MONDAY 21st MAY 2018

Despite Receding Inflation, Election Spending May Compel MPC to Hold Interest Rate Obinna Chima Despite the drop in inflation to 12.48 per cent in March to below the Central Bank of Nigeria’s benchmark Monetary Policy Rate (MPR) of 14 per cent, members of the Monetary Policy

Committee (MPC), slated to commence their two-day meeting in Abuja today, may be reluctant to ease monetary policies due to concerns over the likely impact of 2019 election spending on the economy.

The committee members

would also take into consideration the move by the federal government to raise the minimum wage of civil servants in the country and the attendant effects on inflation.

The MPC has consistently held that inflation was above

MPR as one of the reasons for its restrictive monetary policy stance.

But with political parties expected to kick off their campaigns in earnest by the second half of this year, spending by politicians is certain to have an impact

on the economy.

MPC members, said analysts, would also factor the impact of increased money supply on the foreign exchange market.

This, they said, was expected to weigh on the minds of MPC members

as they meet today and tomorrow, saying it was unlikely that the CBN would change its tight monetary stance until inflation begins to move into single-digit territory.

Continued on page 8

Presidency: Buhari is Bad Business for Corrupt Politicians, Public Servants… Page 12 Monday 21 May, 2018 Vol 23. No 8432. Price: N250

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APC Leadership, nPDP Meet Today to Address Grievances Hammed Shittu in Ilorin The leadership of the All Progressives Congress (APC) and members of the new PDP (nPDP) bloc of the APC is slated to meet in Abuja today in order to address the grievances raised

by members of the nPDP. Early this month, the nPDP had submitted a letter to the ruling party, demanding an urgent meeting with the leadership of the APC and President Muhammadu Buhari Continued on page 9

How to Stop Delays in Corruption Trials,

by NJC C’ttee Tobi Soniyi in Lagos The Corruption and Financial Crime Cases Trial Monitoring Committee (COTRIMCO) inaugurated by the Chief Justice of Nigeria, Justice Walter Onnoghen to investigate the causes for delays in the determination of corruption cases in the country has in its interim report to the National Judicial Council (NJC) identified the causes for the delays and made recommendations to speed

up the trial of corruption cases.

The Director of Information at the NJC, Mr. Soji Oye said in a statement yesterday that the committee, led by a retired judge of the Supreme Court, Suleiman Galadima, submitted the interim report to the NJC at the council’s 86th meeting held in Abuja a couple of weeks ago.

Oye said the committee met with relevant stakeholders and paid unscheduled visits Continued on page 8

Bandits Abduct Housewives in Birnin Gwari… Page 9

LEKKI-EPE PROJECTS IN FOCUS…

L-R: Chairman, Forte Oil Plc, Mr. Femi Otedola; Lagos State Governor, Mr. Akinwunmi Ambode; and President, Dangote Group, Alhaji Aliko Dangote, during a working visit to inspect projects being executed by the state government along the Lekki-Epe axis and construction of the $16 billion Dangote refinery and petrochemical plant at the Lekki Free Trade Zone… yesterday

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PAGE EIGHT D E S P I T E R E C E D I N G I N F L AT I O N , EL ECTI O N SPEN D I N G MAY CO MPEL MPC TO H OLD INT EREST RAT E At its last meeting in April, the MPC had maintained the .13 BU QFS DFOU XJUI UIF asymmetric corridor at +200 and -500 basis points around UIF .13 BOE SFUBJOFE UIF $BTI 3FTFSWF 3FRVJSFNFOU $33 BOE -JRVJEJUZ 3BUJP -3 BU QFS cent and 30 per cent respectively.

Another factor likely to come up for discussion at the MPC meeting includes the Purchasing Managersâ&#x20AC;&#x2122; Index (PMI), which last month showed an expansion, just as increased capital inflows and favourable developments in the crude oil market continued to have a positive impact on the economy.

Oil prices hit $80 per barrel last week â&#x20AC;&#x201C; their highest since +VOF m BHBJOTU UIF CBDLESPQ of Americaâ&#x20AC;&#x2122;s exit from the

Iran nuclear deal, falling oil inventories, and the impact of OPECâ&#x20AC;&#x2122;s production cut deal.

Notwithstanding the positives of higher oil prices on Nigeriaâ&#x20AC;&#x2122;s foreign reserves and current account balance, they also come with the attendant risk of ballooning petrol subsidies.

As the MPC commences its meeting, the NBS is also due to release first quarter (%1 OVNCFST XIJDI BOBMZTUT forecast would show continued expansion.

3FHBSEMFTT PG UIF QPTJUJWF momentum, analysts at Cowry Asset Management Limited, anticipate â&#x20AC;&#x153;a retention of the policy ratesâ&#x20AC;?, saying that NPEFSBUJPO PG UIF .13 XPVME not commence as inflation rate remains above the single-digit target of the CBN.

â&#x20AC;&#x153;This is also informed by the probable increase in both fiscal and political spending activities, among other things.â&#x20AC;?

Financial Derivatives Company Limited, in a note at the weekend, said major considerations at the meeting would include the sustained decline in inflation as well as the anticipated positive, but XFBL (%1 HSPXUI EBUB â&#x20AC;&#x153;More importantly is the anticipated inflation trajectory especially when budget funds are disbursed and the minimum wage review kicks in. â&#x20AC;&#x153;These factors will increase the level of money supply in the system and exacerbate inflationary and forex demand pressures. â&#x20AC;&#x153;Also, the confluence of the 3BNBEBO GBTU BOE QMBOUJOH

season would lead to an accentuation in inflationary pressures. â&#x20AC;&#x153;This will have an upside effect on food prices.

Nonetheless, the recent interventions of the government in the agricultural sector should increase output and dampen the adverse effect,â&#x20AC;? FDC stated.

FSDH Merchant Bank Limited, however, was of the view that the recent developments in the economy and the short-term outlook of the economy favours monetary policy easing, stressing that it would be necessary to stimulate economic growth and credit creation. â&#x20AC;&#x153;We believe this easing may come in the form of an BEKVTUNFOU UP UIF .13 PS BO BEKVTUNFOU UP UIF $33

i'4%) 3FTFBSDI DPOTJEFST the Nigerian economy has recorded a reasonable level of price stability that should encourage the MPC to now concentrate on growth in the economy. â&#x20AC;&#x153;We also note that certain lending rates in the economy BSF QSFEJDBUFE PO UIF .13 Therefore, to boost credit creation and stimulate economic growth, monetary policy easing would be appropriate,â&#x20AC;? FSDH added.

In contrast, Afrinvest Securities Limited expects the committee to maintain status quo on all policy rates. â&#x20AC;&#x153;We expect the emphasis to be placed on the need to withstand a possible passthrough inflation from rising global inflation as well as

protecting the economy and financial markets against rising downside risk of capital flow reversals. â&#x20AC;&#x153;We believe the odds of the .1$ TMBTIJOH UIF .13 JO UIF same period it is aggressively sterilizing liquidity is slim; hence we expect the CBN to maintain the status quo on all rates. i3FHBSEMFTT BT XF IBWF argued in previous notes, an .13 DVU FJUIFS BU OFYU XFFL T sitting or subsequent ones) will have little impact on fixed income yields as the CBN has already set in motion the easing cycle by deliberately guiding market rates downwards in the last three quarters, in addition to UIF LOPDL PO FGGFDUT PG UIF '(/ fiscal strategy to reduce domestic debt issuance,â&#x20AC;? Afrinvest noted.

Minister of Power, Works & Housing, Mr. Babatunde Fashola (right) and other oďŹ&#x192;cials, during the ministerâ&#x20AC;&#x2122;s inspection of the construction work on the Second Niger Bridge in Anambra and Delta Statesâ&#x20AC;Ś recently

H O W TO STO P D E L AYS I N C O R R U P T I O N T R I A L S , BY N J C C â&#x20AC;&#x2122; T T E E to courts handling corruption and financial crime cases in some parts of the country.

Among others, it recommended training for the prosecution in the area of investigation and especially on the Administration of Criminal Justice Act. It also advised the prosecuting agencies to recruit competent and qualified personnel, and suggested that there should be synergy between the various prosecution agencies to enhance proper prosecution of criminal cases.

The committee also recommended the use of professionals such as accountants, auditors, etc, to investigate high profile and complicated cases.

It advised that judges be provided with legal and research assistants to make their work easier.

Other recommendations included proper funding for the judiciary and the prosecuting agencies; deployment of more judges to handle designated corruption cases; a complete overhaul of both the physical and technical infrastructure at designated courts; and

the need to come up with Practise Directions for the trial of corruption cases to cure anomalies in the trial of such cases.

In the report, the committee blamed the prosecution, and identified collusion between prosecution and defence counsel as some of the causes of the delay.

The committee also identified the absence of counsel for parties in court, reliance on irrelevant documentary evidence, multiplicity of charges, non-adherence to court rules/ procedures, retirement/transfer of judges, re-assignment of cases to start de novo (start afresh), amendment of charges after commencement of trial, and cumbersome record transmission processes to the Court of Appeal, among others, as other factors militating against the speedy disposal of corruption cases.

On how poor prosecution contributes to delays, the committee found that offenders were often charged to court before proper investigation of the charges had been carried out, and afterwards expected the courts to detain such alleged

offenders till the conclusion of their investigation.

It noted that prosecution agencies lacked adequate manpower while some of the prosecutors lacked the requisite experience to prosecute corruption cases, which invariably led to the poor handling of such cases.

The committee also found â&#x20AC;&#x153;lack of commitment on the part of some prosecutors and collusion between them and defence counsel to pervert justice either by stalling the trial of cases or achieving pre-determined resultsâ&#x20AC;? as another factor leading to delay of those trials.

According to the committee, the law allows the prosecution to call a limitless number of witnesses and that also leads to delays.

Other factors identified by the committee included inadequate funding of the prosecution agencies to carry out thorough investigation of the corruption cases with the attendant lowquality prosecution of cases, as well as frequent requests for adjournment by the prosecutors.

It also blamed the prosecution for duplicating charges which

could be as much as 170 against a defendant, but at the end is unable to substantiate them, leading to the discharge of the defendant.

The report stated: â&#x20AC;&#x153;The committee also observed the issue of multiplicity of cases involving the same defendants, and on similar subject matters going on in different courts at the same time. This particular factor makes it impossible for some trials to proceed. â&#x20AC;&#x153;In spite of the fact that the Administration of Criminal Justice Act (ACJA), 2015, provides for day-to-day trials of criminal cases, a defendant who is undergoing trial in other courts is always unavailable for trial.â&#x20AC;?

Another major factor identified by the committee was the absence of parties in court. It noted that cases were mostly adjourned when parties were absent in court.

The committee stated that where the defence challenges the voluntariness of a confessional statement, the judge is forced to order a trial-within-trial to determine the voluntariness of the confession, thereby causing further delays.

The committee also submitted that both the defence and prosecution often rely on irrelevant evidence they would not necessarily use, thereby causing unnecessary delays.

On the courts, the committee identified the following as contributing to the delay in the quick dispensation of corruption cases: r 3FUJSFNFOU USBOTGFS PG judges handling such cases which often leads to fresh trials by a new judge; r (SBOU PG B SFNBOE PSEFS CZ a court without following up to ensure suspects are brought to court; r *OBEFRVBUF QSPWJTJPO GPS proper record keeping and shelving of court files and other relevant documents in some courts; r $VNCFSTPNF QSPDFTT PG transmission of records from trial courts, which impedes the early disposal of appeals; and r %JGĂ DVMUJFT BTTPDJBUFE with ascertaining addresses for service of process by bailiffs.

The report also blamed the prisons for contributing to the delays by failing to remind courts of subsisting orders to reproduce suspects

at the courts, and most times lacking the means to convey those awaiting trial to the law courts.

The committee said it would continue to monitor corruption and criminal cases all over the country and meet with stakeholders on the way forward.

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Bandits Abduct Housewives in Birnin Gwari Residents foil suicide attack on Yobe mosque Senator Iroegbu in Abuja and John Shiklam in Kaduna Three housewives were reportedly abducted and a 12-year-old child injured when gunmen invaded Maganda village in Birnin Gwari Local Government Area of Kaduna State yesterday.

Although no life was lost during the incident, the bandits were said to have shot sporadically when they invaded the community at about 2 a.m. and kidnapped the three women. The child was reported to have sustained gunshot wounds during the attack Speaking in a telephone interview, an eyewitness said, on entering the village, the gunmen started shooting sporadically and went into the compound of Alhaji Adamu Nakwalla in search of him.

He said they searched for Nakwalla, but could not find him because he had gone into hiding on hearing the gunshots.

According to him, the bandits decided to abduct his three wives when they could not find him.

He said one of the wives was later released after they reached Danyamu, a neighbouring village, and she was given a phone number to deliver to her husband to call them. â&#x20AC;&#x153;The gunmen were so many, they came at about 2 a.m. and started shooting sporadically. They went to the residence of Alhaji Adamu Nakwalla and started searching for him, but they couldnâ&#x20AC;&#x2122;t get him because he went into hiding when he heard the gunshots. â&#x20AC;&#x153;The bandits abducted his three wives and left, but when they got to Danyamu village, they released one of the wives and gave her their phone number to give to her husband to call them,â&#x20AC;? said the eyewitness.

According to him, many communities were yet to feel the impact of the security agencies deployed in the area to stave off the incessant attacks on their villages. â&#x20AC;&#x153;In our area, there are no security personnel and the criminals operate freely. We are just at their mercy, they kill, kidnap and rape. It is a very horrible situation,â&#x20AC;? he said.

NEWS Presidency: Buhari is

Bad Business for Corrupt Politicians, Public Servants Presidency has described members of the opposition PDP as well as other group of persons who oppose President Muhammadu Buhariâ&#x20AC;&#x2122;s government and yearning to â&#x20AC;&#x2DC; change the change,â&#x20AC;?â&#x20AC;Ś Page 12

EDITORIAL The Naira/YuaN Swap Deal

In a swap deal expected to provide local currency liquidity for both Nigerian and Chinese businessmen, CBN and PBoC recently signed an agree- ment on a transaction valued at Renminbi (RMB) 16 billion, the equivalent of about $2.5bn.

Page 15

Kaduna State Governor, Nasir el-Rufai He appealed to the state and federal governments to urgently stop the bandits from terrorising communities in Birnin Gwari area.

Last Tuesday, 10 persons were reportedly killed when bandits invaded four villages in the area.

The Nigerian Army recently launched the operation, â&#x20AC;&#x153;Operation Idon Rainiâ&#x20AC;? to flush out the bandits.

The Chief of Army Staff, Lt. Gen. Tukur Buratai, had while launching the operation in Kompanin Doka village, ordered troops to flush out the hoodlums within three weeks.

The police also deployed 200 additional personnel in the area to curb the incessant banditry that has crippled farming and socio-economic activities.

Efforts to reach the spokesman of the Kaduna State Police Command, Aliyu Mukhtar for comment were unsuccessful, as he did not respond to telephone calls and a text message sent to him at the time of filing this report.

In addition to the attack on the Birnin Gwari village, the Nigerian Army said yesterday that some courageous residents foiled a suicide bomb attack

by a suspected female Boko Haram member on a mosque in Gashua, Gujba Local Government Area of Yobe.

Col. Onyema Nwachukwu, the Deputy Director Public Relations, Theatre Command, Operation Lafiya Dole, said this in a statement released in Maiduguri, Borno State. â&#x20AC;&#x153;What would have otherwise been a devastating suicide bomb attack on a mosque in Gashua village in Gujba Local Government Area of Yobe State has been successfully foiled today (yesterday) by vigilant members of the community. â&#x20AC;&#x153;A female Boko Haram suicide bomber had infiltrated the mosque while members were about to commence a prayer session but was detected while struggling to detonate a suicide bomb vest strapped to her body. â&#x20AC;&#x153;She was quickly restrained by the locals, arrested and handed over to troops at Azare. â&#x20AC;&#x153;Members of the Explosive Ordinance Disposal Component of Operation Lafiya Dole at the location have safely defused the suicide vest, while the suicide bomber is currently receiving medical attention due to injuries sustained during her arrest.â&#x20AC;?

A P C L E A D E R S H I P, N P D P M EET TO DAY TO A D D RESS G RI EVA N CES within seven days.

The bloc, comprising members of a faction of the Peoples Democratic Party (PDP) called the nPDP, had teamed up with the APC to dislodge the PDP from its 16-year rule in the 2015 general election.

However, in the letter dated April 27, 2018 and signed by Abubakar Kawu Baraje, the former national chairman of nPDP, and Olagunsoye Oyinlola, its former national secretary, the group listed several grievances and demanded an emergency meeting with the APC leadership.

They complained that despite the role they played in bringing APC to power in 2015, they had been neglected in the scheme of things by the administration.

Speaking with journalists in Ilorin, the Kwara State capital yesterday, Baraje said the APC, in reaction to the letter, had slated a meeting with the group for 2 p.m. today.

He said the APC leadership had responded to their letter on the seventh day of the expiration period indicated in the letter and invited nPDP members for a meeting, but this was not possible because since they (nPDP members) were representing the interests of other stakeholders nationwide, the meeting was rescheduled for today.

A party source also confirmed that the APC leadership had written to the nPDP to acknowledge receipt of their

Two-Minute BrieďŹ ng

letter and indicated that it was eager to meet with the bloc to address the concerns raised by the nPDP. Baraje, who also lamented the internal conflicts within the ruling APC, as evident in the parallel state congresses of the party in 21 states on Saturday, said: â&#x20AC;&#x153;Contrary to the perception in some quarters, the nPDPâ&#x20AC;&#x2122;s letter to the leadership of the APC was to forestall such occurrences.â&#x20AC;?

While pointing out that the PDP never had such internal wrangling as manifested in the APC, Baraje warned that if the APC fails to heed the demands of the nPDP, the forthcoming national convention of the ruling party may become a platform to wash its dirty linen in public.

He expressed concern over the path chosen by leaders of the APC, lamenting that what members of the nPDP had witnessed in the APC was worse than what they experienced in the PDP. He said the nPDP was made up of men and women who could not be pushed aside and referred to the resignation of the groupâ&#x20AC;&#x2122;s secretary and former governor of Osun State, Olagunsoye Oyinlola, as a sign of what could happen if its members are unable to convince their followers about the need to remain in the APC. Baraje, however, stated that nPDP members would not immediately depart the APC if the party failed

to meet their demands, clarifying that like the last administration, they would still go ahead and meet with several leaders across the country to stop what he termed as impunity within the APC. â&#x20AC;&#x153;The last time we met here (Barajeâ&#x20AC;&#x2122;s residence) in 2016, I told you that the way the party was going, we were on the road to perdition. â&#x20AC;&#x153;If you look at the letter we wrote, we never said we gave an ultimatum to leave the party, but we advised them; we hinted the party because of the ongoing primaries of the party. â&#x20AC;&#x153;Now that the party invited us, exactly on the seventh day after being in receipt the letter, they wanted us to meet that same day. But because we were speaking for several leaders across the country, we told them we couldnâ&#x20AC;&#x2122;t meet that same day. So, now they have scheduled a meeting for tomorrow (Monday) anytime from 2 p.m,â&#x20AC;? he said.

Baraje also spoke on the dismissal of their petition to the APC by Senator Abdullahi Adamu, saying the nPDP was such a large group that it could not but have dissenters. â&#x20AC;&#x153;We have travelled a long way with the APC and now we are seeing things get worse in the APC than they were in the PDP. If we are leaders worth the name we say we are, we should be bold enough to speak up about it,â&#x20AC;? he said.

BUSINESS THISDAY Model Portfolios

Decline on ProďŹ t Taking TMP trended southwards last week as profit taking by investors continued on the Nigerian bourse.

The market recorded the third consecutive decline last week on sustained bear runâ&#x20AC;Ś Page 23

FEATURES Nigerians Groan as Health

Workers Continue Strike KuniTyessi writes that with the strike by the Joint Health Sector Unions, activities in secondary and tertiary health institutions have been groundedâ&#x20AC;Ś Page 20

NEWSXTRA FG Approves Six Additional

Fertilizer Blending Plants for 2018 PFI Programme The federal government has given approval for to six additional blending plants for the production of fertilizer in Nigeria under the Presidential Fertilizer Initiative.

Page 52

CITYSTRINGS Regenerating Lagos

With the unveiling of state-of-theart road construction equipment, the Lagos State Government has set its sights on tackling the road infrastructure challenges in the state and having a regenerated city, writes Peter Uzoho Page 38

INTERNATIONAL Harry and Meghan Go Straight to Work after Lavish Wedding Prince Harry and his new wife Meghan began married life on Sunday after their spectacular, rulebreaking weddingâ&#x20AC;Ś Page 47

SPORTS NFF Secures Eaglesâ&#x20AC;&#x2122; $2.8m

World Cup Funds Super Eagles campaign at the FIFAWorld Cup starting in barely 25 days from today in Russia will be devoid of all the trappings that made Nigeria to be in the news for the wrong reasons.

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NEWS

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

Presidency: Buhari is Bad Business for Corrupt Politicians, Public Servants Obinna Chima Presidency has described members of the opposition Peoples Democratic Party (PDP) as well as other group of persons who oppose President Muhammadu Buhariâ&#x20AC;&#x2122;s government and yearning to â&#x20AC;&#x2DC;â&#x20AC;&#x2DC;change the change,â&#x20AC;? as those who benefit directly or indirectly from corruption.

The Senior Special Assistant, Media and Publicity to the President, Mr. Garba Shehu, said this in an article obtained by THISDAY last night, added that Buhari represents bad business for corrupt politicians and public servant.

The presidential spokesman outlined the achievements of the president in the past three years, pointing out that as the governing All Progressives Congress (APC) prepares to celebrate the completion of three years of the Buhariâ&#x20AC;&#x2122;s administration on May 29, Nigerians need to be reminded of what he termed the reversal of the achievements of the administration would amount to for the country.

According to him, the real meaning and cost of the â&#x20AC;&#x153;changing the change,â&#x20AC;? is that if the opposition wins the next election, â&#x20AC;&#x153;they will not take us back to where we were in 2015, they will mostly reverse the progress the APC has brought to the country.â&#x20AC;?

He recalled that the main reason for the defeat of the PDP in 2015 was corruption, arguing that President Buhari has so far presented a corrupt-free image of himself. â&#x20AC;&#x153;He has also succeeded in abolishing grand corruption at the top and as attested to by the American President, Donald Trump. â&#x20AC;&#x153;The government has significantly brought down the level of corruption in the whole country. It has, however, warned over and again that corruption was fighting back. â&#x20AC;&#x153;Many who are discerning would have read this from President Buhariâ&#x20AC;&#x2122;s speech when he inaugurated the impressive new headquarters building of the Economic and Financial Crimes Commission (EFCC) a week ago.

â&#x20AC;&#x153;He narrated how and why he was overthrown as a military Head of State in the 80s,â&#x20AC;? he added.

Furthermore, he said the difference between the PDP and the current APC administration is that although the erstwhile ruling party mouthed a flood of rhetoric against corruption, â&#x20AC;&#x153;in fact rightfully lay the claim of founding the institutions now in the forefront of fighting corruption as a government, the EFCC and the Independent Corrupt Practices Commission (ICPC), they had intended to keep them as toys, or bulldogs which teeth had been removed. â&#x20AC;&#x153;No, they never intended that the war against corruption would be taken this far.

To change the change would mean that the teeth of the bulldog will be removed.

It would then only bark but not bite. â&#x20AC;&#x153;In this country, politics is often considered as synonym of corruption. The previous government came under huge criticism for scandals like those discovered in arms procurements in the office of the National Security Adviser (NSA) which transformed itself into a major source of funding of the PDP; NNPC crude oil thefts, broadband spectrum licensing scandal, oil subsidy scam and so many others but the present government has not faced any such corruption allegations. â&#x20AC;&#x153;Although he said he was unafraid and would not bend, the Presidentâ&#x20AC;&#x2122;s concern, and fear on the part of many is that if a corrupt leader takes over, it will be happy days all over again for former Oil Minister Diezani

Allison-Maduekwe who has so far forfeited $153 million, N23.4 billion, and $4 million and $5 million in separate accounts. â&#x20AC;&#x153;Change the Changeâ&#x20AC;? would mean she will get the money back. So, would the former Managing Director of the maritime agency, (NIMASA) get back 578,080 pounds seized from him and the Ikoyi apartment owners have back their $43.4 million; N23 million and 27,800 pounds.â&#x20AC;?

Continuing, Shehu said: â&#x20AC;&#x153;The hidden owner of the Lagos cash shop may then step forward to reclaim their N449.6 million; the ex-naval chiefs will have returned to them the already forfeited N1.8 billion; the governorsâ&#x20AC;&#x2122;â&#x20AC;&#x2122; forum paid back their N1.4 billion and the major oil marketers, from whom the EFCC has so far seized N328.9

billion will smile their ways to the bank. â&#x20AC;&#x153;The banks themselves will equally join the party, happily getting back N27.7 billion they â&#x20AC;&#x153;ateâ&#x20AC;? from taxes they failed to remit; the scion of the Akinjides, Jumoke will have N650 million awarded to her while those scammers in INEC who coughed out N1 billion will equally get money back and charges standing against them in court may be dropped. â&#x20AC;&#x153;But the happiest of them all will be Mrs. Jonathan, who will get the first priority when the refunds start coming for obvious reasons. The former First Lady would not anymore need lawyers to keep her mountain of gifts, counted in huge millions of dollars, billions of naira, hotels and buildings.

FGâ&#x20AC;&#x2122;s Fuel Subsidy Regime Fraudulent, Says PDP Demands probe of N1.4 trillion Onyebuchi Ezigbo Ă&#x201C;Ă&#x2DC; Ă&#x152;Ă&#x;Ă&#x201D;Ă&#x2039; The Peoples Democratic Party (PDP) has accused President Muhammadu Buhari of operating a corruption-infested fuel subsidy regime.

The party challenged the president to submit himself for an independent inquest on the handling of the N1.4 trillion oil subsidy regime as well as the alleged complicity of his presidency in other exposed financial impropriety by cronies of his government, particularly in revenue collecting agencies.

In a statement issued by the National Publicity Secretary of the PDP, Kola Ologbondiyan, the party said such inquest, which is already backed by state governors across board, will not only expose humongous corruption but also show the world that our African Union (AU) Anti-Corruption champion had not been totally spotless. â&#x20AC;&#x153;We invite Nigerians to note that the demand by governors to probe all subsidy deals since 2015 is a direct indictment on President Buhari as the Minister of Petroleum, particularly, following allegations that the stolen funds are being warehoused to fund his 2019 re-election bid and the opulent lifestyle in the Presidential Villa. â&#x20AC;&#x153;The party notes that if President Buhari allowed the inquest, it will reveal how our president, who had queried the genuineness of the oil subsidy payments by PDP administration and described the process as a fraud, had secretly engaged in underhand oil subsidy deals. â&#x20AC;&#x153;Nigerians will also understand how the cost of

fuel geometrically rose from the PDP subsidised cost of N87 to N145, representing a criminal N58 tax, per liter of fuel.

PDP said that it took over two years of secret oil subsidy deals under President Buhari, before it was exposed last December.

According to the opposition party, the presidency and the NNPC had since then been seeking ways to cover the fraud which included claims that local consumption suddenly jumped from 28 million liters per day to 60 liters per day. â&#x20AC;&#x153;PDP considers this as a fabrication to retire the billions being stolen as subsidy, even when statistics by the National Bureau of Statistics and the reality of the retarded purchasing power of citizens, under the prevailing economic recession, do not validate such claims. â&#x20AC;&#x153;Nigerians therefore deserve to know who authorised the payments and the identity of the beneficiary companies, if any. â&#x20AC;&#x153;The PDP is happy that state governors across board and the National Assembly are on the same page with our party in condemning the humongous fraud going on under President Buhariâ&#x20AC;&#x2122;s fuel subsidy. â&#x20AC;&#x153;The PDP therefore demands that the inquest covers the alleged N15 billion stolen from the NHIS, the N18 billion stolen from the PINE initiative, the alleged leaked memo of N9 trillion corrupt oil contracts at the NNPC, the reported diversion of N1.1trillion worth of crude last year and why indicted Presidential cronies and fronts have not been prosecuted,â&#x20AC;? it added.

REVENUE MEETING

L-R: Governor of Osun State, Mr. Rauf Aregbesola; Minister of Finance, Mrs. Kemi Adeosun; and Governor of Imo State, Mr. Rochas Okorocha, during a meeting with the minister, at the Federal Ministry of Finance in Abujaâ&#x20AC;Ś..last Friday

Ambode: Lekki Free Zone, Africaâ&#x20AC;&#x2122;s Next Investment Destination Dangote says Lekkiâ&#x20AC;&#x2122;s ongoing projects largest globally Gboyega Akinsanmi Lagos State Governor, Mr. Akinwunmi Ambode, yesterday noted that the sustained flow of investments to the Lekki Free Trade Zone (LFTZ) showed that the stateâ&#x20AC;&#x2122;s free economic zone â&#x20AC;&#x153;is the next investment in Africa.â&#x20AC;?

Africaâ&#x20AC;&#x2122;s richest man, Alhaji Aliko Dangote, buttressed Ambodeâ&#x20AC;&#x2122;s claim, noting that the combined projects under different stages of completion at the Lekki Free Trade Zone was the largest anywhere in the world They made the remarks yesterday during the inspection of the ongoing industrial jetty project the Dangote Group is currently constructing at the zone to facilitate the movement of the heavy duty machinery.

They inspected the jetty project alongside Chairman of Forte Oil Plc, Mr. Femi Otedola,

CEO, Flytime Group, Mr. Cecil Mammond; CEO, Enyo Retail and Supply Limited, Mr. Abayomi Awobokun, and the Commissioner for Commerce, Industry and Cooperatives, Mrs. Olayinka Oladunjoye.

After inspecting different projects at the zone, the governor noted that massive investment the state government and the private sector had been jointly injecting into the economic zone was targeted at making Lagos the next destination for business in Africa.

He also said the investment and infrastructure renewal in the Lekki-Epe axis simultaneously ongoing were geared towards preparing the state for industrial revolution taking place in Nigeria and by extension West Africa.

The governor said remarkable progress had been made since the last

time a major inspection of the projects was carried out, noting that the investment at the zone would positively impact on the economy of the state.

Ambode said: â&#x20AC;&#x153;We have just inspected the ongoing jetty project being done by Dangote. You are all aware that we flagged off the construction of Lekki Deep Sea Port some few weeks ago. â&#x20AC;&#x153;The Dangote Group is constructing this industrial jetty to facilitate the movement of their heavy duty machinery to the petrochemical plant and other projects they are doing in this Lekki Free Trade Zone.â&#x20AC;?

Ambode assured lagosians that the state government would keep encouraging and supporting investors â&#x20AC;&#x153;to continue to do what is right for the economy, noting that his administration would continue to provide conducive atmosphere for investments

to thrive in the state.

On his part, Dangote said the combined projects under construction at the Lekki Free Trade Zone was the largest anywhere in the world and that it was important for the right message about the axis to be communicated to the people to appreciate its impact on the economy.

He said: â&#x20AC;&#x153;What is happening here is the largest project anywhere in the world. This visit is just to show Governor Ambode the industrial jetty that we have built including the water breaker which is 900 meters.â&#x20AC;?

In her remark, Oladunjoye explained that when operational next month, the industrial jetty would facilitate the shipment of equipment to rev up the projects within the Lekki Free Trade Zone.

MONDAY, MAY 21, 2018Ëž T H I S D AY

13

NEWSXTRA

Amnesty Office Denies Abandoning 19 Nigerian Students in Russia Ndubuisi Francis Ă&#x201C;Ă&#x2DC; Ă&#x152;Ă&#x;Ă&#x201D;Ă&#x2039; The Amnesty Office has denied a media report that the federal government abandoned 19  postgraduate students  purported to be on scholarship under the Presidential Amnesty Programme (PAP) and currently in their final year at the Peopleâ&#x20AC;&#x2122;s Friendship University of Russia.

A statement issued by Murphy Ganagana, the Special Assistant (Media) to the Special Adviser to the President on Niger Delta/ Coordinator, PAP, Prof. Charles Dokubo, said the attention of the Amnesty Office had been drawn to a newspaper report, Â captioned: â&#x20AC;&#x153;Weâ&#x20AC;&#x2122;ve Been Abandoned in Russia, Nigerian Students Lament.â&#x20AC;?

According to the statement, the said report purportedly emanated from a statement issued by one Abilo Franz, â&#x20AC;&#x153;who claimed to be leader of 19 postgraduate students granted scholarship by the Presidential Amnesty Programme currently in their final year at the Peopleâ&#x20AC;&#x2122;s Friendship University of Russia, but allegedly abandoned by the federal government.â&#x20AC;?

Describing the claim as not reflecting  the true picture

of the situation, â&#x20AC;&#x153;but a mischievous misrepresentation of facts concocted to blackmail the Amnesty Office to take responsibility for an obligation it does not owe them,â&#x20AC;? the statement said the Amnesty Office originally sponsored 50 students to the Peopleâ&#x20AC;&#x2122;s Friendship University, Moscow, mainly for Bachelors degree programmes in March 2011.

It added that â&#x20AC;&#x153;by June 2016, 24 students were left and 21 among them duly completed and graduated with good grades, for which they were congratulated by the Amnesty Office for their sterling performance.â&#x20AC;?

Continuing, the statement noted that on August 8, 2016, the Amnesty Office formally communicated them via a letter, notifying them that upon the completion of their graduation ceremonies in June 2016, payment of their tuition fees and allowances had ceased with the payment of June/July In-Training Allowances (ITA). â&#x20AC;&#x153;They were requested to inform the Office of the Special Adviser within ten (10) days of receipt of the letter, the exact date they intended to return to Nigeria, in order to facilitate the issuance of their flight tickets.Â

Instead of complying with the directive to return home after the successful completion of the Bachelorâ&#x20AC;&#x2122;s degree programmes for which their sponsorship strictly covered, the affected students opted to proceed on postgraduate programmes on their own volition, thereby making financial commitments to the institution in their private capacity, perhaps, with the hope of assistance from the Amnesty Office. â&#x20AC;&#x153;That was the situation until May 11, 2018, when they sent an appeal for support via e-mail to the incumbent Special Adviser to the President on Niger Delta and Coordinator, Presidential Amnesty Programme, Prof. Dokubo, through the Head, Offshore Education of the Amnesty Office. â&#x20AC;&#x153;It is therefore uncharitable, baseless and unfair for the 19 Nigerian students at the Peopleâ&#x20AC;&#x2122;s Friendship University, Moscow, who had graduated from their Bachelors Degree programmes for which they were sponsored by the Presidential Amnesty Programme, and were not granted scholarship for postgraduate studies, to allege abandonment by the Amnesty Office, and by extension, the Federal Government of Nigeria in the Vanguard Newspaper edition of Friday, May 18, 2018. Â

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14

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

COMMENT

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

COMMODITY EXCHANGE AND BUSINESS MODEL

Promoters of commodity exchange should develop business model that will factor in the risk elements, argues Sola On

T

he wind of commodity exchange started blowing effectively in Nigeria in 1998 when the federal government set up Abuja Securities and Commodities Exchange (ASCE). The said Exchange was registered to trade in commodities such as maize, sorghum and millet at the take-off stage.

However, in 2000, the exchange metamorphosed into Abuja Stock Exchange (ASE) and went live in 2001. The objective of ASE was to provide electronic trading, clearing and settlement. It was also established to trade equities, bonds and plain vanilla.

Unfortunately, ASE was dead on arrival because it was established at a period when the concept of multiple stock exchanges was fast losing steam due to improvement in Information and Communications Technology (ICT).

By this development, stock exchanges in the same geographical areas were merging for enhanced synergy. The Nigerian Stock Exchange was believed to have capacity to provide market for the entire country by simply expanding its operations through establishment of more branches.

Consequently, ASE ran out of circulation for some years as it became an unpopular venture. After a long period, the first privately owned commodity exchange in Nigeria, Afex Commodity Exchange came on board in 2014.

The ASE has now been re-packaged as Nigeria Commodity Exchange (NCX) to trade in solid minerals and financial instruments such as futures contracts and other derivatives through intermediation of commodity brokers certified by the vibrant Commodity Brokers Association of Nigeria (CBAN).

Barring unforeseen circumstances, NCX will commence operation soon while CBANâ&#x20AC;&#x2122;s chartered status is on the front burner. But one hopes that bureaucratic bottlenecks usually associated with governmentâ&#x20AC;&#x2122;s involvement in business would not make the much awaited approval a forlorn hope. This calls into question the basis for governmentâ&#x20AC;&#x2122;s involvement in establishing an exchange or any business whatsoever. It has been canvassed at different fora that government would add value to businesses if it simply restricts its roles to providing physical infrastructure, legal and regulatory framework and access to finance rather than constitute a major risk element to investment plan.

However, there is a paradigm shift in the landscape of commodity exchange in Nigeria with the historic birth of Lagos Commodity and Futures Exchange (LCFE) being promoted by the Association of Stockbroking Houses of Nigeria (ASHON) in collaboration with Lagos State Government. ASHONâ&#x20AC;&#x2122;s Chairman, Chief Patrick Ezeagu and his deputy, Mr Akin Akeredolu-Ale have consistently explained that the exchange would commence operation after the final endorsement by the Securities and Exchange Commission (SEC).

The LCFE is uniquely established to leverage the skills and competencies of its members who have acquired robust training in the operation of commodity exchange. There are indications that Professor Pat Utomi of Lagos Business School is working closely with the Edo State Government to set up a commodity exchange. The more the merrier.

THE RECENT REPORT ON COMMODITIES ECOSYSTEM DEVELOPMENT RELEASED BY THE TECHNICAL COMMITTEE SET UP BY THE CAPITAL MARKET COMMITTEE OF SEC POSITED THAT INVESTOR CONFIDENCE RESTS ON EFFICIENT TRADING AND DELIVERY SYSTEM

The recent report on commodities ecosystem development released by the technical committee set up by the Capital Market Committee (CMC) of SEC posited that investor confidence rests on efficient trading and delivery system. The report advocated financial inclusion of small scale farmers through co-operative societies and other forms of association to build a competitive commodity exchange. Also, it noted that it is imperative for the government to review the Land Use Act, bankruptcy law and other controversial rules in order to create enabling environment for commodity trading in Nigeria.

At a period like this, Nigeria is in dire need of commodity exchanges. Commodity trading can create investment opportunities in agricultural value chains, boost industrial output and reduce rural-urban migration. In a regime of commodity exchanges, liquidity is injected into the system as farmers can place their commodities at accredited warehouses, receive electronic receipts that reflect commodity type, quality, quantity and other relevant information.

