188.7kg, while India’s Sachin Chandhary picked the bronze with a 181.0kg lift.

Meanwhile, Team Nigeria’s gold medalists want an audience with President Muhammadu Buhari after winning gold on Day 6 of the Commonwealth Games.

Oyema who set a new world record said that meeting President Buhari will be a dream come true for her.

“I feel so excited because it was like a film to me. I was anxious about winning gold at the Commonwealth Games

NCF Pledges Good Outing in ICC T20 World Cup Qualifier in Lagos The President of the Nigeria Cricket Federation (NCF), Professor Adam Yahaya Ukwenya has assured Nigerians of a good outing as the national cricket team prepares to face regional rivals for T-20 World Cup and African Cup tickets between April 14 and 30, 2018 at the Tafawa Balewa Square Cricket Oval in Lagos.

“It is unprecedented in our cricket history for Nigeria to be given hosting rights for two back-to-back qualifying tournaments ICC T20 (April 14-22) and African Cricket Association T20 (April 24-30).

Its a measure of confidence on the new board of NCF and Nigeria.

“I believe in the freshness of our national team right now and the very vibrant technical crew spiced up with the inclusion of a Technical Consultant in the person of South African Cricket legend, Makhaya Ntini.

“We are building a team for the future and we have this same level of freshness running through all our national teams”.

The International Cricket Council (ICC) sub-regional T-20 World Cup qualifier will feature the national men’s cricket teams of Ghana, The Gambia, Sierra Leone and Nigeria as the

host country while the ACA Qualifier will include two more national teams from Mali and Cameroon.

According to Prof Ukwenya, “I have confidence of great performance from our team at these events and I am more assured of the future of cricket in the coming years.”

The Nigeria Cricket Federation had earlier announced partnership with some corporate organisations including, Eroton Exploration and Production Company, Visionscape Sanitation Solutions and Transport Services Ltd (TSL).

As host state, the Lagos State Government, through the Lagos State Sports Commission, is also supporting the NCF in hosting the tournament.

Meanwhile, Captain of the Nigerian national team, Chimezie Onwuzulike, has said that the team is in high spirit and is ready for the task ahead.

“I am very excited about the quality of the players that we have in camp and most especially the atmosphere.

This gives us confidence and I believe we would be at our best for the sub-regional qualifiers,” he noted.

because after the Paralympic Games in Rio, I went to rest.

I had to start the process of cutting down on my body weight because I was already

in the heavyweight class and I knew I needed a lot of hard work to shed about 10kg.

My coach Patience Igbiti encouraged me so I started

training for it. If I didn’t work on my body weight, I wouldn’t have set a new world record today,” observed the gold medalist.

She stressed further that her sacrifice to work harder has propelled her to the top and would be very glad to meet President Buhari.

L-R: Team Nigeria’s Paul Kehinde (silver) and Roland Ezuruike (gold) celebrating their good fortunes in Gold Coast yesterday.

England’s Jawad Ali won the bronze medal of the Men’s Lightweight category of the para-weightlifting event of the Commonwealth Games

CHAMPIONS LEAGUE

Night of Shocks for Barca, Man City!

Roma overturns 4-1 deficit to knock out Barcelona Reds consolidate at Etihad Roma pulled off a sensational second-leg comeback yesterday to beat Barcelona 3-0 and reach the UEFA Champions League semi-finals on away goals.

Barca was heavy favourite to progress after a 4-1 first-leg win, but fell apart to Roma’s brilliant showing.

Defender Kostas Manolas scored the crucial goal, heading in at the near post with seven minutes remaining.

Edin Dzeko scored early to give Roma hope and Daniele de Rossi added a second-half penalty.

At Etihad Stadium,

Liverpool reached their first Champions League semi-final for 10 years after coming from behind to win and secure a 5-1 aggregate victory over Manchester City.

Trailing 3-0 from the first leg, City’s Gabriel Jesus scored after 116 seconds following Raheem Sterling’s pass.

Bernardo Silva hit the post before Leroy Sane had a goal disallowed for offside despite James Milner getting the last touch.

