Monday 30th April 2018

Bid to Recall Melaye Fails, Senator Thanks Constituents 5% turnout against 50 plus one per cent shows popular rejection of recall Yekini Jimoh in Lokoja The process to recall the senator representing Kogi West Senatorial District, Dino Melaye, suffered a

setback at the weekend as the Independent National Electoral Commission (INEC) only recorded a 5.34 per cent turnout for the verification exercise.

Declaring the result of the exercise yesterday, the Verification Collation Officer, Prof. Okente Morthy said the petition failed to meet the requirements for the

referendum, which would have been the next stage in the recall process.

He noted that the exercise only recorded a 5.34 per cent turnout as against 50 plus one

per cent turnout as required by law to qualify for the next stage of the recall process.

Giving details of the exercise, Morthy said there are a total of 351,146 registered voters in

the seven local government areas in the senatorial district.

The local government areas are: Kabba Bunu, Lokoja, Kogi Continued on page 10

Presidency: Trump More Beneficial to Nigeria Than Obama… Page 8 Monday 30 April, 2018 Vol 23. No 8411. Price: N250

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CBN to Fire Bank Chairmen, CEOs over Failure to Publish Accounts within 12 Months… Page 51

901 Killed in Middle Belt Since January Including 19 in Kaduna, Benue weekend attacks Soyinka: President should order usurpers to quit forcefully occupied lands in 48 hours Pope decries attack on church Report shows Boko Haram splinter group continues to occupy territories in Borno, Yobe Obinna Chima in Lagos, George Okoh in Makurdi and John Shiklam in Kaduan with agency report

persons have been reportedly murdered in the Middle Belt alone in the first four months of 2018.

As Nigerians continued to decry and churches accross the country protested the rising wave of killings due to mostly farmers and herders’ clashes in several states, especially the Middle Belt region, a chronology of the deaths compiled by THISDAY has shown that a total of 901

See stories on CAN, Christian protests on page 52 The number includes 19 persons reportedly killed in Birnin Gwari Local Government Area of Kaduna State and in Gwer West Continued on page 8

TIMELINE ON KILLINGS IN MIDDLE BELT SINCE JAN 1 January 1 - 73 killed in Logo and Guma LGAs in Benue January 1 - 2 killed in Awe LGA, Nasarawa January 1 - 25 Killed in Keana LGA, Nasarawa January 3 - 3 killed in Markurdi, Benue State January 4 - 6 killed in Wukari in Taraba January 4 - 1 killed in Gassol LGA, Taraba January 5 - 4 Killed in Lau LGA, Taraba January 5 - 15 killed in Tse Akombo, Tse Vii and Tse Agule vilages in Benue January 6 - 55 killed in Lau LGA in Taraba State

January 8 - 3 killed in Sardauna LGA, Taraba January 8 - Two policemen killed in Logo, Benue State January 13 - 10 killed in Birnin Gwari LGA, Kaduna January 13 - 1 killed in Makurdi LGA, Benue January 14 - 1 killed in Bassa LGA, Plateau January 14 - 1 killed in Ibi LGA, Taraba January 16 - 5 killed in Madagali LGA, Adamawa January 16 - 5 killed in Guma, Logo and Okpokwu LGAs Benue Continued on page 8

N’Assembly Cannot Command Buhari’s Appearance, Says Nwabueze Tobi Soniyi Legal luminary and elder statesman, Prof. Ben Nwabueze (SAN) has written to the leadership of the National Assembly, informing them that the legislature does not have the power to summon President Muhammadu Buhari for violating the Constitution when he paid $496,000,000 to the U.S. government for the purchase of military aircraft, without the authorisation of the National Assembly.

In the letter dated April

27, Nwabueze, however, acknowledged that Buhari’s action was unpardonable for not getting the approval of the lawmakers before paying for the Tucano aircraft, but noted that he was not one of those that could be summoned by the National Assembly as provided in Section 89(1)(c) of the Constitution.

He also commended the lawmakers for their efforts to checkmate the “incipient dictatorship of the president”.

Continued on page 53

Oando Records N20bn Full Year Profit After Tax ... Page 35

President Muhammadu Buhari meets with the President of Dangote Group, Alhaji Aliko Dangote when Buhari arrived Washington D.C. yesterday ahead of his four-day U.S. visit

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Presidency: Trump More Beneficial to Nigeria Than Obama Omololu Ogunmade in Abuja The presidency yesterday compared Nigeria’s relations with the United States of America under the Barack Obama and Donald Trump administrations, saying that unlike his predecessor who denied Nigeria deserved support in the fight against terrorism, President Donald Trump has been very supportive since he assumed office.

President Muhammadu Buhari who will be meeting Trump today for bilateral talks, arrived Washington D.C. yesterday at about 8.35 a.m. Eastern time and was visited by a pro-Buhari group which stormed the Blair House, the official guest house of the U.S. president, with placards in

support of his government’s fight against corruption and Buhari’s re-election bid.

Blair House is also used as the residence of the U.S. president-elect before moving to White House.

Speaking with journalists at Blair House yesterday, the Senior Special Assistant to the Nigerian President, Media and Publicity, Malam Garba Shehu said US-Nigeria relations had recorded remarkable progress since Trump assumed office.

Shehu also said the meeting between Trump and Buhari would focus on security, especially on the fight against terrorism, describing the meeting as symbolic.

“He is the second African head of government to visit the Trump White House and this is a

pointer to two important things.

One is, no matter how Nigerians take our own country, this is hugely an important country and this recognition is being manifested in this visit.

“But it is important to know that beyond the symbolism of the visit, there are important matters affecting both countries that will be placed on the table when the two presidents meet.

“We have the understanding that the two delegations have their agendas clearly spelt out and there will be interest and focus on matters of security and safety, focus on trade and investment, and focus on democratic developments in our country.

“It is important that cooperation between the two countries have manifestly

increased under the Trump presidency.

“If you recall sometime back, the president had reason to openly complain that we were not receiving as much as we thought we deserved in terms of support and cooperation, especially in our fight against terrorism back then during the Obama presidency.

“And it will seem that quite dramatically and interestingly, a lot of the obstacles are being removed under the Trump presidency and doors are being opened and we are receiving far more support than most people had expected,” Shehu said.

On the solidarity rally by some Nigerians in the diaspora for the president, Shehu said: “It was a very pleasant development and this tells you that America

is a totally different clime. There is a deep appreciation for the work the president is doing for our country.”

Leader of the solidarity group, Wale Adewoye, said: “We are here to support the president.

When we came, we were over 150 people but because of the cold and people needed to go back to work, people left.

“We realised that there was a lot of damage done to the county and when Buhari came to power, he tried at least to stop corruption in Nigeria, he is still working on it, it is not easy.

“So we just felt that we should support him in our little way, to encourage the government and let them know that we are behind him to support him.”

On the trip to the U.S. with Buhari are the governor of Ogun

State, Ibikunle Amosun, his counterpart in Plateau State, Simon Lalong, President of Dangote Group, Aliko Dangote, Chairman, Senate Committee on Foreign Affairs, Monsurat Sunmonu and her counterpart in the House of Representatives, Nnenna Elendu-Ukeje.

Also on the trip are the Minister of Foreign Affairs, Geoffrey Onyeama, the Attorney General of the Federation and Minister of Justice, Abubakar Malami, Chief of Defence Staff, Gen. Gabriel Olonisakin, and the Director General, National Intelligence Agency (NIA), Ahmed Abubakar.

The delegation was received by the Nigerian Ambassador to the U.S., Sylvester Nsofor, among other officials of the Nigerian mission in Washington D.C.

The 13 persons who sustained injuries from gunshots were rushed to a hospital in Kaduna for treatment, said the eyewitness.

There was concern that the casualty figure may rise as several people were still missing yesterday.

A resident of the area who pleaded anonymity said the Birnin Gwari area was under siege by armed bandits.

“We are living in perpetual fear. We cannot go to the market or farms, we are not safe in our homes. We are once again under siege and we need urgent intervention by both the state and federal governments,” he said.

Confirming the incident, the Kaduna State Police Commissioner, Austin Iwar, however, said 10 persons were killed while 13 others were injured.

According to him, six of those injured were taken to the Birnin Gwari General Hospital while others were taken to Kaduna for treatment.

Suspected Fulani herdsmen on Sunday also attacked and killed five residents of Agagbe settlement in Gwer West Local Government Area of Benue State.

A resident of the community Ternenge Aondonna disclosed that the herdsmen invaded the community unprovoked and began to shoot at the people.

He said many residents fled as the sporadic shooting was going on.

He said five bodies were discovered but added that many people were still missing.

The police were yet to confirm the latest killings, as phone calls

to the police spokesman in Benue State were not answered.

issue the orders.

In the statement titled, Mayday!

Mayday! Mayday! Soyinka said: “Mayday, uttered three times, is the distress call used to signal a life-threatening emergency primarily by aviators and mariners.

“Long before its adoption for that function, however, and more traditionally, there did exist Labour (or Workers’) Day, dedicated to the entitlement of workers to the value and dignity of their labour.

“The Nigerian constituency is left to determine which attribution

901 KILLED IN MIDDLE BELT SINCE JANUARY Local Government Area in Benue State at the weekend, another 50 persons who were murdered in Offa, Kwara State, after armed robbers attacked and robbed five banks early this month, as well as those killed in pockets of ethnoreligious clashes in the region.

It, however, excluded those who died from Boko Haram attacks in Borno, Yobe and Adamawa States, illnesses, childbirth, cholera and Lassa fever, among others.

The states covered by the compilation comprised Benue, Taraba, Kaduna (mostly Southern Kaduna), Kwara, Plateau, Nassarawa, Niger, Kogi and Adamawa.

According to the chronology on persons reportedly cut down violently in the region in the first four months of 2018, April recorded the highest number of deaths as 412 persons were killed this month alone.

It was followed by January, during which at least 272 persons were killed, March recorded 162 deaths while 62 persons were reportedly killed in February.

In all, Benue State recorded the highest number of reported deaths as 308 persons were killed in the state in the first four months of 2018. The state has also recorded an increase in the destruction of property and farmlands in the period under review, as well as thousands of displaced persons who have been chased away from their homesteads.

Also, the compilation showed that 192 persons were killed in Taraba State in the first four months of the year, while in

Kaduna, 75 deaths have been recorded.

In the same vein, 84 persons were killed in Plateau State due to attacks blamed on suspected herdsmen in the first four months of the year, while 127 persons were reportedly killed in Nassarawa.

In Adamawa State, the number of persons that were reported to have died due to clashes between farmers and herders was put at 56, while 43 were killed in Kogi.

Nigerians have continued to condemn the spate of killings in the region.

Governor Samuel Ortom of Benue State, whose state has accounted for the highest number of deaths, has insisted that the perpetrators of the gruesome murders must be apprehended, saying that such barbaric acts were unacceptable in the 21st century.

He has continued to reiterate his call for the arrest of the leadership of Miyetti Allah Kautal Hore whom he has accused of sponsoring the Fulani herdsmen militia and was still moving freely in Abuja while giving directives to the mercenaries.

Also, the Senate last week summoned President Muhammadu Buhari to appear before it to provide a comprehensive briefing on the efforts of his administration to addressing the increasing security challenges in Benue, Taraba and other states in the region.

This came just a day after the House of Representatives issued a similar summon to the president.

The Senate, however, said it would liaise with the House of

Representatives to have a joint session with the president.

The President of the Senate, Dr. Bukola Saraki, said the briefing by the president would afford the lawmakers the opportunity to know what was really going on with regards to security.

After the briefing, the Senate would then deliberate and take a position on the call for a state of emergency in Benue, and on the status of the service chiefs, Saraki had said.

19 Killed in Kaduna, Benue Despite the rising death toll since the beginning of the year, yet another 19 persons were reportedly killed at the weekend following the invasion of Janruwa community, Maganda District in Birnin Gwari Local Government Area of Kaduna State, and of Gwer West Local Government Area in Benue State.

About 13 others who sustained injuries in Birnin Gwari were rushed to the hospital.

The Janruwa incident was said to have occurred at about 1 p.m. on Saturday when gunmen stormed the community and started shooting indiscriminately in all directions.

The victims were said to be local miners and the villagers.

Some of those killed were said to have been burnt beyond recognition by the bandits.

According to an eyewitness, seven corpses were taken to the morgue at the Jibril Maigwari General Hospital, Birnin Gwari, while others were buried in accordance with Islamic rites.

Pope Decries Benue Church Attack Meanwhile, Pope Francis has decried the attack on St. Ignatius’ Catholic Church last week that killed 15 people, including two priests.

In his remarks yesterday to the public at St. Peter’s Square, Vatican City, the pontiff prayed for Nigeria’s Christian community to find harmony and peace, reported the Associated Press (AP).

The massacre last week occurred in Benue State, which has recently seen a series of attacks, many linked to an ongoing dispute between farmers and herdsmen.

The president had described the attacks on the church as an attempt to stoke a religious conflict.

Also reacting to the unending killings in the country, especially in the Middle Belt, Nigeria’s Nobel Laureate Prof. Wole Soyinka yesterday called on Buhari to order all land-usurpers in the affected towns and villages across the nation to quit those forcefully occupied lands within 48 hours.

Soyinka, in a statement he personally signed, also called on the president to issue orders to the military and the police to ensure that wherever illegal occupiers are found, they should be meted the same treatment as are accorded terrorists.

The Nobel Laureate, in his characteristic allegorical prose, used tomorrow’s May Day celebrations to ask Buhari to

Continued on page 10

TOP GAINERS INTERBREW CONSHALLMARK FBNHOLDINGS JBERGER CONTINENTAL TOP LOSERS FORTEOIL NPFMFB CADBURY

NGN NGN 4.80 51.80 0.02 0.32 0.70 12.45 1.25 26.90 0.07 1.52 NGN NGN 2.35 45.20 0.09 1.75 0.70 13.80 UNITYBANK 0.05 1.00 WEMABANK 0.04 0.84 HPE Nestle Nig Plc ₦1,615.00 Volume: 319.343 million shares Value: N2.745 billion Deals: 3,863 As at Friday 27/04/18 See details on Page 35

TIMELINE ON KILLINGS IN MIDDLE BELT SINCE JAN 1 January 18 - 11 killed in Madagali LGA, Adamawa January 21 - 1 killed in Barkin Ladi LGA, Plateau January 21 - 6 killed in Juman LGA, Adamawa January 23 - 9 killed in Ardo Kola, Adamawa January 24 - 4 killed in Kaiama, Kwara January 25 - 15 killed in Bassa LGA, Plateau January 26 - 3 killed in Bassa LGA, Plateau January 26 - 2 killed in Ukum, Benue January 29 - 1 killed in Guma, Benue January 31 – 1 killed in Jema’a LGA, Kaduna January 31 -9 killed in Birnin Gwari, Kaduna February 1 - 4 killed in Gassol, Taraba February 2 -10 killed in Song, Adamawa February 5 - 2 killed in Guma, Benue February 6 - 8 killed in Obi, Nasarawa February 8 - 6 killed in Shellen, Adamawa February 10 - 2 killed in Benue February 10 - 3 killed in Bassa, Plateau February 11 - 4 killed in Jema’a, Kaduna February 12 - 2 killed in Guma, Benue February 26 - 12 killed in Kajuru, Kaduna February 27 - 20 killed in Demsa, Adamawa March 1 - 15 killed in Saradauna, Taraba March 4 - 20 killed in Saradauna, Taraba

March 5 - 25 killed in Okpokwu, Benue March 7 - 2 killed in Takum, Taraba March 8 - 11 killed in Bassa, Plateau March 9 - 9 killed in Bokkos, Plateau March 12 - 26 killed in Bassa, Plateau March 13 - 7 killed in Guma, Benue March 13 - 1 killed in Lokoja, Kogi March 14 - 32 killed in Daima/Omala, Kogi March 14 - 6 killed in Bassa, Plateau March 15 - 5 killed in Takum, Taraba March 19 -10 killed in Omala, Kogi March 20 - 11 killed in Birnin Gwari, Kaduna March 22 - 3 killed in Jos South, Plateau March 24 - 5 killed in Makurdi, Benue March 30 - 6 killed in Jema’a, Kaduna April 4 - 6 killed in Chikun, Kaduna April 4 - 4 killed in Takum, Taraba April 4 - 10 killed in Gwer West, Benue April 5 - 5 killed in Dobga, Taraba April 5 - 30 killed in Gwer West, Benue April 5 - 50 killed in Offa, Kwara* April 7 - 4 killed in Bali, Taraba April 7 - 2 killed in Agatu, Benue April 8 - 5 killed in Birkin Ladi, Plateau State

April 8 - 5 murdered in Obi, Nasarawa April 8 - 4 killed in Keana, Nasarawa April 9 - 1 killed in Guma, Benue April 10 - 10 murdered in Benue April 10 - 51 killed in Wukari, Taraba April 12 - 2 killed in Markudi, Benue April 12 - 2 murdered in Birnin Gwari, Kaduna April 13 - 5 killed in Bassa, Kogi April 14 - 4 killed in Logo, Benue April 14 - 78 murdered in Obi, Nasarawa April 17 - 1 killed in Logo, Benue April 18 - 4 killed in Bassa, Plateau April 19 - 1 killed in Kutigi, Niger April 19 - 1 killed in Gwer West, Benue April 20 - 31 killed in Guma, Benue April 25 - 19 killed in Gwer East, Benue April 25 - 38 killed in Guma, Benue April 25 - 7 killed in Awe, Nassarawa April 28 - 14 killed in Birnin Gwari, Kaduna April 29 - 5 killed in Gwer West, Benue * Offa killings were from multiple armed robberies on banks in the town Source: THISDAY, other newspaper publications

% 10.2 6.6 5.7 4.8 4.8 % 4.9 4.8 4.7 4.7 4.5

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NEWS

DSS Steps in as Delta Communities Protest Withdrawal of Salvic Petroleum from OML 30 Ejiofor Alike

There have been ongoing community protests at Oil Mining Lease (OML) 30, Nigeria’s second largest onshore oil and gas asset, located in the western Niger Delta, about 35km east of Warri in Delta State, compelling the Department of State Services (DSS) to step in to forestall unrest in the area, THISDAY has learnt.

Central to the unrest, according to oil industry sources, is the termination of the third party operator agreement of Salvic Petroleum Resources Limited on April 16.

Investigations revealed that Salvic, a technical services operator, had been acting as the third party operator of OML 30 in the last one year on behalf of the name-plate operator – Heritage Energy Operational Services Ltd (HEOSL).

The Salvic/OML 30 project was led by, but not exclusively, Ikemefuna Okafor, CEO of Salvic, and Ebenezer Ajayi, Executive Director, Operations, among others on the team.

In 2012, Heritage, in conjunction with its Nigerian partner, Shoreline Natural Resources, acquired Shell’s 45 per cent stake in the prolific OML 30.

However, it was unable to ramp up output from the oil block due to funding constraints and militancy in the Niger Delta, until Heritage, under a new ownership, entered into a mandate agreement with Salvic Petroleum in 2017 to operate the block.

Under the arrangement, Salvic ramped up production in the one year it took charge of the

mining lease to the benefit of all stakeholders, to the extent that the communities are now unhappy over the sudden move to replace Salvic with foreign operators who allegedly do not understand the local environment nor the requisite stakeholder engagement.

THISDAY investigations revealed that Heritage, in a sudden move and without notice and/or offer of compensation, informed Salvic of its decision to terminate the mandate agreement.

Covering 1,095sqkm, comprising 11 fields, nine flow stations, the Ughelli tank farm, the Trans Forcados Pipeline (TFP), and with reserves estimated at about 1 billion barrels of oil, OML 30 is a critical source of oil revenue for the federal government, Delta State, 110 host communities and other asset owners around the region.

Community leaders who spoke to THISDAY pointed to Salvic’s performance in OML 30, taking production from zero to 75,000 barrels per day (bpd) last December, bringing back the Forcados Pipeline which had been down for 15 months prior, in record time, and sustaining an uptime of over 86 per cent during the 12 months of operations between March 2017 and April 2018.

Attempts to speak to Kola Karim, Chairman of Shoreline Natural Resources, were unsuccessful as he did not answer or return THISDAY’s phone calls.

The community leaders expressed satisfaction with the efforts made by Salvic as the operator appointed by Heritage to restore good relations with the

Delta State Governor, Ifeanyi Okowa communities, noting that during the one-year period OML 30 recorded no major security or environmental issues.

Of particular concern to the stakeholders in the community was the employment of 500 indigenes who might now lose their jobs following the termination of Salvic’s contract.

The communities and their leadership saw no justification in Heritage’s decision to terminate Salvic’s contract, which they said had brought stability to the area.

Also, the DSS, according to sources within the agency, said that they had to step in when they learnt of the community protests at the critical oil asset.

“We had to step in and invite all parties to the table to understand the issues that were making the communities restive.

“Remember that the critical Trans Forcados Pipeline, which had been restored by Salvic, flows through OML 30 and the last thing we want are renewed

attacks on the pipeline.

“So, it was in Nigeria’s interest that we stepped in because one attack on any of the oil installations in OML 30 could trigger further attacks in the Niger Delta. This is the last thing we need now, especially in a pre-election year,” said a DSS operative who preferred not to be named.

Salvic is a new exploration and production (E&P) company in Nigeria’s oil and gas industry.

Company information indicates that Salvic has strategically differentiated itself as an E&P company with a service orientation focused on providing the full range of value chain E&P services as a non-equity holder third party operator.

Salvic’s strengths lie in execution, excellence, cost control, operational efficiencies and optimising existing infrastructure to extract value, even from challenging and mature assets and deliver premium value to stakeholders.

In 2017, OML 30 was the ideal for Salvic to prove its new approach and capabilities, said sources close to the company owned by Nigerians with a formidable track record in E&P operations in the country.

Between March 2017 and April 2018, under a mandate agreement with Heritage, Salvic was said to have embarked on handling all aspects of operations and crude oil production in OML 30, including technical support services, security, operation & management (O&M), community relations and other stakeholder management, CSR

and management of the 87km Trans Forcados Pipeline.

Salvic was given steep production targets with a penalty of $25 million if the targets were missed, despite the fact that the asset had recorded zero production for 15 months prior and the Forcados Pipeline had been down throughout the 15 months, making it a daunting challenge for any operator.

However, Salvic took on the task of turning around the fortunes of OML 30 and by mid-December 2017 had ramped up oil production from zero to 75,000 bpd, a feat that drew the commendations of industry experts and the communities, as well as the federal and Delta State governments.

According to company sources, Salvic achieved the feat without drilling any new wells but put in place a robust work programme of creative and innovative solutions that optimised production and unlocked value from the legacy infrastructure and old equipment.

Production ramp up was made possible by another feat that Salvic achieved: the company restored the erstwhile debilitated Forcados Pipeline in a record time of three months and maintained uptime throughout of over 85 per cent.

According to sources, these feats were instrumental in improving revenue generation for the federal government, Delta State, all injectors into the Forcados Pipeline and other asset owners in the western Niger Delta.

The sustained uptime on

the trunk line also enhanced gas production to the domestic market for power generation by the continuous support of OML 34 condensates evacuation.

Other verifiable milestones that Salvic attained in OML 30 on behalf of Heritage and its JV partner – Nigerian Petroleum Development Company (NPDC) – included peaceful community relations and stakeholder management.

One of the main legacy community issues was unemployment and the casualisation of labour, but Salvic changed the practice of treating community workers as cash-based casual labour by converting them to full-time permanent employees with full benefits.

The operator also recorded no major health, safety, security & environment (HSSE) incident.

Specifically, in February 2018, the company achieved a total of over 1.1 million loss time injury-free man-hours, a rare feat in view of the size of the OML 30 asset and the operations.

“The Salvic and OML 30 success story is one of defying all the odds,” said one industry observer. “By their achievements in OML 30, the Salvic team has gained a name as turn-around experts in handling and extracting value from challenging and complex assets.

“They met and exceeded targets that were near impossible and demonstrated that excellence does not come from the age of a company but from the resilience of innovative, driven people who are empowered and focused on results,” he added.

the hospital as heavily guarded by the police since Tuesday, is a cause for concern even as we decry the arrest, continued detention and trial of my brothers, aides, friends and lawyers on trumped-up charges by the police.”

Also reacting, the opposition Peoples Democratic Party (PDP) in Kogi State accused the state governor of wasting over N5 billion public funds in his failed plot to recall Melaye.

The party, which described Bello as “heartless”, lamented that the N5 billion could have paid at least two months’ salaries of workers in Kogi State.

On the boycott of the verification exercise by the electorate, the PDP in a statement signed by Achadu Dickson, Director Research and Documentation, called for a thorough investigation into claims by those who turned out for the exercise that their

signatures were forged in the petition against Melaye.

“Those who were involved in the petition submitted to INEC for the recall of Senator Dino Melaye must be arrested and tried for forgery,” the PDP said.

The party added that the huge human and financial resources deployed to the “Dino Melaye must go” agenda would have had a meaningful impact on the lives of the downtrodden people of Kogi State, especially workers who are being owed several months salaries.

It declared that the open rejection of the recall agenda by the people of Kogi State was a clear signal that the ruling All Progressives Congress (APC) and the governor had been rejected in the state.

The deputy governorship candidate in the 2015 election in Kogi State and the member representing Ikeja Federal

Constituency, Hon. James Abiodun Faleke, also described the fallout of the verification exercise as a pointer to the fact that Bello was unpopular in the state.

In separate Twitter posts, he said the ultimate loser in the failed recall exercise was the APC. According to him, “Until those who worked so hard to win elections for the party in Kogi are given due recognition, Governor Bello will continue to struggle politically without results.”

Mocking Bello, Faleke said Melaye defeated the governor despite being in police detention.

“The recall project has failed.

The people won. The outcome today is not just about Dino but the open rejection of the Bello-led state government.

“Even in detention, Melaye defeated them. Clear sign that Bello is very unpopular in Kogi State.”

right the craft – too late!”

Using this narrative of the circumstances that led to the crash of Aeroflot Flight 593, Soyinka flash forwarded two decades later to the present, recalling the number of desperate organisations calling on the Nigerian captain (Buhari) to bury his pride and cry “Mayday” across all airwaves.

He said Buhari should call on the international community for assistance to rescue the country “on its terminal nose-dive”.

Setting aside his parable, Soyinka called on the president to give a nation-wide order to all land-usurpers in the affected towns and villages across the nation to quit those forcefully occupied lands within a 48-hour deadline.

“Issue orders to the military and the police that, wherever

illegal occupiers are found, they should be meted the same treatment as are accorded terrorists.

“Instruct all agencies that, once cleared of usurpers, the rightful occupants should be escorted back to their farmsteads and villages and provided maximum protection.

“We must go beyond arresting a token handful of herders caught with arms – there are still hundreds of them in the forests. It is not enough to back the anti-open grazing laws, so late in the day, but we shall leave that for later.

“Right now, the violated and dispossessed demand restitution, and with no further delay or subterfuge. All available forces should be deployed to right a hideous, unprecedented wrong

that has left the nation drowning in blood – we simply cannot continue one day longer to endure this forceful feeding off human blood.”

He described the continuing bloodshed in the country as “ethnic cleansing”, saying Nigerians must no longer beat around the bush. “The shade of Rwanda hangs over the nation,” he added.

Soyinka also called for investigations to identify the “high-placed sponsors” behind the killings, “some of whom have launched mercenary units to intensify carnage and chaos in order to stem the stride of Nemesis closing in on them for past criminalities and the cascade of corrupt revelations”.

BID TO RECALL MELAYE FAILS, SENATOR THANKS CONSTITUENTS /Kotonkarfi, Mopamuro, Ijumu, Yagba West and Yagba East.

He added that the total number of signatories in the petition for Melaye’s recall was 189,870, of which only 20,868 constituents turned out for the verification exercise.

According to him, a total of 18,742 were actually verified, representing only 5.34 per cent, which was far below the 50 plus one per cent required by law.

While making the official declaration, he said the result sheets were signed by the agent of the petitioner, Ibrahim Gimba Abubakar, agent of Melaye, Hon. Abubakar Sadiq Muhammed, and himself.

“I hereby affirm that the process for the recall of the senator representing Kogi West Senatorial District held on this day 28 April, 2018, recorded a 5.34 per cent turnout and

has therefore not satisfied the requirement as specified by law for the referendum,” he declared.

Speaking on the failed recall process yesterday, Melaye, who has had a running battle with his state governor Yahaya Bello and has blamed the governor for his travails, said despite his current travails, his inability to mobilise his constituents, and also deploy agents to monitor the signature verification exercise, countless number of supporters had volunteered to be at the verification exercise without minding the associated risks posed by the Kogi State Government.

Melaye, who spoke from his hospital bed through his media aide, Mr. Gideon Ayodele, said: “The chain of events from last Monday to this day are enough for one to be grateful to God Almighty and all Kogi people both at home and in the diaspora,

including friends outside the Confluence State and all over the world, for standing behind me in this trying times.

“Needless to say that all allegations against me by the police are politically-motivated and the timing of my maltreatment and harassment was carefully planned to prevent me from mobilising support against my purported recall.

“No doubt, to recall a representative is guaranteed by the 1999 Constitution as the right of the electorate. What the good people of Kogi West and other lovers of democracy outside the state who are praying for me have done is to stop an instigated and purported recall against me because it was undemocratic, self-serving and beneficial to only a few.

“It is pertinent to say here that though the battle for the recall has been won and lost, my safety in

901 KILLED IN MIDDLE BELT SINCE JANUARY -- or both, or none -- is deafeningly clamorous this May 1 of this year, 2018.

“No matter, one feels it a duty to call the attention to the painful convergence of both appropriations. Could such a co-option serve equally as a summons for a last-chance, eleventh-hour reprieve?

“There are certain eerie parallels in the Nigerian present to a certain Mayday disorder, one in which that distress call was never heard.

Aeroflot Flight 593 of September 28, 1994, was such an event, a flight in which all occupants of that plane perished. After preliminary official denials, the undeniable – and the tragically inappropriate factor of the crash was formally acknowledged – a laissez-faire, unprofessional conduct with human lapses,

among which nepotism – by that, or any other name – loomed large.

“The captain was not even in the pilot’s seat – others were! They were the pilot’s family – mostly his children. The family member who actually begun the spiral of disaster by pulling the wrong control leaver was – the captain’s son, to whom his even younger daughter, some moments earlier, had yielded the controls. The pilot’s seat had been turned into a family game of musical chairs.

“Where was the captain?

Somewhere along the aisle, saluting the passengers – all quite proper, and indeed encouraged by regulations. He had placed the plane on autopilot – just as this nation has been for some time – so he walked between the seats, dispensing and acknowledging greetings – it was a long flight

to Hong Kong, after all.

“The plane went into a sharp turn after the wrong lever was pulled, and the autopilot disengaged. The original flight pattern was annulled – does that echo a campaign manifesto? – and the plane was now in unqualified hands.

“It took ages for the pilot to regain his control seat as some passengers were already tumbling from their seats into the aisle and he had to fight his way through bodily obstacles. All that, from a reconstruction of events.

“The ‘black box’ – or flight recorder – indicated that the pilot never even got round to shouting ‘Mayday’ over the radio – he was too busy struggling to restore the plane’s technical functions, shout instructions, pull the plane out of a nose-dive, and attempt to

Continued on page 54

T H I S D AY ˾ MONDAY APRIL 30, 2018

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COMMENT

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

REFOCUSING NIGERIA’S ECONOMIC PLAN ON POVERTY ALLEVIATION David Emoche argues that Okonjo-Iweala’s book, ‘Reforming the Unreformable’ provides insights and way out of the country’s endemic poverty

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espite recent commendable indices pointing to Nigeria’s gradual economic growth and exit from recession, poverty alleviation still remains a mirage. As noted by the International Monetary Fund (IMF), whose aim is to help member countries achieve macroeconomic stability and reduce poverty, the government’s Economic Recovery and Growth Plan has not made much of an impact in lifting many Nigerians out of poverty.

A recent statement by the business mogul, Bill Gates, jibes with this report every inch. He said, “The Nigerian government’s economic recovery and growth plan identifies investing in our people as one of three strategic objectives. But the execution priorities don’t fully reflect people’s needs, prioritising physical capital over human capital. People without roads, ports, and factories can’t flourish. And roads, ports and factories without skilled workers to build and manage them can’t sustain an economy�.

It is disheartening and bewildering that every step forward by the government to advance the economy seems to turn back the hands of the clock to the era before the ground-breaking economic reform of Dr Ngozi Okonjo-Iweala during the administration of the former President Olusegun Obasanjo. This consistent regression seems to be far beyond the comprehension of outsiders who, with high expectations, have placed Nigeria on a pedestal as Africa’s preferred investment destination.

Although Nigeria has proven itself to be a complex state to govern, which has been used to explain away the seemingly incorrigible frame of the country when faced with statistics like the aforementioned, the country is richly endowed to lead Africa out of poverty.

My goal in this article is not to tell the tale of woe of the country or to join issue with the likes of Governor Nasir el-Rufai of Kaduna State who jumped the gun to defend President Buhari not long after Bill Gates’ address. My aim is to draw the attention of the government and the public to practical ways to ameliorate the conditions of Nigerians, as suggested by IMF, by leaning towards Dr Okonjo-Iweala’s philosophies and strategies for the economic reform of the country. This is documented in her book, Reforming the Unreformable. The book is a chronicle of the necessary reforms and policies initiated to arrest the decline of Nigeria’s economy at the inception of democratic governance in 1999. This was after several years of economic dictatorship which was characterised by socioeconomic distortion, corruption and political instability.

Joseph E. Stiglitz, Nobel Laureate in Economic Science, 2001, in a review, stated that the book as an “insider’s account of the valiant effort to reform Nigeria’s economy will inspire anyone committed to changing the course of their country.� Meanwhile, it is sad that Nigeria, for whom the reforms were designed, failed to implement and sustain most of the contents of the masterpiece which would have saved her the scorn and reproach she keeps receiving in the global community.