The electronic receipts are fungible, hence, could be traded as a financial instrument. They can be used as collateral for bank loans as well as storage of products in the warehouses until prices appreciate. Despite the benefits of commodity trading, including price discovery, some people have always expressed fears that commodity trading can do more harm than good. They believe that trading in commodity derivatives can expose traders to the risks associated with futures contracts. They also expressed concerns that futuresâ&#x20AC;&#x2122; trading is a haven for excessive speculation which breeds price volatilities and inflation.

According to this school of thought, some commodities lack liquidity while cartels such as Organisation of Petroleum Exporting Countries (OPEC) can bring about price control. They contend that some commodities are so complex that make their price forecasting almost impossible and risk of trading commodity is far greater than equities as margin requirements for commodities are much lower than that of equities.

The fears expressed on commodity trading can never diminish the benefits of this specialised market, especially on the strength of Nigeriaâ&#x20AC;&#x2122;s quest for sustainable economic growth and development Volatility can make or mar a trader. But a smart trader should always realise that speculators provide liquidity by taking up hedgersâ&#x20AC;&#x2122; risks. There is no argument that profiting from commodity trading requires skills, steady market intelligence, some elements of luck and strong risk management background.

Promoters of a commodity exchange should develop business model that will factor in the critical risk elements. After the global meltdown, India government subjected its commodity market to severe regulations. United States of America has the most active commodity market and it ensures adequate regulation to hedge it against associated risks and fortify investor confidence. Nigeria should borrow a leaf from the United States in the regulation of commodity market for seamless operation.

Oni, Financial Journalist, Chartered Stockbroker and Commodity Broker is the CEO, Sofunix Investment and Communications

GUNSHOT VICTIMS AND POLICE REPORT Tayo Ogunbiyi argues that with the new law, gunshot victims should be treated promptly

R

ecently, a colleague lost a dear brother in an obviously avoidable situation.

The deceased, Adebayo Akinwumi, a promising engineer with a top global telecommunication brand, was shot at close range by armed robbers who invaded his home at Orimerunmu, a Lagos suburb in the dead of the night. According to reports, as bad as his case was, the hapless young man could have survived the gun shot if only he had had prompt access to medical attention.

He was allegedly rejected by some private hospitals around their neighbourhood on the account of police report. In a desperate bid to save his life, family members rushed him to a private medical facility at Ikeja, which incidentally happens to be the family hospital. Sadly, he was also rejected at the said hospital on the same account of police report. Having lost so much blood, the young man eventually gave up the ghost. Expectedly, his family members, friends and colleagues are yet to get over the shocking aspect of his untimely exit.

Unfortunately, the sad demise of Akinwumi is just one of such distasteful cases of compatriots who had died in similar circumstances because they were denied treatment at hospitals on the ground of police report. It will be recalled that on September 20, 2009, Mr. Ogunbayo Ohu, the then Assistant News Editor of The Guardian newspaper was shot severally on a Sunday morning in his house in Egbeda, Lagos, by supposed hired killers. Reports had it that Ohu would have survived the gunshots if the neighbouring hospital he was taken to had promptly attended to him.

Now, it is difficult to really understand why

medical workers that are basically trained to save lives would consider the presentation of police report far above the human life that is at stake at such crucial moments. In most cases, family members and other sympathisers of gunshot victims are often too shocked and confused to really have the stability of mind to think rationally.

Just imagine what the frame of mind of a woman who virtually watched as her husband was being brutally murdered would be at that particular moment. This is exactly why it is crucial for health workers to always consider the sanctity of the human life in such decisive circumstances.

The concept of the sanctity of life is anchored on the sacred nature of life, and the fact that everything that is humanly possible must be done to preserve life. Every other thing that man losses can, one way or the other, be restored, but when a life is lost, it is gone forever. Considering, especially, the Hippocratic Oath that is binding on medical doctors, all over the world, the desire to save life should be central in all their concerns. Health workers have the fundamental task of first and foremost caring for the injured and the sick on the basis of the ethics of their profession.

Aside the humanitarian and professional perspectives, it is equally legally wrong for medical workers to insist on the production of police before attending to victims of gunshots. It will be recalled that President Muhammadu Buhari had signed the Compulsory Treatment and Care for Victims of Gunshot Act, 2017 and this should ordinarily put to rest the contentious issue once and for all.

With President Buhariâ&#x20AC;&#x2122;s assent to the law, victims of gunshot and car accidents should receive immediate

treatment in the hospital.

The law makes provisions for obligatory treatment and care for victims of gunshot as it stipulates that a person with a gunshot wound shall be received for immediate and adequate treatment by any hospital in Nigeria with or without initial monetary deposit. The act also stipulates that a person with a gunshot wound shall not be subjected to inhuman and degrading treatment or torture by any person or authority, including the police and other security agencies.

By the passage of the bill by the Senate and eventual assent to it by the president, a legal framework to guarantee that all hospitals in Nigeria accept to treat victims of gunshot wounds without demanding for any clearance from the police has been established. The law is primarily concerned about access to medical care, irrespective of circumstances leading to the gunshot. Therefore, suitable treatment from medical workers and essential assistance from security agencies should follow treatment of gunshot victims irrespective of the cause of the shooting. This becomes rather very essential in view of the fact that it is not every gunshot wound victim that is a criminal.

It is, thus, quite pleasant to note that the Lagos State Police Commissioner Imohimi Edgal, recently vowed to prosecute any hospital in the state who rejects gunshot victims on the premise of police report. The State Commissioner of Police was particularly reacting to the depressing event of Akinwumiâ&#x20AC;&#x2122;s death. According to him, non-treatment of gunshot victims at hospitals is cruel and an indication that most of them may be ignorant of the Gunshot Act, 2017.Edgal subsequently educates

that the act demands that every hospital in Nigeria (whether public or private) shall accept or receive for immediate and adequate treatment with or without police clearance any person with a gunshot wounds. He, however, added that the act requires the hospital treating such a patient to report the fact to the nearest police station within two hours of commencement of treatment. The CP further informed that the act recommends a five-year-jail term for any person, hospital or authority that stands by or omits to do his bit which results in the unnecessary death of any person with bullet wounds. It must be stressed that though the act is a major breakthrough, health sector stakeholders still need to step efforts towards increasing awareness on the subject. Also, appropriate law enforcement agencies need to ensure that proprietors of recalcitrant hospitals are duly prosecuted and punished accordingly to serve as deterrent to others.

The idea of waiting for police reports before treating gunshot victims is archaic and inhuman and must be condemned in its entirety. Of late, we have had to contend with cases of needless loss of lives across the country. We are someway getting used to gory tales of people dying that we donâ&#x20AC;&#x2122;t seem to really care anymore. However, in as much as it could somehow be taken in if some irrational chaps, who have lost their minds, chose the murderous path in the name of insurgency. But then, it becomes ridiculous and disturbing when medical workers that are trained to save life opt to become less concerned about human lives. This is not right, and it must be stopped.

Ogunbiyi is of the Lagos State Ministry of Information & Strategy Alausa, Ikeja

15

T H I S D AY MONDAY, MAY 21, 2018

EDITORIAL THE NAIRA/YUAN SWAP DEAL The deal is laden with pitfalls

I

n a swap deal expected to provide local currency liquidity for both Nigerian and Chinese businessmen, the Central Bank of Nigeria (CBN) and the Peoples Bank of China (PBoC) recently signed an agreement on a transaction valued at Renminbi (RMB) 16 billion, the equivalent of about $2.5bn. Both the CBN Governor, Godwin Emefiele, and the Director General of the African Affairs Department of China’s foreign ministry, Lin Songtian, spoke glowingly about the deal. “The essence of the mandate is to ensure that Nigeria is designated as the trading hub with China in the West African sub-region for people who want the Renminbi as a currency denomination,” argues Emefiele while Lin contends that the deal “means that the Renminbi (Yuan) is free to flow among different banks in Nigeria and has been included in the foreign reserves of Nigeria.”

For sure, a currency swap deal means that the Chinese Yuan would begin to rank with dollar, Euro and to a little extent, pounds sterling as a second currency FROM WHERE ARE WE in Nigeria. It also GOING TO GET ENOUGH means that Nigerian YUAN TO STABILISE banks can open letTHE NAIRA AND KEEP ters of credit in Yuan IT STRONG SINCE THAT instead of the dollar, APPEARS TO BE THE MAIN euro or sterling.

ECONOMIC OBJECTIVE OF Theoretically, this THE ADMINISTRATION? deal will enhance trade between the two countries. From a currency risk management perspective, by including the Yuan in our foreign reserve basket, we reduce the exposure of our foreign reserve to the volatility risk of any single currency, especially the dollar.

Aside the fact that the deal shields Nigerian businessmen from the vagaries of third currency fluctuations, it is now also easier for Chinese manufacturers seeking to buy raw materials from the Nigerian market to obtain naira from Chinese banks to pay for their imports. Many countries

Letters to the Editor

now have this kind of agreement with China in what can be described as a win-win situation in an increasingly interdependent global market situation.

Notwithstanding, there are genuine fears that Nigeria might still not enjoy the benefits of this deal under the current prevailing environment.

As we stated in an earlier editorial on the issue, there are too many questions left hanging. China has historically been accused by Western nations of artificially weakening the Yuan to encourage export, implying that a weaker Yuan gives China an undue advantage over other stronger currency nations. The converse will also be correct: a weaker Yuan will discourage import of foreign goods into China as their prices would become uncompetitive.

Therefore, on this swap deal, will Nigeria also fall prey to a relatively weaker Yuan especially given the current balance of trade in favour of China?

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

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

hina is a trading partner in the purchase of our crude oil, which is responsible for over 80 per cent of our foreign exchange earnings. If China now pays for that with Yuan, our stock of Yuan increases while our dollar receipts will decrease by the same amount. But the relevant question here is: given the balance of trade between China and Nigeria of over US$14billion and growing, will the Yuan supply gap in Nigeria not imply an upward rate push eventually of the Yuan thus bringing us back to square one? Besides, from where are we going to get enough Yuan to stabilise the naira and keep it strong since that appears to be the main economic objective of the administration?

Put differently, we must do something to earn Yuan except we are borrowing from China and if we borrow, we must pay someday. If we don’t, then we must sell something to China to be able to trade in that currency. The point we are making is that other than oil, we have nothing more to sell to China but we buy so many things from China.

Therefore, in implementing the Swap, we hope the authorities will take these concerns into consideration.

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.

HEALTH INSURANCE FOR THE ARMED FORCES

H

ealth insurance programme for the armed forces and uniformed services is a social security programme which ensures that the federal government pays for their health services. Membership eligibility for the scheme includes members of the Armed Forces, Nigerian Police Force, Nigerian Prison Service, Nigeria Immigration Service, Nigerian Custom Service and other uniformed services of the federal government. Contributions made by an enrollee to the scheme depend on the earnings of the enrollee which amounts to 5% of his or her consolidated salary. Actually, the federal government of Nigeria is responsible for the payment for the health insurance of personnel of the armed forces and other uniformed services.

The payments to be made will cover healthcare services for the personnel, one spouse and four children who must not be above 18 years of age. The benefits available to an enrollee include out-patient care that covers necessary consumables as stated in the guidelines of the National Health Insurance Scheme (NHIS). Ante-natal, delivery and post-natal maternity care for four pregnancies ending in live births are covered by the scheme. Births due to caesarean section are not covered by the health insurance programme for armed forces and uniformed men. Pharmaceutical care, prescribed drugs and diagnostic tests contained in the NHIS list are also covered by the programme. The post-natal care to be covered by the programme is for a period of 12 weeks

from delivery date. Even eligible babies born premature shall receive post-natal care of 12 weeks from delivery date.

Annual medical attention unrelated to illness as well as dental care and eye care shall be covered by the scheme for personnel of the armed forces and other uniformed services.

Upon referral, 21 days hospital care shall also be covered by the programme. Immunisations as well as consultations with specialists such as physiotherapists, psychiatrist, radiologists, surgeons, gynaecologists and paediatricians are all covered by the programme. The healthcare services available to personnel of the armed forces and uniformed services under the healthcare insurance scheme can be accessed through the three levels of primary healthcare services, secondary healthcare services and tertiary healthcare services. However, injuries arising from natural disasters like earthquakes and landslides, as well as social unrests, riots, conflicts and wars are not covered by the health insurance programme.

Occupational and industrial injuries covered under the Workmen Compensation Act are not covered by the health insurance programme. Injuries resulting from extreme sports events like car racing, horse racing, boxing, wrestling as well as drug abuse are not covered by the programme. Epidemics and commodities like condoms used for family planning are not covered by the health insurance programme for personnel of the armed forces. Some healthcare services are only partially covered by the scheme. Examples are high technology investigations like MRI (Magnetic Resonance

Imaging) scanning where the HMO (Health Maintenance Organisation) pays 50% of the cost and dialysis for acute renal failure that is limited to a maximum of six dialysis sessions.

Referrals are a very critical component of healthcare services covered by the health insurance programme for personnel of the uniformed services. Referrals occur at various levels such that entry has to be through a primary healthcare facility. Treatment is usually administered at the level of the primary healthcare facility. However, specialised cases can be referred from the primary healthcare facility to the secondary healthcare facility and highly specialised cases can also be referred from the secondary healthcare facility to the tertiary healthcare facility. For referrals to occur, approval by the HMO is necessary. However in cases of emergencies, the referral should take place immediately and then the HMO should be notified within 48 hours. Referrals can be done vertically from one level of healthcare service to the other or horizontally from one facility to the other within the same level of healthcare service. Referrals are always done to the nearest specialist available within the area and if a referral request is rejected, the referring health care facility as well as the NHIS must be notified. For a referral request to be honoured, the patients name, age, gender and address must be stated. The patients NHIS number and the patient’s hospital number must be stated. The results of clinical investigations as well as previous treatments administered before referral must also be stated. The referring personnel’s name and signature as well as the referral date are also to be stated if the referral will be honoured.

Martins Eke, Programme Officer, Centre for Social Justice, Abuja

16

T H I S D AY ˾ ͰͯË&#x153; ͰͮͯͶ

MONDAY, MAY 21, 2018Ëž T H I S D AY

17

NEWS

Court Fixes Tomorrow to Rule on N122bn Judgment Debt against Shell, FBN Davidson Iriekpen Justice Ibrahim Buba of the Federal High Court in Lagos has fixed tomorrow to rule on the garnishee proceedings filed by some Ogoni chiefs from Ejama community in Rivers State against the Central Bank of Nigeria (CBN) and First Bank of Nigeria Limited for their failure to pay a N122 billion judgment debt against Shell Petroleum Development Company Limited (SDPC).

The judge also fixed the same day to rule on whether to jail the Chairman of First Bank, Mrs. Ibukun Awosika, for failing to pay the amount as ordered by a Federal High Court in Owerri, Imo State.

Justice Buba fixed the date after hearing all the applications filed by the different parties in the suit last Friday.

In the substantive suit, the Ogoni chiefs had sued the Royal Dutch Shell Plc, Netherlands; Royal Dutch Shell Plc, United Kingdom and SPDC over alleged oil spills that occurred when Shell operated in the community at the Federal High Court in Port Harcourt.

Justice Buba had in his judgment in 2010 awarded N17 billion to the representatives of the Ogoni people.

The court equally granted the Ogoni chiefs 25 per cent interest charge on the principal sum of about N17 billion.

SPDC had then appealed against the judgment and applied for a stay of execution

of the judgment pending the appeal.

As a condition for granting the stay of execution, the court required Shellâ&#x20AC;&#x2122;s bankers, First Bank, to provide a guarantee of the judgment sum.

This condition was complied with. But Shellâ&#x20AC;&#x2122;s appeal failed at the Court of Appeal on technical grounds, ostensibly because it filed its processes out of time and without regularising them.

At the resumed hearing of the matter last Friday, lawyer to SPDC, O. Ochobi (SAN), informed the court of his clientâ&#x20AC;&#x2122;s application dated and filed on January 22, 2018, seeking to join in the garnishee proceeding, and informed the court that he was yet to be served with all the processes in the suit.

He also told the court that the judgment creditors filed their written addresses in opposition to his motion out of time and without regularising it, adding that the applicants also failed to pay default for filing out of time, adding that it was contrary to Order 48 Rule 4 of the Federal High Court.

Responding to Ochobiâ&#x20AC;&#x2122;s application, lawyers to Ogoni chiefs led by Chief Lucius Nwosu (SAN) told the court that he had filed a counter affidavit to SPDCâ&#x20AC;&#x2122;s application.

Nwosu said the suit before the court is not against the party seeking to be joined but against the guarantor (First Bank).

He described SPDC as a meddlesome interloper. He therefore urged the court to

dismiss SDPCâ&#x20AC;&#x2122;s application with punitive cost.

But the presiding judge, Justice Buba, after citing plethora authorities, granted SPDCâ&#x20AC;&#x2122;s application, and urged all parties in the suit to serve them with all the processes in the suit.

After the ruling on the SPDCâ&#x20AC;&#x2122;s application, lawyer to the First Bank, Chief Wole Olanipekun (SAN), told the court that after the ruling on the application seeking to join, if his clients, First Bank and its Chairman, Ibukun Awosika, would still be allowed to be a party in the suit following the ruling delivered by the court in favour of the SPDC. Olanipekun informed the court that he had filed an application challenging the courtâ&#x20AC;&#x2122;s jurisdiction to entertain the contempt suit.

Also, Professor Febian Ajogwu (SAN), counsel to the garnishee applicant (CBN), told the court that he had motion on notice dated January 19, 2018, with an affidavit deposed to Amaka A, with a written address dated and filed the same date. He also told the court that he filed a further

affidavit deposed to by one Osita Nwosu together with a reply on point of law.

He said the application is seeking to set aside or dismiss garnishee order made by an Owerri division of the court in respect of the suit.

Ajogwu told the court that the order was made without compliance with the Section 84 of Sheriff and Civil Act, adding that the order must be made with the consent of the Attorney-General of the Federation (AGF).

He said for special emphasis, the order has to be made with AGFâ&#x20AC;&#x2122;s consent.

Ajogwu contended that there was no debtor-creditor between the parties.

The CBN counsel also stated that the CBN is not an indebtedness judgment creditor, and that it does not have the funds of the guarantor (First Bank).

Ajogwu also notified the court that the suit before the court is going on in parallel with the suit still pending before the Supreme Court, and that the funds sought to be attached by the creditors is not link with any account.

He therefore urged the court to set aside the order.

Responding, the Ogoni chiefsâ&#x20AC;&#x2122; lawyer, Nwosu, told the court that he filed a garnishee application ex-parte on January 5, 2018, with an affidavit of 52 paragraphs, and plethora of exhibits, and a written address.

He also told the court that he had filed a counter affidavit to the garnisheeâ&#x20AC;&#x2122;s application in opposition to set aside the order.

Nwosu contended that the exhibits attached with the application showed that the AGF consented, saying AGFâ&#x20AC;&#x2122;s reply to their letter on the order was interpreted as his consent.

He also stated that the exhibits showed the guarantee issued by the other banks, including Zenith, Access and Union Banks, adding that the exhibits also included a letter of negligence of the CBNâ&#x20AC;&#x2122;s lawyer.

The Ogoni lawyer told the court that Order 2, Rule 20 makes the surety a primary obligor, who had agreed to pay someoneâ&#x20AC;&#x2122;s debit in the event the appeal of Shell failed at the Appeal Court.

He told the court that if it sees that the matter does

not stop at appeal judgment, it should sue in entity, and award a punitive cost against him personally. But if the court sees that the garnishee stops at the appeal judgment, the court should order the garnishee to pay the money with substantive cost.

Nwosu said the action of the garnishee and the contemnors is a collusion one, as the garnishee filed its application to dismiss the order nisi four days after the contemnors filed theirs.

He urged the court to make the order nisi absolute, and dismissed the garnisheeâ&#x20AC;&#x2122;s application with punitive cost.

Responding to Nwosuâ&#x20AC;&#x2122;s submission, Ajogwu urged the court not to make the order absolute, rather the court should dismiss it. He said it is important to rely of section 84 of Sheriff and Civil Act, as obtaining AGFâ&#x20AC;&#x2122;s fiat is a condition before garnishee proceeding could commence.

After listening to the submissions of all parties, Justice Buba adjourned till May 22, 2018, for ruling on both applications garnishee and contempt proceedings.

Unknown Gunmen Kill Soldiers at Benue, Taraba Border George Okoh Ă&#x201C;Ă&#x2DC; Ă&#x2039;Ă&#x2022;Ă&#x;Ă&#x153;Ă&#x17D;Ă&#x201C; Unknown gunmen at the early hours of yesterday morning attacked soldiers on patrol at a border town the Tseke, in Kante-Chenkai between Benue and Taraba States, killing two soldiers, while two others were abducted.

The soldiersâ&#x20AC;&#x2122; patrol vehicle was destroyed.

A source in the area disclosed that some of the soldiers escaped with serious injuries.

According to the source, â&#x20AC;&#x153;That community is a TivJukun settlement and it is a border community where you can hardly draw a border line between Benue and Taraba States. â&#x20AC;&#x153;From what we have gathered so far, two of the soldiers were killed, some where taken alive and one of their patrol vehicles was also burnt. â&#x20AC;&#x153;Though we had that some of the soldiers were still unaccounted for which means that the casualty figure might be higher when the true picture of the attack becomes clearer.â&#x20AC;?

Confirming the report, the Chairman of Logo Local Government Area, Mr. Richard Nyajo, said the incident happened at around 7a.m. yesterday.

He said herdsmen were responsible for the attack. â&#x20AC;&#x153;I gave them a base at Mbagegh council ward of Logo Local Government. So in the course of carrying out their peacekeeping operation around the border area, they went into the bush and I donâ&#x20AC;&#x2122;t know whether the herdsmen heard about them, they came behind and entangled them and opened fire on them. â&#x20AC;&#x153;They burnt one of their patrol vehicles, injured some of them, took some alive and killed one person but the second person was seriously injured and might not make it alive because he was in bad shape. â&#x20AC;&#x153;Though one was said to be missing but by tomorrow we will get a clearer picture of the situation, including the actual number of deaths because when an attack scatters a group of people like it happened and some are missing, you cannot just conclude on the casualty figure.â&#x20AC;?

He added: â&#x20AC;&#x153;But surely some were killed and some were abducted. Though many among those that were missing escaped alive. But by tomorrow we will get a clearer picture of the situation.â&#x20AC;?

All efforts to confirm the incident from the police and military source were unsuccessful.

ITâ&#x20AC;&#x2DC;S YOUR TURN NOW

Former Governor of Plateau State, Senator Jonah Jang (second right), with officials of the Economic and Financial Crimes Commission (EFCC) at the Jos High Court before the arraignment of the former governor for alleged fraud ....recently

FG Plans to Assassinate Me, Wike Alleges Ernest Chinwo Ă&#x201C;Ă&#x2DC; Ă&#x2122;Ă&#x153;Ă&#x17E; Ă&#x2039;Ă&#x153;Ă?Ă&#x2122;Ă&#x;Ă&#x153;Ă&#x17E; Rivers State Governor, Nyesom Wike, has raised the alarm that the All Progressives Congress (APC)-led federal government is plotting to assassinate him in a crowd and claim accidental discharge.

The governor made the revelation during the third year anniversary thanksgiving service of his administration at Living Faith Church, D-Line, Port Harcourt yesterday.

He said: â&#x20AC;&#x153;Intelligence report available to us as at this morning indicate that they are plotting to assassinate me in a crowd and claim it was accidental discharge.â&#x20AC;?

The governor said the plots of

the APC-led federal government and her associates would not intimidate him as he remains committed to the defence of democracy and Rivers State.

He said the plot would fail because God would continue to defend him.

He said: â&#x20AC;&#x153;The level of conspiracy against Rivers State is unfortunate. Instead of focusing on governance, they focus on how to assassinate me or frame me up.â&#x20AC;?

Wike alleged that the APC-led federal government through the Inspector General of Police plotted to plant millions of dollars and AK 47 at his Abuja residence, when the Police sought search warrant from an Abuja court.

He noted that last week the

court ruled that the police cannot search his Abuja residence, stopping them from their evil plot. â&#x20AC;&#x153;I am not afraid of my residence being searched by the police, but I know their evil intention,â&#x20AC;? he said.

Wike said the state government had come to thank God for his protection in the face of continuous plot by agents of the APC-led federal government.

He said: â&#x20AC;&#x153;We are born to win; we are born to reign; we are destined for greatness. While other states are inaugurating wheel barrows, we are inaugurating infrastructure.â&#x20AC;?

He said despite the declaration by the former governor that his administration would not be able to pay salaries let alone

do projects, his administration has succeeded in delivering outstanding projects.

Rivers State Pastor of Living Faith Church, Pastor Isaac Folaji, in his sermon, said thanksgiving engenders growth and blessing.

He said thanksgiving enhances Godâ&#x20AC;&#x2122;s protection and financial multiplication.

The cleric noted that as a result of the dedication service, God would bless Rivers State.

The dedication and thanksgiving service to mark the third anniversary of the administration of Wike attracted traditional rulers, prominent leaders of Rivers State and wife of the former President Goodluck Jonathan, Mrs. Patience Jonathan.

T H I S D AY ˾ MONDAY, MAY 21, 2018

18

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

Buhari’s Health and the 2019 Presidential Race No matter how hard his handlers try, President Muhammadu Buhari’s health will be an issue in the next presidential election campaign, write Tobi Soniyi, Segun James and Shola Oyeyipo

O

n Tuesday May 8th, 2018, President Muhammadu Buhari left Abuja for the United Kingdom on a fourday trip to see his doctor.

Announcing the president’s trip, his Senior Special Assistant on Media and Publicity, Mr Garba Shehu said in a statement, “In the course of the technical stop-over for aircraft maintenance in London on his way back from Washington last week, the President had a meeting with his doctor.

“The doctor requested the presidentto return for a meeting which he agreed to do.”

During the build up to the 2015 general elections, there were concerns over the state of health of Buhari and his fitness to be president. The Peoples Democratic Party (PDP) which was in power tried to sway voters to its side by calling on voters not to waste their time voting for Buhari claiming among others that if he won, he would not be able to complete his four years term in office.

Ekiti State governor, Ayodele Fayoseof the PDP went as far as spending million of naira in advertorial. He placed advertisements in newspapers claiming that Buhari was not healthy enough to be president.

On the cover of some national newspapers were adverts with inscriptions such as: “Nigerians be warned! Nigeria: I set before thee life and death, therefore choose life that both thee and thy seed may live.”

In another set of adverts the pictures of late Generals Murtala Mohammed, Sani Abacha, former president Umar Musa Yar ’ Adua and that of Buhari with a big question mark on Buhari’s picture adorned the pages of newspapers. Below the photographs were. Inscriptions such as: “Will you allow history to repeat itself?

Enough of state burials. Vote wisely. Vote Goodluck Jonathan. Northern Presidency should wait till 2019.”

The extent to which Fayose went offended some people’s sensibility who felt that the governor had gone too far in making death a campaign tool.

If the PDP had thought that that line of campaign would scare voters away from the president, they were wrong. It appeared that the exact opposite happened.

Voters were willing to elect Buhari even if he was going to die in office. Many outrightly did not share the PDP’s sentiment. Besides, many Muslims who were staunch supporters of Buhari did not share Fayose’s and by extension, the PDP’s line of reasoning. It was simply ‘unislamic’.

Back then, Nigerians admonished the governor, and advised him to desist from such negativity. They told him, no one could be sure about who would die first between him and Buhari.

Even though Buhari won the election, analysts believed then that there must have been information about Buhari’s health which was known to some elements within the PDP ut unknown to the people. Is there a connection between those advertisements and the alleged hacking of Buhari’s medical records? No proof yet. But that was then.

And So it Happened Less than a year into his four years mandate, precisely on February 5, 2016, the president announced he would go to London on a six-day medical trip. Many

President Muhammadu Buhari

were shocked. Others went as far as saying that Fayose must have been right all this while. Even the governor exhibited that ‘didn’t I warn you’ kind of attitude.

Then on June 6, 2016, again, Buhari took a 10-day medical vacation. The Presidency said Buhari needed to travel to deal with what was referred to as “persistent ear infection.”

The Presidency had told Nigerians that even though Buhari was examined and treated by his personal physician and a specialist in Abuja, the doctors advised him to go for further evaluation as precaution. His Special Adviser on Media and Publicity, Mr Femi Adesina said the president would use the ten-day vacation to see an Ear, Nose and Throat specialist in London. By then Nigerians were beginning to doubt the official position.

Many rightly suspected that the issue with the president was more than ear infection. The Presidency was obviously hiding something.

Eventually, the president ended up spending 14 days instead of the ten he asked for. He returned to Nigeria on June 19, 2016.

On Thursday, January 19, 2017, Buhari, in a letter he sent to the Senate, informed

President Buhari’s illness provides him with a good opportunity to confront the challenges facing the nation’s health sector

the lawmakers that he was proceeding on vacation for 10 working days with effect from Monday, January 23, 2017.

Then on February 5, he wrote a another letter to the National Assembly, notifying them of his decision to extend his London medical leave. When it became clear that the president would not return as earlier scheduled, his aides said that he would be staying back in London to enable him get the results of some medical tests he did.

He eventually returned to Nigeria on March 10, after spending 49 days in London. Even then, he didn’t resume work immediately. Presidency said he was working from home. By then, the alarm bell has begun to ring.

The president confirmed to Nigerians that he was indeed very sick. He said that he had not been so sick in his life.

But while he was there, those working for him claimed that he was hale and hearty. Nigerians were decieved.

Looking back, the president would, perhaps have stayed back in London because he was unable to attend public events including three consecutive weekly Federal Executive Council meetings after he returned.

No one was therefore surprised when on May 7, Buhari embarked on another trip to London for medical reasons.

He returned on August 19, 2017 after spending 104 days in London. Like his previous trip, it took him a while before he resumed work. It was then that his Senior Special Assistant on Media and Publicity said rats had damaged furniture in the president’s office. While Nigerians remained suspicious that the president might not have fully regained his health,

the Presidency announced that Buhari would be working from home. In 2017 alone, the president applied for medical leave twice.

This month’s trip would be his fifth since he assumed office as president.

Many believe the trips are more. There are those who believed that the president met with his doctors while in London for Commonwealth’ Leaders’ meeting last April.

On the March Again

By December, the president will be 76.

He has announced his intention to seek re-election. Will Nigerians be right to demand to know the illness for which the president has frequently been flown to London to receive treatment? To make the right judgment, Nigerians ought to know the fitness level of those who seek to govern them, not just Buhari.

Recently, politicians in the United States of America were surprised when President Donald Trump’s former physician, Dr Harold Bornstein claimed that Trump dictated the 2015 letter he wrote claiming that Trump was extremely healthy.

In an interview with CNN, Dr Bornstein said: “He dictated the whole letter. I didn’t write that letter. I just made it up as I went along.”

Bornstein had written that, “His (Trupm’s) strength and stamina are extraordinary. If elected, Mr Trump, I can state unequivocally will be the healthiest individual ever elected to the presidency.” As it turned out, those words were not based on any medical examination.

CONT’D ON PAGE 19

19

T H I S D AY ˾ MONDAY, MAY 21, 2018

POLITICS

MONDAY DISCOURSE

B U H A R I ’ S H E A LT H A N D T H E 2 0 1 9 P R E S I D E N T I A L R A C E If someone who aspired to be president of US, and who indeed became the president of US, could go this far to lie about his state of health, we can expect our own leaders to do worse.

No one should be under the illusion that Buhari went for an ear infection treatment in London. The president had not told Nigerians what ailment afflicted him.

The name of the hospital where he was treated remains a secret. The more the Presidency tries to keep the president’s state of health secret, the more Nigerians will continue to speculate. This will not help the president on the long run. Voters may not want to support a candidate who has already spent 172 days in hospital but has yet to clock three years in office.

In his article, ‘Concerning Sovereign Infirmities’, Dr Chidi Odinkalu noted that in the management of presidential illness, it seemed short-term political score-settling more often than not trumped all the public’s claims to candour.

He writes, “Amidst the current crisis of non-disclosure over the condition of Nigeria’s President, Muhammadu Buhari, there has been much speculation, disinformation and controversy over how Presidential illnesses have been handled at other times and in other parts of the world.

“Presidential infirmity is not unknown to Nigeria. While he was military leader nearly 30 years ago, Ibrahim Babangida, then still in his late 40s, was flown out of the country for medical attention.

Nigerians were informed that he was down with “Radiculopathy”, a multi-syllabic tongue-twister that sent many newsrooms consulting diagnostic standard manuals.

Nearly one decade ago, the country learnt that President Yar’Adua was afflicted with “Acute Pericarditis.”

“Two things emerge from these instances.

First, like all human beings, Presidents, can and do from time to time take ill. Babangida and Yar’Adua were much younger in their time than President Buhari is now. At 74, President Buhari is at the age where illness is not unusual. The second thing is that in these previous examples, the country got to know something about the illness of the President. In the current situation, the President, if his handlers are to be believed, suffers from a condition diagnosed as “hale and hearty” for which he requires rest.”

Nigerians understand that anyone, including the president can get sick. They even prayed for him while he was in London receiving treatment. The president has demonstrated his willingness to be open.

While his aides claimed that he was hale and hearty, the president upon returning from one of his medical trips admitted that he was sick and that he had never been that sick in his life. Nigerians will have to decide during the next election whether to go along with the president or not. The president can make that decision easy for them by coming clean.

There are warning signs that information about the president’s health would not remain hidden forever. There have been reports that a committee had been set up to probe alleged hacking on the president’s health record in the build-up to the 2015 elections.

The committee had reportedly written the US and the UK to demand information.

The federal government had set up a committee after reports surfaced that a rich supporter of former President Goodluck Jonathan reportedly hired SCL, a data analytics company, to paint Buhari in a bad light.

The reports revealed that the fixers for the Jonathan campaign hacked into Buhari’s medical and financial records in order to sway the decision of the electorate in the 2015 election.

Now that 2019 elections are getting closer, those hoping to make political gains out of the president’s health records will stop at nothing to get the records.

This is another reason why the president needs to come clean.

A Campaign Issue for the Opposition

Ekiti State Governor, Ayodele Fayose

Already, the PDP is crying foul and is expected to latch on to the president’s state of health to attack him. In 2015, Nigerians did not listen to the PDP because they did not believe the party, 2019 may turn out to be different because the voters have heard and seen for themselves.

The party’s National Publicity Secretary, Mr. Kola Ologbondiyan wondered why the Presidency was shrouding the health of the president in secrecy.

He said, “The Peoples Democratic Party notes the confirmation of the Presidency that President Muhammadu Buhari is unwell, ailing and unfit to attend to state matters, resulting to his latest journey to the United Kingdom for medical attention.

“This admission, though belated and coming after intense public pressure, has now put to rest speculation and anxiety on the health status of the president, as well as his attendant inability to effectively govern.

“It is, however, very unfortunate that the president and his handlers had chosen to shroud the issue of his persistent illness in secrecy in a government that prides itself on claims of transparency and integrity.”

PDP also noted that Buhari had in April, shortly before the Commonwealth Heads of Government Meeting, undertook a private visit to the United Kingdom, where his doctors reside.

The more the Presidency tries to keep the president’s state of health secret, the more Nigerians will continue to speculate

Ologbodiyan said that the president was there five days ahead of CHOGM, without telling Nigerians his itinerary.

He added that two days after his departure from the United States where he had gone for a state visit, the President went ‘missing.’

Ologbondiyan said, “When concerns began to mount on his whereabouts, the Presidency claimed he had a ‘technical stop-over ’ in the UK, citing flight issues.

“But later, revelations emerged from the same Presidency, on Monday, that Mr. President was actually in the UK to see his doctors.”

He decried the situation whereby Nigerians were not aware of the ailment the president suffered from and the identity of the doctors and the hospital attending to him.

He criticised the president for embarking on medical tourism abroad when his administration had completely refused to address the poor state of the health sector in Nigeria, for which medical workers were currently on strike across the nation.

State of Nigerian Medical Facilities The president’s latest trip came at a time when the Joint Health Sector Unions (JOHESU) was on strike.

JOHESU commenced strike on April 17. Part of their demands is the upward review of their salaries to be at same level with the doctors, a request both the federal government and the doctors kicked against.

With the strike, medical services were not available at public hospitals and health centres across the country.

Newspapers were awash with reports of the confusion, pain and anguish recorded across the country because of the strike.

Patients were forced out of hospitals leaving only those who could cough out enough resources to move their sick relatives to non-publicly owned facilities. Others, who were not so blessed moved their relatives

back home where they watched them die.

This strike continues to subject Nigerians who needed medical helps to hardships.

But conveniently, the president flew above to get treated without putting in place concrete steps to bring the strike to an end. Actions sometimes speak louder than words. Reasonable Nigerians are not opposed to the president travelling abroad for treatment but they disapprove of the state of medical facilities in Nigeria.

Even when health workers are not on strike, most hospitals lack the necessary facilities to take care of their patients.

Nigerians die daily from illness that should not kill them. The argument on whether the president promised during the campaign not to go abroad for medical treatment or did not make such promise is diversionary. The question should be whether the president did promise to make health facilities in the country working for Nigerians. This, the president can not deny.

So, what has happened to that promise?

Nigeria continues to lose scarce foreign exchanges to medical tourism.

According to the Civil Society Legislative Advocacy Centre (CISLAC), a non for profit organisation, less than 20 percent of the 30,000 public Primary Health Centres (PHCs) in the country is fully functional.

By statistics, Nigeria remains one of the most dangerous countries to give birth.

One in 13 women who go into labour is most likely not to return alive.

During his visit to Nigeria recently, American businessman and co-founder of Bill and Melinda Gates Foundation, Bill Gates described Nigeria’s Primary Health Care system as ‘broken’ 40 years after the first attempt by the government to make it functional.

“The evidence for this can be found in the epidemic of chronic malnutrition or stunting,” Gates said.

President Buhari’s illness provides him with a good opportunity to confront the challenges facing the nation’s health sector.

20

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

FEATURES

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

Nigerians Groan as Health Workers Continue Strike Kuni Tyessi writes that with the strike by the Joint Health Sector Unions, activities in secondary and tertiary health institutions have been grounded, leaving tales of woe in its wake

A protest by Nigerian health workers

A

siwaju Bode Gbadebo is a deputy editor in one of Nigeria's foremost newspapers.

