Monday 23 April 2018

We Did Not Shun Foreign Investors, Say Adeosun, Emefiele CBN gov signposts possible monetary policy easing soon Finance minister: 17m Nigerians now pay taxes Kunle Aderinokun, Obinna Chima, Funke Olaode in Washington DC and Onyebuchi Ezigbo in Abuja

After being called out by the Emir of Kano, Alhaji Sanusi Muhammad Sanusi II on Saturday for not being present at a U.S.-Nigeria Investment

Summit in Washington D.C., the Minister of Finance, Mrs. Kemi Adeosun and Central Bank of Nigeria (CBN) governor, Mr. Godwin

Puts external reserves at $47.93bn

Emefiele, yesterday gave reasons why they were not at the summit.

Sanusi had criticised Adeosun, Emefiele, the

Minister of Science and Technology, Dr. Ogbonnaya Onu, Minister of Agriculture and Rural Development, Chief Audu Ogbeh, Minister of State

for Petroleum Resources, Dr. Ibe Kachikwu, Minister of Mines and Steel Development, Continued on page 8

INEC Denies Colluding with APC on Creation of New Polling Units… Page 6 Monday 23 April, 2018 Vol 22. No 8404. Price: N250

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PDP Senate Caucus Allegedly Moves to Remove Akpabio as Minority Leader… Page 10

Why We Paid $469m for Tucano Aircraft Ahead of N’Assembly Approval, by Buhari Money taken from ECA as president seeks supplementary input to 2018 budget on anticipatory approval Jets to be delivered in 2020, says US govt, confirms payment Tobi Soniyi A letter from President Muhammadu Buhari to the leadership of the National Assembly has explained why the president gave approval for the withdrawal of $462 million from the Excess Crude Account (ECA) for

the procurement of 12 Super Tucano aircraft from the United States government without getting the approval of the National Assembly.

The president’s letter, however, has also exposed the lies of a presidential aide Continued on page 6

Presidency Blames Opposition for FG’s Failure to Stem Herdsmen Killings Omololu Ogunmade in London The presidency has blamed the absence of cooperation from the opposition and the scaremongering tactics that they have employed for the federal government’s failure to stem the killings by suspected herdsmen in the Middle Belt.

It also said President

Muhammadu Buhari has not given Nigerians reasons to vote against him in the 2019 elections and also blamed the excessive expectations

by Nigerians for the current level of low appreciation of the president’s achievements in his first term in office.

Continued on page 8

Izunaso: No Plan to Stop APC Convention, Congresses… Page 58

L-R: CEO, CELD Innovations, Lai Labode; GMD/CEO, Keystone Bank Ltd, Obeahon Ohiwerei; and chairman of the occasion and Founder, Zinox Computers, Leo Stan Ekeh, at the 500 CEOs Hyper Consumer Centricity Conference and unveiling of the Cashtoken, the most consequential customer loyalty & celebratory gift commodity in the world at the Continental Hotel, Lagos… recently

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INEC Denies Colluding with APC on Creation of New Polling Units Onyebuchi Ezigbo in Abuja The Independent National Electoral Commission (INEC) has dismissed as false the allegation that it plans to collude with the ruling All Progressives Congress (APC) to compromise the 2019 general elections by creating 30,000 new polling units.

The main opposition party, the Peoples Democratic Party (PDP) had alleged last Friday that INEC and the APC were plotting to rig the next general election using the creation of 30,000 new polling units as an alibi.

However, the commission said in a statement issued Saturday night by Rotimi Lawrence Oyekanmi, Chief Press Secretary to the INEC chairman, that the commission would always be guided by the provisions of the extant laws in carrying out such activity.

THISDAY had exclusively

reported last Friday that the ghost of the creation of 30,000 new polling units in the run up to the 2015 elections had resurfaced, with the move by the commission to re-introduce the new polling units, but this time disguised as Voting Point Settlements (VPS’).

A memo sighted by THISDAY showed that the secretary of INEC, Ngozi Ogakwu, had written a letter to all Resident Electoral Commissioners (RECs) on March 18, 2018, directing them to conduct enumeration and identify areas in their states that may require VPS’.

The memo provided guidelines, a form and frequently asked questions that would assist the RECs in determining where new VPS’ will be established.

But the memo and supporting documents, which THISDAY obtained from APC sources, have raised concerns that the

commission might adopt the format used in 2014 when it attempted to create precisely 30,062 new polling units, with more units allocated to the states in Northern Nigeria than the South, thus compromising the integrity of the 2019 elections.

In the run up to the 2015 elections, the then INEC chairman, Prof. Attahihu Jega, many believed at the time, had unduly favoured the North because the North-east which was heavily under siege by Boko Haram terrorists was allocated more new polling units than the South-west which was peaceful and had two heavily populated states – Lagos and Oyo States in the zone.

Also, the South-east, made up of five states, had almost the same allocation of new polling units as the Federal Capital Territory, Abuja.

The allotment of polling units

then by the Jega-led INEC was as follows: North-west - 7,906, North-east - 5,291, and the North-central - 6,318.

However, INEC under Jega allotted the South-west 4,160 polling units, the South-south - 3,087 and South-east - 1,167 while the FCT got1,200 new polling units.

At the time, Jega had argued that the additional polling units would bring the total to 150,000 polling units nationwide with 500 voters per unit.

But the commission, in its statement at the weekend, said though there were requests for the creation of additional polling units in the states, the commission had directed its RECs to thoroughly assess and provide it with information on the credibility of such requests.

According the INEC spokesman, the reports were still being awaited and when

the commission was ready to act on it, it would do so in collaboration with stakeholders.

“The attention of INEC has been drawn to some newspaper reports alleging that the commission had perfected plans to re-introduce 30,000 new polling units in order to compromise the 2019 general elections.

“The fact of the matter is that in response to 3,789 requests so far received nationwide for the creation of new polling units, the commission directed its Resident Electoral Commissioners (RECs) to thoroughly assess and provide it with information on: new settlements that are not served or inadequately served by existing polling units; areas with natural barriers that hinder access to existing polling units, areas that are distant from existing polling units; and areas affected by communal and other conflicts that make voting in existing

polling units unsafe for voters.”

Oyekanmi said that the reports were still being awaited from the states, adding that it is these reports and the information they contain that will be collated and carefully examined by the commission in order to determine what changes may be necessary in the current polling units profile of the country.

“Therefore, the insinuation that the commission intends to create 30,000 new polling units to compromise the 2019 general elections is false, misleading, unfounded and should be disregarded.

“We assure the public that our decisions and actions shall always be guided by the provisions of the extant laws and our determination to respond to requests by Nigerians to serve them better. Even so, this will be done only after full consultation with all stakeholders,” he said.

W H Y W E PA I D $ 4 6 9 M F O R T U CA N O A I RCRA FT A H EA D O F N ’ASSEMBLY A PPR OVAL, BY B UHARI who on April 9 said that Buhari had not ordered the withdrawal of $1 billion from the ECA for the procurement of arms to fight the insurgency in the North-east and would not do so until he had obtained the approval of the National Assembly.

The president’s letter, which was obtained exclusively by THISDAY from sources in the House of Representatives, indicated that Buhari only wrote to the National Assembly leadership on April 13, 2018, and it was received in the Office of the Speaker of the House on April 17, 2018.

The letter showed clearly that Buhari had already given anticipatory approval for the withdrawal of the sum of $496,374,470 (N151,394,421,355) from the ECA for the purchase of 12 Tucano aircraft from the U.S. and was seeking the inclusion of same in the 2018 Appropriation Bill that the National Assembly is currently finalising.

In the letter, Buhari explained that the U.S. government had given a payment deadline for the aircraft purchase, otherwise, the contract would lapse.

But this could prove to be a major problem for Buhari and would likely worsen the discord between the executive and the National Assembly, as the legislature last week had summoned the Minister of Finance, Kemi Adeosun, the Central Bank of Nigeria (CBN) governor, Godwin Emefiele, and the Accountant General of the Federation, Mr. Ahmed Idris over the disbursement of the funds for the procurement of the aircraft from the Consolidated Revenue Fund (CRF) without appropriation by the legislature.

Last December, the state governors at a meeting of the National Economic Council had given the president the green light to withdraw $1 billion from the ECA to fight the insurgency.

However, this would have required the approval of the National Assembly and the 36 state Houses of Assembly since the funds in the ECA belong to the three tiers of government.

The Minister of Defence, Mansur Dan-Ali, however, had revealed on January 25 that the payment deadline for the purchase of the aircraft was in February but at the same time noted that the federal government had rejected the terms for the purchase of the aircraft because they were stringent and skewed in the U.S.’ favour.

A few days later on February 5, he said the federal government had paid $496 million to the U.S. government for the Tucano aircraft but was silent on the salient fact that the funds had already been withdrawn from the ECA. The minister did not reveal

that Buhari had given approval for the withdrawal of the funds from the ECA until April 4 after a meeting of the Security Council at the State House, Abuja.

It took for the public outcry over the president’s approval before the Senior Special Assistant to the President on National Assembly Matters (Senate), Senator Ita Enang on April 9, stated that Buhari had not yet given approval for the withdrawal of the $1 billion from ECA. Enang had said: “That the said sum has not and cannot be approved for spending by Mr. President. That in accordance with best practices, Mr. President, having received approval of the sum from National Economic Council made up of all the governors, now had a meeting with the Minister of Defence, service chiefs and the InspectorGeneral of Police, among others, to collate the needs of each of the services and the money available for appropriation.

“Mr. President and the meeting having collated the need of each service and the amount involved may now present same to the Federal Executive Council for detailed consideration, or in the exercise of presidential powers may communicate same to the National Assembly for appropriation.

“This may be done as usual upon Mr. President consulting prior with the leadership of the National Assembly through the whole body of principal officers or the presiding officers of each chamber only, before originating the communication to the National Assembly.

“As of now, the process of approving the money for use is inchoate and still undergoing executive standard operating procedure before laying same before the National Assembly for appropriation.

“The processes now being worked on is to fast-track these procedures so that it may be forwarded to the National Assembly while it is still considering the 2018 Appropriation Bill (budget) for incorporation as Mr. President’s supplementary request under the 2018 budget, or if completed after the 2018 budget, it may be forwarded as a Supplementary Appropriation Bill.

“Succinctly stated, Mr. President has not approved the sum for any release of this procurement or application howsoever, the executive is conscious of the provisions of Section 80 (3) and (4) of the 1999 Constitution which states: “No moneys shall be withdrawn from any public fund of the Federation, other than the Consolidated Revenue Fund of the Federation unless the issue of those moneys has been authorised by

an Act of the National Assembly.

“No moneys shall be withdrawn from the Consolidated Revenue Fund or any other public fund of the Federation, except in the manner prescribed by the National Assembly.

“We are also conscious of the provision of Sections 4 and 5 of the 2017 Appropriation Act (relating to Excess Crude Account) and would not take any action in breach thereof.

“Just as the legislature in processing legislation starts with conceptualising, drafting, scrutiny of the draft, gazetting, first reading, second reading, committal to the appropriate committee, public hearing, consideration of the report by committee of the whole or supply, passage and third reading in plenary, so also does the executive have and maintain standard operating procedures, or due process or due diligence in all actions and at this stage, the matter is undergoing these processes for laying before the National Assembly for appropriation.

“Therefore, the matter of the security fund is still undergoing standard processes, the said sum can only be spent, and in the manner, as shall be approved by the National Assembly, and assented to in the Appropriation Act or Supplementary Appropriation Act.” But Buhari in his letter to the Speaker, dated April 13, stated: “I wish to draw the attention of the House of Representatives to the ongoing security emergencies in the country. These challenges were discussed with the state governors and subsequently, at the meeting of the National Economic Council on 14th December, 2017, where a resolution was passed, with the Council approving that up to US$1 billion may be released and utilised from the Excess Crude Account to address the situation.

“Subsequent upon this approval, we are preparing a comprehensive schedule of all the requirements for each of the security services for presentation to the National Assembly for consideration.

“It would be recalled that, for a number of years, Nigeria had been in discussions with the United States Government for the purchase of Super Tucano Aircraft under a direct Governmentto-Government arrangement.

Recently, approval was finally granted by the United States Government, but with a deadline within which part payment must be made otherwise, the contract would lapse.

“In the expectation that the National Assembly would have no objection to the purchase of this highly specialised aircraft, which is critical to national security, I granted anticipatory approval for the release of US$496,374,470.00.

This was paid directly to the treasury of the United States Government.

“I am therefore writing, seeking approval of this House for the sum of US$496,374,470.00 (equivalent to N151,394,421,335.00) to be included in the 2018 Appropriation Bill, which the National Assembly is currently finalising. The balance of the requirements for critical operational equipment is still being collated from the different security services and will be presented in the form of a Supplementary Appropriation Bill, in due course.

“The Honourable Minister of Defence and other appropriate officers will be available to provide further details, as may be required.

“While thanking the Honourable Members for the usual cooperation, please be assured Mr. Speaker, the assurance of my highest regards.”

Speaking on the president’s letter, some lawmakers in the House confirmed yesterday that this was the reason Adeosun, Emefiele and Idris were summoned last week to appear before the Senate and House to explain the withdrawal of $496 million from the CRF without legislative approval.

One lawmaker who preferred not to be named, also explained that the rush to pay the U.S. government the huge amount, despite Nigeria’s rejection of the stringent payments terms for the procurement of the Tucano aircraft, was targeted at being on the right side of U.S. President Donald Trump before the 2019 general election in Nigeria, hence the invitation extended to Buhari to visit the White House on April 30.

“Remember that the U.S. was quite influential in the 2015 elections. Buhari and his handlers are quite aware of this. They also know that President Trump is a businessman, for him it’s ‘America First’, hence he (Trump) does not have the qualms former President Barack Obama had over the sale of military equipment to Nigeria, despite the allegations of human rights abuses by the Nigerian military.

“For President Trump, he will sign deals with countries willing to buy U.S. military equipment because it creates jobs for defence industries and firms in his country and brings money into the American economy.

“Now, for the Nigerian presidency, it was important that they met the payment deadline, despite the draconian conditions given for the purchase of the aircraft which are not in Nigeria’s favour, even by the defence minister’s admission.

“This is what secured the

invitation for Buhari to the White House and if he plays his cards right, will keep him on the right side of Donald Trump before the Nigerian elections in 2019.

“If Buhari and his handlers get the tacit support of the U.S. as we head into the elections, that would be a major achievement for the APC,” he explained.

However, he noted that whilst many lawmakers were aware of the political reason the president had quickly approved the withdrawal from the ECA and transfer to the U.S. government treasury, their main concern was the fact that he did it without the approval of the National Assembly as stipulated by the Nigerian Constitution.

“This is a major constitutional breach and that is why Adeosun, Emefiele and Idris have been summoned. It does not bode well for the executive,” he said.

War Jets for Delivery 2020 Meanwhile, the U.S. government said yesterday that it would deliver the 12 Super Tucano fighter jets and other weapons that it agreed to sell to Nigeria to combat Boko Haram terrorists and other extremist groups in 2020.

A senior U.S. Department of State official made the disclosure during a background briefing with journalists at the U.S. Consul General’s residence in Ikoyi, Lagos, yesterday.

The official, who confirmed that the Nigerian government had paid for the warplanes, said the sale of the aircraft with weapons and services worth over $400 million included bombs and rockets, reported the News Agency of Nigeria (NAN).

It was learnt that the propeller-flown aircraft with reconnaissance, surveillance and attack capabilities, is made by Brazil’s Embraer.

Embraer’s second production line is in Florida in a partnership with privately held Sierra Nevada Corp of Sparks, Nevada.

The Super Tucano aircraft are said to cost more than $10 million each but the price could be higher depending on the configuration.

They are powered by a Pratt & Whitney Canada PT 6 engines.

On the planned visit by Buhari to the White House on April 30, the official said the Nigerian leader would be the first African president to meet Trump.

Trump met with Egyptian president Abdel Fattah Al Sisi and then later with African leaders on the sidelines of the United Nations General Assembly (UNGA) last September in New York.

He has not received any African leader at the White House since

he assumed office in January 2017.

“We are excited about the planned visit by President Buhari as the first African leader to be engaged by President Donald Trump at the White House.

“The most important thing is that it is in Washington. It will be a very high-level meeting; it will help the U.S. to also understand Nigeria’s projections.

“There will be independent conversations on security, governance, the Lake Chad Basin and Nigeria’s role as a democratic leader in the region,” the U.S. government official said.

Commenting on Nigeria’s 2019 general election, the official said: “The U.S. will remain nonpartisan as it has a commitment to continue to support Nigeria’s elections.

“We will continue to help Nigeria’s security agencies to build capacity, not only in Nigeria but other countries in Africa,” the State Department official said.

On the Independent National Electoral Commission (INEC), he noted that the electoral umpire had benefited from the U.S. in several ways in ensuring a level playing field for all interested parties.

The official, however, tasked the Nigerian media to be professional in their reports as the 2019 elections get closer.

“The media should be able to inform the public on the processes leading to the election proper; you need to educate the public on the importance of permanent voters’ cards (PVC), and this should not be left to INEC alone to handle.

“The media should allow transparency in their relationship with politicians and in carrying out their responsibilities,” he added.

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T H I S D AY ˾ MONDAY APRIL 23, 2018

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PAGE EIGHT WE DID NOT SHUN FOREIGN INVESTORS, SAY ADEOSUN, EMEFIELE Dr. Kayode Fayemi, and the Minister of Power, Works and Housing, Babatunde Fashola, for not being at the event despite their presence in Washington D.C. for the IMF/World Bank meetings.

He had said he arrived the venue of the summit only to discover that top government officials had not arrived and had to wait in the ambassador’s reception and yet they never turned up.

But in a briefing yesterday in Washington D.C., Adeosun and Emefiele said the summit was not part of their schedule in the U.S. capital and they were only informed about the summit when they arrived the U.S. Adeosun, in particular, added that she was attending a meeting of the International Monetary and Financial Committee (IMFC), which is the fund’s highest decision-making body of the IMF. As the representative of 23 African countries on the IMFC, she explained that there was no way she could have left the statutory meeting for US-Nigeria summit.

According to her, one of her responsibilities at the IMFC is to issue a statement on behalf of those 23 countries, which include the Anglophone countries – South Africa and Mozambique, among others. “There has been some controversy over scheduling. I wasn’t due at any other event. My schedule is what I must adhere to. I think maybe there were some scheduling challenges,� she said.

On his part, Emefiele stressed that what takes pre-eminence at the IMF-World Bank meetings are the meetings by central bank governors and ministers of finance from member countries.

Emefiele added: “I think it is important for me to say this.

When I arrived in Washington, the officials of the (Nigerian) Embassy spoke with me that there was going to be a U.S.-Nigeria Summit and I said I will check my schedule because I wasn’t consulted when this summit was being organised. “What one would have expected is that they (organisers of the summit) would have checked my schedule and that

of the finance minister if they thought that our presence at the summit was very necessary. “They could have checked our schedules to see that there was no conflict. I sit here to say the US-Nigeria summit was meant to hold between 2 p.m. and 3 p.m., whereas the World Bank committee plenary session, which is an assembly of ministers and governors of central banks was to hold between 2.45 p.m. and 5 p.m. “There was no way the finance minister and myself could have been there. But I think it is important to say it is unfair for people to begin to cast aspersions without understanding our schedules. “The main reason we are here is because of the statutory meetings of the IMF and World Bank. I felt I should explain this.

We are not irresponsible people.�

Continuing, Emefiele apologised to the investors that attended the summit but did not meet top government officials who were in Washington.

He, however, pointed out that the Nigerian delegation met with some investors on the sidelines of the IMF/World Bank meetings.

Adeosun and Emefiele’s explanation on their absence at the investment summit was collaborated by a source at the Nigerian Investment Promotion Commission (NIPC) who said the organisers had also included the executive secretary, Mrs. Yewande Sadiku’s name as a speaker at the event but she was never notified of it. “Mrs. Sadiku’s name was included as a speaker at that summit but she was never informed by the organisers.

Meanwhile, she attended the Commonwealth Business Forum in London and came back to Nigeria without heading for Washington because she was unaware of the summit,� he said.

Emefiele, during the briefing, put the present value of the country’s external reserves at $47.93 billion, noting, however, that there was need to save for the rainy day and also continue to grow the foreign reserves.

He said it would be like saying the focus on inflation, the gross domestic product and exchange

rate do not mean anything. “We came to a meeting where one of the important issues that was discussed was the need to save for a rainy day and we must continue to rebuild reserves. “That means that Nigeria’s decision to rebuild its reserves from as low as $23 billion in 2016 to almost $48 billion today was a decision in the right direction. “So, we are going to continue to do so. If we had more reserves when we were hit by the exogenous shocks, we would not have suffered the recession that we suffered. “And there is a very strong likelihood that there could also be reversals. The finance minister talked about US Fed normalisation – the interest rate could go up. “And when the interest rate goes up in that environment, what happens is the emerging and frontier markets would lose those monies. “So, we need to be able to prepare ourselves in the event of a reversal, so that when it happens we would be able to withstand the shocks and not be caught pants down again,� the CBN governor said.

He also signalled the possibility that the central bank could begin to ease monetary policy soon, even though inflation pressures still remain a concern.

He reiterated that the central bank was targeting either a very low double-digit inflation rate or a high single-digit rate in 2018.

Nigeria’s inflation recorded a significant decline to 13.34 per cent in March 2018.

In addition, Emefiele disclosed that in a bid to drive financial inclusion, the central bank and other stakeholders would in the next few weeks, come up with a framework for mobile banking. “We are taking a study of some of the models in different jurisdictions and I believe that by the middle of next month, a final framework would be released, under which we can ramp up mobile money and financial inclusion in Nigeria. “We are going to come up with a structure that is Nigerian and not just going to copy what they are doing in other jurisdictions. What is good for

Nigerians is what we would come up with,� he said.

Speaking further, Adeosun said the present growth outlook contrasted with the outlook in 2015, stating that inflation was slowing down while the foreign reserves were rising.

Expressing optimism on the federal government’s sustenance of the growth trajectory, the minister, however, called for vigilance and focus for the country not to fall back into recession.

She said: “We are confident that if we diligently implement our economic plan, we will grow the economy. We have room to grow but other countries do not have room to grow. “By 2019, the growth will be far more robust than the present level in 2018. We are therefore very optimistic about sustaining Nigeria’s economic growth. We are going to use this opportunity to grow our fiscal buffers, particularly aggressively, growing our revenue base. “The administration has succeeded in building macroeconomic resilience for Nigeria, particularly revising the funding mix, rebuilding fiscal buffers, enhancing foreign exchange reserves and focusing on import substitution strategies,� she said.

She added that the federal government was also focusing its attention on ways to aggressively ramp up revenue in the country.

According to her, the Common Reporting Standards, which would enable the government to obtain taxpayers’ account details directly from banks, would force multinational companies operating in the country, firms and individuals to pay tax. “The key thing is that the volume of companies that are not complying is significant. And we need to build our capacity in that area for us to track them.�

On state-run enterprises such as the Nigerian National Petroleum Corporation (NNPC), she disclosed that the government would continue to efficiently and effectively manage their costs and plug leakages. “We must make sure every money that is earned comes in. We will drive the process

of improving governance. “We are refinancing our inherited debt portfolio from short-term treasury bills to longer tenored debt, which has resulted in huge savings and a reduction in the cost of funds for the government,� she added.

The finance minister disclosed that the Voluntary Assets and Income Declaration Scheme (VAIDS) deadline was extended by three months till June 30 due to appeals by taxpayers for more time to regularise their tax status.

She revealed that the present administration had raised the taxpayer base from 13 million in 2015 to 17 million this year.

Adeosun also confirmed the recovery of $322.515 million Abacha loot from the Swiss government into a special account in the CBN. The money, according to her, has been earmarked for the National Social Safety Net programme of the federal government. “The objective of the National Social Safety Net programme for Nigeria is to provide access to targeted transfers to poor and vulnerable households under an expanded national social safety net system,� she stated.

Buhari Tackled over Ministers’ No Show Meanwhile, the opposition Peoples Democratic Party (PDP) has challenged President Muhammadu Buhari to explain why his ministers and other government officials allegedly abandoned the scheduled meeting with investors in Washington “to gallivant in the U.S. capital�.

The party said the ministers reportedly abandoned the foreign investment summit and went on shopping sprees in highbrow shops of the U.S. at the time Nigerians were looking up to them to negotiate deals and bring in investments into the country.

In the statement issued yesterday by the PDP National Publicity Secretary, Kola Ologbondiyan, PDP described the incident as an “embarrassing development and indeed a clear

reflection of the recklessness and laissez-faire attitude of the Buhari-led All Progressives Congress (APC) administration towards governance, resulting in the biting economic recession and other woes plaguing our nation under President Buhari’s watch�. “It is now clear to Nigerians why the APC and its incompetent federal government have not been able to attract any meaningful foreign direct investment to the country in the last three years of President Buhari’s administration. Instead, the ones it inherited are pulling out. “How can APC government officials, sent to attend investors’ meetings, abandon their duties and engage in personal leisure abroad? Painfully, they blame everybody but themselves for the choking economic situation of the country in the last three years.�

PDP said it believed that these government officials had the temerity to pursue personal interests across the U.S. because they knew that even if their atrocious act were brought to the attention of the president, he would claim ignorance. “This is more so as Mr. President himself brought no dividend from the Commonwealth Heads of Government Meeting (CHOGM), where he de-marketed our nation with negative utterances. “We therefore urge the National Assembly to spare no rod but to immediately summon the ministers named in the saga, including Chief Audu Ogbeh (Agriculture), Dr. Ogbonnaya Onu (Science and Technology), Alhaji Lai Mohammed (Information) Babatunde Fashola (Power), Dr. Ibe Kachikwu (Minister of State for Petroleum Resources), Kemi Adeosun (Finance) and Kayode Fayemi (Solid Minerals). “It is now clear to all that the APC does not have the interest of our country at heart and Nigerians must spare no efforts in joining forces with the PDP to vote them out and reinstate a purposeful and productive administration, come 2019,� it said.

PRESIDENCY BLAMES OPPOSITION FOR FG’S FAILURE TO STEM HERDSMEN KILLINGS In an article written by the president’s Senior Special Assistant, Media and Publicity, Garba Shehu yesterday, Buhari’s media aide said: “Nigerians had expected him to undo the damage several decades of mis-governance‌ naturally, many are already feeling frustrated that he hadn’t done that in three years.â€?

He noted that as the country is gearing itself up for the general elections in February next year and with Buhari announcing that he will bid for the ticket of the All Progressives Congress (APC) for a second term, “all hell has been let loose by the chaotic, ill-prepared opposition camp�. “For President Buhari, who won with massive votes in 2015, his major challenge is to do as well as he did, or even better. He came to power with a lot of expectations and Nigerians had, justifiably placed very high hopes on him. “As we said sometimes back, he, as a consequence, has become a victim of the tyranny of expectations. The weight of unrealistic expectations has evidently blinded many of the people from seeing the revolutionary changes happening across the nation.�

Garba noted that in democracies around the globe, second terms by incumbents were usually harder to get because, according to him,

“Somehow, there is always some kind of anti-incumbency leading to a loss of faith among those supporters.�

Shehu, who noted that the opposition has so far failed to articulate programmes that will make them win the elections, come 2019, added that they cannot be united by ideology, “the type that made the pre-2015 opposition fuse into a formidable challenger that pushed an incumbent out of office�. “There is no way, therefore, they can choose leaders with unanimity. What then they have taken to is scaremongering by fanning ethnic and religious divisions among the minorities, especially in the Middle Belt where hundreds of innocent citizens are confronted with violent death,� he said.

He declared that government was doing much to end the killings, but blamed the absence of support and cooperation for the poor results achieved so far. “More, however, could still have been achieved if there was cooperation extended to the security agencies by everyone, and by everyone, I mean especially the political opposition. “A political warlord recently ordered the provocative stoning of Nigerian Air Force personnel as their chopper landed in a Northeastern state,� he alleged.

Shehu added: “Government has irrefutable evidence that much as most of these killings are arising from herdsmenfarmers’ attacks, some of it is driven by politicians. “The recent arrests by the army in Taraba State point to a clear political sponsorship and the kingpins, some of whom have been arrested and have been handed over to the DSS for further investigation. “Others who are being sought have either gone into hiding or they are pulling strings of blackmail to force the hand of government to abandon the search for them. “It is clear by now that the Middle Belt killings, even if they are not caused by the opposition, are no doubt seen as a political opportunity to set the tone for the 2019 elections. “A so-called Third Force has failed to get political traction since its birth. This is understandable, given that they have promised to give the country everything that is new but have so far produced no new faces, no new ways of doing things. Certainly, there is no face that can be called the President of Nigeria. “For the Peoples Democratic Party (PDP) parading itself on the glory of being the largest opposition, the party has not less than 10 leaders acutely ambitious to rule Nigeria. “It will take them minimally

two to three terms of presidential tenure, that is eight to twelve years to reinvent the party.�

Shehu, while listing the achievements of the Buhari administration, said: “This administration has broken the jinx of fertilizer shortage and its high cost and has made land clearing for agriculture a priority. “Loans at low or no interest rates are being given by the Central Bank of Nigeria, the Bank of Agriculture, the Bank of Industry and the Development Bank.�

He, nonetheless, acknowledged that it would take years to raise Nigeria’s growing population from poverty. “Even in China, with the world’s fastest-growing economy, this still, is work in progress�.

He also declared that much was being done for women, children and Nigeria’s “enterprising youths�, adding: “This is the first time anyone has given our country a social welfare scheme. “By it, 7.5 million children are served free meals in schools.

This has improved school attendance. Two Hundred thousand graduates are now enrolled through N-Power, and 300,000 have just passed screening in the biggest, most audacious employment scheme

on the continent. “Our youths have a lot of ideas and many who need support, mentoring and guidance under the various schemes under the Social Investment Programme of the government are getting help.�

The economy, he said, has seen a paradigm shift with agriculture getting a pride of place. “We are importing 90 per cent less rice than we did three years back, the World Bank has certified Nigeria as being one of the top ten most improved economies in the world. “The power ministry has done commendably well, raising generation from an average of 2,600 megawatts to 7,500 MW. “Today, each state has a minimum of between one to five federal roads under construction or reconstruction.