Men like Nasir el-Rufai, who served in the Economic team during the time of President Obasanjo, seem to have ditched, for politics, the principles and framework for economic growth through what El-Rufai had himself named as National Economic Empowerment and Development

WHY IS NIGERIA STILL GROPING IN ITS EFFORT TO AMELIORATE THE PLIGHT OF THE MASSES? THIS CANNOT BE DIVORCED FROM THE LACK OF ‘COMPREHENSIVE AND COHERENT POLICY ACTIONS,’ IN THE STATE AND LOCAL GOVERNMENT AND FROM ONE REGIME TO ANOTHER

Strategy (NEEDS). NEEDS was designed as a full-fledged programme of change for the economy, incorporating action in essential sectors, including agriculture, education, and health. The four cardinal goals of the strategy were wealth creation, employment generation, poverty reduction, and value reorientation.

With NEEDS, three action plans were proposed. “The first was changing the way government works by strengthening the management of public finances, better prioritising expenditures, restructuring the bloated civil service, introducing transparency in government business, and fighting corruption. The second was promoting private enterprise as the primary engine of growth by deregulating and liberalising important sectors of the economy and incentivising the private to invest and create jobs. The third was empowering people by improving the delivery of basic services that matter for their lives – education, health, and essential infrastructure.�

These strategies developed in September 2003, no doubt, comprehensively addressed areas of concern of the IMF in relation to people-centred growth in 2018 Nigeria. Among the numerous solutions proffered by the IMF, “the implementation of an automatic fuel price-setting mechanism, sound cash and debt management, improved transparency in the oil sector, increased monitoring of the fiscal position of state and local governments, and substantially scaled-up safety nets� are policies that will readily impact the citizens.

The question remains; why is Nigeria still groping in its effort to ameliorate the plight of the masses? This cannot be divorced from the lack of “comprehensive and coherent policy actions,� in the state and local government and from one regime to another. The need for consistency and uniformity in implementing NEEDS at the three tiers of government had necessitated SEEDS (State Economic Empowerment and Development Strategies) and LEEDS (Local Government Economic Empowerment and Development Strategies). This was because of the belief that the involvement of decentralised entities is crucial to any reforms of a fiscal nature or improvements in the delivery of basic services.

However, the limit in the achievement of NEEDS and several other policies of the Iweala-led economic team was not because of the inappropriateness of the strategies, as many critics believe. In the memoir, Okonjo-Iweala did not fail to recount the impediments that confronted the programmes such as the disagreement between the federal government and other tiers, especially in respect to the Excess Crude Account (ECA), the public belief that there are no Nigerians who are selfless enough to do this without sinking into corruption or personal gain, and socio-political change in the country.

Without the sentiments of difference in political affiliation, ethnic background or religion, the present administration must take a leaf out of Mrs Okonjo-Iweala’s book to lead the populace out of its present endemic poverty and socioeconomic regression. Her works are not limited to NEEDS, neither are they confined only in the aforementioned book.

Emoche, Public Analyst, wrote from Makurdi, Benue State

BALA MOHAMMED VS EFCC: MATTERS MISCELLANEOUS Justice Baba Yusuf deserves commendation for restoring hope that ours is a country of laws, writes Emma Agu

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n any decent society where some premium is placed on human dignity, the accepted jurisprudential position is that, it is better for many suspects to escape unpunished than for one innocent person to be wrongly convicted.

Unfortunately, the way accused persons are treated in Nigeria does not depict us as people who place much value on the dignity of the human person. Even our long cherished principle that an accused person is presumed innocent until proven guilty has suffered brutal assault at the hands of overzealous agents of government. To such people, who may not necessarily be in the majority, it doesn’t really matter if hundreds of ‘suspects’ are hounded into jail if only, in the process, one targeted person is incarcerated.

However, the recent judgment in Senator Bala Mohammed versus the Economic and Financial Crimes Commission (EFCC) appears to provide a new impetus for victims of official highhandedness to challenge their traducers while at the same time rekindling hope that, somehow, the country will not descend to the reign of tyranny. Former FCT Minister, Bala Mohammed’s fight, to enforce his fundamental human rights is solid proof that, what it takes for tyranny to take root is for good people to keep quiet or for the injured to refuse to fight back.

The former minister’s case is well known.

After heeding the invitation by the EFCC, based on allegations against him, he ended up being incarcerated for 49 days in 2016, despite meeting the bail conditions imposed by the agency. To make matters worse, not even a court order could sway the agency to desist from its abuse of the constitution by way of arbitrary detention of the minister.

That set the stage for the former minister’s counsel, Chris Uche, SAN, to approach the court to enforce his client’s fundamental human rights.

Thus, last Thursday, in a judgment that is being

celebrated as victory for the rule of law, Justice Baba Yusuf of the High Court of the Federal Capital Territory, ruled that Bala Mohammed’s detention was unlawful. He followed up by awarding N5 million against the anti-graft agency.

Justice Baba Yusuf deserves commendation for being incisive, methodical and fearless in delivering his judgment. He has restored hope that ours is a country of laws, not of men as the EFCC, by its conduct, has all along sought to convey. The judge was emphatic that in the absence of compelling evidence of any crime, the EFCC had no right to detain the former minister beyond 48 hours. That point needs to be noted by all Nigerians.

But while the abridgement of the ex-minister’s civil liberty loomed large in the judge’s decision, it will appear that, a more fundamental reason was the inability of the anti-graft agency to adduce any evidence to support its claims of wrongdoing against the accused. The judge was unambiguous on that. Here are excerpts from the judgment: “Where a party admits the detention of another, the onus to prove that such detention is legal lies on it. In the instant case, no material evidence of fraud, irregular allocation of plots of land among others is placed before this court. “All other averments relating to fraudulent activities against the applicant remain largely in the realm of imagination of the respondent and unproved as there is no such document before the court. The result is that the respondent has not proven the allegation to warrant the court to decide otherwise�.

The judge’s statement, above, should be read in conjunction with the section where he averred that he saw nothing wrong with Bala Mohammed’s arrest by the EFCC. That is to say that, by arresting Senator Bala Mohammed, the EFCC was acting within its powers, to hold public office holders, past

or present, accountable for their actions. Yet, we must continue to underscore the judge’s position that the agency did not have the powers to detain people endlessly without cause; and that he could not see evidence of allegation of fraud against the former minister.

On a serious note, Bala Mohammed did not deserve the incarceration he was subjected to. Here was a man who, upon being informed that the EFCC needed him to respond to some allegations against him, voluntarily abandoned medical treatment abroad in order to honour the invitation.

Here was a man who, for all times, maintained his support for the anti-graft effort of President Muhammadu Buhari, insisting always that public office holders should be prepared to account for their actions while in office. Also as a sign of good faith, Bala Mohammed has actively participated in every legislative enquiry bothering on his office or ministry. It is one of those paradoxes of life that such a Nigerian who has never given any cause to suspect that he would jump bail, was deprived his freedom for so long a period, in defiance of the order of a court of competent jurisdiction.

Now that he has been vindicated by the court judgment Senator Mohammed is in a stronger position to insist that, his incarceration, beyond what is statutorily permitted, was politically motivated.

Since the court has ruled that there was no evidence of fraud or wrong-doing to support his prolonged incarceration, Bala Mohammed is on solid grounds to insist that he is a victim of some grand conspiracy to demonise him before the Nigerian public and probably put his political future in jeopardy. As things stand, the promoters of that strategy have failed. At least, nothing has happened to erode his political base in Bauchi.

No one who followed the twists and turns of the former minister’s incarceration should be

surprised at the judgment of Justice Baba Yusuf.

In an unprecedented manner, the agency literally went about shopping for remand orders to shackle the former minister, in perpetuity. At every point during the trial, Chris Uche, SAN, adroitly punctured the alibi of the defence which included the inability of the accused to meet his bail terms, a claim that was false; that he would interfere with investigations, a position the judge found curious or that, he would influence another person of interest whose whereabouts were then not known. Again, the judge wondered how the detainee was expected to influence someone outside while still under the custody of the agency!

For the EFCC, this highly indicting judgment should act as a sobering influence on the way it conducts its activities. To arrogate to itself the powers to simply dump people in jail indefinitely is, to say the least, uncivilised and barbaric; to hang serious allegations against a person without proof of evidence, as the judge noted in the case of Senator Bala Mohammed, is malicious, callous and unacceptable; and to constrain citizens with brazen impunity, in defiance of court orders, is to send a wrong signal to Diaspora Nigerians and other foreign investors who, paradoxically, our president and his ministers, have been courting assiduously, that the law cannot protect both they and their investments. It does not need to be overstated that Nigeria can ill afford the reputation of a lawless destination at a time the President Buhari Administration is almost recording a breakthrough in its valiant effort to attract foreign direct investment into the country.

Agu, publisher of ZEST TRAVELLER magazine, is a fellow of the Nigerian Guild of Editors (NGE) and Nigeria Union of Journalists (NUJ) as well as honorary fellow of the Nigerian Institute of Public Relations (NIPR)

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T H I S D AY MONDAY, APRIL 30, 2018

EDITORIAL THE EXPEDITION TO WASHINGTON

President Buhari’s visit would be meaningless if it does not add value to Nigeria’s wobbly democracy

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ess than three years in office, President Muhammadu Buhari will shake the hands of a second United States President in Washington today. His first trip was under former President Barack Obama in the aftermath of the 2015 presidential elections which ousted Dr Goodluck Jonathan.

That earlier visit marked a convergence between Washington’s short term strategic goal - anybody but Jonathan- and the mood of the Nigerian electorate. The triumph of Buhari was celebrated in both Washington and Nigeria.

This week’s visit is coming under very different circumstances. After three years in office, Buhari’s performance in office may not have justified America’s overt interest in his ascendancy. A fortnight before this week’s visit, the US State Department issued a stinking indictment of the Buhari administration on virtually every aspect of its self-declared mandate: security, human rights, corruption and the economy. Abuja had the unusual common sense not to disagree openly to avoid an unnecessary storm.

At the bilateral level, there would appear to have been some improvement in THE US IS WHAT IT relations recently, speIS BECAUSE OF ITS cifically in terms of the ADHERENCE TO THE rhetoric on cooperation VALUES OF DEMOCRACY. in anti-terrorism. While LEADERS OF EMERGENT agreement on the sale DEMOCRACIES WHO of US Tucano jets to aid VISIT WASHINGTON, AS Nigeria’s anti-terrorism PRESIDENT BUHARI IS fight may reinforce the DOING, MUST TAKE AWAY sense of improving MORE THAN PHOTO relations, the perception OPPORTUNITIES AND lingers in Washington THE GRANDEUR OF STATE and major Western CEREMONIALS capitals that Nigeria’s security forces recklessly violate the rights of citizens in the process of chasing after insurgents. In a bid to consummate this sale, President Buhari has violated the elementary democratic due process requiring that such major appropriations must pass through the National Assembly.

To a great extent, Nigeria’s insurgency amplifies the

Letters to the Editor

problem of Islamic fundamentalism outside Europe especially in the Maghreb. But the full extent of possibilities in relations between the US and Nigeria is not exhausted by preoccupation with Boko Haram. We have a long standing relationship with the US based on serious cultural and economic interpenetrations between both countries. The Nigerian diaspora in the US is in excess of 350,000. Nigerian professionals and intellectuals occupy strategic positions in the US system. Nigerians have been repeatedly adjudged the most upwardly mobile group of immigrants in the US in terms of high education attainments.

S 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

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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.

THE HERDMEN’S JIHAD IN BENUE

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very passing day my heart bleeds for the wanton slaughter in my home state of Benue. Since there is the indication of a pogrom in Benue State I also feel directly truly threatened because the route of the tortuous journey I usually make from Minna to Makurdi cuts through Yelewata and Kadarko in Nasarawa State and these dual agrarian settlements have now become ambush points for killer Fulani tribesmen who mow down with impunity Makurdi-bound travellers. Well, this is not a civil war in play because the military authorities make it so hard for the settled Tiv tribesmen to defend themselves; what we are experiencing is a one-way jihado-centric slaughter and it looks for real every passing day that the federal government is complicit in this mass killings because no serious government who prides itself as “sovereign” would allow “Gaddafi-trained mercenaries” run wild in its hinterlands and decimate the settled local population.

Now, too, when the US attention is shifting away from the decimated IS at Syria and Iraq and shifting toward Boko Haram and other jihadist types in the Sahel region, certain parties at the Presidency appear not to be comfortable with the fact the government of the country of Niger to the north of Nigeria has invited the US to build a specialised airbase in that country for armed drones operations against these

imilarly, US companies have massive investments in Nigeria especially in the strategic oil and gas sectors.

Untapped challenges in Nigeria’s bubbling information technology start-ups, power sector, alternative energy, agriculture and infrastructure sectors would do with US expertise and investment to increase opportunities for citizens of both countries. In all these areas and more, challenges abound for the deepening and widening of cooperation between both countries. We hope that the talks and consultations in Washington paid attention to the new frontiers of collaboration above and beyond the obvious.

Nigeria’s population and location make us vital to the protection of key US interests in the Gulf of Guinea and the West Atlantic corridor from Mauritania to Brazil and Argentina. There is thus a sense in which the US needs Nigeria to be stronger than it is right now if it must fulfil the role of a credible strategic partner in a geo-spatial sense.

Oil and gas supplies remain pivotal to US energy stability in the ever present event of predictable upheaval in the volatile Middle East region. Those reserves and activities are also synonymous with Nigeria’s short to medium term survival as a nation state, notwithstanding our latent divisions and the recent pressure of increasing micro nationalism. Beyond discussion on terrorism and economic cooperation, the Washington outing would be meaningless if it did not add value to Nigeria’s wobbly democratic outlook.

The US is what it is because of its adherence to the values of democracy. Leaders of emergent democracies who visit Washington, as President Buhari is doing, must therefore take away more than photo opportunities and the grandeur of state ceremonials.

terrorists groups (let us not forget that the supporters of Boko Haram in Nigeria still call Boko Haram “insurgents”).

The reaction of Nigeria’s federal government to the impending US anti-terror buildup across our border at Niger was to rush through unauthorised payments for a plethora of US-built Tucano jets with the hope that this sudden investment in the US economy would help them continue to sell the well-rehearsed and false positions that, “What is happening in Nigeria is a clash between farmers and herders and not ethnic or religious in nature” and “Boko Haram has been completely decimated.”

This sudden jet-purchase antic was a copycat of the Saudis’ action early in the Trump presidency when Saudi Arabia rushed to invite President Donald Trump over in order to sign some lucrative deals that would benefit the US economy because during the election campaign of 2016 Mr. Trump said he would support a class action lawsuit against Saudi Arabia by families of victims of the September 11, 2001 attack in the US. If that lawsuit were decided in favour of the victims’ families then Saudi Arabia asset-holdings in the US (some $750 billion dollars) would be frozen and used to settle claims to these families.

Sunday Adole Jonah, Department of Physics, Federal University of Technology, Minna, Niger State

WHY BUHARI SHOULD RESPECT THEYOUTHS

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ecently, Adebayo Shittu, Minister of Communication, went on a rant rampage on radio dismissing Omoyele Sowore, publisher of Sahara Reporters, as a “minion, small boy and inconsequential” for his audacity to run for presidential office. Sowore, a young Nigerian, is perhaps the only presidential hopeful who is all out on the stump. Big-time politicians have retreated into their trenches since President Muhammadu Buhari declared his intention to seek re-election.

At the time, I wrote that Shittu’s verbal farts showed the “class disdain” for young Nigerians.

Buhari’s recent atrocious confession affirms this. Let me put the president’s statement here.

“About the economy, we have a very young population; our population is estimated conservatively to be 180 million. This is a very conservative one,” he said.

“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.”

It is discomfiting that this is impression Buhari has of young Nigerians. And he said the youth want to get “housing, healthcare, education free”! Perhaps,

I need to remind Mr President that he and his generation fed fat on the country’s largesse.

In the days of Mr President, children were literally conscripted into schools. In fact, parents who refused to send their kids to school were jailed. Education was free! The president said this himself in a book authored by Professor John Paden, his biographer. In the book, the president said he hated going to school, but he had no choice. Education was compulsory.

But as you read these lines, there are about 12 million children roaming the streets in the north. No education, no care! Some have taken up drugs as an escape from their sombre existence.

Also, in the days of Buhari, a civil servant was entitled to decent accommodation and healthcare benefits. But in my days, it is not so. The Nigerian youth have not been given anything; they have to earn every penny, every comfort and every laurel, even in their quotidian existence.

The old generation of coupists, the corrupt and bigots bequeathed nothing to my generation but ethnic distrust, suspicion, religious intolerance and corruption. That Nigeria is still stuck in time is because of Mr President and his ilk. And that the country is one of the most hated places on the planet is because of Mr President and his generation.

Fredrick Nwabufo, fredricknwabufo@yahoo.com

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T H I S D AY ˾ MONDAY APRIL 30, 2018

ECOBANK NIGERIA LIMITED RC 89773

EXTRACTS OF THE AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2017 31 Dec. 2017 N'million

31 Dec. 2016 N'million

133,494 257,237 831,573 34,452 8,956 321,644 27,722 91,360 79,024 1,419 12,312 30,568

133,904 205,550 869,872 20,334 20,802 246,752 30,209 158,053 77,447 1,147 11,756 32,677

TOTAL ASSETS

1,829,761

1,808,503

LIABILITIES Deposits from banks Deposits from customers Derivative financial liabilities Borrowings Retirement benefit liability Current income tax liability Provision for litigation Other liabilities

136,596 1,098,302 6,816 160,922 1,856 4,671 5,170 148,099

154,796 1,125,868 6,810 176,402 38 4,526 2,182 117,106

TOTAL LIABILITIES

1,562,432

1,587,728

EQUITY: Ordinary share capital Share premium Retained earnings Other reserves

10,074 131,928 31,680 93,647

10,074 131,928 46,658 32,115

TOTAL EQUITY

267,329

220,775

1,829,761

1,808,503

2017 N'million

2016 N'million

GROSS REVENUE

251,061

259,584

Net interest income Other income

116,560 48,840

123,995 58,778

Operating income Operating expenses Impairment charge for losses

165,400 (85,088) (59,901)

182,773 (94,148) (82,783)

Profit before taxation Income Tax

20,411 (207)

5,842 (62)

Profit for the year from continuing operations Other comprehensive income

20,204 26,350

5,780 (12,793)

Total comprehensive income

46,554

(7,013)

STATEMENT OF FINANCIAL POSITION ASSETS Cash and cash equivalents Mandatory reserve deposits with Central Bank Loans and advances to customers Financial assets held for trading Derivative financial assets Investment Securities: available-for-sale Loans and receivables Pledged assets Property, plant and equipment Intangible assets Deferred tax asset Other assets

TOTAL LIABILITIES AND EQUITY STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2017

Independent Auditor's Report to the Members of ECOBANK NIGERIA LIMITED Report on the Summary Financial Statements Opinion The accompanying summary financial statements which comprise the summary statement of financial position as at 31 December 2017, the summary statement of profit or loss and other comprehensive income for the year ended 31 December 2017 are derived from the audited financial statements of Ecobank Nigeria Limited for the year ended 31 December 2017.

In our opinion, the accompanying summary financial statements derived from the audited financial statements of Ecobank Nigeria Limited as at 31 December 2017 are consistent, in all material respects with those financial statements, in accordance with the International Financial Reporting Standards, Companies and Allied Matters Act, CAP C20, LFN 2004, Banks and Other Financial Institutions Act CAP B3 LFN 2004 and the Financial Reporting Council of Nigeria Act, 2011.

Summary Financial Statements The summary financial statements do not contain all disclosures required by the International Financial Reporting Standards, Companies and Allied Matters Act CAP C20 LFN 2004 and Banks and Other Financial Institutions Act CAP B3 LFN 2004, Financial Reporting Council of Nigeria Act, 2011 applied in the preparation of the audited financial statements of Ecobank Nigeria Limited. Reading the summary financial statements and the auditor's report thereon, therefore is not a substitute for reading the audited financial statements and the auditor's report of Ecobank Nigeria Limited. The summary financial statements and the audited financial statements do not reflect the effects of events that occurred subsequent to the date of our report on those financial statements.

The Audited Financial Statements and Our Report Thereon We expressed an unmodified audit opinion on the financial statements in our report dated 19 March 2018. That report also includes the communication of the key audit matters as described in the auditor's report on financial statements.

Directors’ Responsibility for the Summarised Audited Financial Statements The Directors are responsible for preparing and presenting an appropriate summary of the audited financial statements in accordance with Section 355 of the Companies and Allied Matters Act, Cap C20, LFN 2004, the Banks and Other Financial Institutions Act CAP B3 LFN 2004, the Financial Reporting Council of Nigeria Act, 2011 and the International Financial Reporting Standards.

The financial statements were approved by the Board of Directors on 1 February, 2018 and signed on its behalf by:

Auditor's Responsibility Our responsibility is to express an opinion on whether the summary financial statements are consistent in all material respects with the audited financial statements based on our procedures which were conducted in accordance with International Standards on Auditing (ISA 810 revised). “Engagement to report on Summary Financial Statements”.

John Aboh (Chairman) FRC/2015/IODN/00000013168

Report on Other Legal and Regulatory Requirements The Bank complied with the sixth schedule of the Companies and Allied Matters Act CAP C20 LFN 2004.

Charles Kie (Managing Director) FRC/2016/IODN/00000014128

During the year the Bank contravened certain sections of BOFIA and CBN circulars and guidelines. The details of the contravention and the related penalties are as disclosed in the financial statements.

Abiola Aderinola Ag. Chief Financial Officer FRC/2018/ICAN/0000017827 Key Financial information Non-performing loans and advances (N'billion) Non-performing loans to total loans and advances Earnings per share (basic)

133 14.5% 100k

84 9.1% 29k

Summary of consumer complaints Number of complaints received during the year Number of complaints resolved Number of complaints not resolved but transferred to CBN Total disputed amount transferred to CBN

1,283 1,236 -

1,483 1,344 -

For: Deloitte and Touche Chartered Accountants Lagos Nigeria 19 March, 2018 Engagement Partner: Joshua Ojo FRC/2013/ICAN/00000000849

The above Statement of Financial Position and Statement of Profit or Loss and Other Comprehensive Income are published in compliance with Section 27 of the Banks and Other Financial Institutions Act. For a better understanding of the financial position and results of operations of the Bank, these extracts of financial statements should be read in conjunction with the full financial statements on which the auditors' report was issued. The complete annual report of the Bank can be obtained from the Bank's Registrars.

Board of Directors: Mr. John O. Aboh (Chairman); Mr. Olufemi Ayeni (Independent); Mr. Ade Ayeyemi; Mr. Edouard Dossou-Yovo (Beninese - Independent); Mallam Garba Imam; Prof. Franca Ovadje; Mrs. Funmi Oyetunji; Managing Director: Mr. Charles Kie (Ivoirien) Executive Directors: Mr. Akintayo Dada; Mrs. Carol Oyedeji; Mr. Adebiyi Olagbami

T H I S D AY ˾ MONDAY, APRIL 30, 2018

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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

Has the Clampdown on Opposition Begun?

The stealing of the mace at the Senate, the move to seize properties of the Deputy Senate President, Ike Ekweremadu and the arrest of Senators Dino Melaye and Peter Nwaoboshi are not mere coincidence, reports Tobi Soniyi

T

his month, four separate but related events took place. Even though, the events appeared unrelated, those who can read in between the lines should not have difficulty arriving identifying a pattern.

After several failed attempts to change the leadership of the Senate, there are fresh but subtle moves to torpedo the leadership of the Senate.

While the Senate President, Dr Bukola Saraki was abroad, some thugs allegedly accompanied by a senator brazenly walked into the Senate’s Chamber and took away the mace. The mace is seen as a symbol of authority. The plan obviously was not just to steal the mace but to effect a leadership change in the Senate.

Two weeks after the invasion, the country is carrying on as if the invasion did not happen. Nigeria will certainly serve as a good case study in illegality and absurdity.

Interestingly, all the three arms of government were involved in the plot.

Legislature Involvement To begin with, some members of the National Assembly are behind the illegality.

Apart from the suspended Senator Ovie Omo-Agege.

Investigation revealed that the plot was hatched by about 15 Senators, who met at the residence of a Senator from Nasarawa State the night before the invasion. The plan, according to people familiar with the plot was to reinstate Senator Ovie Omo-Agege and to sack the Senate leadership.

Members of the Senate know the senators involved. At the meeting, they first decided to allow the court to determine whether the Senate has the power to suspend its members. They eventually concluded that there was a court judgment to the effect that the Senate has no power to suspend its members. So, those at the meeting resolved to get thugs to invade the Senate.

To achieve the dual purpose of removing the Senate leadership, especially with the absence of the President of the Senate, Dr. Bukola Saraki, who is on an official trip to Washington DC, USA, and the reinstatement of Senator Omo-Agege, it was concluded that the mace should be forcefully taken away.

Without the support of some members of the Senate, no thug would have the temerity to come right inside the Senate chambers to snatch a mace.

Executive Behind the Plot No doubt, the Senators involved were working hand in glove with the executive.

Obviously the stealing of the mace happened because security agents chose not to stop it. They did not only allow the illegality to take place, their action after it the stealing should leave no one in doubt that they were willing collaborators. The Senator who led the thugs in is walking free, the security men who allowed this to happen are keeping their jobs. Nobody is being prosecuted.

A former Senate President, Ken Nnamani, raised some fundamental questions but no one is providing answers to them. Reacting to the invasion, he said: “There should be a high-level investigation. Is there any complicity? What happened to the police guarding the place? What about the SSS? “One person could not have planned this thing. They came in, took the mace and left. Did they disappear with helicopter?

What were the police doing? What were

Ekweremadu

the security agencies doing? We should set up a high-level investigation before apportioning any blame.”

The executive obviously wanted to stop the Senate from been harsh on President Muhammadu Buhari who paid $496 million for fighter jets without appropriation.

Replacing Saraki with a new leadership that is favourably disposed to the executive isn’t a bad idea, the executive reasoned.

Besides, the amendment of the Electoral Act to change the sequence of the 2019 elections has further created enmity between the legislature and the executive. This has caused a division within the Senate.

The executive had not forgotten how Saraki pulled a surprise to emerge as Senate President while Ike Ekweremadu emerged as his deputy.

It was made worse with the executive’s insistence on retaining Ibrahim Magu as

chairman of the anti-graft agency, EFCC, despite Senate twice rejecting his nomination.

Ekweremadu, Nwaoboshi, Melaye, and who? No one knows yet who is next but certainly more people will be subjected to intimidation because it is election season

Saraki’s Loyalists Targeted Aside from the invasion of the Senate, there are other ongoing action to deal with the Senate leadership. Some of Saraki’s supporters, especially those who support the amendment of the Electoral Act are being targeted for prosecution.

But first, the point must be made. Anyone who has done anything contrary to the law should have his days in court. Neverthe-

The Judiciary Aiding Illegality The speed with which the Chief Judge of the High Court of the Federal Capital Territory, Justice Ishaq Bello granted an exparte order stopping the police from arresting Omo-Agege should be of concern to right thinking Nigerians.

He then took another bizarre judicial decision by transferring the case to another judge without first setting aside his order stopping the police from arresting the Senator.

A judge stopped the police from performing their statutory duty without hearing them and then transferred the case to another judge? Tomorrow, an armed robber will get an order from the court to stop the police from arresting him. The court that should have been an independent arbiter has taken side. Welcome to Banana Republic. Many litigants would wish that their cases be treated with the dispatch with which the judge handled Omo-Agege’s case.

less, a government who provides cover for people who should be arrested and charged to court will have difficulty defending its decision to charge only those opposed to it. A former Secretary to the Government of Federation, Babachir Lawal and former Director General of the National Intelligence Agency, Ayodele Oke are enjoying their freedom despite the findings against them.

Ekweremadu The get the Senate President out of the way, one of his staunchest supporters, who also happens to be his deputy, Ike Ekweremadu must be crushed. The Special Presidential Investigation Panel on the Recovery of Public Property (SPIPRPP) is handling that.

The panel had asked a Federal High Court, Abuja, for an interim forfeiture order on 22 properties allegedly owned

by Ekweremadu in Nigeria and abroad, but which he allegedly refused to declare.

He denied owning the properties and has challenged the court’s jurisdiction, claiming among others, that the SPIPRPP was an illegitimate body.

As the general elections draw nearer, it is expected that the clampdown will continue.

Senator Peter Nwaoboshi Peter Nwaoboshi, a Peoples Democratic Party senator representing Delta North, has been very critical of the government and CONT’D ON PAGE 19

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T H I S D AY ˾ MONDAY, APRIL 30, 2018

POLITICS

MONDAY DISCOURSE HAS THE CLAMPDOWN ON OPPOSITION BEGUN?

Nwaoboshi

supported the amendment of the Electoral Act to reorder election sequence.

He was arraigned by the EFCC on two counts of money laundering and conspiracy before Mohammed Idris, a judge of the Lagos Division of the Federal High Court.

He pleaded not guilty to both counts.

He has always insisted that the transaction which formed the basis of the criminal charge was a pure commercial transaction.

He was charged alongside two firms – Golden Touch Construction Project Limited and Suiming Electricals Limited.

Count one of the charge accused the senator and Golden Touch Construction Project Ltd of fraudulently acquiring a property known as Guinea House situated at Marine Road, Apapa in Lagos, between May and June 2014, at a cost N805 million.

The charge stated that the defendants ought to have known that N322 million out of the purchase price formed part of the proceeds of an unlawful act under the Money Laundering (Prohibition) Act. Count two of the charge accused Suiming Electricals of aiding Mr Nwaoboshi and Golden Touch Construction Projects Ltd to commit money laundering.

He had since been granted bail though not after he had spent a couple of days at Ikoyi Prison in Lagos.

Senator Dino Melaye Dino Melaye, the Senator representing Kogi West is considered Saraki’s attack God. To remove Saraki as Senate President, you will need to first get Melaye out of the way.

He faces double attacks. First, there is a petition before the Independent National Electoral Commission for his recall. The verification of those who signed the petition has already begun.

While he is battling to retain his seat, then

The speed with which the Chief Judge of the High Court of the Federal Capital Territory, Justice Ishaq Bello granted an exparte order stopping the police from arresting Omo-Agege should be of concern to right thinking Nigerians

Melaye

allegation that he supplied arms to some suspects facing murder charge surfaced. He reportedly escaped from a moving police vehicle that landed him in a hospital in Abuja last Tuesday.

A statement signed by his media aide, Gideon Ayodele, said the senator voluntarily submitted himself to the police and, therefore, did not deserve to be forcibly taken to Kogi State to stand trial for some criminal offences.

Ayodele said: “Earlier in the morning, Senator Dino Melaye as a law-abiding citizen voluntarily submitted himself to the operatives of the Special Anti-Robbery Squad (SARS) who had laid siege to his private residence since around 3.35pm of Monday, April 23, 2018.

“He, along with his lawyers and personal aides, was driven in his private car to the SARS office in Guzape district of Abuja, sandwiched among the numerous police vehicles earlier deployed to his house,” Mr Ayodele said.

He explained that shortly after Melaye entered the police custody in Abuja, officers dragged him in a vehicle and headed towards Lokoja, the Kogi State capital.

Melaye’s aide said the Senator feared that his life would be in danger if taken to Lokoja, amongst other alleged sinister motives of both the police and the state government there. He also said the senator refused to go to Lokoja because he had previously secured a court relief for the case to be moved to Abuja, “The public will vividly recall that this same case involving Senator Dino Melaye had already been transferred to Abuja by the Chief Justice of the Federal High Court after Senator Melaye expressed worry about his safety in Lokoja. Now, the question is why will they want to forcefully take him to Lokoja? The Senator believes they are doing the Kogi Governor’s bidding in order to assassinate him.”

The aide said the police have never written to Melaye contrary to their claims in the media.

“For the avoidance of doubt, he had never evaded police invitation before now because there was none extended to him in the first place. Rather, what the Police PRO, Mr. Jimoh Moshood, had been doing was to summon the Senator through media briefings, a practice which is unconventional,” he said.

The police claimed that they wrote to Senate President Bukola Saraki requesting for permission to question Melaye over the criminal cases allegedly linked to him.

The police said that they wrote to Saraki

and the Clerk of the National Assembly for permission to interrogate Melaye after some arrested criminal suspects named the senator as their financier and armed supplier.

The police therefore accused Melaye of frustrating all attempts to get him in for interrogation, although the senator denied this and all other criminal allegations against him.

After some of the suspects escaped from police custody, the police launched a nationwide manhunt and added Mr Melaye amongst the suspects who were at large.

The police also said Mr Melaye and other suspects had been placed on the Interpol red alert, but Interpol quickly. distanced itself from the claim saying it would not place Melaye on its watch list because of the political undertone of his case.

Although, there are conflicting accounts of how he got out of the police vehicle taking to Lokoja, no one should be left in doubt that his case has political undertone.

After the Interpol had declined to place Melaye on its red alert, the Nigerian Immigration Service (NIS) held him at the Nnamdi Azikiwe International Airport while on his way to Morocco on a federal government-sponsored assignment in the morning of April 23.

However, Melaye again escaped. Melaye said he snatched his passport from an official of the NIS who had taken it from him. After waiting at the airport for a while without being arrested, the senator then proceeded to his residence in Maitama District, Abuja.

Hours after he arrived at home, police officers stormed his residence and laid a siege that lasted for almost 24 hours before Melaye ultimately submitted himself.

His aide did not say how Melaye managed to escape from the police vehicle before he started writhing on the ground as captured in viral videos.

The police’s account was that Melaye

Two weeks after the invasion, the country is carrying on as if the invasion did not happen.

Nigeria will certainly serve as a good case study in illegality and absurdity

escaped through the window of their vehicle, but this was readily disputed considering that the senator is over six-feet tall and by every account quite a large individual.