He lost his wife recently as a result of high blood pressure. Reports say she was hospitalised in a Lagos General Hospital but due to lack of medical attention, she was moved to several private hospitals within the metropolis and before long, she was dead at a prime age of 40. Her husband broke the news to his friends on his Facebook wall and with claims that his life will never be the same again. Lamentations and condolences quickly poured in but unfortunately, no amount of tears can bring back the dead.

Mrs. Chinaza Udo (real name withheld) was a pregnant woman who attended antenatals at the Asokoro General Hospital in the Federal Capital Territory. Afraid that complications might arise and if at all they do, there should be a standby remedy, she registered again at a private maternity clinic. She was scanned and the results disclosed that she would birth twins, a boy and a girl. However, this was not to be.

She suffered prolonged labour due to the private hospitals's inability to manage her situation in the face of a protracted strike

by Joint Health Sector Unions (JOHESU).

The joy of the family was cut short as the twins were said to have died two days to delivery. They were evacuated from the mother whose present state is a distortion of reality. Time, energy and resources have been spent and gone and yet the sad news.

Another is the case of Titus Tambaya, a man above 50, who has been scheduled for eye surgery, all in a bid to salvage his sight from the ravaging effects of Glaucoma.

With the protracted labour unrest, Tambaya has been left to his fate, or better still, the mercies of God. The problem persists, the sight is deteriorating and the end of the strike is not in sight.

The aforementioned cases are a meagre percentage of what hundreds of Nigerians have been made to go through as a result of JOHESU downing its tools . The media have been awash with stories of Nigerians being stranded at the nation's hospitals with very few finding alternatives in private

hospitals which many have adjudged to be limited in terms of specifications and outrightly beyond the reach of the common man due to exorbitant costs.

A visit to Wuse Zone 3 General Hospital within the FCT reveals that the members of the Union are not smiling at all. While doctors are ready at hand to deliver services, members of the health body who are expected to work with the doctors and ensure smooth delivery are nowhere to be found, after declaring that this will be the mother of all strikes for governmentâ&#x20AC;&#x2122;s failure to honour their demands.

Everyday services of drugs administration by nurses have stalled. Laboratory scientists and technicians cannot be found to carry out tests and produce results. Midwives who are expected to show more empathy especially in cases of child birth have also decided to stay at home thereby giving Traditional Birth Attendants a field day to fully operate and ward maids have cashed

A visit to Wuse Zone 3 General Hospital within the FCT reveals that the members of the Union are not smiling at all. While doctors are ready at hand to deliver services, members of the health body who are expected to work with the doctors and ensure smooth delivery are nowhere to be found, after declaring that this will be the mother of all strikes for governmentâ&#x20AC;&#x2122;s failure to honour their demands

Adewole...should reconcile with JOHESU members

on the opportunity to take some rest. All of them are hopeful that with an arm-twist on the federal government, their Eldorado might just break through.

Same goes for Maitama General Hospital which is known to be a hub for patients, and those on referrals, judging from the fact that it has a lower flow of traffic compared to Wuse and Asokoro General Hospitals due to location and proximity of several patients. A visit to any of the hospitals simply buttresses the fact that more stories of anguish are bound to be told if lasting solutions are not found and reached by

the parties involved.

This trend further exposes Nigerians to the disadvantages of buying drugs over the counter without prescriptions due to the ineffectiveness of the sector as a result of the unrest. They are also exposed to quacks who have seized the opportunity given by the strike to lure unsuspecting Nigerians who fall prey in the face of not having choices to choose from.

With the above negative effects and more, the Minister of Health, Prof. Isaac Adewole, has cautioned that JOHESU has

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FEATURES

no constitutional right to harass other health workers not on strike or lock government facilities. The minister gave the warning in a statement issued by Mr. Oshundun Olajide, Deputy Director, Media and Public Relations of the Federal Ministryof Health.

Adewole said that the â&#x20AC;&#x153;Health sector is one of the essential services that are prohibited by law from embarking on strike action.

However, the Ministry of Health has been subjected to so much ridicule and embarrassment as a result of frequent strikes by the different professionals that make up its work-force.â&#x20AC;?

He said the demands by the Union to be at same pay level with doctors, is not realistic. â&#x20AC;&#x153;Indeed, the federal government has put machinery in place to ensure that the strike is called off by meeting with JOHESU officials on several occasions. â&#x20AC;&#x153;But what JOHESU is asking for is parity with medical doctors, which is neither practicable nor acceptable to the federal government.â&#x20AC;?

Also, the Nigerian Medical Association (NMA) newly elected president, Dr. Francis Adedayo, has appealed to the federal government to honour all agreements with JOHESU, and end the ongoing strike in the nationâ&#x20AC;&#x2122;s health sector.

He made the appeal on behalf of the association in a communique issued at the end of its 58th Annual General/Scientific and Delegatesâ&#x20AC;&#x2122; Conference which held in the FCT. However, in a swift reaction and to disapprove what the national chairman of the NMA has called for, chairman of the Bayelsa State chapter, Dr. Keme Pondei, has described as selfish the demands given by the striking workers.

Pondei, in a statement in Yenagoa, regretted that the strike was aimed at disrupting quality health delivery.

He said: â&#x20AC;&#x153;The demands by JOHESU members made up of mostly cleaners, ward maids, laboratory scientists, nurses and pharmacists to get equal pay as medical doctors, are unobtainable anywhere in the world. â&#x20AC;&#x153;Equal pay with medical doctors is unobtainable anywhere in the world because while doctors are not opposed to improvement in emoluments, we oppose equality of pay. â&#x20AC;&#x153;NMA notes with displeasure the attempt by an amorphous illegal group of allied health workers who are mostly cleaners, ward maids, laboratory scientists, nurses and pharmacists among others, called JOHESU to disrupt the provision of quality health services to the good people of Bayelsa. â&#x20AC;&#x153;JOHESU is trying to arm-twist the federal government through a national strike for a

Everyday services of drugs administration by nurses have stalled.

Laboratory scientists and technicians cannot be found to carry out tests and produce results. Midwives who are expected to show more empathy especially in cases of child birth have also decided to stay at home thereby giving Traditional Birth Attendants a ďŹ eld day to fully operate and ward maids have cashed on the opportunity to take some rest

Wuse District Hospital in Abuja...losing patients because of JOHESU strike.

Patients waiting to be attended to in one of the hospitals in Abuja

long list of demands because any attempt at granting this request, means that same must be applied to medical doctors.â&#x20AC;?

The Senate also lent its voice and has pleaded with the Union to call off the over three weeks strike. The call was made by

Senator Oluremi Tinubu in respect to the recent outbreak of the Ebola virus within some African countries.

The debate and fight goes on with accusations and counter accusations piling up while the masses are sacrificed daily on the

altar of ego and strikes. Stakeholders have called for an end to the unfavourable action but not without putting into consideration the demands of the Union. How soon will it end and will the demands of the Union be reached? Only the future can tell.

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IMAGES

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

Photo Editor Ă&#x152;Ă&#x201C;Ă&#x2122;Ă&#x17D;Ă&#x;Ă&#x2DC; Ă&#x201D;Ă&#x2039;Ă&#x2013;Ă&#x2039; Email Ă&#x2039;Ă&#x152;Ă&#x201C;Ă&#x2122;Ă&#x17D;Ă&#x;Ă&#x2DC;Ë&#x203A;Ă&#x2039;Ă&#x201D;Ă&#x2039;Ă&#x2013;Ă&#x2039;ĚśĂ&#x17E;Ă&#x2019;Ă&#x201C;Ă?Ă&#x17D;Ă&#x2039;ĂŁĂ&#x2013;Ă&#x201C;Ă Ă?Ë&#x203A;Ă?Ă&#x2122;Ă&#x2014;

L-R: General Manager, ArcSkills, Bolodeoku Ebunoluwa; Senior General Manager, Human Resources, Dangote Group, Alhaji Umar Hamza; Lagos State Employment Trust Fund (LSETF) Employability Support Project Trainee, Oyedeji Oluwaseun; Group Chief Sustainability and Governance OďŹ&#x192;cer, Dangote Group, Dr. Ndidi Nnoli-Edozien; Director of Programmes, LSETF, Teju Abisoye and Head of Employability Programme, LSETF, Seyi Ladejobi, during L-R; Ogun State Governor, Senator Ibikunle Amosun Chairman of the All Progressives Congress (APC), Rev. Peter the job fair for 350 LSETF Employability Support Project Trainees with the Dangote Group and its partners at Obadan and former Chairman of the party in the state, Alhaji Tajudeen Lemboye during the congress held in Abeokuta... Badore, Lagos...recently recently

L-R : Former Governor of Kwara State and Senator representing Kwara North Senatorial District, Alhaji Shaâ&#x20AC;&#x2122;aba LaďŹ agi, Senate President, Dr. Abubakar Bukola Saraki, Kwara State Governor, Dr Abdulfatah Ahmed and APC National Publicity Secretary, Mallam Bolaji Abdullahi during Kwara State APC State Congress at State Banquet Hall, Ilorin..recently

L-R; Director General, Lagos Chamber of Commerce and Industry (LCCI), Mr Muda Yusuf; President, Babatunde Ruwase; Deputy President, Mrs Toki Mabogunje and Vice President, Dr. Micheal Olawale-Cole, at the LCCI quarterly press conference on the State of nationâ&#x20AC;&#x2122;s economy in Lagos...recently etop ukutt

L-R: Member, All Progressives Congress (APC) State Congress Committee deployed in Oyo State, Mr. Ayuba Idris; Secretary, Alhaji Haruna Tilde; Chairman, Mr. Abdullahi Gwarzo;Muhammed Sidi and Emeka Okolie, during the partyâ&#x20AC;&#x2122;s state congress, held at the Lekan Salami Sports Complex, Adamasingba, Ibadan...recently

L-R: Business Director, MediaReach OMD, Mr. Promise Udoh; Deputy Managing Director, Afromedia Plc, Mr. Femi Olaiya; Chief of StaďŹ&#x20AC; to Imo State Governor, Mr. Uche Nwosu his wife/Managing Director, Reach Media, Mrs. Uloma Nwosu and Business Executive, Media Fuse/Carat, Ms. Bukola Bankole, during the launch of Reach Fm 104.7, in Owerri...recently

L-R; Representatives of Minister of State for Petroleum, Mr. Johnson Awoyomi; Chairman, SPE Lagos Section 61, Mr. Temitope Oshuntuyi; Chairman, SPE Nigeria Board of Trustees, Mr. Andrew Olotu and CEO, Oildata Energy Group, Mr Emeka Ene at the Society of Petroleum EngineersTechnical Symposium on Field Development Plan (FDP) Approved Process organised by SPE lnternational, Lagos Nigeria Section in Lagos on Thursday abiodun ajala .

L-R; Managing Director/Chief Executive OďŹ&#x192;cer, Sterling Bank Plc, Abubakar Suleiman, Chairman, Asue Ighodalo and the Company Secretary, Justina Lewa, during the Bankâ&#x20AC;&#x2122;s 56th Annual General Meeting in Lagos...recently Abiodun Ajala

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

BUSINESSWORLD

Group Business Editor Chika Amanze-Nwachuku

Email chika.amanzenwachukwu@thisdaylive.com 08033294157, 08057161321

ÍŻ Íś Ë&#x153; Í° ÍŽ ÍŻ Íś MONEY MARKET OBB OVERNIGHT

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S & P INDEX INDEX LEVEL 1-DAY MONTH-TO-DATE

͹ͳʹË&#x203A;Í´Í´ Ďą ÍŽË&#x203A;͎ͲϹ Ě&#x2039;ÍŻË&#x203A;͎͡Ϲ

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

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EXCHANGE RATE ͹͎ͳË&#x203A;͜ͳ˚ͯ ĚŠ ĚŠ

THUMBS UP Shortening Contracting Cycle in Oil Industry

YOU ARE CERTIFIED

L-R: Executive Director, Retail Banking of First City Monument Bank (FCMB), Mr. Olu Akanmu; Divisional Head, Transaction Banking, Mrs. Rolayo Akhigbe; Divisional Head, Service Management & Technology, Mr. Oluwakayode Adigun; Director, Standards, Standards Organisation of Nigeria (SON), Mrs. Chinyere Egwuonwu; Managing Director of FCMB, Mr. Adam Nuru; Divisional Head, Corporate Services, Felicia Obozuwa; Head, Financial Control, Mr. MondayOkogwu and Group Head, Corporate Affairs, Mr. Diran Olojo, during the presentation of the International Organisation for Standardisation (ISO) 9001:2015 certificate for Quality Management System to FCMB by SON in Lagos â&#x20AC;Ś recently

THISDAY Model Portfolios Decline on Profit Taking Goddy Egene THISDAY Model Portfolio (TMP) trended southwards last week as profit taking by investors continued on the Nigerian bourse. The market recorded the third consecutive decline last week on sustained bear run, shedding 1.3 per cent.

Although the TMP followed similar trend, it recorded a lower decline of 0.9 per cent to close at 40.5 per cent, compared with 41.4 per cent the previous week.

ECONOMY The TMP is an initiative of THISDAY Economic and Financial Intelligence Unit (TEFIU), designed to enable leading stockbrokers and investment houses in the country share their trading skills and methodologies with ordinary investors.

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

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

Every 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.

Four of the stockbroking firms have been recording growth in their respective portfolios, while one has recorded instability in its performance. Although the four portfolios remained positive in their year-to-date growth, they closed lower last week.

Portfolio D maintained its lead, closing with a gain of 53.2 per cent. But it is lower than the 53.8 per Continued on page 24

NPA Moves to Tackle Increased Attacks on Vessels Eromosele Abiodun Following the increased attacked on vessels berthed at the Lagos Ports Complex (LPC), the Nigerian Ports Authority (NPA) has outlined strategies to curb such attacks.

The Managing Director of the NPA, Ms Hadeza BalaUsman who disclosed this at a quarterly stakeholders meeting in Lagos, admitted that there are challenges in the operations of the ports stressing however, that they are being looked into.

Usman, who was represented by the Executive Director, Marine and Operations, Mr. Sekonte Davis said by the time some of the strategies are put in place, the NPA would be able to identify at stakeholders perceived to be responsible for such attacks.

In the meantime, stakeholders have accused foreign shipping companies operating in Nigeria of contravening federal government directive

MARITIME on holding bays for their empty containers.

They noted that the foreign shipping lines deliberately do not have holding bays for their empty containers in order to defraud the nationâ&#x20AC;&#x2122;s economy.

Davis disclosed that more patrol boats will be purchased to enhance port waterfront patrols.

The NPA boss however advised the management of ENL terminal, one of the operators that had been attacked seven times in the last one month, to look into their internal system, adding that there could be sabotage from within.

According to him, â&#x20AC;&#x153;ENL should look within and see if there is sabotage because the mode of these attacks suggests that there is an insider that gives out information to these criminals. ENL should also increase its operational

vehicle patrols as this could help to detect and forestall attacks at the berths. Presently we are not pointing fingers, we are discussing together, we are looking at the operations, and we are suspecting that there could be sabotage inside some of these terminals.â&#x20AC;?

Usman explained that NPA has also commenced discussions with the Port Police Command with a view to strengthening waterfront security at the ports.

Some of the stakeholders who spoke at the meeting said despite letters written

by NPA to the shipping firms more than six years ago, these companies bluntly refused to yield to the call.

Chairman of the Tin-Can Island Chapter of the Association of Licensed Customs Agents (ANLCA), Segun Oduntan, alleged that the shipping companies have formed a cabal against the Nigerian port industry.

Oduntan said alleged that

there is a gang up against the issue of container holding bays and asked the management of NPA not allow itself to be subdued by this cabal.

He noted that these shipping firms are just exploiting the uncoordinated port system being experienced in Nigeria.

Similarly, an officer of the Nigerian Navy, in charge of the traffic management at the port access roads, Commodore Okon Eyo disclosed that more than six years ago, a letter had been written to the shipping firm to make arrangements for holding bays for their empty containers.

He said that almost seven years after, no shipping firm has constructed holding bay for this purpose.

Eyo who gave an overview of the causes of the traffic gridlock in Apapa area of Lagos suggested that if the issue of holding bays for Continued on page 24

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Simbi Wabote

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

24

BUSINESSWORLD

NEWS

THISDAY MODEL PORTFOLIOS DECLINE ON PROFIT TAKING position with a growth of 38.9 per cent, down from 39.7 per cent in the previous week. This implies that the N10 million deployed stood at N13.899 million as at last Friday.

Portfolio A that was 24.5 per

cent two weeks ago, declined to 23.5 per cent last week. This indicates that the N10 million deployed is now worth N12.348 million.

Out of the 10 stocks in Portfolio D, nine remain

positive while only one is negative. The only stock with negative performance has recorded 20.3 per cent decline. On the positive side, the highest gainer improved from 120.4 per cent to 121.5

cent recorded two weeks ago.

This portfolioâ&#x20AC;&#x2122;s value stood at N15.328 million, compared with its value of N10 million at the introduction of the portfolio.

Also, Portfolio C recorded a decline from 48.3 per cent to

46.3 per cent last week. But it retained its second position, closing with N14.634 million value as against N14.831 million the previous week.

Similarly, Portfolio B ended last week occupying the third

NPA MOVES TO TACKLE INCREASED ATTACKS ON VESSELS

FG Asks Câ&#x20AC;&#x2122;ttee to Review NES23 Report

empty containers was not resolved, the traffic situation in the port area will linger for a long time.

Responding, Bala-Usman said shipping companies are meeting up with the agencyâ&#x20AC;&#x2122;s speed of operations adding that the NPA will not be deterred in the discharge of its duties. â&#x20AC;&#x153;We are giving them time to develop, their rate of development is not at a pace we anticipate, after much engagement, they have to do what is needful and everybody is now aware I believe that will spur them up to take the necessary action. We donâ&#x20AC;&#x2122;t want to give ultimatum but we want to give them opportunity to do it, we will quicken them in that regard, â&#x20AC;&#x153;she said.

Ndubuisi Francis in Abuja The federal government has inaugurated the Joint Planning Committee (JPC) of the 24th edition of the Nigeria Economic Summit (NES#24) with a charge to review the report of NES#23 report.

The Minister of Budget and National Planning, Senator Udoma Udo Udoma, who handed down the directive while inaugurating the NES#24 JPC in Abuja also gave the committee other terms of reference, including mobilising relevant public and private sector stakeholders for the Summit, and undertaking any other activity that may lead to the successful hosting of the summit.

Udoma also asked the committee to make all preparatory arrangements for the successful

hosting of NES#24, including developing an appropriate theme for the summit, as well as the agenda/programme of event and timelines for the implementation of the key activities of the summit. The minister urged the committee to deliver a summit that will not only meet the expected outcomes but continue the work of placing the economy on a path of diversified, inclusive and sustainable growth as set out in the Economic Recovery and Growth Plan (ERGP).

Udoma explained that in line with the usual practice, the JPC will work under the joint coordination of the public sector, represented by the Ministry of Budget and National Planning and the private sector, represented by the Nigerian Economic Summit

Group (NESG), to ensure successful delivery of the Summit.

The other members on the committee representing the public sector will be made up of officials of the Office of the Vice President; Office of the Secretary to the Government of the Federation; Office of the Head of Civil Service of the Federation, Federal Ministry of Finance; Ministry of Foreign Affairs; Federal Ministry of Education, Federal Ministry of Industries, Trade & Investment; Nigerian National Petroleum Corporation; Office of the Inspector General of Police; Nigeria Investment Promotion Commission; Federal Ministry of Labour and Employment, Central Bank of Nigeria; and Nigeria Governorsâ&#x20AC;&#x2122; Forum Secretariat.

Urging all the members to show a high level of commitment to justify the confidence reposed

in them, Udoma explained that the successes recorded and contributions made by past editions in the last 24 years was a demonstration of the efficacy of public private partnerships that has evolved in Nigeria during this period. â&#x20AC;&#x153;Many of the reform policies that have underpinned the evolution of our economic growth strategy over the past twenty-four years were strongly influenced by debates and deliberations during these Summits. Last yearâ&#x20AC;&#x2122;s Summit, NES #23, titled â&#x20AC;&#x153;Opportunities, Productivity & Employment: Actualizing the Economic Recovery and Growth Planâ&#x20AC;? focused on identifying the actions required to deliver solutions that will actualize the Economic Recovery and Growth Plan (ERGP)â&#x20AC;?, he stated.

In his remarks, the NESG,

per cent. The second highest gainer also improved from 109.2 per cent to 112.6 per cent. Other gainers included: 75.3 per cent; 50 per cent; 36.5 per cent; 27.7 per cent; 21.2 per cent; and 11.2 per cent.

Dr. Kyari Bukar said the NES had continued to provide an opportunity for both the public and private sectors to interact and share thoughts on key issues and challenges facing Nigeriaâ&#x20AC;&#x2122;s growth and development, with a view to evolving a common strategy and policy framework for addressing them.

Explaining why this yearâ&#x20AC;&#x2122;s edition will be for only two instead of the usual three days, the Chief Executive Officer of the NESG, Mr. â&#x20AC;&#x2DC;Laoye Jaiyeola, said it was not the number of days that mattered but the articulation of the focus of the programme to achieve maximally the intended objective, adding that the duration was reduced to ensure high level government of participation and attention of policy makers in government.

â&#x20AC;&#x2DC;Training, Research will Boost Businesses in Nigeriaâ&#x20AC;&#x2122; Raheem Akingbolu

Group Business Editor

Chika Amanze-Nwachuku AgriBusiness/Industry Editor

Jonathan Eze

Comms/e-Business Editor

Emma Okonji

Capital Market Editor

Goddy Egene

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

Chinedu Eze (Aviation) Linda Eroke (Labour) Eromosele Abiodun (Maritime) Ejiofor Alike (Energy) James Emejo (Nationâ&#x20AC;&#x2122;s Capital) Obinna Chima (Money Mkt) Chineme Okafor (Energy) Reporters

Nume Ekeghe (Money Market) Nosa Alekhuogie (AgriBusiness)

The annual turnover on businesses in the country will be twice over its current status if business owners and their employees can embrace training and research to boost deliverables, the programme director of Market Research Academy (MRA), Seyi Adeoye, has said.

Adeoye, who spoke at the media unveiling of MRA, a new training academy in Lagos, was of the opinion that Africa accounted for only one per cent of global market research spend, estimated at $45bn and that this could only grow if more enterprises in Africa embraced research to improve their businesses. â&#x20AC;&#x153;They must be ready to offer qualitative services by up-skilling their workforce through an

academy like ours. A highly competitive marketplace equally means a highly competitive talent environment,â&#x20AC;? he said.

Adeoye added that the academy was not only meant for established consultants but fresh graduates looking for jobs and finding it difficult to fit into the work places.

He said: â&#x20AC;&#x153;The academy is an interventionist move to close the widening knowledge gap in Nigeriaâ&#x20AC;&#x2122;s marketing research consultancy business. It will also upscale the skills of practitioners especially as the market becomes more demanding and dynamic.

The academy was instituted to equip market researchers and practitioners with business advisory skills so that they can give their best to organisations.â&#x20AC;?

He said it would produce researchers who could advise

manufacturing firms about taste of consumers and the products that were trending at particular periods and where they were trending.

The programme director expressed his concern over multimillion naira capital flight spent on overseas training, adding that the objective of capacity building professional academies in different fields of the economy is to empower Nigerians and save the country about N3 billion spent on such training overseas annually.

It is calculated that about 1,000 Nigerians embark on such training and capacity building abroad annually with a cost per individual at N3m.

Nigerians also spend about N360 billion on medical treatment abroad annually while undergraduate courses

in international schools cost Nigerians in search of education overseas about N1.5 trillion yearly. Countries that benefit from this include UK, India, United States, Ghana other countries in the Middle East.

Following the revenue shortfall occasioned by recent development in the international oil market, Nigerian government in 2014 placed embargo on foreign trainings and international travels as a cost-saving measure.

Adeoye said the reason for the establishment of Market Research Academy was to equip market researchers and practitioners of business advisory that they can give their best to organisations. â&#x20AC;&#x153;The academy is not only tailored to established consultants but fresh graduates looking for

work. Over time, these fresh graduates from Nigerian universities, either due to the fault of theirs or the system has found it difficult to fit into work places. This academy is designed to close that gap and accelerate meaningful integration in the Nigerian workforce. â&#x20AC;&#x153;The Market Research Academy Lagos is a professionally run academy by industry marketing practitioners for marketing researchers. From our state of the art purposely fitted training facilities within a serene environment; we run â&#x20AC;&#x2DC;outcomeâ&#x20AC;&#x2122; oriented programs. Our model is simple: we invite facilitators with hands on proven knowledge of different target topics to teach and we then leverage a central advisory board to push the envelope via inclusion of new approaches and methodologiesâ&#x20AC;?.

25

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

Pursue Your Aspirations, FCMB Inspires Customers in a New Thematic Campaign First City Monument Bank (FCMB) recently took another bold step to deepen its history of excellence and consolidate its position as one of the foremost financial institutions in Nigeria. The latest milestone came in the form of a new thematic campaign titled, â&#x20AC;&#x2DC;â&#x20AC;&#x2122;Feel Confident, Pursue your Aspirationsâ&#x20AC;&#x2122;â&#x20AC;&#x2122;.

The campaign, which showcases the warm, friendly, approachable, inspiring and energetic brand identity of FCMB and its values as a simple, reliable and helpful Bank, is being communicated in print, television and radio outlets and also on social media, just as it continues to make raves as one of the most outstanding in recent times in the country.

The â&#x20AC;&#x2DC;â&#x20AC;&#x2122;Feel Confident, Pursue your Aspirationsâ&#x20AC;&#x2122;â&#x20AC;&#x2122; message tells compelling stories of the lives and business aspirations of diverse Nigerians and how FCMB supports them to bring such dreams and aspirations to reality. It also tells the story of the very diverse base of the customers that FCMB serves; its commitment to creating opportunities, adding more value and enhancing the overall customer experience of its clientele. This is aimed at further connecting with them to sustain their loyalty and patronage.

Indeed, the commercials of the new thematic campaign across media platforms clearly demonstrate the commitment of FCMB and its readiness to help existing and potential customers confidently translate their dreams, aspirations, ideas and business plans into real practical, measurable and successful ones.

In addition, the thematic campaign sends a clear message of conviction to all segments of people in the society who have any form of credible personal or corporate business idea, intention or plan, but have not been able to turn them into reality, that FCMB is ready to make them live their dreams. Credence is added by the fact the Bank parades a team of experts in financial management, macro and micro financing, business design, development, growth and sustainability, among others.

Part of the proposition of

EmeďŹ ele

the campaign goes thus: â&#x20AC;&#x153;You have got plans, letâ&#x20AC;&#x2122;s make them happen. At FCMB, we share your aspirations.

Let us help you fulfil them with our specialised range of banking products and services.

You have got an idea, letâ&#x20AC;&#x2122;s grow a business. Managing a business does not have to be a burden you bear alone.

Get SME advisory support today. We power over 300,000 registered businesses with our array of business banking solutions. Take advantage of these solutions designed to support your businessâ&#x20AC;?.

The over 35 years old financial institution, which was recently awarded the prestigious International Organisation for Standardisation (ISO) 9001:2015 certificate for Quality Management System by the Standards Organisation of Nigeria, is making this possible through its all-inclusive bucket of flexible products and services, structured to satisfy all banking needs of all segments of the society.

Commenting on the FCMB

Nuru

â&#x20AC;&#x2DC;â&#x20AC;&#x2122;Feel Confident, Pursue your Aspirationsâ&#x20AC;&#x2122;â&#x20AC;&#x2122; thematic campaign, the Managing Director of the Bank, Mr. Adam Nuru, said, â&#x20AC;&#x153;it tells the story of the diverse base of the customers that we serve at FCMB. It does not matter where you are, we support you to fulfill your life and business aspirations at FCMB. Our convenient electronic banking platforms and best-in-class relationship management model deliver great experience to our customers as we support them to achieve their great dreams for themselves, their families and their businessesâ&#x20AC;?.

He reiterated that, â&#x20AC;&#x2DC;â&#x20AC;&#x2122;Nigerians are aspirational and hard-working people. FCMB is the bank for all Nigerians, walking with them as partners to fulfil their life and business aspirations in the true spirit of its brand pay-off line; â&#x20AC;&#x153;FCMB- My Bank and Iâ&#x20AC;?.

In the same vein, the Group Head, Corporate Affairs of FCMB, Mr. Diran Olojo, explained that, â&#x20AC;&#x153;it is a tactical reaction to our Bankâ&#x20AC;&#x2122;s periodic

brand health checks. This is aimed at regularly feeling the pulse of our stakeholders in our continuous drive to satisfy them and sustainably achieve excellent customer experience, qualities FCMB has come to be associated with, over the yearsâ&#x20AC;?.

In the same vein, the Managing Director of the Bank said that as one of the few Banks that consistently feature in the top 5 categories, across all segments, in the KPMG annual customer satisfaction survey, analysts are of the opinion the lender is on a stronger pedestal to deliver the very best in products and services.

FCMB provides one of the best alternate channels banking services cutting across ATMs, mobile banking, Pointof-Sale (PoS) and internet banking. The Bank is among the first to deliver on-the-spot ATM cards, including Visa card and Mastercard, issuance in Nigeria. Last year, the Bank deployed an additional 5,000 PoS machines nationwide to

bring the number to 14,000.

It also launched a new Small and Medium Scale Enterprises (SMEs) mobile app to enhance alternate channels adoption among customers in the business segment.

FCMBâ&#x20AC;&#x2122;s self-service, stressfree and secured solution, (*329# USSD code), has equally continued to delight the public. Through this platform, customers carry-out various financial transactions, using their mobile phones. These include funds transfer, account opening, micro loans and topup, account balance enquiry, airtime and data purchase, bills payment, among other value-added services, on the go and without any hurdles.

The Bank explained that the *329# mobile banking solution forms part of its core strategy to expand its service channels by promoting and deepening the Central Bank of Nigeriaâ&#x20AC;&#x2122;s cashless and financial inclusion policies. The development eliminates delays periodically experienced by physically visiting a branch

of the Bank or outlet to carryout transactions. In addition, the initiative will reinforce the lenderâ&#x20AC;&#x2122;s commitment to environmental sustainability, geared towards reducing the quantity of paper and other materials usage in the society of which printing of various banking documents forms a substantial part of the process.

A major component of FCMBâ&#x20AC;&#x2122;s sustainability principle is on agriculture and empowering farmers with a view to increasing their productivity potential as part of its financial intermediation role for national development.

This is reflected in the bankâ&#x20AC;&#x2122;s intervention that has resulted in better access to financial resources by deserving individuals, organisations and companies. It has also led to improved processes, better output and profitability.

In the Small and Medium Scale Enterprises space, FCMB has continued to prove its mettle. It has developed number of cutting-edge products and services that have endeared it to Businesses. Some of these offerings include, the e-invoicing platform â&#x20AC;&#x201C; a unique solution, designed to help businesses monitor and control their cash management, especially as it affects payments, receivables, reconciliation and other financial transactions, through the internet and other mobile channels among others.

In addition, the Bank offers free banking transactions for a period of three months for new-to-FCMB SME customers.

In line with the Bankâ&#x20AC;&#x2122;s drive to partner with value content from the Fintech space, it has collaborated with Paystack to provide an innovative online collection platform for merchants and other businesses focused on enabling them to provide their customers with a seamless payment experience.

Beyond this, FCMB regularly organises training and other capacity building programmes for SMEs to keep them up to speed with skills that would further grow their businesses, while also providing funding. Without doubt, the new thematic campaign of FCMB and other giant strides being recorded by the Bank, show that it is on a journey to greater heights.

O-Mobile Secures $10m Grant to Drive Digital Economy Emma Okonji O-Mobile Multimedia Limited, a Nigerian firm that specialises in technology based financial and agricultural services development, has secured a grant of $10 million from So.Sui.Ben Foundation, a Swiss-based non-governmental organisation that promotes development in Africa.

The grant, which is to promote digital economy in Africa, was facilitated by AFRICUNIA Limited, trading as AFRICUNIA Bank), an innovative banking technology firm that is head-

quartered in United Kingdom.

The Chief Executive Officer of O-Mobile Multimedia Limited, Mr. Benjamin Aduli, said the pact would promote and deepen knowledge of the practice of digital-based services among Africans and thereby reduce poverty. â&#x20AC;&#x153;We are excited about this ground-breaking pact which involves the creation of awareness about digital banking opportunities, educating governments and the general public about digital banking opportunities. We will be developing applications that

will help Africans utilize digital banking technology and reduce poverty in the continent,â&#x20AC;? he said.

He further added that the company would offer its multimedia business academy and provide free, digital and multimedia training to all interested micro, medium, small and small enterprises in Nigeria through a network of 1,200 O-Mobile academy centres that are currently being set up across the country.

The President of AFRICUNIA Bank, Don Chancellor, said the time had come to tackle

poverty in Africa using every available means adding that technology will help do this. â&#x20AC;&#x153;Development needs to be fast-tracked in Africa and we are committed to the continentâ&#x20AC;&#x2122;s growth through digital banking products and services.

We are very elated about this opportunity to develop middle, small and medium enterprises (MSMEs) across Nigeria and Africa and make them globally competitive in this era of technology. â&#x20AC;&#x153;We have already started the hardwork. Working with O-mobile and So.Sui.Ben af-

fords us the opportunity to quickly reach the unbanked and unconnected and give them access to first-world banking infrastructure and services. We believe that our partnership with a firm that already understands technology and has wide presence in Nigeria will help us quickly accomplish our goal,â&#x20AC;&#x2122;â&#x20AC;&#x2122; Chancellor said.

Aduli stated further that the company had already commenced work and hoped to sign-up at least 500,000 digital banking customers for AFRICUNIA Bank within 90

days globally.

He said O-mobile had already commenced rolling out the first agency group network in Africa that would take financial, telecoms, insurance, educational, agricultural extension services and data mining services to the unbanked and unconnected in the continent.

O-Mobile Multimedia Limited is technology based company that promotes the development of MSMEs across Africa. The company provides access to market, technology finance and Africaâ&#x20AC;&#x2122;s Agricultural value chain.

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Equities Market Sheds N199bn on Continuing Bearish Trading Goddy Egene

The recovery in the market on Wednesday was not sustained as the index depreciated by 0.83 per cent to close at 40,651.41. The market capitalisation depreciated by 0.83 per cent to close at N14.73 trillion.

The depreciation recorded in the share prices of Dangote Cement, Nigeria Breweries, UBA, Access Bank, and Lafarge Africa were mainly responsible for the decline.

However, activity level strengthened as volume and value traded rose 63.5 per cent and 73.4 per cent to 424.4 million shares and N7.6 billion respectively. Zenith Bank (170.6 million shares), Access Bank (44.2 million shares) and FCMB (25.9 million shares) Performance across sectors was bearish as four of the five indices closed in the red. Only the NSE Oil & Gas Index closed positive, rising marginally by 0.01 per cent.

The Industrial Goods Index was the highest decliner, shedding 1.6 per cent.

The NSE Consumer Goods Index shed 1.1 per cent, while the NSE Banking Index went down by 0.4 percent just as the NSE Insurance Index fell by 0.04 per cent.

The continuing bear run made the Nigerian equities market to record its third consecutive decline last week.

The Nigerian Stock Exchange (NSE) All-Share Index fell by 1.3 per cent to close at 40,472.45, while market capitalisation shed N199.2 billion to close at N14.66 trillion. The sustained bearish run had reduced the yearto-date growth of NSE ASI to 5.8 per cent.

Apart from the NSE ASI that declined, all other indices finished lower with the exception of the NSE Consumer Goods Index which appreciated by 0.03 per cent, while the NSE ASeM Index closed flat.

However, market analysts said despite continued selloffs in the equities market, still-strengthening macroeconomic fundamentals remain suggestive of gains on the exchange.

Daily Performance On the first day of trading, equities market capitalisation went down

by N124.9 billion as bearish trading continued on the Nigerian bourse. The index declined by 0.84 per cent to close lower at 40,677.61. However, activity level was mixed as volume of shares traded grew 2.0 per cent to 218.8 million shares while value of shares traded dipped by 47.3 per cent to N2.2 billion.

In all, 32 stocks lost value while only 11 stocks appreciated. C & I Leasing Plc led the laggards with 9.3 per cent trailed by First Aluminium Nigeria Plc with 8.8 per cent. Japaul Oil & Maritime Services Plc shed 7.5 per cent, just as Okomu Oil Palm Plc, Oando Plc, AXA Mansard Insurance Plc and Diamond Bank Plc depreciated by 5.0 per cent, 4.9 per cent, 4.8 per cent and 4.7 per cent respectively.

Diamond Bank Plc last Friday recorded a loss of N9.011 billion for the year 2017 financial year while its PAT for first quarter in 2018 fell by 82 per cent to N784 million, from N5.049 billion in the corresponding period of 2017.

On the positive side, Caverton Offshore Support Group Plc led the price gainers with 4.9 per cent, followed

by Sterling Bank Plc with 3.8 per cent.

Mutual Benefits Assurance Plc chalked up 3.5 per cent, while FCMB Group Plc and Cutix Plc went up by 3.5 per cent, and 3,2 per cent in that order.

Analysts at SCM Capital Limited said: In the interim, we see a mixed sentiment albeit with a bearish bias.

However, we maintain that the current valuation provides attractive entry opportunity.â&#x20AC;?

Meanwhile, on sectoral basis, four sectors closed lower while only the NSE Oil & Gas Index flat. The NSE Insurance Index led laggards, down 1.7 per cent, trailed by the NSE Consumer Goods Index with 1.6 per cent. The NSE Banking Index and NSE Industrial Goods Index shed 0.4 per cent and 0.2 per cent in that order.

On the second trading day, the bears tightened their grip on the market as the index depreciated by 0.15 per cent to close at 40,615.42, on losses recorded in the share prices of FBN Holdings, Zenith Bank, UBA, GTBank, and UAC of Nigeria. Similarly, the market capitalisation depreciated by same margin to close at N14.71 trillion.

Activity level, however, was mixed as volume of shares traded contracted by 7.0 per cent to 203.4 million shares while value of shares traded rose by 98.5 per cent to N4.4 billion. The top traded stocks by volume were GTBank (37.2 million shares), UBA (31.5 million shares) and Fidelity Bank (14.5 million) while the top traded stocks by value were GTBank (N1.6 billion), Nigerian Breweries (N735.2 million) and Nestle Nigeria (N510.7 million).

Also, in terms of sectoral performance

Market Turnover Meanwhile, a total turnover of 1.457 billion shares worth N23.666 billion in 19,674 deals was traded last week by investors on the floor of the exchange in contrast to a total of 1.586 billion shares valued at N25.992 billion that exchanged hands two weeks ago in 21,115 deals.