Some have as many as eight or nine. The legendary Second Niger Bridge is by now 44 per cent complete, putting to shame the many years of platitudes and lies by several past administrations.�

Speaking on the foreign policy front, Shehu noted that Nigerian enjoys a good reputation in West Africa, Africa and the world. “What this government is doing is different and the results are showing.

For example, the decline

which began in 2014 and stabilising the economy for Nigerians, recovery of stolen national assets and economic restructuring for the growth of the private sector as the best solution to unemployment. “Others include demonstrable infrastructure improvement: roads, power and energy and reestablishment of a collaborative working relationship between the president and the vicepresident as a model of how Northern/Southern, Muslim/ Christian, older/younger Nigerians can and should work together. “The thing about the second term in all political climes is that voters must have a practical reason to vote for someone. President Buhari has not given anyone an excuse not to choose him on this count.

His is an administration that has something for everyone. “Supporters who talk about a noticeable loss of faith by some must note that there is nothing permanent in politics.

Many of the allies will, in pursuit of power, come back to the APC, being the party with superior power.�

Garba boasted that the APC did extremely well in the North to attain power and every indication are that in 2019, it will do in the South what it did in the North in 2015.

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NEWS

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

Gas-to-Power Investors Lose N109.5bn Annually to Dollar Transactions Want NBET to pay for gas at NAFEX rate Ejiofor Alike Gas producers for Nigeria’s power sector lose N109.5 billion yearly to dollardenominated transactions in the supply of 1.5 billion-2 billion cubic feet of gas per day (bcf) to the domestic market, THISDAY has learnt.

The gas producers have asked the Nigerian Bulk Electricity Trading Plc (NBET) to pay for gas supplied for power generation at the Nigerian Autonomous Foreign Exchange Rate (NAFEX) of N360 –N365 per dollar, which according to them, is the real market rate.

THISDAY gathered that while NBET pays the gas suppliers in naira at the exchange rate of N305 for the gas supplied to the generation companies, the gas

investors pay N360-N365 to access dollar to embark on gas projects, which are largely denominated in dollar as against the naira.

At the average price of $3 per 1,000 standard cubic feet per day (scf/d), domestic gas producers supply 1.5 bcf of gas to the domestic market at a cost of $4.5 million daily.

Investigation revealed that the gas suppliers were paid the $4.5 million in dollar until 2016 when the Central Bank of Nigeria (CBN) enforced the law, which provides that transactions in the country must be in sovereign currency.

The implication, it was gathered, was that NBET, better known as the Bulk Trader, started paying the gas suppliers the naira equivalent at the exchange rate of N305 per dollar.

But some of the gas producers, who spoke to THISDAY, stated that after being paid at the rate of N305

by NBET for gas supplied, they source dollar at the Nigerian Autonomous Foreign Exchange (NAFEX) rate of N360 –N365 to execute gas projects, thus losing N60 in every dollar transaction.

With the NBET exchange rate of N305 per dollar, the 1.5bcf supplied to the domestic market translates to N1.372 billion daily, or N1.642 billion at NAFEX rate of N365, and this amount to daily difference of N300 million or yearly loss of N109.5 billion to the producers.

Some of the gas producers

told THISDAY at the weekend that they are being shortchanged by being paid in naira, while they execute gas projects in dollar. “If you produce gas in Nigeria, you are paid in naira but gas contracts are not done in naira. Only a small portion of the labour is done in naira.

NBET pays us at CBN rate of N305 but if you want to repay your dollar loan, we go through import-export window (NAFEX), which is N360 –N365 per dollar. It means that I am paid at N305

by NBET but for me to buy dollar, I have to pay N365,� a CEO of a Nigerian E & P company told THISDAY. “The real issue is that gas

sales contract is denominated in US dollar and we were paid in dollar up till 2015. But in 2016, the CBN enforced the law, which stipulates that domestic transactions must be in sovereign currency.

So, nobody charges in dollar anymore.� “What we advocate for is that CBN should pay us at NAFEX rate. The importexport rate is the real market rate. We lose 18 per cent of every molecule of gas we sell,� he added.

Also speaking on the issue, the President of Nigerian Gas Association and Chief Executive Officer of Frontier Oil Limited, Mr. Dada Thomas, told THISDAY that the CBN

had in April 2017 promised to address the exchange rate disparity when the country’s external reserves hit $36 billion.

Frontier Oil operates Uquo marginal gas field, the only marginal gas field in Nigeria. “Now, the external reserves is $46 billion. CBN should look at this policy to ensure that monetary policy supports fiscal policy. There is a correlation between GDP and power consumption and you can relate power generation to gas consumption because 80 per cent of power is generated from gas. It is not how much gas you produce but how much you use to fire the local economy,� Thomas said.

Suspected Herdsmen Kill 16 in Kogi Mount road block, kill unsuspecting traveller in Benue Yekini Jimoh Ă“Ă˜ ÙÕÙÔË Some suspected herdsmen yesterday allegedly invaded Kpanche community in Bassa Local Government Area of Kogi State, killing 16 persons.  THISDAY reliably gathered yesterday that the Fulani herdsmen invaded the community in the early hours, razing down five houses and unspecified number of vehicles, tricycles, motorcycles and other property. An eyewitness account also disclosed that the bandits numbering over 20, invaded the community at about 4a.m. yesterday.  According to the eyewitness account, immediately the suspected Fulani herdsmen arrived in the community, they started shooting sporadically as people were forced to moved out from their houses.  The source further added that the gunmen who were fully armed with assorted weapons, opened fire on the people and then set some houses and other property ablaze during the attack.  Meanwhile, the state Commissioner of Police, Mr. Ali Janga, while confirming the incident to journalists, said unknown gunmen invaded the community.  According to him, the victims included five residents of the community while five of the bandits were also killed by the security agents. “Yes five lives were lost in the village but operatives of the police mobile force and soldiers repelled them and succeeded in killing five and recovered some weapons.  “So far, normalcy has been restored in the area,â€? Janga said in response to a message sent to him on the incident.Â

He added that investigation into the incident had commenced. Also, in Benue State at the weekend, suspected herdsmen reportedly shot dead one Mr. Mtserikyaa Hiimo between Iorza and Jootar on Anyiin-Gbeji road in Logo Local Government Area.

Information gathered from sources was that the victim unknowingly ran into a road block mounted by armed herdsmen on the axis of the town. According to a source, “We have been having cases of herdsmen coming out in their numbers and mounting road blocks in communities around Logo Local Government Area. “They do it intermittently and kill unsuspecting victims and nobody knows where and when they would undertake the mission, but that not withstanding, we have been consciously going about our daily activities.  “Unfortunately, last Saturday evening, the victim was coming in his car from Gbaji when he ran into the road block at Jootar on Anyiin-Gbeji road. “From what we gathered, the assailants who were dressed in military fatigue stopped their victim on that road and shot him severally after which they fled. “The gunshot from the assailants attracted the locals who ran to the scene only to discover the victim dead in his own pool of blood but his killers were seen fleeing into the bush. “The matter was reported to the police at Anyiin but his remains have been taken to the mortuary at Ugba the local government area headquarters.

When contacted, the state Police Public Relations Officer, Assistant Superintendent, Moses Yamu, said he was yet to receive reports of the incident.

AN EVENING OF FUN

CEO, United Bank for Africa, (UBA) Plc, Mr. Kennedy Uzoka; and his wife, Lotanna; Group Chairman, UBA Plc, Mr. Tony Elumelu, and his wife, Awele, at the 2018 UBA CEO Awards in Lagos...weekend

PDP Senate Caucus Allegedly Moves to Remove Akpabio as Minority Leader Damilola Oyedele Ă“Ă˜ ĂŒĂ&#x;ÔË There is an ongoing plot in the Senate caucus of Peoples Democratic Party (PDP) to remove Senator Godswill Akpabio as the Minority Leader over allegations that he has not been properly steering the opposition to play its rightful role.

THISDAY gathered that the plot has been thickening in the last couple of months, but has gained momentum in the last two weeks. It has, however, not been fully set in motion as those behind the plot are still undecided on his replacement.

Akpabio, a former governor of Akwa Ibom State, was elected as the Senate Minority leader at the inception of the eighth assembly despite being a first

time senator. The position is usually occupied by ranking senators.

Akpabio is also being accused of not being vocal enough in opposing unpopular policies of the President Muhammadu Buhari-led administration. THISDAY further gathered that the party national leadership had already intervened to avoid another crisis among its members. A meeting to the effect was held two weeks ago, and it ended with a resolution to maintain status quo. Last week, some members of the caucus, however, held a meeting, with the plan to go ahead with his removal and replacement. One of the disgruntled senators, who spoke with THISDAY off record, said

Akpabio’s manner of heading the opposition, has turned the PDP caucus into a laughing stock among their All Progressives Congress (APC) colleagues. “The APC senators do not even consider us to be an opposition party, its like we are weaklings who can barely voice our opposition to this government, but the opposition caucus in the National Assembly, is supposed to be vibrant,�  he said. Another senator said even though the caucus and most of its members, remain ardent supporters of the Senate President, Dr. Bukola Saraki, Akpabio is still expected to act as an opposition leader. “He handles that position as if it is a ceremonial one, it is not. It is supposed to be

for a vibrant person, who is always ready to tackle issues.

The PDP caucus in the House of Representatives is much more vibrant,� he said. He further disclosed that despite the intervention of the party leadership, the plot has not abated. “Actually we do not need the party to remove any of our executive. There is procedure for that, we secure a simple majority, sign and send a formal notice to the president of the Senate,� he explained. Efforts to get Akpabio’s reaction failed as he did not respond to text messages sent to his mobile numbers as at the time of filing this report.

His Media Assistant, Mr. Aniete Ekong, also failed to respond to a text message sent to him on the issue.Â

T H I S D AY ˾ MONDAY APRIL 23, 2018

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COMMENT

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

N-POWER AND FINANCIAL INCLUSION N-Power is bridging the inequality gap and lifting many out of poverty, writes Isabella Akinseye

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t has been said that the Nigerian Economy is out of recession. But one would easier prove that the sun shines at night than convince the majority of Nigerians of this fact. This is because the standard of living post-recession, for many Nigerians, has hardly improved.

Divining the indices of economic growth in Nigeria has always been problematic. For example the annual Gross Domestic Product (GDP) growth rate between 2004 and 2010 averaged at 7%. Ironically, the number of people living below the national poverty line grew from 69 million to 112 million within the same period. Growth in Nigeria shares an inverse relationship with facts on the ground, because wealth is concentrated in the hands of a few elite. In fact, every time you hear of economic growth, remember the clichĂŠ: the rich get richer while the poor get poorer. According to calculations made by a 2017 Oxfam report, lifting all Nigerians living in extreme poverty in one year would require $24 billion, an amount lower than the total wealth of the five richest Nigerians in 2016.

Inequality is a global challenge. In Nigeria, it’s a dance with danger, an irrationality that has nothing to do with a lack of resources, and everything to do with a political class invested in self-enrichment, and totally out of touch with the excruciating struggles of the people. “One day the poor will have nothing to eat but the rich.� This now famous words, from the 2012 Occupy Nigeria struggle, hints at the unsustainability of the current state of inequality. Tackling it head on is not only a moral obligation, but also a matter of collective survival.

Graduate unemployment and rural disenfranchisement bring the problem into starker reality. Today a university degree is becoming less and less likely to secure young people a job, their frustrations are a clear and present danger. The conditions that allowed for the stampede that claimed the lives of at least 16 people, in 2014, when about 6.5 million graduates visited recruitment centres for a possible job with the Nigeria Immigration Service that only had 4,000 vacant positions, are still very much with us. The poverty rate amongst Nigeria’s rural population is over 70%, and efforts to reverse this have been tokenistic at best. We have to find creative ways, in public policymaking and implementation, to open the door to millions of young people and millions of Nigerians living in rural communities, who have been shut out from being active participants in an evolving global economy. Initiatives borne of clear and concentrated thinking are a desperate need, and perhaps, this is where an examination of the current government’s N-Power initiative becomes necessary. Rural Basin Development Authority (RBDA), Directorate of Food, Roads and Rural Infrastructure (DFRRI), Rural Electrification Scheme (RES), Agricultural Development Programme (ADP), National Directorate of Employment (NDE) and Better Life for Rural Women. Others were the Family Support Programme (FSP), Rural Banking Scheme (RBS), People’s Bank, the National Poverty Eradication Programme (NAPEP) and the Agricultural Credit Guarantee Scheme (ACGS). There has never been a shortage of policy initiatives aimed at financial and social inclusion in Nigeria. The devil has always been in the implementation. What makes

WE HAVE TO FIND CREATIVE WAYS, IN PUBLIC POLICYMAKING AND IMPLEMENTATION, TO OPEN THE DOOR TO MILLIONS OF YOUNG PEOPLE AND MILLIONS OF NIGERIANS LIVING IN RURAL COMMUNITIES, WHO HAVE BEEN SHUT OUT FROM BEING ACTIVE PARTICIPANTS IN AN EVOLVING GLOBAL ECONOMY

N-Power any different?

N-Power was born against the backdrop of a global economy driven by information and technology, and perhaps this has influenced its thrust. In the last one year the initiative has set out on a national knowledge and skills acquisition drive, aiming to train 500,000 graduates in skills relevant to the global economy, and deploy them in key areas of public service. So far 200, 000 graduates have been trained and are currently working in the 774 local government areas across the 36 states of the federation in health, education, agriculture and finance.

The ubiquity of the programme is a strong indication of its effectiveness with regard to financial and social inclusion. It has also established 250 centres, under its N-Build platform, for technical learning and business training. An examination of the programme, speaking with beneficiaries, including the graduate and non-graduate participants and the communities they serve, show that it has worked fine thus far. The transparency of its recruitment process, using technology, and the fact that it covers the entire country in an egalitarian manner, is working well to include hitherto disenfranchised Nigerians, without preference for gender. The deliberate inclusion of physically challenged applicants is equally noteworthy. Samuel Dapil, one of the beneficiaries I listened to, is a visually impaired participant of the programme who currently teaches in Mangu, LGA, Plateau State, as a Braille expert for Mathematics and Sciences.

Bridging inequality is about giving people opportunities, opportunities to learn a skill and make a contribution, opportunities to earn a regular income, and N-Power may be one of the few government initiatives in recent times, to attempt this at scale, with numerous N-Power beneficiaries in every one of the 774 LGAs; non-graduates learning new skills under N-Build and getting ready to run their own businesses, graduates happy to be connecting new knowledge to community service and earning a stipend that for many have become a lifeline. Over 45,000 previously unbanked Nigerians, mostly in rural environments, are now financially included.

What N-Power gets right is that we cannot foster economic mobility without education, and not the kind you get from the average Nigerian university, but the kind that gives you practical knowledge on how to create and trade value. Every Nigerian deserves the best and an equal chance to make the most of their talents and to realise their hopes and dreams. And if we want a more equitable society that leaves no one behind, then we have to find new ideas and strategies, particularly in public policy, to empower people with choices. What we need to do with policy initiatives like N-Power, that show signs of effectiveness and spaces for improvement, is insulate them from the brutal realities of politics, and ensure that they are improved and expanded. The programme does well in that it shows how effective collaboration between public and private sector stakeholders can help in lifting millions out of poverty if supported and nurtured.

Akinseye wrote from Lagos

DOWN BUT NOT OUT

Sola Oni argues that Lafarge, despite recent setback, is only manifesting market efficiency

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t was literally a black Monday for Lafarge Africa Plc. on April 9, 2018 when the famous manufacturer of building components suffered massive sell-off of its shares on The Nigerian Stock Exchange. The investors’ reaction to the company’s disappointing after tax loss of N34.6 billion plunged the index of Industrial Goods Sector on The Exchange by -3.87 per cent on that fateful day.

Quoted on the Exchange’s prestigious Premium Board, Lafarge had announced its 2017 financial year result at the weekend before the black day and blamed the unpleasant performance on huge operational cost as reflected “in N12.4 billion cost of the evacuation of road under construction at UNICEM and N3.3 billion cost of ASHAKACEM Kiln precheater projects,� among others.

Apparently apprehensive of likely negative reaction from the shareholders, the company’s board had recommended a gross dividend of N13.01 billion, translating into N1.50 per share despite its loss in order to calm perceived frayed nerves. Unfortunately, the nervous shareholders could not be assuaged by the cash dividend and consequently embarked on share dumping, an option that they can exercise at any time.

This is the meaning of investor sentiment. It may be positive or negative. Shares are priced on the stock market on the strength of a company’s future growth potential. If investors anticipate robust earnings and dividend, they shall demand for the company’s shares and this may elicit upward movement of the share price. As a corollary, once there is perceived uncertainty in the future of a quoted company, investors may dump their shares in order to hedge against massive future losses and this can bring about depreciation of the share price.

At the most fundamental, the share price

of a listed company on an organised market is determined by the company’s performance, demand and supply and market hearsay. At a higher analytical level, public information on political, economic and social issues can affect pricing of shares positively or negatively.

In a normal market, no person or institution decides a share price. However, if there is a proven case of severe mismatch between demand and supply or evidence of insider abuse (privilege information) that a particular stock price is being manipulated, the management of the stock exchange is obliged to suspend trading on the stock until the problem is addressed in order to protect investment of innocent shareholders and ensure market integrity.

The story of Lafarge is not a case of breaching The Nigerian Stock Exchange’s Post Listing Requirements in the area of prompt dissemination of information. It is simply a situation where shareholders expressed dismay at the company’s financial performance. This brings into fore, the relevance of Efficient Market Hypothesis (EMH) despite its limitations.

Developed by a joint Nobel Prize Winner in Economics, Eugene Fama in 1970, EMH states that “it is impossible for an investor to outperform the market because all available information is already built into stock prices�. But the weakness of Fama’s thesis is that celebrated Warren Buffet whose investment strategy is purchase of undervalued stocks had made billions of dollars by beating the market. Similarly, there are skillful portfolio managers that have also recorded track records of beating the market.

Market efficiency has three forms: The Weak Form is the one in which stock prices reflect only publicly available past information. This can probably apply to a stock market in its most rudimentary form if it exists. The Semi-Strong

Form implies that stock prices reflect both publicly available past and present information.

This is the most common form of efficiency as Lafarge Africa’s recent public information on its 2017 financial performance prompted shareholders’ negative reaction. The third variant called Strong Form appears utopian as stock prices are believed to reflect not only past and present public information but hidden information or insider knowledge This is hardly practicable.

Antagonists of EMH insist that it lacks quantitative measure of market efficiency, cannot explain excess volatility and price fluctuation is unpredictable. In an ideal form, efficient markets are expected to reflect all available information, otherwise, investors with privileged information may benefit abnormal returns. In an efficient market, prices are random and unpredictable.

A market can become efficient if it is large and liquid and the transaction cost is cheaper than the anticipated profit. In the final analysis, no market can be absolutely efficient or inefficient.

However, globally, degree of market efficiency is fast increasing with improvement in Information and Communication Technology (ICT). Information is becoming readily available even in remote areas. But investor psychology is not a rocket science as it is replete with biases. This explains why their reaction to publicly available information about quoted companies can never be the same.

In the early 1990s, Nigerian Breweries Plc declared a bonus share of one-for-one. Within one week, the company’s share price depreciated by almost 50 per cent as elated shareholders off-loading their free shares to realise profit. This is normal.

As a Finance Correspondent for The Guardian, I engaged the then company’s Managing Director, Mr. Felix Ohiwerei in an exclusive interview on the continuous depreciation of the share price and he

volunteered information on Nigerian Breweries’ plan to acquire Swchepes Francise.

The exclusive story became the lead for The Guardian the following day and shares of Nigerian Breweries was on massive demand. Within 48 hours, the share price appreciated! Stock market is information driven. Investors through their certified investment advisers, the stockbrokers have seen the value that such an acquisition will bring to Nigerian Breweries’ bottom line. This expectation has been factored into the share price immediately.

The current situation with Lafarge will be short lived. The company is a metaphor for market efficiency. Lafarge Africa’s fundamentals are strong.

It parades people with intimidating credentials on its board and management. The company’s foreign core investor, Lafarge Holam has demonstrated high confidence in the business by planning to increase its equity in the Nigeria subsidiary to 76.32 per cent through a rights issue by converting its dollar-based loan to equity. Ultimately, this is a strategic move to have controlling stake in the premium -quoted company.

Lafarge whose brands include West Africa Portland Cement (WAPCO) and AshakaCem has a bright future. But it needs to do a lot of engagement with shareholders, stockbrokers and financial press to ensure that its efforts to bounce back are communicated to the right people at the right time.

Modern day investors are highly sophisticated and they need prompt information for immediate investment decision.

The story of Lafarge is a signal to management of quoted companies. Irrespective of the efforts being put in place to remain competitive, customer relation and investor relation must be aligned with media relation for enhanced brand positioning and loyalty.

Oni, ďŹ nancial Journalist and Chartered Stockbroker is the CEO, Sofunix Investment and Communications Ltd.

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T H I S D AY MONDAY, APRIL 23, 2018

EDITORIAL POWER SECTOR AND RURAL COMMUNITIES Electricity tariff in many rural communities is excessive

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igh tariff being charged by the electricity distribution companies (DISCOs) in the rural communities in Nigeria is a serious problem that should concern the authorities. Today, several of these communities across the country have been cut off from power supply, some for upwards of two years. Some villages where there are neither air-conditioning systems nor heavy appliances in any homes are being slammed with multi-million naira electricity bills that are in most instances several times the Gross Domestic Product of their people aside the fact that power is hardly ever supplied to them.

Many have laid the blame of this problem squarely on the shoulders of the Nigerian Electricity Regulatory Commission (NERC). By virtue of the Utilities Charge Act, the commission is empowered to evaluate, on a continuing basis, trends in tariffs with a view to providing the federal government information as would assist in policymaking. “If you check properly, the calibre of people who steal WHILE WE BELIEVE energy are the top THAT THE DISCOS MUST guys. They are those RECOVER THEIR COSTS, people who you think THE AUTHORITIES MUST will never do such BE CONCERNED BY THE things, not the small MANNER IN WHICH THE people in the society,” POOR OF OUR SOCIETY, said the NERC ComESPECIALLY THOSE WHO missioner, Finance and RESIDE IN THE RURAL Management Services, AREAS, ARE BEING Mr Nathan Shatti last INCREASINGLY CUT OFF week. Unfortunately, FROM THE REST OF THE it is the same poor WORLD people that are being unduly harassed by the managers of our power sector.

In the last three years or more, rural electricity tariffs like the urban ones have gone up several percentage points. The net effect has been a steady decline in rural economic growth except in a handful of states where the Central Bank of Nigeria (CBN) is subsidising agricultural

Letters to the Editor

activities. The troubling part is that a government that came to power on the pretext to help the poor has not even recognised the empowerment of rural areas as a priority. At a period when both poverty and hunger continue to saturate our country’s landscape, not providing the necessary infrastructure, of which power is key to the rural areas can only compound the problem.

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T H I S DAY EDITOR IJEOMA NWOGWUGWU DEPUTY EDITORS BOLAJI ADEBIYI, JOSEPH USHIGIALE MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR KAYODE KOMOLAFE CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN

T H I S DAY N E W S PA P E R S L I M I T E D EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU, IJEOMA NWOGWUGWU, EMMANUEL EFENI DIVISIONAL DIRECTORS PETER IWEGBU, ANTHONY OGEDENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEH ASSOCIATE DIRECTORS PATRICK EIMIUHI, SAHEED ADEYEMO CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO TO SEND EMAIL: first name.surname@thisdaylive.com

hree years ago, residents of the Apapa-Iganmu and the Ifelodun Local Council Development Areas of Lagos State marched in protest to the premises of the Eko Electricity Distribution Company over what they described as “crazy bills” served on them. The residents said their monthly electricity bills were not only excessive but also exploitative. “This act is inhuman and condemnable,” they said in a statement.

“Badia and Amukoko are low-profile populated areas yet our electricity bills are higher than our house rents.”

While we believe that the Discos must recover their costs even as we sympathise with them over the operating environment, the authorities must be concerned by the manner in which the poor of our society, especially those who reside in the rural areas, are being increasingly cut off from the rest of the world and the implications of such a state of affair on the economy of the country.

Meanwhile, the migration of the majority of our people from poverty in the shortest possible time should be a priority of our development strategy. Central to success in this regard is an electricity tariff structure that recognises the low income levels in our rural areas. Therefore, the power sector reform can only succeed if government recognises its social responsibility to empower the rural populace through the provision of affordable electricity supply. The multiplier impact would accelerate economic development and raise standards of living in the rural areas. To this extent, a certain subsidy element must of necessity apply in electricity tariffs in the rural areas.

In an environment where subsidy has become a by-word for corruption, this will take proper planning but government needs to bear this burden as an integral part of a deliberate development policy measure for the rural areas. It will also help the Discos to cushion some of their enormous credit exposure.

TO OUR READERS Letters in response to specific 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.

A NATION SADDLED BY CORRUPTION AND STEALING

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hen former Nigerian President, Dr. Goodluck Jonathan affirmed a few years back that “corruption is not stealing”, he was crucified and vilified. Perhaps, among other things, that statement cost him the presidency. Also, once upon a time, a former British Prime Minister of Britain referred to Nigeria as “a fantastically corrupt nation”.

Angered, by this declaration, many came out to condemn the former Prime Minister’s frank assessment of our country’s corruption status.

As if to further validate the truth about the nation’s corruption situation, the Nigeria’s National Bureau of Statistics’ recently reported that a total sum of N400 billion is spent on bribes each year since 2015.

Stealing is just one of the branches of corruption just like gynaecology is a branch of medicine. Corruption is an abuse of power; it is the father of stealing. Werlin described corruption as the “diversion of public resources to non-public purposes,” in which the public office holder illegally appropriates public resources for personal use.

Earl J. Friedrich called corruption a deviant behaviour associated with selfish gains at the public expense.

In Nigeria, corruption manifests in diverse ways. For instance, it could come in the garb of a policeman demanding for bribe from offenders or a public officer trying to cut corners in awarding a public contract or even a religious leader or body soliciting for favour from public office holders towards building a mega cathedral. Corruption in Nigeria is a national culture, a way of life that has been endorsed by institutions and supported by all and sundry. It does not matter

how you make your money in the country whether you are a drug baron or ex-agitators, traditional rulers would offer you chieftaincy titles, religious leaders will offer you prominent roles and even make prominent mention of your name from time to time as a pillar in the ‘House of God’.

Among all countries of the world, the cost of construction of road in Nigeria is the most expensive. A careful assessment of road projects in Nigeria shows that averagely a kilometre of road costs N1bn. Road projects are also constantly being reviewed with government increasing the contract sums either biannually or once in five years. A recent report indicates that even in Africa, the cost of constructing roads in Nigeria is far higher than what is spent on constructing roads in other nations on the continent. The minimum wage as at now is N18,000 but our lawmakers are paid huge sums of money that makes other hardworking compatriots cringe.

But the truth is that almost every segment of the country is corrupt. From the least to the greatest, the young to the old, Nigerians have become fantastically corrupt people, almost without conscience.

This is why it is sometimes amusing to see so -called analysts and critics always blaming political elite for our corruption status. The reality on ground is that almost every professional in the country has one or two things to do with corruption. Teachers in higher institutions either sleep with female students or demand for financial inducement before they could scale through in examinations. Parents connive with officials to procure admission into tertiary institutions for their wards.

Personnel in public hospitals either hoard or illegally sell drugs that are procured by government for patients. Members of informal sector such as tailors, mechanics, builders, plumbers, painters, etc., end up buying inferior materials when they were actually given money for ‘original’ products. And they swear to high heavens that what they have is original. The list is endless. There is also the high incidence of “ghost workers,” in the public service which was estimated at 60,000 in 2014, in addition to 50,000 fictitious workers in 2013. Undaunted by the anti-corruption credentials of the current government, civil servants, in connivance with politicians and crony-contractors, have continued to “pad” the federal budget.

Sadly, in our tertiary institutions of higher learning, where ‘future leaders’ are being produced, the situation is even more alarming as student union elections become a bloodbath. Unlike in those days when student unionism was quite vibrant, the reverse is now the case. Student union leaders have somehow mastered the art of corruption more than their seniors across the country. They give phantom awards to political and economic elite in the country with the sole intent of collecting from the (suspecting?) awardees their own part of the commonwealth.

It is that bad. Money is now our God in Nigeria. And unsurprisingly, animals in the country are closely watching. From the look of things, it won’t be long before snakes, monkeys, fowls, lizards and other animals in the country would outdo their human counterparts in the area of undue love and craze for money.

Tunde Omisore, Ikeja, Lagos

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

POLITICS

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

One Blunder Too Many President Muhammadu Buhari’s gaffe at the Commonwealth Business Forum in London wasn’t isolated. Tobi Soniyi looks at other instances when the president failed to carefully choose his words

President Muhammadu Buhari with other leaders at the 2018 Commonwealth Heads of Government Meeting (CHOGM2018)

I

t is a reality of life that nobody, no matter how smart, is too smart not to make mistakes. Afterall to err is human, to forgive is divine.

But not in Nigeria. President Muhammadu Buhari and his handlers have never accepted that the president sometimes makes mistakes.

When someone makes a mistake, and he quickly apologises for the error, he wins the respect of the people he apologised to.

Rather than for the president and his handlers to accept the fact that the president committed a blunder when he did not only lie against Nigerian youths, but also insulted them before the world, they adopted their usual tactics of prevaricating.

The attempt by his handlers to rationalise and explain away the blunder does not help.

Here is the statement the president madeduring a panel appearance with world leaders at the Commonwealth Business Forum in London: “More than 60 per cent of the population is below 30, a lot of them haven’t been to school and they are claiming that Nigeria is an oil producing country, therefore, they should sit and do nothing, and get housing, healthcare, education free.”