While Melaye and the police continue to churn out conflicting reports, they both agreed that he remains in the hospital, although the police said they have rearrested and planned to take him to Lokoja to stand trial.

Ayodele said the scene created yesterday was “a last resort by Senator Dino Melaye in order foil attempt to kidnap him and kill him by agents of Kogi State governor in connivance with the police.”

Although Kogi State Governor Yahaya Bello and Mr Melaye have been in bitter political rivalry in the state, the governor strongly denied involvement in the criminal allegations the police slammed on the senator.

A Failed Recall While criminal charges continue to hang over him like the Swords of Damocles, the attempt to recall him has failed.

The petition to recall him and the signatures of those who allegedly signed the petition turned out largely to be fake.

First, people did not come out for the INEC verification exercise because they did not sign the petition in the first instance.

The final results of the verification exercise showed that less than 10 per cent of those who signed the recall letter to INEC were verified.

Of the 189,870 signatories, only 18,742 were verified after Saturday’s exercise.

At least 50 per cent was required for the recall to sail through.

Who Is Next Ekweremadu, Nwaoboshi, Melaye, and who? No one knows yet who is next but certainly more people will be subjected to intimidation because it is election season.

The media are also in the list. Members of the civil society organisations are also being profiled. They are also pushing a for a law to again register NGOs after they have been registered with the Corporate Affairs Commission. But we have been here before.

When elections are drawing near, it is not uncommon for those in power to attempt to intimidate those in opposition using apparatus of state. Some lily liver politicians have already gone quiet. That may encourage those using intimidation as a weapon to silence opposition to think that this approach is working. The reality is that it never works. It will also not work this time around.

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FEATURES

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

Spreading the African Dream One of Africa’s finest business minds, Tony Elumelu, is travelling round the continent, helping to bring alive the idea that Africa is ready for economic prosperity. Charles Ajunwa writes

Group Chairman, UBA, Mr. Tony Elumelu (left) and Kenyan President, Uhuru Kenyatta, during the former's tour of East African countries

T

he Chairman of United Bank for Africa, a pan African financial institution with presence in over 20 countries in Africa, Tony Elumelu, has consistently advocated that Africa’s private sector can and must play a leading role in the continent’s development. Over the years, he has developed a philosophy around this idea: Africapitalism.

Africapitalism is not difficult to understand. Its principles, as enunciated by its increasingly expanding literature, includes: emphasising entrepreneurship that will unlock the powers of individuals to create and grow their business ideas into successful companies; long-term investment, and especially in strategic sectors; conducting investments and business activity in a manner that delivers financial returns to shareholders as well as economic and social benefit to stakeholders; and facilitating intra-regional commerce and trade through the development of national and cross-border physical infrastructure, and the harmonisation of policies and practices, among many others.

“Africapitalism means we cannot leave the business of development up to our governments, donor countries and phil-

This April, Elumelu went on a working trip to two East African countries – Kenya and Uganda – the ďŹ rst leg of a tour that will see him visit at least 20 African countries where UBA operates. According to the billionaire entrepreneur, the experiences from the two largest economies in East Africa promised a rewarding experience

anthropic organizations alone,� Elumelu said, adding “The private sector must be involved in the business of development.�

Elumelu, himself, is an ideal advocate of this philosophy. In 2010, following his retirement from UBA Plc as the Bank’s Group CEO, Mr. Elumelu founded the Tony Elumelu Foundation (TEF) to galvanise African economic development by empowering the youths and budding entrepreneurs. Through the Foundation, he committed a $100 million to sponsor 10,000 African entrepreneurs over a period of 10 years. In its 4th year, the Foundation’s Entrepreneurship Programme has selected over 4,000 individuals. “When I retired as CEO of UBA and I asked myself if I can institutionalise luck because we are all a product of many factors, the kind of place you worked, the kind of leaders you have, your upbringing,� Elumelu noted. “So I just felt that it would be nice to give support to young Africans who have ideas and not capital.� Years on, his decision has borne innumerable fruits.

This April, Elumelu went on a working

trip to two East African countries – Kenya and Uganda – the first leg of a tour that will see him visit at least 20 African countries where UBA operates. According to the billionaire entrepreneur, the experiences from the two largest economies in East Africa promised a rewarding experience.

For one, the visit afforded Elumelu the opportunity to interact and share thoughts with Presidents, leaders in public and private sectors, students and most importantly the young entrepreneurs who constitute a pivotal group in the growing entrepreneurship ecosystem in both countries. Considering that the Tony Elumelu Foundation has devoted most of its resources on growing entrepreneurship on the continent, it wasn’t a surprise that the visits were headlined with activities around that ecosystem. This year, while Kenya has 74 entrepreneurs selected, 124 Ugandans were chosen from 151,000 Africans in 114 countries worldwide who filled in applications to participate in the Tony Elumelu Entrepreneurship Programme.

During his first engagement at East Africa’s oldest University, Makerere

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FEATURES

Group Chairman, UBA, Mr. Tony Elumelu (right) and Ugandan President, Yoweri Museveni, during the former's tour of East African countries

Elumelu at East Africa’s oldest University, Makerere University in Kampala

University in Kampala, Elumelu, who is widely acknowledged as one of Africa’s most influential business leaders and philanthropists mentored thousands of students and entrepreneurs. He emphasised the need for the youths to follow their passion, persevere, and be very detailed. He also seized the opportunity to call on the governments on the continent to create an enabling environment for entrepreneurship to grow, saying that it remains the most pivotal reasons to create jobs for millions of its young population.

On why he is committed to growing the youths on the continent considering its impact on his personal resources, Elumelu said: “that we do what we are doing is not because we have so much of money, but because we believe we have responsibilities to develop our society.�

While visiting President Yoweri Museveni at Presidential Palace in Entebbe, Elumelu accompanied by some TEF entrepreneurs, again called on the African governments to systemically promote entrepreneurship in their countries. This according to him will help create jobs, grow the economy and arrest restiveness among youths.

An appreciative President Museveni

who commended Elumelu for continuously supporting the youths in Africa noted that

During his ďŹ rst engagement at East Africa’s oldest University, Makerere University in Kampala, Elumelu, who is widely acknowledged as one of Africa’s most inuential business leaders and philanthropists mentored thousands of students and entrepreneurs. He emphasised the need for the youths to follow their passion, persevere, and be very detailed

TOE as he is fondly called, is among the few African business community executives to register success in their business while also having a heart to support the youths through entrepreneurship empowerment. “Giving a grant, none refundable loan to the young people means the affordability of capital. This reduces risks of acquiring loan money from banks at an alarming interest rate up to 24 per cent in some banking institutions. These children are very brilliant, hardworking and successful. Thank you Elumelu for the financial support extended to the Ugandan youths,�

Museveni said.

In same vein, President Uhuru Kenyatta of Kenya commended Tony Elumelu and his “African founded and funded philanthropic organisation� for empowering young entrepreneurs in the continent.

The President said the Tony Elumelu Foundation’s impact is increasingly being noticed on the continent while welcoming the selection of 74 entrepreneurs from Kenya as this year ’s members of the 4th cohort of the foundation’s entrepreneurship programme. “It is a great thing to see Africans coming out forcibly to build Africa through

initiatives such as this. Our continent is endowed with massive resources; we do not have to always rely on support from elsewhere,� President Kenyatta said.

Also in Kenya, Elumelu addressed students of University of Nairobi and young entrepreneurs at Nairobi’s iHub. At the university, he encouraged universities to nurture the entrepreneurship skills of the young people.

In both countries, Elumelu used the opportunities to meet with customers of UBA. “Beyond that we preach and advocate that governments in Africa prioritises investments in infrastructures, we in UBA Group remain committed to growing infrastructure, support SMEs, help in job creations on the continent,� he said to customers.

Elumelu was also the guest of Nairobi Stock Exchange where he rang the bell to signal the start of the day's trading.

Recognised as one of the leading exchanges in Africa and the second best-performing Exchange in the world, Elumelu lauded the Exchange’s involvement in propping up small and medium enterprises. The opening bell was performed on Thursday, April 12, 2018.

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BUSINESSWORLD

Group Business Editor Chika Amanze-Nwachuku

Email chika.amanzenwachukwu@thisdaylive.com 08033294157, 08057161321

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THUMBS UP As Senate Orders NNPC to Refund N216bn Illegal Subsidy

SUPPORT FOR ENTERTAINMENT INDUSTRY

L-R: An Actress, Ufuoma McDermott; Group Head, Private Banking, FirstBank, Idowu Thompson; an Actress, Omotola Jalade Ekeinde; Chairman, FirstBank, Ibukun Awosika; CEO, dkbMarkets Limited, Remi Banjoko; a legal practioner, Yemisi Falaye; and, another Actress, Chioma Akpotha, at the Women in Entertainment Wealth Management Series organised by FirstBank in Lagos‌recently

THISDAY Model Portfolios Maintain Growth, Hit 46% Goddy Egene THISDAY Model Portfolios (TMPs) have maintained positive performance, hitting 45.6 per cent as at last Friday. The stock market has recorded some level of volatility in recent times with the benchmark index posting a year-to-date growth of 9.78 per cent.

Specifically, the market rebounded last week, rising by 1.05 per cent. However, an analysis of the TMPs has shown that they maintained their positive trend.

The TMP is an initiative of THISDAY Economic and Financial Intelligence Unit (TEFIU), designed to enable leading stockbrokers and

CAPITAL MARKET investment houses in the country share their trading skills and methodologies with ordinary investors.

The investment houses involved in the project are Afrinvest Limited, FSDH Securities Limited, Capital Assets Limited, Meristem Limited and Lead Advisory Limited .

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

Each of the partner stock broking houses constructed a portfolio of 10 stocks

selected according to their individual best judgement and using their best and well tested stock selection and investment strategies.

Each of them then deployed an imaginary fund of N10 million to invest on the 10 stocks in whatever proportions they considered best.

However, a look at the performance of the four of the portfolios showed that a growth of 45.6 per cent has been recorded. This implies that the N40 million imaginary fund deployed by the four firms has improved to N58,246,232 as at last week.

A further breakdown of the individual portfolios put Portfolio C and Portfolio

D ahead with a gain of 56.9 per cent apiece, showing that the N10 million deployed by the portfolios stood at N15.687 million apiece as at last week. Portfolio B, recorded a growth of 41.6 per cent as the value of N10 million deployed, has improved to N14.164 million. Portfolio A posted an appreciation of 27.1 per cent, indicating that the N10 million deployed, has improved to N12.706 million.

A further analysis of the individual stocks in the Portfolio D showed that only one recorded a decline of 16 per cent, while the remaining nine stocks have Continued on page 24

Operators Raise the Alarm over Policy Uncertainty in Nigeria’s Oil Industry Ejiofor Alike Oil and gas industry operators under the aegis of Petroleum Club, Lagos, have raised the alarm over the policy uncertainty associated with the protracted reform in the sector and the delay in the passage of the Petroleum Industry Bill (PIB).

The operators have also decried the protracted 18-year-old oil and gas reform, stressing that the country has lost investments to other countries where the operating environment is

ENERGY predictable.

The Petroleum Club brought together stakeholders in the oil and gas industry for holistic discussions on the recent passage of the Petroleum Industry Governance Bill (PIGB) in addition to examining the remaining three reform bills - Petroleum Industry Administration Bill (PIAB), Petroleum Industry Fiscal Bill (PIFB) and Petroleum Host Community Bill (PHCB).

Speaking at the PIB workshop

in Lagos, the Chairman of the Petroleum Club, Mr. Godswill Ihetu, argued that the aim of the reform is to ensure that the management of the country’s petroleum resources is in line with global best practices. “Since the year 2000, the process has encountered one obstacle or the other. The continued delay of the passage of the Petroleum Industry Bill, as the policy reform document came to be known, created a climate of policy uncertainty in the management of the petroleum sector in Nigeria.

This lack of policy clarity has led to a reduced level of new investments, which went elsewhere. In addition, regulations were weak and outdated and needed to be strengthened and updated. Hopefully, this new PIB, when it becomes law, will address these shortcomings,�

Ihetu said.

While lauding the National Assembly for passing PIGB, Ihetu noted that one of the reasons for the delay in passing the PIB was the sheer size of the document. “The process has encountered Continued on page 24

The Senate last week ordered the Nigerian National Petroleum Corporation Ě™ Ěš ÞÙ ĂœĂ?Ă?Ă&#x;Ă˜ĂŽ ÞÒĂ? Í°ÍŻÍ´ĂŒĂ“Ă–Ă–Ă“Ă™Ă˜ Ă“Ăž ÚËÓÎ Ă“ĂžĂ?Ă?Ă–Ă? Ă?Ă™Ăœ Ă?Ă&#x;Ă?Ă– Ă?Ă&#x;ĂŒĂ?Ă“ĂŽĂŁ Ă“Ă˜ Ͱ͎ͯ;˛ Ă’Ă?ĂœĂ?Ă‹Ă? ÞÒĂ?ĂœĂ? ĂĄĂ‹Ă? Ă˜Ă™ ĂœĂ?Ă›Ă&#x;Ă?Ă?Ăž Ă?Ă™Ăœ Ă?Ă&#x;ĂŒĂ?Ă“ĂŽĂŁ Ă“Ă˜ ÞÒĂ? Í°ÍŽÍŻÍś ĂŒĂ&#x;ĂŽĂ‘Ă?ĂžËœ ÞÒĂ? Ă?Ă˜Ă‹ĂžĂ? Ă˜Ă™ĂžĂ?ĂŽ ÞÒËÞ ÞÒĂ? Ă™ĂœĂšĂ™ĂœĂ‹ĂžĂ“Ă™Ă˜ ĂĄĂ‹Ă? Ă?ÞÓÖÖ ĂšĂ‹ĂŁĂ“Ă˜Ă‘ Ă“ĂžĂ?Ă?Ă–Ă? Ă?Ă&#x;ĂŒĂ?Ă“ĂŽĂŁ Ă?Ă™Ăœ ĂšĂœĂ?Ă—Ă“Ă&#x;Ă— Ă—Ă™ĂžĂ™Ăœ Ă?ĂšĂ“ĂœĂ“Ăž Ă&#x;Ă˜ĂŽĂ?Ăœ ÞÒĂ? Ă‘Ă&#x;Ă“Ă?Ă? Ă™Ă? ˊÙÚĂ?ĂœĂ‹ĂžĂ“Ă˜Ă‘ Ă?Ă™Ă?Þ˪˛ Ă™Ă˜ĂŽĂ?Ă—Ă˜Ă“Ă˜Ă‘ ÞÒĂ? Ă‹Ă?ĂžĂ“Ă™Ă˜ Ă‹Ă? Ă“Ă–Ă–Ă?Ă‘Ă‹Ă–Ëœ ÞÒĂ? Ă&#x;ÚÚĂ?Ăœ Ă–Ă?Ă‘Ă“Ă?ÖËÞÓà Ă? Ă?Ă’Ă‹Ă—ĂŒĂ?Ăœ Ă?Ă‹Ă–Ă–Ă?ĂŽ Ă?Ă™Ăœ Ă?Ă‹Ă˜Ă?ĂžĂ“Ă™Ă˜ Ă™Ă? Ă™Ă?Ă?Ă“Ă?Ă“Ă‹Ă–Ă? Ă™Ă? ÞÒĂ? Ă“Ă˜Ă Ă™Ă–Ă Ă?ĂŽ Ă“Ă˜ ÞÒĂ? Ă“Ă–Ă–Ă?Ă‘Ă‹Ă– ÚËã×Ă?Ă˜Ăž Ă™Ă? Ă?Ă&#x;Ă?Ă– Ă?Ă&#x;ĂŒĂ?Ă“ĂŽĂŁ Ă“Ă˜ Í°ÍŽÍŻÍľËœ ĂšĂ&#x;Ăž Ă‹Ăž Ͱͯʹ˛͡ ĂŒĂ“Ă–Ă–Ă“Ă™Ă˜Ë› Ă’Ă? Ă&#x;ÕÙÖË Ă‹ĂœĂ‹Ă•Ă“Ě‹Ă–Ă?ĂŽ Ă?Ă˜Ă‹ĂžĂ? Ă‹Ă–Ă?Ă™ Ă&#x;ĂœĂ‘Ă?ĂŽ ÞÒĂ? Ă?Ă?Ă“Ă?Ă? Ă™Ă? ÞÒĂ? Ă&#x;ĂŽĂ“ĂžĂ™ĂœĚ‹ Ă?Ă˜Ă?ĂœĂ‹Ă– Ă™Ă? ÞÒĂ? Ă?ĂŽĂ?ĂœĂ‹ĂžĂ“Ă™Ă˜ ÞÙ Ă?Ă‹ĂœĂœĂŁ Ă™Ă&#x;Ăž Ă‹ Ă?Ă&#x;Ă–Ă– Ă‹Ă&#x;ĂŽĂ“Ăž Ă™Ă? ÞÒĂ? ËŞĂ? Ă‹Ă?Ă?Ă™Ă&#x;Ă˜Ăž Ùà Ă?Ăœ ÞÒĂ? Ă–Ă‹Ă?Ăž Ă?Ă“Ă Ă? ĂŁĂ?Ă‹ĂœĂ?Ë› Ă’Ă? Ă?Ă˜Ă‹ĂžĂ? Ă&#x;ĂŒĂ–Ă“Ă? Ă?Ă?Ă™Ă&#x;Ă˜ĂžĂ? Ù××ÓÞÞĂ?Ă? Ă—Ă‹ĂŽĂ? ÞÒĂ?Ă?Ă? ĂœĂ?Ă?Ù××Ă?Ă˜ĂŽĂ‹ĂžĂ“Ă™Ă˜Ă? Ă“Ă˜ Ă“ĂžĂ? ĂœĂ?ĂšĂ™ĂœĂž Ă™Ă˜ ÞÒĂ? Ă“Ă˜Ă Ă?Ă?ĂžĂ“Ă‘Ă‹ĂžĂ“Ă™Ă˜ Ă“Ă˜ĂžĂ™ ÞÒĂ? Ă“Ă–Ă–Ă?Ă‘Ă‹Ă– Ă?Ă&#x;ĂŒĂ?Ă“ĂŽĂŁ ÚËã×Ă?Ă˜ĂžĂ?Ëœ ĂĄĂ’Ă“Ă?Ă’ ĂĄĂ‹Ă? ËÎÙÚÞĂ?ĂŽ ĂŒĂŁ ÞÒĂ? Ă?Ă˜Ă‹ĂžĂ? Ă‹Ăž Ă–Ă‹Ă?Ăž Ă’Ă&#x;ĂœĂ?ĂŽĂ‹ĂŁ ÚÖĂ?Ă˜Ă‹ĂœĂŁËœ ĂĄĂ’Ă?ĂœĂ? Ă“Ăž ĂĄĂ‹Ă? ĂœĂ?Ă?Ă‹Ă–Ă–Ă?ĂŽ ÞÒËÞ ÞÒĂ? Ă?Ă?ĂŽĂ?ĂœĂ‹Ă– ÑÙà Ă?ĂœĂ˜Ă—Ă?Ă˜Ăž Ă?ĂšĂ?Ă˜Ăž ͹˛͜ ĂžĂœĂ“Ă–Ă–Ă“Ă™Ă˜ Ă™Ă˜ Ă?Ă&#x;ĂŒĂ?Ă“ĂŽĂŁ ÚËã×Ă?Ă˜Ăž ĂŒĂ?ÞåĂ?Ă?Ă˜ Í°ÍŽÍŻÍŽ Ă‹Ă˜ĂŽ Í°ÍŽÍŻÍ´Ë› Ă™ Ă?Ă˜Ă?Ă&#x;ĂœĂ? ÞÒËÞ ÞÒĂ? Ă“Ă–Ă–Ă?Ă‘Ă‹Ă– ÚËã×Ă?Ă˜ĂžĂ? ĂŽĂ™ Ă˜Ă™Ăž Ă?Ă™Ă˜ĂžĂ“Ă˜Ă&#x;Ă?Ëœ ÞÒĂ? Ă?Ă˜Ă‹ĂžĂ? ĂŽĂ“ĂœĂ?Ă?ĂžĂ?ĂŽ ÞÒĂ? Ù××ÓÞÞĂ?Ă? Ă™Ă˜ ĂšĂšĂœĂ™ĂšĂœĂ“Ă‹ĂžĂ“Ă™Ă˜ Ă‹Ă? ĂĄĂ?Ă–Ă– Ă‹Ă? Ă&#x;ĂŒĂ–Ă“Ă? Ă?Ă?Ă™Ă&#x;Ă˜ĂžĂ? ÞÙ Ă–Ă“Ă‹Ă“Ă?Ă? åÓÞÒ ÞÒĂ? âĂ?Ă?Ă&#x;ÞÓà Ă? ÞÙ Ă?Ă&#x;ĂŒĂ—Ă“Ăž ÞÒĂ? Ă‹ĂšĂšĂœĂ™ĂšĂœĂ“Ă‹ĂžĂ“Ă™Ă˜ Ă?Ă™Ăœ Ă?Ă&#x;ĂŒĂ?Ă“ĂŽĂŁ ÞÙ ĂŒĂ? Ă“Ă˜Ă?Ă–Ă&#x;ĂŽĂ?ĂŽ Ă“Ă˜ ÞÒĂ? Í°ÍŽÍŻÍś ĂŒĂ&#x;ĂŽĂ‘Ă?Ăž Ă?ÞÓÖÖ Ă&#x;Ă˜ĂŽĂ?Ăœ Ă?Ă™Ă˜Ă?Ă“ĂŽĂ?ĂœĂ‹ĂžĂ“Ă™Ă˜ ĂŒĂŁ ÞÒĂ? Ă‹ĂžĂ“Ă™Ă˜Ă‹Ă– Ă?Ă?Ă?Ă—ĂŒĂ–ĂŁË› ÞÒĂ?Ăœ ĂœĂ?Ă?Ù××Ă?Ă˜ĂŽĂ‹ĂžĂ“Ă™Ă˜Ă? Ă™Ă? ÞÒĂ? ĂšĂ‹Ă˜Ă?Ă– ËÎÙÚÞĂ?ĂŽ Ă‹Ăž Ă–Ă‹Ă?Ăž ĂĄĂ?Ă?Ă• Ă“Ă˜Ă?Ă–Ă&#x;ĂŽĂ?ĂŽ ÞÒĂ? Ă˜Ă?Ă?ĂŽ Ă?Ă™Ăœ ÞÒĂ? Ă?Ă?ĂŽĂ?ĂœĂ‹Ă– ÑÙà Ă?ĂœĂ˜Ă—Ă?Ă˜Ăž ÞÙ ÚËã ÙÓÖ Ă—Ă‹ĂœĂ•Ă?ĂžĂ?ĂœĂ? ÞÒĂ? Ă™Ă&#x;ĂžĂ?ĂžĂ‹Ă˜ĂŽĂ“Ă˜Ă‘ Ă?Ă&#x;ĂŒĂ?Ă“ĂŽĂŁ Ă‹ĂœĂœĂ?Ă‹ĂœĂ? ÙåĂ?ĂŽ ÞÒĂ?Ă— ĂšĂœĂ“Ă™Ăœ ÞÙ Í°ÍŽÍŻÍľ Ă‹Ă? ĂĄĂ?Ă–Ă– Ă‹Ă? Ă‘Ă“Ă Ă“Ă˜Ă‘ Ă–Ă™Ă?Ă‹Ă– ĂœĂ?Ă?Ă“Ă˜Ă?ĂœĂ“Ă?Ă? ×ËâÓ×Ă&#x;Ă— ËÞÞĂ?Ă˜ĂžĂ“Ă™Ă˜ ÞÙ Ă?Ă˜Ă‹ĂŒĂ–Ă? ÞÒĂ?Ă— Ă?Ă&#x;Ă˜Ă?ĂžĂ“Ă™Ă˜ Ă“Ă˜ ÙÚÞÓ×ËÖ Ă?ËÚËĂ?ÓÞã˛ Ă“Ă?ĂžĂ“Ă˜Ă‘ Ă“ĂžĂ? Ă?Ă“Ă˜ĂŽĂ“Ă˜Ă‘Ă? Ă“Ă˜ ÞÒĂ? ĂœĂ?ĂšĂ™ĂœĂžËœ ÞÒĂ? Ă?Ù××ÓÞÞĂ?Ă? Ă?Ă‹Ă“ĂŽËœ ˍÞÒĂ? Ă“Ă? ÞÒĂ? Ă?ÙÖĂ? Ă“Ă—ĂšĂ™ĂœĂžĂ?Ăœ Ă™Ă? ĂšĂ?ĂžĂœĂ™Ă– Ă‹Ă˜ĂŽ Ă‹Ă–Ă—Ă™Ă?Ăž Ă‹Ă–Ă– ÞÒĂ? Ă—Ă‹Ă”Ă™Ăœ Ă—Ă‹ĂœĂ•Ă?ĂžĂ?ĂœĂ? Ă’Ă‹Ă Ă? Ă?ÞÙÚÚĂ?ĂŽ Ă“Ă—ĂšĂ™ĂœĂžĂ“Ă˜Ă‘ Ă?Ă&#x;Ă?Ă–Ëœ ĂŒĂ?Ă?Ă‹Ă&#x;Ă?Ă? Ă™Ă? ÞÒĂ? Ă˜Ă?ÑËÞÓà Ă? ĂŽĂ“Ă?Ă?Ă?ĂœĂ?Ă˜Ă?Ă? Ă“Ă˜ ÞÒĂ? Ă–Ă‹Ă˜ĂŽĂ“Ă˜Ă‘ Ă?Ă™Ă?Ăž Ă‹Ă˜ĂŽ ÞÒĂ? ĂšĂ&#x;Ă—Ăš ĂšĂœĂ“Ă?Ă?ËŹË› ËŤ Ă’Ă? Ă–Ă‹Ă˜ĂŽĂ“Ă˜Ă‘ Ă?Ă™Ă?Ăž Ă™Ă? ÞÒĂ? ĂšĂ?Ăœ Ă–Ă“ĂžĂœĂ? Ă Ă‹ĂœĂ“Ă?Ă? ĂŒĂ‹Ă?Ă?ĂŽ Ă™Ă˜ Ă“Ă˜ĂžĂ?ĂœĂ˜Ă‹ĂžĂ“Ă™Ă˜Ă‹Ă– ĂšĂœĂ“Ă?Ă?Ă? Ă‹Ă˜ĂŽ Ă?âĂ?Ă’Ă‹Ă˜Ă‘Ă? ĂœĂ‹ĂžĂ?Ë› Ă’Ă? Ă‹Ă Ă?ĂœĂ‹Ă‘Ă? Ă–Ă‹Ă˜ĂŽĂ“Ă˜Ă‘ Ă?Ă™Ă?Ăž Ě™Ă“Ă˜Ă?Ă–Ă&#x;Ă?Ă“Ă Ă? Ă™Ă? Ă‹Ă–Ă– Ă?Ă’Ă‹ĂœĂ‘Ă?Ă?Ěš ĂĄĂ“ĂžĂ’Ă“Ă˜ ÞÒĂ? ĂšĂ?ĂœĂ“Ă™ĂŽ Ă™Ă? ÞÒĂ? Ă“Ă˜Ă Ă?Ă?ĂžĂ“Ă‘Ă‹ĂžĂ“Ă™Ă˜ Ă“Ă? Ă‹ĂŒĂ™Ă&#x;Ăž ÍŻÍľÍŻËœ ĂĄĂ’Ă“Ă–Ă? ÞÒĂ? Ă‹ĂšĂšĂœĂ™Ă Ă?ĂŽ Ă?Ă?Ă–Ă–Ă“Ă˜Ă‘ ĂšĂ&#x;Ă—Ăš ĂšĂœĂ“Ă?Ă? Ă“Ă? ÍŻÍ˛ÍłËœ Ă‘Ă“Ă Ă“Ă˜Ă‘ Ă‹ Ă˜Ă?ÑËÞÓà Ă? ĂŽĂ“Ă?Ă?Ă?ĂœĂ?Ă˜Ă?Ă? Ě™Ă&#x;Ă˜ĂŽĂ?ĂœĚ‹ĂœĂ?Ă?Ùà Ă?ĂœĂŁĚš Ă™Ă? ÞÒĂ? Ă?Ă&#x;Ă— Ă™Ă? Í°Í´ËœËŹ Ă?Ă‹Ă“ĂŽ ÞÒĂ? ĂœĂ?ĂšĂ™ĂœĂžË› ËŤ Ă’Ă? ĂŽĂ“Ă?Ă?Ă?ĂœĂ?Ă˜ĂžĂ“Ă‹Ă– Ě™Ă&#x;Ă˜ĂŽĂ?ĂœĚ‹ĂœĂ?Ă?Ùà Ă?ĂœĂŁ Ă™Ă? ÞÒĂ? Ă?Ă&#x;Ă— Ă™Ă? Í°Í´Ěš ĂŒĂ™ĂœĂ˜ ĂŒĂŁ ÞÒĂ? Ă‹Ă? Ă‹ Ă–Ă™Ă?Ă? Ă“Ă˜ Í°ÍŽÍŻÍľ Ă‹Ă—Ă™Ă&#x;Ă˜ĂžĂ?ĂŽ ÞÙ ÞÒĂ? Ă?Ă&#x;Ă— Ă™Ă? Í°ÍŻÍ´ ĂŒĂ“Ă–Ă–Ă“Ă™Ă˜ Ă‹Ă˜ĂŽ ÞÒĂ? ÚËÓÎ Ă“ĂžĂ?Ă?Ă–Ă? ÞÒĂ? ĂŽĂ“Ă?Ă?Ă?ĂœĂ?Ă˜ĂžĂ“Ă‹Ă– Ě™Ă?Ă&#x;ĂŒĂ?Ă“ĂŽĂŁĚš ĂŒĂ&#x;Ăž ĂŽĂ?Ă?Ă?ĂœĂ“ĂŒĂ?ĂŽ Ă“Ăž Ă‹Ă? ˊÙÚĂ?ĂœĂ‹ĂžĂ“Ă™Ă˜Ă‹Ă– Ă?Ă™Ă?Þ˛ Ă’Ă?ĂœĂ? ĂĄĂ‹Ă? Ă˜Ă™ Ă‹ĂšĂšĂœĂ™ĂšĂœĂ“Ă‹ĂžĂ“Ă™Ă˜ ĂŒĂŁ ÞÒĂ? Ă‹ĂžĂ“Ă™Ă˜Ă‹Ă– Ă?Ă?Ă?Ă—ĂŒĂ–ĂŁ Ă?Ă™Ăœ ÞÒĂ? ÚËã×Ă?Ă˜Ăž Ă™Ă? ÞÒĂ? ĂŽĂ“Ă?Ă?Ă?ĂœĂ?Ă˜ĂžĂ“Ă‹Ă– ĂŒĂ?ÞåĂ?Ă?Ă˜ ÞÒĂ? Ă–Ă‹Ă˜ĂŽĂ“Ă˜Ă‘ Ă?Ă™Ă?Ăž Ă™Ă? Ă‹Ă˜ĂŽ ÞÒĂ? Ă?Ă?Ă–Ă–Ă“Ă˜Ă‘ ĂšĂ&#x;Ă—Ăš ĂšĂœĂ“Ă?Ă?Ëœ ÙÞÒĂ?ĂœĂĄĂ“Ă?Ă? Ă•Ă˜Ă™ĂĄĂ˜ Ă‹Ă? Ă?Ă&#x;ĂŒĂ?Ă“ĂŽĂŁËœ Ă“Ă˜ Í°ÍŽÍŻÍľËœËŹ ÞÒĂ? ĂšĂ‹Ă˜Ă?Ă– Ă‹ĂŽĂŽĂ?ĂŽË› Ă’Ă? ĂšĂ‹Ă˜Ă?Ă– Ă‹Ă–Ă?Ă™ Ă‹ĂŽĂŽĂ?ĂŽ ÞÒËÞ Ă?Ă“Ă˜Ă?Ă? ÍŻÍˇÍˇÍˇËœ ÞÒĂ?ĂœĂ? Ă’Ă‹ĂŽ ĂŒĂ?Ă?Ă˜ Ă‹ĂšĂšĂœĂ™ĂšĂœĂ“Ă‹ĂžĂ“Ă™Ă˜ Ă?Ă™Ăœ ÞÒĂ? ÚËã×Ă?Ă˜Ăž Ă™Ă? Ă?Ă&#x;ĂŒĂ?Ă“ĂŽĂŁË› Ă’Ă? ĂŽĂ?Ă?Ă&#x;Ă˜Ă?Ăž Ă?Ă&#x;ĂŒĂ?Ă“ĂŽĂŁ ĂœĂ?Ă‘Ă“Ă—Ă? ĂŒĂ?Ă?Ă‹Ă—Ă? Ă‹ Ă?Ă?Ă‹Ă— Ă‹Ă?ĂžĂ?Ăœ Ͱ͜ʹ ĂŒĂ“Ă–Ă–Ă“Ă™Ă˜ ĂĄĂ‹Ă? Ă‹ĂšĂšĂœĂ™ĂšĂœĂ“Ă‹ĂžĂ?ĂŽ Ă?Ă™Ăœ Ă?Ă&#x;ĂŒĂ?Ă“ĂŽĂŁ ÚËã×Ă?Ă˜ĂžĂ? Ă“Ă˜ Í°ÍŽÍŻÍŻ ĂŒĂ&#x;Ăž Ùà Ă?Ăœ ͯ˛Ͱ ĂžĂœĂ“Ă–Ă–Ă“Ă™Ă˜ ĂĄĂ‹Ă? ÚËÓÎ ÞÙ ÞÒĂ? Ă‹Ă˜ĂŽ ÞÒĂ? ĂšĂœĂ“Ă Ă‹ĂžĂ? Ă—Ă‹ĂœĂ•Ă?ĂžĂ?ĂœĂ?Ë› Ă™Ă–Ă–Ă™ĂĄĂ“Ă˜Ă‘ ÞÒĂ? ĂšĂ&#x;ĂŒĂ–Ă“Ă? Ă™Ă&#x;ĂžĂ?ĂœĂŁ Ă‹Ă‘Ă‹Ă“Ă˜Ă?Ăž ÞÒĂ? ĂĄĂ“ĂŽĂ? Ă‘Ă‹Ăš ĂŒĂ?ÞåĂ?Ă?Ă˜ ÞÒĂ? ĂŒĂ&#x;ĂŽĂ‘Ă?Ăž Ă‹Ă˜ĂŽ ÞÒĂ? Ă‹Ă?ĂžĂ&#x;Ă‹Ă– ÚËã×Ă?Ă˜ĂžËœ ÞÒĂ? Ă?Ă?ĂŽĂ?ĂœĂ‹Ă– ÑÙà Ă?ĂœĂ˜Ă—Ă?Ă˜Ăž Ă‹Ă˜ĂŽ ÞÒĂ? Ă‹ĂžĂ“Ă™Ă˜Ă‹Ă– Ă?Ă?Ă?Ă—ĂŒĂ–ĂŁ Ă’Ă‹ĂŽ Ă?Ă?Ăž Ă&#x;Ăš ĂšĂœĂ™ĂŒĂ? ĂšĂ‹Ă˜Ă?Ă–Ă? ÞÒËÞ Ă&#x;Ă˜Ă?Ùà Ă?ĂœĂ?ĂŽ Ă—Ă‹Ă?Ă?Ă“Ă Ă? Ă?Ă™ĂœĂœĂ&#x;ĂšĂžĂ“Ă™Ă˜ Ă“Ă˜ ÞÒĂ? Ă—Ă‹Ă˜Ă‹Ă‘Ă?Ă—Ă?Ă˜Ăž Ă™Ă? ÞÒĂ? Ă?Ă&#x;ĂŒĂ?Ă“ĂŽĂŁ ĂœĂ?Ă‘Ă“Ă—Ă?Ë› Ă‹Ă˜ĂŁ Ă—Ă‹ĂœĂ•Ă?ĂžĂ?ĂœĂ? ĂĄĂ?ĂœĂ? ĂœĂ?Ă?Ă?ĂœĂœĂ?ĂŽ ÞÙ ÞÒĂ? Ă?Ă™Ă˜Ă™Ă—Ă“Ă? Ă‹Ă˜ĂŽ Ă“Ă˜Ă‹Ă˜Ă?Ă“Ă‹Ă– ĂœĂ“Ă—Ă?Ă? Ù××ÓĂ?Ă?Ă“Ă™Ă˜ Ě™ Ěš Ă?Ă™Ăœ ĂšĂœĂ™Ă?Ă?Ă?Ă&#x;ĂžĂ“Ă™Ă˜Ëœ ĂĄĂ’Ă“Ă–Ă? ÞÒĂ? Ă“Ă‘Ě‹ Ă—Ă™Ă&#x;Ă•Ă&#x;Ă?ĂŽĂ? Ă?Ù××ÓÞÞĂ?Ă? Ă?Ă?Ăž Ă&#x;Ăš ĂŒĂŁ ÞÒĂ? Ă?Ă?ĂŽĂ?ĂœĂ‹Ă– ÑÙà Ă?ĂœĂ˜Ă—Ă?Ă˜Ăž Ă?Ă&#x;ĂŒĂ—Ă“ĂžĂžĂ?ĂŽ ÞÒËÞ Ă“Ăž Ă–Ă‹Ă?Ă•Ă?ĂŽ ÞÒĂ? ĂžĂ?Ă?Ă’Ă˜Ă“Ă?Ă‹Ă– Ă?ËÚËĂ?ÓÞã ÞÙ ĂšĂœĂ™ĂŒĂ? ÞÒĂ? Ă’Ă&#x;Ă‘Ă? Ă?Ă&#x;ĂŒĂ?Ă“ĂŽĂŁ Ă?Ă–Ă‹Ă“Ă—Ă? ĂŒĂŁ ÞÒĂ? Ë› ÙåĂ?Ă Ă?ĂœËœ ÞÒĂ? Ă˜Ă?ĂĄ ĂšĂ?ĂžĂœĂ™Ă– ĂšĂœĂ“Ă?Ă? ĂœĂ?Ă‘Ă“Ă—Ă? ÞÒËÞ ÞÙÙÕ Ă?Ă?Ă?Ă?Ă?Ăž Ă™Ă˜ Ă‹ĂŁ ÍŻÍŻËœ Í°ÍŽÍŻÍ´ Ă?Ă?Ă?Ă?Ă?ÞÓà Ă?Ă–ĂŁ Ă?Ă˜ĂŽĂ?ĂŽ ÞÒĂ? Ă?Ă&#x;ĂŒĂ?Ă“ĂŽĂŁ ĂœĂ?Ă‘Ă“Ă—Ă? Ă‹Ă? Ă“Ăž Ă“Ă˜Ă?ĂœĂ?Ă‹Ă?Ă?ĂŽ ÞÒĂ? Ă™Ă?Ă?Ă“Ă?Ă“Ă‹Ă– ĂšĂœĂ“Ă?Ă? Ă?ĂœĂ™Ă— ͜ʹ˛ͳ͎ ÞÙ ͯͲͳ ĂšĂ?Ăœ Ă–Ă“ĂžĂœĂ?Ëœ ĂĄĂ’Ă“Ă?Ă’ ËÖÖÙåĂ?ĂŽ ÞÒĂ? Ă—Ă‹ĂœĂ•Ă?ĂžĂ?ĂœĂ? ÞÙ ĂœĂ?Ă?Ùà Ă?Ăœ Ă?Ă™Ă?ĂžĂ? Ă‹Ă˜ĂŽ ĂŒĂœĂ?Ă‹Ă• Ă?Ă Ă?Ă˜Ë› Ă™Ăœ ÞÒĂ?Ă?Ă? Ă‹Ă?ĂžĂ“Ă™Ă˜Ă? ÞËÕĂ?Ă˜ ĂŒĂŁ ÞÒĂ? Ă?Ă˜Ă‹ĂžĂ? ÞÙ Ă?ÞÙÚ ÞÒĂ? Ă™ĂœĂšĂ™ĂœĂ‹ĂžĂ“Ă™Ă˜ Ă?ĂœĂ™Ă— ĂœĂ?ĂžĂ&#x;ĂœĂ˜Ă“Ă˜Ă‘ ÞÙ ÞÒĂ? Ă?Ă™ĂœĂœĂ&#x;ĂšĂžĂ“Ă™Ă˜Ě‹ĂœĂ“ĂŽĂŽĂ?Ă˜ Ă?ĂœĂ‹ ĂĄĂ’Ă?Ă˜ Ă?Ă&#x;ĂŒĂ?Ă“ĂŽĂŁ ÚËã×Ă?Ă˜ĂžĂ? ĂĄĂ?ĂœĂ? Ă&#x;Ă?Ă?ĂŽ ÞÙ Ă?Ă“ĂšĂ’Ă™Ă˜ ĂšĂ&#x;ĂŒĂ–Ă“Ă? Ă?Ă&#x;Ă˜ĂŽĂ?Ëœ ÞÒĂ? Ă&#x;ÚÚĂ?Ăœ Ă–Ă?Ă‘Ă“Ă?ÖËÞÓà Ă? Ă?Ă’Ă‹Ă—ĂŒĂ?Ăœ ĂŽĂ?Ă?Ă?ĂœĂ Ă?Ă? Ă‹ ÞÒĂ&#x;Ă—ĂŒĂ? Ă&#x;Ú˛