Mohamed Salah equalised on the night before Roberto Firmino hit the winner.

Liverpool will discover their

semi-final opponents when the draw is made on Friday in Nyon, Switzerland.

City Manager Pep Guardiola was forced to watch the whole of the second half from the stand after being sent off

by Spanish referee Antonio Mateu Lahoz at the end of a controversial first half.

In a breathless opening 45 minutes City dominated and peppered the Liverpool net with 14 shots.

The visitors did not have a shot on target until the 41st minute but were much improved after the break.

Salah’s 39th goal of the

season, a smart finish after Sadio Mane had gone to ground inside the City penalty area, left the hosts needing four goals.

Firmino earned Liverpool their third win over City this season after a mistake by Nicolas Otamendi.

RESULTS Roma 3-0 Barcelona (4-4 agg, Roma through)

Man City 1-2 Liverpool (1-5 agg, Liverpool through)

TODAY (7.45pm) Bayern Vs Sevilla Real Madrid Vs Juventus

Okpekpe Road Race Goes Live on SuperSport The sixth edition of the IAAF silver label Okpekpe International 10km Road Race will be live on television across the globe come Saturday, May 12, 2018.

Director of Organisation of the Okpekpe race, Zack Amodu, while revealing some of the innovations in

this year’s edition, said that all arrangements have been concluded with SuperSport for a live telecast of the first ever IAAF silver label race in Nigeria nay West Africa.

“We have sealed an agreement with our broadcast partner SuperSport for a live telecast of the event. SuperSport has been

our broadcast partner since the start of the race in 2013 and what we have just done is to ensure the race goes live on television this time around to not only fulfill one of the key requirements of staging an IAAF silver label road race but also to ensure we get more people across the globe who have hitherto

been limited by geographical constraint to watch the race live instead of waiting for a delayed broadcast,’Amodu further said, adding that SuperSport is already running the promo as one of its exciting packages sports lovers and non-sports lovers can look forward to in the month of May.

Wednesday April 11, 2018

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PANDEF to FG â&#x20AC;&#x153;Restructuring is another way of saying we want justice, our people have learnt social and economic injustice over time. This country must go back to what our founding fathers had wanted...â&#x20AC;? â&#x20AC;&#x201C; Chairman of Pan Niger Delta Forum (PANDEF), Mr. Commodore Idongesit Nkanga (rtd), charging the Federal Government to adhere to pacts of the nationâ&#x20AC;&#x2122;s founding fathers.

KINGSLEYMOGHALU GUEST COLUMNIST

Kofi Annan @ 80: Memories and Reflections To live is to choose. But to choose well, you must know who you are and what you stand for, where you want to go and why you want to go there â&#x20AC;&#x201C; KoďŹ A. Annan he quotation above reflects my worldview. But these are not my words. They belong to someone much older and wiser, and whose mentorship and friendship has taught me many lessons in life. I salute Kofi Annan of Ghana, the seventh Secretary-General of the United Nations and my boss of many years, Nobel Laureate and renowned global elder statesman as he turns 80 on April 8.

On a recent visit to Mr. Annan at his Foundationâ&#x20AC;&#x2122;s offices in Geneva, Switzerland, I was pleasantly surprised to see him just as spritely, well-kept and un-aged as I had last seen him several years ago.

In 2009 I had met him at his office in Geneva to let him know I had decided to resign from my UN system career and was going into the private sector as the founder of a global strategy and risk management consulting firm. As someone who always had the courage to launch out in new, versatile directions during his 35-year UN career before he became Secretary-General, he was very encouraging of my decision to seek new horizons. Later that year, he telephoned to congratulate me on my appointment as Deputy Governor of the Central Bank of Nigeria. Incidentally, the unplanned journey to that appointment began at a World Economic Forum dinner in Cape Town, South Africa at which Annan, Ngozi Okonjo-Iweala, Sanusi Lamido Sanusi and I had been among the guest attendees.

So, here we were again in Geneva a few months ago as I briefed him on my decision to offer myself to serve my country as its President if elected in 2019. He was clearly pleased with my decision, believing as he does that Africa needs a new, vibrant generation of leaders. As I left him after an hour of rejuvenating one-on-one discussion in which, as usual, he shared several wisdoms that left me shaking my head in awe, we took photographs.