Some argued that he did not use the word ‘lazy’ others said he did not refer to all Nigerian youths. But the sentence is so straightforward that there should be no argument as to what it means. If the youths are angry at the president because of that statement, they are right to express their anger. That statement is simply unpresidential.

Nigerian youths are very had working.

They are creative and talented. They are resilient. The problem is that this government has given them fewer opportunities. Which job did the president offer them that they refused to do?

The outrage which greeted the statement is justified and understandable in the circumstance.

As expected, politicians have been trying to make political gains out of the president’s

statement. The main opposition party, the Peoples Democratic Party, in a statement signed by its National Publicity Secretary, Kola Ologbondiyan, described as shocking, the comment by the president, adding that his remark brought the nation low in the eyes of the international community.

“How can President Buhari describe Nigerian youths as lazy, when they have proven, without doubt, to be one of the most industrious sets of individuals across the world?

“Nigerians find it extremely shocking that President Buhari could make such a false, derogatory and unpatriotic comment against our citizens at a time the nation was looking up to him to properly present our potentials to the global business community.

“It is alarming that at every international event, the President makes it a favourite past time to de-market, paint and denigrate our dear nation and her citizens in very negative light.”

PDP blamed the Buhari administration for its failure to provide job opportunities to the teeming youths population across the country.

The president can turn this blunder into a positive development by using the opportunity created by the controversies to reach out to the youths

The party added: “Here is a President, whose administration has in its three years of governance, contributed nothing towards providing opportunities for our youths and who has not initiated or implemented any development project or set up any industry to provide jobs for our aspiring youths.

“Here is a President under whose watch, factories and businesses have shut down resulting in over 24 million job losses and under whom no meaningful foreign direct investment has been attracted to the country.

“This is a President who daily watches Nigerian youths sweating on menial jobs under very strenuous conditions on the streets of Abuja, Jos, Lagos, Ibadan, Kano, Kaduna, Maiduguri, Bauchi, Calabar, Port Harcourt, Enugu, Onitsha and other major cities, yet he unsympathetically described them as lazy.

“These are the same set of Nigerians who, upon being afforded the right opportunities in other countries of the world, are known to have excelled in various fields of endeavour.

“Most disheartening is that these are the same young persons who form the highest demography of voters that put their confidence in him in 2015. Now they are receiving the short end of the stick from the President.”

Not to be left out, former Vice President Atiku Abubakar also spoke in support of the youth. He said: “I will never refer to Nigeria’s youth as people who sit and do nothing. They are hard working. I should know, I have thousands of youths working for me all over the country who have been the backbone to our success.

“I’ve always said oil is not Nigeria’s greatest asset. Our greatest asset is our youth who created Nollywood out of nothing and an entertainment industry that is second to none in Africa.

“Our youth are charting new frontiers; creating a huge tech industry on their own.

Their entrepreneurial spirit, work ethic,

and creative abilities are things of pride and should be applauded, encouraged and nurtured.”

Suffice to point out that, this is not the first time the president would criticise Nigerian youths. In an interview with the United Kingdom Telegraph in February 2016, Buhari said some Nigerians in the UK, mostly youth, were disposed to criminality and should not be granted asylum there.

He said: “We have an image problem abroad and we are on our way to salvage that. Some Nigerians claim is that life is too difficult back home, but they have also made it difficult for Europeans and Americans to accept them because of the number of Nigerians in prisons all over the world accused of drug trafficking or human trafficking. I don’t think Nigerians have anybody to blame. They can remain at home, where their services are required to rebuild the country.”

Of Constituencies and Percentage of Votes Those who have been monitoring the president’s speeches would have discovered that once he is not reading from a prepared text, he sometimes makes statements that tend to embarrass the nation.

Remember his famous (many think it is infamous) statement on how he would treat the people of the Niger Delta? At the beginning of his administration, the president paid an official visit to the United States and had to speak at the United States Institute of Peace (USIP) on July 22nd, 2015.

After the president had spoken, members of the audience were invited to ask questions in a session moderated by former Undersecretary of State for African Affairs Johnnie Carson.

Dr. Pauline Baker, the President Emeritus of The Fund for Peace, said to the president: CONT’D ON PAGE 19

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POLITICS

MONDAY DISCOURSE ONE BLUNDER TOO MANY

Nigerian youths are very had working. They are creative and talented. They are resilient. The problem is that this government has given them fewer or no opportunities “My question relates to another area of Nigeria that hasn’t gotten a lot of attention during this trip and that is the Niger Delta. It’s a challenge that you are going to face. I wonder if you would tell us how you intend to approach it with particular reference to the amnesty, bunkering, and inclusive development?”

Initially, President Buhari did not appear to understand the question. However, after some help from Mr. Carson. President Buhari looked at Mr. Carson and said, “inclusive?”

“Inclusive government…including women, youth” Mr. Carson responded to President Buhari. “I see,” the President said.

Finally the prescient answered thus: “I hope you have a copy of the election results.

The constituents, for example, gave me 97% cannot in all honesty be treated on some issues with constituencies that gave me 5%.

“I think these are political reality.”

Like his comment on the youth, the president’s response to Dr Baker caused an outrage. Having been elected as president of the Federal Republic of Nigeria, he was expected to be president of all, not only of the people who gave him 97 per cent of the votes.

My Wife Belongs to the Kitchen Youths are not the only set of people the president has issues with. He has not spared women either. Going by the records, it is becoming a pastime for the president to commit the blunders overseas. Let us go back to Germany. After the president’s wife told the BBC that the president did not know 45 out of the 50 of the people he appointed and that she too did not know them either even though she had been married to him for 27 years, the president responded while he was on official visit to Germany.

Buhari shocked the world, when in the presence of German Chancellor, Angela Merkel said: “I don’t know which party my wife belongs to, but she belongs to my kitchen, my living room and the other room.” Although, he was talking about his wife, women across the country, an indeed across the world, got the message.

The president made the statement in front of an international audience and while standing beside the world most powerful and influential woman, Angela Merrkel.

What About Fantastically Corrupt?

After admitting publicly and before the international community that Nigerians are fantastically corrupt, why is the president having difficulty accepting the Transparency International’s Corruption Perception Index which shows that corruption remains pervasive in Nigeria?

In 2016, during the Commonwealth anticorruption summit in London, the then Prime Minister of the UK, David Cameron crossed the diplomatic line when he referred to Nigeria as a fantastically corrupt country when having a chat with Queen Elizabeth II. Nigerians felt scandalised and expected their leaders to protect them. Even the president’s aides spoke out against the British prime minister. Nigerians wanted an apology from Cameron.

However, when Buhari was asked if he agreed with Cameron’s comments, he shocked everyone by replying “Yes.” Then he added, “What do I need an apology for? I need something tangible, the return of assets smuggled into Britain as safe haven.”

When the president admits that Nigerians are fantastically corrupt, he seems to be under the illusion that he is not included.

Other negligible and embarrassing but

Atiku Abubakar criticized the president’s statement

avoidable mistakes of the president include but not limited to: In the US, while speaking with President Barrack Obama about the peaceful power transition in Nigeria, the president mistakenly referred to his party as the All Nigeria’s People’s Congress.

While reacting to the Independent National Electoral Commission’s decision to postpone the 2015 general elections, Buhari as APC presidential candidate referred to INEC as the Independent Nigerian Electoral Commission.

Also during the campaign, Buhari could not correctly recall the name of his running mate, Yemi Osibanjo. Instead, he called him “Yemi Osinbade.”

In Germany, while briefing newsmen on the outcome of the G7 meeting, President Buhari referred to Germany as “West Germany” and also referred to the Chancellor of Germany Angela Merkel as “President Michelle of West Germany”.

Delivering a speech on the ‘abduction of

The President should simply withdraw the statement on the youths and apologise; and tell them what he will do for them in addition to what he had done for them

the Chibok girls’, at the National Institute of Peace, the president mistakenly said that the children had been kidnapped from “their hotels” instead of “hostels”.

We Don’t Expect our President to Be Perfect It is worth repeating the fact that no one is perfect. Nigerians know and understand that their president is not perfect.

However, they expect the president to speak positively about the country. Will it not be correct if the president had said that ‘Nigerian youths are eager to learn and to unleash their creative energy on the world. However, we are doing our best to create an environment where every young person will be able to maximise his or her potentials.’

President Buhari has said enough negative things about the country to discourage potential investors. It is time he started emphasising the positives. It is not about lying about Nigeria, rather it is about turning our weakness as a county into strength. It is about encouraging those who are doing well. The president should tell the sworld the story of a Nigerian taxi driver who returned huge sum of money left in his cab to the owner. The president should tell positive stories about his country.

Some Nigerian graduates are riding ‘okada’ to make ends meet. Others are doing menial jobs. The president needs to encourage them and not demoralise them.

No matter how careful one is, mistakes do

happen. And when they do? Apologise. The president must heed the advice of Shehu Sani, the senator representing Kaduna Central.

In his reaction he said: ”The President should simply withdraw the statement on the youths and apologise; and tell them what he will do for them in addition to what he had done for them.

“The President spin doctors are trying to spray fragrances on the feces and lace the dung with olive oil, it’s absurd.The President is a human being, he can gaffe and should be forgiven and should not be sent to the political guillotine.

“As for the youths, the challenge is to pick the baton and lead and stop holding the Alsatian Dogs of the political elite.

The President echoes the perception of the bourgeoisie power elites, the youths must rise against it.”

If the president refuses to acknowledge the great strides achieved by our youths, others are not so blinded. An analysis by Rice University in the U.S. revealed that Nigerian youth were the most educated of all migrants in the country. The institution credited the finding to a culture of relentless drive for education amongst Nigerians.

That is something for Nigerian youths to cheer about.

The president can turn this blunder into a positive development by using the opportunity created by the controversies to reach out to the youths. Hold a youth summit. Give them opportunity to express themselves. Listen to them. And do something for them.

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FEATURES

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

Unending Criminality on Kaduna-Abuja Expressway John Shiklam writes that in spite of the presence of security forces and the frequent arrest of criminal gangs terrorising travellers along the notorious Kaduna-Abuja Expressway, the bandits continue to have the upper hand

Twenty-year-old suspected leader of a notorious kidnapping gang along Kaduna-Abuja highway, Ibrahim Umar (1st right) and some of his gang members being paraded by the police

T

he recent brutal attack on the Managing Director of the Kadunabased Safari Farms, Mr. Shadrack Madlion and his family along the Abuja-Kaduna Expressway, is an indication that armed bandits have not relented in their criminal activities despite the massive deployment of security personnel by the Inspector General of Police (IGP), Ibrahim Idris.

Noted for its notoriety for kidnapping and armed robbery activities, many commuters dread plying the road. Many Nigerians, including foreigners had been victims of these bandits that have been terrorising the road in the past three years.

They kill, rape and collect millions of naira as ransom from their victims. Sometimes they kill their victims after collecting huge sums of money.

Despite the massive onslaught on the hoodlums by the police, they seemed to be undeterred as they pounce on their victims on the slightest opportunity.

Madlion and his family are the latest victims who the dare devil bandits nearly eliminated entirely.

The agriculturalist, his wife, two sons and his sister in-law were returning to Kaduna that fateful Friday, April 6, 2018, when the bandits struck in a commando like style as they opened fire on the SUV they were travelling in.

It was just 4p.m. and they had just passed Jere town in Kagarko Local Government Area of Kaduna State when the deadly attack took place.

They pumped bullets on the vehicle, hitting the tyres and windscreen, the vehicle somersaulted four times, before it came to a halt.

How they survived the attack was a miracle! “We survived the attack by divine providence,�

Madlion said.

Dazed, traumatised, the bandits swooped on him and dragged him out of the wrecked vehicle, alongside his nine-year-old son to the bush.

A man and his wife on the other side of the expressway were said to have been killed on the spot. The bandits were said to have blocked the

The recent brutal attack on the Managing Director of the Kaduna-based Safari Farms, Mr. Shadrack Madlion and his family along the AbujaKaduna Expressway, is an indication that armed bandits have not relented in their criminal activities despite the massive deployment of security personnel by the Inspector General of Police (IGP), Ibrahim Idris The suspected leader of a notorious kidnapping gang along Kaduna -Abuja highway, Ibrahim Umar, arrested by the police last year

highway shooting sporadically in the air with their sophisticated weapons as some commuters turned back to run for their lives.

Giving details of his ordeal, Madlion said, “My family and I - my wife and my two sons and my sister in-law were driving in an SUV, we had passed Jere from Abuja going to Kaduna.

By the time we passed Jere, unconsciously I just made a joke, I said to my wife, ‘we have just passed the danger area’. “Before we could get to the Kateri Bridge, four men came out and shot our vehicle.�

According to him, “The car somersaulted

four times. They shot at the tyres, the body of the car and the windscreen. None of us was hit by the bullets. “We were somersaulting and the car eventually came to a standstill. Thank God for the seatbelt and airbag. “When the vehicle stopped it took me sometime to understand what had happened. I saw people shooting at me. A man came out from the bush and brought out a machetes and the first thing he did while I was still lying on the floor was to slap me with a machete and dragged me to the bush.

“The bandits were still shooting to stop people from coming close. A man and his wife who were driving on the other side of the road, were shot dead instantly. “They took me away and kept me inside a cave.

They took me and my son into the bush. We trekked for about five hours. At about 9p.m., we got to a place and we slept on the ground. “They saw some light around the area, and they moved us to another location. We trekked for another four hours. All these added up to about 29 kilometres of trekking in the forest. I had my farm compass on my neck, so that tells me where I am at every given time.

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FEATURES

Other suspected bandits arrested by the police

The Train Station in Rigassa, Kaduna...Abuja bound travellers now patronise rail transport because of kidnappers

“My wallet was the first thing they took from me and they went through it. When they picked my son, they picked my driver’s phone who was driving the second car that was behind us.�

Speaking further, Madlion said the bandits switched on the phone and the first call that came in, they told the person who called, that they are kidnappers and they should go and look for N50 million ransom. “At about 1:45 a.m., they took us to another location, a flat rock and we slept there with my nine-year-old son.�

Speaking further, Madlion said, the hoodlums were well armed with sophisticated guns that he had never seen before. “The guns they were carrying are more sophisticated than the ones I see our armed forces carrying. “They have double magazines, the rucksack they carried on their backs was filled with bullets.

They also have another rucksack that contains drugs - iodine, panadol. “They gave me some drugs because I had a dislocated hips. In the morning they took us to a rock that is about 46 metres high and kept us there,� he said.

He commended the personnel of the Department for State Security (DSS) who, according him, did their best. “They (DSS) were the ones speaking with them and the ransom was negotiated from N50 million to N10 million.

By 11:47a.m. on Sunday (April 8), the money was delivered to them. They had to confirm the money before they released us,� he said.

Madlion lamented the deadly activities carried out by bandits across the country, particularly in Kaduna, where, according to him, farming

communities no longer go to their farmers for fear of being abducted.

He said the government has failed in its responsibility of safeguarding lives and property of the citizens. “We believe that the previous government was a failure, but what I am seeing today is a disaster. The primary responsibility of any given government anywhere in the world is the protection of lives and property. Lives and property are not being protected. Farmers no longer go to their farms because of insecurity,� he said. Many people, especially the elites have abandoned the roads for train services from Kaduna to Abuja, which was meant to provide affordable means of transport to the masses.

A visit to the train station in Rigassa area of Kaduna revealed that about 60 per cent of train passengers are top politicians, government

As you can see, many people now travel to Abuja by train. So we have left the road for kidnappers. It bafes us so much that, despite the deployment of about 700 anti-riot policemen backed with over 80 patrol vehicles, people are being abducted on the highway

functionaries, business men and women and other professionals. They park their cars at the station to go to Abuja and pick their cars upon returning from the train station. A senior lawyer who didn’t want his name in print said travelling by train is the safest means of transportation due to the activities of bandits on the highway. “It is very risky travelling on the Kaduna-Abuja highway. Though the rate of kidnapping seems to have dropped, this is because many people no longer travel by road to Abuja. “As you can see, many people now travel to Abuja by train. So we have left the road for kidnappers. “It baffles us so much that, despite the deployment of about 700 anti-riot policemen backed with over 80 patrol vehicles, people are being abducted on the highway. “If you recall, the road became very safe and under strict surveillance when flights were diverted to Kaduna in 2017. But immediately after flight operations were returned to Abuja, the bandits resumed their nefarious activities in full swing,� he said.

Also speaking at the Rigassa Train Station, a top politician who also pleaded to remain anonymous said, the Kaduna-Abuja Highway has become a no go area for many ‘big men’. “Even with the heavy security, the kidnappers seem to know where to strike. They operate even more deadly. I heard how a man and his family were almost killed when the kidnappers opened fire on them. “Such incidents are scaring and do not make people to have confidence in the security personnel. That is why you see everybody who is scared of the road trooping to the train station,� he said.

As a result of the high patronage railway fares were increase from N1,500 to N2,000 and N3,000 depending on whether it is first class, economy or popular. The train also operated three trips from Kaduna-Abuja to cope with the high influx of passengers.

Speaking during the just concluded Kaduna Investment Forum, Minister of Transport, Mr. Chibuike Amaechi, said railway fares were jacked up when it was discovered that rich people had taken over the trains.

"Actually rich men use the train but the actual intent of President Muhammadu Buhari is to allow us to move the poor people from Kaduna to Abuja. “But if you go to Idu Railway Station or Rigasa Railway Station, you will see big men park their cars and use the train, chasing away the poor men. Since we discovered big men are using the railway, we jacked up the price,� he said. “This is what is called appropriate pricing.

So we price according to your pocket. But this doesn't affect our subsidy because we still subsidise our railway,� he said.

As it is, it has become very dangerous to ply the Abuja-Kaduna Expressway.

Some of those who dare to ply the highway, do so with fear of the unknown and prayers for God’s protection against the hoodlums.

As a gateway to the Northwestern states, the road plays a very important role in the economic activities of the people.

Although the security agencies have succeeded in flushing out many of the hoodlums by arresting hundreds of them, there is the need to be more proactive in tackling the remnants that are unleashing terror on innocent people by adopting new strategies.

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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×

Edo State Governor, Mr. Godwin Obaseki (5th left); his Deputy, Rt. Hon Philip Shaibu (6th left); Secretary to the State Government (SSG), Osarodion Ogie Esq. (2nd right, 2nd row); Chief of Sta to the Governor, Chief Taiwo Akerele (right, 2nd row); Vice Chairman, Committee of Benin Elders, Hon S. O. Uwaifo (4th right, 2nd row); Secretary, Committee of Benin Elders, Prof. Sam Guobadia (4th left); and other members of the Committee of Benin Elders, during their courtesy visit to the governor in Benin City, Edo State...recently

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International Monetary Fund Managing Director Christine Lagarde (middle)answers a question at the spring meeting in Washington DC on Thurday

L-R;National INEC Commissioner, Mrs May Agbamuche-Mbu; INEC Chairman, Prof Mahmood Yakubu, and National INEC Commissioner, Prof Antonia Okoosi-Simbine at the swearing in of seven newly appointed Resident Electoral Commissioners (RECs) for INEC in Abuja...recently Julius Atoi/thisday images

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L-R: Managing Director, Virony Nigeria Ltd, Mr. Emeka Okoyo; President, Virony Ltd, Vicky Cao;Virony Brand Ambassador, Mercy Johnson- Okojie; and Marketing Director, Mr.John Jiang, at the unveiling of Mercy JohnsonOkojie as brand ambassador of Virony in Lagos...recently etop ukutt

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THUMBS UP Succour for 860 Sacked Employees of Mobil Ă&#x;Ă?Ă?Ă™Ă&#x;Ăœ Ă–Ă‹Ă?Ăž ĂĄĂ?Ă?Ă•Ëœ Ă?Ă‹Ă—Ă? ÞÒĂ? ĂĄĂ‹ĂŁ Ă™Ă? ͜ʹ͎ Ă?Ă‹Ă?Ă•Ă?ĂŽ Ă“Ă‘Ă?ĂœĂ“Ă‹Ă˜ Ă?×ÚÖÙãĂ?Ă?Ă?

THE NICHE NEWSPAPERS ANNIVERSARY LECTURE

R-L: Guest Speaker and a former Deputy Governor, Central Bank of Nigeria, Prof. Kingsley Moghalu; representative of the Senate President, Bukola Saraki, Senator Ben Murray-Bruce; Chairperson of the occasion and a former Presidential candidate, Prof. Remi Sonaiya; representative of Minister of Information cum Director of Training, National Institute for Cultural Orientation, Mrs. Brigiitte Yerima and a traditional ruler from Abriba, HRM Kalu Kalu, at the fourth anniversary Lecture of the The Niche Newspapers in Lagos ‌ recently

FGN Bonds Lead in PFAs Asset Allocation with N3.6tn Eromosele Abiodun Despite the yawning infrastructural gap in Nigeria, the Pension Fund Administrators (PFAs) in the country have continued to allocate majority of their assets in the Federal Government of Nigeria (FGN) bonds, staking over 50.1 per cent of its assets, N3.5trillion ($12.5 billion) in the instrument.

The assets under management (AUM) of the Nigerian regulated pension industry increased by 23.7 per cent year-on-year ( y/y) in February this year to N7.79 trillion ($25.5 billion).

Growing at a reasonable rate yet, at just 6.9 per cent of the nation’s 2017 gross domestic products (GDP), analysts believe they are running well behind many emerging markets. “Nigeria was relatively late

ECONOMY (2004) in introducing legislation creating a sound structure for regulated pensions. Strong and forward-looking leadership has not always been forthcoming from the regulator, so we have to view its target of 30 per cent coverage of the workforce by 2024 as ambitious, “said analysts at FBN Quest.

Analysis of the PFAs assets allocation showed that Nigerian Treasury Bills (NTBs) attracted 18.1 per cent; the local stock market got 9.4 per cent, domestic money market 8.1 per cent, others 12.8 per cent.

Further analysis revealed that the industry’s holdings of FGN paper amounted to 69.7 per cent of their AUM in February, compared with 72.3 per cent one year earlier.

The beneficiary has been domestic equities, the share of which gained 1.9 per cent over the 12-month period.

Commenting on the development, analysts at FBN Quest noted that: “The role of the PFAs in local debt markets remains pivotal. Their holdings of FGN bonds at end-February represented 45.5 per cent of the stock of the instruments at endDecember. “National Pension Commission (PenCom) latest data do not point to a surge of investment in domestic equities. The Nigerian Stock Exchange (NSE) ASI rose by 71.1 per cent in the 12 months to end-February while AUM in the asset class increased by 54.8 per cent over the same period, “they said.

The analysts however warned that the decline in yields on FGN

paper since mid-2017 could lead to a change in asset allocation

by PFAs. “The share of AUM invested in equities has risen but we are not witnessing a sea-change.

The generally average results of listed companies other than tier-one banks militate against such a change. We understand that conversations are taking place between the FGN and the PFAs to persuade them to invest in priority infrastructure projects through a SPV structure.

Investors require attractive terms relative to those on exposure to other asset classes, “they added.

Many PFAs were impacted by the recession that hit the country in 2016, but Head Business Development, ARM Pension Managers, Abisola Onigbogi Continued on page 24

How US-China Trade ‘War’ Will Affect Nigeria Obinna Chima in Washington DC The Director General of West African Institute for Financial and Economic Management (WAIFEM), Professor Akpan Ekpo has said ongoing trade tension between the United States and China, if allowed to continue, would affect Nigeria negatively.

The WAIFEM boss said this in an interview with THISDAY, on the sideline of the ongoing World Bank/International Monetary Fund (IMF) Spring Meetings in Washington DC. The US recently announced a range of tariffs on Chinese goods, claiming that China was stealing US Intellectual property.

ECONOMY Thereafter, China responded with its own tariffs on US goods within hours. The moves followed US tariffs that were imposed earlier this year on Chinese steel and aluminium, which also prompted a response from China.

But speaking on the development, Ekpo said it clearly has implication for trade in Nigeria.

He explained: “We know that our major export is oil and we import almost everything from China. So, if Chinese had to pay more to trade with the US, they will pass it on to us. “So, Chinese goods in Nigeria may also go up and may result

into what we partly call imported inflation.�

Owing to this, Ekpo said there was need for the federal government to continue to push for the diversification of the economy.

He added: “We must industrialise to fight what is happening between the US and China. We cannot continue to depend on the export of crude oil. “We import virtually everything and don’t add value to anything. Granted we don’t have to manufacture the entire things we need, we can add value to some of our produce. “So, from what is happening between the US and China, we should start to strategise on how to deal with this matter because