Group Managing Director of NNPC, Dr. Maikanti Baru

T H I S D AY Ëž Ëœ ÍąÍŽËœ Í°ÍŽÍŻÍś

24

BUSINESSWORLD OPERATORS RAISE THE ALARM OVER POLICY UNCERTAINTY IN NIGERIA’S OIL INDUSTRY

one obstacle or the other. The continued delays of the passage of the Petroleum Industry Bill (PIB), as the policy reform document came to be known, created a climate of policy uncertainty in the management of the petroleum sector in Nigeria. This lack of policy clarity has led to a reduced level of new investments which went elsewhere. In addition, regulations were weak and outdated and needed to be strengthened and updated.

Hopefully, this new PIB, when it becomes law, will address these shortcomings,� Ihetu said. “The passage of the PIGB was a good job. You cannot have a perfect document. But I think, by and large, what is in the PIGB is quite commendable, and we would like to support the work they have done - the fact that they have tried to move this as quickly as possible,� Ihetu added.. “However, the 8th National Assembly decided to break up the document into four sections, namely: the Petroleum Industry Governance Bill, the Petroleum Industry Administration Bill, the Petroleum Industry Fiscal Bill, and the Petroleum Host Communities Bill. No deal has been done on the other three parts of the PIB. We, as members of the Petroleum Club, have been given the opportunity to be the first to consider the draft of these three bills. Reviewing these drafts will allow us to better understand and articulate our memoranda in time for the public hearings, which are to be held by the National Assembly next month or so,�

Ihetu added.

At the workshop, concerns were also raised by the operators over the inclusion of the Petroleum Equalisation Fund in the PIGB. “The question is: Are we going to deregulate? If we are going to deregulate, then the PEF becomes a little bit redundant. The issue of deregulating the downstream is not easy; we have been dancing around it.

We are now paying subsidy and we are paying subsidy because the crude oil price, which is a big element of the price, has gone up,� Ihetu added.

NEWS

THISDAY MODEL PORTFOLIOS MAINTAIN GROWTH, HIT 46% appreciated since the introduction of the

TMP. The highest gain is

142 per cent, trailed by 117 per cent, followed

by 79 per cent. Others included: 53 per cent;

33.5 per cent; 28.7 per cent; 21.6 per cent; 21.2

per cent and 2.0 per cent.

Trade Depot Secures $3m to Digitise FMCG Distribution in Africa Emma Okonji

over their distribution and can leverage the platform to optimise deliveries to their distributors, improve their pricing and have a direct channel towards their end-retailers.

Co-founder and CEO of TradeDepot, Onyekachi Izukanne, said: “The first external funding round was critical for us: we have proven that there is a strong demand for such a distribution platform among consumer goods companies and retailers in emerging markets, and we now wish to use these funds to support our growth strategy.�

According to him, for a very long time, consumer goods distribution in emerging countries

them: they are addressing the with millions of small and Izukanne said. “This is a game changer in largest market in Africa, that is informal retailers at the end of TradeDepot, the innovative the supply chain has been very the industry�, explained the today 98 per cent informal and 99 Software as a Service (SaaS) poorly addressed by existing tech General Partner at Partech, Cyril per cent offline. “Partnering with platform for Fast Moving platforms. We want to change Collon. “We couldn’t be happier TradeDepot was a no-brainer Consumer Goods (FMCG) this status quo: in Nigeria alone, to have TradeDepot as the first for us after the first meeting. distribution in Africa, has anthis $340 billion market loses investment of our African fund, We were fully convinced by the nounced a $3 million in funding more than $4billion every year as it characterizes what we want founders’ vision, their strong to digitise FMCG distribution due to a lack of visibility and to do in Africa in the coming understanding of the market to informal retailers in Africa. the resulting waste in logistics, years: support extraordinary and their ambition to transform Partech’s recently launched making retailers in African entrepreneurs who leverage tech this industry. The deep market Africa Fund ‘Series A’ round, countries subject to some of to solve pan-African problems, experience of Kachi, Michael which will support the expanand Ruke has proven to be the highest product distribution Collon said. sion of TradeDepot’s footprint General Manager, Tidjane very efficient in their first two costs in the world. “Our goal in Nigeria and development in is to enable every convenience Deme, said: “At Partech, we years of development and we other countries. store in Africa to consistently are strong believers in tech are extremely proud to come Since its founding in 2016, receive their supplies at the best platforms that digitize the huge onboard and support them TradeDepot has successfully possible prices; to be THE supply informal markets that are present in this next phase of growth, developed a 360° solution inpartner for Africa’s retail outlets,� in Africa. TradeDepot is one of Deme said. tegrating all participants in the trade value chain to include manufacturers, distributors and retailers. The solution quickly convinced first rank FMCG companies and has been deployed all over the country in distributors’ warehouses.

This first external funding round of investment will enable the team to drive aggressive product development and further deployment of the solution among FMCG companies and their customers.

Through TradeDepot’s platform, small retailers have a real time view of all prices and discounts available from every major brand; they can directly order products which are then delivered to them as the order is routed to the appropriate Head, Business Development Division West, Sigma Pensions Mrs. Mabel George; A Retired Assistant Commissioner of Police (ACP), nearby depot. At the same time, Mr. Oshun Wesley; Inspection & Investigation at National Pension Commission(PENCOM), Mrs. Chinyere Odionye and Business manufacturers have full visibility Development Manager, Sigma Pensions, Mr. John Igiehon at Sigma Pensions retiree forum held in Abeokuta, Ogun State ... recently

SIGMA PENSIONS RETIREE FORUM

FCT-IRS Projects N146bn IGR in 2018 Group Business Editor

Olawale Ajimotokan in Abuja

AgriBusiness/Industry Editor

The Federal Capital Territory Internal Revenue Service (FCTIRS) is targeting the sum of N146 billion as Internally Generated Revenue (IGR) in 2018.

Chairman and Chief Executive Officer of FCT-IRS, Abdullahi Oteh Attah, revealed recently that this would be actualised through the introduction of Unique Taxpayer Identification Numbers, (TINs).

He said FCT-IRS worked in concert with various data management agencies and produced a robust taxpayer database from which TINs were assigned to

Chika Amanze-Nwachuku 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)

every taxpayer in the FCT. Over a million TINs had been generated for individuals in line with Section 7 (g) of the FCT-IRS Act of 2015.

According to Attah, an IGR of N19.6 billion was generated from the month of January to March 2018, though 50 percent of the remitted tax went to the Federal Inland Revenue Service (FIRS) in the first month when he assumed office.

He stressed that the Service intends to commence sending bulk text messages and emails to confirm the validation of taxpayers’ registration details in FCT and will also undertake

the registration of enterprises, sole proprietors and partnership establishments. “The bulk text messages and emails, contain basic taxpayer registration information and request each taxpayer to quote the taxpayer identification number in all communications with the Service. It is one of its kind in the country and expected to change the face of taxation by according unique and personal recognition to every taxpayer in the FCT whether employed or selfemployed,� Attah said.

Similarly, he emphasised that FCT-IRS will follow the

registration of companies with that of Ministries, Departments and Agencies (MDAs) clarifying that the purpose of the exercise is to install a verifiable and foolproof taxpayer database that guarantees efficient taxpayer in the FCT, whether employed or self-employed.

On the issue of dual taxation, the chairman noted that the absence of a regulation enabled multiple taxation in the past, saying the new Act was addressing the irregularity.

He said the new Act aims to have a unified tax collection system that will enable the

streamlining of taxation services for relevant authorities and encourage taxpayers to embrace self-assessment procedure.

On collection, tenement rates collection, FCT-IRS Secretary, Harisu Umar, said the issued had become controversial in the FCT and required a political solution rather than a legal solution.

According to him the same constitution which empowers the Local Government Councils to collect tenement rates, also provides that they could not do it until there was an Act of the House of Assembly that defines the mode of assessment, collection and enforcement of the rates.

25

T H I S D AY Ëž Ëœ ÍąÍŽËœ Í°ÍŽÍŻÍś

Equities Market Rebounds, Gains 1.05% on Bargain Hunting Goddy Egene and Nosa Alekhuogie

Seplat and Forte Oil Plc. The NSE Consumer Goods Index trailed, rising 1.7 per cent a result of bargain hunting in Nestle. In the same vein, gains in GTBank and UBA lifted the NSE Banking Index by 0.2 per cent.

Conversely, the NSE Industrial Goods Index fell by 1.4 per cent while the NSE Insurance Index closed 0.8 per cent lower.

The market witnessed the return of the bulls on Thursday as the index appreciated by 0.05 per cent to close at 40,777.67, while market capitalisation added N49.5 billion to close higher at N14.8 trillion. Similarly, activity level strengthened as volume and value traded increased 8.0 per cent and 36 per cent to 378.2 million shares and N6.3 billion respectively. The top traded stocks by volume were GTBank (63.5 million shares), Diamond Bank (59.7 million shares) and FBN Holdings Plc (42.8 million shares.

The Nigerian equities market rebounded last week as activities of bargain hunters in bellwether stocks lifted the Nigerian Stock Exchange (NSE) All-Share Index (NSE ASI by 1.05 per cent to close at 41,244.89, while market capitalsiation rose higher by 1.34 per cent to close at N14.940 trillion.

The market had the previous closed on a bearish note following profit taking. However, investors’ response to first quarter corporate results by some companies and position taking in some bellwether stocks bolstered the performance of the market last week. The NSE ASI posted its highest weekly gain in 12 weeks. Although the market recorded three days of decline and two days of positive trading, Friday trading witnessed 1.21 growth to offset three sessions of losses. Consequently, the market ended the week with 1.05 per cent growth. However, the NSE Premium, NSE AseM, NSE Insurance, and NSE Industrial Goods indices depreciated by 0.92 per cent , 0.82 per cent, 1.57 per cent and 4.89 per cent in that order. But the NSE Consumer Goods Index posted the highest growth of 6.3 per cent, followed by the NSE Oil & Gas Index with 3.25 per cent. The NSE Banking Index appreciated by 0.67 per cent. “We look for extension of gains on the bourse, amidst significant drop in fixed income yields, and relatively lower prices of risky assets,� analysts at Cordros Capital Limited said.

Market Turnover

Daily Performance The bearish sentiments in the equity market persisted on Monday when trading resumed as the index fell by 0.12 per cent to close at 40,763.93. The slide resulted from decline in the share prices of GT Bank, Dangote Cement, International Breweries, Flour Mills, and Dangote Sugar Refinery Plc among others. Despite the bearish performance, activity level strengthened as volume and value traded appreciated 27.7 and 148.3 to 309.4 million shares and N7.5 billion respectively. The three most actively traded stocks were Law Union and Rock (220.74 million shares), Zenith Bank (76.67 million shares) and FBN Holdings (24.26 million shares).

Also, in spite of the bearish trading, the NSE Oil & Gas Index and NSE Consumer Goods Index trended northwards rising by 0.6 per cent and 0.3 per cent in that order.

However, the NSE Industrial Goods Index depreciated the most, shedding 2.7 per cent due to selloffs in Dangote Cement and Lafarge Africa Plc The NSE Banking Index and NSE Insurance Index Index shed 0.6 per cent and 0.4 per cent respectively.

The market rebounded on the second day of the week on bargain hunting in bellwether stocks. The index rose by 0.11 per cent to settle at 40,802.78.

Accordingly, investors gained N14 billion to bring the market capitalisation to N14.7 trillion. High demand for the shares of Nestle Nigeria Plc, Zenith Bank Plc, FBN Holdings, Oando, Lafarge Africa, and Dangote Cement were influenced the rebound.

But volume and value traded dipped 20.3 per cent and 57.1 per cent to 246.6 million shares and N3.2 billion respectively. The top traded stocks by volume were Transcorp (35.4 million shares), Zenith Bank (24.6 million shares) and Caverton (19.6 million shares) just as GTBank (N805.3 million), Zenith Bank (N682.3 million) and Stanbic IBTC (N263.1 million) were the top traded stocks in terms of value.

In terms of sectoral performance, three of five sectors tracked closed in the green. The NSE Oil & Gas Index was the top gainer, up 0.8 per cent. This was followed by the NSE Consumer

Goods Index that inched 0.7 per cent.

In the same vein, the NSE Banking Index rose 0.5 per cent as investors took positions in Zenith Bank, Access Bank and UBA. Conversely, the NSE Industrial Goods Index led laggards shedding 0.4 per cent as a result of sell offs in Lafarge Africa Plc. The NSE Insurance Index went down by 0.4 per cent.

Just as stakeholders were thinking the positive performance recorded

on Tuesday would be sustained on Wednesday, the bears returned, dragging the indeed down by 0.11 per cent to close at 40,755.73.

Similarly, investors lost N17.2 billion in capitalisation to close at N14.72 trillion.

FBN Holdings, Oando, Lafarge Africa, Zenith Bank and Dangote Cement were mainly responsible for the decline.

Despite the negative performance, activity level strengthened as volume and value traded rose 42.1 per cent

and 43 per cent to 350.4 million shares and N4.6 billion. respectively. The most actively traded sectors in volume terms were: FBN Holdings (80.1 million shares), UBA (60.0 million shares) and Fidelity Bank (40.6 million shares).

A further analysis of the day’s performance showed that out of the five sectors tracked, three sectors closed positively. The NSE Oil & Gas Index appreciated the most, adding 2.3 per cent as a result of buying interest in

Top 10 Brokers by Volume Rank

Broker

Description

Quantity

% of Volume

1

SISB

STANBIC IBTC STOCKBROKERS LIMITED

456,460,153

12.50

2

MERI

MERISTEM STOCKBROKERS LIMITED

305,968,463

8.38

3

CSL

CSL STOCKBROKERS LIMITED

285,870,435

7.83

4

CORD

CORDROS SECURITIES LIMITED - BRD

239,492,132

6.56

5

CORE

CORE SECURITIES LIMITED

220,913,184

6.05

6

CHDS

CHAPEL HILL DENHAM SECURITIES LTD - BRD

121,660,633

3.33

7

EFCP

EFCP LIMITED

112,809,348

3.09

8

MCSE

MORGAN CAPITAL SECURITIES LIMITED

101,322,627

2.78

9

RSNL

RENCAP SECURITIES (NIG) LIMITED

85,753,212

2.35

10

UNON

UNION-CAPITAL MARKETS LIMITED

Top 10 Total Volume

84,814,240

2.32

2,015,064,427

55.20

NOTE: The top 10 Stockbrokers are responsible for 55.20% of the total volume between 23/04/2018 and 27/04/2018

Top 10 Brokers by Value Rank

Broker

Description

Value

% Value

1

SISB

STANBIC IBTC STOCKBROKERS LIMITED

9,983,256,678.21

20.25

2

EFCP

EFCP LIMITED

6,823,418,245.65

13.84

3

CSL

CSL STOCKBROKERS LIMITED

6,036,027,465.34

12.24

4

CHDS

CHAPEL HILL DENHAM SECURITIES LTD - BRD

2,982,780,272.91

6.05

5

RSNL

RENCAP SECURITIES (NIG) LIMITED

2,941,217,927.50

5.96

6

FBNS

FBNQUEST SECURITIES LIMITED

1,979,177,164.85

4.01

7

ARMS

A.R.M SECURITIES LIMITED - BRD

1,448,646,108.25

2.94

8

MERI

MERISTEM STOCKBROKERS LIMITED

1,092,432,922.26

2.22

9

CSSL

CARDINALSTONE SECURITIES LIMITED

1,051,095,912.98

2.13

10

IONE

INVESTMENT ONE STOCKBROKERS INTL LTD-BRD

Top 10 Total Value

1,009,002,066.16

2.05

35,347,054,764.11

71.69

Meanwhile, investors traded 1.825 billion shares worth N24.653 billion in 23,148 deals in contrast to a total of 3.008 billion shares valued at N30.296 billion that exchanged hands in 24,036 deals the previous week. The Financial Services Industry led the activity chart with 1.360 billion shares valued at N14.642 billion traded in 12,118 deals, thus contributing 74.51 per cent and 59.4 per cent to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 124.816 million shares worth N6.910 billion in 3,709 deals. The third place was occupied by Oil and Gas Industry with a turnover of 112.479 million shares worth N1.389 billion in 3,429 deals.

Trading in the top three equities, Law Union And Rock Insurance Plc, FBN Holdings Plc, and Zenith Bank Plc accounted for 581.018 million shares worth N7.098 billion in 4,283 deals.

Also traded during the week were a total of 56,260 units of Exchange Traded Products (ETPs) valued at N376,387.48 executed in six deals, compared with a total of 177,144 units valued at N2.809 million that was transacted the previous week in six deals.

A total of 725 units of Federal Government Bonds valued at N660,984.55 were traded last week in 10 deals, compared with a total of 13,735 units valued at N14.128 million transacted two weeks in 16 deals.

Price Gainers and Losers A look at the price movement chart showed that 33 equities appreciated in price during the week, lower than 36 in the previous week, while 41 equities depreciated in price higher than 33 equities of the previous week.

Forte Oil Plc led the price gainers with 20.6 per cent, trailed by Nestle Nigeria Plc with 13.53 per cent. Learn Africa Plc and Veritas Kapital Assurance Plc appreciated by 12.5 per cent and 12 per cent in that order.

Other top price gainers included: Consolidated Hallmark Insurance Plc (10.3 per cent); International Breweries Plc (9.0 per cent); N.E.M Insurance Plc (8.7 per cent); Linkage Assurance Plc (7.5 per cent); WAPIC Insurance Plc (7.5 per cent); and Honeywell Flour Mills Plc (7.0 per cent).

Conversely, Unity Bank Plc led the price losers with 21.2 per cent.

Glaxosmithkline Consumer Nigeria Plc with 20.7 per cent. Jaiz Bank Plc shed 17.4 per cent, just as Mutual Benefits Assurance Plc declined by 17.2 per cent. Other top price losers are: Skye Bank Plc (14.7 per cent); NPF Microfinance Plc (13.3 per cent); Continental Reinsurance Plc (13.3 per cent); Wema Bank Plc (10.6 per cent); Fidson Healthcare Plc (9.6 per cent) and Lafarge Africa Plc (8.6 per cent).

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A view of Lagos ďŹ nancial district

AKINWUNMI IBRAHIM

I & E Forex Window One Year After Obinna Chima Necessity they say is the mother of invention.

Indeed, this proverb played out in Nigeria when the country was faced with what has been described as one of its worse foreign exchange (forex) crisis, which also contributed to the economy going into a recession then.

The situation, which occurred between 2016 and the first four months of 2017, then saw the Central Bank of Nigeria (CBN) taking various measures in its bid to save the nation’s currency and restore confidence in the economy.

But after various measures were unable to calm the storm in the forex market then, the Investors’ and Exporters’ (I&E) forex window, which was created in April 2017, has proved to be the magic wand.

One year after its creation, the impact of the forex window on the market has been positive as it has attracted over $20 billion since it was set up.

The central bank had explained that that the purpose of the window was to boost liquidity in the forex market and ensure timely execution and settlement for eligible transactions.

It had listed eligible transactions under the new window to include invisible transactions such as loan repayments, loan interest payments, dividends/income remittances, capital repatriation, management service and consultancy fees.

Also, on the eligible list was software subscription fees, technology transfer agreements, personal home remittances and any such other eligible transactions including ‘miscellaneous payments’ as detailed under Memorandum 15 of the CBN Foreign Exchange Manual.

While explaining that the invisible transactions under this window excludes international airlines ticket sales’ remittances, the CBN added that the window coversBills of Collection and any other trade-related payment obligations, which are at the instance of the customer.

It is worthy of note that supply of forex to the window isthrough portfolio investors, exporters, authorised dealers and other parties with forex to exchange to naira.

MARKET INDICATOR The CBN is a market participant at the window to promote liquidity and professional market conduct.

Taking cognisance of the slow progress made by corporates in on-boarding the FMDQ OTC Securities Exchange (FMDQ) Thomson Reuters FX Trading & Auction Systems, participants at the window trade via telephone.

To provide price discovery to the market, the FMDQ ischarged with polling buying and selling rates and other relevant information from the major participants in the market to provide participants with the requisite price discovery, and the CBN with the indicative market depth until the market migrates to the FX Trading systems.

As part of the operational requirements of the window, exchange rates of the transactions in the window are usually agreed between authorised dealers and their counterparties.

This forex window has contributed significantly to the significant growth recorded

by Nigeria’s forex reserves.

For instance, Nigeria’s reserves which stood at $30.731 billion was the forex window was introduced, is presently at about $48 billion, while the naira has been stable at N360 to a dollar, as against the depreciation to about N520 billion the economy witnessed before the I & E window was opened.

Today, most activities now occur on I&E window, with Fitch Ratings recently acknowledging that the rate on the I&E “should now be considered the relevant exchange rate�.

The contribution of the I & E to the accretion of the country’s reserves stems from the fact that given that the amount of inflows in that window hasexceeded many people’s expectations and willing buyers have been unable to pick up all the supply, the CBN have bought more dollars in that segment than it has sold.

So, the Bank’s participation in that market has been a net positive to the forex reserves.

But not all forex inflows fromthe I & E window go into theforex reserves as the forex market segment operates as a free

“willing buyer, willing seller� market, which explains why its operational exchange rate of about N360/US$1 is higher than those of other segments.

Clearly, a significant portion of the inflows into that market do not get to the CBN because they are bought by willing importers who operate in that market.

The CBN operates in that market as a “residual� participant: buying excesses and supplying shortfalls, as the case may be.

Nevertheless, the most significant factor that contributed to the accretion of the country’s reserves is thesharp decline in the country’s import bill, as a direct result of the June 2015 CBN’s policy to restrict forex access to 41-items that can be produced locally.

Despite the initial pushbacks against the policy, the central bank’s dogged implementation of the forex restriction on those 41-items had led to a 65 per cent drop in the country’s monthly import bill, from an average of $5.5 billion to $1.9 billion, as of the first half of 2017, the CBN had disclosed, with the figure expected to have risen further at the end of 2017.

Also, the recovery of crude oil prices has supported the reserves accretion.

To analysts at Afrinvest Securities Limited, the dominance of foreign investors’ participation in the Nigerian equity market again, “came to the fore as the launch of the I & E forex window has attracted more foreign portfolio investors (FPIs) inflows into equities with positive market sentiment resulting in an increased domestic participation.�

Also, the CBN Governor, Mr. Godwin Emefiele, pointed out that the forex window was established to allow more investors come into the country.

Emefiele said: “We want more people to come and invest in the economy, and that was why we introduced the Investors’ & Exporters’ Window. We want a forex market that will be determined by demand and supply. It has helped in forex flow and led to the appreciation in the naira we are seeing today.�

Also, the Deputy Governor, Economic Policy, CBN, Dr. Joseph Nnanna, described the I & E window as “a mighty success�, saying it has “performed beyond our

expectations�. “It is a huge success and I believe other countries can copy that from us,� he said.

Acknowledging the vital contribution the I & E window had made to the Nigerian economy, promoters of the MSCI Emerging Markets index last year announced their decision to retain the MSCI Nigeria Indexes on its MSCI Frontier Markets Indexes, after an initial threat to delist Nigeria, citing the positiveperformance of the I & E window as the major reason for the decision.

On his part, the chief executive, Financial Derivatives Company Limited, Mr. Bismark Rewane, noted that the creation of the window was a good move on the part of the CBN as it will lead closer to the emergence of a Real Effective Exchange Rate (REER) for the country.

He said: “Any measure that increases the supply of forex and the number of suppliers will help to reduce the dominance of the CBN as the major supplier of forex in the market and move us closer to the emergence of a Real Effective Exchange Rate. This will attract more investors and lead us closer to a perfect market.�

To the Managing Director, Afrinvest West Africa Plc, Ike Chioke, said the window has won the confidence of foreign investors. He said the window attracted foreign investors’ appetite for Nigerian assets leading to impressive appreciation in the equities market and stabilising the naira.

However, analysts have stressed the need for the federal government to address thecountry’s high import dependence which explains why the exchange rate is often the bellwether for Nigeria’s economic health, and why there is a swift pass-through of exchange rate movements to inflation. Today, about a third of Nigeria’s forex outflows are due to invisibles, which refers to services.

These include international payments for services as well as movement of money merely for transfer payments. Also, the country’s infrastructure deficit explains the huge level of importation of processed and final goods.

All these need to be addressed to ensure that the country’s exchange rate remains stable as well as to achieve a sustainable economic growth.

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Elumelu: Govts Must Create Conducive Environment for Entrepreneurs The Founder of the Tony Elumelu Foundation spoke with journalists at the IMF/ World Bank spring meetings in Washington DC, emphasising that what lots of young and intelligent entrepreneurs in Africa require to compete with their peers on other continents include access to electricity and favourable regulatory environments.

Kunle Aderinokun and Obinna Chima present the excerpts: What do you see as the barriers to the success of African entrepreneurs and how do you prepare these young people to create businesses in a digital economy?

The truth is that the population of Africa presents opportunities. We have 60 per cent of our population at the age of 30 and we have 65 per cent of our economy in the informal sector.

But these present quite interesting opportunities for digital economy. In my interactions with young Africans, I have seen people who are determined, energetic, hungry to succeed and make a difference and are extremely intelligent, but the environment a times, makes it difficult for them to succeed. You can’t talk about digital economy in Africa without fixing critical infrastructure. Digital connectivity is a major issue in Africa and you can’t fix it if you don’t have reliable access to electricity. So, if we want to truly address the issue of digital economy in Africa, these challenges must be fixed.

Second is the issue of governance. Governments need to understand that if we prioritise the young ones and make the operating environment conducive, they would do well, and we would be able to solve some of the problems in the continent. So, regulation a major, intellectual property is very important, incentivising investors and even entrepreneurs, are all factors that will help us address the digital issues. For the entrepreneurs in Africa, I will say let’s not look at the challenges, but the opportunities. There are lots of opportunities in the continent and we need to look at these opportunities, despite the challenges that we face. Let’s fix policy issues, let’s fix regulatory issues and investors will come to Africa. And as these investors come to Africa, we would help address the issue of unemployment, poverty and help involve get more involved in economic activities. At the Tony Elumelu Foundation, this is the fourth year of the programme that we put in place.

My experience is that many young Africans want to be in the digital technology space. In terms of representation of interest, the first is education, which is about 30 per cent, the next is ICT and these young entrepreneurs want to succeed. Also, we need to put in place tech hubs for them. If we have tech-ups, it would go a long way in helping us to galvanise the space. The TEF is happy to support these young Africans, but we need more collaboration by all – government; creating the right environment, development partners continuing to support and those who are endowed should also support them in a manner that creates the right results for our continent.