We shook hands as the camera clicked. â&#x20AC;&#x153;Ah, politicianâ&#x20AC;?, he intoned to general laughter from all present.

Kofi Atta Annan did not begin his illustrious UN career on the political or diplomatic side of the ledger. Rather, he was a competent manager of human and financial resources. After graduating from Macalester College in Minnesota, USA and post-graduate studies at the Graduate Institute for International Studies in Geneva in the early 1960s, Annan joined the World Health Organization in Geneva, at the lowest professional entry level of â&#x20AC;&#x153;P-1â&#x20AC;? and later transferred to the United Nations Economic Commission for Africa in Addis Ababa, Ethiopia. He later returned to school as a mid-career student at the Sloan School of Management at the renowned Massachusetts Institute of Technology (MIT), where he obtained a

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Annan

Master of Science degree in Management in 1972. He subsequently served in the UN peacekeeping mission that supervised the truce between Israel and the Arab States in the Middle East, as a senior manager in the UN Joint Staff Pension Fund in New York, and as Chief of Personnel at the Office of the UN High Commissioner for Refugees in Geneva.

In the mid-1980s he became Director of Personnel at UN Headquarters in New York and, in 1990, Annan was appointed Assistant Secretary-General and the United Nations Controller with responsibility for the budget and fiscal management of the world body.

Kofi Annanâ&#x20AC;&#x2122;s political career really took off when UN Secretary-General Boutros Boutros-Ghali made him Assistant Secretary-General in the peacekeeping department and later promoted him to Under-Secretary-General and head of UN peacekeeping. This was historic because that important part of the UNâ&#x20AC;&#x2122;s work had hitherto been led exclusively by officials of American and British nationality since the organization was founded in 1945.

I had joined the UN Secretariat in 1992 and, after serving in the UN Transitional Authority in Cambodia for a year, I was appointed a Political Affairs Officer in the peacekeeping department at the New York headquarters in 1993.

With Mr. Annan now my boss, I observed him closely. I learnt from him how to manage cultural, ethnic and racial diversity in the global workplace in addition to my daily political duties. It turned out also that we were neighbors in Roosevelt Island in Manhattan. We frequently took the cable car together over the Hudson River into the city and walked to work at the UN most mornings. Unlike most African â&#x20AC;&#x153;big menâ&#x20AC;?, Kofi Annan loved to walk, disliked driving, and to the best of my knowledge did not have a driver.

He would tell me stories about his career

and advise me on mine as we trekked to the office.

In the mid-1990s Egyptâ&#x20AC;&#x2122;s Dr. Boutros Boutros-Ghali, the brilliant but pompous Francophile who in 1991 became the first African to be elected Secretary-General of the UN, was engaged in a running battle with the United States government. â&#x20AC;&#x153;BBGâ&#x20AC;?, as he was known, was the master of all he surveyed. For this reason, he clashed often with Dr. Madeleine Albright, the U.S. Ambassador to the UN who later became the American Secretary of State.

Albright was not a woman to be scorned without consequence. As Boutros-Ghaliâ&#x20AC;&#x2122;s first five-year tenure drew to a close, Washington blocked his re-election by casting a veto against him in the first ballot for the selection of the SecretaryGeneral in the UN Security Council.

Boutros-Ghali â&#x20AC;&#x153;suspendedâ&#x20AC;? his candidacy and the rest is history. He later wrote a riveting memoir titled â&#x20AC;&#x153;UNvanquishedâ&#x20AC;?.

You could interpret that to mean that he had not been defeated, or that the UN itself had been vanquished.