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Ă˜ Í°ÍŽÍŽÍŽ Ă‹ ĂŽĂ“Ă?ĂšĂ&#x;ĂžĂ? Ă‹ĂœĂ™Ă?Ă? Ă‹ĂŒĂ™Ă&#x;Ăž ÞÒĂ? Ă?ÞËÞĂ&#x;Ă? Ă™Ă? ÞÒĂ? Ă?Ă?Ă?Ă&#x;ĂœĂ“ĂžĂŁ Ă‘Ă&#x;Ă‹ĂœĂŽĂ?Ëœ åÓÞÒ ÞÒĂ? Ă?Ă™Ă—ĂšĂ‹Ă˜ĂŁ Ă?Ă–Ă‹Ă“Ă—Ă“Ă˜Ă‘ ÞÙ Ă’Ă‹Ă Ă? ĂžĂœĂ‹Ă˜Ă?Ă?Ă?ĂœĂœĂ?ĂŽ ÞÒĂ?Ă“Ăœ Ă?×ÚÖÙã×Ă?Ă˜Ăž ÞÙ ÞÒĂ? Ă“Ă‘Ă?ĂœĂ“Ă‹ ÙÖÓĂ?Ă? Ă™ĂœĂ?Ă? Ě™ ̚˛ Ă™ĂŒĂ“Ă– Ă?Ă–Ă‹Ă“Ă—Ă?ĂŽ Ă“Ăž Ă?Ă˜Ă‘Ă‹Ă‘Ă?ĂŽ ÞÒĂ?Ă— Ă‹Ă? ÚÙÖÓĂ?Ă? ĂšĂ?ĂœĂ?Ă™Ă˜Ă˜Ă?Ă–Ëœ Ă‹Ă˜ĂŽ Ă˜Ă™Ăž Ă‹Ă?ĂžĂ&#x;Ă‹Ă– Ă?ÞËĂ?Ă?Ëž Ă‹ Ă?Ă–Ă‹Ă“Ă— ÞÒĂ? Ă‹Ă?Ă?Ă?Ă?ĂžĂ?ĂŽ ĂĄĂ™ĂœĂ•Ă?ĂœĂ? ĂŽĂ“Ă?ĂšĂ&#x;ĂžĂ?ĂŽËœ åÓÞÒ Ă?Ù×Ă? Ă™Ă? ÞÒĂ?Ă— ĂœĂ?Ă?Ă&#x;Ă?Ă“Ă˜Ă‘ ÞÙ ĂŒĂ? ĂžĂœĂ‹Ă˜Ă?Ă?Ă?ĂœĂœĂ?ĂŽ Ă™Ă&#x;Ăž Ă™Ă? ÞÒĂ?Ă“Ăœ Ă?ĂžĂ‹ĂžĂ“Ă™Ă˜Ă?Ë› Ă’Ă? ĂĄĂ™ĂœĂ•Ă?ĂœĂ? ĂĄĂ?ĂœĂ? Ă?Ă‹Ă?Ă•Ă?ĂŽ Ă&#x;Ă˜Ă?Ă?ĂœĂ?Ă—Ă™Ă˜Ă“Ă™Ă&#x;Ă?Ă–ĂŁ Ă‹Ă˜ĂŽ ĂĄĂ?ĂœĂ? Ă?Ù×ÚĂ?Ă–Ă–Ă?ĂŽ ÞÙ Ă?Ă“Ă‘Ă˜ Ă‹ ĂŽĂ™Ă?Ă&#x;Ă—Ă?Ă˜Ăž Ă“ĂŽĂ?Ă˜ĂžĂ“Ă?Ă“Ă?ĂŽ Ă‹Ă? ËŤ Ă™ĂŒĂ“Ă– ĂœĂ™ĂŽĂ&#x;Ă?Ă“Ă˜Ă‘ Ă“Ă‘Ă?ĂœĂ“Ă‹ Ă?ÞËÞĂ&#x;Ă? Ă‹Ă‘ĂœĂ?Ă?Ă—Ă?Ă˜Ăž Ă?Ă™Ăœ Ă?Ă&#x;ĂšĂ?ĂœĂ˜Ă&#x;Ă—Ă?ĂœĂ‹ĂœĂŁ ÚÙÖÓĂ?Ă? Ă?Ă?ĂœĂ Ă“Ă?Ă? Ă?Ă™Ă˜ĂŽĂ“ĂžĂ“Ă™Ă˜ Ă‹Ă‘ĂœĂ?Ă?Ă—Ă?Ă˜ĂžË›ËŹ Ă’Ă“Ă–Ă? Ă?Ù×Ă? Ă™Ă? ÞÒĂ? ĂĄĂ™ĂœĂ•Ă?ĂœĂ? ĂĄĂ?ĂœĂ? Ă“Ă˜ĂžĂ“Ă—Ă“ĂŽĂ‹ĂžĂ?ĂŽ ĂŒĂŁ ÞÒĂ? Ă?Ă™Ă—ĂšĂ‹Ă˜ĂŁ ÞÙ Ă?Ă“Ă‘Ă˜ ÞÒĂ? ĂŽĂ™Ă?Ă&#x;Ă—Ă?Ă˜ĂžĂ?Ëœ ÙÞÒĂ?ĂœĂ? Ă?ÞÙÙÎ ÞÒĂ?Ă“Ăœ Ă‘ĂœĂ™Ă&#x;Ă˜ĂŽËœ Ă‹Ă˜ĂŽ Ă–Ă‹ĂžĂ?Ăœ Ă?Ă™Ă&#x;Ă‘Ă’Ăž ÞÒĂ? ĂšĂœĂ™ĂžĂ?Ă?ĂžĂ“Ă™Ă˜ Ă™Ă? ÞÒĂ? Ă?Ă™Ă&#x;ĂœĂž ĂŒĂŁ Ă?Ă“Ă–Ă“Ă˜Ă‘ Ă‹ Ă?Ă&#x;Ă“Ăž Ă‹Ăž ÞÒĂ? Ă?ĂŽĂ?ĂœĂ‹Ă– Ă“Ă‘Ă’ Ă™Ă&#x;ĂœĂžËœ ĂŁĂ™Ëœ Ă•ĂĄĂ‹ ĂŒĂ™Ă— ÞËÞĂ?Ë› Ă’Ă? ×ËÞÞĂ?Ăœ ĂĄĂ‹Ă? ĂŒĂœĂ™Ă&#x;Ă‘Ă’Ăž ĂŒĂ?Ă?Ă™ĂœĂ? ÞÒĂ? ÚÚĂ?Ă‹Ă– Ă™Ă&#x;ĂœĂžËœ ĂĄĂ’Ă“Ă?Ă’ Ă&#x;ÚÒĂ?Ă–ĂŽ ÞÒĂ? Ă“Ă‘Ă?ĂœĂ“Ă‹Ă˜ ĂĄĂ™ĂœĂ•Ă?ĂœĂ?ËŞ Ă?Ă–Ă‹Ă“Ă— ÞÒËÞ ÞÒĂ?ĂŁ ĂĄĂ?ĂœĂ? Ă?×ÚÖÙãĂ?Ă?Ă? Ă™Ă? Ă™ĂŒĂ“Ă–Ë› Ă’Ă? ÙÓÖ Ă‘Ă“Ă‹Ă˜Ăž Ă‹ĂšĂšĂœĂ™Ă‹Ă?Ă’Ă?ĂŽ ÞÒĂ? Ă&#x;ĂšĂœĂ?Ă—Ă? Ă™Ă&#x;ĂœĂž ÞÙ ĂœĂ?Ă Ă?ĂœĂ?Ă? ÞÒĂ? Ͱ͎͎͡ Ă™Ă&#x;ĂœĂž Ă™Ă? ÚÚĂ?Ă‹Ă– Ă”Ă&#x;ĂŽĂ‘Ă—Ă?Ă˜ĂžË› Ă&#x;Ăž ÞÒĂ? Ă?Ă“Ă Ă? Ă—Ă‹Ă˜ ĂšĂ‹Ă˜Ă?Ă– Ă™Ă? Ă”Ă&#x;Ă?ÞÓĂ?Ă?Ă? Ă™Ă? ÞÒĂ? Ă‹ĂšĂ?â Ă?Ă™Ă&#x;ĂœĂžËœ Ă“Ă˜ Ă‹ Ă&#x;Ă˜Ă‹Ă˜Ă“Ă—Ă™Ă&#x;Ă? Ă”Ă&#x;ĂŽĂ‘Ă—Ă?Ă˜Ăž Ă™Ă˜ ĂœĂ“ĂŽĂ‹ĂŁËœ Ă’Ă?Ă–ĂŽ ÞÒËÞ Ă“Ăž ĂĄĂ‹Ă? ÓÖÖÙÑÓĂ?Ă‹Ă– Ă‹Ă˜ĂŽ åÓÞÒÙĂ&#x;Ăž Ă–Ă?Ă‘Ă‹Ă– ĂŒĂ‹Ă?Ă•Ă“Ă˜Ă‘ Ă?Ă™Ăœ Ă™ĂŒĂ“Ă– ÞÙ Ă’Ă‹Ă Ă? Ă?×ÚÖÙãĂ?ĂŽ ÞÒĂ? Ă“Ă‘Ă?ĂœĂ“Ă‹Ă˜Ă? Ă‹Ă˜ĂŽ Ă?Ă™Ă&#x;Ă‘Ă’Ăž ÞÙ Ă™Ă?Ă?̋ÖÙËÎ ÞÒĂ?Ă— ÞÙ ÞÒĂ? Ă“Ă‘Ă?ĂœĂ“Ă‹ ÙÖÓĂ?Ă? ĂžĂ’ĂœĂ™Ă&#x;Ă‘Ă’ ÞÒĂ? ĂŒĂ‹Ă?Ă• ĂŽĂ™Ă™ĂœË› Ă&#x;Ă?ÞÓĂ?Ă? Ă™Ă’Ă˜ Ă˜ĂŁĂ‹Ă˜Ă‘ Ă•Ă™ĂœĂ™ Ă“Ă˜ Ă’Ă“Ă? ĂœĂ&#x;Ă–Ă“Ă˜Ă‘Ëœ Ă&#x;ÚÒĂ?Ă–ĂŽ ÞÒĂ? ĂŽĂ?Ă?Ă“Ă?Ă“Ă™Ă˜ Ă™Ă? ÞÒĂ? ËÚÚĂ?Ă‹Ă– Ă?Ă™Ă&#x;ĂœĂžËœ ĂĄĂ’Ă“Ă?Ă’ à ÙÓÎĂ?ĂŽ ÞÒĂ? ĂžĂ?ĂœĂ—Ă“Ă˜Ă‹ĂžĂ“Ă™Ă˜ Ă™Ă? ÞÒĂ? Ă‹ĂšĂšĂ™Ă“Ă˜ĂžĂ—Ă?Ă˜Ăž Ă™Ă? ÞÒĂ? Ă“Ă‘Ă?ĂœĂ“Ă‹Ă˜ Ă?×ÚÖÙãĂ?Ă?Ă? Ă‹Ă˜ĂŽ Ă’Ă?Ă–ĂŽ ÞÒËÞ ÞÒĂ? Ă“Ă‘Ă?ĂœĂ“Ă‹Ă˜Ă?Ëœ Ă–Ă?ĂŽ ĂŒĂŁ Ă•Ă™Ă˜ Ă™Ă’Ă˜Ă?Ă™Ă˜Ëœ ĂĄĂ?ĂœĂ? Ă‹Ă˜ĂŽ Ă‹ĂœĂ? Ă?ÞÓÖÖ Ă™ĂŒĂ“Ă–ËŞĂ? Ă?ÞËĂ?Ă? Ă‹Ă˜ĂŽ Ă?Ă’Ă™Ă&#x;Ă–ĂŽ ĂŒĂ? Ă‹Ă?Ă?Ă™ĂœĂŽĂ?ĂŽ Ă‹Ă–Ă– ĂŒĂ?Ă˜Ă?Ă?Ă“ĂžĂ?Ë› Ă’Ă? Ă‹ĂšĂ?â Ă?Ă™Ă&#x;ĂœĂž Ă’Ă?Ă–ĂŽ ÞÒËÞË? ËŤ Ă’Ă?ĂœĂ? Ă“Ă? Ă˜Ă™ĂžĂ’Ă“Ă˜Ă‘ Ă“Ă˜ ÞÒĂ? ÙÖÓĂ?Ă? Ă?ĂžËœ ĂĄĂ’Ă“Ă?Ă’ Ă‘Ă“Ă Ă?Ă? Ă™ĂŒĂ“Ă– ÞÒĂ? Ă‹Ă&#x;ĂžĂ’Ă™ĂœĂ“ĂžĂŁ ÞÙ Ă‹ĂšĂšĂ™Ă“Ă˜Ăž Ă?Ă?Ă?Ă&#x;ĂœĂ“ĂžĂŁ Ă™Ă?Ă?Ă“Ă?Ă?ĂœĂ? Ă‹Ă˜ĂŽ ÞÒĂ?Ă˜Ëœ Ă™Ă?Ă?̋ÖÙËÎ ÞÒĂ?Ă— ÞÙ ÞÒĂ? Ă“Ă‘Ă?ĂœĂ“Ă‹ ÙÖÓĂ?Ă?Ë› Ă? ÞÒĂ? ÙÖÓĂ?Ă? Ă™Ă&#x;Ă˜Ă?Ă“Ă– ĂĄĂ‹Ă˜ĂžĂ?ĂŽ ÞÙ Ă‹ĂšĂšĂ™Ă“Ă˜Ăž Ă? Ă“Ăž ĂĄĂ™Ă&#x;Ă–ĂŽ Ă’Ă‹Ă Ă? ĂŽĂ™Ă˜Ă? Ă“Ă˜ Ă‹Ă?Ă?Ă™ĂœĂŽĂ‹Ă˜Ă?Ă? åÓÞÒ ÞÒĂ? ÙÖÓĂ?Ă? Ă?ĂžËœ ĂĄĂ’Ă“Ă?Ă’ Ă“Ăž Ă?Ă‹Ă“Ă–Ă?ĂŽ ÞÙ ĂŽĂ™ËœËŹ ÞÒĂ? Ă?Ă™Ă&#x;ĂœĂž Ă’Ă?Ă–ĂŽË› ËŤ Ă’Ă? Ă–Ă‹ĂĄ Ă“Ă? Ă Ă?ĂœĂŁ Ă?Ă–Ă?Ă‹ĂœË› Ă’Ă™Ă?Ă Ă?Ăœ ĂĄĂ‹Ă˜ĂžĂ? ÞÒĂ? Ă?Ă?ĂœĂ Ă“Ă?Ă?Ă? Ă™Ă? ÚÙÖÓĂ?Ă?Ă—Ă?Ă˜ Ă“Ă˜ Ă“ĂžĂ? Ă?Ă?ĂžĂ‹ĂŒĂ–Ă“Ă?Ă’Ă—Ă?Ă˜ĂžËœ Ă?Ă’Ă™Ă&#x;Ă–ĂŽ ËÚÚÖã ÞÙ ÞÒĂ? Ă˜Ă?ĂšĂ?Ă?ĂžĂ™Ăœ Ă?Ă˜Ă?ĂœĂ‹Ă– Ă™Ă? ÙÖÓĂ?Ă? Ě™ ̚˛ Ă’Ă?

ĂĄĂ™Ă&#x;Ă–ĂŽ ÞÒĂ?Ă˜ ĂœĂ?Ă›Ă&#x;Ă?Ă?Ăž Ă?Ă™Ăœ Ă‹Ă˜ĂŽ ĂœĂ?Ă?Ă?Ă“Ă Ă? Ă?Ă–Ă?Ă‹ĂœĂ‹Ă˜Ă?Ă? Ă?ĂœĂ™Ă— ÞÒĂ? ĂœĂ?Ă?Ă“ĂŽĂ?Ă˜Ăž Ă™Ă? ÞÒĂ? Ă?Ă™Ă&#x;Ă˜ĂžĂœĂŁË› Ă?ĂžĂ?Ăœ ĂœĂ?Ă?Ă?Ă“Ă Ă“Ă˜Ă‘ Ă?Ă–Ă?Ă‹ĂœĂ‹Ă˜Ă?Ă? Ă?ĂœĂ™Ă— ÞÒĂ? ĂœĂ?Ă?Ă“ĂŽĂ?Ă˜ĂžËœ ÞÒĂ?

ĂĄĂ“Ă–Ă– Ă˜Ă™ĂĄ Ă‹Ă&#x;ĂžĂ’Ă™ĂœĂ“Ă?Ă? ÞÒĂ? ÙÖÓĂ?Ă? Ă™Ă&#x;Ă˜Ă?Ă“Ă– ÞÙ ĂŽĂ“ĂœĂ?Ă?Ăž ÞÒĂ? ÙÖÓĂ?Ă? Ă?ĂœĂ Ă“Ă?Ă? Ù××ÓĂ?Ă?Ă“Ă™Ă˜ Ě™ Ěš ÞÙ Ă‹ĂšĂšĂ™Ă“Ă˜ĂžË› Ă’Ă‹Ăž Ă“Ă? ÞÒĂ? ĂĄĂ‹ĂŁ ÞÒĂ? Ă–Ă‹ĂĄ ĂšĂ&#x;ĂžĂ? ÓÞ˛ Ă’Ă? ĂĄĂ“Ă–Ă– Ă˜Ă™ĂĄ Ă‹ĂšĂšĂ™Ă“Ă˜Ăž ÞÒĂ?Ă?Ă? Ă™Ă?Ă?Ă“Ă?Ă?ĂœĂ? Ă‹Ă˜ĂŽ ÞÒĂ?Ă˜Ëœ ÚÙĂ?Ăž ÞÒĂ?Ă— ÞÙ Ă‹Ă˜ĂŁ Ă?Ă?ĂžĂ‹ĂŒĂ–Ă“Ă?Ă’Ă—Ă?Ă˜Ăž ÞÒËÞ ĂœĂ?Ă›Ă&#x;Ă“ĂœĂ?Ă? ÞÒĂ?Ă—Ë› Ă&#x;ĂžËœ Ă“Ă˜ ÞÒÓĂ? Ă?Ă‹Ă?Ă?Ëœ Ă™ĂŒĂ“Ă– Ă‹ĂŽĂ Ă?ĂœĂžĂ“Ă?Ă?ĂŽ Ă?Ă™Ăœ ĂœĂ?Ă?ĂœĂ&#x;ÓÞ×Ă?Ă˜ĂžËœ Ă?Ă™Ă˜ĂŽĂ&#x;Ă?ĂžĂ?ĂŽ Ă“Ă˜ĂžĂ?ĂœĂ Ă“Ă?ĂĄËœ Ă“Ă?Ă?Ă&#x;Ă?ĂŽ ÞÒĂ?Ă— åÓÞÒ Ă‹ĂšĂšĂ™Ă“Ă˜ĂžĂ—Ă?Ă˜Ăž Ă–Ă?ÞÞĂ?ĂœĂ?Ëž Ă‹Ă˜ĂŽ ÞÒĂ?Ă˜Ëœ Ă‘Ă‹Ă Ă? ÞÒĂ?Ă— ÞÒËÞ Ă˜Ă‹Ă—Ă?Ë? Ă&#x;ĂšĂ?ĂœĂ˜Ă&#x;Ă—Ă?ĂœĂ‹ĂœĂŁ ÙÖÓĂ?Ă? Ă?Ă?Ă“Ă?Ă?ĂœĂ? Ě™ ̚˛ Ă’Ă‹ĂžĂ?Ă Ă?Ăœ Ă˜Ă‹Ă—Ă? ĂŁĂ™Ă&#x; Ă‘Ă“Ă Ă? ÞÒĂ?Ă—Ëœ ÞÒĂ? ĂŒĂ‹Ă?Ă“Ă? Ă“Ă?Ëœ ĂĄĂ’Ă™ Ă‹ĂšĂšĂ™Ă“Ă˜ĂžĂ?ĂŽ ÞÒĂ?Ă—ËŁ Ă™Ëœ ĂĄĂ’Ă™Ă?Ă Ă?Ăœ Ă‹ĂšĂšĂ™Ă“Ă˜ĂžĂ?ĂŽ ÞÒĂ?Ă— Ă“Ă? ÞÒĂ?Ă“Ăœ ĂŒĂ™Ă?Ă?Ëœ ĂĄĂ’Ă“Ă?Ă’ Ă“Ă? Ă™ĂŒĂ“Ă– Ă“Ă‘Ă?ĂœĂ“Ă‹ Ă˜Ă–Ă“Ă—Ă“ĂžĂ?ĂŽËœËŹ Ă&#x;Ă?ÞÓĂ?Ă? Ă•Ă™ĂœĂ™ Ă‹ĂŽĂŽĂ?ĂŽË› Ă’Ă“Ă? Ă–Ă‹Ă˜ĂŽĂ—Ă‹ĂœĂ• Ă”Ă&#x;ĂŽĂ‘Ă—Ă?Ă˜Ăž Ă“Ă? Ă‹ Ă–Ă?Ă?Ă?Ă™Ă˜ ÞÙ Ă?Ă™Ă—ĂšĂ‹Ă˜Ă“Ă?Ă? ÙÚĂ?ĂœĂ‹ĂžĂ“Ă˜Ă‘ Ă“Ă˜ Ă“Ă‘Ă?ĂœĂ“Ă‹ ÞÒËÞ à ÓÙÖËÞĂ? ÞÒĂ? Ă?Ă™Ă&#x;Ă˜ĂžĂœĂŁËŞĂ? Ă–Ă‹ĂŒĂ™Ă&#x;Ăœ Ă–Ă‹ĂĄĂ? Ă‹Ă˜ĂŽ Ă—Ă?Ăž Ă&#x;Ă˜Ă?Ă‹Ă“Ăœ ĂžĂœĂ?ËÞ×Ă?Ă˜Ăž ÞÙ ÞÒĂ? Ă“Ă‘Ă?ĂœĂ“Ă‹Ă˜ ĂĄĂ™ĂœĂ•Ă?Ă™ĂœĂ?Ă?Ë› Ăž Ă‹Ă–Ă?Ă™ Ă‹Ă?Ă?Ă“ĂœĂ—Ă? ÞÒËÞ Ă“Ă˜ĂŽĂ?Ă?ĂŽËœ ÞÒĂ? Ă”Ă&#x;ĂŽĂ“Ă?Ă“Ă‹ĂœĂŁ Ă“Ă? ÞÒĂ? Ă–Ă‹Ă?Ăž ÒÙÚĂ? Ă™Ă? Ă‹ Ă?Ă™Ă—Ă—Ă™Ă˜ Ă—Ă‹Ă˜Ë›

Donald Trump is taking it very serious and same thing with China.�

According to the WAIFEM boss, what the US president did in terms of the trade tension “was to challenge liberalism.� “For him, there is no longer free trade. Each nation should determine its own fate. But nobody wins a trade war. And no US President has done negotiation without putting the US first. When you are negotiating a trade deal, you must put your country first. “But in my view, Trump has taken on a wrong country by challenging China, which is an Continued on page 24

Chairman and Managing Director of Mobil Producing Nigeria, Mr. Paul McGrath

T H I S D AY Ëž Ëœ Í°ÍąËœ Í°ÍŽÍŻÍś

24

BUSINESSWORLD FGN BONDS LEAD IN PFAS ASSET ALLOCATION WITH N3.6TN

told THISDAY recently that investment in guaranteed return instruments not in variable instrument helped PFAs to survive the crushing recession that Nigeria is just getting out of.

According to him, “Just like every other aspect of the economy the PFAs were not insulated from the recession however, unlike most other sectors we were a bit sanitised, our regulators are very strict about what we invest in. over time most of our monies are in guaranteed return instruments not in variable instrument. “Largely we were insulated from most things, we have returned positive results even during the recession and as the economy gets better we will continue to ride the crest into a better future for our investors and retirees.�

HOW US-CHINA TRADE ‘WAR’ WILL AFFECT NIGERIA

emerging world power - if not world power. “Most of the important Chinese imports like vehicles, come from the US; so, the US will not win that war and China too will not win the war,� he added.

Responding to a question on the fact that Nigeria opted out of the recently signed Continental Free Trade Area (CFTA) by some African political leaders, Ekpo said. “The CFTA, to me, I had thought that by the time Federal Executive Council (FEC) approved it, they had done wide consultation. “So, I think President Muhammadu Buhari is not saying he will not be part of it. I think, he is playing to the fact that the labour leaders and Manufacturers Association of Nigeria (MAN) said they were not consulted. “So, he wants to hear their views. But, let me tell you, the African leaders are jokers. They have signed many of those things and it never translated into anything. “But if it is done successfully, it will be a large market to negotiate with rest of the world. What Nigeria should have done was what South Africa did – attend the signing ceremony, support them, but you won’t sign.

NEWS

IMF Harps on Reforms to Strengthen Financial Sector Resilience Obinna Chima The International Monetary Fund (IMF) has stressed the importance of a timely and consistent implementation of the financial sector reform agenda as soon as possible to further strengthen financial sector resilience across the world.

The Fund also said there was need to continue to monitor and, if necessary, address emerging risks and vulnerabilities in the financial system. According to the IMF, countries should also pursue policies that would enhance inclusion to widely share the gains from technology and economic integration and manage associated risks.

This formed part of the communiquĂŠ at the end of the 37thMeeting of the International Monetary and Financial Committeein Washington DC. The committee noted that global growth had further strengthened and was increasingly broad-based, driven by a strong rebound in investment and trade.

It stated that risks were broadly balanced in the near term, but remained skewed to the downside beyond the next several quarters. “Rising financial vulnerabilities, increasing trade and geopolitical tensions, and historically high global debt

threaten global growth prospects.

Demographic headwinds and subdued productivity growth may reduce the potential for higher and more inclusive growth going forward. “The window of opportunity remains open and should be used expeditiously to advance policies and reforms that sustain the current upswing, enhance resilience, and raise mediumterm growth for the benefit of all.

“We will continue to use all policy tools to achieve strong, sustainable, balanced, inclusive, and job-rich growth. “In line with central bank mandates and mindful of financial stability risks, monetary accommodation should continue where inflation remains weak and be gradually withdrawn where inflation looks set to return to central bank targets,� the committee said.

Furthermore, it urged policy makers in member countries to ensure that fiscal policies are flexible and growth-friendly as well as to rebuild buffers where needed.

The committee also advised against procyclicality, saying countries must create space to invest in infrastructure and workforce skills, and ensure that public debt as a share of Gross Domestic Product was

on a sustainable path. “Structural reforms should aim to lift productivity, potential growth, and employment, while effectively assisting those bearing the cost of adjustment. “Strong fundamentals, sound policies, and a resilient international monetary system (IMS) are essential to the stability of exchange rates, contributing to strong and sustainable growth and investment.

PRESIDENTIAL RECEPTION

The Vice President, Prof Yemi Osinbajo (middle) with members of Team Nigeria on 2017 Global Robotic Olympics, made up of sponsors, mentors and students, during a visit of the team to Aso Villa...recently

House Tasks MDA’s on Accountability, Transparency in Managing Public Funds Jonathan Eze The Chairman, Public Accounts Committee of the House of Representatives, Honourable Kingsley Chinda, has emphasised the need for ministries, departments and agencies of government to embrace accountability and integrity in their mandate to serve the people, saying that “as public servants we have no choice than to be accountable and transparent in managing public funds“.

Chinda made this known at Hotel Presidential in PortHarcourt during a National Workshop on Audit Queries, Responses and Resolutions: “The ABC of Audit Queries and Defence before Public Ac-

count Committee of the House of Representatives, organised with the 8th Assembly, Public Accounts Committee (PAC) in collaboration with the Office of the Auditor-General for the Federation (OAuGF) and Institute of Chartered Accountants of Nigeria (ICAN).

Chinda who was the keynote speaker at the event, expressed delight at the Port Harcourt programme, saying his experience at PAC hearing and the way the MDAs react whenever they are invited to defend their audit queries, as if they are being persecuted, underscores the importance the workshop.

Chinda who is representing Obio/Akpor Federal Constituency in the House of

Representatives, said that PAC, office for the Auditor General of the Federation and MDAs are all partners in progress and that MDAs should not always carry the toga of defense as if they are being persecuted, each time they are invited by the PAC to respond to queries regarding their finances, saying the invitation is just to set the records straight.

While appreciating the organisation of the programme, Chinda explained that the intervention of PAC is in the best interest of the MDAs and the country at large as the whole idea is to make public spending more transparent and make everyone responsible as well as hold it as a duty to be accountable to

the public, saying “PAC, office of the Auditor General of the Federation and MDAs are all partners in progress�.

The lawmaker however enumerated some of the challenges of the committee to include “dumping of manual and huge volume of documents some few days before hearing on PAC by the MDAs, failure of Chief Accounting Officers (CAOs) of the MDAs to appear before the committee, improper documentation, including missing vouchers and tax receipts, lack of articulation on the part of CAOs and failures of some MDAs to submit audited financial report to the Accountant General of the Federation� amongst others.

He however said his commit-

tee is bracing up to the challenges with the introduction, in the next couple of months, of dedicated website where MDAs can log-on and download their audit queries and upload their responses as well, such that audit defense would be mechanised as “pen and paper technology will be consigned to national archives�.

On his part, the Technical Consultant to the Public Accounts Committee, House of Representatives, and a past Chairman of ICAN, Lagos Mainland, Dr. Greg Ezeilo, emphasised the importance of the programme as a platform to educate the MDAs on the rudiments of audit queries and defence before the Public Accounts Committee.

Coronation Research Issues 2018 Forecast for Nigerian Banks

Group Business Editor

Chika Amanze-Nwachuku AgriBusiness/Industry Editor

Jonathan Eze

Comms/e-Business Editor

Emma Okonji

Capital Market Editor

Goddy Egene

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

Nume Ekeghe (Money Market) Nosa Alekhuogie (AgriBusiness)

The ability to support risk asset creation in the real sector will differentiate winners from losers in the Nigerian banking industry over the next three years. This is according to a report from one of the leading research houses in Nigeria – Coronation Research (a part of Coronation Merchant Bank Group).

While the quality of asset in the industry is generally improving, the firm believes the best capitalised banks will move well ahead of their competitors. According to the Head of Research, Guy Czartoryski, “For two years, Nigerian banks have had an easy time, earning good income on risk-free government-backed, Naira-denominated securities.

That era is drawing to a close as T-bill rates fall. Asset yields are trending south, and it is

almost impossible to re-price liabilities to match. So, banks must either find other sources of income or face an average 15% drop in their Profits Before Tax expectation for 2018. For the banks to replace the portion of income threatened by declining yields on securities, they must grow risk-weighted assets. This means a 6-12% rise in customer loans in 2018.�

The report categorises banks into three tiers; Group A, Group B and Group C. Banks in Group A, being the most well capitalised, have the biggest opportunity to increase consumer lending. According to the report, Group A includes Zenith Bank, GT Bank and Stanbic IBTC, which have the ability to significantly expand their loan books by 69%, 82%

and 182% respectively. Group B, including UBA, Access Bank and Fidelity Bank, have moderate capital levels and some ability to expand loans books but may also pursue tier II capital raise in the form of long-term subordinated debt. Group C, including FBNH, Diamond Bank and Sterling Bank, in the short to medium term have limited ability to expand their loans books and will most likely focus on dealing with capital issues and might attempt to raise long term capital from the capital market.

According to Coronation Research, “if equity markets are sufficiently strong, some banks might attempt equity capital increases (Tier-I) this year. However, currently we have market valuations so low as to make equity capital dilute the

interest of existing shareholders.

So, the preferred capital-raising route is likely to be long-term subordinated debt (Tier-II). We expect market share in customer lending to flow from banks in Group C towards those in Group A. With banks in Group B we see some, but perhaps not significant, market share gains.�

Leaving capital raising aside, 2018 presents a golden opportunity for the stronger banks to expand loan books and gain market share. Nigerian banks are coming off a low base: lending (when adjusted for currency depreciation) has hardly grown over two years, but the economic conditions look good for renewed loan growth. Loan growth, over the last two years, has been far from impressive and understandably so, since

banks have remained cautious as they have grappled with the effects of oil price volatility and its impacts on their loan books.

Even though we believe the underlying pressure on loan assets is getting lighter, there is still IFRS 9 to contend with.

We expect a one-off uptick in impairment charges this year, given that banks will start reporting using IFRS 9 this quarter. With oil prices largely stable and our optimistic economic outlook for 2018, we view the risk to banks’ oil portfolios as significantly reduced. Also, the stability in the foreign exchange market, coupled with renewed economic growth, significantly mitigates the risks associated with the trading and manufacturing sectors of the economy.

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Market Trading Value Rises 105% as Investors Stake N30bn Goddy Egene and Nosa Alekhuogie

FCMB (204.1 million shares), Oando (185.5 million shares ) and Zenith Bank (70.7 million shares units) were the top traded by volume.

However, performance across sectors was largely bearish as the NSE Industrial Goods Index emerged the lone gainer, up 0.8 per cent propelled by gains recorded in the shares of Dangote Cement Plc and Lafarge Africa Plc. Conversely, the NSE Insurance Index led the losers with 0.8 per cent, trailed by the NSE Oil & Gas Index with 0.6 per cent. The NSE Consumer Goods Index and NSE Banking Index shed 0.3 per cent and 0.1 per cent respectively.

The market fell by 0.14 per cent on Friday to bring the total decline for the week to 0.28 per cent.

The volume and value of trading at the stock market recorded improvement last week as investors staked N30.296 billion on 3.008 billion shares in 24,036 deals. This showed a jump of 105 per cent compared with N14.743 billion invested in 1.415 billion shares exchanged in 20,659 deals the previous week.

However, the Nigerian Stock Exchange All-Share Index (NSE ASI) fell by 0.28 per cent to close lower at 40,814.89, while market capitalisation declined to N14.743 trillion. But the In the same vein, all, NSE Corporate Governance NSE Premium, NSE-Main Board, NSE 30, NSE Banking, NSE Oil/Gas, and NSE Pension indices which appreciated by 1.08 per cent , 1.38 per cent, 0.54 per cent, 0.13 per cent, 2.34 per cent, 0.73 per cent and 1.42 per cent in that order.

Although the benchmark index fell by 0.28 per cent last week, as against a gain of 0.21 per cent the preceding week, analysts at Cordros Capital Limited maintained a positive outlook for the market.

According to them, reiterated their positive outlook for risky assets, amid rapidly declining fixed income yields, relatively lower prices of value stocks, expected positive corporate releases, and strengthening macroeconomic fundamentals.

Market Turnover Meanwhile, an analysis of the activity chart showed that the Financial Services Industry led with 2.539 billion shares valued at N23.510 billion traded in 13,179 deals. The sector thus contributed 84.43 per cent and 77.60 per cent to the total equity turnover volume and value respectively. The Oil and Gas Industry followed with 273.443 million shares worth N2.358 billion in 3,735 deals. The third place was occupied by Consumer Goods Industry with a turnover of 60.840 million shares worth N2.654 billion in 3,141 deals.

Trading in the top three equities namely – FCMB Group Plc, United Bank for Africa Plc, and Oando Plc accounted for 1.816 billion shares worth N9.599 billion in 3,851 deals.

Also traded during the week were a total of 177,144 units of Exchange Traded Products (ETPs) valued at N2.809 million executed in six deals, compared with a total of 616,587 units valued at N9.185 million that was transacted the previous week in 21 deals.

A total of 13,735 units of Federal Government Bonds valued at N14.128 million were traded last week in 16 deals, compared with a total of 2,500 units valued at N2.367 million transacted two weeks ago in 10 deals.