I have always argued that in the 21st century and with the advancement of technology, there is no fixed approach to development. But what is important is that firstly, there must be the purpose to develop, there must be a purpose to move people out of poverty and there must be a purpose to drive an inclusive development in the continent. And there must be a purpose to do all of these on the platform of transparency.

When there is overall alignment along these areas, indeed, development will come. For Africa, we do have demographic dividend in our people.

I speak authoritatively as someone who had supported most of these young Africans in the area of entrepreneurship and I see a determination to succeed. I see people who are disciplined because if you give them $5,000, they apply it for the purpose. So, why don’t we harness all of these? Mark Zuckerberg was in Nigeria not long ago and one of the places he visited was a small tech hub in the country. And if we didn’t have that in the country, probably the kind of investment he made wouldn’t have come. So, let’s begin to prioritise these young people who

I have always argued that in the 21st century and with the advancement of technology, there is no ďŹ xed approach to development. But what is important is that ďŹ rstly, there must be the purpose to develop, there must be a purpose to move people out of poverty and there must be a purpose to drive an inclusive development in the continent.

And there must be a purpose to do all of these on the platform of transparency.

When there is overall alignment along these areas, indeed, development will come Elumelu have great ideas.

For someone that wants to be an entrepreneur, what should such a person study in the university?

Let’s look at what we do at the TEF. Every year we try to support 1,000 African entrepreneurs, we say to them that the programme is sector agnostic and it is not important whether you are educated or not. We want you to follow your passion, because ideas that come from your passion to a large extent succeeds. And we have seen medical doctors express interest in fashion, we have seen computer scientists express interest in ICT. What we are seeing to

There are lots of opportunities in the continent and we need to look at these opportunities, despite the challenges that we face. Let’s ďŹ x policy issues, let’s ďŹ x regulatory issues and investors will come to Africa. And as these investors come to Africa, we would help address the issue of unemployment, poverty and help involve get more involved in economic activities

some extent addresses the new way forward.

It is more of skill development and what you instinctively can wake up at night and want to do and what you do without feeling that you are inconveniencing yourself or being stressed.

Any and every area can lead to success. So, my advice to people and even my children is to follow your passion. If you are already in the university, finish whatever you are studying, but after that, follow your passion because passion is important.

People who have made great strides in life are people who followed their passion and anything you do, do it very well. Oprah Winfrey became a billionaire just by talking, organising people and having fun so to me, it doesn’t matter what you do because passion makes you keep improving at anything you do. If you are not passionate about a cause, you can’t make progress. If Oprah Winfrey regarded the talk show as something to get by and make a living, she wouldn’t have refined and made the kind of improvements she made. I’m sure my grandmother sang more than some artistes today that Beyonce would want to go on stage and the whole world would stand still. She’s passionate about what she does, and she keeps improving.

Tell us more about the TEF Entrepreneurship Programme?

What we are doing is private sector-driven and our own contribution to the development of our country. We don’t carry government along by way of information but like I said in the session earlier, we can’t keep depending and relying on the government to do the quota that we can do.

Since we started, the Tony Elumelu Foundation has supported young Nigerians. Every year, we have 50 percent of the 1000 we select from Nigeria.

Not by design, but somehow due to the energy and entrepreneurial spirit of our people. This is the fourth year; this means that we have 2,000.

TEFentrepreneurs cut across Nigeria in every state; people that I don’t know. I am happy that

Nigeria is well represented in the programme and that they are doing well. It’s only a matter of time before we begin to feel the impact of what they are doing. The International Red Cross has come in; they have now committed to support 200 people - 100 from the Niger Delta and another 100 from the North-eastern part of Nigeria. So, that increases the participation of Nigeria from 500 to 700. The UNDP has also committed to support another 40. Collectively, we are making progress. This is how the private sector and development partners can play their own role.

You attended a session on de-risking the environment to encourage inow of funds.

The major issue is de-risking the SMEs and getting banks to release funds for seed capital, why are banks not providing the support?

Firstly, I used to be a bank CEO and today, I am an investor in a bank and I continue to have interest in that sector. Secondly, I don’t speak for the banking sector. But it is so easy to blame banks about lending to SMEs but if banks go under, the same public will say the banks were reckless, that’s the dilemma. Nobody will say this bank went under because it tried to support SMEs. SME is a difficult sector to fund, but those who have managed to develop the skills to support that segment are doing so.

I speak from personal conviction that we need to support the SMEs and that is why the Tony Elumelu Foundation has put aside $100 million to support entrepreneurs. And I just spoke about the fact that 2,000 of them are from Nigeria and if I didn’t say it today, you wouldn’t have known that I was with the International Finance Corporation (IFC) and not just the IFC but also the CEO of International Development Association (IDA) talking about how to support entrepreneurs in Nigeria and other African countries. We spent CONTINUED ON PAGE 30

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T H I S D AY ˾ ͱͮ˜ ͰͮͯͶ

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ELUMELU: GOVTS MUST CREATE CONDUCIVE ENVIRONMENT FOR ENTREPRENEURS

Leaders must borrow for sectors that are productive and you must honour your obligation to attract more borrowing because you need capital and you must be credit worthy to attract it and have the discipline to meet obligations and the purposes for which you are borrowing is fulďŹ lled and not that the funds are diverted hours theorising about risk mitigation, risk guarantee so that they can come into the sector.

I do hope that all these efforts will yield the desired results to make sure that money gets to the SMEs. The government has a role to support this initiative with incentives and policies that will make SMEs grow because if SMEs grow, they will attract more capital funding but if SMEs die, nobody will want to invest in SMEs. One thing about SMEs is that they don’t have enough collateral to provide banks and if they go under, what will banks hold on to? We need to see more successful SMEs. All of us need to work together to make them succeed.

Why do you think it’s hard for African countries to invest in human capital development?

I think it’s about alignment of interest, I think it’s about understanding. We need leaders who are focused on results who want to make a difference, who understand how the system works. Just like the question earlier about the challenges, some people will look at it from a different perspective but for me, internet connectivity is a major issue also, electricity; you can’t fix connectivity without electricity.

Leaders who understand these things can connect the dots and

Elumelu then know what to tackle and do it in a transparent fashion.

For me, poverty does not have any region or colour. It affects everybody. So, we need to fix issues so that our continent can make progress. Like you said, it’s something anyone should be able to understand.

we don’t help ourselves, nobody will help us. So, it’s not that we don’t need help, we just have to do away with that mentality thinking someone will come and change our situation for us, otherwise why are some leaders succeeding and some are not. It’s that mindset.

You said Africa should stop going cap in hand that Africa must develop Africa, how is that playing out?

In my closing remarks, I said African private sector leaders should invest in Africa, mobilise resources that we have a lot of resources. I also called on development partners, I said please don’t relent, keep engaging in areas of advocacy and channel more resources to Africa. It is more about Africa, we should play a role in Africa, we won’t say no to people that want to help us. Just sitting down with mentality that you owe it to us to help us should go. The countries that are helping us did not have the kind of resources we have when they started. That mentality is one of the reasons we are where we are. One time I travelled to the UK and visited the town where Shakespeare was born. What you see there, you’ll see it in Africa like benches and kitchens with old steel pots, they still dry meat and I was surprised. But that environment is a cold environment, so I am not surprised that they made progress faster than we did. If

How do we get funds to build infrastructure in the face of rising debt risk?

The key thing is that are we getting funds for consumption purpose or are the funds for investment purposes? Can we use the returns on investment to offset the debt? People who take loan for consumption purposes almost go bankrupt in life and it applies to countries too. If Nigeria as a country wants to borrow, debt to GDP is okay but there are other indices people look at not only debt to GDP. If those indices are okay, no problem. Then they look at your revenue and the sources of revenue. Is the revenue in local currency or foreign currency and enough to be able to offset your liabilities? Leaders must borrow for sectors that are productive and you must honour your obligation to attract more borrowing because you need capital and you must be credit worthy to attract it and have the discipline to meet obligations and the purposes for which you are borrowing is fulfilled and not that the funds are diverted.

SON Surveillance Team Bursts Electric Cable Cloning Syndicate in Alaba Market Senator Iroegbu in Abuja The Standards Organisation’s of Nigeria’s (SON), Surveillance Investigation and Monitoring (SIM) Unit recently swooped on electric cable cloning and faking syndicate located at the Alaba International Market, Lagos.

The Head, SIM Unit, Mr. Isa Suleiman said in a statement that the SIM team after discreet surveillance swooped on the syndicate with the aid of security operatives and effected the arrest of Okwudili Ezenwa, Uche Rufus and Nonso Udechukwu, three suspects allegedly caught in the act of counterfeiting electric cables and appliances.

Suleiman said items worth millions of naira were immediately evacuated along with the crude counterfeiting machines used by the syndicate to the SON warehouse Ogba, while the suspects were handed over to the Force CID Alagbon Lagos, for interrogation.

According to him, initial revelations indicated that the suspects are part of a ring of counterfeiters and fakers of popular brands of electrical appliances such as cables, electric cut-outs, electric switches and other items classified as life endangering within the popular Alaba International market.

He explained that with the aid

of rudimentary equipment, the suspects and their collaborators coil substandard electric cables into rolls and label them with popular brand names for sale to unsuspecting buyers.

He revealed that other store and storage facilities suspected to be stocked with fake and substandard electrical products within the vicinity were also identified and sealed up at the market in line with the provisions of the SON Act of No. 14 of 2015, while the store owners have been invited through the cooperation of the market leaders to SON Operational Headquarters, to aid investigation with relevant documents.

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MultiChoice Names Winners in DStv Eutelsat Star Awards Miss Elah Ajene of Nigeria Tulip International School, Abuja; and Prosper Okarike of Graceland International School, Port Harcourt, have been named as in-country winners of the DStv Eutelsat Star Awards competition for 2017.

The awards are part of efforts

by MultiChoice to promote science and technology education

in Nigeria. The winners were announced after a two-day adjudication process. Ajene emerged winner in the essay category, Okarike emerged winner in the poster category.

Speaking after the judges confirmed the winners, John Ugbe, Managing Director, MultiChoice Nigeria, said the DStv Eutelsat Star Awards are designed to identify and create

awareness on satellite technology and its applications within the society. “MultiChoice, by this award, is encouraging the young ones to challenge themselves and come up with ideas and innovation that will eventually propel our country to desired greatness,� he said.

Mr. Ugbe further explained that the award is meant to inspire innovative thinking

SIFAX Consortium Wins Warri Port Terminal Concession The SIFAX Group-led consortium, Ocean and Cargo Terminal Services Limited, has been declared the preferred bidder of Terminal B, Warri Old Port.

At meeting with the Bureau of Public Enterprises (BPE) and other bidders, the BPE announced that the SIFAX Group-led consortium beat other bidders to emerge the preferred bidder of the port.

The event had in attendance the representatives of the National Council for Privatisation (NCP), the Bureau of Public Enterprises (BPE), the Nigerian Ports Authority (NPA), the Infrastructural Concession Regulatory Commission (ICRC), among others.

The Expression of Interest (EOIs) for the port was adver-

tised in 2014. At the deadline of the submission, of the EOIs, 13 applications were received.

Out of the 13 applications, seven were pre-qualified. Out of these pre-qualified bidders, five were able to submit their technical and financial proposals on 31st January 2017, the deadline for submission of the proposals.

These five companies are Marine Infrastructure Consortium, Bright Ocean Integrated Services Limited, Ecomarine Consortium, Ocean and Cargo Terminal Services Limited and Neon Warri Ports Consortium. At the end of the evaluation of the technical proposal, Ecomarine Consortium and Ocean and Cargo Terminal Services Limited’s financial bids

were qualified for the financial bid opening stage.

After the open transparent competitive bid process which is in line with international best practices, Ocean and Cargo Terminal Services Limited, was declared the concessionaire of Terminal B, Old Warrri Port. The concession is for a period of 25 years. Speaking immediately after the announcement, Group Executive Vice Chairman, SIFAX Group, Dr. Taiwo Afolabi expressed his appreciation to both the BPE and NCP for the transparent exercise, adding that the concession will enjoy the same Midas touch that has now become the hallmark of SIFAX Group’s businesses.

among secondary school students in Africa to create awareness on how science and technology can be applied to everyday life and to showcase the many ways that satellites already impact on the development of the African continent.

Dr. Aderonke Bello, CEO Innovative Technology Literacy Services Limited (ITLSL) and

lead judge for the 2017 DStv Eutelsat Star Awards, commended the winners for their efforts and zeal. “We were thorough with the judging procedure. There were many quality entries, but the ones that made it to the top were those that satisfied all the specified criteria which are understanding and demonstration

of satellite technology and its application to everyday life, coherence in the manner of presentation and flow,� she said.

The annual awards, which received a total of 213 entries including 187 essays and 26 posters this year, takes the form of a competition open to students between the ages of 14-19 years old.

NIPR Recognises Air Peace as Most Efficient Airline The Nigerian Institute of Public Relations (NIPR) has recognised Air Peace as the most efficient airline in Nigeria and has awarded it and its six crew members the ‘National Carrier of Repute� and Nigerian Crew of Repute award respectively.

President of NIPR, Dr. Rotimi Oladele presented the awards to the airline and its crew members during the annual conference of the institute in Umuahia, Abia State.

Air Peace, he enthused, had brought honour to Nigeria in the aviation industry and proved that the nation had the capacity to fix its challenges.

Oladele affirmed that the

carrier’s on-time performance, customer service, safety and fleet maintenance reputations were unparalleled.

The NIPR boss commended Air Peace’s crew chosen for the “Nigerian Crew of Repute� award - Capt. Adesola Arasi, First Officer Violet Enahoro, Ademola Olowolade, Ann Otiede, Yemisi Beckley and Paul Ijeh - for distinguishing themselves in their engagements with members of the flying public.He justified the choice of Air Peace and its crew for the awards, saying they were practically assessed by NIPR teams without their knowledge.

He said a total of 20 airlines

were covertly assessed by the institute’s teams on board 29 flights and at the carriers’ offices.

Air Peace and its crew, he said, emerged winners after securing a total of 67 percent of the votes.

Responding on behalf of Air Peace, the airline’s Corporate Communications Manager, Mr. Chris Iwarah stated that the carrier was driven by a passion to project the name of Nigeria globally through exceptional flight services.

From seven aircraft and five routes at launch in 2014, he said Air Peace had increased its fleet to 24 aircraft and taken its flight operations to 12 domestic and four regional destinations.

32

T H I S D AY ˾ ͱͮ˜ ͰͮͯͶ

T H I S D AY ˾ MONDAY APRIL 30, 2018

33

T H I S D AY ˞ ˜ APRIL 30, 2018

34

BUSINESS/MONEYGUIDE

Analysts Foresee Single Global Currency in Growing Technology Disruption Obinna Chima Financial and technology analysts have predicted that a single world currency was imminent given the growing technology disruption in the financial services industry typified by the popularity of blockchain adoption and its offshoots, cryptocurrencies.

Managing Director/Chief Executive Officer of Precise Financial Systems, Yele Okeremi, and the Lead, Digital and Robotics Practice, Ernst &Young, Nigeria, Akinsope Roberts, gave the prediction recently at the maiden business a.m./ GTI Finance and Investment Dialogue held in Lagos.

Speaking on the topic,

‘Technology Disruption in the Financial Services Sector: How Prepared is the Nigerian Market?’ both analysts noted that technology disruption had become the new normal, and that financial services industry would be impacted much more with traditional institutions losing market share to fintech start-ups.

Okeremi said threat of losing control due to fear of deregulated banking service was why central bank governors have been critical of cryptocurrency, adding that legislation would soon lose its grip on the payment system and be part of the drivers of disruption in financial services with positive consumer experience being the lever.

He cited how legislation

had been trying to keep hold on the technology that would clear cheques instantly in the country – either upcountry or local, and that the Nigeria Interbank Settlement System (NIBSS) has in place a technology that would clear cheques instantly which has been delayed by legislation.

Okeremi, a former head, Systems and Logistics, Ventura Savings and Loans Limited, said digital banking is the future of the banking industry, tracing the rise of fintechs to the realisation by technology companies that they were getting low value from selling their services to the banks and decided to provide such services themselves.

Expert Highlights BeneďŹ ts of Technology to Food Processing Ugo Aliogo, Esther Ehoche Ă‹Ă˜ĂŽ Judith Obaze As part of efforts to improve food processing in Nigeria, government has been advised to adopt technology as a key driver to make processing efficient.

Speaking at the 2018 Institute of Directors Nigeria (IoD) new members’ induction ceremony in Lagos, with the theme: ‘Leadership Demands of a Director in a Digital Age’, organised by the institute, the Group Deputy Managing Director, Kewalram-Chanrai Group, Mr. Victor Eburajolo, said in terms of technology improving the food value chain, there was much that should be done.

He also stated that one of the problems facing the food processing industry was that the industry has not embraced technology in the area of food processing; as a result, it has not improved as expected.

Eburajolo explained that despite government’s intervention funds to support the sector, businesses have not strived as expected because the funds don’t get to those doing businesses. He added: “Government gave out intervention funds to revive the textile industry, but today the industry is still struggling.�

He advised government to provide the enabling environment for businesses to strive, and support efforts

geared towards improving the economy, noting that if the environment is created, entrepreneurs would find a way to do business and not wait for intervention fund which he noted doesn’t really get to those doing businesses.

Earlier in his remarks, the President/Chairman of Council, Alhaji Ahmed Mohammed, said the institute prides itself as a champion of good corporate governance.

He also stated that the future of business has also become less predictable because of the impact of disruptive technology, artificial intelligence and digital currencies, amongst other new interventions that have characterised the digital age.

FCMB, NEPC Seal Deal to Boost Trade The First City Monument Bank (FCMB) and the Nigerian Export Promotion Council (NEPC) have signed a memorandum of understanding (MoU) to facilitate trade.

The bank said in a statement that the agreement was signed in Abuja recently.

The ceremony also provided an opportunity for the bank and the Council to further engage and build the capacity of exporters on new and emerging developments in the sector.

This was the fifth consecutive year FCMB would be organising such a forum in partnership with federal government agencies.

The action of the bank, according to the statement, had gone a long way to impact positively on the various initiatives of the fed-

eral government to diversify and develop the nation’s economy in a sustainable manner.

Executive Director/Chief Executive Officer, NEPC, Mr. Olusegun Awolowo, who was represented by the Director, Policy and Strategy of NEPC, Alhaji Abdullahi Aliyu said:�FCMB has demonstrated commitment and support towards the promotion of non-oil exports. “We believe that through the MoU, this partnership will be sustained. This singular action of FCMB would also go a long way to address the age long challenge of access to finance that had been a nightmare to Nigerian exporters’’.

He urged exporters to take advantage of the numerous opportunities offered by the NEPC and FCMB to grow their

businesses.

Also speaking, the Regional Head, Abuja & North of FCMB, Mr. Lukman Mustapha, said the bank was focused on empowering customers and other stakeholders involved in export trade. ‘’Our partnership with the NEPC and other sister agencies is a proof of our commitment to go the extra mile to add value to the operational capabilities of our customers. “This also goes to further demonstrate how much we value their patronage and to inform the Market that we are seriously prepared to support the government and businesses in their efforts towards driving and growing export trade to boost non-oil revenue in Nigeria in a sustainable manner’’, he stated.

ABCON to Launch Website for FX Rates The Association of Bureaux De Change Operators of Nigeria (ABCON) will on May 2, 2018, launch www.naijabdcs.com, a live rate engine room created by theassociation to promote transparency and price discovery in the foreign exchange (FX) market.

The platform would be launched in Lagos.

ABCON President, Alhaji Aminu Gwadabe, said the group had secured the Central Bank of Nigeria’s (CBN’s) no- objection approval on the engine room.

The approval, he said, reaffirmed

the regulator’s commitment to a transparent and viable forex market where stakeholders’ interests are protected.

Gwadabe said the world is going digital, and Bureaux De Change (BDC) operators under his leadership were committed to staying ahead of the competition by deploying time-tested technology to deliver effective services to their numerous customers.

He said the objective is to make the platform a household name in financial reporting, coverage and first choice for investors and tourists in accessing quality and

reliable information on forex market and rates.

According to him, the new platform will sustain transparent transactions in the BDC corridor, boost the morale of its members and ensure their continuous operations.

The ABCON chief said the group had fully upgraded its Information Communication and Technology (ICT) platforms, to achieve full digitisation of BDCs operations in line with its goal of sustaining transparent operation and prompt rendition of weekly returns to operators.

Broad Street

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

AUGUST 2017 Broad Money (M2)

21,851,454.31

-- Narrow Money (M1)

9,890,813.10

---- Currency Outside Banks

1,523,239.91

---- Demand Deposits

8,367,573.19

-- Quasi Money

11,960,641.22

Net Foreign Assets (NFA)

9,732,990.89

Net Domestic Assets(NDA)

12,118,463.42

-- Net Domestic Credit (NDC)

26,821,446.81

---- Credit to Government (Net)

4,824,226.22

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

7,834,536.74

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

--3,010,310.52

---- Credit to Private Sector (CPS)

21,997,220.59

--Other Assets Net

--14,702,983.39

Reserve Money (Base Money)

5,486,804.65

--Currency in Circulation

1,868,735.07

--Banks Reserves

3,268,266.17 Ëž Ă™Ă&#x;ĂœĂ?Ă? Ě‹

Money Market Indicators (in Percentage) Month

August 2017

Inter-Bank Call Rate

22.63

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

14.00

Treasury Bill Rate

13.35

Savings Deposit Rate

4.08

1 Month Deposit Rate

8.86

3 Months Deposit Rate

10.14

6 Months Deposit Rate

11.51

12 Months Deposit Rate

11.40

Prime Lending rate

17.69

Maximum Lending Rate

31.20

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OPEC DAILY BASKET PRICE AS AT THURSDAY APRIL 26, 2018

The price of OPEC basket of fourteen crudes stood at $71.00 a barrel on Thursday, compared with $70.50 the previous day, according to OPEC Secretariat calculations.

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

SOURCE: OPEC headquarters, Vienna

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MARKET NEWS

Oando Plc Records N20bn Full Year ProďŹ t After Tax Goddy Egene Oando Plc has consolidated on its 2016 gains by recording a higher profit for the year ended December 31, 2017. The indigenous integrated energy company on Friday announced its audited results for 2017, showing revenue of N497.422 billion, compared with N455.746 billion in 2016.

The company reduced cost of sales from N426.99 billion to N409.341 billion in 2017.

Also, administrative expenses declined from N109 billion to N77.89 billion, while net finance cost reduced from N51 billion in 2016 to N33.78 billion in 2017.

Consequently, profit after tax soared from N3.913 billion to N19.77 billion in 2017, showing an increase of 405 per cent.

Oando Plc’ s net debt reduced to N217.1 billion from N230.6 in the comparative period of 2016.

Commenting on the performance, the Group Chief Executive

P R I C E S MAIN BOARD

F O R DEALS

of Oando, Wale Tinubu said: “The business recorded a year-end profit of N19.8 billion, a culmination of four consecutive quarters of positive results, validating our promise to shareholders of returning to and maintaining profitability. This comes in the wake of oil prices on an upward trajectory, an improved operating environment, the exit of a 13 month long recession and most importantly the continued strengthening of our business

S E C U R I T I E S MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

model through the effective implementation of our strategic initiatives of growth through our dollar earning upstream portfolio; deleverage through asset divestments and the expansion of our oil export trading business.�

He added that despite the challenges the company experienced in 2017, Oando recorded some operational highlights. Tinubu said: “In the upstream sector, Oando

T R A D E D MAIN BOARD

A S

recorded an average production of 40,188 boe/day in the 12 months ended December 31, 2017 compared to 43,503 boe/ day in the comparative period of 2016. This was primarily due to significant reductions in gas production and delivery caused by the rupturing of Gas Transmission System (GTS-4) gas line and pipeline and terminal constraints at its OMLs 60 to 63. The upstream business recorded a net profit

O F

of N26.33 billion ($86.1 million) compared with N91.83million ($0.3 million) in the comparative period of 2016. This increase in profitability was primarily due to improved revenue between the periods, and increase in gains on financial instruments which were offset by lower tax recoveries.�

He explained that in the midstream, Oando’s affiliate, Axxela, recorded an 11 per cent increase in natural gas deliveries in 2017.

2 6 / 0 4 / 2 0 1 8 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

36

T H I S D AY ˾ ͱͮ˜ ͰͮͯͶ

37

˾ MONDAY, APRIL 30, 2018

MARKET NEWS

Caverton Group’s Profit Rises by 34% in First Qtr Goddy Egene Caverton Offshore Support Group Plc, (COSG), a provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria last Friday unveiled its results for the first quarter (Q1) ended March 31, 2018. The company posted a revenue of N4.6 billion compared with N5.1 billion in the corresponding period of 2017. Operating income, excluding other income rose to N849.2 million, from

N722.1 million in 2017. Profit before tax rose from N355.4 million to N476.5 million.

Earnings per share improved from six kobo to nine kobo. Similarly, gross margin improved from 32 per cent in 2017 to 40 per cent in 2018, just as net profit margin improved from four per cent to six per cent.

Commenting on the results, Chief Executive Officer, COSG, Mr. Bode Makanjuola said: “Though witnessed revenue drop, as a result of the non-renewal

A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager.

Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return.

An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the

of one of our contracts, we expect improved revenues as our Chevron-NNPC JV contract operations commenced successfully on the 1st of April 2018.”

He expressed utmost gratitude to the management, staff and board of directors of COSG for their continued professionalism and support. He added that, the implementation of the company’s strategy to increase service offerings was also ongoing as the construction of the

floor of the Nigerian Stock Exchange.

A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg.

Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange.

GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 26Apr-2018, unless otherwise stated.

Maintenance Repair and Overhaul facility in Lagos was at an advanced stage.

“COSG continues to explore other innovative solutions in support of deep and shallow water operations in both marine and aviation business,” he said.

According to him, part of the company’s strategy to weather the current challenging business environment of the past couple of years was to continue to focus on cost efficiency without

compromising on our safety standards.

“The implementation of our strategy to increase service offerings is also ongoing as the construction of the Maintenance, Repair and Overhaul facility in Ikeja Lagos is at an advanced stage. We continue to explore other innovative solutions in support of deep and shallow water operations in both marine and aviation business,” he said.

Makanjuola explained that group’s focus and primary

business is to provide logistics and environmental support services to oil and gas fields with broader plans to support energy operations along the West African shelf as well as other ancillary support services. “ Caverton has a young and growing fleet of vessels and aircrafts operating out of nine locations. The company has an impressive oil and gas client base which include Shell, Total, ExxonMobil, NNPC, Aiteo, Aje-Folawiyo, and Chevron, among others,” he added.

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

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

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 1 270 1680 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 193.16 194.27 8.79% Nigeria International Debt Fund 244.71 245.86 6.02% ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund 0.86 0.87 4.25% ACAP Income Funds 0.66 0.66 9.36% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 14.03% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund N/A N/A N/A ARM Discovery Fund N/A N/A N/A ARM Ethical Fund N/A N/A N/A ARM Money Market Fund N/A N/A N/A AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund N/A N/A N/A Paramount Equity Fund N/A N/A N/A Women's Investment Fund N/A N/A N/A CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 14.16% CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A FBNQUEST ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund 1,151.69 1,152.85 0.34% FBN Heritage Fund 150.75 152.05 8.13% FBN Money Market Fund 100.00 100.00 13.85% FBN Nigeria Eurobond (USD) Fund - Institutional $112.06 $112.55 -0.77% FBN Nigeria Eurobond (USD) Fund - Retail $112.20 $112.69 -0.55% FBN Nigeria Smart Beta Equity Fund 181.77 184.52 12.84% FIRST CITY ASSET MANAGEMENT LTD fcamhelpdesk@fcmb.com Web: www.fcamltd.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Equity Fund 1.39 1.42 6.64% Legacy Debt Fund 3.01 3.01 4.33% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Growth Fund 3,192.52 3,225.13 6.92% Coral Income Fund 2,585.18 2,585.18 5.65% GREENWICH ASSET MANAGEMENT LIMITED assetmanagement@gtlgroup.com Web: www.gtlgroup.com ; Tel: +234 1 4619261-2 Fund Name Bid Price Offer Price Yield / T-Rtn Greenwich Plus Money Market Fund 100.00 100.00 13.78% INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 1.00 1.00 13.88% Vantage Balanced Fund 2.19 2.22 4.08% Vantage Guaranteed Income Fund 1.00 1.00 15.66% Kedari Investment Fund (KIF) 119.89 120.31 4.26%

LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.18 1.20 3.29% Lotus Halal Fixed Income Fund 1,048.83 1,048.83 4.13% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund N/A N/A N/A Meristem Money Market Fund N/A N/A N/A PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.33 1.35 11.81% PACAM Fixed Income Fund 11.66 11.71 5.59% PACAM Money Market Fund 10.00 10.00 14.07% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 132.78 135.38 3.20% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.56 1.56 5.10% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 2,385.23 2,405.88 6.36% Stanbic IBTC Bond Fund 185.20 185.20 4.96% Stanbic IBTC Ethical Fund 1.08 1.10 7.92% Stanbic IBTC Guaranteed Investment Fund 232.72 232.81 5.68% Stanbic IBTC Iman Fund 189.86 191.90 5.99% Stanbic IBTC Money Market Fund 100.00 100.00 13.84% Stanbic IBTC Nigerian Equity Fund 10,289.49 10,430.02 6.41% Stanbic IBTC Dollar Fund (USD) 1.09 1.09 2.47% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.34 1.35 0.22% United Capital Bond Fund 1.66 1.66 5.93% United Capital Equity Fund 0.98 1.00 6.58% United Capital Money Market Fund 1.00 1.00 13.02% United Capital Eurobond Fund 105.40 105.40 2.43% United Capital Wealth for Women Fund 1.13 1.14 4.28% ZENITH ASSETS MANAGEMENT LTD info@zenith-funds.com Web: www.zenith-funds.com; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Equity Fund 13.39 13.58 6.79% Zenith Ethical Fund 13.97 14.13 5.78% Zenith Income Fund 19.97 19.97 5.52% Zenith Money Market Fund 1.00 1.00 12.69%

REITS NAV Per Share

Yield / T-Rtn

10.00 134.71

-11.35% 1.70%

Bid Price

Offer Price

Yield / T-Rtn

12.59 159.85 119.13

12.69 163.23 121.31

3.85% 11.91% 9.02%

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

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

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

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

5.11 9.82 18.88 20.56 160.28

5.15 9.90 18.98 20.76 162.28

7.73% 2.64% 6.31% 4.52% 7.83%

The value of investments and the income from them may fall as well as rise. Past performance is a guide and not an indication of future returns. Fund prices published in this edition are also available on each fund manager’s website and FMAN’s website at www.fman.com.ng. Fund prices are supplied by the operator of the relevant fund and are published for information purposes only.

38

T H I S D AY Ëž Ëœ ÍąÍŽËœ Í°ÍŽÍŻÍś

CITYSTRINGS

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Cultural Reawakening The beats and rhythms of the African drum festival rocked the ancient city of Abeokuta, leaving a trail of cross-cultural reawakening, writes Yinka Olatunbosun

Ogun State governor, Senator Ibikunle Amosun beating a giant drum during the African Drum Festival in Abeokuta, Ogun State

A

startling vibration ran through the surround sound system at the open-air venue named the June 12 Cultural Centre, Kuto Abeokuta. Under the feet of the audience at the 2018 African Drum Festival, came the sensation of the beat emanating from the centre-stage. The source of the rousing sound was a king-size monster drum which was receiving sustained slaps from the excited bare-chested drummer, clad in sweat, whose infectious grin was competing for attention with the intersecting stage lights.

That was just one of the scenarios at the three nights of energetic performances, with cultural troupes performing in quick successions while the audience yearned aloud for more.

Pushing past the human barricades formed by night crawlers who enjoyed standing, cheering or teasing others about their heights, it was an easier option to sit comfortably in one of the white chairs arranged before the quickly-built proscenium stage with a massive wooden drum on either side. Executed by Z-mirage productions, it took two days to complete the colourful stage design and the VIP platforms.

From being a national cultural event in 2016 when it was established, the African Drum

festival has earned an international status which compelled the organisers to select both

The Nobel Laureate’s wish is for the African Drum Festival to secure a place in the International calendar.

A special collaborative drum session punctuated the conference where drummers from Cote D’Ivoire, South Africa, Uganda, and played as an ensemble, relying on drum cues to communicate and they were divided, albeit equally by the language and united by the rhythm of the drums

English and French speaking comperes. No fewer than 84 participants were drawn from Franco-phone countries.

The drum, which is the major attraction at the multi-tiered festival has long existed in traditional African setting- as a symbol of information and entertainment, before the advent of technological advancement. The air of camaraderie that the African drum breathed through history was revived in Abeokuta when participants from at least 20 states in the federation as well as 70 private cultural troupes shared the stage with other entertainers from the West African region and beyond.

Headliners include Ara, Kudi Fagbemi, Lekan Babalola and the awe-inspiring, snake spitting Isese masqueraders whose performance pushed the timeline, to the fear of Yemi Shodimu, one of the comperes.

An intellectual tilt was given to the festival.

The Nobel Laureate and consultant for the festival, Prof. Wole Soyinka featured his creative task force, 16-man strong, at the conference titled, ‘Drumming for Advancement’. The highpowered conference had as guests, monarchs such as the Ooni of Ife, Adeyeye Enitan Ogunwusi and Obong of Calabar, Edidem Ekpo Oto V. Interestingly, the 91-year-old Anthony

Odili who is the ex-drummer of the high life legend, Late Rex Lawson performed during an interlude at the conference.