The Financial Services Industry remained the most active with 1.223 billion shares valued at N16.825 billion traded in 11,092 deals, thus contributing 83.9 per cent and 71.1 per cent to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 76.430 million shares worth N5.188 billion in 3,425 deals. The third place was occupied by Oil and Gas Industry with a turnover of 57.193 million shares worth N527.880 million in 2,237 deals.

Trading in the top three equities namely: Zenith Bank Plc, GTBank and United Bank for Africa Plc, accounted for 491.649 million shares worth N14.159 billion in 3,265 deals. was largely bullish as three of five indices tracked closed in the green.

The Banking Index was the lone loser, shedding 1.3 per cent. Positively, the NSE Consumer Goods Index led gainers, up 1.4 per cent, while the NSE Insurance Index rose by 0.95 per cent. The NSE Industrial Goods Index appreciated by 0.08 per cent, while the NSE Oil & Gas Index closed flat.

However, on Wednesday the losing

as the volume traded rose 27.6 per cent to 259.5 million shares while the value traded declined by 1.5 per cent to N4.4 billion. The top traded stocks by volume were Diamond Bank (68.6 million shares), Zenith Bank (33.8 million shares) and GTBank (31.4 million shares) while the top traded stocks by value were GTBank (N1.4 billion), Nestle (N1.1 billion) and Zenith Bank (N943.1 million).

streak was halted on as bargain hunters entered the market. Consequently, the benchmark index rose by 0.93 per cent to close at 40,992.97, while market capitalisation added N136.8 billion to close at N14.85 trillion.

The appreciation recorded in the share prices of Dangote Cement, Nigeria Breweries, Zenith Bank, Ecobank Transnational, and Nestle drove the growth. Trading activity was mixed

1

CSL

CSL STOCKBROKERS LIMITED

331,318,252

11.37

2

SISB

STANBIC IBTC STOCKBROKERS LIMITED

306,846,659

10.53

3

ZISL

ZENITH SECURITIES LIMITED

209,327,229

7.18

4

EFCP

EFCP LIMITED

170,447,686

5.85

5

CSSL

CARDINALSTONE SECURITIES LIMITED

133,796,611

4.59

6

FBNS

FBNQUEST SECURITIES LIMITED

124,558,368

4.28

7

MERI

MERISTEM STOCKBROKERS LIMITED

119,258,817

4.09

8

MCSE

MORGAN CAPITAL SECURITIES LIMITED

117,001,828

4.02

9

RSNL

RENCAP SECURITIES (NIG) LIMITED

71,911,234

2.47

10

GTI

GTI SECURITIES LIMITED - BRD

Top 10 Total Volume

60,108,477

2.06

1,644,575,161

56.45

Value

% Value

NOTE: The top 10 Stockbrokers are responsible for 56.45% of the total volume between 14/05/2018 and 18/05/2018

Top 10 Brokers by Value Rank

Broker

Description

1

SISB

STANBIC IBTC STOCKBROKERS LIMITED

2

EFCP

3 4

11,063,580,745.73

23.36

EFCP LIMITED

9,041,959,467.60

19.09

CSL

CSL STOCKBROKERS LIMITED

5,607,651,673.25

11.84

ZISL

ZENITH SECURITIES LIMITED

5,227,477,184.55

11.04

5

RSNL

RENCAP SECURITIES (NIG) LIMITED

1,599,791,561.50

3.38

6

IONE

INVESTMENT ONE STOCKBROKERS INTL LTD-BRD

1,262,550,920.89

2.67

7

CSSL

CARDINALSTONE SECURITIES LIMITED

1,106,783,418.50

2.34

8

FBNS

FBNQUEST SECURITIES LIMITED

963,214,948.79

2.03

9

NISL

NIGERIAN INTERNATIONAL SECURITIES LTD

837,340,435.50

1.77

10

PVOT

PIVOT CAPITAL LIMITED

Top 10 Total Value

747,253,768.59

1.58

37,457,604,124.90

79.10

NOTE: The top 10 Stockbrokers are responsible for 79.10% of the total value between 14/05/2018 and 18/05/2018 Published by The Nigerian Stock Exchange Š

Page

1 of

1

Price Gainers and Losers The price movement chart displayed that 20 equities appreciated in price during the week, higher than 35 in the previous week, while 54 equities depreciated in price, higher than 49 equities of the previous week. Sovereign Trust Insurance Plc led the price gainers with 30 per cent, followed by Mutual Benefits Assurance Plc and NPF Microfinance Bank Plc that chalked up 10.2 per cent. Fidson Healthcare Plc and Beta Glass Plc went down by 7.0 per cent and 4.9 per cent respectively.

Other top price gainers included: Continental Reinsurance Plc (4.9 per cent); UACN Property Development Company Plc (4.6 per cent); Prestige Assurance Plc (4.3 per cent); Cutix Plc (3.2 per cent) and CAP Plc garnered 3.2 per cent and 2.8 per cent respectively.

Conversely, Japaul Oil & Maritime Services Plc led the price losers with 25 per cent, trailed by Skye Bank Plc with a growth of 19.2 per cent. Diamond Bank Plc also went by 18.4 per cent, just as Cement Company of Northern Nigeria Plc declined by 17.2 per cent in that order.

Other top loser included: Fidelity Bank Plc14.8 per cent; Veritas Kapital Assurance Plc (14.2 per cent); Equity Assurance Plc (13.7 per cent);Okomu Oil Plc (12.8 per cent); C & I Leasing Plc (12.8 per cent) and Nigeria Insurance Plc (12.5 per cent).

27

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

A view of Lagos ďŹ nancial district

AKINWUNMI IBRAHIM

Bond Yields Rise on Sell Pressure Obinna Chima The bond market was characterised by sustained sell-offs by investors last week thereby leading to a rise in yields in the market.

For instance, FGN Eurobonds traded on the London Stock Exchange depreciated in value for all maturities tracked amid renewed bearish activity.

The 10-year, 6.75% JAN 28, 2021, the 5-year, 5.13% JUL 12, 2018 and the 10-year, 6.38% JUL 12, 2023 decreased in value by N0.23, N0.02 and N0.20 respectively; just as their corresponding yields rose to 5.24% (from 5.16%), 6.14% (from 5.91%) and 5.76% (from 5.71%) respectively.

A report by Cowry Asset Management Limited also showed that FGN bonds traded at the overthe-counter (OTC) segment declined in value for all maturities tracked on sustained sell pressure.

That is, the 20-year, 10% FGN JULY 2030 debt, the 10-year 16.39% FGN JAN 2022 debt, 7-year 16.00% FGN JUN 2019 debt and the 5-year 14.50% FGN JUL 2021 debt depreciated

by N0.38, N0.22, N0.06 and N0.39 respectively while their corresponding yields rose to 13.38% (from 13.30%), 13.54% (from 13.48%), 11.79% (from 11.78%) and 13.63% (from 13.48%) respectively.

For this week, the firm anticipatedincreases in the bond prices at the OTC market on the back of anticipated N70 billion FGN Bonds auction at lower stop rates in line with downward inflationary trend.

On the other hand, analysts at Afrinvest Securities Limited anticipated thatactivities in the bond market for this week would be largely determined by decisions made at the Monetary PolicyCommittee (MPC) meeting which commences today, as speculations of policy easing continue to mount. However, it noted that sentiment towards Nigerian Corporate Eurobond was mixed during the week, as yield onsix of 11 instruments declined week-on-week.

Specifically, during the week, theACCESS 2021 enjoyed the most buy interest, while DIAMOND 2019 experienced the most sell off.

The best performing instruments were DIAMOND 2019 and FBNH 2021 - up 4.2% and 2.8% respectively.

Money Market Last week, in the money market, the open buy back (OBB) and overnight (OVN) rates declined week-on-week due to changes in system liquidity attributable to open market operations (OMO) and primary market repayments in the system.

System liquidity significantly fell at the start of

MARKET INDICATOR the week from a surplus of N579.6 billion in the prior week to a deficit of N68.9 billionlast week.

Resultantly, the OBB and OVN surged at the start of the week, up 85 percentage points (ppts) and 90.8ppts to settle at 150 per cent and 164.2 per cent respectively, relative to 65 per centand 73.4 per cent the preceding Friday.

However on Tuesday, the OBB and OVN rates crashed to 15.3 per cent and 16.4 per cent respectively even as system liquidity deficit expanded to N80.1 billion.

But by midweek, OBB and OVN rates inched eight ppts and 8.3ppts higher to 23.3 per cent and 24.7 per centrespectively as a result of a reduction in system liquidity deficit to N62.9 billion,while OBB and OVN rates trended southwards on Thursday to settle at 13.3per cent and 13.7 per cent following OMO (N262.6 billion) and treasury bills (N67.7 billion) maturities which offset the impact of respective auctions held.

At the OMO auction on Thursday, the Central Bank of Nigeria issued 112-day (offered: N58.14 million, Sale: N58.14million) and 182-day (offered: N88.6billion, sale: N40.9 billion) instruments at 11.1 per cent and 12.2 per centrespectively.

Nevertheless, the OBB and OVN rates closed the week at 7.8 per cent and nine per cent, down 57.2ppts and 64.4ppts respectively week-on-week.

But given the moderating yield environment and the impact of the downward trend in inflation, analysts at Afrinvest expect investorsâ&#x20AC;&#x2122; appetite in longer tenored instruments to be sustained.

Also, performance in the treasury bills market was largely bullish last week, reversing a 2-week bearish run as average rate across tenors trended lower on four of the five trading sessions.

During the week, the CBN carried out a Primary Market Auction (PMA) in which the 91-day (offered: N3.4 billion, subscription: N3.7 billion, Allotted: N3.4 billion), 182-day (offered: N16.9billion, subscription: N20.9 billion,allotted: N16.9 billion) and 364-day (offered: N13.5 billion, subscription: N48.6 billion, allotted: N13.5 billion) instruments were issued at stop rates of 10 per cent, 10.5 per cent and 10.7 per cent respectively.

All instruments were oversubscribed and allotted as offered. â&#x20AC;&#x153;In line with our short term outlook, the treasury bills market posted a bullish performance as investors continue to take position in longer dated instruments and we expect this to be sustained in the short term,â&#x20AC;? Afrinvest added.

Forex Market In the week under review, the naira appreciated week-on-week against the US dollar at the Investors & Exporters Forex Window (I&E FXW) by 0.06 per cent to close at N360.85 amid weekly injections by Central Bank of Nigeria (CBN) of a total of $503 million into the foreign exchange market.

But the naira weakened against thedollar at the parallel market and the Bureau De Change segments by 0.28 per cent each to close at N364/$1 and N362/$1 respectively while the Naira/USD rate remained unchanged at the interbank foreign exchange market at N330/$1.

Meanwhile, most dated forward contracts at the interbank over-the-counter (OTC) segment appreciated â&#x20AC;&#x201C;one-month, two-month, three-month contracts strengthened by 0.13 per cent, 0.14 per cent and 0.09 per cent to closeat N364.29/$1, N368.13/$1 and N372.30/$1 respectively. However, spot rate and 6-month contracts weakened by 0.02 per cent and 0.10 per cent to closeat N305.85/$1 and N386.25/$1respectively. â&#x20AC;&#x153;This week, we expect depreciation in the exchange rate at the I&E forex window as 0.17 per cent wee-on-weekdecrease in the external reserves to$47.79 billion in the concluded week showed pressure on the green back,â&#x20AC;? analysts at Cowry Asset Management stated.

InďŹ&#x201A;ation For the 15th consecutive month since January 2017, the inflation rate recorded a decline in April from 13.34 per cent in March 2018 to 12.48 per cent (year-on-year), even as food prices remained high. Last monthâ&#x20AC;&#x2122;s drop in the Consumer Price Index (CPI) inched closer to the Central Bank of Nigeriaâ&#x20AC;&#x2122;s (CBN) target of 12 per cent of less, signposting the commencement of monetary policy easing by the central bank possibly by the second half of 2018.

According to the latest figures released by the National Bureau of Statistics (NBS), the CPI, which measures inflation stood at 12.48 per cent (year-on-year) in April 2018, indicating a 0.86 percentage points drop in the 13.34 per cent rate recorded in March 2018.

Also, on a month-on-month basis, the headline index increased by 0.83 per cent in April 2018, up by 0.01 percentage points from the rate recorded in March.

FGâ&#x20AC;&#x2122;s Focus Labs The federal government last week disclosed that the Focus Labs of its Economic Recovery

and Growth Plan (ERGP) identified 164 projects spread across the six geopolitical zones of the country with a total potential investment of US$22.5 billion.

The investments, it stated, are capable of creating 513,981 jobs by 2020, pointing out that of the of US$22.5 billion potential investment, US$10.9 billion worth of private investments are categorised as â&#x20AC;&#x2DC;most readyâ&#x20AC;&#x2122; to go.

The Minister of Budget and National Planning, Senator Udoma Udo Udoma said that â&#x20AC;&#x153;specifically, disaggregating with respect to each of the work-stream, US$4.73 billion worth of investment have been identified in the agriculture and transport labs, with a potential to create 129,00 jobs,â&#x20AC;? while US$9.25 billion investments with a potential of 378,000 new jobs were identified in the manufacturing and processing labs.

According to him, US$8.7 billion worth of investments will come from the power and gas sector with the potential of creating up to 7,000 jobs.

Udoma explained that the 164 identified investment projects in the labs will extend beyond 2020, adding that by projection, the cumulative investment value of the identified projects could rise to up to US$39.12 billion by 2025 and about 716,079 jobs created.

Naira Mutilation The CBN has once moreadmonished Nigerians to treat the naira with utmost respect, noting that the national currency symbolises â&#x20AC;&#x2DC;our national pride.â&#x20AC;&#x2122; The central bank also reminded Nigerians that Section 21 of the CBN Act 2007, which stipulates that the abuse of the naira through squeezing, staining, writing on, spraying and illegal sales, among others as punishable offences, is still in force.

CBNâ&#x20AC;&#x2122;s Deputy Governor, Corporate Services, Mr. Edward Adamu, who made the appeal last week, said the naira is â&#x20AC;&#x153;a symbol of the nationâ&#x20AC;&#x2122;s identity and pride,â&#x20AC;? and deserved to be handled with respect.

He said: â&#x20AC;&#x153;The naira as a symbol of our national pride should not be sprayed or stepped on, should not be squeezed, defaced or stained. The naira should not be sold or counterfeited.â&#x20AC;?

On why the exhibition of Nigeriaâ&#x20AC;&#x2122;s past and present currencies in the bankâ&#x20AC;&#x2122;s museum was desirable, Adamu pointed out that â&#x20AC;&#x153;the exhibition explores the naira in terms of its life cycle from conception to the end of its life otherwise known as the birth to death of bank notes.â&#x20AC;?

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Collier: Nigerian Pension Industry Has Huge Potential Speaking from the perspective of an international investor, the new Chairman of Sigma Pensions, Mr. Mark Collier, in this interview, speaks on the enormous prospects in the pension industry in Nigeria and how technology is playing a huge part in its success. Nume Ekeghe presents the excerpts: Can you tell us about yourself and your background?

My name is Mark Collier and I have just been appointed the chairman of Sigma Pensions. The background is that I seat on a number of boards of financial services company mostly in developing markets. For example, I seat on the boards of companies in India, South Africa, and Nigeria and previously in Brazil and Indonesia.

So the value I bring to Sigma Pensions is the developed world experience where I used to work for two investment and pensions companies in the United States; one called Fidelity investments which is a big asset manager and the other called Charles Schwab in San Francisco. So combined with that experience and sitting on the boards of these emerging market companies it is a great pleasure for me to be appointed chairman of a Nigerian company.

You seem excited about being chairman of a Nigerian company, what are your thoughts on Nigeria?

Nigeria I think is a fantastic country. The people are amazing and I been coming to Nigeria once every three months in the last two years. The opportunities here both for the financial services industry and how it develops going forward as well as the pensions industry are enormous. And this is just the beginning of what it would be huge period of growth in the interest of hard working Nigerians have a great interest in how their monies are being invested and how their investment savings are being put into a pension and how the pension money is being looked after.

These are really important things because all these are ultimately going to work very hard and hopefully have a very comfortable retirement. One of the most important things Nigerians or anyone in the world is to save for their long-term health and their long term welfare.

Sigma is extremely well placed to do that and we are a very dynamic company.

As you know, Dave Uduanu is our Chief Executive officer/Managing Director who joined us about 12 months ago and already we are growing at a much faster pace than we had done before. Also, with the recovery in the Nigerian economy which we are already seeing a real sprout of growth.

So Sigma Pensions is fantastic company with great people, with a great management team, lots of talent and Sigma Pensions is well on the way of being a world class pension administration business.

What are your expectations in terms of performance?

The marketplace and the demand well run, good performing pensions are deep and we are going to do a number of things. Firstly, we are going to help Nigerian understand the role of pensions in their lives and the reason for saving and how to make the most of their saving.

More choices as you know coming into the savings market place with the introduction of multi funds which is going to give Nigerians who are in pension fund the decision to decide which fund they would like to be in. So there is going to be a big role for education to help Nigerians understand what the best funds for them and how they should invest. Also this would sweep their personal lives as well because as Nigeria develops, people become more sophisticated and we realise we need to make provision for our working lives and save during that process. So it all about customer service and servicing the needs of our clients, making sure they understand what they are investing in and making sure they feel good about their

Collier

investment decision.

You mention earlier you seat on boards of other Pension companies other emerging markets some more advanced than Nigeria. If you were to compare Nigeria with some of these countries, what do think can Nigerian PFAâ&#x20AC;&#x2122;s do better?

So I seat on the board of Alexander Forbes in South Africa and they have

So within a few years, I fully expect the difference between the South African Pension environment and the Nigerian one would be completely closed. Nigeria is a much larger population and it has and would have a much larger economy over time so the opportunity here for the pensions industry and for Sigma particularly is very strong

the right to claim that they are Africaâ&#x20AC;&#x2122;s largest pension administrator and investment management company as well, and therefore it is very interesting to compare the two. Firstly, in Nigeria in shorter period of time have had access to pensions funds whereas in South Africa it has been for a much longer period of time.

So there isnâ&#x20AC;&#x2122;t that familiarity yet here in Nigeria or indeed the understanding of the importance yet. So if you were to contrast South Africa with Nigeria, there is that educational process which the pension administration has done there whereas it is just beginning here in Nigeria. So there is inevitably probably 20 to 30 years gap but the interesting thing now is that modern technology today closes that gap dramatically. So therefore, the tools which we have today; the web, ipads, digital information, branch networks move these sorts of things and also the marketing materials we have can close that gap.

So within a few years, I fully expect the difference between the South African Pension environment and the Nigerian one would be completely closed. Nigeria is a much larger population and it has and would have a much larger economy over time so the opportunity here for the pensions industry and for Sigma particularly is very strong.

I understand your company has some ambitious goals for the year 2020. Can

you speak on them?

We have some ambitious stretch goals which the management team have embraced obviously I canâ&#x20AC;&#x2122;t divulge what they are but we intend to be definitely within the top three pension administrator here by assets under management and by numbers of customer. So that is one of our top priorities to achieve that goal at the same time really helping Nigerians really feel comfortable about their investments and how their money is being invested.

What is your outlook for Sigma Pensions?

For its outlook, I think continued prosperity for its customers by working hard to ensure that we manage their money very well and that they really understand. So the future looks very bright along with the prospects for Nigeria along with the recovery in the economy and all the good things taking place in this country. I think is all good for everybody.

Lastly how conďŹ dent are you with your management team?

One hundred per cent, we have a very fantastic management team. Dave Uduanu is a tremendous chief executive by any measure and we have really got some excellent and world class managers in the business.

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EFInA Appoints Ex CBN Deputy Governor, Others As Directors Enhancing Financial Innovation and Access (EFInA), a financial sector development organisation that focuses on promoting financial inclusion in Nigeria has announced its new board members and Chief Operations Officer.

According to EFInA, a former Deputy Governor of Central Bank of Nigeria (CBN), Dr. Sarah Alade and the former CEO of ACCION Microfinance Bank Mrs. Bunmi Lawson have joined its Board.

EFInA, which is funded by the UK Governmentâ&#x20AC;&#x2DC;s Department for International Development (DFID) and the Bill & Melinda Gates Foundation, stated that the two new directors come with stellar reputations especially in the finance industry.

The company made the announcement following the departure of its pioneer Chief Executive Officer, Ms. Modupe Ladipo, who also served as Chair of the companyâ&#x20AC;&#x2122;s Board of Directors for the last two years.

Modupe Ladipo played a critical role in the development of EFInA and the establishment of EFInA as a thought leader and â&#x20AC;&#x2DC;honest brokerâ&#x20AC;&#x2122; in promoting financial inclusion in Nigeria.

She achieved significant ac-

complishments, including; the provision of strategic guidance and innovation grants to several institutions over the years for the development of innovative inclusive financial services and building the capacity of key stakeholders in the private and public sectors on key aspects of financial inclusion.

The new Board Chair, Mr. Segun Akerele in a statement released recently, noted that Alade remained the only woman to have served as CBN Governor by virtue of her appointment as Acting Governor in 2014, stressing that before her retirement in 2017, she spent 24 years at the bank, serving in many important capacities including; Head Fiscal Analysis Division, Director Banking Operations Department, and as Deputy Governor of Economic Policy, she coordinated the Economic Policy Directorate that comprised Research, Monetary Policy, Trade and Exchange, Statistics Departments.

Alade served as Chairperson, the Monetary Policy Implementation Committee; Chairman Nigeria Interbank Settlement System (NIBSS); Secretary National Payments System Committee (NPSC), Chairman

Nigerian Export and Import Bank (NEXIM), Chairman Africa Finance Corporation (AFC) and Chairman of the Financial Market Dealers Quotation (FMDQ) OTC Securities Exchange.

Mrs. Bunmi Lawson had prior to her appointment as a director, led ACCION Microfinance Bank, as the pioneer Managing Director and Chief Executive Officer to evolved from a oneroom office space in 2007, to a multi award winning national Microfinance Bank with over 17 branches and 234,051 customer accounts spread across major states in Nigeria.

Prior to joining ACCION, Lawson was an Executive Director of FATE Foundation Ltd/ Gte and Finance Director Tequila Direct Marketing Company, and has over 30 years post graduate experience in finance, insurance, marketing, audit and banking.

The company also appointed Mrs. Funmi Adesida, a member of the Chartered Institute of Management Accountant with more than 20 yearsâ&#x20AC;&#x2122; experience in finance, as its new Chief Operations Officer. Mrs. Adesida joins EFInA from Unilever Plc, where she was the Finance Business Partner, Brand Building in charge of Ghana and Nigeria.

L â&#x20AC;&#x201C; R: Head of Deutsche Bank Representative Office Nigeria, Mr. Andreas Voss; Executive Director, Corporate Banking, Ecobank Nigeria, Mr. Akin Dada;Global Head of Financial Services, Deutsche Bank, Mr. Ulf-Peter Noetzel and Deputy Head of Deutsche Bank Representative Office Nigeria, Mrs. Adeola Azeez at the Deutsche Bank 2017 Awards for Excellence in Cash Management and Trade Finance in Nigeria, held in Lagos... recently

Airtel Shines at African Cristal Awards 2018 fulfil their dreams and realise their full potentials. â&#x20AC;&#x153;Airtel will continue to inspire narrative that will enthrone customers as kings just as we will continue to offer innovative and bespoke value offerings that will make life simpler, better and more enjoyable for telecoms consumers in Nigeria,â&#x20AC;? Mohkles said.

The Airtel SmartRecharge campaign relived love and child-mother bond through a storytelling approach. In the Ad, Iya Rainbow discovered that her son, Segun had sent her a Christmas hamper overflowing with goodies that gladdened her heart.

Knowing that her phone had been recently recharged with Airtel SmartRecharge â&#x20AC;&#x201C; albeit secretly by her son â&#x20AC;&#x201C; she called him at the earliest sign of daybreak and pours her heartfelt prayers on him, never minding

Deutsche Bank has announced the winners of its 2017 Awards for Excellence in Cash Management and Trade Finance in Nigeria. The winners were recognised on May 16 at a gala dinner at The Wheatbaker Hotel in Lagos.

The first award, titled â&#x20AC;&#x153;Straight-Through Processing (STP) Excellence Awardâ&#x20AC;?, which has been a feature of Nigeriaâ&#x20AC;&#x2122;s financial markets for seven years, went to Stanbic IBTC followed by Ecobank Nigeria. The award recognises those institutions that deliver outstanding quality in payment efficiency. The nominated banks successfully implemented an STP rate of over 99per cent throughout 2017, serving to greatly reduce the administrative impact of payment process-

even as he reflected on Deutsche Bankâ&#x20AC;&#x2122;s continued commitment to and development of the sub-Saharan Africa regionâ&#x20AC;&#x2122;s financial markets.

According to Voss, â&#x20AC;&#x153;These awards are a true testimony of the long-standing and strong relationships Deutsche Bank has with the Nigerian banking industry and of course the winning banks. Deutsche Bank remains a reliable partner, which is committed to assist its Nigerian clients facilitate trade business not only to Europe but across the globe. The winning banks have evidenced their strong capability to offer finance solutions in terms of payments efficiency and trade finance for the benefit of the Nigerian economy.â&#x20AC;?

ing, increasing efficiency and ensuring strict compliance with globally recognised payment standards.

The second award category, now in its third year, called the â&#x20AC;&#x153;Global Reach Trade Finance Awardâ&#x20AC;?, recognises those institutions that have successfully grown their trade finance processing capabilities across international borders by both volume and quantum of transaction size. This year, Access Bank Plc, followed by Zenith Bank Plc and Ecobank Nigeria Ltd came out as best performers in this category.

At the awards ceremony, graced by more than 60 attendees, Head of Deutsche Bankâ&#x20AC;&#x2122;s Representative Office in Nigeria, Andreas Voss congratulated the winning financial institutions

Inlaks Wins ICT Company of theYear Award Africaâ&#x20AC;&#x2122;s Information Technology Systems Integrator specialising in the deployment of dynamic and highly scalable ICT Infrastructure Solutions, Inlaks, has emerged â&#x20AC;&#x2DC;ICT Company of the yearâ&#x20AC;&#x2122; at the Beacon of ICT Distinguished Lecture/Awards Series held recently at the Eko Hotels and Suites. The event, which was organised by Communications Week Media Ltd is regarded as the most prestigious annual event in the ICT industry in Nigeria.

Commenting on the award, Executive Director, Inlaks, Olufemi Murainosaid, said: â&#x20AC;&#x153;This award is a direct reflection of our company values which centres on customer focus, innovation, professionalism and excellence. We are constantly

working to improve our service and customer experience in all our operations. This award is yet another testimony to Inlaksâ&#x20AC;&#x2122; pioneering status in the ICT industry and the success of our business strategy in meeting customersâ&#x20AC;&#x2122; needs and exceeding their expectations.â&#x20AC;? â&#x20AC;&#x153;We are thankful to all our customers and to the organisers of the 9th BoICT award who have given us the opportunity to become a brand to be reckoned with in the industry. As a company, we are grateful for this recognition but we will not rest on our laurels. We will continue to make sure that we push for more cutting-edge innovations and provide quality service to all of our customers,â&#x20AC;? he noted.

The BoICT Distinguished

Lecture/Awards Series is aimed at charting the way forward for the countryâ&#x20AC;&#x2122;s ICT sector while the award ceremony rewards best practices and recognises outstanding contributions to the growth of the sector. The event showcased a carefully chosen group of erudite discussants including Inlaks MD/CEO Africa Operations, Femi Adeoti, and the Director General, National Information Technology Development Agency (NITDA), Dr. Isa Ali Ibrahim Pantami, among others.

Adeoti delivered a keynote address titled â&#x20AC;&#x153;Leveraging ICT Value for Building Institutionsâ&#x20AC;? and was also recognised as â&#x20AC;&#x153;ICT Personality of the Yearâ&#x20AC;? at the event.

PRESS RELEASE

DEUTSCHE BANK 2017 AWARDS

Airtel Nigeria got a standing ovation at the 2018 Africa Cristal Awards after receiving the biggest award of the event and three other accolades in the telecoms category for its SmartRecharge campaign.

Airtelâ&#x20AC;&#x2122;s SmartRecharge campaign themed Prayer Warrior (Amin) won the grand prix, grand Cristal and a gold medal while Monitoring Spirit (Whatchu Doing?)bagged a Silver award.

According to the Chief Commercial Officer of Airtel Nigeria, Ahmad Mohkles, the awards reflect Airtelâ&#x20AC;&#x2122;s passion to connect with its major stakeholders in an emotional, tasteful, creative and innovative manner. â&#x20AC;&#x153;As a key stakeholder in the society, we keep looking for innovative and creative ways to celebrate our customers, join in their successes and victories as well as empower them to

Deutsche Bank Announces Winners of Cash Management and Trade Finance Awards

the ordeal this puts on Segun from dawn to dusk.

The African Cristal Festival rewards the best advertising campaigns created and broadcasted over the African continent, on any media. More than 400 professionals of the integrated marketing communications and the media were present at this yearâ&#x20AC;&#x2122;s festival which was held in Marrakech, Morocco from 2 to 5 May 2018.

At the last edition of the event, Airtel Nigeria won three awards. The telcoâ&#x20AC;&#x2122;s television commercial, â&#x20AC;&#x2DC;Data is lifeâ&#x20AC;&#x2122;, created to drive its mobile Internet value offering, placed Nigeria on the continental creativity and innovation map with the haul of three awards in the categories of African Cristal Awards film for the â&#x20AC;&#x2DC;Momentsâ&#x20AC;&#x2122; TVC and two regional categories of Nigerian Cristal Awards: film â&#x20AC;&#x201D; â&#x20AC;&#x2DC;Momentsâ&#x20AC;&#x2122; and Integrated.

EFInA Appoints Ex CBN Governor Dr. Sarah Alade and Bunmi Lawson as Directors, as Modupe Ladipo Departs Enhancing Financial Innovation and Access (EFInA), a financial sector development organization which focuses on promoting financial inclusion in Nigeria has announced its new board members and Chief Operations Officer.

The company made the announcement following the departure of its pioneer Chief Executive Officer, Ms. Modupe Ladipo, who also served as Chair, of the companyâ&#x20AC;&#x2122;s Board of Directors for the last 2 years.

Modupe Ladipo played a critical role in the development of EFInA and, the establishment of EFInA as a thought leader and â&#x20AC;&#x2DC;honest brokerâ&#x20AC;&#x2122; in promoting financial inclusion in Nigeria. She achieved significant accomplishments, including; the provision of strategic guidance and innovation grants to several institutions over the years for the development of innovative inclusive financial services and building the capacity of key stakeholders in the private and public sectors on key aspects of financial inclusion.

She also supported the Central Bank of Nigeria with the development of the National Financial Inclusion Strategy and played an instrumental role in the establishment of the Financial Inclusion Secretariat. Modupe Ladipo strongly advocated for the development and implementation of key financial inclusion policies such as the Regulatory Framework for Mobile Payments Services; Guidelines on Non-Interest Banking; Tiered KYC Regime; Guidelines for Agent Banking and Agent Banking Relations; Takaful-Insurance Operational Guidelines, and the Regulatory Framework for Licensing Super-Agents, and she established EFInAâ&#x20AC;&#x2122;s Access to Financial Services in Nigeria (A2F) survey as a credible benchmark for measuring access and the level of usage of financial services in Nigeria.

Between 2008 and 2018, Ms. Ladipo worked tirelessly with other stakeholders to reduce financial exclusion and during that period, the number of adults in the formal financial sector in Nigeria increased by over 26 million, even as EFInAâ&#x20AC;&#x2122;s grants directly benefitted over two and a half million people.

The new Board Chair, Mr. Segun Akerele in a statement released yesterday said, â&#x20AC;&#x153;Modupe, we cannot thank you enough for the dedication, passion, enthusiasm and motivation you have given our company over the past 10 years. You will be greatly missed by the board, donors, staff and stakeholders. We look forward to following the clear success path you have laid out and we are hopeful and excited for the next chapter of EFInA as we continue to support the Central Bank and other important stakeholders in implementing the National

Financial Inclusion Strategy.â&#x20AC;?

EFInA is happy to announce that the former Governor of Central Bank of Nigeria (CBN), Dr Sarah Alade and the former CEO of ACCION microfinance bank Mrs. Bunmi Lawson have joined its Board. .

EFInA, which is funded by the UK Governmentâ&#x20AC;&#x2DC;s Department for International Development (DFID) and the Bill & Melinda Gates Foundation stated further that the two new directors come with stellar reputations especially in the finance industry and each has been named by The Guardian Newspaper among the â&#x20AC;&#x2DC;power women in Nigeriaâ&#x20AC;&#x2122;s financial sectorâ&#x20AC;&#x2122;.

Mr Akerele noted that Dr Alade remains the only woman to have served as CBN Governor by virtue of her appointment as Acting Governor in 2014, stressing that before her retirement in 2017, she spent 24 years at the bank, serving in many important capacities including; Head Fiscal Analysis Division, Director Banking Operations Department, and as Deputy Governor of Economic Policy, she coordinated the Economic Policy Directorate that comprised Research, Monetary Policy, Trade and Exchange, Statistics Departments.

Dr. Alade served as Chairperson, the Monetary Policy Implementation Committee; Chairman Nigeria Interbank Settlement System (NIBSS); Secretary National Payments System Committee (NPSC), Chairman Nigerian Export and Import Bank (NEXIM), Chairman Africa Finance Corporation (AFC) and Chairman of the Financial Market Dealers Quotation (FMDQ) OTC Securities Exchange.

Mrs. Bunmi Lawson had prior to her appointment as a director, led ACCION Microfinance Bank, as the pioneer Managing Director and Chief Executive Officer to evolved from a one-room office space in 2007, to a multi award winning national Microfinance Bank with over 17 branches and 234,051 customer accounts spread across major states in Nigeria.

Prior to joining ACCION, Mrs Lawson was an Executive Director of FATE Foundation Ltd/Gte and Finance Director Tequila Direct Marketing Company, and has over 30 years post graduate experience in finance, insurance, marketing, audit and banking.

The company also appointed Mrs Funmi Adesida, a member of the Chartered Institute of Management Accountant with more than 20 yearsâ&#x20AC;&#x2122; experience in finance, as its new Chief Operations Officer. Mrs Adesida joins EFInA from Unilever Plc, where she was the Finance Business Partner, Brand Building (Ghana and Nigeria).

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Halogen Security Demonstrates Digital Technology Back Bone Ugo Aliogo and Esther Ehoche As Lagos State Government intensifies efforts towards building a secured smart city fit for global investments in partnership with the private sector, the management of Halogen Security Company Limited has expressed its readiness to collaborate with the state government to deploy cutting edge crime prevention smart solutions capable of securing over 21 million Lagosians.

Speaking in Lagos recently during a courtesy visit at the companyâ&#x20AC;&#x2122;s office by the Special Adviser to the Lagos State Governor on Security and Intelligence, Mr. Adekunle Ajanaku, the Managing Director, Halogen Security, Mr. Wale Olaoye, said as a notable security solutions provider to key sectors of the countryâ&#x20AC;&#x2122;s economy, the firm has always developed intelligent risk reduction and security facilities critical to security management.

He also stated that over two decades of active strides in the security solutions business, thorough understanding of the Nigerian business landscape and the changing security demands across different sectors of the economy, they have continuously improved on their security solutions architecture.

Olaoye added: â&#x20AC;&#x153;We are excited to receive the Special Adviser at our ultra-modern head office â&#x20AC;&#x201C; The fusion centre, and to conduct him round our facility where we operate realtime remote monitoring of our

security locations using various platforms, electronic equipment and telematics to ensure the safety of our clients at all times. â&#x20AC;&#x153;Our hi-tech facility, a fully digital platform which we have proudly named the fusion centre is developed to tackle clear and present security challenges especially in an emerging smart city like Lagos and is perhaps one of the most sophisticated in the country and we are willing to share this innovation with the state government.â&#x20AC;?

In his response, the Special Adviser to the Governor on Security and Intelligence, Mr. Adekunle Ajanaku, disclosed that one of the fundamental elements of any smart city is safety of lives and properties.

He also noted that the state government was exploring the use of technology to manage and reduce the crime rate in the state, adding in line with these efforts they are collaborating with corporate citizens to develop a networked that would prevent crime and ensure the safety of Lagosians. In his remarks, the Chief Operating Officer, the Halogen School of Security Management and Technology (HSSM and T) Dr. Adebowale Adeagbo, said the company is a learning institution created to produce the manpower and expertise in enterprise security risk management in the digital space through education, research, strategy, technology and policy.

He added that the institution would help amplify the thought leadership value proposition that the company is noted for.

Standard Insurance Consultants Bags â&#x20AC;&#x2DC;Excellence in Qualityâ&#x20AC;&#x2122;Award Nosa Alekhuogie Standard Insurance Consultants Limited was recently awarded with the Summit of Leaders Special Prize â&#x20AC;&#x2DC;Excellence in Qualityâ&#x20AC;&#x2122; as a leading financial and insurance services industry provider. The award was presented to the Group President/ Chief Executive of the company, Mr. Ahmed Salawudeen during the 2018 London Summit of Leaders Achievements held in London, United Kingdom.

According to the organising committee of the award, the prestigious international awards are presented to corporate leaders for their outstanding achievements in the field of business social responsibility, international relations, economics, politics, science and social activities.

Summit of Leaders prize â&#x20AC;&#x2DC;Excellence in Qualityâ&#x20AC;&#x2122; it said, outlines companiesâ&#x20AC;&#x2122; achievements, guides partners and customers which gives a higher business profile and an enhanced reputation which could ultimately lead to continued business success.

The International â&#x20AC;&#x2DC;Achievements Forum 2018â&#x20AC;&#x2122; London Summit of Leadersâ&#x20AC;&#x2122; has become the traditional grand gathering of the regional leaders, investors, academia and like-minded professionals from all over the world.

It was hosted this year on the 17th, April 2018, at the Institute of Directors in London, the famous business elite meeting point in the UK, by Summit of Leaders, with the support of the Academic Union, Oxford and the Global Club of Leaders together with the â&#x20AC;&#x2DC;EBA Globalâ&#x20AC;&#x2122; Loyalty Programme.

The International Achievements Forum 2018 attracted high profile delegates from the real world of business who shared and learnt from each other for business improvement and positive social transformation.