Daily Performance The market resumed on Monday taking the hit with the index depreciating by 0.97 per cent to close at 40,533.37 due to depreciation recorded in the share prices of GTBank, Nigerian Breweries, FBN Holdings, Double 11 Plc, and Dangote Flour Mills Plc. Similarly, the market capitalisation depreciated by 0.97 per cent to close at N14.64 trillion.

But in terms of activity, volume and value of shares traded increased by 15.2 per cent and 53.3 per cent to 192.5 million shares and N3.1 billion respectively. The top traded stocks by volume were GTBank (37.61 million shares), Japaul Oil and Maritime Services (21.34 million shares) and Fidelity Bank (13.22 million shares). Mixed Sector Performance Performance across sectors was mixed three sectors out of the five tracked for the day appreciated.

The NSE Industrial Goods index led gainers, up 0.5 per cent, followed by the NSE Banking Index with 0.3 per cent. The NSE Insurance Index garnered 0.2 per cent. On the flip side, the NSE Oil & Gas Index was the lone decliner, down 0.7 per cent, while the NSE Consumer Goods Index closed flat.

The market rebounded on the Tuesday, appreciating by 0.63 per cent to close at 40,788.68, while capitalised ended at N14.73 trillion.

The boost came from growth in the share prices of in the share prices of GTBank, Nigerian Breweries, FBN Holdings, Access Bank, and UBA, Seplat, Zenith Bank Plc. Again, the three most actively traded stock came from the banking sector. They were: FCMB (952.58 million shares), UBA (382.46 million shares) and Zenith Bank (65.23 million shares). The number of sectoral indicators that appreciated improved to four on Tuesday.

Only the NSE Insurance Index fell 0.7 per cent. The NSE Oil & Gas Index led with 2.0 per cent as investors took position in Seplat and Oando. Similarly the NSE Banking and NSE Consumer Goods indices rose by 1.3 per cent and

0.6 per cent in that order.

The bears returned on Wednesday, dragging the index down marginally by 0.04 per cent to close at 40,772.26, following depreciation in prices of Lafarge Africa, Nigerian Breweries, and UBA among others.

Similarly, activity level dipped as volume and value traded decreased by 85.6 per cent and 60.4 per cent to 230.2 million shares and N4.3 billion respectively.

But the market rebounded on Thursday on rally in Dangote

Cement Plc to close 0.25 per cent higher at 40,874.09. In the same vein, activity level strengthened with volume and value of shares traded jumping 221.7 per cent and 106.5 per cent to 740.4 million shares and N8.9 billion respectively.

Price Gainers and Losers In all, 36 equities appreciated in price during the week, lower than 37 in the previous week, while 33 equities depreciated in price, lower than 38 equities of the previous week.

Oando Plc led the price gainers with 39.1 per cent to close at N9.60 per share. Jaiz Bank Plc trailed with 21.1 per cent, while Skye Bank Plc and Julius Berger Nigeria Plc chalked up 14.8 per cent.

Other top price gainers included: Unity Bank Plc (14.4 per cent); Northern Nigeria Plc (9.6 per cent); N.E.M Insurance Plc (9.1 per cent); regency Alliance Insurance Plc (7.1 per cent); and Ecobank Transnational Incorporated (5.9 per cent).

Conversely, A.G Leventis Nigeria Plc led the price losers with 14.1 per cent, trailed by Double 11 Plc with 14.1 per cent. Mutual Benefits Assurance Plc shed 12.1 per cent, while Niger Insurance Plc went down by 8.8 per cent.

Other price losers included: Presco Plc (8.3 per cent); UACN Property Development Company Plc (7.8 per cent); Livestock Feeds Plc (7.7 per cent); First Aluminium Nigeria Plc (7.5 per cent); Continental Reinsurance Plc (7.4 per cent) and NASCON Allied Industries Plc (5.8 per cent).

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A view of Lagos ďŹ nancial district

AKINWUNMI IBRAHIM

Path to Greater Financial Inclusion Obinna Chima Financial inclusion is on the rise globally and has been accelerated by mobile phones and the internet, a latest World Bank report has shown.

According to the report, gains have been uneven across countries.

The new report on the use of financial services also found that men remain more likely than women to have an account.

Globally, 69 per cent of adults – 3.8 billion people – now have an account at a bank or mobile money provider, a crucial step in escaping poverty.

This was up from 62 per cent in 2014 and 51 percent in 2011. Between 2014 and 2017, 515 million adults obtained bank accounts, while 1.2 billion have done so since 2011, according to the Global Findex database. While in some economies account ownership has surged, progress has been slower elsewhere, often held back by large disparities between men and women and between the rich and poor, it revealed. The gap between men and women in developing economies remains unchanged since 2011, at 9 per cent. “In the past few years, we have seen great strides around the world in connecting people to formal financial services,� World Bank Group President, Jim Yong Kim said.

He added: “Financial inclusion allows people to save for family needs, borrow to support a business, or build a cushion against an emergency.�

Having access to financial services is a critical step towards reducing both poverty and inequality, and new data on mobile phone ownership and internet access show unprecedented opportunities to use technology to achieve universal financial inclusion. There has been a significant increase in the use of mobile phones and the internet to conduct financial transactions. Between 2014 and 2017, this has contributed to a rise in the share of account owners sending or receiving payments digitally from 67 per cent to 76 per cent globally, and in the developing world from 57 percent to 70 per cent.

Digital technology could take advantage of existing cash transactions to bring people into the financial system.

However, in Nigeria, the Central Bank and other stakeholders in the financial sector have continued to deliberate on ways to ensure the inclusion of additional 7.6 million Nigerians in the financial system in 2018.

A study by the Lagos Business School (LBS) had identified underemployment and unemployment as one of the factors of financial exclusion.

The report noted that without access to steady income, the vulnerability to financial shocks also

MARKET INDICATOR increases for the unbanked.

Hence, these already disadvantaged citizens are further exploited with access to more expensive sources of credit to address their financial emergencies. Clearly, these challenges were among reasons why the Open Banking initiative was conceived in Nigeria. Once such persons are onboarded onto a digital wallet or bank account, then through open data sharing initiatives, financial management tools can be used to monitor spending activities and encourage savings. Such financial management tools can also aid micro and small businesses in their operations.

Open Banking is a system that provides a user with a network of financial institutions’ data using Application Programming Interfaces (APIs).

The Open Banking Standard defines how financial data should be created, shared and accessed. By relying on networks instead of centralisation, open banking helps financial services customers to securely share their financial data with other financial institutions.

Benefits include more easily transferring funds and comparing product offerings to create a banking experience that best meets each user’s needs in the most cost-effective way. To the Senior Fellow, Information Systems at the Lagos Business School, Dr. Yinka David West, open banking is really about providing access to financial services data through the APIs. According to her, the concept lowers entry barriers for new entrants to the financial services ecosystem, enabling customers to easily decide who has access to their account and transaction data. By breaking current banking monopolies, open banking was likely to help new entrants (without legacy customer data) become more competitive. “As such, older banks will also need to be more innovative and provide more superior value propositions beyond facilitating transactions. “The prevalence of open banking will provide a more holistic view of any customer irrespective of existing banking relationships.

Also, the promoter of the Open Banking initiative in Nigeria, Mr. Adedeji Olowe, described it as a concept which believes that banks should be open to customers.

According to Olowe, bank customers should be able to connect on the centralised platform and transact business with anyone, irrespective of the bank such person is operating. “And a good example I will give you is that when you have an e-mail on Gmail, if you are

using i-phone, you can easily connect it to your iphone and you will be seeing your e-mail. In fact, if you may not need a Gmail app at all. “So, irrespective of the platform you want to use, there is a standard way you can connect and then you are fine. It is the same thing that Open Banking is all about. “The idea is that irrespective of the bank you use, when you see a financial app or you want to pay on a website, you should be able to just put in your details and then you are able to connect to your bank and do the transaction you want,� Olowe explained.

He stressed that the initiative would help accelerate financial inclusion in the country.

According to him, in financial inclusion, the idea is to allow people that are less fortunate come into the financial system and carry out transactions at a reduced cost. “Now, the challenge is that when we connect those services to the existing platforms, the platforms try to charge money because they are commercial entities, which makes the cost of financial inclusion expensive. “Open Banking allows operators to connect to the banks directly without passing through any intermediary and the cost of connection to the bank would be free. So, the cost of financial inclusion will reduce. “Nigeria has always taken the lead when it comes to electronic banking. We have that history of always running ahead of everybody. “Open Banking is already a law in countries such as the United Kingdom, Europe, Hong Kong and Australia. For us, we are saying you don’t need to wait for somebody to do same law in Nigeria, but just to start now,� he added.

He also disclosed that an Open Banking Group, made up of individuals that came together to create awareness on the initiative had been formed.

To the Chief Information Officer, Diamond Bank Plc, Mr. Lanre Bamisebi, the initiative wouldrevolutionise information exchange and financial transactions in the Nigerian financial system.

According to him, banks and approved financial technology companies can easily carry out transactions using standard APIs, through this platform. “Time to market will improve drastically which will in turn stimulate transactions volume in the country. This will certainly impact the Nigerian economy positively. “It will provide 360 degrees view of bank customer which will provide accurate picture of customer financial position for effective retail lending. “It could also help consumers get a more

accurate picture of their own finances before taking on debt which will enable customers manage their portfolios effectively,� Bamisebi added.

Furthermore, he pointed out that anopen banking app for customers who want to buy a home through mortgage could automatically calculate what customers can afford based on all the information in their accounts, perhaps providing a more reliable picture than mortgage lending guidelines currently provide.

Open banking can also help small businesses save time through online accounting and help fraud detection companies better monitor customer accounts and identify problems sooner, he added. “Nigeria is definitely ripe for open banking because all the banks support digital banking.

A lot of transactions are now done via online and mobile channels. “In addition, Nigeria already have the require skill, people, technology and infrastructure to drive open Banking. “Open banking supports financial inclusion using mobile technology. Traders in the urban and rural areas can easily transaction using smart phone or USSD codes to consume transaction or share information. It will certainly stimulate growth of financial inclusion,� he explained.

Continuing, David-West said the initiative would also accelerate consumer credit.

She noted that one of the challenges consumers face today is over indebtedness, saying with open banking, consumers can consolidate their debt portfolios in favour of a single manageable view. “I think the benefits of open banking are good for Nigeria and it is in our best interest to adopt it is it will increase the number of financial tools available as well as provide opportunities to deepen customer engagement (for the banked) and financial access (for the unbanked). “We also need to realise that open banking typically supports data sharing amongst regulated or verified third party providers that are not necessarily financial institutions. “Thus, to ensure we are really able to harness the benefits of open banking and the inclusiveness opportunities, the regulatory environment needs to evolve. “Another positive indicator for industry readiness is the access to venture capital funding and the number of incubators in key markets like Nigeria, Kenya and South Africa. “In sum, the open banking concept is here and we have a vibrant fintech sector ready and able to build the applications, but we still need to build the appropriate data sharing standards and the otherparts of the ecosystem such as data sharing standards,� she added.

T H I S D AY ˾ MONDAY APRIL 23, 2018

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Globacom Named Pioneer of African Integration Globacom has been named one of the African companies pioneering integration on the continent.

In a report by the Boston Consulting Group (BCG) entitled, ‘Pioneering One Africa: African Corporations Trail-blazing across the Continent’, the telecoms operator was listed as one of the six African companies driving the amalgamation of economic activities within the continent.

The others are Dangote Group, Guaranty Trust Bank, United Bank for Africa and

Jumia.

BCG identified 150 companies that are blazing a trail toward a more integrated Africa. They consist of 75 Africa-based companies and 75 multinational companies that have established impressive track records in Africa and are contributing to further integration of the continent.

The African pioneers come from 18 countries on the continent including South Africa, Morocco; Kenya, Nigeria, Egypt, Côte d’Ivoire, Mauritius, Tanzania, and Tunisia. The multinational

companies also listed in the report are mainly from France, the United Kingdom, and the United States, while the rest are from China, India, Indonesia, Qatar, and the UAE. The report stated that despite the barriers of fragmentation which exist in Africa, economic integration on the continent is not only taking place, but also gathering momentum, with Globacom and the other listed companies driving the process.

BCG highlighted eight factors that explain how these companies are making their

impact felt on the continent.

These, it said, include: “The active expansion of their footprint across several African countries; building strong African brands, using local innovation to adapt to the African consumer; investment in local talent and developing people advantage; building local ecosystems and connecting Africa by facilitating the movement of people, goods, data, and information.�

BCG Senior Partner and co-author of the report, Patrick Dupoux, said: “Fragmentation in Africa is much greater than

anywhere else in the world, and it adds significantly to the economic challenges facing countries that typically lack the critical mass to compete globally. Despite these barriers, we see more signs of economic integration with each passing month, quarter, and year.

The primary drivers come from within the continent, led by African business.�

Another partner and report co-author, Lisa Ivers, said: “If the past decade has demonstrated anything, it’s that these companies are masterful at overcoming adversity. They’ve built impressive

track records of creating value for themselves and advancing the development of the continent, and its many economies. They know that continuing to drive the integration of the African markets where they do business is one key way to pave the road to greater success.�

Globacom has over the years built a reputation as an authentic African brand offering innovative solutions in voice and data services, thereby making telecommunication services more accessible to all in the markets it operates.

NCC Boss Bags Heroes’Award, MentorsYouths on Leadership The Executive Vice Chairman of National Communication Commission (NCC), Professor Umar Garba Danbatta has decried the nonchalant attitude of Nigerian youths towards carving a niche for themselves so as to contribute to national development.

He also urged them to engage in productive ventures that will enable them become self-reliant and useful to themselves and the society. According to him, there was need for the youths to emulate the footsteps of achievers and leaders in the society so that they can take up the mantle of leadership.

Danbatta, who was among prominent Nigerians that received Kano Heroes Award 2018, held in Coronation Hall, Government House, organised by Destiny Channels Broadcasting Network, advised the youths to brace up to the challenges of the time and remain focused so as to succeed in their chosen endeavours. Speaking to Reporters on the progress made so far in NCC, he said: “On account of the progress we are making, we have facilitated broad-band penetration up to 22 per cent which has enabled 45 million Nigerians access to high speed internet facility. We have a target of 30 percent to reach by the end of this year. “On protecting consumers’ interest, we had dedicated year 2017 as consumer protection year; and through that campaign, we sensitised consumers across the country about their right—how they can protect themselves from unsolicited text messages by texting a code to 2442. “The consumer sensitisation and empowerment also gave customers toll-free lines through which they can lay complain about quality of service they

received. “So, in a nut-shell, these are the progress we have recorded in two items out of the six we have targeted to achieve.�

Also speaking, Jigawa state Governor, Alhaji Muhammad Badaru Abubakar who also received an award described the event as timely and a milestone in the history Kano.

Badaru who was represented by the Managing-Director, AbyemDiva International Limited Chief Leke Abejide (who was also a recpient) said, “the award is based on merit based on the caliber of the organizers and people I am seeing here today. “It will spur the recipients to do more. I am so glad personally and to me it is a privilege.�

Abejide added that, “the award to Jigawa state governor is well-deserved because Jigawa state government under His Excellency, Alhaji Muhammad Badaru Abubakar, does not owe workers salary; pensioners receive their monthly pension allowances as at when due. “The Governor is doing well today in the area of economic development. If you go to Jigawa today, you will see several foreign investment attracted by the state government. “Very soon, the President of the Federal Republic of Nigeria, Muhammadu Buhari will be commissioning several projects in Jigawa which include industries.

I believe this award will make him do more in the state in the area of socio-economic development.�

Recipients of the award include the late Emir of Kano, Alhaji Ado Bayero; Emir of Kano, Malam Muhammad Sanusi II; late General Murtala Mohammed; first civilian governor of Kano state, late Abubakar Rimi; first military governor of Kano state, CP Audu Bako.

MERITORIOUS AWARD

Head, Card Business, First Bank of Nigeria Limited, Folasade Femi-Lawal (middle), receiving the Best Retail Bank in Nigeria Award, flanked

by Chairman, The Asian Banker, Emmanuel Daniel (left) and CEO, Banking Reports, David Gyori (right) at the Future of Finance, West Africa Conference 2018 where the Bank was presented with the Best Retail Bank in Nigeria Award by The Asian Banker for the seventh consecutive time in Lagos ‌ recently

Afreximbank President Receives Leadership Award The President of the African Export-Import Bank (Afreximbank), Dr. Benedict Oramah has been conferred with the Leadership Award of New York University’s (NYU) Africa House as the institute celebrated its biennial gala.

The award was presented to him in New York.

Presenting the award to him, the Director of the Africa House, Prof. Yaw Nyarko, said Oramahwas chosen because of his contributions in promoting intra-African trade andindustrialisation in Africa as well as for helping to steer the continent away from traditional economic models where growth had been primarily driven by export of primary commodities and natural resources.

Nyarko noted that, under Oramah’s leadership, Afrexim-

bank had witnessed outstanding financial performance, with that the asset base increasing significantly and the balance sheet doubling to reach $12 billion.

In his acceptance, the Afreximbank president said he was dedicating the award to the staff of the Bank and to its past executives. “As I receive this hugely significant award, I can announce that I am African and proud, because, despite the Afro-pessimism that was at its height during the time the Bank was created, it has contributed in lifting intra-African trade five-fold from $28 billion in 1994 to some $130 billion in 2017,� he said.

He described various initiatives the Bank had launched in pursuit of Africa’s trans-

formation, noting that it was supporting the creation of large light manufacturing capacities across the continent, with about 3,000 hectares of industrial parks and export processing zones under development.

Oramah added that the Bank was financing the development of logistics infrastructure and testing, inspection and certification centres across Africa in order to increase the exportability and competitiveness of African industrial products.

He announced that the Bank disbursed more than $9 billion, on a revolving basis from 2015 to 2016, in order to assist many African economies, cope with the devastating commodity price shocks.

Africa House organises the Leadership Awards to celebrate its achievements, progress,

and vision for the future and to honour individuals and organisations that embody its spirit and values.

Afreximbank and the NYU Africa House plan to collaborate in research projects, especially those focused on expanding understanding of the African transnational Diaspora and exploring the opportunities that exist in increasing Diaspora involvement in trade and investment promotion across Africa.

Also honoured during the ceremony were former President of Tanzania, Dr. Jakaya Mrisho Kikwete; Chair of the Department of Photography and Imaging, Tisch School of the Arts, NYU, Prof. Deborah; and renowned architect and educator, J. Max Bond, who was honoured posthumously, among others.

digital push produced a first innovative mobile payments solution. Masterpass QR with MasterCard to push financial inclusion in Nigeria through its new, smart, card-less, contactless and cashless payment solution.

This bank also launched an integrated electronic banking platform that has on-boarded four million customers within a short space of time�.

Commenting on the feat,

theManaging Director, Ecobank Nigeria,Charles Kie, thanked the Asian Banker Award Team for creating an opportunity to celebrate hard work by members of the banking community.

He described the awards as a worthy recognition of Ecobank’s landmark initiatives targeted at financial inclusion on the African continent. He stated that the awards further affirmEcobank’s leading

contributions to the use of technology innovations and digital platforms for expanding banking frontiers.

Represented by the Group Head, Personal Banking, Korede Demola-Adeniyi, Kie stated describedEcobank’s Mobile App as a game changer for African banking as “we using digital technology to combat many of the financial inclusion barriers faced by those on the continent.

Ecobank Wins Asian Banker Awards Ecobank Transnational Incorporated (ETI) and its two affiliate countries -Nigeria and Ghanan- have emerged winners in three categories of The Asian Banker – West Africa Awards 2018. The annual awards saw ETI emerging the ‘Best Financial Inclusion Initiative, Application or Programme,’ award, with its Xpress Account, while Ecobank Nigeria carted away the award for ‘Best Transaction Bank in

Nigeria,’ West Africa award.

Also, Ecobank Ghana won ‘Best Transaction Bank in Ghana, West Africa.’ The bank disclosed this in a statement at the weekend.

Speaking at the award ceremony in Lagos, the Chairman, The Asian Banker, Emmanuel Daniel, was quoted to have said: “These awards are the most rigorous, prestigious and transparent awards programme

for financial technology, retail banking and transaction banking in West Africa today. “We recognise the deepening and increasing maturity and sophistication of the industry in this region.�

He said the awards were pointers that that the bank had re-emerged as a strong player owing to its digital restructuring and improved economy. “Ecobank’s aggressive

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Osinbajo Hails Nation’s Robotics Team for Impressive Washington DC Show Emma Okonji The Vice President Prof. Yemi Osinbajo has praised the efforts of Team Nigeria to the First Global Robotic Olympics in Washington DC, US in 2017 for their outstanding performance at the challenge.

He made the commendation while receiving the six-member team, their project director, mentor and sponsors to the July 14 to July 19, 2017 event.

According to Osinbajo, Nigeria has so many young talents, who could do the nation proud

in any international competition. “We very strongly believe that this country has the talent and these young people demonstrated it eloquently.

They have the talent and the creativity and all that it takes to make the kind of difference that could be done in technology,’’ Osinbajo said.

He added that he was glad that they youth were working in teams which was the best way to go adding that it was an indication that personalised achievement was no longer viable. He said having seen a

team of dedicated young people the government would have to support and encourage them.

Osinbajo said he looked forward to a better outing of Team Nigeria in the next Olympic challenge taking place in Mexico in August this year, adding that the next challenge will be interesting to the country as it focused on energy impact.

Responding to the Vice President, Managing Director Aramex, Mr. Faisal Jarmakani, and Mr. Omar Jarmakani of Doculand, who sponsored the team Nigeria said their mission

was to give the young ones the international exposure in science and technology. “We are delighted to have given these young Nigerians the chance to participate on a global platform and demonstrate their skills to a global audience.

More importantly, we believe that STEM is the way to go for any country that wants to participate actively in world commerce, business and technology. We hope the outcome of this young people will spur the federal government to put in place policy statement to

encourage teaching of STEM in our schools.�

The Minister of Education, Malam Adamu Adamu, pledged the support of the ministry as well as that of Science and Technology toward the August Olympiad.

The leader of the delegation, Mrs. Remi Willouby, a retired robotics teacher, said the Team Nigeria came first in one category and second in another out of the 10 categories of awards.

She said out of 163 teams from 157 countries in the

competition, the country placed 25th globally and emerged third of the 41 African countries in attendance. “What is important is that we are building a group of children that can change this country using innovation,’’ she said.

Willouby stressed the need for Science, Technology, Engineering, and Mathematics (STEM) education being a critical component in the development of the country.

She called for federal government support in the 2018 challenge.

China Chamber of Commerce in Nigeria Donates Office Equipment to NOTN Jonathan Eze In furtherance of its commitment to the economic development of Nigeria, six Chinese firms under the auspices of China Chamber of Commerce in Nigeria (CCCN) have donated office equipment such as Desktop and Laptop Computers, Printers, Projectors and Projector Screens to the Nigerian Office for Trade Negotiations (NOTN).

Speaking while presenting the equipment to the Director General, NOTN, Chiedu Osakwe, the Chamber’s President, Mr. Ye Shuijin noted that the chamber’s main objective was to make their products available for Nigerians to experience and create jobs in Nigeria. Shuijin commended the Nigerian Government for providing enabling investment environment for Chinese firms operating in the country, adding that the firms had benefited greatly from the Nigeria and China trade relationships for many years. He stated that most Chinese firms in Nigeria have operated for over 10 years while some had successfully operated for over 30 years.

His words: “The Nigerian government has provided an enabling environment for Chinese investors in the country to succeed through good investment environment and policies. Nigeria and China can effectively promote their export capacity through their trade policies�.

The Chamber’s President disclosed that China was looking for opportunity to assist local Nigerian companies to produce and process agric products for export to china, other African countries and the whole world.

“It is in appreciation of the relationship that we have thought it necessary to make this visit and donations. We appreciate and understand the strategic importance of the trade relations between Nigeria and China�, he added. The companies that undertook the visit and donations include the CGC Nigeria Limited, CCECC Nigeria Limited, Powerchina International Group Ltd, CGGC Nigeria Limited, China Harbour Nigeria Ltd, Huawei Tech Nigeria Limited.

In his response, the Director General of the Nigerian Office for Trade Negotiations, Ambassador Osakwe noted that the bilateral trade relationship between Nigeria and China would enable Nigeria to accelerate growth and to create jobs for all Nigerians. “The cooperation between the two countries can be deepened with the many initiatives of the Chinese government and some of the institutions being set up.

Osakwe called on the chamber to begin to develop a global value chain that would bring about a Chinese-Nigerian company in the next few years. “I would like us to begin to build value chain because value chains are absolutely important to Nigeria�. ``China as one of the world’s largest economy has global reach and in some major aspect should begin to design and construct as many value chains as possible. It is very important because market access is not so much about reducing tariffs but more about improvement of regulations and reducing non-tariff barriers. China should also consider initiatives that would bring about products like China-Nigeria computers and other accessories�, he added.

WE APPRECIATE YOUR TIME AND EFFORTS

L-R: MD/CEO Sigma Pensions, Mr. Dave Uduanu; Director Sigma Pensions , Mr. Mark Collier; Director of Business and Strategy of Actis, Mr. Fash Sawyerr; and Non Executive Director Sigma Pension, Mrs. Natalie Kolbe, during the retirement/send forth party for the outgoing Chairman of Sigma Pensions, Alhaji Rasaki Oladejo in Abuja ... recently

Obaigbena, Olanipekun, Abati, to Lead Discussion on Future of the Media Editor-in Chief/Chairman, THISDAY Newspapers Ltd, Nduka Obaigbena; a former President of Nigerian Bar Association, Chief Wole Olanipekun (SAN), and a former Special Adviser on Media and Publicity to ex-President Goodluck Jonathan, Dr. Reuben Abati are expected to lead discussion at the RightHand Media Roundtable Discussion, holding on Friday at Raddison Blu Hotel, Ikeja, Lagos, with the theme ‘Fake News and Future of the Media’.

The roundtable discussion also coincides with the public presentation of ‘Brand in The News’ - a compilation of articles written by one of Nigerian

best Marketing Reporters, Mr. Raheem Akingbolu.

The event, which is the first leg of the agency’s annual Stakeholders Media Engagement, is organised to galvanise stakeholders towards the danger of citizen journalism to the future of the industry.

A statement signed by the Media Relation Manager of the agency, Miss. Morounmubo Alabi, indicated that Abati was chosen as speaker for the day after a careful deliberation by the board. “The decision to settle for Abati was based on his reputation as a highly respected media chieftain and an intellectual powerhouse in the Nigerian

media environment. We believe he will undoubtedly educate the audience on the theme which was deliberately chosen to highlight the growing challenges of the media management business and the management of brand business in a country that was once rated as the largest economy in Africa as our own contribution in promoting the brand idea,’’ the statement said.

A legal luminary, Chief Wole Olanipekun, SAN, will chairman the event, while a former Chairman, Advertising Practitioners Council of Nigeria (APCON ), Mr. Lolu Akinwumi, will moderate the round-table session.

Expected as Guest of Honours

are; Chairman, Troyka Group, Chief Biodun Shobanjo and Commissioner for Information in Ondo State, Mr. Yemi Olowolabi.

To do justice to the discussion, the statement further stated that the agency has cleverly selected firebrand men and women as discussants. They include; Simon Kolawole (a former THISDAY Editor and owner of The Cable), Emeka Opara (Head of Corporate Communications at Airtel Nigeria) Bolaji Okusaga (a Public Relations consultant) and Angela Agoawike (a former Secretary General, Nigerian Guide of Editors).

Consumers in Epe Seek NCC’s Intervention over Poor Telecoms Services Emma Okonji Telecoms consumers in Epe Community, a suburb of Lagos, last week, came out in their large numbers, led by their traditional leaders, to complain bitterly about the poor telecoms services in their community.

The subscribers, who spoke during the 37th edition of the NCC’s Organised Consumer Town Hall Meeting (CTM), which held in Epe community, thanked

the telecom sector regulator for bringing such CTM forum to their community, and used the occasion to lodge several complaints bothering on poor telecoms services across all the networks in the community.

Having thanked NCC for bringing all the telecoms operators to their community, they also urged it to compel the operators to improve on their services in the community that is made up of large concentration

of people.

They also proffered solutions on how best the telecoms operators could serve them better.

According to them, while a larger part of the community is without telecoms coverage, the other parts suffer poor service quality, ranging from persistent drop calls, poor voice clarity, delay in the delivery of text messages, and above all is the constant receipt of unsolicited text messages and calls from

service providers.

Addressing the community, the Director, Consumer Affairs Bureau at the NCC, Mrs. Felicia Onwuegbuchulam, thanked the traditional leaders and their subjects for turning out in their large numbers to lodge their complains about telecoms services rendered in their community. “The forum is one of the initiatives of NCC to bring together, telecoms consumers in the rural areas with the network

operators and the regulator to discuss, proffer solutions to consumer related issues and ensure they have value for money through effective service delivery,� Onwuegbuchulam said. According to her, NCC has developed series of initiatives that would empower the consumers and ensure that their rights are fully protected. She encouraged consumers to subscribe to the 622/2442 Don Not Disturb (DND) code, where they can

stop unsolicited messages.

Deputy Director, Consumer Affairs Bureau at NCC, Alhaji Ismail Adedigba said NCC, after declaring 2017 as the year of the consumer, went ahead and stepped up programmes aimed at empowering and protecting telecoms consumers with focus on key drivers such as the NCC 622 toll free line to lodge unresolved complaints to NCC and the 2442 DND short code to stop unsolicited messages.

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Tripple Gee Introduces Anticounterfeiting Solution The menace of counterfeiting in Nigeria will soon reduce drastically, as Tripple Gee & Co Plc is set to launch a software app that is capable of adequately and securely protecting true identity of sensitive documents.

According to the company, the app called tru-Data, will be officially unveiled at the 4th ID4Africa Exhibition holding in Abuja from April 24-26.