The talk session held at Olumo Rock was kick-started by Soyinka’s prologue titled, ‘Drumming Up Food Security’. Therein, he observed that the continuous killings of farmers by terror groups constitute a big threat to the nation’s agro-economy. “Farmers are being chased away from their farmlands, their wives are being raped. If we are not careful, this country will face food shortage. We cannot do without food,’’ he said.

Meanwhile, Soyinka paid tributes to the father of drums, Babatunde Olatunji, one of Nigeria’s cultural exports to the U.S. and then made an acknowledgement of Quincy Jones’ attempt to make his play, The Lion and the Jewel a musical, which in his view was bereft of a certain African rhythm. Soyinka must either be daring or truthful or both because Quincy Jones is known as the producer of the biggest selling album of all time, Thriller.

To refuse his offer and suggest that he was “tone deaf� must have dealt an epic blow to the Grammy award winner. Of course, the master beat maker came to Africa as Soyinka advised and agreed that the Nobel Laureate

39

T H I S D AY Ëž Ëœ ÍąÍŽËœ Í°ÍŽÍŻÍś

CITYSTRINGS

was right to have not given the consent.

Also, Soyinka’s comment about an African American cast member being unable to dance during his own production of Death and the King’s Horseman in Chicago was a pointer to the reality that the African polyrhythmic tradition is unmatched across the globe. In his view, the only performer who has come close is Wynton Marsalis who has led a big band with traditional rhythms from bembe, omele, iya ilu, gudu-gudu, sekere, palongo and bata drums. Unfortunately, Marsalis does not fly.

And the prospect of bringing his entire band on a ship cruise can be financially daunting as well. This thought made Soyinka express his desire to see the Nigerian state funding the arts, even if it means taking just a little fraction of the recovered ‘loot’. “In the United Kingdom, a portion of the government share of the annual national lottery stake is dedicated to the arts. Some of our own expatriate artists have been beneficiaries of that policy so why should a festival of this international dimension not benefit, in return for spectacular collaborations across the Atlantic! Believe me, it would be an unforgettable experience. The very thought of it makes the eardrums vibrate and the heartbeat vie with the frenzy of Bata ensemble under Sango possession,’’ Soyinka said.

The Nobel Laureate’s wish is for the African Drum Festival to secure a place in the International calendar. A special collaborative drum session punctuated the conference where drummers from Cote D’Ivoire, South Africa, Uganda, and played as an ensemble, relying on drum cues to communicate and they were divided, albeit equally by the language and united by the rhythm of the drums. Also, Ajewole Oniluomo, the legendary drummer for the late Apala musician, Ayinla Omo-Wura gave the audience a whiff of the old wine with his display of dexterity.

In their interventions, the panelists raised issues around drum education, environmental threat to drum and its socio-economic importance. For Dr. Sylvanus Kuwor, understanding the knowledge embedded in drumming can liberate Africa from socio-economic stagnation. Another insight was offered by Jelil Ojuade, a scholar who wrote his PhD thesis on Bata drum. “Drums can create metaphor without talking,’’ he said as he called for cultural renaissance. Just as Muraina Oyelami lamented over the lack of academic books on drums, ace music producer, Laolu Akins emphasised the need for drum education.

In his witty remarks, Akingbola called the period when Africans depended on drum for communication as “our wireless past’’.

Tunde Kelani’s multimedia presentation affirmed his commitment to drums while Landry Louoba advocates for reforestation to preserve one of the sources for the raw materials for making drums-tree.

The three-day festival seemed so short for the variety of events involved. For instance, a special tribute exhibition in honour of a master composer and musician, Fela Sowande was paraded at Olumo Rock to celebrate the work, life and times of this great cultural icon who composed the Nigerian National Anthem, amongst others. His attempt to document aspects of Yoruba oral tradition of Ifa was thwarted

African Drum Festival was declared open by the Executive Governor of Ogun State, the host state, Senator Ibikunle Amosun in company of the Minister of Information and Culture, Alhaji Lai Mohammed. The minister, in his remarks, promised that the festival will be adopted into the federal government’s cultural calendar

L-R: Laolu Akintobi, Prof. Wole Soyinka, Dr. Tunde Akingbola and Jeleel Ojuade, at the African Drum Festival in Abeokuta, Ogun State

Drummers at the African Drum Festival in Abeokuta, Ogun State

The talk session held at Olumo Rock was kick-started by Soyinka’s prologue titled, ‘Drumming Up Food Security'

when his priceless recordings were destroyed.

There was an outdoor workshop that was also curated to encourage a collaboration between local and international artists while creating an educational forum for people to

experience contemporary forms of traditional music and arts.

African Drum Festival was declared open by the Executive Governor of Ogun State, the host state, Senator Ibikunle Amosun in

company of the Minister of Information and Culture, Alhaji Lai Mohammed. The minister, in his remarks, promised that the festival will be adopted into the federal government’s cultural calendar.

40

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T H I S D AY ˾ MONDAY APRIL 30, 2018

41

42

T H I S D AY ˾ ͱͮ˜ ͰͮͯͶ

T H I S D AY ˾ MONDAY APRIL 30, 2018

43

44

T H I S D AY ˾ ͱͮ˜ ͰͮͯͶ

T H I S D AY ˾ MONDAY APRIL 30, 2018

45

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46

RETURNS ON UTILIZATION OF FUNDS SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 27th-APRIL 2018 This publication: Mandated by the Central Bank of Nigeria (CBN)

BANK: ECOBANK NIGERIA LIMITED SN

CUSTOMER

1 2 3 4 5 6 7 8 9 10 11 12

GUBABI AND COMPANY LIMITED BASE FLUID EXCHANGES LTD ENERGO NIGERIA LTD OVH ENERGY MARKETING LIMITED AMARILO PLASTICS LIMITED AMARILO PLASTICS LIMITED CROWN FLOUR MILLS LIMITED IRON PRODUCTS INDUSTRIES LIMITED NSIK MOTORS LIMITED GODREJ NIGERIA LIMITED TOMBO INDUSTRIES LIMITED ELIZADE NIGERIA LIMITED

13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88

ITEM OF IMPORT

GUBABI RE-INFORCED FIRE RESISTANT SAFE. BASE OIL ELECTRICAL AND MECHANICAL MATERIALS BASE OIL AS PER PFI NOS: FH/110118A,B,C PURCHASE OF RAW MATERIALS ( PVC SUSPENSION RESIN) RAW MATERIAL IMPORT OF 32,000 TONS OF DIOCTYL PHTHALATE (DOP) WHEAT RUSSIA MILLING WHEAT - PROTEIN 12.5% RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL:BEAMS PAYMENT FOR IMPORTATION OF 55 UNITS OF JINBEI BRAND BUSES SODIUM PALMITATE FOR IMPORTATION OF CHEMICALS JAC LIGHT DUTY TRUCKS 10,000M/TONS OF GRADE No. 2 OR BETTER CANADIAN WESTERN FLOUR MILLS OF NIGERIA PLC RED SPRING WHEAT WITH MINIMUM PROTEIN OF 13.5% IN BULK FULL CREAM MILK POWDER GAS FLUSHED 28.1% INS/VIT KG EAGLE INDUSTRIES INTL CONCEPT LIMI 25KG BAG SEASONS TRADING SERVICES LIMITED IMPORTATION OF NEW PORTABLE GASOLINE GENERATOR EKO SUPREME RESOURCES NIGERIA LIMI ACUTEX, ODIFEROUS SUSTANCE SPECKLES &SODIUM CARBONATE ACUTEX ODORIFEROUS SUBSTANCE, TOTACASE WIN ENZYME NATURAL PRIME RESOURCES NIGERIA LI TINOPAL CBS-X(OB)SODIUM CARBONATE (DENS) IMPORT OF INDUSTRIAL RAW MATERIAL - POLYVINYL CHLORIDE REGAL CHEM NIGERIA LIMITED RESIN IMPORT OF INDUSTRIAL RAW MATERIAL FOR BOOK PRODUCTION REGAL CHEM NIGERIA LIMITED FREE PLAIN PAPER IN SHEETS REGATTA INDUSTRIES LIMITED IMPORT OF INDUSTRIAL RAW MATERIAL - TOLUENE (TDI) BARTHOMORE IMPEX GLOBAL LTD TIGER HEAD BRAND PAPER JACKET DRY BATTERY BLESSED ABECO INTERNATIONAL LTD SPORTS EQUIPMENT SHAUN GEORGE RESOURCE NIGERIA BULBS(BRAND:PILLA) EMLEK RESOURCES LIMITED TAILORING MATERIAL (EMBROIDERY THREAD) ULTIMATE NDUCHRIS INVESTMENT LIMITED FLASH FLIGHT RESOURCEFUL ENKAY LTD TIGER HEAD BRAND PAPER JACKET DRY BATTERY GATEWAY INTERNATIONAL CHURCH LED DISPLAY SCREEN SAO POWERGREEN LIMITED SPEAKER DONBEN PMCH INTL LTD DISCHARGE LAMPS (B22 MODEL) IKENWA AND SONS INDUSTRIES LIMITED MERCEDES BENZ SPARE PARTS (FOG LAMPS LED) GIDEON ELECTRONIC AND ALLIED PDT SPORTS EQUIPMENT DISCHARGE LAMPS (CAPACITY:40W) BRAND/,ODEL: TONOBO/ JUST PAT ENT NIG. W22, E27 MANDES BUSINESS SERVICES LIMITED MEDICAL EQUIPEMENTS PANEK GLOBAL SERVICES LTD ELECTRICAL FUSE BOX (PANEK BRAND) OGBUDON INVESTMENT LIMITED TAILORING MATERIAL DAG INDUSTRIES NIGERIA LTD BAJAJ BOXER -BM100CC MOTORCYCLE IN CKD PACKED CONDITION DAG INDUSTRIES NIGERIA LTD BAJAJ RE 4S 198.88CC AUTORICKSHAW IN CKD PACKED CONDITION CROWN FLOUR MILLS LIMITED WHEAT RUSSIA MILLING WHEAT - PROTEIN 12.5% AINA ABOSEDE OLUYINKA BTA PTA LESLIE DAVID BTA PTA EKONG PRINCESS DANIEL BTA PTA OLASHORE ABIMBOLA OLANIYI BTA PTA ASHIMOLOWO BUNMI R BTA PTA DOREGOS BERNARDINO OGUNSINA BTA PTA DOREGOS CLEMENTINA ABEKE BTA PTA IGBINOSUN ESOSA BTA PTA OKOPI INALEGWU ANTHONY BTA PTA SUCCESS YEMI MATILDA BTA PTA AKINTEYE JOSEPH OLATUNDE BTA PTA GUSAU BALA MOHAMMED BTA PTA NWANZE KENNETH NGOZI BTA PTA NWANZE KENNETH NGOZI BTA PTA OGUNDIPE KIKE ADURAPE BTA PTA OGUNDIPE KIKE ADURAPE BTA PTA NWANZE KENNETH NGOZI BTA PTA ANUNTU CHUKWUDUBEM GEORGE EDUCATION EDEH OLIVER CHUKWUMA EDUCATION OHABUENYI ALEXANDER UCHECHUKWU EDUCATION OLAGBEMI OLATUBOSUN SOLA EDUCATION ADEOYE FELIX OLAYINKA EDUCATION MAIDAWA RABI YILA EDUCATION UKPONG SAMPSON DANIEL EDUCATION ECOBANK_ENG_LIMITED EDUCATION MARY FAVOUR BUSINESS LINKS BICYCLE ROLLAR CHAIN ONYEMA BUSINESS RESOURCES BICYCLE ROLLER CHAIN U C ZEBRA ENTERPRISE NIGERIA TIGER HEAD BRAND PAPER JACKET DRY BATTERY KYSTAN IMPEX COMPANY LIMITED BICYCLE ROLLER CHAIN SAMDEZ INVESTMENT LIMITED TAILORING MATERIAL AYOKANMBI EKAETTE DEBORAH BTA PTA IBRAHIM ESTHER ABIMBOLA BTA PTA AMUDA ADEKUNLE OLANIYI BTA PTA SHOLEBO OLAWALE MOSHOOD BTA PTA SHOLEBO OLAWALE MOSHOOD BTA PTA ADEBANJO SAMUEL OLAMIDE BTA PTA EBOSE ENOFE BTA PTA NWADIALOR OBIANUJU IJEOMA BTA PTA NWADIALOR OBIANUJU IJEOMA BTA PTA AREGBESOLA RISIKAT ADEJOKE BTA PTA OLUOKUN MODINAT OMOLARA BTA PTA NWABUGWU CHIBUZO SHELIA BTA PTA JUBAILI AGROTEC LIMITED AGRICULTURAL HERBICIDES JUBAILI AGROTEC LIMITED ALBENOR JUBAILI AGROTEC LIMITED SINGLE SUPER PHOSPHATE JUBAILI AGROTEC LIMITED AGRICULTURAL INSECTICIDES JUBAILI AGROTEC LIMITED AGRICULTURAL HERBICIDES WHITFIELD VENTURES LTD PROCUREMENT OF SUPERPHOSPHATES JUBAILI AGROTEC LIMITED AGRICULTURAL HERBICIDES PURCHASE OF DRIED SEA ANIMAL PROTEIN SUPPLIMENT FOR GRAND ROY NIGERIA LIMITED LIVESTOCK FEED

DATE OF EXCHANGE FUND RATE PURCHASE

AMOUNT

SN

CUSTOMER

89 90 91 92 93

SARO AGROSCIENCE LIMITED CROWNSTAR COMMERCIAL INVEST NIG LTD CROWNSTAR COMMERCIAL INVEST NIG LTD HANA PACKAGING LIMITED RNDC ALLIANCE WEST AFRICA LIMITED

23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18

336.00 335.00 335.00 335.00 336.00 336.00 335.00 335.00 336.00 335.00 336.00 335.00

15,000.00 200,000.00 110,000.00 33,000.00 15,000.00 2,000.00 850,000.00 160,000.00 140,000.00 50,000.00 120,000.00 66,000.00

23-Apr-18

332.50

600,000.00

23-Apr-18

335.00

160,000.00

23-Apr-18 23-Apr-18

334.00 333.00

75,000.00 16,000.00

23-Apr-18

333.00

140,000.00

23-Apr-18

334.00

225,450.00

102 103 104 105

23-Apr-18

334.00

100,000.00

106

23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18

334.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00

410,000.00 20,000.00 20,000.00 20,000.00 7,000.00 20,000.00 20,000.00 14,924.30 20,000.00 10,000.00 20,000.00 11,000.00

23-Apr-18

360.00

20,000.00

23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18

360.00 360.00 360.00 315.00 315.00 331.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 336.50 336.50 336.50 337.80 337.80 337.80 337.80

426.87 20,000.00 20,000.00 203,370.00 296,630.00 48,754.00 4,000.00 300.00 4,000.00 3,997.41 4,000.00 3,976.37 3,976.37 3,997.41 3,000.00 4,000.00 2,500.00 1,500.00 2,957.85 (2,100.00) 4,000.00 4,000.00 2,957.85 2,386.00 9,832.00 2,000.00 5,573.57 5,296.00 1,150.00 12,587.37 8,950.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 4,000.00 4,000.00 800.00 2,791.20 200.00 850.00 1,395.60 2,100.00 976.92 2,800.00 1,000.00 4,000.00 22,021.03 7,460.00 12,000.00 128,308.80 108,355.01 42,000.00 213,976.19

24-Apr-18

336.50

128,160.27

94 95 96 97 98 99 100 101

107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167

ITEM OF IMPORT

AGRICULTURAL INSECTICIDE: SNIPER PAPER BOARD/SHEETS PAPER BOARD/SHEETS MACHINE PAYMENT FOR FINISHED GOODS - MOBILE PHONE IMPORT OF INDUSTRIAL RAW MATERIAL FOR BOOK PRODUCTION REGAL CHEM NIGERIA LIMITED FREE PLAIN PAPER IN SHEETS PAYMENT FOR PURCHASE OF NEW AUTO SPARE PARTS( CHAIN, FABUC MASTERS INDUSTRIES LTD SPROCKET, CYLINDER LINEAR & TRANSMISSION) KEDILASO INTERNATIONAL LIMITED WASHING MACHINE BRAND: DURAVOLT IPI POWERTECH NIGERIA LIMITED EXIDE - PC12 180FT BATTERIES CROWNSTAR COMMERCIAL INVEST NIG LTD PAPER BOARD AC MOTOR BRAND: DURAMOTOR/QASA AUTOMATIC VOLTAGE OBOTICA INDUSTRIAL LTD REGULATOR-DURAVOLT BRAND TO LIQUIDATE MATURED BC FOR IMPORTATION OF CUT ROLLED INTERNATIONAL TOBACCO COMPANY PLC EXPANDED STEMS FOR PRODUCTION OF CIGARRETTE AC MOTOR BRAND: DURAMOTOR/QASA AUTOMATIC VOLTAGE OBOTICA INDUSTRIAL LTD REGULATOR-DURAVOLT BRAND OBOTICA INDUSTRIAL LTD MOTOCYCLE SPARE PARTS BRAND:QLINK/DURAMOTOR CKS INTERNATIONAL LIMITED ESSENTIAL RAW MATERIALS (MSG) FOR SEASONING SHAKTI INDUSTRIES LIMITED RAW MATERIAL GLOBAL MANUFACTURING ALLIANCE AND DURACRIL 888 (STYRENE ACRYLIC) TO LIQUIDATE MATURED BC FOR IMPORTATION OF TIPPING PAPER INTERNATIONAL TOBACCO COMPANY PLC FOR PRODUCTION OF CIGARRETTE OLYMPIC INKS LIMITED ETHYL ACETATE IMPORT OF INDUSTRIAL RAW MATERIAL FOR BOOK PRODUCTION REGAL CHEM NIGERIA LIMITED FREE PLAIN PAPER IN SHEETS OLYMPIC INKS LIMITED MACHINE SPARE PARTS SALIENT INDUSTRIES LIMITED RAW MATERIAL FRANKENSTEIN INNOVATORS LIMITED IMPORTATION OF ELECTRICAL AND ELECTRONIC EQUIPMENT FRANKENSTEIN INNOVATORS LIMITED IMPORT OF ELECTRICAL AND ELECTRONIC EQUIPMENT FRANKENSTEIN INNOVATORS LIMITED IMPORT OF ELECTRICAL AND ELECTRONIC EQUIPMENT FRANKENSTEIN INNOVATORS LIMITED IMPORT OF ELECTRICAL AND ELECTRONIC EQUIPMENT FRANKENSTEIN INNOVATORS LIMITED IMPORTATION OF ELECTRICAL AND ELECTRONIC EQUIPMENT IRON PRODUCTS INDUSTRIES LIMITED RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL:BEAMS IDDO PLASTICS LIMITED PURCHASE OF RAW MATERIALS PRUDENT ENERGY AND SERVICES LTD IMPORTATION OF PETROLEUM PRODUCTS RAW MATERIAL FOR MANUFACTURING HOT ROLLED IRON PRODUCTS INDUSTRIES LIMITED STEEL:CHANNELS MULTI-CHEM INDUSTRIES LTD INDUSTRIAL RAW MATERIALS - LIQUID GLUCOSE P. B. DJEBAH AND COY LTD IMPORTATION HEB BEAMS IN COMMERCIAL SEASONS TRADING SERVICES LIMITED IMPORTATION OF NEW PORTABLE GASOLINE GENERATOR INDUSTRIAL RAW MATERIALS - WHITE APRAFFIN WAX, COSMETIC MULTI-CHEM INDUSTRIES LTD GRADE MULTI-CHEM INDUSTRIES LTD INDUSTRIAL RAW MATERIALS - TRIPLE PRESSED BASE FLUID EXCHANGES LTD BASE OIL SEASONS TRADING SERVICES LIMITED IMPORTATION OF NEW PORTABLE GASOLINE GENERATOR PROMASIDOR NIGERIA LIMITED 10000KG MIXTURE OF ODORIFEROUS SUBSTANCE S-E1106416/08 INDUSTRIAL RAW MATERIALS - WHITE PARAFFIN WAX, COSMETICS MULTI-CHEM INDUSTRIES LTD GRADE JUBAILI BROS NIGERIA LIMITED PERKINS ENGINE FOR GENERATOR ASSEMBLY MULTI-CHEM INDUSTRIES LTD INDUSTRIAL RAW MATERIALS - CITRIC ACID ANHYDROUS MIXTURE OF ODORIFEROUS SUBSTANCE FOR INDUSTRIAL USE GODREJ NIGERIA LIMITED (LIMONIA & FRESH MARINE) MULTI-CHEM INDUSTRIES LTD INDUSTRIAL RAW MATERIALS - CETYL ALCOHOL INTEGRATED FISHERIES CO LTD PAYMENT FOR SEA PRODUCT FOR ANIMAL FEED VODACOM BUSINESS AFRICA (NIG) LTD PURCHASE DOLLAR IFO WIOCC STALLION NMN LIMITED PAYMENT FOR SERVICES -Â MAR18 EMBASSY OF PORTUGAL EMBAIXADA ABUJ CONSULAR REMITTANCE FOR MARCH 2018 BOF PORTUGAL EM INT TOWERS LIMITED REPAYMENT OF LOAN NUMS DAIGNOSTICS DIAGNOSTICS KITS NUMS DAIGNOSTICS DIAGNOSTICS KITS WINNERS PEACE INDUSTRIES LIMITED CERAMIC INSULATORS FIXED LUMINARIES (BRAND: INFINITY LIGHT), MODEL-9124/1W, GIMEX INTERNATIONAL LIMITED SHARP/2W ROSE WILLIAM INTER LINKS BICYCLE ROLLER CHAIN REMSPAUL INTERNATIONAL COMPANY DISCHARGE LAMPS (B22 MODEL) NUMS DAIGNOSTICS DIAGNOSTICS KITS EMLEK RESOURCES LIMITED EMBROIDERY THREAD COREX UNIQUE INDUSTRIES LIMITED KNIFE SWITCH WITH LIGHT GIVE AND TAKE SUPERMARKET LIMITED WATER PUMP DISCHARGE LAMPS (CAPACITY: 80W) BRAND/MODEL: TONOBO/ CHASELINK INDUSTRIES LTD. W22, E27 CC DECO MARKETING COMPANY LIMITED UNCOATED KRAFT PAPER AND BOARD SHANONO GLOBAL INVESTMENT NIG LTD TOOTH BRUSH MEGA ELECTRIC COMPANY LIMITED lamp holders MACSUNEX GLOBAL INVESTMENT LTD lamp holders AP LOGISTICS COMPANY AUTO INJECTOR FIXED LUMINARIES(BRAND: INFINITY LIGHT) MODEL-9124/1W, GIMEX INTERNATIONAL LIMITED SHARP/2W FIRMUS ASSOCIATES LIMITED GENERATORS FC 45M THREE LEG ANGULAR TOWER , FC 55M THREE LEG INT TOWERS LIMITED ANGULAR TOWER BULK MULTI-PLY BAGS COWBELL DAIRY BASED POWDER INSTANT PROMASIDOR NIGERIA LIMITED FORTIFIED MILK POWDER BULK MULTI PLY BAGS LOYA WHOLE INSTANT MILK POWDER PROMASIDOR NIGERIA LIMITED FORTIFIED FC 45M THREE LEG ANGULAR TOWER , FC 55M THREE LEG INT TOWERS LIMITED ANGULAR TOWER FC 45M THREE LEG ANGULAR TOWER , FC 55M THREE LEG INT TOWERS LIMITED ANGULAR TOWER ECOBANK MOZAMBIQUE CCI CANCELATION BARUWA ABIOLA RASHIDAT BTA PTA ESIRI FRANCA BTA PTA LAWAL SAUDI ROFIAT OMOLARA BTA PTA CHARLES HAMMOND BTA PTA OGUNLAJA OYINKANSOLA TOLULOPE BTA PTA EMENIKE JULIAN MMAKANMA BTA PTA

DATE OF EXCHANGE FUND RATE PURCHASE

AMOUNT

24-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18

337.80 338.80 338.80 338.80 338.80

960.00 3,175.99 14,311.54 23,000.00 10,027.00

25-Apr-18

338.80

28,336.00

25-Apr-18

338.80

35,097.00

25-Apr-18 25-Apr-18 25-Apr-18

338.80 338.80 338.80

48,869.10 100,000.00 62,020.77

25-Apr-18

338.80

2,643.09

25-Apr-18

338.80

13,353.38

25-Apr-18

338.80

9,230.14

25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18

338.80 338.80 338.80 338.80

116,730.14 86,640.00 37,050.00 140,000.00

25-Apr-18

338.80

100,902.15

25-Apr-18

338.80

70,000.00

25-Apr-18

338.80

171,324.32

25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18

338.80 338.80 306.00 306.00 306.00 306.00 306.00 338.80 338.80 338.80

97,380.82 47,500.82 26,699.60 40,681.96 38,186.36 53,077.42 53,263.50 532,346.50 47,680.00 1,300,000.00

25-Apr-18

338.80

138,076.00

25-Apr-18 25-Apr-18 25-Apr-18

338.80 338.80 338.80

65,484.00 50,000.00 50,000.00

25-Apr-18

338.80

48,844.35

25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18

338.80 338.80 338.80 338.80

32,014.40 200,000.00 22,800.00 150,000.00

25-Apr-18

338.80

48,844.35

25-Apr-18 25-Apr-18

338.80 338.80

200,000.00 48,150.00

25-Apr-18

338.80

91,334.27

25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18

338.80 338.80 338.80 338.80 338.80 338.80 360.00 360.00 360.00

22,389.77 169,280.00 23,125.00 14,886.00 22,681.00 878,612.13 535.00 11,250.00 20,000.00

25-Apr-18

360.00

15,000.00

25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18

360.00 360.00 360.00 360.00 360.00 360.00

20,000.00 20,000.00 570.00 1,800.00 20,000.00 20,000.00

25-Apr-18

360.00

20,000.00

25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18

360.00 360.00 360.00 360.00 360.00

20,000.00 12,300.00 20,000.00 20,000.00 20,000.00

25-Apr-18

360.00

5,000.00

25-Apr-18

360.00

20,000.00

25-Apr-18

360.00

30,000.00

25-Apr-18

361.00

528,192.00

25-Apr-18

361.00

531,216.00

25-Apr-18

360.00

50,000.00

25-Apr-18

360.00

189,085.62

25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18

338.80 360.00 360.00 360.00 360.00 360.00 360.00

1,060,695.87 558.92 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00

47

T H I S D AY ˾ MONDAY APRIL 30, 2018

RETURNS ON UTILIZATION OF FUNDS SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 27th-APRIL 2018 This publication: Mandated by the Central Bank of Nigeria (CBN)

BANK: ECOBANK NIGERIA LIMITED SN

CUSTOMER

ITEM OF IMPORT

168 169 170 171 172 173 174 175

RAMONU LATEEF OLATUNJI RAMONU CECILIA EFIOWO ONIBODE ERI ADEDIWURA OSHADAMI REBECCA MOTUNRAYO INYANG EMMANUEL IKENGA NWAIGBO KINGSLEY MANU SUNDAY MARVEL ESUGO JOY OMOZUSI

176

HYUNDAI MOTORS NIGERIA LIMITED

177 178 179 180 181 182

A A RANO NIGERIA LTD MEEQUIP XTRAS NIG LTD 2 PRUDENT ENERGY AND SERVICES LTD MAMMAN MUSA AMLAI AKINBOLA TEMITOPE ADENIYI KALU IKECHUKWU INNOCENT KETNOK PROPERTIES AND MANAGEMENT SERVICES SAGNA EMILE CHUKWURA HENRY ASHIMEDUA EDO PSOCHS RESOURCES U B UKABS INTL LTD E.SCENT INVESTMENTCO.LTD ROYAL ZION VENTURES JOHNNY E.O. ENTERPRISES N MACBILKO ENTERPRISES LIMITED OLIVE MICHEAL ENT LTD FAVICO INTERNATIONAL LIMITED SIXTEEN NOVEMBER INTERNATIONAL RES UCHE MODELILO AND SONS NIG AZUNDU IK MERCHANDISE NIGERIA UBASAM ASSOCIATES EVANS CONCEPT LIMITED ARMOR ORTHOPEDICS LTD SIMCHEM INTERNATIONAL COMPANY LIMIT BUT ONE DAY LIMITED U B UKABS INTL LTD OURS REAL - EXPRESS LTD M U DA ALBARKA GLOBAL CONCEPT LTD EGOIYKE TRADING VENTURES LIMITED LITTLE LILIE APEXLINK LTD KEMTIM GLOBAL SERVICES LIMITED WHITFIELD VENTURES LTD UDOSEN ENO MICHAEL MALIK SAMUEL ABIODUN OKUNNU OLUFEMI UWAEZUOKE IKENNA FRANCIS AIGBOLOGA IZEGAEGBE IMAM MARYAM ABUBAKAR ANOMI CLINTON AUGUSTINE AKINDEINDE ADEBISI EYITAYO HAMZA FATIMA ISA IGBETAR MARGARET MARY MOVINZE IJEOMA BLESSING CHIOMA NWAMARA CHUKWUNYERE NNAEMEKA MOHAMMED GWA TOBBIE OGUNFUYI AKIN FESTUS AKINTEYE JOSEPH OLATUNDE EKWERE VICTOR SUNDAY LAWAL HALILU MAMMAN JOSHUA NGOZI MARTHA SARO AGROSCIENCE LIMITED IRON PRODUCTS INDUSTRIES LIMITED A A RANO NIGERIA LTD SIL NAK INTL NIG LTD POWERLINK BUSINESS ENTERPRISES LIMI KABOB RESOURCES LIMITED PRUDENT ENERGY AND SERVICES LTD A A RANO NIGERIA LTD VISTA INTERNATIONAL LIMITED ORUWARI DAYE IBINABO ORUWARI DAALA KAINE OTINNIYI ADEOLA OLUMIDE ACHINEWHU IGWEMZI CHITURU AGORO SHAKIRAT OLUWAKEMI OKPO JERRY ETIM IHEJIRIKA MARCILLINUS ALOZIE AWOYE BUKUNOLA WURAOLA AKALONU ONYEMA T. KATHERINE EBUN WANIKO OJAR JONAH OPAH ONWUEGBUCHULAM FELICIA NGOZI NNODIM EGO JULIANA EJEMAI ADESOLA HENRIETTA OTAIGBE FELICIA OBEHI EWUZIE KENECHUKWU NWACHUKWU ADEWARA DAMILOLA BALOGUN MULIKAT FOLA ILOKA ESTHER OGOCHUKWU OLYMPIC INKS LIMITED OLYMPIC INKS LIMITED VISTA INTERNATIONAL LIMITED VISTA INTERNATIONAL LIMITED

BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA 72 UNITS OF HYUNDAI VEHICLES SKD AS PER PROFORMA INVOICE NUMBER PC-17/PFI-0239-BOC DATED 28 JUNE,2017 - (POL: ANY SEAPORT IN REPUBLIC OF SOUTH KOREA) IMPORTATION OF PETROLEUM PRODUCT (AGO) IMPORTATION OF GOODS - INDUS FEMORAL COMPONENT IMPORTATION OF PETROLEUM PRODUCTS EDUCATION EDUCATION EDUCATION

183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258

DATE OF EXCHANGE FUND RATE PURCHASE

AMOUNT

25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18

360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00

4,000.00 4,000.00 4,000.00 3,912.44 4,000.00 4,000.00 3,977.46 2,000.00

25-Apr-18

338.80

356,707.74

25-Apr-18 25-Apr-18 25-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18

338.80 338.80 338.80 360.00 360.00 360.00

2,019,197.09 25,700.00 332,839.27 15,000.00 15,000.00 3,127.92

EDUCATION

26-Apr-18

360.00

2,558.11

EDUCATION EDUCATION HAMMER SEWING MACHINE PARTS CABLES (KAMEL BRAND) MATH SET BICYCLE ROLLER CHAIN AIR FILTER UMBRELLA WATER PUMP UNCOATED CRAFT PAPER BOARD SPORTS EQUIPMENT SEWING MACHINE PARTS UMBRELLA COMMUNICATION EQUIPMENT SPORTS EQUIPMENT FRONT WHEEL BEARING AND OIL FLITER UNCOATED KRAFT PAPER AND BOARD SEWING MACHINE PARTS GASOLINE WATER PUMP BABY DIAPER UNCOATED KRAFT PAPER AND BOARD UMBRELLA DIAGNOSTIC KITS PROCUREMENT OF SUPERPHOSPHATES BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA AGRICULTURAL INSECTICIDE: SNIPER 100ML RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL:BEAMS IMPORTATION OF PETROLEUM PRODUCT (AGO) OFFSHORE CHARGES OFFSHORE CHARGES OFFSHORE CHARGES OFFSHORE CHARGES IMPORTATION OF PETROLEUM PRODUCT (AGO) RAW MATERIAL FOR PRODUCTION OF EXERCISE BOOKS BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA ETHYL ACETATE MACHINE SPARE PARTS INDUSTRIAL RAW MATERIAL FOR PRODUCTION OF EXERCISE BOOKS INDUSTRIAL RAW MATERIAL FOR PRODUCTION OF EXERCISE BOOKS

26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18

360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 338.80 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 338.80 360.00 360.00 360.00 360.00 360.00 360.00 360.00 315.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 338.80 338.80 315.00 315.00

8,333.33 2,070.00 14,000.00 4,900.00 20,000.00 20,000.00 20,000.00 20,000.00 10,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 10,000.00 20,000.00 20,000.00 20,000.00 9,273.88 20,000.00 9,500.00 4,000.00 4,000.00 3,000.00 2,000.00 1,500.00 3,999.06 4,000.00 2,786.80 3,204.82 3,999.06 1,393.40 4,000.00 4,000.00 2,000.00 1,500.00 2,000.00 1,397.30 4,000.00 33,895.81 184.85 86,630.30 772.84 1,692.67 239.18 1,651.63 6,500.00 136,564.47 4,000.00 4,000.00 4,000.00 800.00 1,500.00 3,898.44 4,000.00 4,000.00 4,000.00 3,995.90 2,200.00 4,000.00 4,000.00 3,898.44 3,220.00 4,000.00 1,392.30 3,971.19 4,000.00 46,879.18 50,501.64 150,631.55 161,513.02

RETURNS ON SOURCES OF FUNDS PURCHASED FROM CUSTOMERS FOR THE WEEK ENDED FRIDAY 27TH-APRIL 2018

SN

SOURCE

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

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

DATE OF FUND PURCHASE 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 23-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 24-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18 25-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 26-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18 27-Apr-18

EXCHANGE RATE

AMOUNT

305.60 305.60 305.60 362.00 305.08 356.00 356.00 355.00 355.00 355.00 330.00 334.02 333.34 357.00 357.00 305.50 314.00 305.60 305.60 305.60 362.03 305.64 356.00 355.90 356.00 356.00 356.00 356.00 355.00 355.00 355.00 355.00 304.60 314.00 305.60 305.60 362.01 305.08 356.00 356.00 359.00 360.00 305.65 359.00 359.50 314.00 338.30 338.30 305.65 305.65 305.31 355.00 355.00 355.00 355.00 356.00 356.00 355.00 314.00 305.65 305.65 305.65 362.02 305.51 356.00 356.00 355.00 355.00 355.00 355.00 355.00 315.00 359.00 359.00

27,245.81 551,408.42 92,808.45 5,014.64 3,018.88 594.66 124,940.78 101,534.62 17,549.25 55,606.27 48,754.00 2,521,000.00 966,450.00 1,000,000.00 1,000,000.00 211,908.84 2,383.04 63,049.28 192,227.71 554,237.82 1,635.23 10,887.12 161.60 11.08 167,521.89 36,575.14 697.29 6,325.45 75,087.60 24,624.43 98,836.70 73,538.02 11,797.40 2,336.58 196,626.71 9,187.64 2,734.74 2,476.38 109,532.88 494.01 30,000.00 1,059,408.00 10,000.00 50,000.00 2,401,380.21 9,554.14 5,000,000.00 5,000,000.00 2,443.10 3,364,503.81 6,124.59 32,816.15 104,895.34 94,610.68 24,362.25 549.76 122,580.75 148,975.35 7,961.78 12,244.52 368,463.37 31,186.32 6,133.54 3,610.32 514.14 108,518.00 23,717.23 91,693.92 104,726.60 68,342.22 64,485.65 434.37 6,500.00 40,000,000.00 6,500.00 26,731,556.47 66,731,556.47 361,237.25 901,777.79 66,731,556.47 901,777.79

T H I S D AY ˾ MONDAY APRIL 30, 2018

49

50

MONDAY APRIL 30, 2018 ˾ T H I S D AY

NEWS

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

Again, Presidency Asks Malami to Rein in Obono-Obla Tobi Soniyi As the presidency continues to receive petitions against the Chairman of the Special Presidential Investigation Panel on Recovery of Public Property, Mr. Okoi Obono-Obla, it has directed the Attorney General of the Federation and Minister for Justice, Abubakar Malami (SAN) to query him.