In its congratulatory message, the Summit of Leaders Organising Committee applauds Standard Insurance Consultants Limited for joining the Global Club of Leaders (ICL) which Members are prominent state and public figures, businessmen and entrepreneurs from all over the world who have succeeded in various fields of social and business life. â&#x20AC;&#x153;Here in â&#x20AC;&#x2DC;EBA Globalâ&#x20AC;&#x2122; Community we wish Dr. Ahmed O. Salawudeen new achievements in professional field and we are convinced that Standard Insurance Consultants Limited will significantly benefit from the deserved Summit of Leaders award and European recognition and will be inspired by it for further professional successful development,â&#x20AC;? the statement said.

Sona Group Tasks FG on Selfsufficiency in Food Production Ugo Aliogo and Esther Ehoche The Managing Director, Sona Group, Mr. Arjan Mirchandani, has charged the federal government on the need for self-sufficiency in food production, pointing out that the Nigerian should tap into the vast opportunities in the Africa food market.

Mirchandani who disclosed this recently in Lagos at the Food West Africa 2018, noted that the future of Africa is based self-sufficiency, locally made

products and the Nigeria market is not an exemption.

He also noted that the distribution chain in the market is expensive with importation taking large chunk of it. He therefore noted that embarking local production of products, will lead to cut cost and export, â&#x20AC;&#x153;which on the long run, lifts the standards of Nigeria products and enhance growth in the industry.â&#x20AC;?

Mirchandani further noted that the versatility of the average Nigerian is

a key factor in relating with the market system, adding that â&#x20AC;&#x153;Nigerians are very innovative and courageous with great potentials and these traits are clearly seen in how we maintain a lead role in a highly competitive business environment.â&#x20AC;?

The Chief Operating Officer of Sona Group, Mr. Ashok Manghnani, said the situation of the Nigerian market is changing with expansion being a vital aspect in this changing economy. He stated that the firm is expanding

at a rate of 100 percent yearly and the capacity is increasing and â&#x20AC;&#x153;operation is on a higher level and this is evident in our impact on the economy.â&#x20AC;?

The Group was represented at the 2018 edition of Food West Africa by their major subsidiaries; Euro Global Food and Distilleries, makers of Maltonic, Sabrina, Sona Bitters, Sona AgroAllied Foods Limited, focused on confectionaries and Food, Agro and Allied Industries, focused on natural extracts such as sorghum brewing, malt extracts, glucose extracts and others.

SOLAR FUTURE NIGERIA 2018

L-R: Chief Executive Officer, All On, Dr. Boer Wiebe; Vice President Marketing, Lumos Nigeria, Olufemi Ashipa; Project Manager, Solar Plaza, Lydia van OS and Associate Principal, Crossboundary, Femi Fadugba, at the Solar Future Nigeria 2018 held at Sheraton Hotel, Abujaâ&#x20AC;Śrecently

LifeBank Closes Seed Funding from EchoVC for Africa Supply Chain

Minister, Stakeholders Back Indo-Africa ICT Expo 2018 in Lagos

Emma Okonji

Emma Okonji

LifeBank has closed its seed round led by EchoVC PanAfrica Fund. Also participated in the round were CcHub Growth Capital and an undisclosed healthcare angel investor.

LifeBank is a last mile medical supply chain company, which leverages technology to discover, organise and deliver essential medical products to hospitals and in the process, acquires actionable data. The company is initially focused on optimising blood supplies given the size, fragmentation and severity of the need.

Targeted use of funding proceeds will be to extend its supply chain to include oxygen, vaccines, blood components and rare drugs as well as expand its coverage across Nigeria, particularly to Northern Nigeria, where reaching the last mile remains a very pressing issue.

Launched in 2016, LifeBank currently has over 41 authenticated blood banks on its online platform and has delivered to 167 hospitals. LifeBankâ&#x20AC;&#x2122;s optimised supply chain has helped save

over 1,000 lives so far.

Its smart logistics system includes specially designed cold chain boxes that retain temperature for up to 30 hours, colorcoded temperature strips for additional quality assurance and Bluetooth-enabled locks to guarantee security.

LifeBankâ&#x20AC;&#x2122;s goal is to continue to breakdown the challenges of medical supply logistics with technologydriven approaches. It is working on a host of supply chain-focused solutions such as employing AI techniques to predict blood needs at the hospital level and utiising blockchain technology to store authenticated non-alterable product information. The company also plans to use drones to serve hard-toreach rural clinics. â&#x20AC;&#x153;Solving local healthcare problems at scale is a very important focus for our firm and we are very excited to invest in a company that is providing innovative healthcare-related solutions to life-threatening problems not just in Nigeria but across Africa,â&#x20AC;? said Uche Ogboi of EchoVC Partners.

Telecom Equipment and Services Export Promotion Council (TEPC) of India, in conjunction with IT and Telecom Summit, is set to host the 4th Edition of Indo-Africa ICT Expo 2018 in Lagos.

The event, which is scheduled to hold on 22-23 May 2018 at the Eko Hotels and Convention Centre, has the full support of the Minister of Communications, Adebayo Shittu, who had already gone ahead to invite more than 100 government and industry stakeholders from Nigeria to attend. The invitees of the minister, it was gathered, have shown interest in digital infrastructure, cyber security and skill development.

The Indian Minister of Communications, Shri Manoj Sinha and Minister of State for Commerce and Industry, Mr. C. R. Chaudhary are coming along with some delegations and more than 50 Indian exporters to the event in Lagos.

The 4th Edition of the Indo-Africa ICT Expo, which is coming on the success of the

third edition that took place in Lagos from September 6-7, 2017, is reflective of commitment of India to engage with African countries to promote use of Information and Communication Technologies (ICTs) in national economic development.

The choice of Lagos for the event for the second time is in recognition of the vast potential that exists in Nigeria, and also of its importance as a gateway to the West Africa and other parts of Africa.

This mega event will provide an excellent platform for participating Indian and African companies to showcase ICT products and services and how they can support each other through close co-operation and mutual-benefit. The event aims to bring together over 300 companies from India and Africa for the exhibition and attract over 2000 visitors. With increasing Information Technology (IT) investments across Africa and the proliferation of smartphones, Big Data is also on the radar of many businesses and telecoms operating companies in the region seeking ICT opportunities.

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NCS FOU Rakes in N1.039bn in One Month Eromosele Abidun The Nigeria Customs Service (NCS), Federal Operations Unit, Zone â&#x20AC;&#x2DC;Aâ&#x20AC;&#x2122; Ikeja has announced that it has intercepted various contrabands and other goods on detention with a duty paid value (DPV) N1.010 billion between April 10th to May 15 2018.

The Controller, FOU, Mohammed Uba Garba, who disclosed in a chat with journalists in Lagos said the feat was possible having deepened its anti-smuggling operations.

In the same vein, he said the

unit through its interventions recovered N28.85 million from underpayments making a cumulative of N1,039,156,454.00 within the weeks under review. â&#x20AC;&#x153;The detained/seized items include: 30 Exotic vehicles including 7 Toyota Hilux (2018 models), 3 Toyota Prado Jeep (2017) 1 Range Rover, 1 Ford Edge (2015), 5,516c bags of foreign parboiled rice (9 trailers), 1,078 cartons of frozen poultry products, 216 jerrycans of vegetable oil, 173 bales of used clothing, 683 pieces of used tyres, 8 sacks of Indian Hemp weighing 134 kg among

others. Also, two containers with no: MSKU130295/2 and MRKU877714/0 have been seized for false declaration with a DPV of over 25 million naira alone. A total of 14 suspects were arrested in connection to these 125 seizures. â&#x20AC;&#x153;Let me commend the Officers and Men of the Unit for living up to their statutory responsibilities in suppression of smuggling, blocking all revenue leakages and enhancing trade facilitation towards sustaining best international standards. We have remained unflinching with our mandates and no amount

of distraction will deter us from performing our statutory duties.

We will continue to make this zone uncomfortable for smugglers to operate and urge every Nigerian to be patriotic and report any smuggling activities in their areas to the Service and any intelligence provided will be treated in confidence, â&#x20AC;&#x153;he said.

He added: â&#x20AC;&#x153;Let me advise these economic saboteurs as well as fraudulent importers to invest their resources towards legitimate trade and desist from engaging in smuggling activities, as the Service and

indeed the Unit will not renege on our statutory functions most especially in suppressing smuggling. â&#x20AC;&#x153;For the avoidance of doubt, after Court processes and Condemnation, the Presidential Committee on IDPS chaired by the Comptroller-General of Customs, Col. Hameed Ibrahim Ali (Rtd) has approved the evacuation of the following items to Borno State Government for distribution to Internally Displaced Persons (IDPs) through the Nigerian Army Corps of Supply and Transport (NASCT): 25,318 bags

of Rice 50gk (42 Traillers), 3,366 jerrycans of 25 liters, 175 gallons of vegetable oil(5 litres), 1,564 bales and 122 sacks of second hand clothing, 196 sacks and 938 pairs of used shoes. Hence the reason you see trucks lined up by the Government warehouse wall. â&#x20AC;&#x153;I also want to use this opportunity to thank the Comptroller-General of Customs, Col. Hameed Ibrahim Ali (Rtd) and the entire management for their untiring logistics support that brought about this feat as well as you the media for your continuous reportage of our activities.â&#x20AC;?

AfrikDelta Marine Contracted to Tow Egina FPSO Vessel Eromosele Abiodun Samsung Heavy Industries (SHI) has contracted AfrikDelta Marine Limited (ADML), a leading Nigerian supplier of marine services and a member of Jagal Energy for the services of Egina FPSO Tow and turning.

The company in a statement said the operation included the use of five of ADMLâ&#x20AC;&#x2122;s Nigerian flagged tug boats with Nigerian crews to tow and support Totalâ&#x20AC;&#x2122;s Egina FPSO now moored in the Lagos Harbour.

The Lagos Deep Offshore Logistics base (LADOL) is currently playing host to the fabrication of a $3.8 billion oil and gas logistics service facility commonly known as the Floating Production Storage and Offloading â&#x20AC;&#x201C;FPSO rig, otherwise called the Egina project.

The project which has been applauded as first -of-

its- kind in the sub-Saharan Africa is being handled by the Korea-based Samsung Heavy Industries (SHI) on behalf of TOTAL Oil Exploration, with LADOL serving as its local content partner.

The added that the operation was a culmination of significant planning and engineering that lasted over twelve months and entailed the special simulation training of ADMLâ&#x20AC;&#x2122;s Nigerian crew overseas to enhance their expertise. â&#x20AC;&#x153;Some of the vessels were already on other operations with ExxonMobil and Chevron.

The Logistics Management from ExxonMobil and Chevron contributed to the success of the operation by temporarily releasing the vessels to perform the EginaFPSO towage. â&#x20AC;&#x153;This is another major milestone in the Nigerian maritime industry and a clear demonstration of progress in Nigerian Content Development, â&#x20AC;&#x153;it stated.

Accenture, BMW Enter Business Pact Emma Okonji Accenture has announced that the BMW Group, one of the worldâ&#x20AC;&#x2122;s leading premium manufacturers of cars and motorcycles, has extended its relationship with Accenture Interactive to support the BMW and MINI brands through the delivery and support of content and features across its digital channels worldwide.

Accenture Interactive is working side-by-side with the BMW Groupâ&#x20AC;&#x2122;s digital teams, combining data, technology and creative services to put experiences at the centre of the brandâ&#x20AC;&#x2122;s communication. It is tailoring digital content to local requirements in multiple languages across 120 countries and delivering relevant advertising across all its channels including search and social.

Managing Director for Accenture Digital in Africa, Wayne Hull, who made the announcement, said: â&#x20AC;&#x153;During the past few years, brand identity and digital experience have become a tightly linked pair as a result of the rise of

digital platforms. â&#x20AC;&#x153;The way world class brands now express their vision, voice and purpose is by immersing and engaging consumers via digital platforms. Creating seamless, immersive experiences is both a creative and analytical undertaking. The process requires the skills of analysts and user interface specialists as much as it does those of data scientists, data engineers and those in DevOps. Considerations at the design stage span everything from colour connotations, user experience and interfaces to the ways in which data is sourced and used to personalise experience.â&#x20AC;?

In addition, Accenture Interactive is providing 24/5 Market Coaching and Support Services for BMW and MINI markets worldwide.

Based on innovative technologies, automated processes and efficient operations, Accenture Interactive is providing a website support service, covering all web platform related questions, issues and queries.

CONGRATULATIONS

R-L: Business Manager, FirstBank, Ehimika Ivbuobe; winner of the FirstBank Visa Gold Card World Cup Promo, Bello, Hadizat Esohe; winnerâ&#x20AC;&#x2122;s son, Bello Mohammed and Relationship Manager, FirstBank, Erhunwunse Osarumwense, during the presentation of the winner of the 2018 FirstBank Visa Gold Card World Cup Promo in Benin â&#x20AC;Ś recently

Infotech Risks Security Ltd Brings GRC Skills to Nigeria Emma Okonji Infotech Risks Security Limited (IRSL), in partnership with Open Compliance and Ethics Group (OCEG), is bringing Governance, Risk management and Compliance (GRC) skills training to the doorsteps of organisations operating in Nigeria.

Bringing such skills training to Nigeria will help organisations reposition for proficiency and profitability, while reducing operational and training costs, since the skills training is usually outsourced by organisations that understand the value of GRC skill acquisition in their daily operations.

OCEG, it was gathered, is a global think tank that serves to inform and empower organisations on GRC skills and IRSL Consulting is its only partner in Nigeria.

Speaking on the advantages of

GRC skills to organisations and the need to bring such skills to Nigeria, the Managing Partner, IRSL Consulting, Mr. Salman Akorede said the benefits cut across all the three lines of defense in organisations.

According to him, the first line of defense of any organisation, which include the operations team, would benefit from GRC skills through increased value and improved financial and operating controls; accelerate reporting for more rapid-decision making and business improvement; detect exceptions in real time to respond immediately and reduce damage; replace manual preventative controls with automated detective controls, which increases efficiency and traceability; identify control issues in real time with automatic alerting and remediation.

About the benefits for the second line of defense, which

include the management team, Akorede said it would reduce compliance costs; get notification and analyse impacts when regulations change; establish a more automated, risk-based control environment with lower labour costs; heighten competitive advantage; and rely on a single point of truth for all GRC master data on risks, controls regulatory requirements, processes and information technology (IT).

The benefits of the third line of defense, which include review and assurance, Akorede said it would at this level, improve risk and control assurance in the same or less time than previous approaches; reduce internal audit costs and those associated with unaddressed control deficiencies; achieve a more robust and more effective auditing process; expand

internal audit coverage with minimal incremental cost; as well as shorten audit cycles.

Business Development Manager, IRSL Consulting, Aderonke Ademola, encouraged every person in management or with a GRC related roles or aspiring to be in such positions, to take advantage of the GRC skills that IRSL Consulting is bringing to Nigeria, in collaboration with its partner, the Open Compliance and Ethics Group.

Considering the importance of GRC skills to organisations, GRC Consultant at IRSL Consulting, Adekoya Oluwaseun, said IRSL Consulting would be holding a training workshop in three cities, Lagos, Port Harcourt and Abuja. The Lagos workshop is slated for May 21-25, Port Harcourt is slated for June 4-8, while Abuja workshop will hold on July 9-13, this year.

FUTA Emerges Winner of Microsoftâ&#x20AC;&#x2122;s Competition Emma Okonji Engineering students from Federal University of Technology, Akure (FUTA),Taofeek Olalekan Afeez and Alayande Abdulwaheed Abiola, have emerged winners of this yearâ&#x20AC;&#x2122;s Imagine Cup National Finals in Nigeria.

The two undergraduates of Physics Electronics and Electrical Electronics who jointly formed

TEAM TREP presented a solution called Real Drip - a device that reduces the risk of blood clot or deep vein thrombosis.

The non-invasive device monitors the flow of intravenous fluid during IV treatment and notifies medical staff in real time. The device monitors the rate at which intravenous fluid drops (flow rate) and notifies the medical staff on duty in real time, for the timely removal of intravenous needle

to prevent back flow of blood which may lead to pulmonary embolism if necessary action is not taken on time.

Now in its 16th year, Imagine Cup, aims to give young developers the opportunity to acquire new and critical technical, business and team-building skills â&#x20AC;&#x201D; all while having fun along the way.

General Manager, Microsoft Nigeria, Mr. Akin Banuso,

said: â&#x20AC;&#x153;Todayâ&#x20AC;&#x2122;s students are the makers and doers that will build and change the world, as we know it. At Microsoft, we believe this new generation of innovators have the potential to address some of humanityâ&#x20AC;&#x2122;s most pressing problems; from how to predict and monitor diseases like Alzheimerâ&#x20AC;&#x2122;s and depression, to identifying â&#x20AC;&#x2DC;fake newsâ&#x20AC;&#x2122; or increasing response times during natural disasters.â&#x20AC;?

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T H I S D AY ˾ MONDAY MAY 21, 2018

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T H I S D AY Ëž Ë&#x153; MAY 21, 2018

34

BUSINESS/MONEYGUIDE

Banks Urged to Implement Enterprise Risks Management Peter Uzoho The immediate past President/ Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN), Prof. Segun Ajibola, has called on banks in the country to show total commitment towards the implementation of enterprise risk management (ERM) in their respective financial institutions.

He stated that faithful implementation of risk management framework in banks is the responsibility of boards and must be seen and acknowledged as such.

Ajibola said this in Lagos, at his valedictory paper entitled: â&#x20AC;&#x153;Enterprise Risk Management and Bank Performance: The Nexus,â&#x20AC;? which marked the end of his tenure as the 19th president of the institute.

He said Nigerian banks should as a matter of urgency, review their risk management profile and migrate fully to ERM platform.

He pointed out that the extant risk management template should be subjected to periodic review to align the same with global best practices, addingthat findings had shown that ERM holds major implications for banksâ&#x20AC;&#x2122; performance.

The outgone CIBN boss stressed that more integration of enterprise risk management should be encouraged in other financial institutions to facilitate improved performance in financial system.

According to him, regulatory bodies should ensure that banks and other financial institutions adopt ERM framework and also pursue strict adherence to proper implementation and exposure, followed by necessary monitoring and supervision. â&#x20AC;&#x153;Banks should engage and train all staff on the fundamentals of ERM and develop a team that encourages organisational units, management and employees to become highly involved in the implementation process

of their ERM frameworks,â&#x20AC;?

Ajibola said.

He further said: â&#x20AC;&#x153;Management and staff of banks/financial institutions and other stakeholders are indeed risk management ambassadors for the institutions and should see themselves in that light. â&#x20AC;&#x153;Due diligence is required in managing the key performance indicators.

Accordingly, banks should continue to engage services of experts in credit, risk management, treasury and foreign exchange management, audit and compliance, domestic and foreign operations, ICT, etc. to minimise the risk on performance,â&#x20AC;? he noted.

Ajibola however, described ERM as an emerging field both in the corporate and academic environments, saying as a newarea of specialisation, research in the area was still scanty with limited data to comprehensively capture the various aspects of the subject.

Banking hall

MARKET INDICATORS

GEM BeneďŹ ciaries Showcase Products Beneficiaries of the Growth and Employment (GEM) project, an initiative that was set up by the federal government through the support of the World Bank have showcased their products.

A report at the weekend revealed that promoters of the GEM organised an exhibition during the visit of some World Bank executives to Nigeria recently. The World Bank Mission, comprised 10 executive directors, who were in Nigeria to conduct series of visits and events around the country.

During the visit, the World Bank hosted an exhibition, to showcase Projects in the Country funded by them.

Exhibitors included different government initiatives backed up by the World Bank, as well as the GEM. The statement revealed that the GEM grantees were

fully represented and MSMEs under the GEM platform at the exhibition were: Arndale Food and Confectionaries, Abuja; JZO Fashion, Kaduna; ITESL Fab Lab, Abuja; and Wholetrust Investment Limited, Kaduna. â&#x20AC;&#x153;Arndale Foods and Confectionaries showcased her product, Kozee Kuli Kuli (groundnut chips) â&#x20AC;&#x201C; which she currently distributes in major supermarkets across Nigeria and still hopes to expand into more markets. Arndale benefits from GEM Training Programme, conducted by the Enterprise Development Centre of the Pan-African University. â&#x20AC;&#x153;JZO Fashion, a menswear fashion brand showcased to the delegates how support from GEM had enabled them expand production lines â&#x20AC;&#x201C; with menswear and women swear.

JZO hopes to help encourage Nigerians to patronise Made-

In-Nigeria products and export their products in the near future. â&#x20AC;&#x153;ITESL Fab Lab showcased a 3D Printer, demonstrating the technology and highlighting other possibilities such as production of the printerâ&#x20AC;&#x2122;s raw material from local starch and the fact that their lab was building an indigenous 3D printer. â&#x20AC;&#x153;Wholetrust Investment Limited showcased â&#x20AC;&#x2DC;Farm Delightâ&#x20AC;&#x2122;, their packaged smoked fish which they farm themselves and process. The CEO of Wholetrust Investment, Abdullahi Muazu explained briefly their production process stressing that hygiene is at the core of their processes and their product has a shelf life of 2 years,â&#x20AC;? the statement explained.

It further stated that the World Bank directors and officials in groups of four, interviewed the grantees and encouraged them to do more.

MONEY AND CREDIT STATISTICS Broad Money (M2)

24,303,049.86

-- Narrow Money (M1)

10,912,604.10

---- Currency Outside Banks

1,668,378.21

---- Demand Deposits

9,244,225.90

-- Quasi Money

13,390,445.76

Net Foreign Assets (NFA)

15,619,134.18

Net Domestic Assets(NDA)

8,683,915.68

-- Net Domestic Credit (NDC)

Said: â&#x20AC;&#x153;I-invest extends the use of mobile technology beyond money transfers, utility bill payments and airtime purchases. â&#x20AC;&#x153;It broadens the choice of money market products available to new and experienced retail investors in the Nigerian money market to include treasury bills. â&#x20AC;&#x153;Potential investors require only a smartphone with a functional mobile phone line and data subscription to use I-invest.â&#x20AC;?

Olusoga added that I-Invest would appeal to Nigerians looking to grow their savings through a diversified money market portfolio, but has hitherto encountered numerous challenges while attempting to do so. â&#x20AC;&#x153;Now they can invest in treasury bills irrespective of their location in Nigeria,â&#x20AC;? he added.

Additionally, the Chief Marketing Officer, Sterling Bank, Ibidapo Martins said: â&#x20AC;&#x153;I-invest is a secure and convenient mobile app that deflates the elitist and upmarket status associated with investing in treasury bills. â&#x20AC;&#x153;A first-time investor can download the app from the android app store, follow the step

by step instructions to register and start investing within five minutes.â&#x20AC;?

He disclosed that the Bank chose to partner with Parthian Partners on I-invest because it was a long overdue financial solution that will benefit many Nigerians. â&#x20AC;&#x153;It was only right we collaborate with Parthian Partners on this innovative mobile solution that will save our customers the commute time required to get to a banking hall while also encouraging Nigerians at large to imbibe an investment cultureâ&#x20AC;?.

To start investing, users can select from the list of available securities, with a minimum amount of N100, 000 and confirm transaction. Interest accrues daily, while the investment amount and interest will be credited to the customerâ&#x20AC;&#x2122;s account on maturity. â&#x20AC;&#x153;The user-friendly interface of the application allows account holders to fund their account with a debit card or pay at any bank branch of their convenience for the account to be funded real time,â&#x20AC;? it added.

26,267,136.53

---- Credit to Government (Net)

3,823,345.45

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

5,433,209.43

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

-1,609,863.98

---- Credit to Private Sector (CPS)

22,443,791.08

--Other Assets Net

-17,583,220.85

Reserve Money (Base Money)

6,746,646.49

--Currency in Circulation

1,668,378.21

--Banks Reserves

4,357,551.58 Ëž Ă&#x2122;Ă&#x;Ă&#x153;Ă?Ă? Ě&#x2039;

Firms Introduce Treasury Bills Investment App A new frontier has opened for investors in the African finance sector with the launch of I-invest, a mobile application that allows users purchase Treasury Bills (T-Bills) directly from their smartphones. Developed by Parthian Partners, a pan African inter-brokerage services firm in partnership with Sterling Bank Plc, I-invest enables both new and experienced investors match their investment maturities to their needs.

According to a statement, the investment app levels the playing ground for new investors providing them with equal opportunities available to experienced and institutional investors to save money and improve their money market portfolios through treasury bills.

Furthermore, it stated that the appeliminates entry barriers such as lack of education and information to make smart investment decisions and the ability to get a broker and/or time required to visit banks to fill forms for treasury bills.

Commenting on the app, the CEO, Parthian Partners, Oluseye Olusoga

(MILLION NAIRA)

MARCH 2018

Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

15.16

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

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

Ëž Ă&#x2122;Ă&#x2DC;Ă?Ă&#x17E;Ă&#x2039;Ă&#x153;ĂŁ Ă&#x2122;Ă&#x2013;Ă&#x201C;Ă?ĂŁ Ă&#x2039;Ă&#x17E;Ă? Ě&#x2039; ͯ͹Ϲ

OPEC DAILY BASKET PRICE AS AT THURSDAY MAY 17, 2018

The price of OPEC basket of fourteen crudes stood at $76.75 a barrel on Thursday, compared with $75.18 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

Neimeth Returns to ProďŹ tability, Appoints Independent Director Goddy Egene Neimeth International Pharmaceuticals Plc has reported a profit after tax (PAT) of N30 million for the half year ended March 31, 2018, compared with a loss of N195 million in the corresponding period of 2017.

This is just as the company has appointed Mrs. Bashirat Odunewu as an independent director in compliance with the statutory requirement for good

corporate governance.

An analysis of the results showed that Neimeth posted revenue of N877.317 million in 2018, up from N601.427 million in 2016. Cost of sale stood at N399.7 million compared with N259 million, while it ended the period with gross profit of N477.6 million, up from N342.3 million in 2016.

In line with its cost saving strategies, the company reduced its marketing and distribution

P R I C E S MAIN BOARD

F O R DEALS

expenses to N149 million, down from N188 million in 2016. Similarly, administrative expenses declined from N304 million to N256 million. Consequently, profit before tax stood at N30 million in 2018 as against loss of N195 million in 2016.

Meanwhile, the new independent director is a chemistry graduate of the University of Manchester Institute of Science and Technology. She also holds a Master of Science degree from

S E C U R I T I E S

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the University of London. She is a fellow of the Institute of Chartered Accountants of Nigeria (ICAN), and a member Chartered Institute of Arbitrators (MCIArb).

Odunewu has over 20 years experience in the financial services sector. She is currently the Group Executive â&#x20AC;&#x201C; International Banking at First Bank Nigeria Limited.

The company said it was positioned for a rapid re-

T R A D E D MAIN BOARD

A S

covery having overcome the consequences of the fire that occurred in March, 2017.

Neimeth which had a rough patch in recent times following the challenging operating environment. However, the Chairman of the company, Dr. ABC Orjiako, had announced plans to overhaul the corporate structure of the company in such a way that it will refocus it for a meaningful and sustainable growth.

O F

Going by the 2016 performance of the company, the restructuring efforts have started to yield fruits as the company has returned to profitability for the full year.

This led to the company coming up with a three strategic imperatives to revitalise sales and generate more revenue, reduce costs and optimise efficiency and transform the organisational culture towards a new Neimeth.

1 8 / 0 5 / 2 0 1 8 DEALS

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37

˾ MONDAY, MAY 21, 2018

MARKET NEWS

Cordros Asset Management Set to Offer Target-date Mutual Fund Goddy Egene Cordros Asset Management Limited (CAML), a subsidiary of Cordros Capital Limited (CCL) is set to issue the first target-date mutual funds in the country.

A target-date fund is a fund offered by an investment company that seeks to grow assets over a specified period of time for a targeted goal.

Target-date funds are usually named by the year in which the investor plans to begin

utilising the assets. The funds are structured to address a capital need at some date in the future, such as retirement.

CCL last Friday held a signing ceremony in Lagos for its proposed target-date funds following the clearance of its offer documents by the Securities & Exchange Commission (SEC). They are called ‘The Cordros Milestone Funds 2023 and 2028.’

Speaking on the development, the Group Managing Director (GMD) of CCL, Wale Agbeyangi

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

said: “The Cordros Milestone Funds 2023 and 2028 are target-date mutual funds, which pursues a long-term investment strategy to manage the asset allocation (mix of asset classes) of the fund, to become more conservative as the target dates (2023 & 2028) approach.

Globally, target -date mutual funds have become increasingly popular and at the end of 2017, the Investment Company Institute (ICI) estimated a total of $1.1 trillion was invested in these funds worldwide. It is

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 17-May-2018, unless otherwise stated.

surprising but also laudable that The Cordros Milestone Funds 2023 and 2028 are the first set of target-date mutual funds to be launched in Nigeria.

This represents a significant achievement for not just Cordros but the entire capital market.

The funds which are initiatives of our asset management subsidiary is a strategic move aimed at providing products which cater to the retail segment of the economy. These are specially designed to provide for individuals and corporations

saving towards a ‘target.’”

Also speaking, the Acting Chief Executive Officer of CAML, Leye Adekeye said: “We are indeed excited at the prospects that the funds hold. The milestone funds are balanced funds and will have a mix of equities, fixed income and money market instruments.

The funds will start out seeking capital appreciation and will become more conservative by seeking capital preservation towards their target dates.

Opportunities abound in the

capital markets and these funds will ensure we are leveraging these opportunities and providing diversification for our clients. We will like to encourage individuals saving towards different goals and targets to take advantage of the professional fund management when the offer opens.”

According to the company, minimum amount required to subscribe to the fund is N2,500 and investors can make an additional investment of 10 units or more.

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 192.97 194.00 8.66% Nigeria International Debt Fund 245.62 246.96 6.45% 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 0.66 0.66 -20.51% ACAP Income Funds 0.66 0.66 9.05% 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 13.40% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 20.31 20.93 11.18% ARM Discovery Fund 424.37 437.16 9.07% ARM Ethical Fund 29.35 30.24 7.42% ARM Money Market Fund 1.00 1.00 13.71% 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 159.90 161.02 5.41% AXA Mansard Money Market Fund 1.00 1.00 13.36% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 13.03% Paramount Equity Fund 12.09 12.40 9.04% Women's Investment Fund 103.46 106.12 2.82% 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 13.48% CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 13.31% Coronation Balanced Fund 1.14 1.17 8.82% Coronation Fixed Income Fund 1.12 1.15 7.71% 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 1,152.93 1,153.63 0.42% FBN Heritage Fund 151.26 152.58 8.50% FBN Money Market Fund 100.00 100.00 13.48% FBN Nigeria Eurobond (USD) Fund - Institutional 113.10 113.57 0.14% FBN Nigeria Eurobond (USD) Fund - Retail 112.94 113.41 0.09% FBN Nigeria Smart Beta Equity Fund 181.52 184.26 12.69% 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 1.40 1.43 7.34% Legacy Debt Fund 3.03 3.03 5.07% 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 3,190.35 3,223.33 6.86% Coral Income Fund 2,604.95 2,604.95 6.45% 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 13.63% Nigeria Entertainment Fund 102.78 103.65 2.75% 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 13.49% Vantage Balanced Fund 2.23 2.25 5.62% Vantage Guaranteed Income Fund 1.00 1.00 15.65% Kedari Investment Fund (KIF) 120.21 120.61 4.53%

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 1.19 1.21 3.87% Lotus Halal Fixed Income Fund 1,065.82 1,065.82 5.73% 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 14.24 14.37 8.11% Meristem Money Market Fund 10.00 10.00 13.50% 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 1.36 11.89% PACAM Fixed Income Fund 11.67 11.73 5.74% PACAM Money Market Fund 10.00 10.00 13.39% 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 130.00 132.47 1.01% 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 1.58 1.58 6.09% 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 2,416.99 2,437.44 7.76% Stanbic IBTC Bond Fund 183.33 183.33 3.90% Stanbic IBTC Ethical Fund 1.09 1.10 8.42% Stanbic IBTC Guaranteed Investment Fund 234.55 234.61 6.51% Stanbic IBTC Iman Fund 186.99 188.94 4.37% Stanbic IBTC Money Market Fund 100.00 100.00 13.15% Stanbic IBTC Nigerian Equity Fund 10,384.44 10,523.85 7.38% Stanbic IBTC Dollar Fund (USD) 1.09 1.09 2.85% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.35 1.36 1.01% United Capital Bond Fund 1.65 1.65 5.12% United Capital Equity Fund 0.98 1.00 7.37% United Capital Money Market Fund 1.00 1.00 12.79% United Capital Eurobond Fund 105.80 105.80 2.82% United Capital Wealth for Women Fund 1.14 1.15 4.93% 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 13.44 13.64 7.45% Zenith Ethical Fund 13.97 14.13 2.75% Zenith Income Fund 20.13 20.13 6.39% Zenith Money Market Fund 1.00 1.00 12.90%

REITS NAV Per Share

Yield / T-Rtn

10.00 135.24 51.22

-11.35% 2.10% 0.77%

Bid Price

Offer Price

Yield / T-Rtn

12.82 158.92 119.09

12.92 162.25 121.27

5.74% 11.25% 8.99%

Fund Name FSDH UPDC Real Estate Investment Fund SFS Skye Shelter Fund Union Homes REIT

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

5.13 9.74 18.85 20.55 145.96

5.17 9.82 18.95 20.75 147.96

8.12% 1.79% 7.53% 4.46% 6.61%

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.

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CITYSTRINGS

Ă?Ă&#x17E;Ă&#x201C;Ă&#x2DC;Ă&#x2018; Ă?Ă&#x2039;Ă&#x17E;Ă&#x;Ă&#x153;Ă?Ă? Ă&#x17D;Ă&#x201C;Ă&#x17E;Ă&#x2122;Ă&#x153;Ë? Ă&#x2019;Ă&#x2039;Ă&#x153;Ă&#x2013;Ă?Ă? Ă&#x201D;Ă&#x;Ă&#x2DC;ĂĄĂ&#x2039; Ă&#x2014;Ă&#x2039;Ă&#x201C;Ă&#x2013; Ă?Ă&#x2019;Ă&#x2039;Ă&#x153;Ă&#x2013;Ă?Ă?Ë&#x203A;Ă&#x2039;Ă&#x201D;Ă&#x;Ă&#x2DC;ĂĄĂ&#x2039;ĚśĂ&#x17E;Ă&#x2019;Ă&#x201C;Ă?Ă&#x17D;Ă&#x2039;ĂŁĂ&#x2013;Ă&#x201C;Ă Ă?Ë&#x203A;Ă?Ă&#x2122;Ă&#x2014;

Regenerating Lagos With the unveiling of state-of-the-art road construction equipment, the Lagos State Government has set its sights on tackling the road infrastructure challenges in the state and having a regenerated city, writes Peter Uzoho

L-R: Special Adviser/C.E.O, Lagos State Public Works Corporation/Drainages, Mr. Temitayo Erinle; Commissioners - Women AďŹ&#x20AC;airs and Poverty Alleviation, Mrs. Lola Akande; Local Government and Community Affairs, Alhaji Muslim Folami; Special Duties and Inter-Governmental Relations, Mr. Oluseye Oladejo; Secretary to the State Government, Mr. Tunji Bello and other members of the State Executive Council, during the inauguration of the newly procured construction equipment for the stateâ&#x20AC;&#x2122;s Public Works and Drainages, at Edward Hotonu Road, Lekki Phase 1, Lagos...recently

T

he Lagos State Government on Wednesday last week, commenced its urban regeneration and renewal of the three major cities in the state: Ikoyi, Victoria Island and Ikeja G.R.A, with the unveiling of new state-of-the-art road construction equipment and inauguration of newly interlocked Joseph Hotounu Street in Lekki.

First of its kind in the state, the equipment numbering 45, including three battery powered road printers and three giant wheel loaders, were unveiled after a public demonstration of their capacity and capability to the media and government functionaries to complete the construction of interlocked road in Joseph Hotounu Street, Lekki Others were five driving rollers, 18 hand operating rollers, one excavator, one paver, six tractors, three wheel loaders, one chip sealer, one milling machine, one hiab, one sweeper machine and one synchronous chip sealer.

The unveiling ceremony witnessed large turnout of residents of ELF/UPD Estate and Hotounu Street, who were so eager to receive the governor and to show their appreciation to him for fixing the road for them. Although, the governor was not physically present, they carried on with their mission â&#x20AC;&#x201C; chanting songs of adulation and assurance, holding and displaying their placards with varied inscriptions signifying their support for the governor.

While some of the placards read: â&#x20AC;&#x2DC;Ambode is working, Lagos is movingâ&#x20AC;&#x2122;, others said: â&#x20AC;&#x2DC;We stand with governor Ambode; No stopping, carry goâ&#x20AC;&#x2122;; â&#x20AC;&#x2DC;Ambode for second term not negotiableâ&#x20AC;&#x2122;.

Speaking at the unveiling, Ambode who was represented by the stateâ&#x20AC;&#x2122;s Commissioner for Physical Planning and Urban Development, Mr. Rotimi Ogunleye, said the new equipment were procured in line with efforts to reposition the Lagos State Public Works Corporation for

We are here to commission these machines, equipment and gadgets and to state that these range of products would be deployed immediately to the urban regeneration of Victoria Island, Ikoyi and Ikeja and they are being put in place today to further upgrade the activities of the Lagos State Public Works Corporation so that from their three centres in Badagry, Ojodu and Imota, they can take care of the rest of Lagos State Ambode...walking his talks

the urban regeneration programme aimed at addressing environmental and infrastructural challenges in Ikoyi, Victoria Island and Ikeja G.R.A. The governor said the equipment would be immediately deployed across the state for the urban renewal initiative, stressing that they would go a long way in ensuring the regeneration of the entire Lagos landscape. â&#x20AC;&#x153;We are here to commission these machines,

equipment and gadgets and to state that these range of products would be deployed immediately to the urban regeneration of Victoria Island, Ikoyi and Ikeja and they are being put in place today to further upgrade the activities of the Lagos State Public Works Corporation so that from their three centres in Badagry, Ojodu and Imota, they can take care of the rest of Lagos State,â&#x20AC;? Ambode said.

The governor further said: â&#x20AC;&#x153;We are at this

site to see physically the demonstration of the capability and capacity of the equipment. I want to state emphatically that this development is a sign of the governmentâ&#x20AC;&#x2122;s commitment to the regeneration and renewal of the entire Lagos State landscape. â&#x20AC;&#x153;The Public Works Corporation has three regional centres in Badagry, Ojodu and Imota of which the various machines would be deployed to the various areas. Essentially, this point is to regenerate Victoria Island, Ikoyi and Ikeja urban

39

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CITYSTRINGS

centres and it is an all-inclusive developmental process.â&#x20AC;?