Most pundits and UN staffers did not give Kofi Annan much of a chance of becoming Secretary-General. In their narrow conventional wisdom, they saw him as lacking experience as a â&#x20AC;&#x153;political heavyweightâ&#x20AC;? in the diplomatic world, unlike several African ministers of foreign affairs who had home or regional â&#x20AC;&#x153;constituenciesâ&#x20AC;?. On the contrary, it was obvious to me long before the end of Boutros-Ghaliâ&#x20AC;&#x2122;s tenure that Annan would replace him. The reason was simple: quite apart from the convenience of Annan being a black African (in which case no one could successfully accuse BoutrosGhaliâ&#x20AC;&#x2122;s American traducers of racism), his qualifications matched the mood and needs of the time. Management reform was the big issue at the UN in those days and, unlike his competitors from Africa who were all African politicians in the traditional sense of the word, Annanâ&#x20AC;&#x2122;s technocratic and management credentials redounded to his advantage in the mind of the Western powers that in reality control the UN. I was therefore not surprised when he emerged victorious in the selection process.

Before then, a situation arose in which, despite my deep respect for Annan, I had to make a decisive personal choice. In 1995, as Boutros-Ghaliâ&#x20AC;&#x2122;s tenure wound down to a close and rumors swirled that Annan might be in the running for his job, the Egyptian diplomat appointed Annan as his Special Representative for the Former Yugoslavia, which had become known as â&#x20AC;&#x153;the graveyard of diplomatsâ&#x20AC;?. The assignment lasted four months. Soon after Annanâ&#x20AC;&#x2122;s arrival at his base in Zagreb, Croatia, I received official word that he had directed that I be released from New York to join him there as his Special Assistant. This was the kind of career opportunity any young officer would die for, and colleagues assumed I would jump at the honor. Under â&#x20AC;&#x153;normal temperature

and pressureâ&#x20AC;? I certainly would have, but there was an important complication: my wife was heavy with our first child and close to delivery. As a young couple we did not have a house-help in New York.

Faced with a choice between strategic career advancement and a critical family obligation, I opted to stay with my spouse in New York and sent word to Annan apologizing but explaining the situation.

He was most gracious and indicated that he had not known the intimate details of my family circumstances and that he understood and respected my decision.

Kofi Annan went on to become perhaps the most successful Secretary-General of the UN in its history. Those who hold that position have always been assessed through the prism of whether they were more â&#x20AC;&#x153;secretaryâ&#x20AC;? or â&#x20AC;&#x153;generalâ&#x20AC;?, but Annan managed to escape this simplistic categorization. Boutros-Ghali was a general. Ban Ki Moon, the South Korean that succeeded Annan a decade later, was seen as a secretary. Annanâ&#x20AC;&#x2122;s personality and his personal technocratic competence were what made him so successful in running the UN. He led far-reaching management reforms in the UN (I served as a member of the high-level Redesign Panel he appointed to reform the accountability, regulatory and internal dispute resolution framework governing the 60,000-strong global workforce of the UN and its senior management), launched an ultimately successful war against the HIV/AIDS pandemic including the establishment of the social investment fund The Global Fund to Fight AIDS, Tuberculosis and Malaria in Geneva), and launched the Millennium Development Goals.

It was not all smooth sailing. The American invasion of Iraq in 2003 complicated his second term in office. His relationship with Washington soured after Annan boldly described the intervention as â&#x20AC;&#x153;illegalâ&#x20AC;? under international law, and the remainder of his tenure was troubled as the Americans undermined his authority and prestige with orchestrated attacks against him. Out of office as UN scribe Annan, alongside Nelson Mandela, became a leading global statesman and remains so to date. Among his global interventions were his efforts, together with the respected former Commonwealth Secretary-General Chief Emeka Anyaoku of Nigeria, to ensure a peaceful outcome and transfer of power in Nigeriaâ&#x20AC;&#x2122;s 2015 presidential election. He also played a similar role through his intervention in the aftermath of the 2016 presidential election in his native Ghana. Besides Mandela, itâ&#x20AC;&#x2122;s doubtful that any African has projected the black race into the global mind with as much success as Kofi Annan. Thatâ&#x20AC;&#x2122;s called a life of consequence. t 1SPG ,JOHTMFZ .PHIBMV B GPSNFS %FQVUZ (PWFSOPS PG UIF $FOUSBM #BOL PG /JHFSJB JT B QSFTJEFOUJBM BTQJSBOU GPS UIF FMFDUJPOT

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