Speaking on the new app, the Vice Executive Chairman of Tripple Gee, Chief Gbade Giwa said: “This revolutionary product is what is needed to fight IDentity theft and counterfeiting of sensititive documents in the country. This way fraudulent attacks can be easily detected when the encryption of the critical data of the document is decrypted using our app, which is freely available on the Google Play store, to confirm the authenticity of the document.

What is more, the picture of the original owner of the document can also be encrypted making ID theft absolutely impossible.

The encryption could be on documents such as certificates from tertiary institutions, birth certificates, Corporate Affairs Commission (CAC) Certificate, Certificate of Occupancy (Cof

O), ID cards among others.�

He disclosed that the app, which is powered by HD Barcode Technology, is the first of series of products Tripple Gee planned to launch into the Nigerian marketplace. “Tru-Data has many benefits as it can capture images and longer texts (172 times more than normal QR code), and ZIP files. It makes quick verification of documents possible and eliminates counterfeit of products in circulation. You do not need internet or data connection to verify a document. Verify-on-the Go, anytime and anywhere. It is good for identifying original fast moving consumer goods (FMCG) products. It is a must have for organisation who wants brand protection and anti-counterfeiting. We highly recommend it to tertiary institutions. Human Resources Managers, government agencies and private organizations,� Giwa said.

According to him, Tripple Gee is a Central Bank of Nigeria (CBN) accredited Security Printer with over 38 years’ experience in providing ultimate protection against documents alterations and anti-counterfeiting, and has the state-of-art technology.

Truecaller Reaches 100m Daily Active Users Emma Okonji Truecaller has said that its active users have reached over 100 million. In less than a year, the app has leapfrogged from 100 million monthly active users (MAUs) per month to 100 million daily active users (DAUs), and is growing faster than ever.

With more than 20 per cent of its user base in Africa, Truecaller app service identifies more than half a billion calls a monthly in the region, and 50 per cent of SMS received are spam. In Nigeria, the application blocks and filters more than 13 million calls and 25 million spam SMS per month.

According to Truecaller, from people predominantly using Nokia and BlackBerry phones, to a wide array of Androids and Apple’s, technology is constantly evolving around

us. The cost of both mobile phones and data continue to plunge, people all around are now armed with connected devices.

In emerging markets, there is an increased importance placed on smartphones in peoples’ daily lives. It’s their primary gateway to the internet, their connection with family and friends, people abroad, and increasingly their main banking and finance tool.

Chief Executive Officer and co-Founder of Truecaller, Alan Mamedi, said: “Close to a decade ago, we set out to solve what we thought was a simple problem – how do we figure out who these unknown numbers belong to that keeps calling us?

Little did we know how big of a problem that actually was in all corners of the world. “It was so big, in fact, that Truecaller is pleased and excited

to announce that we now have more than 100 million daily active users using our app for their daily communication.

There are only a handful of mobile-only services that impact as many users each and every day and we are humbled to be able to join this exclusive group. The proliferation of new and advanced technologies that are ever evolving, Truecaller has also come a long way since the day the company was founded. From simple beginnings as a Caller ID and spam blocking app, to a full fledge communications platform with calling, SMS’, Flash Messages and payment services, Mamedi said.

According to him, “We could never have predicted that Truecaller would become an indispensable resource for women’s safety in many countries; or that it would

be used for e-commerce and courier services around the globe to facilitate the difficult last mile of delivery; or allow more peopleto experience a data-only product in offline mode. “Truecaller is more than just an app on your phone, it has aided in bridging the digital divide between the urban and growing semi urban/rural markets in India; and has even enabled more African businesses to accept online payment.� “We’re continuously working to make communications safer and efficient and the fact that we have so many users validates our mission. We’re excited to see what the next decade and 100 million users bring us. So to all millions of users who helped us get here we would like to say thank you,� Mamedi added.

CeLD to Generate 4% of Nigeria’s GDP in FiveYears Raheem Akingbolu Cash Reward as-a-Service Company, CeLD Innovations, has stated that its newly-introduced product, CashToken, has the potential of creating 300,000 jobs, annually, and generating a revenue, that will reach about 4per cent of Nigeria’s Gross Domestic Product (GDP) in five years. Speaking at the unveiling of the product, in Lagos, the Founder and Chief Executive Officer of the company, Mr. Lai Labode, explained that the new innovation will also go a long way in optimising customer loyalty investment for businesses.

Describing the newlyintroduced CashToken as the world’s most consequential gift and celebratory commodity, Labode explained that the company’s decision to come up with the concept was a result of a Patronage Optimisation Research, carried out by the company in 2015, to establish the most potent emotional disposition of the average African consumer.

According to him, one of the revelations of the Report was that the average African consumer desires an opportunity for a life-changing cash reward at every point of patronage. “The Report also revealed that 54% of every sample/individual will have received the CashToken in five years. This means that, about 1-3 billion people in the world will gift and receive cash tokens in five years, while one in every five Africans will receive and gift CashTokens in three years. “The newly-introduced CashToken is therefore a response to this. It is a way of making every purchase with the card a life-changing cash opportunity

for the consumer “Our people are talented and innovative; together we will create a sustainable circle of prosperity for all stakeholders through life changing rewards, innovative processes, business models and technology,� he added.

He added that the initiative which is a collaboration with some key brands in the country, including Keystones Bank would revolutionise the nation’s business terrain and further enhance consumerism in this part of the globe.

Delivering a keynote address at the event, the Managing Director of Airtel Nigeria, Mr. Segun Ogunsanya commended the company for coming up with such consumer-centric product.

The Airtel boss argued that businesses that had endured over the years had innovation as one of the secrets of their success. “A business that does not have consumer as its soul cannot endure. If you look at some businesses that had survived today’s stormy business terrain, you will discover they have been able to do so through innovation. “That is why I’m commending CeLD and its partners, especially Keystone Bank for thinking out of the box, just to ensure that the customer is giving a life-changing reward,� he added.

Also speaking at the event, the Chairman of Zinox Group, Mr. Leo Stan Ekeh, described the newly-introduced CashToken as an innovation that would take businesses in Nigeria to the next level. “If you have a business and you fail to take advantage of it, you will lose your customers.

Winning customers’ loyalty is the key to the survival of any business,� he stated.

WELL DESEREVED HONOUR

L-R: Head, Human Capital, Nigerian Communications Commission (NCC), Mr. Matthew Maganda; Director, Human Capital and Infrastructure Group, NCC, Hajia Maryam Bayi; Deputy Director/Area Manager, Industrial Training Fund (ITF), Abuja, Alhaji Usman M. Sani, and Asst.

Director/Head of Training, ITF, Abuja, Mrs. Evelyn Irabor, after presenting “Best Contributing Employer in Human Resource Development in 2017� Award to NCC in Abuja...recently

CoralPay to Ease E-Channels Transactions with Alipay in Africa Coralpay, a payment solution and transaction processing company is partnering Alipay, the world’s largest online and offline payment platform operated by Ant Financial Services Group, to ease transactions on e-channels in Africa.

The partnership further expands Alipay footprints in Africa and opens the door for its more than 600 million active users in China to make purchases in the continent using the CoralPay platform.

By the ground-breaking agreement, millions of Alipay users can now conduct seamless transactions in Africa at CoralPay affiliated merchant locations, beginning with the Nigerian market.

Alipay, regarded by many as

Asia’s PayPal, is supported in 24 countries and regions and works with over 250 overseas financial institutions and payment solution providers to enable cross-border payments for Chinese travelling overseas and overseas customers who purchase products from Chinese e-commerce sites.

Speaking at the agreement signing ceremony in HongKong, Chief Executive Officer (CEO) of CoralPay, Mr. Chioma Nkechika, assured Alipay users of his company’s ability and capacity to deliver on the African franchise, leveraging on their business network and partnership.

According to him, in signing this agreement, CoralPay, has broken new grounds as this

is the first such contract and partnership in Africa and plans to work with African banks to enable seamless e-payments for which Alipay is renowned. “CoralPay has sealed partnership deals with leading banks and Payment Terminal Service Provider (PTSPs) as well as aggregators to serve their customers. With the CoralPay and Alipay partnership, customers can easily make payments for visa applications, pay for air tickets and other transportation services as well as used for payment at services at hotels, restaurants and supermarkets,� he said.

Nkechika explained that the partnership therefore, offered Alipay users seamless access to a proven e-payment solution

powered by CoralPay without the need to open a bank account when they take up residency in Africa or whether they are visiting.

He added that CoralPay was well-placed to deliver seamless transactions and thereby help to achieve the expansion required especially as its technical partners is already partnering with Alipay to process transactions in Asia.

On his part, Alipay Head of International Acquiring, Oliver Tang, said he was excited at the partnership, which he said had opened a new frontier for Alipay customers to seamlessly transact with their Alipay wallets while travelling across Nigeria and Africa.

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Eight Years of Local Content Act in the Nigerian Oil and Gas Industry Simbi Wabote It’s been eight years since the enactment of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, arguably the most successful economic policy of the federal government in the last two decades. It’s heartening that the implementation has remained on the front burner of four successive federal administrations, giving the lie to the narrative that governments in Africa are too eager to jettison policies initiated by their predecessors. In fact, the remit of the Nigerian Content implementation is being broadened beyond oil and gas as part of diversification of the economy.

Two out of the five Presidential Executive Orders issued by the administration of President Muhammadu Buhari are specifically in support of Local Content - Presidential Executive Order 003 which mandates Support for Local Content in Public Procurement

by Ministries, Departments and Agencies of the Federal Government and Executive Order 005, for the “Planning and Execution of Projects, Promotion of Nigerian Content in Contracts and Sciences, Engineering and Technology.� These instruments have reaffirmed President Buhari administration’s unequivocal support for Local Content and deep conviction of its importance to the attainment of the Economic Growth Recovery Plan (EGRP) and wider socio-economic goals of the nation.

The Senate and the Federal House of Representatives are also working to amend the Nigerian Content Act, so it would extend to the Power, Information Communication Technology and Construction sectors.

Weeks ago, the Chief Justice of Nigeria, Justice Walter Onnoghen and other Justices of the Supreme Court gave huge endorsement to the Nigerian Content Act. The occasion was the first national seminar organised for Justices and Judges on the Role of the Judiciary in the development of the Nigerian Local Content Law and Policy.

Today, Nigeria is widely regarded as a model in Local Content implementation in Africa and the Nigerian Content Development and Monitoring Board (NCDMB) has been mentoring several countries on the development of their own policies.

The famous American Management guru and author, John Maxwell wrote in the book, ‘Everyone Communicates Few Connects’ that “everything rises and falls on leadership.�

This maxim resonates well with NCDMB where the Board’s successes have been built on the focused management it had enjoyed from inception and support from government, even much more from the current Minister of State for Petroleum Resources, (HMSPR) Dr. Emmanuel Ibe Kachikwu.

The Minister stated recently that NCDMB is one of the agencies under the Petroleum Resources ministry that has been blessed in terms of personnel selection and leadership since inception in 2010.

The Local Content journey started formally from the report of a Presidential Committee inaugurated in 2001 to suggest reforms in the Oil and Gas industry. Prior to the NOGICD Act, the Department of Petroleum Resources (DPR) used oil block bid rounds to enforce some level of Local Content Policies enshrined in extant Petroleum statues. The Nigerian National Petroleum Corporation (NNPC) would later set up the Nigerian Content Division within its system and issue Nigerian Content directives to the industry. The absence of a regulatory framework limited the best efforts of the DPR and NNPC, especially as operators and service companies complied only on best endeavour basis.

The enactment of the NOGICD Act 2010 and subsequent establishment of the NCDMB ushered a paradigm shift. Before then, nearly all fabrication, engineering, and procurement for the Oil and Gas Industry were executed abroad. It is estimated that the national economy suffered capital flight of about $380billion dollars in the first 50

Wabote years of oil production in Nigeria and lost opportunities to create over two millions jobs. The level of Nigerian Content was less than five percent, partly because preceding administrations and most citizenry focused on revenue derivation from the Oil and Gas sector.

In the past eight years, we have focused the thrust of Local Content implementation on Promoting indigenous ownership of equipment used in industry operations; Promoting Oil and Gas Components Manufacturing; Giving first consideration to

In the past eight years, we have focused the thrust of Local Content implementation on Promoting indigenous ownership of equipment used in industry operations; Promoting Oil and Gas Components Manufacturing; Giving ďŹ rst consideration to Nigerian indigenous companies; Ensuring that Nigerian Content targets are met for projects and operations; Creating and Utilizing training and employment opportunities for indigenes; Deploying the Nigerian Content Development Fund for targeted capacity building; Ensuring that local capacity investors have work to amortize investments and Involving oil producing communities in the activities of the sector

Nigerian indigenous companies; Ensuring that Nigerian Content targets are met for projects and operations; Creating and Utilizing training and employment opportunities for indigenes; Deploying the Nigerian Content Development Fund for targeted capacity building; Ensuring that local capacity investors have work to amortize investments and Involving oil producing communities in the activities of the sector.

The Board’s strategic implementation of the NOGICD Act has been very impactful in the Oil and Gas Industry and the wider economy - several Nigerians service companies have invested in sophisticated vessels and rigs – assets that used to be the exclusive preserve of foreign companies.

Local firms now enjoy patronage and even exclusivity in certain areas, retaining huge industry spend in the economy, employing Nigerians and building skills. Many hi-tech fabrications, manufacturing and engineering facilities have also been developed and upgraded, domiciling most industry work that used to be exported. Nigerian Content has also grown remarkably on the production side. Indigenous and marginal field producers now account for about 15 percent of Nigeria’s crude oil production. They also contribute about 53 percent of Domestic Gas Supply requirements, with NPDC, SEPLAT, ND Western, Frontier, 7Energy, Aiteo, etc being major producers.

Even though the Oil and Gas industry is not a high employer of labour like Agriculture and Construction, our bullish implementation of Nigerian Content has helped create over 30,000 jobs and funneled about 5,800 young persons in various projects based trainings. The total value of contracts awarded to Nigerian companies in the industry has risen to 83 percent while average Nigerian Content retention incountry has shot up to 28 percent. Although many stakeholders are pushing for increased NC performance, it is imperative to note that the implementation is a marathon and not a sprint.

On January 24 2018, the biggest Nigerian Content milestone to date was attained when the Total E&P’s Egina Floating Production Storage and Offloading (FPSO) vessel arrived the SHI-MCI Yard, LADOL Free Zone, Lagos for the integration of six modules that were fabricated in Nigeria.

The arrival of the FPSO is a huge testament to the giant strides Nigerian Content development has made, particularly in the

development of infrastructural and human capacities.

Going forward, NCDMB has set new targets for itself and the industry. We have developed a 10-year strategic road map with which we are pushing to retain at least $14bn out of the $20 billion annual industry spend and create 300,000 direct and indirect jobs. We also hope to grow aggregate in-country value addition from 28 percent to 70 percent by 2027. These targets are backed with specific initiatives such as completion of five planned oil and gas parks to grow local manufacturing, establishment of two additional pipe mills, local fabrication of modular refineries; attaining at least 50 percent FPSO Integration in-country during the implementation of the world-class Zabazaba and Bonga SouthWest Aparo projects. In the last year and six months since I assumed duty as the Executive Secretary of the NCDMB, we have sustained the momentum of implementation and injected some fresh impetus. Our first major activity was to convene the Nigerian Oil and Gas Opportunity Fair (NOGOF), to aggregate industry business plan. This culminated in the compilation of a compendium of investment opportunities in the industry. We launched the $200 Million (USD) Nigerian Content Intervention Fund (NCI Fund) in partnership with the Bank of Industry (BoI).

The Fund offers a single digit interest rate with five year tenure and we hope to unveil the first set of successful applications in a few weeks. Our goal with the NCI Fund is to optimize the capacity and efficiency of our local supply chain and the overall competitiveness our Oil and Gas Industry.

We also issued Guidelines to drive Research and Development implementation in the Oil and Gas Industry. This was followed by the Nigerian Oil and Gas R & D Fair held in September 2017 to sensitize and galvanize the industry and relevant stakeholders to embrace the culture of research and innovation, a key parameter for sustainable local content practice.

We concluded the bid evaluations for NAOC’s Zabazaba Deepwater project within an unprecedented period of 14 months, in line with the directive of the Honorable Minister of State for Petroleum Resources to reduce the protracted contracting cycle in the industry.

Just recently we held the ground breaking of the pilot Nigerian Oil and Gas Park Schemes NOGAPS) at Odukpani, Cross River State. Dr Kachikwu has confirmed he would personally perform the ground breaking of the second park being sited at Emeyal-1 in Ogbia Local Government Area of Bayelsa State. The parks will spur manufacturing of equipment components and spare parts that would be utilized in the industry. Each will create about 2000 jobs when it begins full operations.

As we lead the rest of the industry to mark the 8th anniversary of the Nigerian Content Act, we congratulate all industry stakeholders for their various contributions to the achievements recorded so far. We must all be proud of the jobs we have created, the value we have retained in-country and the sense of pride we have brought to our country.

Let me also hasten to add that Nigerian Content is not about Nigerianisation but has the main objective of domiciliation and domestication of value-adding activities in-country. We welcome investors far and wide to set up in our dear country Nigeria for unrivalled returns.

Our 10-year journey has just begun. Please come on board so that together we could catalyze Nigeria’s industrialization and bequeath to our youth a virile economy.

- Engr. Simbi Kesiye Wabote is the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Yenagoa, Bayesla State

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BUSINESS/MONEYGUIDE

NIRSAL Targets 7% Bank Lending to Agriculture Ugo Aliogo The Managing Director of the Nigeria Incentive-based Risk Sharing System for Agriculture Lending (NIRSAL), Mr. Aliyu Abdulhameed has said that his agency is targeting to increase bank lending to about seven per cent, from 1.4 per cent currently.

He also expressed the desire of his organisation to break new grounds in agricultural financing by seeking to address the causes of low funding levels in the sector as well as tackling the complex credit assessment processes/procedures and transaction costs.

He disclosed this in Lagos, at the 2018 Institute of Directors (IoD) members’ evening held recently.

According to him, NIRSAL’s approaches goes beyond the use of credit risk guarantee to fix the agriculture value chain to ensure that banks can lend to the sector with confidence.

Abdulhameed also stated that the organisation has five pillars designed to de-risk the sectors’ finance value chain, build long term capabilities and institutionalise lending.

The NIRSAL boss explained

that the funds are allocated across five pillars- include risk-sharing facility -insurance facility, technical assistance facility, holistic bank rating mechanism and bank incentive mechanism.

Earlier in his remark, the President/Chairman of Council, IoD Nigeria, Alhaji Ahmed Mohammed, said the institute would continue to champion good corporate governance and sound business ethics in Nigeria.

According to Mohammed, the institute provides platforms that promote the entrenchment of business ethics and policies that encourage business growth and development.

He also stated that the event provides opportunities for members to make meaningful input and suggest policy options that could enhance government decision making process on issues bordering on provision of an enabling environment for businesses across sectors. “The picture is a microcosm of the African economy where the agriculture sector accounts for up to 60 percent of all jobs and contributes well over

50 per cent of many of the nations’ GDP. “It is therefore, not surprising that the agriculture sector across Africa is receiving tremendous attention in recent times. The situation is not different in Nigeria more so with the increased drive by the present administration to diversify the economy,� Mohammed noted.

Continuing, the NIRSAL boss added: “There will be leveraging of NIRSAL fund to $3 billion to increase bank lending within 10 years to increase banks’ total lending to agriculture from current 1.4 to seven per cent. “There will also be increased lending to the ‘pooled’ small farmer segment to 50 percent of total lending to agriculture.

Typically, banks do not reach producers individually but through ‘pools’ such as MFIs and cooperatives. “There will be increased lending to agricultural primary producers by 3.8 million in 2006 through pooling mechanisms such as value chains, MFIs and cooperatives. Reduction of bank’ break-even interest rate to borrowers from,� he added.

IFRS-9 Vital in Changing Banking Practice, Says Expert Ugo Aliogo, Bonny Oriarehu Ă‹Ă˜ĂŽ Amaka Akpa The Partner, Financial Reporting Group, Ernst and Young (EY), Jamiu Olakisan, has described the International Financial Reporting Standards 9 (IFRS-9) as a vital compliance policy that will change the business practice of banks in the country.

Olakisan noted that a lot of banks that carry out assessment on their customer at the point of origination; would have to do frequent assessments “because the assessment of the customers’ credit worthiness would have an impact on the impairment.�

Olakisan, who disclosed this recently in Lagos, at the Audit Committee Forum with the theme: ‘The Future of Governance-Digital, Technology and Innovation,’ organised by EY, said most of the banks before giving out loans would carry

out a thorough assessment.

He added that in the 2017 financial statement of banks, IFRS- 9 could not be implemented because the regulation became effective this year.

According to him, if banks’ financial statements were examined, it would reveal an instruction under section four that focuses on standard issue, saying “ the impacts that each of the banks disclosed would be seen.�

Olakisan further stated that the general expectation was that the impairment figure under IFRS-9, might be higher, stating that it is also expected to be more volatile than before.

According to him, “Many banks are implementing different strategies. For instance, banks have got to know that the longer the term of a loan, the higher the amount of impairment loss. “Therefore, they want to

reduce the tenure of their loan as much as they can to reduce the impairment loss. Another thing which the banks are thinking of doing is that they have realised that the higher the value of collateral loan, the lower the value of impairment loss. “As a result, many of the banks are thinking of ensuring that they take as much collateral as possible from the customers, to reduce the amount of impairment loss that is being recognised. “The third point is valuation of the collateral.

Here many of the banks take collateral. They determine the collateral at the point of generating the loan, they don’t revalue the collateral going forward.

The collateral value is expected to increase. “Many of the banks are planning to revalue the collateral as much as possible to reduce the amount of impairment loss.�

Keystone Bank, Heritage Partner CeLD on ‘CashToken’ Keystone Bank Limited and Heritage Bank have gone into partnership with CeLD Innovations Limited, a Cash Reward as-a-Service Company, to launch a product known as ‘CashToken.’ The initiative is a consumer centric product in Nigeria.

The new innovative product, CashToken, which was formally launched in Lagos recently, at a conference tagged: “500 Top CEOs Conference – Unleashing The Age of Hyper Consumer Centricity, is an electronic reward and celebratory gift commodity which costs only N30.

The initiative, according to a statement, creates an avenue for every customer in Nigeria to have an opportunity for lifechanging cash rewards every

Friday night at the National CashToken draws, to be monitored by Alexander Forbes and audited by Deloitte.

The product was designed to optimise customer loyalty investment for business, celebratory gift value optimisation and public emotional equity for government.

According to the Group Managing Director/ Chief Executive Officer of Keystone Bank Limited, Mr. Obeahon Ohiwerei, “At Keystone Bank, our vision as we begin our trajectory towards industry leadership is the enablement of new possibilities tied to our customer’s innermost desires as we connect our customers to a new era of Hyper Consumer Centricity; where every

patronage of our bank is a life changing opportunity. “And so, the establishment of the World’s First Cash Reward as-a-Service Platform

by CeLD is indeed not only most commendable but worthy of strategic support of forward looking businesses; hence the support of the Board of Directors and management of Keystone Bank Limited.� “We have also taken a decision to partner with CeLD to adopt this ground-breaking product, ‘The CashToken’ as a Keystone Bank Customer Loyalty Reward Commodity.

We believe every patronage of the bank should be a true life changing-opportunity with guaranteed cash for insurance, pension or savings.�

Abdulhameed

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

AUGUST 2017 Broad Money (M2)

21,851,454.31

-- Narrow Money (M1)

9,890,813.10

---- Currency Outside Banks

1,523,239.91

---- Demand Deposits

8,367,573.19

-- Quasi Money

11,960,641.22

Net Foreign Assets (NFA)

9,732,990.89

Net Domestic Assets(NDA)

12,118,463.42

-- Net Domestic Credit (NDC)

26,821,446.81

---- Credit to Government (Net)

4,824,226.22

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

7,834,536.74

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

--3,010,310.52

---- Credit to Private Sector (CPS)

21,997,220.59

--Other Assets Net

--14,702,983.39

Reserve Money (Base Money)

5,486,804.65

--Currency in Circulation

1,868,735.07

--Banks Reserves

3,268,266.17 Ëž Ă™Ă&#x;ĂœĂ?Ă? Ě‹

Money Market Indicators (in Percentage) Month

August 2017

Inter-Bank Call Rate

22.63

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

14.00

Treasury Bill Rate

13.35

Savings Deposit Rate

4.08

1 Month Deposit Rate

8.86

3 Months Deposit Rate

10.14

6 Months Deposit Rate

11.51

12 Months Deposit Rate

11.40

Prime Lending rate

17.69

Maximum Lending Rate

31.20

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

OPEC DAILY BASKET PRICE AS AT THURSDAY APRIL 19, 2018

The price of OPEC basket of fourteen crudes stood at $70.96 a barrel on Thursday, compared with $69.39 the previous day, according to OPEC Secretariat calculations.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), ZaďŹ ro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

SOURCE: OPEC headquarters, Vienna

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MARKET NEWS

Stanbic IBTC’s First Quarter ProďŹ t After Tax Rises 43% to N23bn Goddy Egene Stanbic IBTC Holdings Plc has recorded improved results for the first quarter (Q1) ended March 31, 2018, compared with the corresponding period of 2017. According to the results made available on Friday, gross earnings stood at N57.389 billion, showing an increase of 22 per cent from N47.022 billion recorded in 2017. Net interest income was N18.851 billion in

2018, compared with N18.88 billion in 2018. Non-interest revenue improved from N20.106 billion to N27.732 billion.

Staff cost jumped from N7.234 billion to N10.275 billion, just as other operating expenses followed same trend from N9.799 billion to N14.732 billion.

Despite the jump in operating costs, Stanbic IBTC was able to end the period with higher profit before tax of N26.690 billion, up by 43 per cent from

P R I C E S MAIN BOARD

F O R DEALS

N18.626 billion in 2018. Profit after tax (PAT )rose by same margin from N16.074billion to N23.067 billion in 2018.

Market analysts said the Q1 results signified positive start to the year for the financial institution. Stanbic IBTC had posted PAT of N48.381 billion for the year ended December 31, 2017 and recommended a dividend of 50 kobo per share for the shareholders.

The Chief Executive, Stanbic

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IBTC Holdings Plc, Yinka Sanni, had said the strong performance was evidence of the positive outcome of the group’s strategy of growing the client base across target and key market segments while maintaining a principled credit process. “The Group reported its best profitability results since inception. We achieved a 70 per cent growth in profit after tax amid healthy capital and liquidity levels. Our bal-

T R A D E D MAIN BOARD

A S

ance sheet grew by 32 per cent to N1.39 trillion and this was funded mainly by customer deposit growth of 34 per cent,�

Sanni stated. He noted that the various business divisions achieved strong operating results as well as retained market leadership across the various businesses such as global markets, investment banking, pension, stockbroking, asset management, and custodial services, with several

O F

accolades received during the year.

Looking ahead, Sanni said the Group remained optimistic that it would sustain the improved financial performance in 2018 and beyond. “While we are encouraged by the impressive results, we remain focused on improving risk asset quality, managing our cost base, maintaining our capital strength and increasing our returns to shareholders.

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INTERNATIONAL

email:foreigndesk@thisdaylive.com

Suicide Attack on Kabul Voter Registration Centre Kills 48 An Islamic State suicide bomber killed at least 48 people including women and

children and wounded 112 outside a voter registration centre in the Afghan capital

US Nude Gunman Shooting: 4 Dead, Several Injured at Waffle House near Nashville Four people have been killed and four others injured after a shooting at a Waffle House in Tennessee,US, early Sunday morning, according to Good Morning America.

Nashville police said six people were shot, including the four who died, and two others were also injured in the incident at about 3:30 a.m. local time on Sunday in Antioch, Tennessee.

Two of those who died were fatally shot outside the restaurant, and one inside, police said. A fourth person died at the hospital.

Vanderbilt Hospital has two patients who were shot in the incident.

Antioch is a suburban neighborhood about 12 miles southeast of downtown Nashville.

Police said the suspect was wearing only a green jacket and was otherwise nude at the time of the shooting. A patron managed to wrestle away the rifle being used by the suspect, police said.

Nashville police also announced that they are searching for a person of interest in the shooting whom they identified as Travis Reinking, 29, of Morton, Ill. A tweet from the police said the vehicle that the gunman arrived in at the Waffle House was registered to Reinking.

Pat Warner, director of public relations and external affairs for Waffle House, called it a

Korean Air ‘Nut Rage’ Sisters Step Down The CEO of Korean Air says his two daughters are resigning after separate incidents that led to allegations of abuse of power inside the company, according to BBC. Police are investigating the youngest daughter, Cho Hyun-min, after she allegedly splashed water in a colleague’s face.

Her older sister infamously delayed a flight in 2014 over a packet of nuts - and served jail time for the incident.

In a statement, their father apologised to the public and his employees.

Cho Yang-ho said his daughters would be stripped of all their responsibilities, Yonhap news agency reports.

Both cases hit the headlines in the country and reopened a national debate about the Korean business system, which is dominated by family firms known as chaebols.

“very troubling” situation.

“We are sending our corporate team from Atlanta and heading to Nashville now,” Warner said. “Our thoughts are with those affected.”

Kabul on Sunday in the latest attack on election preparations, according to AFP. The assaults underscore growing concerns about security in the lead-up to legislative elections scheduled for October 20, which are seen as a test-run for next year’s presidential poll.

“It happened at the entrance gate of the centre. It was a suicide attack,” Dawood Amin, Kabul police chief, told AFP. Both the health and interior ministries confirmed the latest toll for the attack, which was claimed by the Islamic State group via its propaganda arm

Amaq.

“They are civilians, including women and children,” said interior ministry spokesman Najib Danish.

The centre in a heavily Shiite-populated neighbourhood in the west of the city was also being used by people to register for national identification certificates, which they need to sign up to vote.

Sheets of paper and passport-sized photos lay scattered amid shattered glass and pools of blood on the street near badly damaged cars -- grim evidence of the force of the blast that drew

international condemnation.