The Secretary to the Lagos State Government, Mr. Tunji Bello, said the paving stone machines and road printers were acquired to basically construct roads that would last longer, considering the state of the Lagos environment being waterlogged. â&#x20AC;&#x153;We carefully thought about it before we even embarked on it. It was planned long time ago for the equipment to be acquired and having been acquired, they will be deployed immediately for road construction,â&#x20AC;? Bello said. â&#x20AC;&#x153;One of the problems we have in Lagos is road tarring because the water table in Lagos is very high and it does not allow most of our roads to last and so we needed equipment to make our roads longer and part of it was to acquire the equipment which have just been tested. â&#x20AC;&#x153;So, now we will be using paving stones mostly and they will last longer particularly in a terrain like Lagos and that is what we have seen today,â&#x20AC;? he added.

Also speaking, Special Adviser to the Governor on Public Works and Chief Executive Officer of Lagos State Public Works Corporation, Mr. Temidayo Erinle, while giving practical demonstration of the workings of the equipment, explained that the road printer has the capacity to pave road between six and eight metres faster and reduces man-hours. â&#x20AC;&#x153;The road printer can make road paving of 400 to 600 metres square in a one-day working shift of eight hours. The road printer makes road construction faster, easier and cheaper,â&#x20AC;?

Erinle said.

He disclosed that the State Government was in the process of further procuring interlocking making machines, and urged residents to take proper care of the road just unveiled and enjoined them not to indulge in activities that could damage it.

Meanwhile, the Managing Director, Infrastructural Development and Energy Company (INDECO), Mr. Eric Opah, whose company supplied the road printers, said they partnered the Lagos State Government which he said, was known to them as a government that was interested in protecting the environment. â&#x20AC;&#x153;We've seen the way the environment is overseas, so Lagos State is adapting to that kind of first class environment. The equipment that we've supplied to Lagos State, as you can see, is a road printer, an equipment that will replace the high labour that our people go through in laying paving stones. It's very cost-effective,â&#x20AC;?

Opah said. â&#x20AC;&#x153;We have about four to five of the road printers here. The printer actually lays 80 to 82 square metres per hour, and it reduces the long span that ordinary labour goes through to lay paving stones. What we've done is that we've supplied the equipment and we've demonstrated the capability of the equipment.

He said the same class of equipment would be used to cover other areas in Lagos, saying more of them would be supplied if another opportunity was presented to them to supply. â&#x20AC;&#x153;We started from the Lagos State Infrastructure Work Site and we've transferred the equipment here. It's going to go to a lot of places; it's not actually prone to high broad areas like this. It's something that is going to cover a whole lot of places. So right now, we're only demonstrating the capability of the equipment. We will hopefully have the opportunity to supply another equipment to cover a lot of other places. â&#x20AC;&#x153;As you can see, a lot of companies, governments, and private entities are converting to using the paving stones. I think the durability

The Secretary to the Lagos State Government, Mr. Tunji Bello, said the paving stone machines and road printers were acquired to basically construct roads that would last longer, considering the state of the Lagos environment being waterlogged

Some of the newly procured construction equipment for the Lagos State Public Works and Drainages during the inauguration by Governor Akinwunmi Ambode at Edward Hotonu Road, Lekki Phase 1...recently

The Road Printer acquired by the Lagos State Government

Newly acquired equipment by the Lagos State Government

is much longer giving the topography of the roads that we have, especially in Lagos where we have waterlogged areas,â&#x20AC;? he noted.

Responding on behalf of the residents of Joseph Hotounu Street, Lekki, Mrs. Ronke Giwa, thanked the state government for fixing the road from its dilapidated state, saying the development had removed their decades of sufferings. â&#x20AC;&#x153;Before the construction of this road, our cars were getting spoilt; we dread the rains and it had been on for decades so I like to thank Governor Ambode and the state government

for giving us this road,â&#x20AC;? she said.

Also at the occasion, a group of women in uniform, numbering over 50, who identified themselves as â&#x20AC;&#x153;Ambode Babesâ&#x20AC;? were also chanting their solidarity songs and support for Governor Ambode for his giant strides in the state. According to them, the governor has done wonderfully well in his first tenure in office, saying he will emerge victorious come 2019.

A member of the group, Alhaja Seki Awote, who spoke to THISDAY said: â&#x20AC;&#x153;We like our Governor, Ambode. Weâ&#x20AC;&#x2122;re happy with what

heâ&#x20AC;&#x2122;s doing; he has changed the face of Lagos within three years. We want to thank him for his wonderful work in Lagos State, and weâ&#x20AC;&#x2122;re solidly behind him come 2019. Ambode is going nowhere; he must complete his eight years before another person will come. So in Alausa, there is no vacancy in 2019. We love our governor and he loves us.â&#x20AC;?

She said their association cut across the 57 LCDAs in Lagos State, and that their mission was to keep supporting the governor to enable him do more and more.

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RETURNS ON UTILIZATION OF FUNDS SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 18th-MAY 2018 This publication: Mandated by the Central Bank of Nigeria (CBN)

BANK: ECOBANK NIGERIA LIMITED SN

CUSTOMER

ITEM OF IMPORT

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110

AKI INTERNATIONAL LIMITED AKI INTERNATIONAL LIMITED EAGLE INDUSTRIES INTL CONCEPT LIMI IPI POWERTECH NIGERIA LIMITED ALABEGBE ELVIS ETIM OROK HENRY ADEOYE CHRISTIANAH ADENRELE BRAIE EVELYN KUBURAT OMONUA ODIASE SPECIAL USMAN BELLO JADA TUKUR ABUBAKAR SADIQ ABUWA OZIOMA CHRISTAIN OGUNNOWO ADEBOLA FRANCIS WILLS-OBONG HANNAH FRANK AKPET EKANEM GERALDINE ENYANG ADEKUNLE KAZEEM AMINU JIBRIL YAKUBU SANUSI MOHAMMED HAMIM SANUSI MOHAMMED HAMIM NWOGU CHRISTIAN AMADI ONYETENU ONYEMA SYDNEY ISANG ENO-OBONG O.U SAM INVESTMENT COMPANY LIMITED ATHANATOS GLOBAL INNOVATIONS LTD B O B AND ASSOCIATES NIG LTD CHIDON ARI INTERNATIONAL LIMITED SUNGOLD GLOBAL VENTURES LIMITED CHIDON GLOBAL LINKS LIMITED DANSIM ENTERPRISES RICHY BEST ELECTRONICS LTD CELESHALL POWER LINK LIMITED BANQUO GLOBAL AGENCY LIMITED SYLVA- VICK INDUSTRIAL COMPANY LTD CHIBROS ELECTRICAL COMPANY OZEK PHARMACEUTICAL CO LTD BONASON INDUSTRIES LIMITED SETMI ELECTRICAL AND ELECTRONICS IN VIVA MONDO DELLA MODA LTD PAULIFEX CONCEPT LTD AHARUKA LTD PERFECT VISUAL A.N ELUAGU AND SONS LTD EJI-LEC INTERNATIONAL 2 POINT AGENDA GLOBAL SERVICES LIM BLESSED HARRY INVESTMENT CO LTD 1 POINT AGENDA INTER LINKS LIMITED ACAVIEN NIGERIA LIMITED ECHECO IMPEX LINKS LIMITED DEJAYS INNOVATIVE LIMITED OGUERI AND SONS NIGERIA LTD SUNDELAS INVESTMENT COMPANY NIG LTD MIN GLOBAL INTEGRATED SERVICES LTD STEVDAVE VENTURES B O B AND ASSOCIATES NIG LTD IMMAC ELECTRICAL COMPANY NIG LIMITED STOKIA COMPANY LTD NEC BROTHERS COMMERCIAL COMPANY KYSTAJO NIGERIA LIMITED ILDERAVIN NIGERIA LTD JUCHYNO INTL LTD. CHIDON ARI INTERNATIONAL LIMITED EGBEBUIKE AND SONS TRADING COMPANY GREAT CHIDONS RESOURCES INTERNATIO DAN-GOODMAN AND BROS TRADING COY REWOOD PRODUCTIONS BOHANZ INTL LTD GREAT O K MARTINS STANDARD CONCEPT DANSIM ENTERPRISES ABRAHAM LUKE ASSOCIATES LTD TOO-BIS INTERNATIONAL NIG LTD SUOCCO NIGERIA LIMITED ACC 2 CROWN STONE INDUSTRIES LIMITED VITBORAH PHARMACEUTICAL COMPANY LTD CALLIBEST INV. LTD. GREAT NABIS ASSOCIATES LIMITED EKESIOBI UZOR VENTURES MAIDMALL LIMITED NWOSU UDOYE A LIMITED OLIVE MICHEAL ENT LTD IYKELOVETH INVESTMENT LIMITED NINO TRADING ENTERPRISE CAPITAL PAINTS AND CHEMICAL ZAT DIRECT NIGERIA LIMITED IPI POWERTECH NIGERIA LIMITED EAGLE INDUSTRIES INTL CONCEPT LIMI AKANNI BABATUNDE MURTALA OSAGHAE ISIUWA IZEDUWA OLAMIJULO OLUBOLA FOLAKE OSAJI MARY UWAYEME DARAMOLA YETUNDE ALLI MOPELOLA VERA FANIYI BELINDA AMEZE FANIYI VERONICA TEMIDAYO THE SLAY NETWORK LTD MOSES AYI OTOBO JUNIOR CHOJI ISHAYA TENGWONG THE OTUNBA ADEKUNLE OJORA OFR,CON,JP THE OTUNBA ADEKUNLE OJORA OFR,CON,JP THE OTUNBA ADEKUNLE OJORA OFR,CON,JP THE OTUNBA ADEKUNLE OJORA OFR,CON,JP UDEH CHISOM RUBY MAKATA KELECHI GODREJ NIGERIA LIMITED GODREJ NIGERIA LIMITED GODREJ NIGERIA LIMITED GODREJ NIGERIA LIMITED REGAL CHEM NIGERIA LIMITED REGAL CHEM NIGERIA LIMITED REGATTA INDUSTRIES LIMITED REGAL CHEM NIGERIA LIMITED

111 112 113 114 115 116 117 118 119 120

REGAL CHEM NIGERIA LIMITED REGATTA INDUSTRIES LIMITED SIL NAK INTL NIG LTD NORTHERN CABLE PROCESSING AND MANU MANTRAC NIGERIA LIMITED NAIJA GLOBAL LOGISTICS LTD KEDILASO INTERNATIONAL LIMITED EVERICH INTERNATIONAL LIMITED FRANKENSTEIN INNOVATORS LIMITED FRANKENSTEIN INNOVATORS LIMITED

IMPORTATION OF MOTO CYCLE SPAR PARTS IMPORTATION OF MOTO CYCLE SPAR PARTS INSTANT FAT FILLED MILK POWDER 28% FORTO 25KG OIL FILTER, FUEL FILTER PRIME, FUEL FILTER SECONDARY, AIR FILTER BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION AUTO INJECTOR DISC HARROW SPORTS EQUIPMENT AUTO SPARE PART (HYDRAULIC JACK) TRANSMISSION SHAFT INCLUDING CV JOINTS AND UNIVERSAL JOINTS UMBRELLA AUTO PART (HYDRAULIC JACK) MUSICAL INSTRUMENTS UMBRELLA COM SPROCKET AND CHAIN SIGNATURE BOOKS,SCRUBBING BRUSHES,LAF 180 DEGREES (OFFICE PUNCH) DISCHARGE LAMPS ( CAPACITY:60W, BRAND/MODEL: SWIK/B22, E27) SURGICAL BLADE BULBS (BRAND: PILLA) CABLES(WINNERS BRAND) SPEAKER UMBRELLA UNCOATED CRAFT PAPER BOARD CABLES(KAMEL BRAND) TIGER HEAD BRAND PAPER JACKET DRY BATTERY UMBRELLA DISC HARROW KNIFE SWITCH DISC HARROW WATER PUMB COM SPROCKET AND CHAIN BULBS (BRAND: PILLA) FOOD PACKING FLASK UMBRELLA BULBS (BRAND: PILLA) HAMMER SPORTS EQUIPMENT PIN TYPE INSULATORS 56-2 WITH SPINDLE 56-2 PORCELAIN PARTS SPINDLE UMBRELLA KEROSINE STOVE BICYCLE ROLLER CHAIN WALL CLOCK DISCHARGE LAMPS (60W BRAN/MODEL; KAMEL/ B1B2) HYDRAULIC JACK UMBRELLA HAND TOOLS (HAMMER) BRAND : SIGNAL MODEL : 16 TIGER HEAD BRAND PAPER JACKET DRY BATTERY CABLES BULBS (BRAND: PILLA) UMBRELLA AUTO INJECTOR ELECTRIC FENCE ENERGIZER ANIMAL FEED PROTEIN SUPPLEMENT FOR FISH TIGER HEAD BRAND PAPER JACKET DRY BATTERY INJECTOR MOULD VITBONAC TAB (40 BOXES/CTN) BULBS (BRAND: PILLA) SEWING MACHINE NEEDLES UMBRELLA AUTO INJECTOR COM SPROCKET AND CHAIN UMBRELLA WALL CLOCK CABLES(KAMEL BRAND) STEEL DOORS GALAXY PRINTER AND INK ELECTRICAL POWER MATERIAL INSTANT FAT FILLED MILK POWDER 28% FORTO 25KG BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA DIVIDEND AND CAPITAL REPATRIATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION SODIUM PALMITATE SODIUM PALMITATE SODIUM PALMITATE SODIUM PALMITATE IMPORT OF INDUSTRIAL RAW MATERIAL FOR BOOK PRODUCTION - FREE PLAIN PAPER IN SHEETS IMPORT OF INDUSTRIAL RAW MATERIAL - POLYVINYL CHLORIDE RESIN IMPORT OF INDUSTRIAL RAW MATERIAL - DI OCTYL PHTHALATE IMPORT OF INDUSTRIAL RAW MATERIAL FOR BOOK PRODUCTION - FREE PLAIN PAPER IN SHEETS IMPORT OF INDUSTRIAL RAW MATERIAL FOR BOOK PRODUCTION UNCOATED WOOD FREE PLAIN PAPER IN SHEETS IMPORT OF INDUSTRIAL RAW MATERIAL - PARAFFIN WAX OFFSHORE CHARGES OFFSHORE CHARGES 2 X NEW CATERPILLAR DIESEL GENSET MODEL 3516B TA RATED2000KVA,11000 VOLT,50HZ FOR PRIME POWER IMPORT OF ELECTRIAL AND ELECTRONIC EQUIPMENT WASHING MACHINE FOR ELIGIBLE TRANSACTION. PURCHASE OF FINISHED GOODS. (ELECTRONICS) IMPORT OF ELECTRICAL AND ELECTRONIC EQUIPMENT IMPORT OF ELECTRICAL AND ELECTRONIC EQUIPMENT

DATE OF EXCHANGE FUND RATE PURCHASE 14-May-18 315.00 14-May-18 315.00 14-May-18 315.00 14-May-18 315.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 14-May-18 360.00 15-May-18 360.00 15-May-18 315.00 15-May-18 360.00 15-May-18 360.00 15-May-18 360.00 15-May-18 360.00 15-May-18 360.00 15-May-18 360.00 15-May-18 360.00 15-May-18 360.00 15-May-18 351.00 15-May-18 360.00 15-May-18 360.00 15-May-18 360.00 15-May-18 360.00 15-May-18 360.00 15-May-18 360.00 15-May-18 360.00 15-May-18 360.00 15-May-18 360.00 15-May-18 360.00 15-May-18 360.00 15-May-18 360.00 15-May-18 305.80 15-May-18 305.80 15-May-18 305.80 15-May-18 305.80 15-May-18 15-May-18 15-May-18 15-May-18 16-May-18 16-May-18 16-May-18 16-May-18 16-May-18 16-May-18

305.80 305.80 360.00 360.00 340.20 340.20 340.20 340.20 340.20 340.20

AMOUNT

SN

CUSTOMER

191,000.00 209,000.00 300,000.00 62,610.83 1,079.91 4,000.00 4,000.00 4,000.00 300.00 2,040.60 1,360.40 4,000.00 4,000.00 4,000.00 2,711.40 7,323.95 3,400.00 2,423.80 2,423.80 11,749.17 10,385.00 11,790.00 20,000.00 20,000.00 10,000.00 10,000.00 5,500.00 20,000.00 10,000.00 10,000.00 20,000.00 20,000.00 14,280.00 20,000.00 6,200.00 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 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 5,000.00 20,000.00 20,000.00 5,000.00 10,600.00 20,000.00 20,000.00 20,000.00 20,000.00 9,500.00 10,000.00 20,000.00 20,000.00 20,000.00 17,000.00 20,000.00 10,000.00 10,000.00 20,000.00 20,000.00 20,000.00 20,000.00 15,000.00 20,000.00 10,000.00 20,000.00 20,000.00 10,000.00 2,000.00 20,000.00 20,000.00 20,000.00 8,250.00 100,430.00 62,610.83 3,000.00 543.20 4,000.00 4,000.00 2,500.00 2,600.00 4,000.00 4,000.00 160,000.00 2,297.58 1,400.00 14,385.00 14,385.00 14,385.00 14,385.00 600.00 6,171.55 7,580.00 7,580.00 7,580.00 7,580.00 50,300.00 70,450.00 38,000.00 57,475.00

121 122 123 124 125 126 127 128 129 130 131 132 133 134 135

CKS INTERNATIONAL LIMITED JUBAILI AGROTEC LIMITED KEDILASO INTERNATIONAL LIMITED SUBAYA METALWARE NIGERIA GLOBAL MANUFACTURING ALLIANCE AND CROWNSTAR COMMERCIAL INVEST NIG LTD QINGQI MOTORCYCLE MANUFACTURING CO WHITFIELD VENTURES LTD WYNCA SUNSHINE AGRIC PRODUCT NIG LT CROWNSTAR COMMERCIAL INVEST NIG LTD PENTAGON PLASTIC INDUSTRIES LIMITED JUBAILI AGROTEC LIMITED OBOTICA INDUSTRIAL LTD ROMBIC CONCEPTS LIMITED FABUC MASTERS INDUSTRIES LTD

136 137 138

OBOTICA INDUSTRIAL LTD REGATTA INDUSTRIES LIMITED CROWNSTAR COMMERCIAL INVEST NIG LTD

139

HYUNDAI MOTORS NIGERIA LIMITED

140

GODREJ NIGERIA LIMITED

141

FRANKENSTEIN INNOVATORS LIMITED

7,775.00 26,000.00 737.48 89.95 450,000.00 833.92 19,163.52 22,730.32 22,899.02 37,306.17

142

IPI POWERTECH NIGERIA LIMITED

143 144 145

IPI POWERTECH NIGERIA LIMITED IPI POWERTECH NIGERIA LIMITED IPI POWERTECH NIGERIA LIMITED

146

IPI POWERTECH NIGERIA LIMITED

147 148

IPI POWERTECH NIGERIA LIMITED IPI POWERTECH NIGERIA LIMITED

149

IPI POWERTECH NIGERIA LIMITED

150

IPI POWERTECH NIGERIA LIMITED

151

IPI POWERTECH NIGERIA LIMITED

152

IPI POWERTECH NIGERIA LIMITED

153

IPI POWERTECH NIGERIA LIMITED

154

IPI POWERTECH NIGERIA LIMITED

155

IPI POWERTECH NIGERIA LIMITED

156

IPI POWERTECH NIGERIA LIMITED

157

IPI POWERTECH NIGERIA LIMITED

158

IPI POWERTECH NIGERIA LIMITED

159

IPI POWERTECH NIGERIA LIMITED

160 161 162 163 164 165

IPI POWERTECH NIGERIA LIMITED IPI POWERTECH NIGERIA LIMITED IPI POWERTECH NIGERIA LIMITED IPI POWERTECH NIGERIA LIMITED AKASH MINERALS AND MINNING LIMITED IPI POWERTECH NIGERIA LIMITED

166

IPI POWERTECH NIGERIA LIMITED

167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196

LAWSON IBIDUN OLAGBENDE ESSEN RUTH ENOR ESSEN RUTH ENOR OGU URIAH IHEANYICHUKWU KATO JOSIAH ADAMU ONI AKINTOLA OLAWUYI ADESINA FOLASAYO BOSEDE ATTE ADEJOKE OLABIMPE MATHIAS AMEH UGWU BASORUN CHARLES DELE THE OTUNBA ADEKUNLE OJORA OFR,CON,JP THE OTUNBA ADEKUNLE OJORA OFR,CON,JP THE OTUNBA ADEKUNLE OJORA OFR,CON,JP THE OTUNBA ADEKUNLE OJORA OFR,CON,JP KWAZU WINIFRED NDALAKU AKPAN ELIZABETH NTE ECOBANK NIGERIA LIMITED IYAMU FELIX OSAYANDE CROWN FLOUR MILLS LIMITED BASE FLUID EXCHANGES LTD EAGLE INDUSTRIES INTL CONCEPT LIMI AMARILO PLASTICS LIMITED MULTI-CHEM INDUSTRIES LTD PRUDENT ENERGY AND SERVICES LTD PRUDENT ENERGY AND SERVICES LTD JUBAILI BROS NIGERIA LIMITED ESTENDO POWER PRODUCT CO LTD GUBABI AND COMPANY LIMITED MULTI-CHEM INDUSTRIES LTD NATIONAL TRUCKS MANUFACTURES LTD

197

MIKANO INTERNATIONAL LTD

198

PRUDENT ENERGY AND SERVICES LTD

199

MULTI-CHEM INDUSTRIES LTD

200 201 202 203 204 205 206 207 208 209 210 211

INT TOWERS LIMITED INT TOWERS LIMITED INT TOWERS LIMITED INT TOWERS LIMITED INT TOWERS LIMITED INT TOWERS LIMITED IBE JAVIER CHIDINMA OSENI SULIYAT BOLANLE CROWN FLOUR MILLS LIMITED ECOBANK NIGERIA LIMITED A.A. RANO NIGERIA LTD POSH INTERNATIONAL CO. LTD

ITEM OF IMPORT

DATE OF EXCHANGE FUND RATE PURCHASE ESSENTIAL RAW MATERIALS FOR SEASONING 16-May-18 340.20 AGRICULTURAL HERBICIDES 16-May-18 340.20 AUTOMATIC VOLTAGE REGULATOR,LIQUID-GAS COOKER 16-May-18 340.20 ESSENTIAL INDUSTRIAL PARTS FOR FAN: HIGH POWER MOTOR: LEXUS 16-May-18 340.20 BRAND GALLONS 16-May-18 340.20 ELECTRIC OVEN 16-May-18 340.20 3712 UNITS OF CKD COMPONENTS FOR MOTORCYCLES KASEA BRAND AS 16-May-18 340.20 PER PROFORMA INVOICE NO: 3338 DATED 22/06/2017 PROCUREMENT OF SUPERPHOSPHATES 16-May-18 340.20 AGRICULTURAL HERBICIDE "SUNPHOSATE 360SL"BRAND) 16-May-18 340.20 COOKING BURNERS 16-May-18 340.20 IMPORT OF INDUSTRIAL RAW MATERIAL - MARLEX HDPE 16-May-18 340.20 AGRICULTURAL HERBICIDES 16-May-18 340.20 AC MOTOR MODEL NO.QCF-56C MAINLY COMPOSED IN METAL,USE FOR 16-May-18 340.20 POWER SUPPLY OF ELECTRIC GOODS IMPORTATION OF VARIOUS EDUCATIONAL AND ACADEMIC TEXTBOOKS 16-May-18 340.20 FOR PURCHASE OF NEW AUTO PARTS(CYLINDER LINEAR, TRANSMISSION 16-May-18 340.20 VALVE ) AC MOTOR MODEL NO.QCF-56C MAINLY COMPOSED IN METAL,USE FOR 16-May-18 340.20 POWER SUPPLY OF ELECTRIC GOODS IMPORT OF INDUSTRIAL RAW MATERIAL - POLYOL 16-May-18 340.20 SPAREPARTS OF ASSORTED APPLIANCES 16-May-18 340.20 72 UNITS OF HYUNDAI VEHICLES SKD AS PER PROFORMA INVOICE NUMBER PC-17/PFI-0239-BOC DATED 28 JUNE,2017 - (POL: ANY SEAPORT 16-May-18 340.20 IN REPUBLIC OF SOUTH KOREA) AR187658 FRESH MARINE 19 X 200 KILO DRUMS; AR187659 FRESH FLOWERS 14 X 200 KILO DRUMS; AR234016 TURA SUPREME PURPLE 16 X 16-May-18 340.20 200 KILO DRUMS; AR332820 LIMONIA 16 X 200 KILO DRUMS IMPORT OF ELECTRICAL AND ELECTRONIC EQUIPMENT 16-May-18 340.20 FUEL INJECTION PUMP, INJECTION PUMP KDI (STANADYNE), STAND. INJ. KDI1903M TRACTOR, VALVE INTAKE, VALVE EXHAUST, PISTON RINGS SET, 16-May-18 359.00 BRONZINA BANCO STANDARD K BEARING KDI LEM 200 + CABLE 16-May-18 359.00 BATTERIES PC12-180FT EXIDE 85072080 16-May-18 359.00 SPRAY PAINT LOCTITE SF 7800 (400ML) SF 7800 16-May-18 359.00 SOLENOID, STOP , PUMP, FUEL FEED, VALVE ASSY, INJECTION,PUMP ASSY, OIL , GASKET, PUMP, BOLT, M6X 25, SPRING, ACCUMULATOR, WASHER,SEAL 16-May-18 359.00 18 ETC SPRAY PAINT LOCTITE SF 7800 (400ML) SF 7800 16-May-18 359.00 BATTERIES PC12-180FT EXIDE 85072080 16-May-18 359.00 BATTERY TEMPERATURE SENSOR UNIPOWER 25M,DPR 4000B-48 ID ;AS WITH MULTIPLE PACKAGE, RECTIFIER ASSY S* 4000B + PACK, DPS 16-May-18 359.00 4000B-48-S CELL0300EVO2 LVLD, PLD, DC CABINET FAN SINGLE OIL FILTER, FUEL FILTER, AIR FILTER, V-BELT 16-May-18 359.00 SOLENOID, STOP , PUMP, FUEL FEED, VALVE ASSY, INJECTION,PUMP ASSY, OIL , GASKET, PUMP, BOLT, M6X 25, SPRING, ACCUMULATOR, WASHER,SEAL 16-May-18 359.00 18 ETC EXIDE - PC12 180FT BATTERIES 16-May-18 359.00 AIR FILTER FREE COOLING 320 X 157 X 40MM FRAME NET SCREEN ZINCED, EVAPORATOR 4R/9T/345L/2,5/2C PREDATOR PS=32BAR TSMIN=20C 16-May-18 359.00 TSMAX=130C, AIR FILTER 81 X 81 X 15 FOR GKF 10 BATTERY TEMPERATURE SENSOR UNIPOWER 25M,DPR 4000B-48 ID ;AS WITH MULTIPLE PACKAGE, RECTIFIER ASSY S* 4000B + PACK, DPS 16-May-18 359.00 4000B-48-S CELL0300EVO2 LVLD, PLD, DC CABINET FAN SINGLE SOLENOID, STOP , PUMP, FUEL FEED, VALVE ASSY, INJECTION,PUMP ASSY, OIL , GASKET, PUMP, BOLT, M6X 25, SPRING, ACCUMULATOR, WASHER,SEAL 16-May-18 359.00 18 ETC LEM 200 + CABLE 16-May-18 359.00 SOLENOID, STOP , PUMP, FUEL FEED, VALVE ASSY, INJECTION,PUMP ASSY, OIL , GASKET, PUMP, BOLT, M6X 25, SPRING, ACCUMULATOR, WASHER,SEAL 16-May-18 359.00 18 ETC OIL FILTER , FUEL FILTER CARTRIDGE 16-May-18 359.00 BATTERY TEMPERATURE SENSOR UNIPOWER 25M,DPR 4000B-48 ID ;AS WITH MULTIPLE PACKAGE, RECTIFIER ASSY S* 4000B + PACK, DPS 16-May-18 359.00 4000B-48-S CELL0300EVO2 LVLD, PLD, DC CABINET FAN SINGLE LEM 200 + CABLE 16-May-18 359.00 OIL FILTER, FUEL FILTER PRIME, FUEL FILTER SECONDARY, AIR FILTER , 16-May-18 315.00 V-BELT, OIL FILTER, FUEL FILTER, OIL FILTER, FUEL FILTER, AIR FILTER COMMA TRANS FLOW SD 15W40, COMMA TFSD20L (DIESEL ENGINE OIL) 16-May-18 315.00 COMMA TRANS FLOW SD 15W40, COMMA TFSD20L (DIESEL ENGINE OIL) 16-May-18 315.00 HOME UPS (STATIC CONVERTER) AND ITS SPARES & ACCESSORIES 16-May-18 315.00 OIL FILTER, FUEL FILTER PRIME, FUEL FILTER SECONDARY, AIR FILTER 16-May-18 315.00 FUEL INJECTION PUMP, INJECTION PUMP KDI (STANADYNE), STAND. INJ. KDI1903M TRACTOR, VALVE INTAKE, VALVE EXHAUST, PISTON RINGS SET, 16-May-18 315.00 BRONZINA BANCO STANDARD K BEARING KDI BTA PTA 16-May-18 360.00 BTA PTA 16-May-18 360.00 BTA PTA 16-May-18 360.00 BTA PTA 16-May-18 360.00 BTA PTA 16-May-18 360.00 BTA PTA 16-May-18 360.00 BTA PTA 16-May-18 360.00 BTA PTA 16-May-18 360.00 BTA PTA 16-May-18 360.00 BTA PTA 16-May-18 360.00 EDUCATION 16-May-18 359.00 EDUCATION 16-May-18 359.00 EDUCATION 16-May-18 359.00 EDUCATION 16-May-18 359.00 EDUCATION 16-May-18 360.00 EDUCATION 16-May-18 360.00 EDUCATION 16-May-18 360.00 EDUCATION 16-May-18 360.00 RUSSIA MILLING WHEAT - 10,000 M.TONS 16-May-18 340.20 BASE OIL 16-May-18 340.20 FULL CREAM MILK POWDER GAS FLUSHED 28.1% INS/VIT KG 25KG BAG 16-May-18 340.20 PURCHASE OF RAW MATERIALS ( PVC SUSPENSION RESIN) 16-May-18 340.20 INDUSTRIAL RAW MATERIALS - ASCOROBIC ACID 16-May-18 340.20 IMPORTATION OF PETROLEUM PRODUCTS 16-May-18 340.20 IMPORTATION OF PETROLEUM PRODUCTS 16-May-18 340.20 PERKINS ENGINES FOR GENERATOR ASSEMBLY 16-May-18 340.20 IMPORTATION OF NEW PORTABLE GASOLINE GENERATOR 16-May-18 340.20 GUBABI RE-INFORCED FIRE RESISTANT SAFE. 16-May-18 340.20 INDUSTRIAL RAW MATERIALS - SORBITOL 16-May-18 340.20 LETTER OF CREDIT PAYMENT 16-May-18 340.20 86 UNITS OF CKD GENERATORS CONSISTING OF PERKINS ENGINE AND 16-May-18 340.20 MECC-ALTE/STAMFORD ALTERNATOR IMPORTATION OF PETROLEUM PRODUCTS 16-May-18 340.20 AGRICULTURAL HERBICIDES - BRACER PLUS 16 OD (CYHALOFOP-BUTYL 16-May-18 340.20 12% + BISPYRIBAC-SODIUM 4%) LOAN REPAYMENT 16-May-18 340.20 LOAN REPAYMENT 16-May-18 340.20 LOAN REPAYMENT 16-May-18 340.20 LOAN REPAYMENT 16-May-18 340.20 LOAN REPAYMENT 16-May-18 340.20 LOAN REPAYMENT 16-May-18 340.20 EDUCATION 17-May-18 360.00 EDUCATION 17-May-18 360.00 RUSSIA MILLING WHEAT - 10,000 M.TONS 17-May-18 321.00 OFFSHORE CHARGES 17-May-18 360.00 OFFSHORE CHARGES 17-May-18 360.00 OFFSHORE CHARGES 17-May-18 360.00

AMOUNT 90,000.00 443,388.00 34,305.10 28,000.00 18,540.00 21,504.00 50,000.00 125,000.00 150,000.00 22,511.65 108,850.00 162,500.00 40,393.80 68,620.00 100,000.00 23,994.70 100,000.00 17,154.50 228,458.59 55,570.38 8,221.28 1,846.40 4,500.00 12,000.00 2,447.65 22,648.26 8,522.35 8,000.00 2,185.00 29,510.24 18,807.39 12,000.00 4,878.00 5,825.00 800.00 1,439.79 4,000.00 20,803.20 5,710.00 14,546.35 122,475.06 95,230.80 63,525.36 17,143.00 35,414.43 66,211.35 3,998.71 1,600.00 2,375.20 3,680.70 1,353.20 3,000.00 1,249.36 4,000.00 3,938.20 3,000.00 4,255.62 3,281.16 13,232.49 8,761.10 8,805.54 1,200.00 33,228.00 10,302.16 40,636.05 150,000.00 80,000.00 25,000.00 53,264.00 1,500,235.80 250,000.00 68,620.00 100,000.00 31,290.00 45,068.40 130,800.00 35,000.00 411,664.85 119,112.00 713,336.77 506,136.96 506,136.96 506,136.96 1,012,273.91 1,265,342.39 1,865.00 2,707.12 100,000.00 374.13 3,285.67 145.96

41

T H I S D AY ˾ MONDAY MAY 21, 2018

RETURNS ON UTILIZATION OF FUNDS SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 18th-MAY 2018 This publication: Mandated by the Central Bank of Nigeria (CBN)

BANK: ECOBANK NIGERIA LIMITED SN

CUSTOMER

ITEM OF IMPORT

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

RAHAMANIYYA OIL AND GAS LTD ECOBANK NIGERIA LIMITED EAGLE IND. INT’L CONCEPT NIG BALL POINT PEN IND LTD ECOBANK NIGERIA LIMITED EAGLE INDUSTRIES INTL CONCEPT LIMI ELIZADE NIGERIA LTD OSAGHAE OSASOGIE OGUNMEKAN FABIA THERESA BAMISAYE SEUN JERRY LONGJAN IGNATIUS DATONG ADEDIGBA ISMAIL ADEWALE PAT-NWAOYO MILLICENT ISIOMA ANYANSO EMMANUEL NNANNA ABIOLA-BAJELA OLADIPUPO OLATUNJI ABIOLA BAJELA ADEWOYE ABODUNRIN MICHEAL ABDULLAHI ADAMU NWANEVU CHRISTOPHER NWABUDO IBEKWE CYRIL UROEGBULAM CYPRIAN ONYEISI UKAH-OFUASIA OSUWAKE E. OBONO-OBLA WOSU IHUOMA (SAL) ECOBANK NIGERIA LIMITED EKEJIUBA LUCAN CHINWE EKEJIUBA LUCAN CHINWE OHUE STEVE ISESELE AJIBOYE EMMANUEL OLUWATOYIN ANEBI ANYEBE OMEOGA CHIDUBEM DARLINGTON ABRAHAM MFON SUNDAY ADEBAYO ADEOLA MODUPE OHAEGBUCHI UCHECHUKWU NNODU OBIAGELI EUNICE RANDLE JAIYE KOSHONIOLA RANDLE FOLASADE ABIMBOLA CHIKWE AHAMDI OKANLAWON ABAYOMI ANTHONY OKURAKPO CAPT FRANK NDUDI ECOBANK GHANA ECOBANK GHANA SOTUMINU OLUKEMI ADEBUNKOLA

UNLEADED GASOLINE OFFSHORE CHARGES FULL CREAM MILK POWDER GAS FLUSHED 28.1% INS/VIT KG 25KG BAG OFFSHORE CHARGES OFFSHORE CHARGES FULL CREAM MILK POWDER GAS FLUSHED 28.1% INS/VIT KG 25KG BAG OFFSHORE CHARGES BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION OFFSHORE CHARGES 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 CAPITAL REPATRIATION CAPITAL REPATRIATION BTA PTA

SN 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

DATE OF EXCHANGE FUND RATE PURCHASE 17-May-18 360.00 17-May-18 360.00 17-May-18 360.00 17-May-18 360.00 17-May-18 360.00 17-May-18 360.00 17-May-18 360.00 17-May-18 360.00 17-May-18 360.00 17-May-18 360.00 17-May-18 360.00 17-May-18 360.00 17-May-18 360.00 17-May-18 360.00 17-May-18 360.00 17-May-18 360.00 17-May-18 360.00 18-May-18 360.00 18-May-18 360.00 18-May-18 360.00 18-May-18 360.00 18-May-18 360.00 18-May-18 360.00 18-May-18 360.00 18-May-18 360.00 18-May-18 360.00 18-May-18 360.00 18-May-18 360.00 18-May-18 360.00 18-May-18 360.00 18-May-18 360.00 18-May-18 360.00 18-May-18 360.00 18-May-18 360.00 18-May-18 360.00 18-May-18 360.00 18-May-18 360.00 18-May-18 360.00 18-May-18 360.00 18-May-18 360.00 18-May-18 360.00 18-May-18 360.00