The directive to query ObonoObla was contained in a letter dated April 11, 2018, and written by the Deputy Chief of Staff to the President, Office of the VicePresident, Mr. Ade Ipaye.

A copy of the letter which was sighted by THISDAY, stated: “I am directed to refer to your letter No:

SGF/PS/SPIPRPP/733/1 dated 16 March 2018, on the above-stated subject, and inform you that His Excellency, Prof. Yemi Osinbajo, SAN, Vice-President, Federal Republic of Nigeria, has accorded the submission due consideration.

“Flowing from this, I am to advise that you initiate appropriate action to request the Chairman of the Panel to respond to the issues raised in the several petitions written against him within a specific time frame. Further, his response earlier conveyed vide the attached letter dated 17 November, 2017.

“In view of the apparent need to review the mandate and methods of the committee, I am also to advise that you request a detailed report

of the activities of the committee from inception, endorsed by all members, to provide the requisite basis for informed action.”

This is not the first time the presidency would direct the AGF to call Obono-Obla to order.

Last year, the presidency had directed Obono-Obla to stop carrying out any operation in his capacity as head of the panel.

Despite the warning, the presidency continued to be inundated with petitions against Obono-Obla.

Salihu Isah, the media assistant to the AGF, in a statement last year had said Obono-Obla’s actions at the time were contrary to the Act which established the panel.

Isah said his statement was based on a letter dated November

1, 2017, and addressed to the panel’s chairman by the justice minister.

The presidency then said the activities of the panel also contravened established administrative procedures and protocols in the nation’s civil service structure.

It directed that the panel must ensure strict compliance with its

directives.

Obno-Obla was also instructed to henceforth seek clearance from the AGF before granting any media interview or issuing press statements on official matters.

The letter had directed him to promptly provide a detailed up-todate report on the activities of the panel to the minister for onward transmission to the vice-president.

Explosion Rocks Nwodo’s Country Home I’m undeterred, says Ohanaeze president-general PDP, Ekweremadu condemn attack Christopher Isiguzo in Enugu The country home of the President General of the apex Igbo socio-cultural organisation, Ohanaeze Ndigbo, Chief John Nnia Nwodo, in Ukehe, Igboetiti Local Government Area of Enugu State was yesterday bombed by some yet-to-be identified persons.

Nwodo confirmed the incident in a statement made available to journalists by his Media Adviser, Chief Emeka Atamah, in Enugu.

According to the statement, a closer look by the Police Bomb Disposal Unit suggested it was an Improvised Explosive Device (IED) that was hurled over the fence into the compound causing extensive damage to the windows, the ceiling of one of the houses in the compound and an airconditioning unit.

THISDAY checks showed that nobody sustained any injury when the explosion occurred.

The Enugu State Commissioner of Police, Danmallam Mohammed, accompanied by the Area Commander for Nsukka Police Command and the Divisional Police Officer for Igbo Etiti Local Government Area, arrived early at the scene of the incident which created a crater in the compound for inspection.

Addressing the people who trooped to Nwodo’s home, the police commissioner enjoined them to always be vigilant and to report any strange faces to security operatives.

Danmallam who described the state as very peaceful, wondered why some miscreants would be after the life of Nwodo whom he said is only serving his people, adding that what happened was a sign for the need for greater security around him.

The commissioner ordered that security be beefed up in and around the compound and promised that the perpetrators would soon be identified and brought to justice.

Earlier, the Commander of the Bomb Disposal Unit, John Aniche, had briefed the Ccommissioner and Nwodo on the items they collected from the scene including batteries,

pellets and other materials used in preparing the IED and said they would be carefully scrutinised and analysed.

Welcoming the commissioner to his home, Nwodo expressed surprise that anybody would be after his life but added that the incidence would not deter him from leading his people.

He thanked the police boss for his prompt response to the incident.

In his speech, the traditional ruler of Umudele in Ukehe, Igwe Lawrence Aroh, thanked God for saving the life of the President General.

He wondered why some bad elements would constitute danger to others in a country bountifully endowed by nature.

The traditional ruler assured the commissioner that the people would be extra-vigilant and that any such attempt in the future would be nipped in the bud.

Later, the state Director of DSS, Mrs E A Likiyon, came to see the scene of the explosion.

Meanwhile, the Peoples Democratic Party (PDP) and Deputy Senate President, Senator Ike Ekweremadu, have condemned the bombing in strong terms.

The party described the action of the arsonists as callous, horrendous and wicked.

It called on security agencies to unravel the identities of the masked characters behind the dastardly act.

“All our security agencies must swing into action and arrest the culprits to serve as deterrent to others.

“Our country cannot afford another form of criminality in view of the psychological trauma Nigerians are going through with bloodletting and killings in many states of the federation.”

On his part, Ekweremadu said: “This is a dastardly act. It is certainly ugly, evil, and outrageous. I roundly condemn it. This is quite an unusual development in the South-east and we will not accept it.

“I call on the security agencies to get to the root of this devilish act and ensure that the culprits and masterminds are brought to book immediately.”

DISTINGUISHED AWARD

L-R: Chairman, Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler; Wife of the President, Institute of Chartered Accountants of Nigeria (ICAN), Mrs. Mairo Zakari; Minister of Finance, Mrs. Kemi Adeosun; President, ICAN, Mr. Isma’ila Zakari, and Registrar/CEO, Mr. John Evbodaghe, at the ICAN 2018 annual dinner and awards in Lagos... weekend

PDP Tackles APC over Alleged N6bn Convention Budget Ruling party dismisses allegations Onyebuchi Ezigbo in Abuja The Peoples Democratic Party (PDP) has asked the All Progressives Congress (APC) to stop lying to Nigerians over alleged move by the ruling party to mop up N250 million from its governors to fund the activities of its convention.

The opposition party accused APC of attempting to divert N6bn meant for the development of states under their control to finance their forthcoming national convention.

In a statement issued by its National Publicity Secretary, Kola Ologbondiyan, PDP said it was unbecoming that an administration that has been accusing others of corruption and publishing fabricated ‘looters’ lists’ would try to deceive Nigerians and divert public attention from their sleazes.

“APC is corrupt. Our investigation revealed that many of the APC governors are being coerced under the orders of the presidency and the leadership of the party to move in huge sums of money in cash into the APC coffers, bulk of which have already been frittered away by corrupt leaders in the party and agents of the presidency.

“More saddening is that the money is being pulled from funds derived from federal bailouts and other monies budgeted for critical development projects in various communities, many of which have now been stalled, leaving the people

deprived and impoverished.

“It is appalling that this is the same party and administration that have been accusing others of corruption and publishing fabricated ‘looters’ lists’ just to deceive Nigerians and divert public attention from their sleazes.

“We challenge the APC to publish the names of the governors, ministers and other APC political office holders, who have already brought in money as well as inform the nation on why they are moving the money in cash contrary to financial regulations, if the source is not proceeds of corrupt activities.

PDP said the APC and President Muhammadu Buhari have refused to open up on the sources of funds for their very expensive 2015 presidential campaign, which have been revealed to have been stolen from states under their control.

“This time, they are again coercing governors to steal money meant for development and payment of salaries to finance their 2019 campaign.

“What many Nigerians are yet to know is that the APC actually plans to rake in a total of N14 billion from government coffers, out of which it has already planned to procure expensive cars for their national officers as well as share to their leaders close to President Buhari.

PDP further said that its findings

showed that the N671 million recently reported to have been stolen from APC account by some national officers who allegedly moved the sum to their private accounts is linked to diverted public funds.

“There is documentary evidence and the APC has failed to offer explanations to Nigerians on that.

“The APC reeks and is completely guilty as it reasonably ought to have known that the funds it has been receiving form part of illegal activities of government officials who have been diverting funds from states and government agencies, particularly the Nigeria National Petroleum Corporation (NNPC) and the National Health Insurance Scheme (NHIS) to fund the wasteful lifestyle of their party leaders and the 2019 re-election bid,” PDP said.

On its part, the PDP said it has reformed and re-branded, as a political party, and remained open. It challenged the APC to declare same.

After denying the allegations last Saturday, the APC again yesterday dismissed it.

It said it never asked its governors to contribute N250 million each to enable it organised the forthcoming congresses and convention.

The party in a statement issued by it National Publicity Secretary, Mallam Bolaji Abdulahi, explained that what transpired during the meeting of the National Working Committee (NWC) and the

governors of the party held at the party’s secretariat last Thursday was that many of its governors were behind schedule in the payment of their party dues.

According to the spokesman, while some of the governors have been up-to-date with the payments, a few others have not paid at all.

He said the governors were therefore requested to pay up, especially in view of upcoming party activities.

“It is therefore possible that a governor that falls in the category of those that has not paid since inception could owe up to N250million. Therefore, it is grossly misleading, if not downright malicious, for your report to simply apply this sum to everyone and multiply by the number of governors.

“For avoidance of doubts, party dues are paid by all members of the party holding positions, either by election or appointment. Therefore, members of the National Assembly as well as cabinet ministers also remit a percentage of their earnings to the party Meanwhile, the ruling party has made public its audited account for the 2015 election year.

The audited account which was obtained by THISDAY at the weekend, APC puts its total expenditure for year 2015 at N2,382,669,973. Regarding the election expenses, APC said it spent N676,078,349 during the 2015 elections.

MONDAY APRIL 30, 2018 ˾ T H I S D AY

51

NEWSEXTRA

CBN to Fire Bank Chairmen, CEOs over Failure to Publish Accounts within 12 Months Limits ways and means advances to FG to 5% of previous year’s revenue Obinna Chima The Central Bank of Nigeria (CBN) has announced its resolve to remove the chairmen and chief executives of any commercial bank whose accounts remain unpublished for 12 months after the end of the bank’s financial year.

The central bank, in its Monetary, Credit, Foreign Trade and Exchange Policy Guidelines for Fiscal Years 2018/2019 posted on its website at the weekend, said in accordance with the provisions of the Bank and Other Financial Institutions Act (BOFIA), banks are required, subject to the written approval of the CBN, to publish not later than four months after the end of each financial year, their audited financial statements (statement of financial position and statement of comprehensive income) in a

national daily newspaper printed and circulated in Nigeria.

All banks, discount houses and their subsidiaries are expected to adhere to December 31 that had been set as their accounting year end, it added.

The CBN, in the guidelines, said it would hold the board chairman and CEO of any defaulting bank directly responsible for any breach.

It added that appropriate sanctions would also be imposed on the defaulting banks which could include barring the chief executive or his/her nominee from participation at the Bankers’ Committee and disclosing the reason for such suspension; suspension of the foreign exchange dealership licence of the bank; and its name sent to the Nigerian Stock Exchange (in the case of a public quoted company).

The CBN pointed out that banks

Aspirants: Why We Want Buhari’s Job and How We Plan to Take It Three presidential aspirants have spoken on why they want President Muhammadu Buhari’s job and how they plan to remove him from office in February 2019.

The three of them – Dr. Kingsley Moghalu; Mr. Omoyele Sowore; and Dr. Datti BabaAhmed – spoke in the current edition of The Interview, in their most detailed interviews yet.

Moghalu, a former Deputy Governor of the Central Bank of Nigeria (CBN), said Nigerians would remember President Buhari, “for his record of failed performance on his campaign promises on security, the economy and corruption.”

He said his presidency would reposition Nigeria for economic prosperity, “by creating an enabling environment for a productive, innovation-led economy, with a better approach to taxation that will reduce dependence oil revenues.”

Sowore, the publisher of Sahara Reporters, said, “Buhari is done.”

He laid out a three-pronged policy covering security, power and infrastructure, which he said would lift the country from its present state.

He promised to create at least 250,000 new jobs in the agricultural sector, with commercial ranching operations that would cover 20 million cows.

Baba-Ahmed, the Pro-chancellor of Baze Unversity, Abuja, said: “Buhari’s second term will destroy Nigeria and unsettle the rest of Africa.”

He promised that his government would stabilise the naira by tackling the current high risk factors, reduce interest rates and “flood the capital market with investible funds.”

Two of the aspirants, Moghalu and Sowore, have not yet announced their party platforms, while Baba-Ahmed was a member of the House of Representatives and a senator on the platform of the Peoples Democratic Party (PDP).

The MD/Editor-in-Chief of The Interview, Mr. Azu Ishiekwene, described the edition as “the most comprehensive window yet on aspirants who could be the biggest disruptors in the 2019 presidential race.”

The interviews covered campaign funding, the incumbency factor, and the antecedents of the aspirants.

Also in this edition, a faculty member of the Enterprise Development Centre of the Lagos Business School, Helen Emore, spoke extensively on the problems of SMEs in Nigeria; while Interview Confidential, provides the inside story of the travails of Senator Dino Melaye.

Symposium to Mark Adesanya’s Remembrance A symposium on ‘Leadership and the future of Nigeria’ to mark the 10th anniversary of the death of the late elder statesman and prodemocracy activist, Chief Abraham Adesanya, will take place on May 2 at the MUSON Centre, Onikan, Lagos.

Former Commonwealth Secretary General, Chief Emeka Anyaoku, is guest speaker, while contributing speakers are Chief John Nwodo, General Zamani Lekwot, Prof Banji Akintoye and Mrs. Doyinsola Abiola.

Former military Head of State, General Abdulsalami Abubakar (rtd), is expected to chair the

occasion.

A thanksgiving service will follow on May 6 at St. John’s African Church, Oke Agbo, Ijebu-Igbo, Ogun State. The remembrance will also feature the launching of a book of tributes.

A statement by the Chairman of the Publicity Committee, Prof Adebayo Williams, described Adesanya who died at 85 on April 27, 2008, as “a great Nigerian nationalist, exemplary Yoruba patriot and leader, statesman, philosopher, moral avatar and illustrious Chairman of the Afenifere and National Democratic Coalition (NADECO).

were expected to seek profitability by driving down costs and charging competitive rates instead of charging excessive rates of interest.

“Therefore, banks shall develop and implement a risk-based pricing model in line with the provisions of CBN circular referenced BSD/ DIR/GEN/RPN/04/120 on ‘the need for banks to develop and implement a risk-based pricing model’, issued in October 2011.

“Furthermore, to ensure that the Monetary Policy Rate (MPR) is an effective tool for driving lending rates, banks shall disclose their prime and maximum lending rates as a fixed spread over the MPR. “As part of its effort towards promoting greater financial inclusion in the country, the Bank shall continue to encourage banks to intensify deposit mobilisation during the 2018/2019 fiscal years.

“Accordingly, banks shall allow zero balances for opening new bank accounts and simplify their account opening processes, while adhering to Know-Your-Customer (KYC) requirements.

“Banks are also encouraged to develop new products that would provide greater access to credit,” the CBN added.

The guidelines further noted that ways and means advances would continue to be available to the federal government, to finance deficits in its budgetary operations to a maximum of five per cent of the previous year’s actual collected revenue.

Such advances, according to the CBN, shall be liquidated as soon as possible, and shall, in any event, be repayable at the end of the year in which it was granted.

“Consistent with the banking arrangement of Treasury Single Account (TSA), Ways and Means Advances would now be determined after recognising the sub-accounts of the various MDAs, which are now linked or connected to the Consolidated Revenue Fund (CRF) to arrive at the FGN consolidated cash position. This would continue in the 2018/2019 fiscal years,” it stated.

It reiterated that the aggregate

foreign currency borrowing of a bank, excluding intergroup and interbank (Nigerian banks) borrowing shall not exceed 125 per cent of shareholders’ funds unimpaired by losses.

Banks were also expected to adopt risk mitigation strategies.

According to the guidelines, the outlook for the Nigerian economy remains optimistic, saying the momentum gained in the second quarter of 2017 was expected to persist into 2018/2019.

In addition, growth prospects were expected to follow global economic recovery, the CBN noted. “Government efforts in the real sector are expected to spur growth and improve economic performance in the medium-term.

“Specifically, the implementation of the Economic Recovery and Growth Plan (ERGP), sustained CBN interventions and improved supply of foreign exchange are expected to stimulate growth in the non-oil sector, particularly in

agriculture and manufacturing.

“The agricultural sector is expected to drive growth in 2018/2019 through increased production, which is a key objective of the ERGP,” it stated.

Effective implementation of the ERGP, coupled with the resolution of the crises in the North-east and favourable climatic conditions, were expected to boost agriculture production and dampen inflationary pressure.

“The MPR will continue to be the anchor rate for short-term interest rates. The Monetary Policy Committee (MPC) will regularly review the rate in response to prevailing liquidity conditions and other developments in the economy.

“The major instrument for managing system liquidity will continue to be Open Market Operations (OMO).

This will be complemented by cash reserve requirements, discount window operations and foreign exchange interventions,” it stated further.

ROYAL GUESTS

L-R: Ooni of Ile-Ife, Oba Adeyeye Enitan Ogunwusi; Governor of Osun State, Rauf Aregbesola; and the Oba of Benin, Omo N’oba N’edo Uku Akpolokpolo, Oba Ewuare II, during a courtesy visit by Benin Traditional Council led by the Oba of Benin to the governor, at the Government House, Osogbo....weekend

FIRS Nets N1.171tn in First Quarter Ndubuisi Francis in Abuja The Federal Inland Revenue Service (FIRS) has collected a total revenue of N1.171 trillion in the first quarter (Q1) of 2018, which is N393 billion higher than the N778.1 billion collected during the corresponding period in 2017.

The N1.171 trillion collection in the first quarter of 2018 (between January and March) represented a 51 per cent increase in collection compared to 2017.

The Executive Chairman, FIRS, Mr. Tunde Fowler, gave the figures in Lagos at the weekend, at the 2018 Institute of Chartered Accountants of Nigeria (ICAN) annual dinner and awards.

In a statement, the FIRS’ Head, Communications and Servicom Department, Mr. Wahab Gbadamosi quoted Fowler as saying that good taxpayers who are doing

their duties conscientiously, by paying taxes as and when due, would make Nigeria great again.

The Minister of Finance, Kemi Adeosun, who was also conferred with the ICAN merit award, in the members’ category, was a rare endorsement of some of the change initiatives under President Muhammadu Buhari.

She stated that the awards, coming from an association known for its integrity and professionalism to a tax collector, was rare and an endorsement of the work of tax collectors in the country.

The finance minister, who had kind words for the FIRS Chairman, ICAN and stakeholders in the Federal system, said: “The President of ICAN, Alhaji Ismaila Mohammed, Zakari, the Vice President, the First and Second Vice Presidents, past presidents. Let me also recognise my professional

mother and the first female Chartered Accountant in Africa, Mrs. Toyin Olakunrin. Thank you.

“I am here today because you were here and because of the work that you did. If you didn’t do what you needed to do, I won’t be here today. On behalf of all female chartered accountant, we say thank you. We are here to make you proud.

“On behalf of my colleagues, all the awardees, members of ICAN and my humble self. The GED of NNPC, Alh Isiaka AbdulRasak, my Kabiyesi the Akarigbo of Remoland and Mrs Magaret Unubu, I like to say thank you to the institute for deeming us worthy of these awards.

“In Nigeria, we like awards, all kinds of awards. But when you get an award from ICAN, it’s actually a very valuable award. It’s a very valuable and well-respected honour.

So, I like to thank you for deeming

us worthy of these awards. I think it’s important and symbolic today that we are recognising members of the profession and non-members from a wide range of public service, private practice.

“I think it is significant that a taxman is being honoured.

And when the taxman’s name is mentioned, people clap.

“That is a sea change in Nigeria that I think it’s here to stay. When the people collecting taxes are popular, the country wants to move forward. I thank you all on behalf of all the recipients.

“Let me thank so many heads of government agencies under the ministries of finance, NNPC, FIRS… that are really pulling together to take this country forward when I am being honoured. They are also being honoured too. We promise you that we will continue to do our best to make you proud.”

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CAN PROTEST...

CAN PROTEST...

Angry Christians Chase Away Ondo Deputy Governor Our Correspondents A mild drama ensued yesterday at the Government House, Alagbaka, Akure, Ondo State when Christians under the aegis of the Christian Association of Nigeria (CAN) unanimously turned down attempt by the Deputy Governor of the state, Hon. Agboola Ajayi, to address them during a protest.

The protesters who closed early from different churches for the nationwide protest ordered by CAN, insisted that it was only the governor that could address them on the issue at hand.

Christians all over the country protested what was described as senseless and indiscriminate killings of priests and worshippers in some parts of the country.

The protesters accused the Ondo State Governor, Mr. Oluwarotimi Akeredolu (SAN) of avoiding the leadership of CAN since he assumed office.

The placard carrying protesters in their thousands moved from Adesida /Oyemekun Road to the Government House thus causing traffic snarl on the road.

Some inscriptions on the placards read: ‘CAN Rejects Poor Handling of Security’; ‘Did Cows Vote You into Power?’; ‘President, Save Christians from Killings.’ among others.

Speaking during the protest, the CAN Chairman in the state, Reverend John Ayo Oladapo, said the protest across the country became necessary following the incessant killings of innocent Christians across the country Oladapo condemned what he called the lopsidedness in the appointment of security chiefs, calling on the president to address it.

“We are here today to register our displeasure to the on going killings across the country. We want to say Christians in the country are not second class citizens. We will not allow these killings.

“Why is it that all our security chiefs are from the same region.

We condemn this appointment. Our government must listen to us.

“Let Buhari forget 2019 for now and face security issues in the country.

This is not time for electioneering.

“We sent our letter to the governor of our coming today and the letter was duly received by the office of the governor and since his inception he has been repeatedly ignoring us CAN. “Finally, I want to tell our people to go out there and register and also get your PVCs for you to do the needful come 2019. We are waiting for them.

“My people and the whole Christians in Ondo State have unanimously said that only the governor can address us, he has not deemed it fit to address us since he took over the mantle of leadership in the state.

“We have duly informed the governor about this protest and our intension to bring the protest to him to table our grievances on the killings of Christians in our country. And if the governor did not deem it fit to see us, we will go home silently,” CAN chairman said.

One of the leaders of the CAN in the state also condemned the governor’s attitude while addressing the protesters saying: “He who honours God will be honoured, and he who dishonours God will be dishonoured.

“We are here because we love this government and it is left for the governor to decide if he will see us or not and if he refuses to give us audience, we will go away but to every action, there is a reaction.”

After several minutes, the deputy governor was chased away from addressing them by the angry protesting Christians who maintained that “It is the governor or nobody.

“We voted for him and we expect him to take our issues serious. The deputy governor should go back, we don’t want him,” the protesters chorus.

Also speaking, the Anglican Bishop of Akure Diocese, Bishop Simeon Borokini, said Christians would not allowed cattle rearing in the state.

He called on Governor, Oluwarotimi Akeredolu to as a matter of urgency ensure security in Akoko area of the state, saying “the Akoko region is now the new Sambisa forest in Nigeria.”

Benue CAN Demands Buhari’s Resignation

The Christian Association of Nigerian (CAN) has called on President Muhammadu Buhari to resign over his inability to tackle the ceaseless herdsmen killings and security challenges confronting the country.

Speaking at a peaceful procession organised by the Benue State chapter of CAN, Chairman of the chapter, Rev. Akpen Leva, who led the procession which had participants bearing placards with several inscriptions including, ‘President Buhari resign now’, ‘enough of the genocide in Benue’, ‘arrest the leadership of Miyetti Allah and, Benue State’ and ‘self defence is the answer,’ noted that killings had become a source of physical and mental agony for the people on the state.

He said CAN wrote to the federal government on the matter.

“It is a fact that the silence and the indecision of the federal government is rather an encouragement to the militant herdsmen to perpetrate all these evil upon the people of Benue State.”

He accused the federal government for acting the script of the Miyetti Allah Cattle Breeders’ Association.

Stop Bloodshed in the Country, Says Kwara CAN

Kwara State Chairman, Christian Association of Nigeria (CAN), Professor Timothy Popoola, has urged President Muhammadu Buhari to as a matter of urgency stop the immediate shedding of innocent blood of the people of the country.

Popoola disclosed this in Ilorin yesterday shortly after the mass

Christians protesting killings accros the country by herdsmen in Akure... yesterday rally organised by the members of the CAN in the state to join their counterparts across the nation to express their dissatisfaction with the mass killing of Christians in their various churches in Benue, Plateau, Taraba States among others in the country.

According to him, “It is too much and it has become too much.

Many people have lost their fathers, their wives, and children.”

He said: “Many have been displaced for no reason by the Fulani herdsmen and we are calling on our president of this great nation to do everything to stop the calling of Nigerians particularly the Christian because when Fulani herdsmen enter into churches, killing priests and worshippers, what are they looking for? Is it grass they are looking for inside the churches? Definitely it is not.

“This is a clear indication that this is Jihad that is being lunched by these Fulani herdsmen and our prayers today will stop them. Jesus will build His church.”

Most Kaduna Churches Fail to Comply with Protest Directive

With the exception of the First Baptist Church in the heart of the city, many churches in Kaduna did not comply with the directives of the Christian Association of Nigeria (CAN).

President of the association, Rev. Olasupo Ayokunle, had directed Christians to embark on a nationwide protest and prayers over the killings in Benue State, especially the recent murder of two Catholic priests and 17 others in a church.

Members of the First Baptist Church located along Ibrahim Taiwo Street, by Ahmadu Bello Way, Kaduna staged a peaceful protest within the church premises.

They carried placards, demanding an end to the killings in parts of the country and the immediate release of Leah Shuaibu, the Dapchi schoolgirl who is still being held in captivity by the Boko Haram insurgents for refusing to denounce her Christian faith.

Pastor of the church, Rev. Banjo Ajao, said the protest became necessary to draw the attention of policymakers to the unnecessary killings and abductions ravaging the country in recent times.

Kogi CAN Joins National Protest

The Kogi State chapter of Christians Association of Nigeria (CAN) yesterday joined other states to observe the day of prayer and protest declared by the national body of the association.

The protest was carried out by the Chapel of Freedom in Lokoja where members displayed placards to express their displeasure with the ongoing killings across the country.

The Kogi State Chairman of CAN, Bishop John Ibenu, while speaking with journalists after the protest, said it was peaceful in the state.

He, however, said there was the need for the federal government to set up a Truth and Reconciliation Commission over the menace of herdsmen attacks in the country.

Ibenu said: “It is a national day of prayer and protest; Christians don’t protest, if we have to that means the issues have reached the peak, we spent time to pray for the nation and Kogi State and also for the future, Kogi State CAN in obedience to the directive of national CAN observed the day in our church premises”

Obi Consoles Bishops, Ortom, Others over Church Killings

Former Governor of Anambra State, Mr. Peter Obi, has consoled the Catholic Bishops’ Conference of Nigeria; the Governor of Benue State, Dr. Samuel Ortom, and the entire people of the state as well the families of the priests and other faithful killed in the attack on the church.

The former governor lamented that the spate of killings was a classical case of the desecration of the human life and very bad narrative about Nigeria.

Premium Times

Condemning the killings, which he observed appeared to be going out of control, the former governor called on the government to act quickly and seriously to stop it.

He noted that the killings would be scary to even local investors and injurious to Nigerian’s economy.

Ekiti CAN Slams Buhari, Says Christians No Longer Safe Under Him

Following invasion of churches leading to killings of Christian faithful allegedly by suspected herdsmen in some sections of the country, scores of Christians of various denominations yesterday abandoned normal church services in Ekiti State and stormed streets in protest.

The placard-carrying protesters who trooped out in their numbers converged on Ado Ekiti capital city, under the aegis of Christian Association of Nigeria, (CAN), condemning the killings in churches bythis dreaded group.

The religious body maintained that they were tired of incessant killings of fellow Christians in the Middle Belt of Benue and Northeastern part of the country.

CAN warned that allowing Christians to be freely killed without response from the federal government under President Muhammadu Buhari could cause total collapse of the country if not nipped in the bud early enough. The Chairman of CAN in Ekiti, Rev. Joshua Orikogbe led other top church leaders, Christian faithful and hordes of the association’s chairmen and top officers in all the16 local government areas of the state to Governor Ayodele Fayose to register their disapproval over the wanton killings in the affected states. Orikogbe called on Buhari to act swiftly by stopping the menace and bring the culprits to book.

ESOCS Church Protests Bloodshed Across Nigeria

The members of the Eternal Sacred Order of the Cherubim and Seraphim (ESOCS), Yewa Provincial Headquarters, Ilaro, Ogun State yesterday staged a protest against killings across Nigeria.

This is in response to the latest bloody incidents in Benue State.

Elder Biodun Sanyaolu who is the National Treasurer of OAIC and the National Director of CAN while addressing the gathering yesterday, vehemently rejected the violent activities of the Islamist terrorist group, Boko Haram and the marauding Fulani herdsmen in Nigeria.

Sanyaolu in a statement by the Provincial Secretary, Apostle Gbenga Ekunola, demanded the release of Leah Sharibu, the young schoolgirl abducted by Boko Haram terrorists from the Government Girls Science and Technical College, Dapchi, Yobe State.

He also demanded for the release of the rending Chibok schoolgirls as well as all other Nigerians in captivity.

The National Director of CAN, called on federal government under the leadership of President Muhammadu Buhari to act swiftly to put an end to the killings.

Kano Christuans Shelve Protest

The Kano State chapter of the Christian Association of Nigeria (CAN) yesterday resolved to shelve the planned demonstration against the recurrent killings of Christians in different states as earlier announced.

The state Chairman of the association, Reverend Adeolu Sam Adeyemo, told journalists yesterday at the CAN secretariat in Kano, that the association had resolved that Christians should gather and hold a prayer session at the headquarters of the association.

Adeyemo said Christians would gather for prayer to appeal to the Lord to intervene in the affairs of the country and to bring peace to its people.

According to him, the decision to shelve the protest was not forced on them from any quarters or by any external body, adding that it was agreed by the executive based on a number of cogent reasons.

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NEWSEXTRA

Nigeria, Others to Benefit from $1.8bn Out-of-School Children Fund Ndubuisi Francis in Abuja Nigeria, Ghana and 48 other countries across the world are to benefit from a $1.8 billion fund of the Education Above All (EAA) under its Educate A Child (EAC) programme specifically targeting out-of-school children globally.

The EAA founder, Sheikha Moza Bint Nasser, who disclosed this

in New York, United States of America, said the programme is targeting 10 million out-of-school children in Nigeria, Ghana and other countries across Sheikha Moza who is also a United Nations Sustainable Development Goals (SDGs) advocate and Chairperson of EAA Foundation, alongside partners, announced that 10 million out-of-school children

Buhari is Fiddling When Nigeria is Burning, Says CNM Ejiofor Alike The Coalition for Nigeria Movement (CNM) has accused President Muhammadu Buhari of fiddling when Nigeria is burning.

In a statement yesterday, the spokesman of CNM, Mr. Akin Osuntokun, cited the recent United States’ annual country report on Nigeria, which observed that “the government took steps to investigate alleged abuses but fewer steps to prosecute officials who committed violations, whether in the security forces or elsewhere in the government.”