“This senseless violence shows the cowardice and inhumanity of the enemies of democracy and peace in Afghanistan,” US ambassador John Bass wrote on Twitter. NATO also condemned the bombing.

The last major attack in Kabul was on March 21 when an IS suicide bomber blew himself up in a crowd celebrating the Persian New Year holiday and killed at least 33 people.

Ariana TV showed angry crowds shouting “Death to the government!” and

“Death to the Taliban!”

A wounded man in a hospital bed wept as he told the network: “I don’t know where my daughters are.

God damn the attackers!”

A witness to the attack named Akbar told Tolo TV: “Now we know the government cannot provide us security: we have to get armed and protect ourselves.”

Elsewhere, a roadside explosion in the northern province of Baghlan on Sunday killed six people, including three women and two children.

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NEWSXTRA

Izunaso: No Plan to Stop APC Convention, Congresses Party will emerge a stronger fighting force, says spokesman

Tobi Soniyi ÓØ ËÑÙÝ ËØÎ Hammed Shittu ÓØ ÖÙÜÓØ

not to hold “full congress and convention” as contemplated

by NEC, a member of NEC The National Organi-sing told our THISDAY yesterday.

“Because their antics have Secretary of the All Progressives Congress, Senator Osita been exposed, the National Izunaso, has dismissed claims Publicity Secretary in response that some National Working to enquiries from journalists, Committee (NWC) members said elections would hold. But were allegedly working to the letter to INEC, signed by thwart the move to hold the our National Secretary, Mala party’s congresses and national Mai Buni, said the congresses and convention were meant to convention.

Some members of the party’s fill ‘existing vacancies.’

“This is contrary to the NWC were alleged to be working to thwart the move to decision reached at NEC on hold the party’s congresses and March 27. It not only offends national convention respectively. the provision of our party’s Some members of the party’s constitution, it amounts to National Executive Committee insubordination on the part (NEC) have expressed concern of the national chairman and that some executives members the national secretary who who feared they would be authored the letter.

“By yesterday, they are still voted out of office are making clandestine moves to stop the in a dilemma whether to write another letter to INEC or not. convention.

A member of APC’s NEC Now the confusion is that if they who spoke with THISDAY write another letter to INEC, in confidence said: “These they will require another three people are daring. But we are weeks notice. If this happens, also prepared for them. It is a it means ward congress will battle we are prepared for. We not hold on May 2, as earlier must rescue our party from the proposed.

“Others are however of the hands of these undemocratic view that they can write INEC forces.”

APC’s NEC had in March to correct the content of the foreclosed any tenure extension first letter to the effect that for the members of NWC and there will be full congress. opted for elective convention Whoever is trying to thwart the decision of NEC to hold and congresses.

In response to the outcome of congress must be exposed and the party’s NEC meeting, three shown the way out.

“I want to appeal to members of the NWC were said to have drafted a time-table for President Muhammadu Buhari the convention and sent same to note that even though these to the Independent National things are happening while he Electoral Commission (INEC), is out of the country, he must without carrying other members take particular interest in the scenarios playing out and must of the NWC along.

But when the purported be prepared to ensure that letter was leaked during the NEC’s decision is followed to week, it turned out that what the letter. Whatever happens some of the NWC members to the contrary will rub off on were planning was to only his integrity and credibility and “fill vacant positions” and may impact negatively on the

Miracle Wins BBNaija 2018 Edition After more than 12 weeks of entertaining events, 2018 edition of the Big Brother Naija reality show finally came to an end last night with Miracle Igbokwe walking away with the N45 million prize.

He defeated one of the most controversial housemate, Cee-C to win the ultimate grand prize.

The event ended after more than 12 weeks of entertaining events, Twenty contestants competed for this year’s edition of the show tagged: ‘#BBNaija Double Wahala’ million prize.

While in the house, Miracle’s goodwill and attitude gathered for him so much support and votes until he clinched the ultimate prize.

He won with over 38 per cent of the entire votes cast.

In all, 170 million votes were cast in the 85-day event, with 30 million votes coming in the week leading to the grand finale alone.

The winner went home

with a total package of N45million comprising: N25 million cash, N12 million SUV, N4.7 million all-expenses paid vacation, N3.3 million household equipment comprising of electronics and other gadgets.

Miracle was born on February 17, 1995.

He attended the International Aviation College and the Nigerian College of Aviation Technology, Zaria.

He also attended Dee Unique International High School.

When he was asked what irritates him most in other people, he said: “People being fake makes me not to trust them.”

As to what he brought into the BB House, he said: “I want to bring confusion among the ladies.”

In his comment at the final event, the General Manager, Marketing and Sales of MultiChoice, Martin Mabutho, said Double Wahala was “served hot.”

party at the polls,” the source, who is a member of the party’s NEC said.

But when contacted, Izunaso dismissed the claim, saying the NWC is not planning to write any other letter to INEC. He said: “Our National Publicity Secretary has addressed the concerns from that letter. If you read that letter well, you will see that the caption captured the message that activities for the congresses and convention will kick-start on May 2.

“We are going ahead with our congresses and convention, and there is no plan to thwart it.

There is no iota of truth in the claim that we want to thwart

the congresses and convention.”

Meanwhile, the National Publicity Secretary of the APC, Mallam Bolaji Abdullahi, yesterday said APC would emerge stronger as a party and a fighting force ahead of 2019 after its forthcoming congresses and national convention.

He dismissed insinuations in some quarters that the party’s forthcoming convention might tear it apart, saying he does not see the two competitive processes generating any ‘rancour’.

The APC had scheduled May 2 to 9 for its ward, local government and state congresses after President Buhari directive to its NEC to reconsider its

earlier decision on ‘‘tenure elongation’’ for national officers of the party.

Abdullahi who spoke with journalists in Ilorin, also declared that the situation that led to the continued stay of officers of the party in office was not ‘‘tenure elongation’’ as described by some people.

Rather, he said their continued stay in office was the ‘‘wisdom’’ of National Working Committee (NWC) members of the party to avert acrimony that might arise from such elective process which he said could weaken the party ahead of 2019.

He, however, promised that in spite of the president’s advised

that the party should reconsider NEC’S position, it would come out stronger after the congresses and convention. ‘‘As you know is a long road that we have walked before we arrived at this processes of congresses and convention.

The idea of many members of the national executive committee of the party was that they should not go into such competitive processes at this time few months to elections, naturally congresses and conventions tends to generate acrimony is even more difficult at the ward level than at the state and national level, it tends to generate all kind of acrimony.

WE SALUTE YOUR BRAVERY

Senate President, Dr. Abubakar Bukola Saraki (second left), assisting Mrs Sandra Davou , the female Sergeant-At-Arms who was injured when she and her colleagues tried to stop thugs who invaded the Senate last Wednesday. With them is the Deputy Senate President, Senator Ike Ekweremadu, and Senator Isa Hamma Misau, when the Senate President visited the recuperating lady at her home in the Bwari Area Council of the FCT .....yesterday.

Falana: Mace Not Required for Parliamentary Proceedings in Nigeria Ejiofor Alike

Falana added that in all the previous cases in which Human rights lawyer and the impeachment of state Senior Advocate of Nigeria governors were annulled and (SAN), Mr. Femi Falana, has set aside by the Supreme Court stated that Nigerian constitution and other courts, it was due does not expressly or impliedly to the failure of the houses of provides that a Mace shall be assembly concerned to comply provided before the Senate or with the provision for quorum, House of Representatives or any which is two-thirds of all the other legislative house can sit members in line with section and conduct legislative business. 188 of the Constitution.

Reacting to last Wednesday’s “Nowhere in the constitution invasion of the Senate by is it expressly or impliedly five disgruntled young men, provided that a Mace shall be who snatched the mace in a provided before the Senate or commando like operation, Falana House of Representatives or any said in a statement yesterday other legislative house can sit that by virtue of section 54 and conduct legislative business,” of the Constitution, either of Falana said. two houses of the national The rights activist noted assembly is competent to sit that since the restoration of and conduct proceedings once democratic rule in Nigeria in the quorum of the members May 1999, several houses of is formed. assembly have been shut down According to him, the said due to the disappearance of the quorum is one-third of all the Mace, which is believed to be members of the legislative house the authority of every legislative concerned. house in the country.

Falana stated that in many instances, legislators have been injured while trying to snatch or protect the Mace.

“In fact, the Mace in the Senate was once removed and taken away to a remote village in one of the states in the South east region where it was hidden for weeks to prevent senators from reconvening to carry out the planned impeachment of the Senate president at that material time. But at the end of the day, his colleagues produced another Mace and proceeded to remove him from office,” Falana said.

The lawyer said it was curious that the National Assembly has not deemed it fit to enact a law to protect the Mace, which is so regularly snatched or stolen by legislators, stressing that the suspects that invaded the Senate may be charged under the Legislative Powers (Powers and Privileges) Act. He argued that the Mace is not a prerequisite for parliamentary

business in Nigeria.

“In other words, the proceedings of a legislative house cannot be invalidated because of the absence of a Mace.”

“As a colonial legacy the Mace was part of the Nigerian parliament in 1960 when the Queen of England was our Head of State. Even when the nation became a Republic in 1963 under an indigenous President the paraphernalia of office and title of the Speaker of the British Parliament were fully retained.

That was how the Mace which is a symbolic authority of the parliament under a monarchical government was adopted by our Republican parliament.

Even though Nigeria adopted the presidential system of government since 1979 our legislators have continued to retain the vestiges of the Westminster parliamentary system,” Falana explained.

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NEWSXTRA

Ambode: Lagos Being Shortchanged in Resource Distribution Urges residents to collect their PVCs Gboyega Akinsanmi Lagos State Governor, Mr. Akinwunmi Ambode, has disclosed that the state is being short-changed in resource distribution, citing unreliable national population statistics the federal government relies on to distribute resources.

Ambode urged all residents of the state “to troop out  and collect their Permanent Voters Cards (PVCs),� noting that failing “to participate in our civic obligation is the long result of the shortchanging of the resources that is distributed across Nigeria.�

He disclosed this at a meeting

2019: Opposition Parties Mull Joint Presidential Candidate Onyebuchi Ezigbo Ă“Ă˜ ĂŒĂ&#x;ÔË A coalition of 42 registered political parties under the aegis of Committee of Concerned Political Parties have said they are considering the option of teaming up to present a joint candidate to contest the forthcoming presidential election.

Addressing journalists in Abuja at the weekend, the leader of the coalition of the 42 registered political parties, Onwubuya Breatforth, said the negotiations which is ongoing, would see the parties joining forces to sack the ruling All Progressives Congress  (APC) from office in 2019.

Some of the opposition parties which were part of ongoing talks to reach a memorandum of understanding are Allied Congress Party of Nigeria (ACPN), Freedom and Justice Party (FJP), Unity Party of Nigeria (UPN), Accord, New Nigeria Peoples Party, Social Democratic Party, Democratic Peoples Party (DPP), and All Progressives Alliance (APA).

While unveiling the group’s plan to field a consensus presidential candidate in 2019, Breatforth said: “We are not forming a merger but we are

going to field and support only one presidential candidate.

We are talking with different stakeholders and political parties including the PDP,� he said.

On the controversial reordering of election sequence bill which has  now been dumped by the National Assembly, he slammed the lawmakers for attempting to enact a selfish law for their selfish interest, arguing that the bill is anti-people and should be discarded.

He said: “I am happy that the bill has been dumped, and I earlier told people that the bill will not fly The parties also condemned last Tuesday’s invasion of the Senate by armed thugs who carted away the mace.

Breatforth described the attack on the legislative chamber as shameful and unacceptable, adding that the group condemned in totality the attack.

Onwubuya, who described the invasion as a threat to democracy, asked the Inspector General of Police (IG), Ibrahim Idris, to bring to book those who masterminded the attack, especially the officers in charge of the security of National Assembly.Â

Saraki, Ekweremadu Visit Staff Assaulted During N’Assembly Invasion Senate President, Dr. Bukola Saraki, has paid a personal visit to the home of the brave female Sergeant-at-Arms, Mrs. Sandra Davou, who was assaulted during the invasion of the Senate last Wednesday.

The Senate was invaded by hoodlums suspected to have been led in by the suspended senator, Ovie Omo-Agege, and the mace which is the symbol of authority of the senate was snatched and stolen from the complex.

Davou who bravely stood her ground to protect the sanctity of the senate and its staff of authority, was assaulted by the hoodlums who also attempted to kidnap a senator before making their way out of the complex.

The senate president who was in Washington DC at the time to attend some of the meetings by the World Bank and IMF, had only just returned and went to the home of the brave staffer

to pay her a visit.

Saraki, according to the News Agency of Nigeria (NAN), was accompanied on the visit by the Deputy Senate President, Ike Ekweremadu.

While in Washington, Saraki had condemned the attack while commending his colleagues in the Senate and others in the House of Representatives for standing up in solidarity to defend democracy in Nigeria.

He also called on the security agencies to ensure that the culprits are trial and prosecuted.

Omo-Agege who was alleged to have orchestrated the attack and was arrested by the police on the day of the attack, was released the same day.

The senator in a surprising and super fast move, also got an injunction from the court preventing the police, Department of State Services (DSS) and the Attorney General of the Federation from arresting him or ordering his arrest.

Says nobody can stop his vision for Lagos

he addressed in Apapa recently alongside the Deputy Governor, Mrs. Idiat Adebule, Secretary to the State Government, Mr. Tunji Bello and Oba of Lagos, Oba Rilwan Akiolu, among others.

At the meeting, the governor said the 2019 election “is  fast approaching, we will nonetheless complete all ongoing projects in the state and continue to ensure that all residents enjoy the dividends of democracy.�

He, however, urged all residents of the state “to go out and collect their PVCs. The state must use the election to confirm its status as the most populous state in the country. Definitely, this will help to correct the anomaly in distribution of national resources.�  He, therefore, appealed “to all Lagos residents strongly to collect their PVCs or enroll for

PVCs if they have not processed before. The coming election is a different one. We want to define once and for all where the population of Nigeria lies.

So, it is not just about APC or the PDP. “It is not just about other political parties or individuals that are not interested in the state. We want to use our PVCs to send a strong message that the real population of Nigeria is in Lagos State. It is time we realise that before any census in the country, there is one census. “This is the census of votes.

This is the census of the PVCs. So, it becomes a finality that the real population is in Lagos State.

That is why we must encourage everyone to go door-to-door or house-to-house, in various groups and unions to ensure that our people go and get

our PVC. “This is because each time we make our own state to look good, other people are coming in and also putting pressure on it for us. That is why we are having too much pressure on our health facilities, our schools and other facilities that we have arranged. “Because we have refused to participate in our civic obligations, the long result is the shortchanging of the resources that is distributed across Nigeria. I appeal to all Lagos residents and all party leaders that this mobilisation for the PVC has a longer reach than what you think.�

Ambode promised that his administration would spare no effort in ensuring Lagos remains safe, clean and prosperous, noting that the

prosperity of Lagos would automatically translate to greater prosperity for Nigeria.

Without mincing words, Ambode explained that the prosperity of Lagos State “is on a positive trajectory. We believe strongly in it. It is our vision and our mission.

Nobody is going to stop it. If we secure the prosperity of Lagos, we have secured the prosperity of Nigeria. “Everything that we need to do to ensure that every Lagos resident has something to do is what this government is committed to do. “We will use everything within our reach to ensure that Lagos remains safe, clean and prosperous. Continue to fulfill your obligations and we would do more because that is how Lagos stands to grow.�

PRESS BRIEFING

Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele (left), Minister of Finance, Mr. Kemi Adeosun, briefing the press after a successful outing at the International Monetary Fund (IMF) and World Bank Spring Meetings in Washington DC....yesterday

Two Female Suicide Bombers Attack Mosque in Borno Michael Olugbode Ă“Ă˜ Ă‹Ă“ĂŽĂ&#x;Ă‘Ă&#x;ĂœĂ“ Two female suicide bombers yesterday morning attacked a mosque in Bama town, killing two others and injuring eight persons The attack is coming less than a month that people that were displaced from Bama, which at the peak of Boko Haram insurgency in the North-east, was held by the insurgents, were relocated back to the town.

The commercial town, at the centre of troubled Borno State, was desolate for about three years before the people were relocated after billions of naira was spent by Borno State Government, the federal government and foreign development partners on reconstruction.

In a statement yesterday, the spokesman of police in Borno State, Okon Edet, said: “At about 5.40a.m. of today (Sunday), two female suicide bombers infiltrated the Ajilari area in Bama town and launched a suicide bomb attack on residents observing morning (Asuba) prayers. “They detonated the improvised explosive devices (IEDs) strapped on their bodies, killing themselves and two other male victims. “Eight other persons were injured and were rushed to the hospital for treatment.

The corpses have also been evacuated.�

He further disclosed: “The Borno State Police Command has deployed men of the police mobile force and EOD personnel to render the area safe and return

normalcy.�

Edet said: “The state Commissioner of Police, Damian Chukwu, assures members of the public of the commitment of the command to safeguard lives and property at all

times.�

He added that the commissioner also urged residents of the state to be vigilant, and at all times report suspicious persons to the police or other security agents.

RCCG Holds Festival of Glory The Redeemed Christian Church of God, Lagos Province 12, Dominion Cathedral, Gowon Estate, Alimosho Council Area, holds its annual Festival of Glory from April 22-29 at five major centres across the province. The theme is, “The Spirit of Power,� and ministering are Pastor J. F. Odesola (Assistant General Overseer, Admin & Personnel) and Pastor J. Dagunduro (SATGO, West Coast), and other anointed men of God.

Hosts are Pastor Ezekiel Oni (Pastor-in-Charge of Zone, Dominion Cathedral Centre) and Pastor Ola Adejubee (Assistant Pastor-in-Charge of Region 1/Pastor-in-Charge of Lagos Province 12). Festival of Glory, which started in 2016, is a vision of Pastor Adejubee, and the focus is the spiritual empowerment of members and soul winning into the Kingdom of God.

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Buhari’s CHOGM Outing, Woeful, Says PDP Onyebuchi Ezigbo Ă“Ă˜ ĂŒĂ&#x;ÔË The Peoples Democratic Party (PDP) has described President Muhammadu Buhari’s outing at the Commonwealth Heads of Government Meeting (CHOGM) in United Kingdom as a wasteful trip which came at huge cost to the country, but failed to record tangible

dividend.

The main opposition party which had criticised the president’s early departure for the meeting, said yesterday that it was not surprised that the President returned Saturday night emptyhanded and with no tangible dividend.

It attributed the alleged

Nigeria is Bleeding, Sliding to Failed State, Says Dickson Bayelsa State Governor, Henry Seriake Dickson, has said Nigeria is seriously bleeding and divided more than ever.

He said the continuous wanton killings by Fulani herdsmen across the country is symptomatic of a failed state.

The governor called for prayers for the country to surmount all the challenges facing it.

A press statement signed by his Chief Press Secretary, Mr. Francis Ottah Agbo, noted that the governor stated this during the national prayer conference organised by Nigeria Prays at the Ecumenical Centre, Yenagoa, with the theme: ‘Lord Rend The Heavens.

He said Nigerians must unite in prayers and resolve to work together to ensure fairness, justice, equity and equal citizenship. The governor lamented that the country was bleeding and urged leaders across the country to take the responsibility to stop the bloodletting.

He added that the emergence of Nigeria Prays was more critical than ever before, as it encourages the different denominations to pray fervently for the nation. He said: “In this country, God’s children, human beings irrespective of the God they worship, are being slaughtered mercilessly, remorselessly in many parts of the country. Our nation is bleeding, we must unite in prayers and resolve to do what is right and fair. Our nation should be a nation of fairness, justice, equity, equal citizenship and united by common ideals of being the greatest black nation. “We are united by our

common shared humanity and nationality, so injustice and unfairness anywhere should be a concern to anyone and everyone in our nation. I join you in praying that the bloodletting, unnecessary killings under any shape or guise ends in Jesus name. God should intervene so that people will feel the need to do the right thing, be fair and just to one another. “Anyone who denies his fellow man justice is less human than his victim because what qualifies us humans created in the image of God is our believe in doing what is right and just.

So I call for a just, egalitarian, fair Nigeria where every one is proud to call his or her country.

No one should play the ostrich.� The Chairman and convener of Nigeria Prays, General Yakubu Gowon (rtd), in his opening     remarks, expressed appreciation to Dickson for giving Nigeria Prays the privilege of holding its national prayer conference at the Ecumenical Centre, which he described as a magnificent edifice built for God’s glory and the edification of man. According to the former Head of State, the governor has demonstrated his faith in God by building the Ecumenical Centre and urged other state governors to emulate his noble and progressive initiative to provoke God’s blessings.

Gowon, who noted that prayers can solve Nigeria’s problems better and faster than military generals and soldiers can do with physical weapons of war, assured Nigerians that God will honour the collective prayers and intercession for the nation, while also advising people to shun violence and retaliation.Â

Lagos Unveils 44-feet Statue in Honour of Fawehinmi Gboyega Akinsanmi

Lagos State Governor, Mr. Akinwunmi Ambode yesterday unveiled a 44-feet statue at the Liberty Park, Ojota in honour of late Chief Gani Fawehinmi, a human rights fighter and Senior Advocate of Nigeria (SAN) before he died on September 5, 2009.  He unveiled the statute to mark Fawehinmi’s 80th posthumous anniversary, which according to him, affirmed commitment “to celebrate personalities whose action have helped to define the fortune and spirit of Lagos State positively over the years.�

Ambode, who was represented by his deputy, Dr. Idiat Adebule, said the late activist would continue to remain a hero and role model for many in the country and around the world till date and

that the statue symbolised the phenomenon that the rights activist represented in his life time.

He, therefore, eulogised the relevance of the personal sacrifices Fawehinmi made in leading the struggle for attainment of human rights and dignity especially during the military regimes which dehumanised many citizens of the country. He said: “We celebrate the invaluable contribution and personal sacrifices of Fawehinmi in the campaign for human rights and dignity, especially in Lagos State where he spent the greater part of his life. “Fawehinmi loomed large in the minds of the people, especially the underprivileged and vulnerable masses for whom he was ready to lay down his life.�

poor outing by the president to “his negative comments about Nigerians and his presentation of false performance indices to his hosts.�

In a statement issued yesterday by its National Publicity Secretary, Kola Ologbodiyan, PDP noted that while other Commonwealth heads of state used the occasion to negotiate businesses and showcased the potential and opportunities in their countries, President Buhari only succeeded in de-marketing his country and painting her citizens, particularly the youths in the negative.

The party said: “Nigerians may recall that during his meeting with British Prime Minister, Theresa May, President Buhari, in the

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quest to hide the failures of his administration and push his 2019 re-election bid, downplayed the worsened economic and security situation in the country under his watch, but opted for self praise and brandishing unsubstantiated record of performance. “This self-serving stance ultimately blocked all beneficial bilateral engagements that could have helped secure the much needed international interventions in those critical areas. “Two days after, President Buhari again took the stage at the Commonwealth Business Forum in London and announced to international investors that Nigerian youths, a demography that forms the bulk of our

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workforce, are uneducated and lovers of freebies. “We were therefore not surprised that no serious investor sealed any meaningful investment deal with Nigeria as dividend from the CHOGM,� the party said.

According to PDP, “It is also instructive to note that despite the public outrage that trailed  his denigration of our youths, the Buhari Presidency has not offered any apology to the country, particularly our youths, thus further confirming the disdain in which this administration holds our young men and woman. “Having returned from CHOGM with nothing but wasted opportunities, the next move by the Buhari presidency would be to

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hugely mobilise their spindoctors with public resources and direct them to inundate the media with claims of imaginary gains in an effort to befool Nigerians. “Nevertheless, while we request the presidency to immediately make public the cost of this trip on the national coffers, we note that the All Progressives Congress (APC) and its federal government have irredeemably failed and can no longer represent our interest and aspiration as a nation. “Nigerians must therefore unite to save our nation from imminent collapse by rallying with the repositioned platform of the PDP to enthrone a purposeful and peoples oriented government, come 2019,� it said.

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IMPACTING THE SOCIETY

L-R: National President of Nawair-UD- Deen Society of Nigeria, Alhaji Rasaki Oladejo; Chairman General, NUDS, Lagos Zone, Alhaji Rasheed Yussuff; Chairman, Dangote Foundation, Alhaji Aliko Dangote; and Managing Director, Dangote Foundation, Mrs. Zouera Youssoufou, during the signing and presention of the donated school property by Dangote Foundation to Nawair-UD- Deen Society of Nigeria in Lagos... weekend

CAN Urges Buhari to Ignore Theresa May on Same-Sex MarriageÂ

Senator Iroegbu Ă“Ă˜ ĂŒĂ&#x;ÔË

legislation that makes such discrimination possible.â€? The Christian Association of However, CAN noted that Nigeria (CAN) has urged the position by the British President Muhammadu Buhari Prime Minister was ungodly, not to bow to counsel by the satanic, reprehensible, British Prime Minister, Theresa condemnable and should be May, on same sex marriage. rejected by all right thinking The association in a statement people globally, especially in issued yesterday by the Nigeria. Special Assistant (Media & According to the Christian Communications) to the CAN body, Nigerians had unanimously President, Pastor Adebayo resolved to do away with same Oladeji, further advised Buhari sex marriage and had affirmed to “never take it seriousâ€?. that by legislation to that effect. May was quoted saying; “As It said, Nigeria cannot return the UK’s Prime Minister, I deeply to its vomit mainly because of regret that those laws were a view canvassed by the British introduce‌as a family, we must Prime Minister. respect one another’s cultures Part of the statement read: and traditions, but we must do “If we may remind the British so in a manner consistent with authorities, the same-sex marriage equality, as it is clearly stated contradicts the position of the in the Commonwealth charter. Scripture and any human law that The prime minister contradicts the Bible cannot stand. added, “Nobody should face God is the author of marriage discrimination or persecution and He stated it clearly that it because of who they are or involves a man and a woman. who they love and the UK “In addition, The Bible states: stands ready to help any ‘A man will leave his father and Commonwealth member his mother and he must stick to wanting to reform outdated his wife and they must become

one flesh. (Genesis 2:24).Jesus our Saviour confirmed that marriage should be “male and female.’—Matthew 19:4. “The plan of God for marriage is very clear. Men and women are designed to complement each other so they may be capable of satisfying each other’s emotional and sexual needs and of providing children.� “The Bible condemns homosexuality as an immoral and unnatural sin. Leviticus 18:22 identifies homosexual sex as an abomination, a detestable sin. Romans 1:26-27 declares homosexual desires and actions to be shameful, unnatural, lustful, and indecent.

First Corinthians 6:9 states that homosexuals are unrighteous and will not inherit the kingdom of God. Since both homosexual desires and actions are condemned in the Bible, it is clear that homosexuals ‘marrying’ is not God’s will, and would be, in fact, sinful.� “This is the position of the Christian Association of Nigeria (CAN) and any government

that dares to make same sex marriage lawful is not only asking for the wrath of God but that of the Christians and other well meaning Nigerians. “The fact that British authorities or all countries of the world practise or allow it does not make it right.

Whatever that is ungodly is unacceptable to CAN and to Nigerians. The British Prime Minister should take a lesson from all animals in the bush.

As wild as beasts may be, they never contemplate till today indecent sexual relationship of same sex. Same sex marriage is Sodomy and it was one of the major reasons God overthrew Sodom and Gomorrah in the Bible. No human right should set aside the commandment of God. Man cannot be God to himself/herself. Same-sex marriage is not acceptable in Nigeria because it is human madness and CAN is confident that our government will never contemplate introducing it.�

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How Offa Robbery was Carried out Police arrest 12 suspects Hammed Shittu ÓØ ÖÙÜÓØ Fresh facts emerged in Ilorin at the weekend on how the armed robbers who raided five banks in Offa, Kwara State, succeeded in their operations without any resistance from the security agencies in the town.

During the attack, 17 persons including nine policemen were killed, while about 10 persons sustained injuries and are now recuperating at the University of Ilorin Teaching Hospital and Ilorin General Hospital.

About 20 people have so far been arrested by the police in connection with the attack.

The Inspector General of Police (IG), Mr. Ibrahim Idris, has transferred the state police commissioner, Mr. Lawan Ado, to the Police College, Kaduna while a new police commissioner, Mr. Pai Saleh, has assumed duty at the weekend in Ilorin.

Prior to the attack by the armed robbers, it was gathered that the proprietor of the hotel where the bandits lodged a day before they carried out the attack was said to have informed the Divisional Police Station in the town over the alleged discoveries of some incriminating materials on the bandits while taking

Omo-Agege: I was Never in Support of Ndume’s Suspension The senator representing Delta central senatorial district, Ovie Omo-Agege, has said he was never in support of the suspension of Ali Ndume, his colleague.

Ndume, who is from Borno south, had been suspended in March 2017 for allegedly embarrassing Senate President Bukola Saraki and Dino Melaye, senator representing Kogi west.

Omo-Agege was part of the senate committee on ethics and privileges which recommended Ndume’s suspension.

Writing via his Twitter handle last Saturday, the suspended senator said despite being a member of the committee, he did not sign the report endorsing Ndume’s suspension.

He said the lawmakers that supported the suspension were of the Peoples Democratic Party (PDP) with the exception of one All Progressives Congress (APC) senator. Ndume is of the APC. He wrote: “A lot has been said on social media about me being part of a committee that recommended 6 months suspension for senator Ali Ndume, I have this to say; Being part of a committee does not necessarily mean one must approve whatever the report of the committee is.

“For the purpose of setting the records straight, senator Ovie Omo-Agege refused to sign the report that facilitated the suspension of senator Ali Ndume.

“Available facts shows that

of the 13-member committee, only seven signed the report, with six of them being members of the PDP. “The only senator elected on the platform of the APC who signed the report was Tayo Alasoadura. Not even the Vice Chairman of the Committee, Senator Bala Na’Allah, signed the report.

Ndume was elected on the platform of the APC. “Senators elected on the platform of the PDP who signed the report were Samuel Anyanwu (Chairman), Obinna Ogba (Ebonyi), Jeremiah Useni (Plateau), Peter Nwaoboshi (Delta), Matthew Urhoghide (Edo), Mao Ohuabunwa (Abia).