RETURNS ON SOURCES OF FUNDS PURCHASED FROM CUSTOMERS FOR THE WEEK ENDED FRIDAY 18TH-MAY 2018 SOURCE DATE OF FUND PURCHASE EXCHANGE RATE OTHERS 14-May-18 314.50 CENTRAL BANK OF NIGERIA 14-May-18 357.00 CENTRAL BANK OF NIGERIA 14-May-18 357.00 OTHERS 14-May-18 355.00 OTHERS 14-May-18 355.00 OTHERS 14-May-18 355.00 OTHERS 14-May-18 355.00 OTHERS 14-May-18 305.80 OTHERS 14-May-18 362.00 OTHERS 14-May-18 356.00 OTHERS 14-May-18 356.00 OTHERS 14-May-18 355.88 OTHERS 14-May-18 356.01 OTHERS 14-May-18 356.00 OTHERS 14-May-18 356.00 OTHERS 14-May-18 359.50 OTHERS 15-May-18 306.00 OTHERS 15-May-18 350.00 OTHERS 15-May-18 359.00 OTHERS 15-May-18 355.00 OTHERS 15-May-18 355.00 OTHERS 15-May-18 355.00 OTHERS 15-May-18 305.80 OTHERS 15-May-18 305.80 OTHERS 15-May-18 360.79 OTHERS 15-May-18 305.73 OTHERS 15-May-18 356.00 OTHERS 15-May-18 356.00 OTHERS 15-May-18 356.00 OTHERS 15-May-18 356.00 INTERBANK 15-May-18 305.80 CENTRAL BANK OF NIGERIA 16-May-18 339.70 CENTRAL BANK OF NIGERIA 16-May-18 339.70 OTHERS 16-May-18 304.80 OTHERS 16-May-18 358.00 OTHERS 16-May-18 355.00 OTHERS 16-May-18 355.00 OTHERS 16-May-18 355.00 OTHERS 16-May-18 355.00 OTHERS 16-May-18 305.80 OTHERS 16-May-18 305.80 OTHERS 16-May-18 305.80 OTHERS 16-May-18 362.00 OTHERS 16-May-18 356.00 OTHERS 16-May-18 356.00 OTHERS 17-May-18 305.85 OTHERS 17-May-18 305.85 OTHERS 17-May-18 367.59 OTHERS 17-May-18 320.00 OTHERS 17-May-18 355.00 OTHERS 17-May-18 355.00 OTHERS 17-May-18 355.00 OTHERS 17-May-18 355.00 OTHERS 17-May-18 355.00 OTHERS 17-May-18 356.00 OTHERS 17-May-18 356.00 OTHERS 17-May-18 359.00 OTHERS 18-May-18 355.00 OTHERS 18-May-18 355.00 OTHERS 18-May-18 354.85 OTHERS 18-May-18 359.00 OTHERS 18-May-18 359.00 OTHERS 18-May-18 359.00 OTHERS 18-May-18 359.00 OTHERS 18-May-18 305.85 OTHERS 18-May-18 362.01 OTHERS 18-May-18 305.47 OTHERS 18-May-18 305.85 OTHERS 18-May-18 356.00 OTHERS 18-May-18 356.00 INTERBANK 18-May-18 305.85 TOTAL AMOUNT AVERAGE AMOUNT

AMOUNT 13,802.28 2,005.00 1,108.93 59.77 14.34 100.00 1,337.39 1,082.88 2,000.00 1,183.30 4,000.00 4,000.00 2,707.20 4,000.00 4,000.00 4,000.00 2,707.20 3,230.30 4,250.33 6,375.50 2,721.00 3,900.00 1,161.01 1,344.00 2,709.80 1,184.70 4,000.00 2,000.00 4,000.00 4,000.00 3,000.00 4,000.00 2,961.75 4,000.00 4,000.00 4,000.00 3,992.44 1,000.00 4,000.00 1,000,000.00 383,700.00 4,000.00

AMOUNT 362,610.83 1,000,000.00 1,000,000.00 102,062.13 24,660.18 20,779.14 20,270.63 614,367.63 3,249.88 96,325.00 44,779.03 11.56 199.38 473.33 6,401.80 1,892,076.87 15,000.00 160,000.00 130,750.00 76,290.02 76,142.43 21,093.96 2,191.02 1,157,962.23 6,473.85 17,601.03 241.44 566.82 132,107.59 46,185.37 10,000.00 5,000,000.00 5,000,000.00 96,714.00 210,000.00 33,829.04 123,524.32 172,331.57 114,546.71 125,693.09 193,026.27 293,801.10 3,849.43 88,421.74 426.66 65,239.36 184,757.45 270,067.32 100,000.00 105,321.49 25,342.99 19,052.34 69,909.03 67,871.19 73,052.22 385.96 97,973.00 80,048.66 92,392.32 12,789.20 14,700.00 240,000.00 129,000.00 1,000,000.00 197,016.96 11,498.65 11,430.60 886.45 121,209.20 535.28 10,000.00 21,497,516.75 302,781.93

42

T H I S D AY ˾ ͰͯË&#x153; ͰͮͯͶ

T H I S D AY ˾ MONDAY MAY 21, 2018

43

T H I S D AY ˾ ͰͯË&#x153; ͰͮͯͶ

44

S/N

CUSTOMER

ITEM OF IMPORT

DATE OF FUND PURCHASE

S/N

CUSTOMER

ITEM OF IMPORT

1

CORONATION MERCHANT BANK LTD

PAYMENT FOR SECURE CODE

17-May-18

340.30

21,250.00

2

GMT NIGERIA LTD (FRIESLANDCAMPINA WAMCO NIGERIA PLC)

EVAPORATED UNSWEETENED FULL CREAM MILK PEAK

17-May-18

340.30

275,000.00

41

SHIVLILA POLYMERS LIMITED

PLASTIC RAW MATERIAL: PP HOMOPOLYMER HLR102 25KG BAGS

18-May-18

333.50

253,760.00

42

ABUJA STEEL MILLS LIMITED

INDUSTRIAL MATERIAL

18-May-18

330.50

10,000.00

43

AFRICAN FOUNDRIES LIMITED

INDUSTRIAL MACHINERY - SCRAP SHREDDER MACHINE PARTS COMPRISING ROTOR

18-May-18

330.50

3

DE-UNITED FOODS IND LIMITED

CZECH MILLING WHEAT

17-May-18

340.30

50,000.00

131,460.00

4

CORONATION MERCHANT BANK LTD

PAYMENT FOR TRAINING

17-May-18

340.30

10,901.82

44

BSV INDUSTRIES LIMITED

CALCIUM CARBONATE

18-May-18

330.50

62,720.00

5

WORLDWIDE COMMERCIAL VENTURES LTD

JOHNSON AND JOHNSON PHARMACEUTICAL PRODUCTS

17-May-18

340.30

75,000.00

45

DASCO ENGINEERING INDUSTRIES NIGERIA LIMITED

INDUSTRIAL RAW MATERIAL - LOW DENSITY POLYETHYLENE (LDPE) LOTRENE FE8000

18-May-18

330.50

26,000.00

6

CBN

WHOLESALE RETURNS

17-May-18

7

WORLDWIDE COMMERCIAL VENTURES LTD

JOHNSON AND JOHNSON PHARMACEUTICAL PRODUCTS

17-May-18

339.80

67,848.18

46

18-May-18

330.50

50,000.00

75,000.00

EKO SUPREME RESOURCES NIGERIA LIMITED

SODIUM TRIPOLYPHOSPHATE

340.30

8

DE-UNITED FOODS IND LIMITED

CZECH MILLING WHEAT

17-May-18

340.30

50,000.00

47

EKO SUPREME RESOURCES NIGERIA LIMITED

LINEAR ALKYL BENZENE

18-May-18

330.50

200,000.00

9

GMT NIGERIA LTD (FRIESLANDCAMPINA WAMCO NIGERIA PLC)

EVAPORATED UNSWEETENED FULL CREAM MILK PEAK

17-May-18

340.30

65,223.84

48

EXIM SATELLITE VENTURES LTD

PULP BOARD

18-May-18

330.50

36,000.00

49

NATURAL PRIME RESOURCES NIGERIA LIMITED

CCTV CAMERA AND ACCESSORIES

18-May-18

330.50

10,500.00

10

FAREAST MERCANTILE COMPANY LIMITED

GREENFLAG FILLED MILK POWDER

17-May-18

340.30

105,879.60

50

NATURAL PRIME RESOURCES NIGERIA LIMITED

ACUTEX, TINOPAL CBS-X (OB), ODORIFEROUS SUBSTANCE, SODIUM CARBONATE (DENS) TOTALASE WIN (ENZYME) AND SPECKLES TOTALASE WIN (ENZYME) AND SPECKLES

18-May-18

330.50

102,147.70

11

FAREAST MERCANTILE COMPANY LIMITED

DISTELL PRODUCTS (HUNTERS DRY CIDER)

17-May-18

340.30

103,896.56

12

CBN

WHOLESALE RETURNS

17-May-18

339.80

100,000.00

51

SAMKING CHEMICALS NIG LTD

ESSENTIAL INDUSTRIAL RAW MATERIALS - COALESCENT AGENT RUANTA C-12(2,2,4TRIMETHYL-1,3 PENTANDIOL

18-May-18

330.50

48,960.00

13

AFRICAN STEEL MILLS NIG LTD

INDUSTRIAL RAW MATERIAL - HOT ROLLED STEEL CHEQUERED SHEETS (TEARDROP PATTERN) 1.36.0) X (1219 X 1500) X (2438-5850)MM

18-May-18

332.50

300,000.00 52

SAMKING CHEMICALS NIGERIA LIMITED

ESSENTIAL INDUSTRIAL RAW MATERIAL TURKCARB 2A,2K,UF

18-May-18

330.50

30,000.00

53

SAMKING CHEMICALS NIGERIA LIMITED

ESSENTIAL INDUSTRIAL RAW MATERIALS TITANIUM DIOXIDE(RUTILE)RFC5

18-May-18

330.50

160,000.00

54

STARSONIC NIGERIA LIMITED.

POLYOL (DJD-102)

18-May-18

330.50

57,000.00

55

CARAWAY AFRICA NIGERIA LIMITED

MONOSODIUM GLUTAMATE VEDAN EXTRA LARGE CRYSTAL

18-May-18

331.50

150,000.00

56

RANONA LTD

BEVERAGE PLANT-DELIVERY BICYCLE MODEL YT-LC CKD

18-May-18

331.50

45,000.00

57

SUNRISE PRODUCTS LIMITED

RAW MATERIAL FOR INDUSTRY - LDPE RESIN LOW DENSITY POLYETHYLENE

18-May-18

331.50

40,550.00

58

SUNRISE PRODUCTS LIMITED

INDUSTRIAL RAW MATERIAL PVC RESIN GRADE 1091

18-May-18

331.50

56,912.75

59

SUNRISE PRODUCTS LIMITED

RAW MATERIAL FOR INDUSTRY - BOPP TRANSPARENT FILM NON-PRINTED

18-May-18

331.50

110,000.00

60

SUNRISE PRODUCTS LIMITED

HDPE FILM RESIN

18-May-18

331.50

165,550.00

61

DE-UNITED FOODS IND LIMITED

POLYPROPYLENE (PP) COSMOPLENE GRADE:FC9413L

18-May-18

330.50

41,000.00

62

DE-UNITED FOODS IND LIMITED

CZECH MILLING WHEAT

18-May-18

330.50

240,000.00

63

LUCKY FIBRES LIMITED

POLYPROPYLENE (GRADE 1101S)

18-May-18

330.50

4,000.00

64

SEVEN UP BOTTLING CO. PLC

3,879 UNITS MIRINDA ORANGE , 990 UNITS MIRINDA BITTER LEMON

18-May-18

330.50

600,000.00

65

YINKA OBA FAOM NIG LTD

TOLUENE DI ISOCYANATE

18-May-18

330.50

110,000.00

S/N

CUSTOMER

DATE OF FUND PURCHASE

EXCHANGE RATE

USD AMOUNT

1

CBN

17-May-18

339.80

500,000.00

2

CBN

17-May-18

339.80

500,000.00

3

CBN

18-May-18

332.00

680,000.00

4

CBN

18-May-18

333.00

460,000.00

5

CBN

18-May-18

337.00

56,600.00

6

CBN

18-May-18

332.00

1,289,346.31

7

CBN

18-May-18

333.00

2,043,760.00

8

CBN

18-May-18

330.00

924,787.70

9

CBN

18-May-18

331.00

568,012.75

10

CBN

18-May-18

330.00

995,000.00

1

TOTAL AMOUNT

2

AVERAGE AMOUNT

EXCHANGE RATE

USD AMOUNT

14

AFRICAN STEEL MILLS NIG LTD

INDUSTRIAL RAW MATERIAL

18-May-18

332.50

380,000.00

15

FLOUR MILLS OF NIGERIA PLC.

717.750M/TONS OF POLYPROPYLENE HOMOPOLYMER IN GRANULAR FORM OF RAFFIA GRADE HLR 102

18-May-18

333.50

460,000.00

16

JEBBA PAPER MILLS LIMITED

RECOVERED WASTE AND SCRAP PAPER OR PAPER BOARD - NDLKC

18-May-18

337.50

10,500.00

17

JEBBA PAPER MILLS LIMITED

INDUSTRIAL RAW MATERIAL - AMBER DSR DRY STRENGTH RESIN

18-May-18

337.50

39,100.00

18

MINL LIMITED

INTERMIX PIGMENT PREPARETION FOR MANUFACTURE OF PAINTNUT BROWN

18-May-18

337.50

7,000.00

19

A B VEE INDUSTRIES LTD

ADHESIVES (ADCOTE 775A & 775C).

18-May-18

332.50

100,000.00

20

BHUMEE INKS & REGINS LIMITED

TOLUENE.

18-May-18

332.50

2,000.00

21

DANA MOTORS LIMITED

KIA BRAND VEHICLES IN SEMI KNOCKED DOWN 1

18-May-18

332.50

40,000.00

22

FAREAST MERCANTILE (NEW HOME PRODUCTS INDUSTRIES LIMITED)

SCANFROST BRAND REFRIGERATOR IN CKD

18-May-18

332.50

15,000.00

23

FAREAST MERCANTILE (NEW HOME PRODUCTS INDUSTRIES LIMITED)

SCANFROST BRAND REFRIGERATOR IN CKD FORMAT

18-May-18

332.50

77,253.20

24

FRIESLANDCAMPINA WAMCO NIGERIA PLC

BLEND MILK SOLIDS VEGFAT SUGAR BAG

18-May-18

332.50

120,000.00

25

INFINITY TYRES LIMITED

NEW MANATEC BRAND SKD MACHINERY FOR WHEEL ALIGNMENT / BALANCER / TYRE CHANGER

18-May-18

332.50

9,000.00

26

MIKANO INT'L LTD

150 UNITS OF CKD GENERATORS CONSISTING OF PERKINS ENGINE & STAMFORD ALTERNATOR

18-May-18

332.50

9,000.00

27

PROMASIDOR NIGERIA LIMITED

BULK MULTI-PLY BAGS LOYA WHOLE MILK POWDER INSTANT FORTIFIED

18-May-18

332.50

9,000.00

28

RELIANCE CHEMICAL PRODUCTS LIMITED

SULPHUR GRANULAR

18-May-18

332.50

10,000.00

29

ROYAL POWER AND ENERGY LIMITED CKD UPS SYSTEM 10KVA V MAX

18-May-18

332.50

30,000.00

30

SAHARA ENERGY RESOURCE NIGERIA 5,000 METRIC TONS(+/-10%) OF GASOIL LTD

18-May-18

332.50

300,000.00

31

SAHARA ENERGY RESOURCE NIGERIA 5,000 METRIC TONS(+/-10%) OF GASOIL LTD

18-May-18

332.50

400,000.00

32

SUNLIGHT RESOURCES LTD

CORN CURLS FOOD FLAVOUR X117 (25KG)

18-May-18

332.50

126,000.00

33

WANDEL INTERNATIONAL (NIG) LTD

MACHINERY FOR STORAGE AND REPRODUCTION OF ELECTRIC CURRENT (STATIC CONVERTER) LUMINOUS BRAND

18-May-18

332.50

42,093.11

34

CROWN FLOUR MILLS LIMITED

WHEAT LITHUANIAN MILLING WHEAT, PROTEIN (N X 5.7 DRY BASIS) MIN 14%

18-May-18

333.50

900,000.00

35

FLOUR MILLS OF NIGERIA PLC

100.8MT ETHYL ACETATE

18-May-18

333.50

100,000.00

36

FLOUR MILLS OF NIGERIA PLC

BOPP FILMS

18-May-18

333.50

240,000.00

37

FLOUR MILLS OF NIGERIA PLC.

CPP FILMS

18-May-18

333.50

140,000.00

38

FLOUR MILLS OF NIGERIA PLC.

INGREDIENTS FOR NOODLES PRODUCTION PURPOSES

18-May-18

333.50

200,000.00

39

SHIVLILA POLYMERS LIMITED

PLASTIC RAW MATERIAL: HIGH DENSITY POLYETHYLENE LOTRENE Q TR - 144

18-May-18

333.50

60,000.00

PLASTIC RAW MATERIAL: LINEAR LOW DENSITY POLYETHYLENE EXXONMOBIL EXCEED 1018KB

18-May-18

40

SHIVLILA POLYMERS LIMITED

333.50

150,000.00

DATE OF FUND PURCHASE

8,017,506.76 801,750.68

EXCHANGE RATE

USD AMOUNT

T H I S D AY ˾ MONDAY MAY 21, 2018

45

T H I S D AY Ëž Í°ÍŻË&#x153; Í°ÍŽÍŻÍś

46

OPEN LETTER TO PRESIDENT MUHAMMADU BUHARI ON

Advertorial

THE STATE OF THE NATION

Dear Sir, I write this letter to you, Mr. President, with all sincerity and humility, as it is my very first letter to you since your emergence as President and Commander-In-Chief of the Armed Forces of our great country, Nigeria. I would first of all like to use this opportunity to formally apologise to the immediate past President of Nigeria, Dr. Goodluck Ebele Jonathan, for all the tantrums and mistreatment orchestrated by me against his person while he held sway at the helm of affairs of our great country. Indeed, I and many others may have misunderstood Jonathan's silence for weakness and thus pushed harder to malign his person and portray him as a weak leader. Having achieved the Change Agenda, it is now crystal clear, that the change we had clamoured for is not the change we got. While this may have come as a rude shock to some of us who preached the change mantra assiduously, particularly the youth, I am consoled by the fact that, Nigeria shall get to the promise land someday and our generations yet unborn will appreciate the genuine efforts made by those of us who stood on the path of truth, rather than being praise singers sycophants.

Mr. President, I am sure that the current state of our dear country should be a cause of genuine concern, as the symptoms of the ailment you had come to cure seem to have morphed into a killer virus waiting to consume its patient (Nigeria) as the clock ticks away. The damning assessment of Nigeria under your leadership as released by the United States Department of State in its 2017 country reports on Human Rights, cited impunity as being widespread at all levels of government and lack of transparency by your administration.

The report noted that massive corruption by government officials and security agencies is on the rise with most perpetrators being shielded from trial, thus giving room for reckless practices with impunity. The report stated that, "although the law provides for 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." Today there is hardship everywhere with the price of fuel now N145 per as against the N85 that it was being sold when you assumed office - the over N1.4trillion already paid by your government as fuel subsidy notwithstanding.

You will agree with me, Mr. President, that a report of this magnitude coming from a foreign government should be a cause for serious concern as it posits that your Anti-Corruption Agenda is merely a hoax. Furthermore, your famous slogan of "belonging to everybody and belonging to nobody" has turned out to be a mere Public Relations gimmick, meant to soothe the egos of the spectators that were present at your historic swearing-in-ceremony. Other assessment cited by the report include the extra judicial killing of IPOB members, Col. Sambo Dasuki's continuous incarceration, widespread human rights abuses and flagrant disregard for the Rule of Law, under this administration.

You will recall, Mr. President, that a similar report from the Transparency International (TI) was rubbished by your Ministers who claimed the global body was biased in its assessment. Surely, both agencies could not have conspired to tarnish the reputation of your government, as Nigerians can also decipher the high partiality and nepotism being practised by your government, which represents a new low in the history of governance in Nigeria. I would therefore recommend that your Special Adviser on Media and Publicity should grab a copy of THISDAY Newspaper of Tuesday, 24 April 2018 and perhaps brief you further on the report, in the event that the content of the report has not been brought to your attention.

Mr. President, it may also interest you to know that the economy under your watch has been terribly battered, with all the economic indices indicating that we are yet to recover from the recession of 2016, owing to your ill conceived policies as against the rhetoric of the erstwhile administration being responsible for our woes. The GDP growth before you took over government and three years after being in the saddle of governance attests to woeful failure of government policies while gambling with the nation's economic gains. The high unemployment and poverty rate as released by the National Bureau of Statistics (NBS) should be a cause of concern to any well-meaning Nigerian, as the masses can barely survive with their current meagre income which leaves them with little or no savings to embark on other meaningful economic ventures to better their lot.

Furthermore sir, I am sure that you're aware that the level of insecurity in the country now has reached an all time high with an average of at least 50 deaths weekly to the bewilderment of the an already wearied population, whose hopes are dashed on a daily basis. Only last week over 120 persons were kidnapped along the Birnin-Gwari Road in Kaduna State. The farmers/herders crises has continued to claim precious lives as if the nation is in a state of war. Moreover, the statement credited to you that the killer herdsmen were trained by the late Moumar Gadaffi of Libya is most unfortunate as nothing is being done to police the borders in order to prevent them from coming in as well as declaring a state of emergency on these murderous killers.

More so, the statement credited to former Minister of Defence, Gen. T.Y. Danjuma came as another rude shock to Nigerians on the state of our security architecture in the nation, not also forgetting the statements attributed to former President Olusegun Obasanjo and Gen. Ibrahim Babangida, reemphasising, that the government under your watch has failed Nigerians. Surely, the opinions of your comrades cannot all be a farce, but rather a wakeup call to your administration that all is indeed not well with the nation.

This is why I dare say that a re-election bid in the wake of this wanton killings and widespread sacrilege in the land, is definitely not the right thing to do at this time in a country engulfed with so much bloodletting.

Permit me to say that as things stand today, Nigeria, under your government, has become increasingly autocratic.

Instead of enhancing freedom and rule of law, our democratic gains are being frittered away under the pretext of fighting corruption. The rights to freedom of speech and association are increasingly being denied. People can no longer freely express themselves without security agencies harassing, accusing, arresting, parading, and prosecuting them like common criminals over spurious allegations.

I dare say that I am by this letter offering myself to pay whatever price it will Tate for Nigeria to be free once again. I know your goons will soon come after me but I am not bothered a bit. I will continue to speak the truth. I spoke the truth when Jonathan, my kinsman, was in power and I will continue to speak the truth. Be that as it may, the truth is that you have destroyed our democracy so much so that Nigerians are now living in fear. Under your tenure the rule of law has been replaced with the rule of force. You have injected fear into the society. People who voted for you to save them from corruption and ineptitude have been barred from speaking up against the myriads of evil and wicked acts being perpetrated by officials in your government. Unfortunately, corruption is in the upward swing under your watch. This is why I had to apologize to Jonathan since events of the last three years have shown the former President was a better leader. People freely expressed themselves under Jonathan's administration without fear of being branded cultists' sponsors, gunrunners or aiding murderers. But not so under this administration. Under Jonathan, Nigerians enjoyed freedom of speech, association and right to hold dissenting views including organizing and partaking in protests against unwelcome government policies. All these are no go areas today. Does it mean Jonathan was a better democrat? It is a fact that no member of the APC which was then in the opposition before 2015 was jailed or harassed for expressing dissent. However, under this administration, the Senate President is being persecuted, Senator Dino Melaye has been arrested and detained like a common criminal, Senator Matthew Urhroghide had been attached for telling Nigerians that the Federal Government breached the Constitution by paying the sum of $496million for 12 Tucano fighter jets without National Assembly approval; the trial of Senator Isa Misau by the AGF over his face-off with the Inspector General of Police, the persecution of most members of the Peoples Democratic Party (PDP) in the name of fighting corruption are all examples of intolerance under this administration. Mr. President, while your fight against corruption is being promoted as gathering steam leading to an award given to you by the African Union (AU) recently, the allegation of illegal award of $25billion contracts leveled against the GMD of the Nigerian National Petroleum Corporation (NNPC), has not been investigated but rather the malfeasance and shoddy dealing in the NNPC has been swept under the carpet because as the substantive Minister of Petroleum Resources any probe of the agency will require that you make some explanations.

This government has shown total disdain for court pronouncements and the enforcement of fundamental human rights of citizens. El-Zakzaky and Dasuki will not be in

jail today but for the present rule of force under this government. It is a pity that today democracy and freedom have become scarce. Insecurity continues unabated. Killings take place on a daily basis across the country either by kidnappers, Boko Haram insurgents, herdsmen, and other criminal elements having a free reign around the country. Life has become worthless and uncertain and people cannot speak out for fear of being labeled anti-government by your regime.

Besides, instead of heeding the wise counsel of leaders like Obasanjo, IBB, TY. Danjuma, General Gowon, and religious leaders like Bakare and Oyedepo, you have again declared to seek reelection as President. You even boasted in Bauchi that you will be reelected which was akin to saying you will rig yourself back into office. The worse acts of corruption are being perpetuated under your regime, but people are keeping quiet because of fear of reprisals. This cannot continue. You met Democracy and freedom in 2015, when you leave office, there will still be democracy and freedom for the people.

Nigeria will not end with you. Before you, others came, but today where are they?

Under this regime, the homes of Honourabe Justices were forcefully broken into and ransacked. Many of them were suspended and are currently being prosecuted by agents of the executive. If this is not intimidation of the highest order what is it? Despite immunity conferred in him by the Constitution, the home of the Governor of Akwa Ibom State was raided. The Governor of Rivers State had to approach the courts for an injunction to forestall a similar treatment being meted on him. Is it not curious that Senator Shehu Sani and Dino Melaye have been framed up as being connected to criminal murder suspects just because they politically differ with their state governors? It is not also true that Saraki and the Governor of Kwara State are now being roped into the case of alleged cultists and murder suspects arrested in Ilorin?

If this is not harassment, intimidation and humiliation of perceived opponents of your administration, then what is it?

Don't forget that the Senate led by Saraki has been in a dingdong with the Inspector General of Police for refusing to honour the legitimate summons of the upper chamber. The plot to once again implicate Saraki in murder activities using alleged cult members earlier arrested in Kwara State is a new low in the antics of this administration to harass, intimidate and humiliate members of the opposition especially those of the defunct New PDP arm of the APC. The recent attack on the Rivers State Judiciary, the invasion of the Senate and forceful theft of its mace without arrests or word of condemnation by you make the security situation worse and worrisome. The vehemence with which members of the opposition and the New PDP arm of the APC are being persecuted makes one to wonder why close aides of yours and other high officials in this administration with criminals allegations against them are not equally being prosecuted. Are you no longer for everybody and belong to nobody? What is good for PDP and New PDP members ought to be good for members of the CPC, ACN, ANPP and a faction of APGA in the APC as well. The reality is that members of the APC are sacred cows that can do no wrong.

This growing intolerance, repression and coercion against innocent citizens has led me to the painful resolve to once again offer myself as a sacrificial lamb to pay the price for Nigeria's total emancipation from the shackles of tyranny being perpetuated by your government. I therefore, urge all Nigerians to wake up and face the current realities and save Nigeria from total collapse under the jackboots of impunity by this administration. History will not be fair to me if I had championed the campaigns against former President Jonathan and now remain silent in the face anti-democratic tendencies and sheer impunity. It is my sincere hope that this letter meets you well. I also hope that my outburst will not be seen from the angle of disrespect, but rather of despair and urgency. I believe it is high time for you, as the President and Commander-In-Chief to arrest the situation and restore peace, security and rule of law in the country and confidence in the people once more.

God bless the Federal Republic of Nigeria With best regards

Comrade Timi Frank Deputy National Publicity Secretary All Progressives Congress (APC) timifrank40@gmail.com 07033555555

MONDAY, MAY 21, 2018˾ T H I S D AY

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INTERNATIONAL

email:foreigndesk@thisdaylive.com

Harry and Meghan Go Straight to Work after Lavish Wedding Prince Harry and his new wife Meghan began married life on Sunday after their spectacular, rule-breaking wedding, but will be delaying a honeymoon as they turn immediately to royal duties, according to Agence France-Presse.

The newly ennobled Duke and Duchess of Sussex staged a huge party after the ceremony on Saturday at Windsor Castle, where they were greeted by around 100,000 people lining the streets and watched by millions around the world.

The beaming couple were seen driving to the evening bash in a vintage Jaguar, Meghan having changed from her sweeping Givenchy wedding gown into a sleek Stella McCartney halterneck dress, with Harry switching his military frockcoat for black tie.

On the bride’s finger was a large aquamarine ring, which belonged to Harry’s beloved

late mother, Diana.

Details of the bash, hosted

by Harry’s father Prince Charles in a house on the castle grounds for 200 close friends and family, were a top secret although fireworks were seen over Windsor late in the evening.

Some of the celebrities who attended the earlier service, including George Clooney and tennis star Serena Williams, were also spotted heading in.

The wedding was like no other the royal family has ever staged, a mix of the pageantry that Britain does so well, with celebrity razzmatazz and AfricanAmerican culture.

In a ceremony filled with laughs and not a few tears, the couple held hands, and the prince was visibly emotional as he greeted his bride at the altar saying: “You look amazing.”

A gospel choir sang “Stand

By Me” and US pastor Michael Curry delivered a passionate, lengthy address about the power of love, referencing slavery.

Meghan, a mixed-race television actress, also made her mark by walking up the aisle partly on her own, and giving a speech at the evening reception.

“Kisstory: Harry & Meg’s historic change for monarchy,” headlined The Sun on Sunday, with a photograph of the couple kissing on the steps of St George’s Chapel.

“If ever there was a wedding to symbolise modern, multi-cultural, multi-racial Britain, yesterday’s was i t ,” t h e S u n d a y M i r r o r wrote in an editorial.

“Disney could not have come up with a b e t t e r p r i n c e s s ,” s a i d t h e S u n d a y Te l e g r a p h , while The Mail on Sunday simply said: “Harry ever after!”

South Korea, US to Work Closely on Summit after Pyongyang’s Volte-face South Korean President Moon Jae-in and US President Donald Trump held talks on Sunday to ensure that the North Korea-US summit remains on track after North Korea threatened to pull out of the high-level talks.

Moon and Trump spoke over the phone for about 20 minutes, and exchanged their views on North Korea’s recent reactions, Reuters reported South Korea’s presidential of-

fice as saying without elaborating.

“The two leaders will work closely and unwaveringly for the successful hosting of the North Korea- U.S. summit set on June 12, including the upcoming South Korea-U.S. summit,” the presidential official said.

Moon and Trump are set to meet on Tuesday in Washington before North Korean leader Kim Jong Un meets with Trump on

June 12 in Singapore.

The White House said Trump and Moon discussed recent developments in North Korea and continued “their close coordination ahead of President Trump’s June 12 meeting with North Korean leader Kim Jong Un.” Although a historic inter-Korean summit in late April raised hopes of reconciliation, North Korea showed a dramatic change in tone in recent days.

Palestinian Leader Abbas Hospitalised – Palestinian Officials Palestinian President Mahmoud Abbas has been hospitalised in the West Bank due to complications after minor surgery last week, Reuters reported a Palestinian official as saying on Sunday.

It was the third time Abbas, 82, had been hospitalised in a week.

He underwent minor ear surgery on Tuesday and was hospitalised again briefly overnight on Saturday/ Sunday, Reuters cited the official Palestinian news agency Wafa as saying.

A Palestinian official in Ramallah said Abbas went back into hospital again later on Sunday because his temperature was high

“so doctors advised that he go back into hospital.”

Two statements were issued by Wafa on Sunday.

The first, half an hour after midnight, said Abbas had gone into hospital “for a checkup to review the surgery that he had in his middle ear a few days ago at al-Istishari hospital in Ramallah. At the end of the tests, the results turned out to be excellent,” the statement said, and Abbas left hospital.

A second statement carried by Wafa on Sunday afternoon reported the medical manager of al-Istishari hospital, Dr. Saed Sarahneh, said the results of the medical tests

were “good” and that his medical condition was “reassuring”.

A Palestinian official, who spoke on condition of anonymity, said the high temperature may have resulted from a failure of an ear inflammation to heal completely.

In February, Abbas was hospitalised in the United States for medical checks during a trip to address the UN Security Council in New York.

Abbas became Palestinian president after the death in 2004 of Yasser Arafat.

He pursued US-led peace talks with Israel but the negotiations broke down in 2014.

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MONDAY, MAY 21, 2018˾ T H I S D AY

NEWSXTRA

House C’ttee Queries NEXIM Bank over Arbitrary Lending Rates to MSMEs We have to remain profitable, says MD James Emejo ÓØ ÌßÔË The Chairman, House of Representatives Committee on Banking and Currency, Hon. Chukwudi Jones Onyereri, has expressed displeasure over what he described as an abysmal high interest rates on loans granted by the Nigerian Export-Import Bank (NEXIM) to Micro Small and Medium Enterprises (MSMEs).

He was particularly concerned that the development finance institution, which was created to boost non-oil exports by giving loans at low commercial rates to domestic entrepreneurs currently charges up to 16 per cent on the loans- almost at par with commercial bank rates.

Speaking during the 2018 budget defence session with top management of the bank, Onyereri said the development was unacceptable.

But the Managing Director of NEXIM Bank, Mr. Abubakar Abba Bello, tried to justify the rates, stressing that the bank

might not be able to meet its overheads should the interest on loans drop below 16 percent.

Unimpressed by the explanation, Onyereri said: “I think it’s absolutely wrong, by my assumption, you are trying to use interest rates to cover your gaps.

“The truth of the matter is that what you should do is to go and recover loans that you’ve already given out not using interest rates at the detriment of the MSMEs you are meant to help.”

He said: “It’s actually wrong and that’s what we’ve been fighting in this country; its not really acceptable. I’m a little bit worried by what I’ve seen here; your lending rates.

“The whole idea of BoI, BOA, Development Bank and NEXIM is to help MSMEs and also help them to build their businesses while you are adding to national economic outlook.”

Bello, had told the committee: “We have to calculate our revenues based on the 16 per

cent because they are already running loans but the new loans we are booking will go for nine percent.

“And as we recover those that are already on our balance sheet and booking them again, they’ll go at nine percent.

“But despite the fact that we are not a profit making organisation, in the real sense, we are not driven by profit, we have a responsibility to ensure that the organisation remains profitable because that’s the only way we can sustain it.

“So, at some point, during the life of this bank, if we go below 16 percent, we won’t be able to even cover our overheads, - and that’s why loans were booked at 16 percent which is about half of what commercial banks are doing for small and medium

enterprises.”

However, Onyereri said: “From what I’ve seen, it’s worrisome because there’s really no difference between Commercial Banks and the DMBs. With your rates at 16 per cent, that’s really unacceptable.”

Rivers APC LG Congresses Peaceful amidst Boycott by Abe’s Loyalists PROJECT INSPECTION Minister of Power, Works and Housing, Mr. Babatunde Fashola (left), and Anambra State Governor, Mr. Willie Obiano, addressing Ernest Chinwo ÓØ ÙÜÞ ËÜÍÙßÜÞ

The rescheduled local government congresses of the All Progressives Congress (APC) in Rivers State was peaceful across the state despite the boycott of the exercise by members loyal to Senator Magnus Abe. Abe’s loyalists had in the wake of the ward congresses sought and obtained an interlocutory injunction from the state High Court stopping the congresses on the grounds that they were unfairly shut out of the process.

Even when the national leadership cancelled the former exercise and ordered fresh congresses in the state, they said it was an exercise in illegality as the court injunction was subsisting and distanced themselves from the rescheduled congresses.

Despite their boycott however, the exercise went on peacefully and smoothly, albeit with heavy police presence, in the areas THISDAY visited.

Speaking after participating in the exercise in Port Harcourt City local government area, a member of the Rivers State House of Assembly, Hon. Victoria Nyeche, said:, “The local government congress was peaceful, fair, credible and very successful.

“When I heard about the cancellation of the previous exercise, I was not happy but as a faithful party member, I had to come back here to be part of the exercise again. The reason the national leadership of our party gave was that they wanted everybody to be part of the process and I think it was a very good reason because

as a party, we need to work together.”

Also speaking leader of APC in Port Harcourt City Local Government Area, Nnamdi Nwuche, said the exercise was held in obedience to the directive of the national leadership of the party.

Nwuche, who is a former Mayor of Port Harcourt, said, “The local government congress we held today was in obedience to the directive of the national leadership of our party and if the national leadership directs, we have no option than to obey in accordance with their directive.

“The whole exercise, just like the ward congress that held yesterday, Saturday, was successful. The last one we had before the cancellation was easy and smooth but the fact that we have been asked to repeat it, we have to obey.

“Those that boycotted the exercise are those that are aggrieved and you cannot stop anyone from being aggrieved.

Those that want to participate in the exercise are here, so, if any man says he want to boycott, so be it.”

The state Publicity Secretary of APC, Chris Finebone, said:, “Well, we don’t understand their reasons for not participating. We are participating because the national leadership of our party thought that they should repeat what they have done before.

So, for us, it costs money, it cost time in terms of logistics.

“We have no other choice but to comply with the directive of the national leadership of our party. For those who have other reasons, they are entitled to their reasons. We have no other choice not to abide by the directive of our party leadership.”

journalists shortly after his courtesy visit to the Government House, Awka, during an inspection tour of the ongoing construction work on the Mausoleum and Library Complex in honour of the late Dr. Nnamdi Azikiwe in Onitsha, Anambra State as part of inspection tour of federal government infrastructure projects, in the South-east zone of the country....recently

APC Chieftain, Timi Frank Apologises for Role in Ousting Jonathan Says Nigeria worse off under Buhari personal opinion Onyebuchi Ezigbo ÓØ ÌßÔË A chieftain of the All Progressives Congress (APC), Timi Frank, has lamented the worsening cases of corruption, battered economy, killings, hunger and injustice in the current administration.

While tendering an apology to a former President, Dr. Goodluck Jonathan, Frank said Jonathan was largely misunderstood and that his good nature was taken for weakness by those who maligned him and pushed hard to remove him from office.

“I would first of all like to use this opportunity to formally apologise to the immediate past President of Nigeria, Dr. Jonathan, for all the tantrums and mistreatment orchestrated by me against his person while he held sway at the helm of affairs of our great country,” he said.

Frank, who is the Deputy National Publicity Secretary of APC, in the open letter released at the weekend in Abuja, titled: ‘Open letter to President Muhammadu Buhari on the state of the nation’, said the present government has shown total disdain for court pronouncements and the enforcement of fundamental human rights of citizens.

He regretted that having

voted out President Jonathan, it is now crystal clear that the change that was clamoured for is not the change we got.

In his letter to Buhari, Frank said: “Under your tenure, the rule of law has been replaced with the rule of force. You have injected fear into the society.

People who voted for you to save them from corruption and ineptitude have been barred from speaking up against the myriads of evil and wicked acts being perpetrated by officials in your government.

“Unfortunately, corruption is in the upward swing under your watch. This is why I had to apologise to Jonathan since events of the last three years have shown the former President was a better leader. People freely expressed themselves under Jonathan’s administration without fear of being branded cultists’ sponsors, gunrunners or aiding murderers, but not so in this administration.

“In Jonathan’s government, Nigerians enjoyed freedom of speech, association and right to hold dissenting views, including organising and partaking in protests against unwelcome government policies. All these are no go areas today. “Does it

APC: Frank canvassing

mean Jonathan was a better democrat? It is a fact that no member of the APC which was then in the opposition before 2015 was jailed or harassed for expressing dissent.