According to Osuntokun, the US report also noted that “impunity remained widespread at all levels of government,” adding also that “the government did not adequately investigate or prosecute most of the major outstanding allegations of human rights violations by the security forces or the majority of cases of police or military extortion or other abuse of power.

“Although the law provides criminal penalties for conviction of official corruption, the government did not implement the law effectively, and officials frequently engaged in corrupt practices with impunity. Massive, widespread, and pervasive corruption affected all levels of government and the security services,” Osuntokun quoted the US report as saying.

Osuntokun argued that in line with the observations made by the United States in their report, incumbent Senator Dino Melaye

had been barred from traveling on official assignment to Morroco and subjected to harassment and violent manhandling, culminating in his emergency hospital admission to the intensive care unit-in a style reminiscent of the worst excesses of Papa Doc Duvalier’s Haiti.

According to Osuntokun, this was done in apparent coordination with political forces seeking to recall him from the senate.

He noted that while still in the hospital, the recall process was set in motion but quickly ended in failure.

He also noted that the regime of genocidal massacres in Benue State attained another height last week in the invasion of a church where two Catholic priests and indeterminate number of the congregation were butchered.

“This tragedy was casually reinforced by the decision of President Buhari to proceed on a campaign tour to Bauchi in careless and insensitive disregard of the intensifying Benue calamity. This peculiar attitude has become all too familiar and characteristic of President Buhari. Something of the unfolding national calamity can still be salvaged in the unlikely event that the President sees fit to mend his ways going forward.

Were the President to continue to prioritise his re-election over the security and well being of Nigerians, he would be putting the corporate existence of the country at risk,” Osuntokun added.

in some of the most challenging situations around the world, will receive quality primary education.

In an event that saw the gathering of world leaders at the New York Public Library, Sheikha Moza said: “We did not achieve this remarkable goal by snapping our fingers or by just writing cheques.”

EAA’s Educate A Child programme has over 80 global partners, and operates with 42 of them in 50 countries, to tackle the barriers to education and close the gap on the 63 million out of school children.

“I have watched as schools were built from scratch… I have listened to lessons taught under the shade of a tree.

“The desire to learn is one of the most powerful forces of human nature is in every child.

“Helping children fulfil that innate desire is the responsibility of us all, Moza said.

With a total of over $1.8 billion invested to reach the milestone, EAC has already enrolled over six million children worldwide in areas affected by poverty, discrimination, natural

disaster, and conflict.

Securing commitments to reach 10 million fulfils Moza’s 2012 promise and demonstrates that progress is possible, even amid the worsening education crisis it is understood.

Moza called for more partners to replicate and scale up EAC’s successful formula as “the world is not a safe place, yet, adding that millions of children are still waiting and in desperate need of our help.

“Let’s work together to ensure a better future for all of them and for the world we share. Believe me, it is possible,” she appealed.

At the event, United Nations Secretary-General, Mr. António Guterres, spoke on the power of education, saying, “Our dream of a sustainable future cannot be realized if we do not support children’s dreams to gain an education.

“When we educate a child we give her more than books, papers, pencils or a calculator.

“We give her the tools, skills and imagination she needs to shape the world around her and to make her community, and her society, better, more prosperous and more peaceful.”

The event brought together highlevel attendees such as the President of Ghana, Mr. Nana Akufo-Addo; model and philanthropist, Ms. Naomi Campbell, as well as international and local non-governmental organisations, development agencies, development banks, governments and private sector companies from countries as widespread as Bangladesh, Brazil, India, Kenya, Palestine, Sudan, Syria and Yemen.

EAC works side-by-side with children, their families, communities, governments and partners, to identify barriers to education and support children to overcome them.

The successful partnership approach allows for EAC to take local knowledge and expertise from the community itself and scale it up using multi-sector solutions.

EAC has focused on enrolling hard-to-reach marginalised children, children in poverty, or those who face social or cultural barriers to education, and children living in crisis and conflict-affected environments.

Some successful programmes that are being implemented by

the foundation include children living in rural remote areas far from school buildings, such as nomadic populations in Mali.

Also, children living in areas where the natural environment is challenging, such as the flood plains of Bangladesh, and children living in conflict-affected areas where schools cannot operate, such as Syria and Yemen.

The foundation also covers children living in densely populated urban areas where schools may be over-crowded and dangerous, such as the Favelas of Rio de Janeiro Also, children living in severe poverty and might have to work instead of going to school, such as children in domestic labour in Haiti.

Nigeria accounts for a huge number of out-of-school children, especially in the North-east which has been ravaged by poverty,religious extremism, hunger, diseases and recently violence.

A combination of these factors have forced millions of children out of school, an area the foundation is targeting so as to mitigate the use of these children for terrorism purpose.

FUNERAL SERVICE FOR PAPA

L-R: Secretary to the Lagos-State Government (SSG), Mr.Tunji Bello; his wife, Prof. Ibiyemi Olatunji-Bello; and Wife of Lagos State Governor, Mrs. Bolanle Ambode, at the funeral service of Meshack Emiola Ibidapo, father of the Prof. Ibiyemi Olatunji-Bello, in Lagos...weekend

N’ASSEMBLY CANNOT COMMAND BUHARI’S APPEARANCE, SAYS NWABUEZE In the letter to the National Assembly, Nwabueze, an expert in constitutional law, said: “I commend you for the courage of the role you play in checkmating the incipient dictatorship of President Buhari.

“It is, to me, simply unpardonable that he should pay out of the Consolidated Revenue Fund of the Federation the sum of U.S. four hundred and ninety six million dollars ($496,000,000) for the purchase of military aircraft without the authorisation of the National Assembly as specifically required by Section 80 of the Constitution ‘in the expectation’, as he puts it in his letter, ‘that the National Assembly would have no objection’.”

However, he noted that summoning Buhari to appear before the National Assembly to address it on the state of the nation and to answer questions in explanation of his action had raised questions as to whether the National Assembly has the power to so summon him, and whether it was proper for it to do so.

According to him, the word “summon” is defined in the

dictionary as a “command or order by authority to appear”.

While admitting the Section 89(1)(c) of the Constitution empowers the Senate or the House of Representatives to “summon any person in Nigeria” he added that the president was not covered within the meaning of the term “any person” under the section because he is also the “Head of State” so proclaimed by Section 130(2) of the Constitution.

He said: “The term ‘any person’ must therefore be viewed within the context of the concept of the state and the concept of Head of State.”

He quoted from one of his books where he wrote: “The next development in the concept of a state was its linkage to the idea of sovereignty, a process of thought which was progressively developed to a point where the state itself was proclaimed sovereign. This is not unintelligible. Legal sovereignty is an attribute of government, and since the state is government transmuted into a corporation, the sovereignty associated with government must inure to the state.

“Important implications flow from the conception of the state as a distinct corporate entity separate from the organs of government. It creates the necessity for someone to represent it or even to personify and embody it, although the idea of someone personifying and embodying the state is unnecessary and subversive of the concept.

“Secondly, invested, as it is, with perpetuity, the state does not derive its existence from the constitution of the government; it is independent of it, with the result that the destruction of the constitution and of the organs of government established by it leaves the state unaffected, but this is disputed in some quarters.

“As the repository of the title and ceremonies of the sovereignty associated with government, the state has invested in it the symbolic authority and majesty that go with them.

“The separateness of the state from government is underlined not only by the greater authority and majesty inhering in it (the state) but also by the fact that the headship of the state is a position distinct

and different from that of head of government, and carries with it a certain inherent authority and dignity not possessed by the head of government.

“He embodies the majesty and authority of the state and, as some say, he incarnates the state, i.e. he is the state – a rather extravagant assertion.

“The position of head of state has been aptly described by Oppenheim as follows: ‘As a State is an abstraction from the fact that a multitude of individuals live in a country under a sovereign government, every State must have a Head as its highest organ which represents it within and without its borders, in the totality of its relations… The Head of a State as its chief organ and representative in the totality of its international relations, acts for his State in its international intercourse, with the consequence that all his legally relevant international acts are considered to be acts of his State.’

“The separateness of the state from the government has tended in practice to be blurred by the union of the two offices of head of state

and head of government in the same person in most countries, and, in countries where they are not so united, by the virtual reduction of the head of state to a figurehead, implying that only the government, but not the state, has an effective, significant existence. This should not be so.

“A head of state is a position that implies more than a figurehead. It is a position that ought conceptually and logically to be, and function as, a moderating agency, as a ‘balance sheet’ to the constitution intervening when the political authorities or forces seem to be out of alignment with one another.”

He explained that the concept of a head of state as a moderating agency was perhaps best effectuated by the provision in the Constitution of the French Fifth Republic (1958) and the Constitution of Romania (1991) under which the President of the Republic, as Head of State, is invested with power to “secure respect for the Constitution”, to “secure, by his arbitration, the regular functioning of the governing authorities as well as the continuity of the state”, and

to serve as “guarantor of national independence and territorial integrity”.

To this end, Nwabueze argued that the head of state is expected to take all such actions as may be required for dealing with a grave and immediate danger threatening the integrity of the state or its institutions and authority.

He added: “Besides, Section 89 of the Constitution specifically provides that the power of the National Assembly to ‘summon any person in Nigeria’ is ‘subject to all just exceptions’. The exemption of the Head of State from the power is surely one of the ‘just exceptions’.

“Whilst President Buhari by his actions and utterances, may have brought humiliation and degradation to himself as president, he remains our Head of State, and should be treated as such, and accorded all the pomp and dignity appertaining to the office.

“He is entitled to appear before the National Assembly whenever he chooses to do so in order to deliver a state of the nation address, but whenever he goes to the National Assembly for this purpose he does so in state.”

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Stop Benue Killings Now, Labour Party Tells FG Alex Enumah in Abuja The leadership of the Labour Party (LP) has expressed deep concern over the unrestrained killings of Nigerians in Benue State and called on the federal government to do everything possible to put an immediate stop to the dastardly act which has continued to assume increasing proportion since January this year.

The Chairman of the LP, Dr. Mike Omotosho, who gave the warning in a statement made available to journalists, expressed worry that the killings are taking place even in the presence of

security operatives.

Omotosho in his condemnation of the act, which according to him has claimed nearly 2,000 lives since the beginning of this year, accused the government of failing to arrest the situation.

The statement read: “The leadership of LP is extremely disturbed about the unrestrained killings going on in the Middle Belt of Nigeria, especially in Benue State, allegedly perpetrated by Fulani herdsmen, where nearly 2,000 people have been killed since January even in the presence of security operatives.

“The LP condemns this incessant spilling of innocent blood of indigenous people of Nigeria, the destruction of their property and the diabolical attempt being made to uproot them from their ancestral land for nefarious reasons.

We consider it reprehensible that at this critical moment in the nation’s history, the federal government would watch as the so called foreign mercenaries invade our shores and hack our citizens down in large numbers in the most callous way.

“We wish to express our concerns over the lack of interests of the President

Muhammadu Buhari-led federal government in the pain and sorrows of those killed in Benue and other places.

It is even more worrisome that President Buhari is more concerned with his reelection in 2019, which suggests his apparent insensitivity to this organised rampage against hapless Nigerians.”

Omotosho in the statement signed by his media assistant, Innocent Odoh, said LP as the party of the working people is pained that Benue State, which is regarded as the food basket of the nation is being devastated.

He added that with the further depletion of the productive population being displaced and rendered destitute, the nation might soon experience food crisis.

While stating that the increasing violence assumed genocidal proportions with last Tuesday’s massacre of two Catholic Priests and 15 worshippers in Gwer West Local Government of Benue State, the party however call for the declaration of a state of emergency in Benue State as well as other states facing security challenges.

“We also wish to express

our heart-felt condolences to the families of those who have lost their loved ones and we call on the government to declare a state of emergency in Benue and other affected states.

“We demand that the federal government should come clean on these killer herdsmen and declare them terrorist and enemies of the Nigerian state and attack them with all the instruments of force in Nigeria’s arsenal.

“We also urge the federal government to ban open grazing of livestock largely blamed for this human carnage,” the statement read.

901 KILLED IN MIDDLE BELT SINCE JANUARY Meanwhile, a map produced by a U.S. development agency in Februrary has shown that a Boko Haram splinter group Islamic State in West Africa (ISWA) continues to occupy large swathes of Borno and Yobe States, stretching into the Lake Chad Basin.

The report by Reuters which sited the map, belies the continued claims by the Buhari administration that it has “technically defeated” the terrorists and they no longer occupy any territory in the country.

The report shows that from ISWA, from the shores of Lake Chad, is on a mission to win over the local people.

Digging wells, giving out seeds and fertiliser and providing safe pasture for herders are among the inducements offered by ISWA, which split from Nigeria’s Boko Haram in 2016.

“If you are a herder, driver or trader, they won’t touch you - just follow their rules and regulations governing the territory,” said a herder, who moves cattle in and out of ISWA territory and whose identity Reuters is withholding for his safety. “They don’t touch civilians, just security personnel.”

The campaign, which has created an economy for ISWA to tax, is part of the armed insurgent group’s push to control territory in Northeastern Nigeria and in Niger.

ISWA stretches farther and is more entrenched than officials have acknowledged, according to witnesses, people familiar with the insurgency, researchers and Western diplomats who have for the first time provided details of the group’s growing efforts to establish a form of administration in the Lake Chad area.

A map produced by the U.S. development agency in February showed how ISWA territory extends more than 100 miles into the Northeastern Nigerian states of Borno and Yobe, where government has in many areas all but vanished after a decade of conflict.

The Islamists have not been defeated, as the Nigerian government claims, and researchers said ISWA, less extreme than Boko Haram, has evolved into the dominant group. The U.S. map paints a similar picture, with ISWA operating in much of Borno.

“Islamic State has a terrible reputation for being so brutal

around the world, and people can’t imagine an Islamic State faction could be more moderate (than Boko Haram),” said Jacob Zenn, of The Jamestown Foundation in Washington D.C. The Lake Chad countries - Nigeria, Niger, Chad and Cameroon - have long neglected the region, allowing ISWA to create a stronghold from which to launch attacks. Its gains contrast with setbacks for Islamic State in Syria and Iraq.

It makes sense for ISWA to organise the local economy and raise taxes, said Vincent Foucher, who studies Boko Haram at the French National Centre for Science Research.

“It opens the longer game of trying to create a connection to people,” he said, adding that if ISWA succeeds it may become a greater threat than Boko Haram.

In 2015, Buhari pledged to finish off Boko Haram. Officials have maintained that this has been achieved, although the conflict continues into its tenth year. A presidency spokesman declined to comment for this story, said Reuters.

Analysts estimate that ISWA has 3,000-5,000 fighters, about double Boko Haram’s strength.

But ISWA’s territory is not completely secure. The Nigerian Air Force often bombs, and troops from Lake Chad countries attack the insurgents’ domain around its shores and islands.

Nigeria’s Armed Forces “just see them as Boko Haram,” said Brigadier General John Agim, spokesman for the Nigerian military, at a briefing. “We are not interested in the faction, what has that got to do with it?”

“They are not a government, they kidnap girls from schools,” Agim told Reuters in a separate interview.

The military has announced an operation “to totally destroy Boko Haram locations in the Lake Chad Basin” - ISWA’s domain - and end the insurgency within four months.

But ISWA has so far proven intractable in its Lake Chad bases, where troops have been unable to make effective inroads, according to a Western diplomat who follows the group. The Nigerian military had “completely lost the initiative against the insurgency,” they said.

The diplomat said ISWA was ready to cede less important areas because the military could not hold them. “However, they maintain absolute control over the islands and immediate areas near them where they train,

live, etc.”

The U.S., British and French militaries are helping regional governments with intelligence and training. Western officials declined, or did not respond to, requests for comment.

ISWA protects locals from Boko Haram, something Nigeria’s army cannot always do. That, according to one of the people with knowledge of the insurgency, has won the group local backing and eroded support for the military.

ISWA is led by Abu Musab al-Barnawi, the son of Boko Haram’s founder, Muhammed Yusuf, whose killing by the police in 2009 sparked an Islamist insurgency in Nigeria that, according to the Armed Conflict Location & Event Data Project, has so far cost more than 34,000 lives.

ISWA’s leaders are lowprofile, not appearing in videos or claiming responsibility for attacks, possibly to avoid the international media, and the ire of regional governments.

This contrasts with the wholesale violence of Boko Haram under the publicityhungry Abubakar Shekau, who has executed even close lieutenants. His group has strapped suicide bombs to women and children to attack civilians in mosques, markets and refugee camps.

Boko Haram and ISWA are bloody rivals, but some travellers in ISWA territory feel safer than elsewhere in Nigeria’s Northeast.

“They have checkpoints for stop and search, and if you are a regular visitor they know you,” said a second herder, adding that ISWA has spies everywhere, including informers who alert them to military attacks.

He described seeing Islamic State’s black flags and said preachers were used to win people over.

Under ISWA, men must wear long beards, night-time movements are restricted, and prayers are compulsory, the herder said. Offenders can get 40 lashes.

The herders said ISWA provides safe grazing for about N2,500 ($8) a cow and N1,500 ($5) for smaller animals. ISWA also runs slaughterhouses for the cattle, taking a cut for each animal, as well as from other activities like gathering firewood.

Maiduguri is the biggest city in Nigeria’s Northeast, the centre of the military’s fight against Boko Haram.

But rural areas largely remain

no-go zones for the authorities. It is there that ISWA is making its mark, offering people protection, particularly from Boko Haram.

“Al-Barnawi is sending people into IDP (displaced persons) camps to encourage people to return and farm, and the people are,” said a person with knowledge of ISWA’s activities.

The person said Nigeria’s military plays into the insurgents’ hands by shutting down markets to deny supplies to the group, while ISWA encourages business.

“They are friendly and nice to those who come to the area, while they indoctrinate other people and sometimes they bring motorcycles for those who want to join them,” a charcoal

maker said.

Despite its name, experts believe ISWA’s ties to Islamic State in the Middle East are limited.

“What’s clear from ISWA primary source documents is that ISWA has asked IS for theological guidance on who it is lawful to attack,” said Zenn. Daily activities, including military operations, are left to its own leaders, he said.

Others say the insurgency lacks the broader appeal of Islamic State in Iraq and Syria.

“ISWA is the largest IS affiliate, but it’s very much a Nigerian organisation. It doesn’t have foreign fighters coming, it’s

hard to get to this place,” said the Western diplomat.

What fighters it does have can carry out targeted attacks, including the February kidnapping of 100 schoolgirls from the town of Dapchi, most later released without explanation, and a deadly raid on a Nigerian military base in March.

But ISWA faces a dilemma: while wooing the population, it has harshly punished those who resist it, for example massacring dozens of fishermen last August, and this could hurt its standing with local people.

“It’s important not to paint too rosy a picture,” said Foucher, the researcher.

55

T H I S D AY ˾ MONDAY, APRIL 30, 2018

MONDAYSPORTS

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com 0811 181 3083 SMS ONLY

S U P R E M E C O U RT V E R D I CT O N G I WA V P I N N I C K

NFF Board Insists No Cause for Alarm FIFA: Giwa remains banned from all football activities

Femi Solaja The board of the Nigeria Football Federation (NFF), insisted yesterday that Friday’s verdict by the Supreme Court on the lingering leadership tussle between Chris Giwa and Amaju Pinnick was no threat to the country’s participation at the World Cup next June.

While reviewing the verdict from the Supreme Court last Friday that sent both Giwa and Pinnick to the lower court for retrial, the NFF board led by Pinnick said that that it had taken note of the decision of the Supreme Court to refer back to the Federal High Court, and start afresh a case brought before the apex court by two football stakeholders against the NFF leadership.

The statement from the NFF reads: “NFF 1st Vice President/Chairman, Legal Committee, Barrister Seyi Akinwunmi, said the NFF Board appreciated the reasoning of the apex court

in refusing the prayers of the appellants, which if granted would have accorded them some kind of legitimacy, against the backdrop of an ongoing administration of Nigerian Football which is at the cusp of taking Nigeria to the world’s greatest football event, the World Cup. “He disclosed that the NFF’s lawyers are confidently prepared to argue the case afresh and look forward to finally putting the matter to rest, and to prove to the world that Nigerian football can continue to be run in its orderly manner.

“He referred to the case as a mere distraction for Nigerian football which ought not to have been instituted in the first place given the convention for resolution of football disputes.

“The 1st Vice President said: “We are law-abiding citizens of this great country, and we have no qualms about starting the case afresh. The Supreme Court did the right

thing in the circumstances, and while we must be careful not to discuss matters which are subjudice, we must note that the appellants have within the norms in sporting disputes, actually exhausted all legitimate channels in this matter, including arguing their position, and failing, at the Court of Arbitration for Sport.

Meanwhile, the bans imposed on Chris Giwa by the world football governing body FIFA and continental body CAF remain in place.

The CAF letter conveying

the world-wide ban on Giwa was dated February 6, 2017 and signed by the Deputy Secretary to the Disciplinary Committee extended the ban imposed by the Nigeria Football Federation and the Confederation of African Football to a worldwide status.

FIFA also handed down the same punishment to four other officials, who were involved in the NFF leadership tussle.

The letter read, “FIFA can confirm the worldwide extension of sanctions imposed by the Nigerian

Football Federation’s (NFF) Disciplinary Committee on 12 May 2016 against the officials Christopher Giwa, Muazu Suleyman, Yahaya Adama, Sani Fema and Johnson Effiong for breaches of the NFF Statutes and the FIFA Code of Ethics.

“In accordance with art.

136 ff of the FIFA Disciplinary Code, the Chairman of the FIFA Disciplinary Committee has decided to extend the fiveyear ban from taking part in any kind of football-related activity imposed on the five

officials to have worldwide effect.

“The relevant member association as well as CAF have been duly notified of the chairman’s decision.”

The FIFA sanction excludes him from all football matters May 11, 2021.

Giwa was first banned by the NFF in May 2016, after they approached a civil court over the leadership tussle – an action that is against the federation’s statutes.

This five-year sanction was later extended by CAF.

Wheelchair Basketball Ends in Lagos A total of six clubs are featuring at the on-going Mini Club Wheelchair Basketball tournament which ends in Lagos on Wednesday May 2, 2018.

The teams include; the Old Sokool wheelchair Basketball club, Capital Assurance WBC, Tope-Stadium Ogunyemi WBC, Tarlord Sunset WBC, Living Water Ministry and Fire Wheels WheelChaair Basketball Club.

The Secretary General of the Nigeria Wheelchair Basketball Federation, Mr. Peter Omagbemi, said the tournament which started last week was not only aimed at discovering new talents that will form the core of the National teams, but to keep the players who are scattered all over the country busy.

Omagbemi whose is executing his first national assignment as the scribe of the federation, said Nigeria can boast of raising four standing national teams that can challenge any country in world today but such players can never be assessed except through events like this, hence the tournament. Besides, the Secretary also hinted that both the world and the continental bodies would soon kick-start their 2018 activities for countries to participate and Federation want to get prepared in order not to be caught napping in anyway.

Omagbemi also called stakeholders in the sport to come together with the sole aim of salvaging the situation through sponsorship of the Federation’s activiies.

Barcelona players celebrating the 4-2 win against Deportivo La Coruna to clinch their 25th La Liga title without losing any match...yesterday

CAF Hammers Ref Ogabor for Attempted Match Manipulation The CAF Referees Committee at the weekend banned Nigerian referee, Joseph Ogabor for one year.

According to a media release by the confederation, the CAF Referees Committee confirmed the recommendation of the CAF Disciplinary Board to ban the Nigerian referee from any official mission for one

year for attempted match manipulation with respect to the CAF Confederation Cup playoff earlier in April.

The match involved Plateau United of Nigeria) and USM Alger of Algeria. It was played at the Agege Stadium, Lagos on April 7.

According to the release, the decision follows investigations

conducted and evidence submitted by the South African match officials of the said match, who were contacted by Ogabor to provide “technical assistance” to the Nigerian team.

Also, Plateau United FC was cautioned to refrain from the practice of hospitality gifts which tend to create wrong

impression.

In a related development, the South African Football Association (SAFA) has been ordered to render an apology to the Nigeria Football Federation (NFF) after investigations proved there was no evidence of whatsoever of any official of the NFF regarding an allegation of US$30,000 bribe.

Okpekpe Race to Use MYLAPS BibTag System Again Fellaini’s Header Condemns Wenger’s to Old Trafford Defeat Pamodzi Sports Marketing, organisers of the IAAF silver label Okpekpe international 10km road race have revealed that MYLAPS Sports Timing, the global automatic sports timing company has been retained to provide the sixth edition of the race with an easy to use, accurate and reliable timing system.

Zack Amodu, the race’s director of organisation said yesterday that the Netherlandsbased company is adjudged the best timing company in the world and its services have been excellent as witnessed during the fourth and fifth editions of the race in 2016 and 2017 respectively.

“We have decided to engage MYLAPS Sports Timing for the third year running not

only because of its reputation worldwide but also because of the excellent services rendered in 2016 and 2017.

“In 2016 we raised the bar in terms of organising road races in Nigeria by joining such world acclaimed marathons such as Boston, Rotterdam and Melbourne who rely on MYLAPS technology for the world class timing of their events,” said Amodu. ‘’As the first IAAF silver label road race to be recognised on Nigerian nay West African soil, we are left with no choice but to organise the event in a truly world-class fashion.’

‘As a label race, we must fulfill all IAAF competition rules and conditions and one of such is to ensure an adequate timing system is put in place.

Barca clinched 25th La Liga without losing any match

Arsene Wenger’s final match at Old Trafford as Arsenal manager ended in defeat with a stoppage time header from substitute Marouane Fellaini earning the points for secondplaced Manchester United.

Paul Pogba drove United into the lead in the 16th minute, pouncing after Alexis Sanchez had headed a Romelu Lukaku cross against the post.

Arsenal, fielding a largely second string side, drew level in the 51st minute when Henrikh Mkhitaryan, signed from United in January, beat David De Gea with a wellplaced effort.

United’s Marcus Rashford had the ball in the net in the final minute but the effort

was ruled out for offside before Fellaini headed in the stoppage time winner from an Ashley Young cross.

In another development, Manchester City manager Pep Guardiola, yesterday hailed the “incredible” numbers produced by his side as they reached 100 Premier League goals for the season with a 4-1 win at struggling West Ham The champions’ emphatic victory at London Stadium left the Hammers in a precarious position above the relegation zone.

“The numbers are a consequence of what we have done,” Guardiola said.

“We are so happy to be getting close to history. We will try to surpass the number

of goals and points.

In Spain, Barcelona have clinched their 25th La Liga title thanks to a 4-2 win over Deportivo La Coruna which was inspired by a Lionel Messi’s hat-trick.

The Catalan side are undefeated through 34 games in the league this season, having broken the Spanish league record for matches without a defeat, and have just one real hurdle left to clear in pursuit of an incredible ‘Invincible’ season.

That hurdle comes in the form of Real Madrid, who Ernesto Valverde’s side face at the Camp Nou next Sunday - having throttled Los Blancos 3-0 in their own back yard at Christmas to more or less

end their greatest rivals’ title challenge with five months of the season remaining.

Atletico Madrid put up a strong fight and looked for some time as though they could mount a serious campaign to unseat the longtime league leaders, but a 1-0 defeat at the Camp Nou in March put paid to those hopes as Diego Simeone’s thin squad began to tire.

Barca have already locked up the Copa del Rey to wrap up a domestic double last achieved all the way back in...well, 2016, and have only their unbeaten record to play for after their dramatic exit from the Champions League at the hands of AS Roma earlier this month.

Monday April 30, 2018

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MISSILE Iorapuu to Police

“The police seem to know nothing of the attacks which have been going on in other villages within Benue State since the Anti-Open Grazing Law came into eect last yearâ€? – Director of Communications of the Diocese in Makurdi, Benue State Fr. Moses Iorapuu accusing the police of turning a blind eye to the incessant killings by suspected Fulani herders in Tiv communities.

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TOKUNBOADEDOJA

As Buhari, Trump Meet Today T

oday, President Muhammadu Buhari and United States of America’s President Donald Trump will hold a bilateral meeting at the White House.

The meeting of the two leaders is important because it underscores Nigeria–U.S. longstanding friendship - a friendship that dates back to 1960 when the U.S. established diplomatic relations with Nigeria after it gained independence from Britain. Though that friendship was negatively affected by decades of military rule; however, since the return of democracy in 1999, relations between the two countries have improved tremendously, particularly in the areas of trade and regional security.

The signing of a bi-national commission agreement in April 2010 further deepened relations between the two countries. The U.S.-Nigeria Bi-national Commission Agreement is a forum for focused high-level discussions.

Since that agreement was signed, top officials of both countries have met regularly on key areas of mutual interests.

The upcoming meeting between the two leaders is, however, coming at a time when foreign policy analysts are of the view that Africa is of little or no priority to the foreign policy agenda of the Trump administration, and barely three months after President Trump derisively referred to Haiti and some African countries as ‘Shithole countries.’ Therefore, today’s meeting provides a great opportunity for both countries to discuss their shared interests and seek ways of achieving goals enunciated in the bi-national commission agreement. The BNC has five key components: Good governance, transparency, and integrity; energy and investment; regional security; the Niger Delta; and agriculture and food security.

But so much has changed since that agreement was signed in 2010. The U.S. has moved from being a major buyer of Nigeria’s crude oil largely due to the surge in production of Shale oil and renewable energy agenda of the Barack Obama administration.

A new government has also emerged in the U.S. with a President that preaches nationalism and promoting ‘America First.’ In Nigeria, an opposition party has taken over power with new priorities. Nigeria also moved from being just a major economy in Africa to the largest economy on the continent.

Coming at a time when Nigeria just exited its worst recession in decades and at a period when it is desperately working towards diversifying its economy from dependence on oil, this meeting is not only timely but also holds promise for Nigeria and U.S. For President Buhari, he is making history as the first African leader to be so honoured with an invitation by the Trump administration to visit the White House. Although, it is his second visit to the White House in less than three years.

He was hosted by President Obama in the Oval Office in July 2015 barely two months after his inauguration. That meeting was meant to express U.S. government’s support to the new Nigerian government which emerged after a historic election and peaceful transfer of power from a ruling party to an opposition party.

Today’s meeting with President Trump, therefore, presents another opportunity to

Buhari

Trump

discuss, at the highest diplomatic level, the support needed for key agenda of the Buhari government, like oil sector reform, power sector reform, infrastructure development, anti-corruption war, counter-insurgency and anti-terrorism campaign, and of course, trade and investments.

Buhari will also be meeting with a group of business persons with interest in agriculture and agro-processing, dairy and animal husbandry later today, according to a statement from the State House. This is not surprising. Since he came to power in 2015, he has made agriculture one of the focal points of his government.

High-level meetings have also been arranged between some Nigerian officials and top executives of some major American companies, including Boeing, GE and U.S. Exim Bank. The focus of these discussions will be around the national carrier project, implementation of the narrow gauge rail concession, agriculture and agro-processing including the exploration of competitive financing arrangements.

The unending insurgency and terrorism in the North will also come up at the meeting between the two leaders. While the U.S. has helped in the area of military training and intelligence, Nigeria believes it has not received adequate

No doubt, Trump came to power with a wrong view of Africa and his administration is gradually realising that America is losing grounds on the continent to China. A key indication of that realisation is the decision of President Trump to send former U.S. Secretary of State Rex Tillerson to Africa to engage leaders on the continent a month ago. Nigeria was one of the countries he visited. A new secretary of State, Mike Pompeo, has been appointed and foreign policy analysts are watching to see how he will consolidate on the gains of the Tillerson visit

support in the area of military hardware to effectively prosecute the war because of several hurdles, which include governance and human rights issues. Even though there were high-level engagements between the immediate past administration in Nigeria and US government for the supply of military hardware to combat insurgency and other security challenges, those hurdles ensured the engagements did not achieve those objectives.

Nigeria is currently seeking to buy Tucano aircraft from the U.S. to prosecute the anti-terror war in the North-east. President Trump has offered his support for that bid while President Buhari has approved the release of money for the aircraft.

One key issue not listed in the agenda of today’s meeting in the statement released by the State House is the issue of Nigeria’s bid for a permanent seat on the United Nations Security Council. Nigerian leaders that were hosted at the White House in the past 10 years had consistently sought the U.S. support for Nigeria’s bid for a permanent seat on the Council as one of their talking points. Could this be a deliberate omission or an oversight?

Going by discussions between the U.S. and Nigerian leaders in some past bilateral meetings, it is safe to say that U.S. will be seeking to encourage a two-way trade and investment, support improvements in agricultural productivity and the delivery of reliable and affordable energy, help strengthen democratic institutions, improve governance, transparency and accountability, build institutional capacity and assist in professionalizing Nigeria’s security forces.

It is not unlikely that it will be looking at curtailing the growing influence of China on the continent, particularly with regards to Nigeria, which has in the past few years increased relations with China. Today’s meeting presents a good opportunity for the U.S. to further strengthen its relations with Nigeria, a strategic partner it cannot afford to lose to the growing Chinese influence.

Nigeria’s strategic importance to the U.S. cannot be over emphasized. About a million Nigerians work, study and live in the U.S. while about 25000 Americans are said to be living in Nigeria. A major oil producer in Africa, Nigeria is the continent’s most populous country, a key contributor to UN peace-keeping force and a major power in West Africa.

No doubt, Trump came to power with a wrong view of Africa and his administration is gradually realising that America is losing grounds on the continent to China. A key indication of that realisation is the decision of President Trump to send former U.S. Secretary of State Rex Tillerson to Africa to engage leaders on the continent a month ago. Nigeria was one of the countries he visited. A new secretary of State, Mike Pompeo, has been appointed and foreign policy analysts are watching to see how he will consolidate on the gains of the Tillerson visit and coordinate the implementation of the decisions of the bilateral meeting between Buhari and Trump.

Today’s meeting certainly holds great promise for Nigeria-U.S. relations going forward. t"EFEPKB 5)*4%": %JHJUBM &EJUPS XSJUFT GSPN 8BTIJOHUPO % $

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