“Apart from Senator Bala Na’allah, APC senators who did not sign the report were Omogunwa Yele, Muhammed Shittu, Ovie Omo-Agege and Binta Garba.”

Omo-Agege is currently serving a 90-day suspension.

He was one of the senators who kicked against the election re-ordering bill.

Although he apologised for his stand, he still went to the court to get a restraining order against any move by the Senate to suspend him.

His action was said to have angered some of his colleagues who pushed for his suspension.

The Senate Committee on Ethics and Privileges recommended that he be suspended for 181 days but it reduced it to 90 following pleas from lawmakers.

Omo-Agege, according to The Cable, was at the centre of the mace theft saga that rocked the National Assembly last week.

Osinbajo Reads With Rainbow Book Club To celebrate the World Book and Copyright Day, the Rainbow Book Club (RBC) will organising a reading programme in Abuja. The event will have Vice President Yemi Osinbajo

who will read to the students of Life Camp Primary School, Gwarimpa, Abuja. The book in focus is The Biography of Nelson Mandela by Dapo Adeleke.

their stocks before they were checked into his hotel.

Upon informing the Divisional Police Station, the Divisional Police Officer (DPO) and Divisional Crime Officer (DCO) were said to have immediately ordered some men of the station to the hotel to verify the authenticity of the claims of the proprietor.

Sources said when the policemen got to the hotel, the men of the police station in Offa were said to have negotiated with the bandits instead of arresting them.

After the negotiation, the bandits allegedly offered the officers N400,000 and then left the hotel for the police station.

However, when the policemen returned to the

station, it was learnt that they informed the DPO and DCO that the bandits were merely “yahoo boys” and not armed robbers as allegedly claimed by the owner of the hotel.

It was also gathered that on the second day the bandits struck, they first visited the police station in the town where they killed about nine policemen in anger and retaliation for allegedly collecting the sum of N400,000 from them when they came to the hotel to interrogate them.

It was further gathered that the bandits were said to have taken the decision to kill the policemen during the attack with the notion that if they didn’t kill them, they might recognise them during their operation and this might spell

doom for them at the end.

Although the police had arraigned the proprietor of the hotel before a Magistrate Court in Ilorin last week for alleged conspiracy in the attack but sources close to the town told journalists that the proprietor was said to have earlier challenged the DPO and DCO in Offa if he did not inform them about the bandits when they lodged in his hotel a day preceeding the attacked five banks in the town.

The police who arraigned them said the offences contravened sections 97 and 167 of the Penal Code Law. Meanwhile, 12 suspects are being currently interrogated by the state police command in Ilorin

by the Special Anti-Robbery squad from the office of IG over the robbery.

THISDAY checks revealed that after the robbery operation, the suspects took away the handsets of the victims,which they later gave to their various girl friends.

The officials of the banks were also said to have packed all other handsets they found within their premises after the robbery incident and gave them to the police with which they worked with.

Sources close to the police headquarters in Ilorin yesterday said the police were said to have used sophisticated phone tracking device to trace those phones,which eventually led them to arrest the suspects.

THANKS FOR YOUR SERVICES

L-R: Manager, Kebbi Branch of First City Monument Bank (FCMB), Mr. Musa Salihu; Deputy Governor of Kebbi State, Alhaji Samaila Dabai; A licensed agent of FCMB’s Agency Banking Scheme and Managing Director of Kangiwa Global Investment, Alhaji Abubakar Kangiwa; Manager, Kano Main Branch of the bank, Mr. Ali Yahaya; and Customer Service Manager, Kebbi Branch, Mr. Oluwatoyin Adeniyi, during the certificate presentation ceremony to the agent at a ceremony in Birnin-Kebbi, Kebbi State .....recently

2019: Soyinka, Falana, Others Call for Vigilance The Nobel Laureate, Wole Soyinka, yesterday called on Nigerians to be careful about the people they intend to trust their votes with in the 2019 general elections.

Soyinka made the call in Lagos at a programme to commemorate the 80th posthumous birthday of the late human rights activist, Gani Fawehinmi.

The News Agency of Nigeria (NAN) reports that the programme, organised by the Fawehinmi family, had the theme: ‘Democracy for the masses through proper and effective governance.’

Fawehinmi, a human rights lawyer and activist, who always stood against misrule by successive governments, was born on April 22, 1938 and died on September 15, 2009.

Soyinka said there was need for the electorate to be vigilant as some politicians were seeking offices just for self-interests.

He warned that some antidemocratic forces were already

seizing the political space as the election got close, claiming to have solutions to the nation’s problems.

He urged the electorate to ignore those forces and their coalitions, saying their knack to always want to decide who becomes leader was an insult to Nigerians.

Soyinka said some of them bungled the opportunity to improve the lots of citizens when they had the opportunity to be in government.

He, therefore, said such people, who he said had failed in the past, had no moral right to decide for Nigerians the way to go in 2019.

“And again, enough of these people recycling themselves.

Nigerians should make a wise choice in 2019,” he said.

Also speaking, Lagos lawyer, Femi Falana, urged Nigerians to make wise decisions in 2019.

He admonished them not to allow themselves to be hoodwinked by people who

had nothing to offer the country.

Falana said the power to change the country was in their hands, urging them to use their Permanent Voter Cards to achieve that in 2019.

In his speech, a former governor of Kaduna State, Balarabe Musa, described Mr Fawehinmi as a true democrat who did a lot to grow the country’s democracy.

He said Mr Fawehinmi was a philanthropist who impacted positively on the lives of the downtrodden.

“Fawehinmi was a dogged fighter for the institutionalisation of democratic practices and the enthronement of a democratic culture in Nigeria.

“An indefatigable warrior in the cause of human rights and civil liberties. He is a cheerful philanthropist and caregiver. A Nigerian patriot who looked dictators in the eye,” he said.

He said Mr Fawehinmi would be missed for his struggles for a better Nigeria.

Speaking, a senator, Shehu Sani, urged Nigerians to vote according to personalities and not parties.

He said the country would not get the best leaders based on party affiliation.

He said Fawehinmi represented every good democratic ideal, saying he would be sorely missed by everyone.

“He was not only an institution but built institutions.

He was a model of democratic struggles and advocate of good governance,” he said.

The Publisher of Sahara Reporters, Omoyele Showore canvassed a generation change in leadership.

He urged Nigerians to vote leaders who would turn the fortunes of the country around and not saboteurs.

Sowore said he was contesting the presidency of the country to bring the desired change to Nigerians.

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SEC Moves to Halt De-listing of Quoted Companies Extends forbearance window for multiple account investors to Sept Chineme Okafor ÓØ ÌßÔË Afraid of the potential threats de-listing quoted companies from the capital market could portend to Nigeria’s economy, the Securities and Exchange Commission (SEC) yesterday disclosed that it had initiated moves to halt the development and encourage listings by more multinational companies in the country.

SEC in a statement said the decision to move to discourage company de-listing was part of what was agreed at the first meeting of the Capital Market Committee (CMC) last week in Lagos.

It explained that it had asked the CMC to look into the real reasons for such development, adding that it would further meet with shareholders groups to determine the reasons for the de-listings.

The statement quoted the SEC’s Acting Director General, Mary Uduk, to have expressed the commitment of the SEC to see an improved listing of multinational companies in Nigeria on the capital market, adding that the practice of delisting by quoted companies was a threat to the growth of the market.

“Increase in de-listing by public companies pose a threat to the market in view of the fact

that quite a number of them are highly capitalised,” said Uduk, who also explained that SEC had mandated the CMC to come up with strategies aimed at tackling de-listing and boosting listing of more multinationals.

She noted that some highly capitalised companies had delisted, thereby, affecting the growth of the market.

According to her, the committee would meet with stakeholders and find out why they are delisting as well as discuss with eligible ones why they are not listed.

Uduk who said some companies had complained of tax issues, however, gave the assurance that the commission would engage the government to address the issue, in addition to expecting the CMC to come up with recommendations on this.

“If they are regulatory issues – more rule amendment – we are open to it, but our rules must be in line with international best practices,” Uduk said.

She gave the assurance that the apex capital market regulator would work in line with the committee’s recommendations, and that SEC was collaborating with the Corporate Affairs Commission (CAC) to obtain the list of companies not yet quoted on any of the exchanges in the country.

SEC also disclosed that it

would extend the forbearance window offered to investors with multiple accounts and subscriptions in Nigeria’s capital market to a new date of September 2018, to enable them consolidate their identities for same.

The statement explained that the forbearance would enable investors who bought shares in multiple names to consolidate such multiple shareholder’s identities with the registrars and Central Securities Clearing System (CSCS) into one that bears their official names.

It quoted Uduk to have said during the market boom, some investors bought shares with different names which they

had forgotten, hence could no longer access the benefits of such investments.

Based on this, Uduk, asked the affected investors to take advantage of the forbearance window to ratify their accounts.

On the issuance of electronic annual accounts, she said the pilot scheme had begun, adding that the commission had received feedbacks of concerns from various shareholder associations on the electronic annual reports.

She said: “Shareholders expressed concerns of poor electricity supply and internet services in the rural areas. The market would deliberate further on the issue, while the pilot

scheme of one year would go on. We are still looking at it but the pilot scheme will go on.”

On e-dividend, she said the technical committee on e-dividend reported that the total and approved mandate currently stood at 2.5 million, thus translating into 466,000 unit investors.

Uduk, equally disclosed that retail players in the domestic capital market invested N5 billion in the Sukuk bond issued by the federal government last year.The amount, she said represented five per cent of the N100 billion bond with a seven-year tenor, for fixing 25 key economic road projects across the six geo-political zones,

with N16.67 billion earmarked for road projects in each geopolitical zone.

She noted that the Technical Committee on non-interest capital market reported that the sovereign Sukuk issued in 2017 attracted about 1,600 retail investors.

Following from that success, she stated that the next level of engagements was to work with supra-national entities such as the International Finance Corporation (IFC); African Development Bank (AfDB); state governments; and institutions like the Federal Mortgage Bank to include Sukuk options in their capital investment plans.

Invasion of Senate Was Plotted By the FG, Says Wike Rivers State Governor, Nyesom Ezenwo Wike, has declared that the invasion of the Senate was an official plot by the federal government to overthrow its leadership.

Wike also declared that the federal government is still plotting to frame him, saying that the latest plan hatched by the federal government is for someone programmed by the security agencies to claim that he received $3million from the Rivers State Governor.

The governor spoke during

105th annual convention of the Nigerian Baptist Convention at Ndele, Emohua Local Government Area of the state yesterday.

He said: “They plotted to overthrow the leadership of the Senate, but they failed.

What you saw was a horrible design to remove the Senate leadership.

“If you know the security architecture of the National Assembly, nobody can go in easily and leave easily without the gates being shut. These

people entered and left unchallenged.

“When the Senate gave the police a 24-hour ultimatum to find the mace, our Nigerian Police became so efficient that they traced the mace to where it was left under the bridge.”

The governor said it was unfortunate that the president went abroad to de-market the country by claiming that the youths are lazy.

He said no investor will invest his resources in a

country where the youths lack productive capacity.

Wike called on Nigerians to work towards a new administration at the federal level in 2019, noting that the collapse of national security, welfare and development are enough reasons for a change of direction.

“We are not looking for people who will give us excuses. Since they cannot work, they should allow those with capacity to take over in 2019,” he said.

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T H I S D AY ˾ MONDAY, APRIL 23, 2018

MONDAYSPORTS

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

NPFL… NPFL… NPFL…

Lobi Beats Pillars to Go Six Points Clear Duro Ikhazuagbe Ayo Saka’s lone strike for Lobi Stars made the difference in the tightly contested Match day 18 of the Nigeria Professional Football League clash with Kano Pillars in Makurdi yesterday.

That 1-0 victory consolidated the Makurdi team’s leadership of the Nigerian top flight to 33 points from 17 matches, six points clear of closest rivals

Katsina United.

Ebube Duru set the stage for Saka’s goal with his brilliant cross from the wing to ensure that Solomon Ogbeide’s men keep their eyes focused on the title. Pillars’ left-back, Chris Madaki, was sent off for a second bookable offence.

Elsewhere, there was also home win for second placed Katsina United who defeated El-Kanemi Warriors

1-0 at the Mohammadu Dikko Stadium. El-Kanemi’s Razak Aliyu was sent off three minutes from time.

Other winners of the Match Day 18 include; Niger Tornadoes, Akwa United and Nasarawa United, while Enugu Rangers bagged their first point ever at FC Ifeanyiubah.

Wikki Tourists and Kwara United were also pegged back at home by Enyimba and Go

Round FC, respectively.

At the Bako Kontagora Stadium in Minna, Niger Tornadoes extended their unbeaten streak to eight games by beating Yobe Desert Stars 1-0. Andrew Ikefe netted the winner in the last minute of added time.

In Uyo, Akwa United bounced back from their exit from the CAF Confederation Cup, edging out Sunshine Stars 2-1.

Enyimba held Wikki Tourists to a 0-0 draw at the New Jos Stadium, improving their unbeaten run in all competitions to seven games.

The Oriental derby between hosts FC IfeanyiUbah and Enugu Rangers ended in a goalless draw.

Today, MFM FC welcomes Rivers United to Lagos and Heartland battles champions Plateau.

MATCH DAY 18 Nasarawa 1-0 Abia Warriors Katsina Utd 1-0 El-Kanemi Lobi 1-0 Kano Pillars Akwa Utd 2-1 Sunshine Wikki 0-0 Enyimba FCIU 0-0 Rangers Kwara Utd 1-1 Go Round Tornadoes 1-0 Yobe Stars

TODAY MFM FC Vs Rivers Utd Heartland FC Vs Plateau Utd

FA Cup: Conte Tips Man Utd as Favourite Chelsea coach, Antonio Conte has said that his team will be underdogs when they face Manchester United and his old rival Jose Mourinho in the FA Cup final.

Conte’s side cruised to a 2-0 win over Southampton in yesterday’s second semifinal to set up a heavyweight clash with United at Wembley on May 19.

But Conte doesn’t believe Chelsea, beaten by Arsenal 2-1 in last year’s final despite going into the match as Premier League champions, will be regarded as favourites to lift the famous old trophy.

“This final is a game between two great teams. In my mind I can tell you we played the final as favourites against Arsenal,” he said.

“I think in this season we arrive not as favourites. But then last season we lost the final even though we were expected to win.”

Given their long-running feud, there will be as much attention on the two managers on Cup final day as there will be on the players.

Blues boss Conte and United manager Mourinho have exchanged a series of bitter barbs via the media this season.

Ecobank Mobile App Named Official Bank Service Platform for Okpekpe Race The organisers of the Okpekpe International Road Race, Pamodzi Sports Marketing has named Ecobank Mobile App as the official Banking Service platform for the 2018 edition of the race slated for Saturday, May 12 in Okpekpe, Edo State.

Mike Itemuagbor, Chief Executive Officer of Pamodzi Sports Marketing and Chief Promoter of the Okpekpe International Road Race said the Ecobank Mobile App is the most ideal and suited for the Okpekpe 10km Road Race being an app that has been adopted across Africa.

Itemuagbor observed that the Ecobank App would adequately cater for over 5000 local and international professional athletes expected at the competition and also sports enthusiasts and government officials from across the continent.

According to him, “The Okpekpe Road Race is a global competition. It is therefore natural we look for a bank with a service platform that has international appeal. This informed our choice of Ecobank Mobile App”.

“We have a long partnership with Ecobank based on the bank’s African appeal which best suits our dream to become one of the most sought after long distance race in the world. Our athletes come from all over Africa and they have testified that Ecobank products best suit them, enabling them access their funds at any point in time, especially during the competition as they do not need to carry cash or source foreign exchange”.

In his comment, Managing Director, Ecobank Nigeria, Charles Kie, said the Ecobank Mobile App is a game changer for African banking by using digital technology to combat many of the financial inclusion barriers faced by those on the continent.

He said Ecobank’s strategic mission is built around using mobile banking to deliver innovative, efficient and cost-

effective services to every African.

“Our app not only removes the barriers that have financially excluded so many Africans but offers next generation functionality to help them send money, make withdrawals or pay for goods and services. Customers can use the app on their mobile to instantly open Ecobank Xpress Account, which doesn’t have any account fees, paperwork or minimum balance requirements, or to send and receive money across 33 African countries,” he said.

The Ecobank Mobile App launched in 2016 has over 4 million users registered and has consummated over one billion dollars transaction value.

The Okpekpe international 10km road race has set the pace for other road races in Nigeria and West Africa. It is the first road race in West Africa to be designated by the IAAF as one of the leading road races around the world since the classification was introduced in 2008.

11TH MONTE CARLO MASTERS AND COUNTING…

Rafael Nadal defeated Japan’s Kei Nishikori in straight sets of 6-3 6-2 in 94 minutes in the final of the Monte Carlo Masters early hours of yesterday to retain his status as world number one.

TVS King Tricycle/Motorcycles Drive Super Eagles to Russia 2018 Nigeria’s senior national team, the Super Eagles’ participation at the Russia 2018 FIFA World Cup has just got a big boost as TVS King signs up as the team’s official motorcycle and tricycle.

SIMBA Group, their parent company, with key subsidiaries in communications, agriculture, ICT infrastructure, transportation, power, and alternative energy is the leading sponsor of the Indian Cricket

Association and has a long history of supporting causes germane to human capital development. It is extending its well-documented passion for sports to lending a big hand in backing the Super Eagles’ quest for an excellent outing at the Russia 2018 World Cup. According to SIMBA Group’s Chief Executive Officer, Manish Rohtagin, the decision to partner the Eagles, apart from representing

the company’s corporate social responsibility, also underlines SIMBA Group’s commitment to developing football and indeed projects that seek to add intrinsic value to life, especially those of the youth.

“SIMBA Group has been a big player in the Nigerian economy since 1988, with successes in youth, women empowerment and grassroots initiatives, the most recent

being the “mega-free checkup camp”, training initiatives, government collaborations and “drive like a queen,” Rohtagin said.

SIMBA Motors is a pioneer in Nigeria of motorized three-wheeler vehicles (locally called Keke), under the brand name of TVS which is currently the market leader with 62% market share of its brand stretching to the West African sub-region.

Ghana Tops ICC World Twenty20 Africa Qualifier in Lagos Cricket world body hails NCF over good hosting of tournament Ghana finished top of the World Twenty20 Africa Qualifier ‘A’ standings after they beat hosts Nigeria by four wickets in Lagos at the weekend.

The Ghanaian team set the tone for what proved to be a commanding win when they removed Nigerian captain Chimezie Onwuzulike with the first ball of the innings at the Tafawa Balewa Square Cricket Oval.

Kofi Bagabena produced a superb display with the ball, taking 4-22 in his 3.3 over spell as Ghana bowled Nigeria out for just 73.

In reply, Samson Awiah top scored for Ghana with 26, while wicketkeeper Julius Mensah

backed up his six dismissals with a quickfire 20.

Ghana produced a superb display with the ball on their way to victory over Nigeria The performances from the two players saw Ghana comfortably reach their target, although the win was perhaps slightly nervier than it should have been given they were only chasing 74 for victory.

Ghana, who had beaten Nigeria earlier in the week, ended the tournament with five wins from their six matches after their clash with Sierra Leone was abandoned without a ball being bowled yesterday.

Ghana and Nigeria both

progressed to the next round of qualification for the World T20 in Australia in two years’ time. Sierra Leone finished their campaign on a high as they beat The Gambia by eight wickets.

Meanwhile, the International Cricket Council (ICC) through her Development Manager for Africa, Mrs Patricia Kambarami, has said that the world body was pleased with the management capacity of the current board of the Nigeria Cricket Federation (NCF).

Kambarani, who was in Nigeria to oversee the just concluded the ICC World T20 Africa Qualifier said that what the NCF put up during the eight-day tournament was far above the benchmark set

for hosting the event.

“When Nigeria bidded to host this event, we had doubt and that was based on what I saw when I came around in December 2017. We felt four months was too short to tick all the boxes required to host an ICC event of this nature; but they kept pushing and eventually got it.

“Coming to this event, all of us in ICC were more than surprised to see the state they have been able to put the facility and the level of coordination, enthusiasm and openness among this present crop of Nigeria Cricket board. I must say the state of the Cricket Oval in Lagos now can match a lot of international grounds. I just hope they don’t rest here,”

she said Vice Chairman of the Local Organising Committee of the qualifier that featured Ghana, Sierra Leone, The Gambia and host Nigeria, Mr Kofi Sagoe, said the federation was focused and do all in her capacity to extend the game’s popularity among Nigerian.

“The quality of game and organisation that we had at the ICC World T20 Africa Qualifier was made possible by the dedication of the present board and some sponsors that are currently giving us huge support including; Lagos State Government, Transport Services Limited, Eroton Exploration and Production and Visionscape.”

Monday April 23, 2018

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MISSILE PDP Youth Leader to Buhari “The best answer to this assault on the sensibilities of the Nigerian youth is to obtain PVC and be ready to repay the president in his own coin in 2019 by showing him the red card across the country. We are saddened by what has become a habitual and flagrant demarketing of Nigeria and her citizens by president Muhammadu Buhari…” – PDP National Youth leader, Sunday Udeh-Okoye, berating the president over his denigrating London comment on Nigerian youths.

ALEXOTTI OUTSIDE THE BOX

alex.otti@thisdaylive.com

Despite Patriarchy, Prejudice and Propaganda: Winnie Is Still Winning Bring Back Nelson Mandela Bring him back home to Soweto I want to see him walking Down the street in South Africa - Tomorrow Bring Back Nelson Mandela Bring him back home to Soweto I want to see him walking hand in hand with Winnie Mandela. bove are the lyrics of a powerful revolutionary song written by none other than the great trumpeter, Hugh Masekela (1939- 2018).

It is an irony that when Nelson Mandela was eventually brought back, his union with Winnie Mandela was short lived by a separation and subsequent divorce. Long before then, on the 26th of September 1936, Winifred Nonzamo Zanyiwe Madikizela was born in Bizana, South Africa. Twenty two years later, the young Winnie got married to Nelson Mandela. They were blessed with two daughters in quick succession, Zenani born in 1958 and Zindiwa born in 1960. As fate would have it, out of the 34 years of her marriage, she only spent just about 7 with the man she loved. Her husband spent the rest of the 27 years in jail. Unconfirmed stories have it that Nelson Mandela’s marriage proposal to Winnie was, in his typical manner, very unusual. The anti-apartheid fighter had reportedly met the smashing damsel at a bus stop in Soweto and swept her off her feet instantly. He immediately secured a lunch date with her and just about a year later, Mandela told her, very casually, to go to a seamstress down the road, where he had made arrangements for them to take her measurement for her wedding gown,.

That was Mandela’s way of asking for her hand in marriage.

In 1963, Nelson Mandela was jailed by the apartheid regime of South Africa and remained in jail till 1990. This event threw Winnie into the limelight as she became the face of the struggle not only to release her husband, but to end the apartheid regime.

Immediately after he was sentenced to jail, Winnie Mandela issued the following statement which signaled the long battle that was going to follow: “They think, because they have put my husband to prison on an island, that he will be forgotten. They are wrong. The harder they try to silence him, the louder I will become”. Her will was unshakable, her resolve was solid and her voice was strong. She became a thorn in the flesh of the apartheid regime. They, in turn made life miserable for her, such that she was attacked, brutalized, thrown into jail, released and jailed again and again.

Finally to silence her, she was sent into exile and banished to a remote location called Brandfort in the Orange Free State, where she was not allowed to make contact with anyone, except when she secured the occasional approval to visit Mandela in Robben Island. The violence inflicted on her by the apartheid police resulted in a back injury that made her live on pain killers most of the time. In all these, Winnie refused to be broken. She would not give up on the struggle. As part of her struggle, she was in and out of court responding to

A

Winnie Mandela

one charge or another. This did not stop after the fall of apartheid, but was rather on the increase.

When all these failed to get her to back down, the Apartheid regime resorted to cheap propaganda and blackmail. She was accused of ordering kidnapping, torture and murder. One of her body guards, Jerry Richardson, had made an allegation that through the Mandela United Football Club, a militant club that had her sympathy, she had ordered the murder of a teenager.

Unfortunately, for poor Winnie, several of the members of the Club lived in her home.

The ANC in exile, fell for the propaganda and issued a statement condemning her for violating human rights in the guise of fighting apartheid. They also came down hard on her for refusing to listen to instructions issued by her husband in prison. The witch-hunt against her subsequently heightened, as her house in Soweto was subsequently burnt down. Unfortunately for Winnie, she had earlier made a statement which seemed to suggest she was in support of the tactics of the Club, and the pro-Apartheid group made a meal of it.

Following from the estranged political front, the family front suffered a huge setback. The expectation of many was that having held out for 27 years and being the face of the struggle during much of the period, she would have received a deserved commendation from both her husband and the ANC with the successful defeat of the evil Apartheid regime. Don’t forget that the ANC in exile had disowned her sequel to the well-crafted allegations that portrayed her as violent. The question is, why would anyone expect that having gone through torture herself, both mental and physical, she would still be very normal?

Unfortunately, no one wanted to reason along those lines. She began to face tough challenges at home. Two years after she was reunited with Nelson Mandela, they separated. As the husband sued for divorce, she objected, suggesting that an arbitration could save the marriage. Nelson Mandela insisted that the divorce should go ahead on allegation of Winnie’s infidelity, an act he was in no way to know as he was all the while in prison, that is if it actually happened in the first place.

The divorce was therefore concluded in March 1996. Some analysts were scandalized with Mandela’s revelation or better still, allegation of infidelity against his wife. I have researched this issue and have been unable to stumble on credible evidence of the alleged infidelity. Granted that infidelity is easily proved when the accused is caught red handed, it is also not difficult to understand if Winnie did something by the side in the 27years that the husband was incarcerated. Like we say in Nigeria, “man no be wood”. I may not have the answer, but a few people had questioned the appropriateness of Maddiba throwing this woman out on the basis of such unsubstantiated allegation, which was more likely to be part of the false and vicious propaganda funded and promoted by the apartheid regime to punish and humiliate her for her indefatigable fight to end the oppressive regime. In fact, there is a recent documentary which exposed a wicked propaganda launched by the apartheid government against Winnie.

Stratcom as the documentary is called was designed to discredit her, sow seeds of rancor and discord in her family, present her as a loose woman and generally destroy her reputation. Unfortunately, the world, and Madiba himself, apparently, fell for this fraud!

To add insult to injury, her husband showed up with a family friend and the wife of his departed comrade and friend, Late President Samora Machal, Graca as his new bride. This must have been heart wrenching for Winnie. I’m sure she would have wondered when the relationship started.

She couldn’t ask such questions because a patriarchal society would have none of that. Graca therefore supplanted Winnie and became a First Lady a second time.

Having been toughened by life experiences, in a chat on the possibility of reconciliation after the husband had become President, Winnie retorted: “I am not fighting to be the country’s First Lady. In fact, I am not the sort of person to carry beautiful flowers and be an ornament to everyone.” Indeed, in Winnie’s own words, ‘The struggle is my life’. It is therefore appropriate to say that Winnie’s ‘life’ really ended when the Apartheid regime fell.

So, when at her burial last Saturday, April 14, at the Orlando Stadium in Johannesburg, and as several men gathered to pay glowing tributes to her in death, some of us kept wondering where these men had been all this while. Perhaps, it was in the spirit of the African tradition of not speaking ill of the dead. The South African President, Cyril Ramaphosa had these to say: “She was an African woman who, in her attitude, her words and her actions, defied the very premise of apartheid ideology and male superiority. She challenged the attitudes, norms, practices and social institutions that perpetuated, in ways both brutal and subtle, the inferior status of women. Loudly and without apology, she spoke truth to power….

In death, she has brought us together”. To the best of my knowledge, this was one of the few times that someone occupying a

very high office in ANC would be speaking so glowingly about Winnie Mandela since her problems started. Unfortunately, this is coming too little, too late. The woman was lying lifeless and knew nothing about what was being said about her.

Any way you look at it, Winnie Mandela was very instrumental to the respect and reputation that Nelson Mandela enjoyed and still enjoys today. She worked hard to secure his release from prison. She paid a great price for the struggle to bring down the apartheid regime in South Africa. The brutality and violence unleashed on her by the racist police, in my opinion was much worse than what her husband went through. Yes, he was in jail, but I’m not sure he was abused and victimized the way Winnie was. That she courageously stood up to the apartheid regime without wavering is one of the reasons that he was released, the regime was dismantled and Mandela became President. Majority of women in her position will cave in and even advise their husbands to throw in the towel and end the suffering. Mention has not been made of the fact that at the time her husband was sent to jail, Winnie was left with the responsibility of not only being alone after just five years of marriage but to raise two little children aged 5 and 3. She had to combine that role with that of fighting for her husband’s release.

Those said, I do not pretend to imply that she was perfect. Far from it! She was human, and therefore had her weaknesses and areas that she may not have done well. In confirmation of this, when she was brought before the Truth and Reconciliation Commission she apologised for some of the mistakes she might have made in the course of the struggle. It would have been more appropriate to look at the issues in the context of her state of mind at that time and the ‘fog of the struggle’. A woman who had been tormented, abused, tortured and kept in solitary confinement was unlikely to remain the same. So instead of vilifying her, she should have been given some support and sympathy. The point has also been made that some of the allegations were mere propaganda or were given a different slant to score political goals. It worked more because she was a woman than anything else, a fact that is very germane in the predominantly patriarchal society in which she waged a successful struggle against decades of discrimination, racism and oppression. She was abandoned and again it worked more because of misogyny than anything else.

Such cases abound here in Nigeria and other parts of Africa. Some people hide under the guise of culture and religion to rationalize their oppressive tendencies against those deemed strong-willed women.

I strongly believe that it is about time that the world, nay Nigeria begins to accord women their due as I believe that there is nothing fundamentally different between a man and a woman.

Adieu Winnie Madikizela-Mandela, the mother of the Nation. May your great defiant soul rest in peace.

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