“However, under this administration, the Senate president is being persecuted, Senator Dino Melaye has been arrested and detained like a common criminal, Senator Matthew Urhroghide had been attacked for telling Nigerians that the federal government breached the constitution by paying the sum of $496million for 12 Tucano fighter jets without the National Assembly approval; the trial of Senator Isa Misau by the AGF over his face-off with the Inspector General of Police(IG), the persecution of most members of the Peoples Democratic Party (PDP) in the name of fighting corruption are all examples of intolerance in this administration.

“Mr. President, while your fight against corruption is being promoted as gathering steam leading to an award given to you by the African Union (AU) recently, the allegation of illegal award of $25billion contracts levelled against the Group Managing Director of the Nigerian National Petroleum

Corporation (NNPC) has not been investigated, rather the malfeasance and shoddy dealing in the NNPC has been swept under the carpet because as the substantive Minister of Petroleum Resources, any probe of the agency would require that you make some explanations.”

While urging Nigerians to wake up and face the current realities “and save Nigeria from total collapse under the jackboots of impunity by this administration, the Bayelsa Stateborn politician said: “History will not be fair to him if he had championed the campaigns against President Jonathan and now remain silent in the face of anti-democratic tendencies and sheer impunity going on now.”

Frank said instead of enhancing freedom and rule of law, the country’s democratic gains are being frittered away under the pretext of fighting corruption, adding that rights to freedom of speech and association are increasingly being denied.

He noted that the statement credited to former Minister of Defence, Gen. T.Y. Danjuma (rtd), came as another rude shock to Nigerians on the state of our security architecture in

Cont’d on Pg. 51

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MONDAY, MAY 21, 2018˾ T H I S D AY

NEWSXTRA

FG Stops Seplat’s Project over Alleged Violation of Nigerian Content Law Issues notice of non-compliance to Amni Petroleum Seplat denies executing any contracts Ejiofor Alike The federal government through the Nigerian Content Development and Monitoring Board (NCDMB) has directed Seplat Petroleum Development Company Plc to suspend work on its ANOH Gas Plant project in Oil Mining Lease (OML) 53 over alleged violation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010 by using a UAE firm for the engineering and fabrication, THISDAY has learnt.

THISDAY gathered that Jisike oil field is currently the only producing field in OML 53, which is located onshore in Imo State in the North eastern Niger Delta, approximately 60 kilomtres north of Port Harcourt.

However, OML 53 also contains the large undeveloped Ohaji South gas and condensate field, the development of which would be coordinated with the Shell- operated Assa North field on adjacent OML 21, together referred to as the ANOH Gas project.

But in a swift reaction, Seplat has clarified that the partners have not signed the Final Investment Decision (FID) for the gas project, which is a joint venture with the Nigerian National Petroleum Corporation (NNPC) and could not have violated the Nigerian content law in a project that has not been awarded.

NCDMB has also given AMNI International Petroleum Development Company up till the close of business today (Monday) to explain why it embarked on the deployment of non-compliant expatriates

and procurement of several third party services, especially 12-inch and 4-inch coated pipes, for the company’s projects and activities without the approval of the agency.

Seplat Petroleum’s spokesperson, Dr. Chioma Nwachuku, debunked claim by the NCDMB that the company violated the Nigerian Content law in the ANOH Gas project, stressing that the company could not have violated the local content law when the contracts have not even been awarded.

According to her, the NNPC, Seplat and partners have not signed the FID for the project.

“We have not taken the FID. How can we award contracts without funding? Where will the money come from? Seplat and partners have not taken the FID. There is no contract that has been awarded at this stage.

We don’t know where they (NCDMB) are getting the report from but we are meeting with them on Tuesday (tomorrow) to give them update,” she explained.

But in a letter with reference number NCDMB/MED/ UP/18/049 dated May 14, 2018, NCDMB’s Director of Project Monitoring and Evaluation, Mr. Tunde Adelana, accused Seplat of commencing engineering and fabrication of ANOH Gas Plant for OML 53 through Global Process Systems of UAE, as well as tenders for other integration and construction works without the approval of the agency.

NCDMB argued that Seplat embarked on execution of projects and contracts without obtaining approved Nigerian Content Plans (NCPs), Nigerian

Editors Mourn Tukur Abdulrahman The Nigerian Guild of Editors (NGE) has expressed deep sense of loss and sadness over the death of well-known journalist and Managing Director of New Nigerian Newspapers Limited, Alhaji Tukur Abdulrahman .

In a statement signed by the Guild’s President and General Secretary, Funke Egbemode and Victoria Ibanga, respectively, the body described Abdulrahman who passed away on Thursday, May 17, 2018, as quintessential and amiable.

The deceased who died at the age of 58, was buried in his home town of Daura, Katsina State last Friday according to Islamic rites.

“We are greatly saddened by his untimely passing and sincerely convey deep sympathies to members of his family, professional colleagues and friends who are devastated by his demise.

“Abdulrahman until his sudden exit was an invaluable and respected member of our prestigious association who contributed immensely to the growth of the guild and development of the media

industry in Nigeria, Africa and the whole world,” the statement said.

Abdulrahman joined the NGE in 2000 and was elected as the Vice President-North in 2005 and again as Deputy President in 2008 where he gave meritorious and impeccable service in both capacities.

“Loved and respected by all, he was amiable, jovial and kindhearted. To others who worked closely with him, he was a true leader, a fine gentleman and a reliable and supportive friend indeed.

“The NGE joins the entire community of Editors in Nigeria to mourn one of its own and commiserates with his family, friends and colleagues in the New Nigerian Newspapers,” the guild added.

It noted that Abdulrahman would be greatly missed “but we take solace in the knowledge that he has gone to a better place, to the maker of all and to whom all must return. May Allah grant him forgiveness, mercy and a place of honour in Jannatul Firdaus.”

Content Compliance Certificates (NCCCs) and other approvals, which capture Nigerian content commitments to be implemented in such projects.

The letter, addressed to the Chairman of Seplat and obtained

by THISDAY, alleged that the company issued tenders for integration through ANOH Gas Processing Company Limited or ANOH Midstream Gas Plant Development, a subsidiary of Seplat, which are not known to the agency and are not registered on the Nigerian Oil and Gas Industry Content Joint Qualification System (NOGICJQS).

Adelana, who also summoned Seplat to a meeting with the Board at the agency’s headquarters in Yenagoa, Bayelsa State, on Tuesday, further accused the company of “utilisation of contractors that are not registered

on the NOGICJQS, which is the sole system for Nigerian content registration and prequalification of contracts in the industry as provided in the NOGICD Act.” Seplat, which is listed on both the Nigerian and London Stock Exchanges, was also alleged to have shown “reluctance to submit statutory reports on Nigerian Content, especially but not limited to project performance status reports and other statutory reports.”

“In view of the foregoing, the Board hereby directs Seplat to suspend all ongoing projects/ services/contracts, which do not have the Board’s approval and attend a meeting with the Board to address all non-compliance issues with Seplat’s activities in the Nigerian Oil and Gas Industry,” NCDMB added.

In a separate letter addressed

to the Managing Director of AMNI, the Board reminded the company that it had earlier requested it to provide a status update on the procurement of 12-inch and four-inch coated pipes with a Nigerian Content Plan to ensure that existing Nigerian pipe coating facilities are utilised.

The Board also noted that it had also requested the company to provide the detailed Nigerian content non-compliance remediation plan to address the deployment of non-compliant expatriates and procurement of third party services for projects without the Board’s approval.

“AMNI is reminded that the due date for the response of the aforementioned actions has elapsed May 3, 2018. Amni is therefore directed to immediately address these issues on or before

the close of business on Monday, May 21, 2018,” NCDMB added.

The Board added the Amni’s refusal to close out these actions would result in the applications of sanctions and consequences.

“We intend to build significant parts of the project in country in line with Nigerian Content Development (NCD) guidelines.

Seplat believes in the tenets of NCD and has always aligned with NCD execution strategy.

The project in question will have highly beneficial impacts to energy generation in the country. As you may be aware seplat has continued to make significant investment in gas production resulting to notable power generation. We remain committed to sourcing FID to execute this new project in line with NCD,” Nwachuku added.

UNWINDING

L-R: Gombe State Governor, Ibrahim Dankwambo; PDP National Chairman, Prince Uche Secondus; Rivers State Governor, Nyesom Ezenwo Wike; and his wife, Eberechi, during a night with Governor Wike, at the Port Harcourt Pleasure Park....weekend

Niger Deputy Governor Hijacks Venue for Moghalu’s Town Hall Meeting The Deputy Governor of Niger State, Alhaji Mohammed Ketso, yesterday hijacked the venue duly booked for the Minna, Niger State, town hall meeting of the Kingsley Moghalu Support Organisation (KIMSO).

KIMSO had booked the main hall of the Abdulsalam Youth Centre in Tunga, Minna, for its town hall meeting scheduled to hold last Saturday at 11 a.m. and also paid for the booking, which remained confirmed as at 11:00 p.m. on the eve of the event.

However, in the morning of the day of the event, officials of KIMSO, Niger State chapter, were told that the venue was no longer available and that the Deputy Governor, Ketso, had taken over the place for an event of the All Progressive Congress (APC) party in the state. A smaller hall within the complex was then allotted to KIMSO.

Reacting to the development, the 2019 presidential aspirant, Professor Kingsley Moghalu, said: “This is an example of the classical Nigerian political impunity. Politicians, who are all about politics and provide little leadership, don’t respect the sanctity of contracts.”

It was gathered that the desperate move by the deputy governor was an attempt to sabotage KIMSO’s event, given the strong support for Moghalu’s presidential aspiration and the waning support for the APC government in the state. The APC event was never held at the hijacked venue.

Moghalu promised to provide modern leadership to the country if elected president next year.

In his speech at the new venue for the KIMSO event, which saw a huge crowd in the overflow, Moghalu provided a three-point agenda for Nigerian youths.

He promised to mentor and train the youths to take over effective leadership of the country; wage a decisive war on unemployment-particularly youth unemployment which reached 33 percent in Q3 2017and dramatically improve the quality of education to raise the knowledge and skills of Nigerian graduates, which will improve their employability and ability to successfully start their own businesses.

He also promised that his government, if elected president in 2019, would prioritise the welfare of Nigerian women, by strengthening access to quality primary health care, supporting women in business with access to capital to grow their businesses as well as providing political support for improvement in the participation of women in appointive and elective positions.

With regard to access to finance for youths and women entrepreneurs, Moghalu promised to setup a venture capital (VC) fund, which as a public private partnership (PPP), will have government contribution of N500 billion matched by private sector contribution, raising the fund’s capital to N1 trillion.

The fund will provide equity financing, with the advantages that the businesses will not be saddled with the burden of repaying loans with doubledigit interest rate, and the VC fund will provide the needed expertise to help grow the investee businesses.

This, according to the presidential aspirant, will substantially reduce unemployment and poverty in the country, through the direct and multiplier effects of the venture capital fund.

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MONDAY, MAY 21, 2018˾ T H I S D AY

APC STATE CONGRESSES…

APC STATE CONGRESSES…

Tinubu Congratulates New APC Executives in Lagos Our Correspondents

Former Lagos State governor and national leader of the All Progressives Congress (APC), Senator Bola Tinubu, yesterday congratulated the newly-elected state executives of the party.

Speaking with the leadership who paid him a courtesy visit at his Bourdilion, Ikoyi residence, he urged them to rededicate themselves to promoting unity in the party.

He also enjoined the team to work to take it to a new level, noting that winning all political contests is the hallmark of the party in Lagos State.

Tinubu eulogised the outgoing Chief Henry Ajomale-led executive for what he described as “unparalleled stewardship that saw the party grow stronger, broader and more relevant.”

He commended them further for the stability entrenched in the party and for maintaining party discipline and cohesion.

“The outgoing executives led by Ajomale did a wonderful job. He led the party with a unity of purpose underpinned by the spirit of inclusiveness and purpose. Under them we never lost any election. We will not lose any election but this depends on how you handle your new responsibilities,” he said.

On the issue of the congress conducted, Tinubu said it was conducted in line with the guiding laws of the party.

He said the new chairman of the party in the state, Alhaji Tunde Balogun, was no stranger to him and no stranger to responsibility, adding that as commissioner under his administration, he performed well.

Uncertainty after APC Parallel Congresses in Bayelsa Supporters of the All Progressives Congress (APC) in Bayelsa State are still uncertain of the future of the party in the state after members of the congress committee from Abuja sharply disagreed over which of the separate exercises to attend.

Following the drama that ensued, members of the committee split, with some of them backing the mainstream faction led by former Governor Timipre Sylva and the other sponsored

by Nestor Binabo, a former acting governor and Speaker of the state House of Assembly.

It was gathered yesterday that the rift became pronounced when one of the contending APC factions in the state went on with the exercise against a purported directive from Abuja that both groups should reconcile their lists and reschedule the election for today (Monday).

While the Sylva faction had the backing of the congress committee Chairman, Col. Ahmed Usman, a former governor of Ondo and Oyo States, Binabo group’s congress was attended by the committee Secretary, Soni Abang, thereby causing confusion among party loyalists as to which list will be authenticated by the party leadership.

Abang who denied knowledge of a parallel congress, also had with him a member of the congress committee, Prisca Onwumere, in an election that returned Joseph Fafi, erstwhile acting chairman of the party in the state along with his entire executive.

Fafi insisted that if anything, he was the right person to work with by the committee sent from Abuja to conduct the congress.

The Sylva-backed congress took place in a fully packed venue at the state APC secretariat in Yenezue-gene, while the parallel held simultaneously at the Azikoro Primary School, Azikoro Village in Yenagoa.

Mr. Jonathan Amos was returned unopposed as party chair; Ogeibiri Orubebe, emerged as Vice Chairman, Martin Alabo as Secretary, while Mr. Doifie Ola, a journalist and long-time Sylva’s Spokesman was picked as the state publicity secretary.

Both congresses were well attended and conducted under heavy security presence by all the security agencies in the state.

Sokoto Commissioner Emerges APC Chairman through Consensus Sokoto State Commissioner for Information, Alhaji Isa Sadiq Achida, has emerged the state Chairman of the All Progressives Congress (APC) through consensus.

Achida replaced Usman Danmadamin Isa whose name was forwarded by Governor Aminu Tambuwal to Sokoto State House of Assembly for confirmation as a commissioner in the state.

The adoption for endorsement of the consensus followed a motion moved by member representing Yabo/Shagari Federal Constituency, Aminu Shehu Shagari and seconded by the Speaker of the State Assembly, Hon. Salihu Maidaji.

Affirming the adoption by the delegates at the Giginya Memorial Stadium Saturday night, the Chairman of the Electoral Committee of the congress from the APC national headquarters, Brig- Gen. Joseph Okonkwo Jude (rtd), described the congress as unique devoid of acrimony and violence.

Jude described the process as transparent and commended the absolute control and exemplary party leadership in the state.

To this end, he declared all candidates for the various positions as duly elected having unanimously been elected through consensus by the delegates from 244 wards of the state.

In his remarks, Governor Tambuwal, acknowledged the support and cooperation of stakeholders and expressed gratitude to them for the peaceful conduct of the congress .

APC LEADERS

L-R: Former Governor of Kwara State and senator representing Kwara North senatorial district, Alhaji Sha’aba Lafiagi; Senate President, Dr. Abubakar Bukola Saraki; Kwara State Governor, Dr. Abdulfatah Ahmed; and APC National Publicity Secretary, Mallam Bolaji Abdullahi, during Kwara State APC State Congress, at State Banquet Hall, Ilorin...weekend

Enugu APC Congress was Violence-free, Says Foreign Affairs Minister Amid the controversy trailing the congresses of the All Progressives Congress (APC) in Enugu State, Foreign Affairs Minister, Mr. Geoffrey Onyeama, yesterday dismissed reports that political thugs disrupted the state congress of the party held at the weekend.

Onyeama said the congress which took place at the gymnasium section of Nnamdi Azikiwe Stadium, Enugu was violence-free and was conducted in strict compliance with the party’s constitution.

The minister spoke as the faction loyal to the Director General of the Voice of Nigeria (VON), Mr. Osita Okechukwu returned Ben Nwoye as the party’s chairman in a parallel congress held in the early hours of yesterday.

Nwoye was returned unopposed alongside other officials of the party loyal to him. They included the state Secretary of the party, Mr. Robert Eze, and the state Publicity Secretary, Mrs. Kate Ofor. Others include Mr. Chikwado Chukwunta, Deputy Chairman, Mrs. Oby Nwofor as state woman leader and Mr. Chuks Adibe as Treasurer.

Nwoye and his group who thereafter moved to the state party secretariat promised to consolidate on the achievements of his first tenure while thanking members of the party for the confidence they reposed in him.

But, speaking with journalists later in the day, the foreign affairs minister accused the party’s national leadership of encouraging a group he described as a cabal to cause crisis in the APC in Enugu State.

He stressed the need for peace, unity and harmony within the party structure in the state in view of the forthcoming general elections. He said the Saturday congress that elected a former Commissioner for Lands, Mr. Okey Ogbodo, as chairman was rancour free and must be respected by the party national leadership.

Akwa Ibom APC Elects 37-man Exco The All Progressives Congress (APC) in Akwa Ibom State, named a 37-member State Executive Committee through consensus arrangement to pilot the affairs of the party.

The election of the state exco of the party confirmed through a voice vote was supervised by a five man national committee of the party headed by Alhaji Ahmed Ashemi.

The new executive committee of the party now chaired

by Mr. Ini Okopido, is constituted to accommodate diverse interests in the party.

Ashemi who addressed the delegates described the Akwa Ibom APC leaders as honest, selfless and people-oriented.

“What we have seen today is the change of government in 2019 because if the unity we have seen today is replicated in the 2019 elections, there is nothing stopping us from winning Akwa Ibom State.”

Speaking at the congress, the Managing Director of the Niger Delta Development Commission (NDDC), Mr. Nsima Ekere, expressed delight with the harmonious nature of the congress, describing it as a model in the country.

“We have shamed the opposition,” he declared. “We have shamed the devil. We can announce here today that the Akwa Ibom State APC is totally intact...Today, at this congress, what we have proved to the whole world is that there is no winner or loser. APC is the winner.”

The NDDC boss served the Peoples Democratic Party (PDP) quit notice to end its considered misrule and vacate office by May 29, 2019, pledging on behalf of the APC state leadership

that the incoming APC government will rule the state with the fear of God and proper utilisation of resources.

He commended the founding fathers of APC in the state, particularly Senator John Udoedehe and the former APC state Chairman, Dr. Amadu Attai, for their sacrifice and contributions to the party over the years, describing them as trailblazers.

Senator Udoedehe, a former Minister of State for the Federal Capital Territory, declared that the peace in the party was total.

Udoedehe made it clear that he was “not worried about Udom and PDP because you all know they will vanish.”

He lauded the calibre of politicians present at the congress, describing them as “crushing machines and grassroot politicians.”

The Senior Special Assistant to the President on National Assembly (Senate) Matters, Senator Ita Enang, who presided over the congress and inaugurated the new State Executive Committee, charged the executive to recruit more members to the party and take steps to win all elections in the state in 2019.

He said President Muhammadu Buhari was impressed with the Akwa Ibom State APC for setting the record for the most peaceful congresses in the whole country.

Enang joined Ekere in condemning the non-release of Ibom Hall by the state government for the APC state congress.’

He stressed that all the revenue used by the state government to run the state came from the federal government and not through internally-generated revenue and urged the electorate to prepare to vote out the PDP state government next year.

The Akwa Ibom State APC Caucus Chairman, Don Etiebet, said he was excited and humbled by the consolidation of peace and unity in the APC at the congress.

Others who spoke were the Commissioner representing Akwa Ibom State in the National Population Commission, Ben Ukpong, the Political Leader of Etinan Local Government Area, Otuekong Sunny Jackson Udoh and a former Member of the House of Representatives for Ikono/Ini Federal Constituency, Iquo Inyang.

Ebri, Eta, Owan-Enoh, Others Demand Fresh State Congress in C’River Prominent stakeholders in the Cross River State chapter of the All Progressives Congress (APC), led by the Third Republic governor of the state, Mr. Clement Ebri, have rejected the state congress of the party conducted yesterday which led to the emergence of a new state executive committee led by Mr. Etim John.

The stance of the stakeholders who are demanding that a proper state congress be conducted for the APC in the state was a clear indication that the crisis that has bedeviled the party in recent times had expanded its margins.

At a press conference in Calabar Sunday evening addressed

by Ebri on behalf of the stakeholders, they said no state congress was conducted by the APC on Saturday as claimed by members of the opposing faction believed to be loyal to the Minister of Niger Delta, Mr. Usani Uguru Usani.

Flanked by Senator John Owan Enoh, APC National Vice Chairman, South-south, Ntufam Hilliard Eta; Professor Eyo Etim Nyong, 2015 governorship candidate of the party, Mr. Odey Ochicha, Mr Paul Adah, Bishop Victor Ebong and a host of others. Ebri who read a prepared text, said among others: “It has become expedient that we address you in respect of the recent congress of the APC held in Cross River State on Saturday May 19, 2018 at the cultural centre Calabar. Most of you would have noticed that majority of the party’s stakeholders representing about 90 per cent of the party’s leaders were absent at the charade tagged a congress.”

MONDAY, MAY 21, 2018˾ T H I S D AY

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NEWSXTRA

NCAA, Lagos Tackle Structures that Constitute Safety Threat to Flights Chinedu Eze The Nigerian Civil Aviation Authority (NCAA) and the Lagos State Government are collaborating to remove high-rise structures along flight paths, which constitute threat to air safety.

The two authorities have insisted that builders must receive clearance and permission from NCAA before embarking on any high-rise project around the airport.

The regulatory authority said this has become necessary in the face of real and obvious threat

Omisore Departs PDP for SDP SDP governorship aspirant denies ex-senator’s defection Yinka Kolawole ÓØ ÝÙÑÌÙ áÓÞÒ ËÑÏØÍã ÜÏÚÙÜÞ A former Deputy Governor of Osun State, Senator Iyiola Omisore, has announced his defection from the Peoples Democratic Party (PDP) to Social Democratic Party (SDP).

Omisore, who announced his defection in a statement made available to journalists in Osogbo yesterday, said he intended to contest the September 22 governorship election on the platform of SDP. He said his mission was to rescue the state from what he described as years of misrule.

According to him, the PDP in Osun is in disarray and likely to remain in prolonged political captivity over the next four years.

The statement, according to the News Agency of Nigeria (NAN), read: “engaging and working with like-minded leadership, we have sought for an alternative platform that will assures both credible and legitimacy that will rescue Osun State from its current reckless misrule.

“Our quest for an alternative political platform is basically in pursuit of a credible political structure that would guarantee that our people enjoy the benefits of accountable leadership at the state level from now.

“Notwithstanding my enormous contributions over the past years or so to building the PDP, after very deep thought and the widest consultations with my God, my family, my supporters in and outside Osun State, “It is with great concern that I have made a very expedient decision today, to withdraw my membership from the PDP and join the SDP; a party that believed in a balanced, equitable and truly functional Nigeria.

“On the platform of the SDP, I shall with the support of my supporters, followers, and the

electorate of the state, seek the nomination to contest for, and

by His grace, be elected as the Governor of Osun State on September 22, 2018.”

Omisore was Osun Deputy Governor on the platform of Alliance for Democracy (AD) between 1999 and 2003.

He was also elected to the Senate on the platform of PDP in 2003 to represent Osun East senatorial district.

However, the SDP has disclaimed the senator, saying he is not a governorship aspirant on the platform of the party.

According to the spokesman of the party in the state, Otunba Kola Oladimeji at the weekend, he said Omisore is not yet a member of the party, let alone, be its governorship candidate.

In a statement he personally signed, copies of which were obtained by journalists during the weekend, he said the fear of governorship primaries that forced Omisore out of PDP, awaits him in SDP, stressing that no one will handover the party’s gubernatorial ticket to him, without going through the rigorous primary processes instituted by the party platform.

Yemisi Oladeji also cautioned Omisore’s supporters against the ‘false belief’ that their candidate possesses the clout that can win election on any platform, reminding them of the apparent error inherent in that illusion since even on the platform of PDP, when the party controlled federal government, Omisore still lost the 2014 Osun governorship election to the then candidate of All Progressives Congress (APC), Mr. Rauf Aregbesola.

Oladeji categorically stated that until Omisore is able to legitimately perfect his membership, he remain “just a friend of SDP,” insisting that records at his disposal have not shown that the former federal lawmaker is yet a member of SDP.

Kukah, Nwabueze Storm Rivers for Wike’s Third Anniversary Lecture Catholic Bishop of Sokoto, Dr. Matthew Hassan Kukah, will speak today in Port Harcourt, Rivers State, in a public lecture organised to mark the third anniversary of the administration of Governor Nyesom Wike.

The occasion, which would be chaired by erudite scholar, Professor Ben Nwabueze (SAN), is titled: ‘Democracy in Nigeria: Still Many Rivers to Cross.’

A statement issued by the

Rivers State Commissioner for Information and Communications, Mr. Emma Okah, said many dignitaries invited to attend the high profile event have started arriving Port Harcourt.

He appealed to the people of the state to be seated at the Dr. Obi Wali International Conference Centre, Port Harcourt at 9.30a.m. adding that the lecture would begin at 10a.m.

to safe flight operations, so it has elected to work with the state government to curb the danger posed by unauthorised high rise structures scattered around Lagos metropolis.

The authority explained that this collaboration was a resolution from a bilateral meeting between the NCAA Director General and the officials of the Lagos State Ministry of Physical Planning and Urban Development and Ministry of Works and

Infrastructure.

Spokesman of the agency, Sam Adurogboye, explained that the first meeting was held on April 26, 2018, and another one on May 17, 2018, at the NCAA’s Aviation House Office where fruitful discussions were held on the issue.

“With this synergy, it is expected that the two parastatals of the state government will deploy their capacities in clearing all obstructions/obstacles

along flight paths within the state. In addition, their resources will be used to spot where other landing facilities are located in Lagos. These landing facilities include Heliport, Helipad, Helideck and Airstrip,” Adurogboye explained in a statement.

In line with its regulatory functions, NCAA said it has directed all intending developers or builders of high rise structures within the Aerodrome Obstacle Limitation Surfaces (OLS) to

always apply to the agency for Aviation Height Clearance (AHC) and Permit.

According to him, “It was similarly agreed that NCAA would provide the Lagos State agencies with a flight path map to guide them in planning, development and granting of approvals for new structures in the state.

“NCAA is ready to enter into partnership that will guarantee the safety and security of flight operations.”

TOUCHING LIVES

L-R: Trustee, Aliko Dangote Foundation, Halima Aliko-Dangote; Founder/Chairman, Aliko Dangote; one of the beneficiaries receiving the cash; and Niger State Governor, Dr. Abubakar Sanni-Bello, at the launch/disbursement of N250million to 25,000 vulnerable women in the state...weekend

Agbakoba’s NIM to Seal Alliance with LP, SDP, ADP, Others Tomorrow Onyebuchi Ezigbo ÓØ ÌßÔË

others in a bid to form alliance for the 2019 elections.

The Conveners of Nigeria According to the group’s Intervention Movement (NIM) spokesman, the alliance will known as the Third Force be concretised on Tuesday.

Movement in Nigeria, have said The statement said: “NIM is their movement will tomorrow about to actualise the vision of adopt a political party for the its conveners as a fresh breed 2019 elections. ideological platform conceived to A statement issued yesterday reorder the political culture and by the Media Assistant to the governance system of Nigeria National Publicity Secretary, by adopting a credible political Olubori Obafemi Isah, said party towards the engagement the group will conclude talks of the 2019 elections. with Labour Party (LP), Action “Our coalition talks with Democratic Party (ADP), Social like-minded political parties Democratic Party (SDP), United in the last two months will Progressive Party (UPP), among be cemented by the National

Executive Council (NEC) of NIM on Tuesday in Abuja with a two pronged decision of adopting a credible political party for NIM as well as the formalisation of NIM electoral alliance with like minded political parties such as LP, SDP, ADP, UPP towards a grand coalition for a New Nigeria.”

He said those expected to be at the Tuesday meeting, which would be jointly presided by Mr. Olisa Agbakoba (SAN) and Dr Abduljalil Tafawa Balewa are members of the National Executive Council and Steering Committee, Zonal and State

Coordinators as well as Principal Officers of the national secretariat of NIM. According to the statement, NIM is considering adopting a rainbow coalition in the forthcoming gubernatorial elections in Ekiti State which is most likely to be anchored on the ADP with the formidable collaboration with the SDP and LP in ensuring that the fresh breed third force movement deliver Ekiti from the manipulation and misrule of “stomach infrastructure” foisted on the Ekiti people.

APC CHIEFTAIN, TIMI FRANK APOLOGISES FOR ROLE IN OUSTING JONATHAN the country.

Meanwhile, the APC has disassociated itself from the positions expressed against the President Buhari-led administration by Frank, describing it as his own opinion.

In a statement issued by its National Publicity Secretary, Bolaji Abdulahi, the APC said it was wrong to describe Frank as a chieftain of the party since he was suspended as a member of the APC following a recommendation of a disciplinary committee.

“Our attention has been

drawn to a report on the online newspaper, in which one Timi Frank was addressed as a ‘chieftain’ of the APC “We wish to correct the wrongful designation and remind the newspaper and indeed the public that Frank has since November 2016 been suspended as a member of the APC following a recommendation of an APC disciplinary committee and subsequent ratification by the party’s South-south zonal executive committee.

“Hence, whatever position Frank holds or canvasses is

done in his personal capacity and has no bearing on the APC,” it said.

In the same vein, Frank reminded President Buhari about statements attributed to former President Olusegun Obasanjo and General Ibrahim Babangida, reemphasizing that the government under his watch has failed Nigerians.

“People can no longer freely express themselves without security agencies harassing, accusing, arresting, parading, and prosecuting them like common criminals

over spurious allegations.

“I dare say that I am by this letter offering myself to pay whatever price it will take for Nigeria to be free once again.

I know your goons will soon come after me but I am not bothered a bit. I will continue to speak the truth. I spoke the truth when Jonathan, my kinsman, was in power and I will continue to speak the truth. Be that as it may, the truth is that you have destroyed our democracy so much so that Nigerians are now living in fear,” he said.

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MONDAY, MAY 21, 2018˾ T H I S D AY

NEWSXTRA

FG Approves Six Additional Fertilizer Blending Plants for 2018 PFI Programme Jonathan Eze The federal government has given approval for to six additional blending plants for the production of fertilizer in Nigeria under the Presidential Fertilizer Initiative.

While three of the plants have received full approval and are already receiving raw material for blending of the

multi-nutrient NPK fertilizers, the other three are awaiting final approval, having already been given provisional approvals by the Office of the National Security Adviser (ONSA).

When these six new plants all come on stream, it would bring the total number of fertilizer blending plants operating in the country to 17, up from 5 as at 2016.

Universities, NGOs are Not Liable to Contribute to ITF, Says Court Justice Saliu Saidu of the Federal High Court in Lagos has dismissed the suit filed by the Industrial Training Fund (ITF) against Pan Atlantic University (Lagos Business School) over remittances to Fund.

The court held that the ITF Act does not apply to educational, not-for-profit organisations.

The suit, which was filed by the ITF Governing Council against Pan Atlantic University, claimed that the university was in default of Section 6(1) of the ITF Act and thus owed ITF a liquidated debt of N650,000,000 as the total outstanding statutory contributions.

In opposition to the suit, the university, through its counsel, Prof. Fabian Ajogwu (SAN), who led Chineme Onuoma and Nwachukwu Obi of Kenna Partners, argued that Section 6(1) of the ITF Act applies only to organisations involved in commerce and industry.

Ajogwu argued that since Pan

Atlantic University is purely an educational institution as shown in its Constitution, it does not come under the purview of the ITF Act. Citing a plethora of authorities, the senior advocate said the Pan Atlantic University is not a juristic person that can be sued.

The court, in its ruling, held that ITF’s use of the provisions of Section 6(1) of the ITF (Amendment) Act 2011 to levy universities and NGOs is unlawful.

It agreed with the arguments of the learned senior counsel to the university and held that ITF does not have sufficient cause of action as the ITF Act does not apply to educational, not-for-profit organisations in light of the provisions of the Act. It held that the university, not being engaged in industry and commerce, is not caught

by Section 6(1) of the ITF Act. The court accordingly dismissed the suit.

Ayade Test Runs Africa’s First Rice City Project in Calabar Governor Ben Ayade of Cross Rivers State is optimistic that the state’s economy will soon record a giant leap with the expected generation of over N70 billion yearly from the state’s Rice City project.

The governor was speaking during the test run of the project.

Situated at the Ayade industrial park, Calabar, the state capital, the Rice City is the largest and first of its kind in Africa.

According to him, the Rice City is one of the signature projects of his administration and would be certified ready for commercial activities in June because the seedlings are natural with no chemical added, saying it was time other states and the federal government started patronising the facility.

The governor said the project stemmed from his determination to free the state from over dependence on federal allocation.

“When I told Cross Riverians that my ambition was to restructure the state from over dependence on federal allocation, I truly meant it because with projects like this, we are going to generate more revenue for the state…we are partnering with the Central Bank of Nigeria (CBN) to ensure that most of the seedlings are acquired from

here,” Ayade said.

He expressed his delight that the state was on the path of economic independence even “after we lost our oil wells unjustly. We now have an investment that needs federal patronage.”

The governor explained that should the state enjoy full federal patronage, the Rice City would achieve a yearly turnover of N70 to N100billion.

He thus called on the federal government to focus on the procurement of rice seedlings from the state because, in his words, “we have no competitor.”

He disclosed that everything about the project was wholly local content with no foreign input, adding that the factory can produce for 24 hours per day.

Describing the project as the biggest rice seedling factory in Africa with a perfect automated irrigation method, Ayade further disclosed that it would employ over 500 workers when operational.

Some state governors, he said, have already indicated interest to place demands.

“The rice seedlings that will be produced from the factory will be called “Cala 77” because it is very natural and totally organic,” the governor concluded.

The three blending plants will also add a total of 1,800,000 metric tonnes in terms of capacity to the country’s growing fertilizer blending industry.

The plants that have been given final approval to join the existing 11 plants include: Wacot Fertilizer and Chemicals Ltd in Auchi, Edo State; Sora Ltd in Makurdi, Benue State, Citizen Fertilizer and Chemicals Ltd in Kano State, while those given provisional approval are Green Technologies, Abak, Akwa Ibom State while two others whose names were not provided are in Zamfara and Gombe States.

Speaking on the sidelines of a meeting of the members of the Fertilizer Producers and Suppliers Association of Nigeria (FEPSAN) recently, Executive Secretary of FEPSAN, Alhaji Rabiu Kwa, said the addition of three new blending plants is indicative of the preparedness of the federal government to sustain the gains already made in the Presidential Fertilizer Initiative, which, according to him, has lifted the country from an import-dependent nation to one that produces high quality fertilizer.

Kwa said FEPSAN members

are fully in league with the federal government’s drive to provide the inputs needed by farmers to enhance agricultural productivity, expressing the optimism that the sincerity of purpose with which the government had implemented the PFI programme, the country was already on the right path towards food security.

He expressed the hope that with new blending plants joining the PFI programme, FEPSAN will very likely double the volume of fertilizer produced, a development he expects will transform to

savings for the government as well as provide export opportunities, especially to other West and East African Countries.

Also speaking on the occasion, Managing Director of Bejafta Group Limited, operators of a blending plant in Jos, Plateau State Nigeria, Mr. Jacob Gimba, said the approval of new participants will help the industry growth further, bring in new ideas that will help the industry and also place the country in pole position to support farmers in boosting crop yield.

NEW FIRE SERVICE IN ENUGU R-L: Enugu State Governor, Ifeanyi Ugwuanyi; Commissioner for Works and Infrastructure, Mr. Greg Nnaji; Commissioner

for Rural Development, Ozo Gab Onuzulike; Special Adviser to the Governor on Rural Development, Hon. Uchechukwu Ogbonna (behind), during the inauguration of one of five new Ultra Modern Fire Service stations being constructed by his administration after 56 years such projects were built in the state....yesterday.

OML 18: San Leon Energy, Six Others Dragged Before Court Ejiofor Alike Suntrust Oil Company Nigeria Limited has summoned San Leon Energy Plc and six other defendants to appear before a Federal High Court in Lagos within 30 days in the suit number FHC/L/CS/793/2018 in respect of Oil Mining Lease (OML) 18.

The six other defendants in the suit are Midwestern Leon Petroleum Limited, Martwestern Energy Limited, Midwestern Oil and Gas Company Limited, Mart Resources Inc; Minister of Petroleum Resources and the Corporate Affairs Commission (CAC).

According to the concurrent writ of summons filed by a Senior Advocate of Nigeria (SAN), Fidelis Oditah, Suntrust Oil Company asked the defendants: “you are hereby commanded that within 30 days after service of this writ on you, inclusive of the day of such service, you do cause an appearance to be entered for you in an action at the suit of the above-named plaintiff and take notice that in default of your so doing, the plaintiff may proceed with the claim and judgment may be given in your absence.”

In the statements of claim before the court, Suntrust Oil

Company alleged that in order to acquire an indirect economic interest in OML 18, San Leon Energy Plc began acquiring direct and indirect interests in Martwestern Energy’s shareholding from March 2016, contrary to the November 2013 shareholders’ agreement between the plaintiff, Martwestern Energy, Midwestern Oil, and Mart Resources Inc. “To achieve its aim, San Leon Energy and Midwestern Oil and Gas formed Midwestern Leon Petroleum Limited as a special purpose vehicle to acquire and restore the entire shareholding in the Martwestern Energy outside the framework of the shareholders’ agreement,” Suntrust Oil alleged.

The plaintiff also told the court that Midwestern Oil and Mart Resources Inc. transferred all their shareholdings, four million shares each, to Martwestern Energy to Midwestern Leon Energy (Sale Shares), adding that Midwestern Leon did not execute the Deed of Accession as required by Clause 13 of the shareholders’ agreement.

Suntrust Oil further alleged that none of the sale shares was offered to it whether pursuant to Clause 11 of the shareholders agreement or otherwise, adding also that at no point did it waive

its right of first refusal.

In its claim, the plaintiff is seeking 18 reliefs, including “a declaration that by virtue of Clause 11.1 of the shareholders agreement dated November 2013 between the plaintiff and the third, fourth and fifth defendants, no shareholder has the right to sell or transfer or otherwise dispose of all or any part of its shareholding in the third defendant unless and until the shareholder first gives the other shareholders a right of first refusal to buy such shares evidenced by a transfer notice stating the selling shareholder’s intention to sell such shares and setting forth the full terms including the price at which it intends to sell the specific shares.”

Suntrust Oil is also seeking “a declaration that pursuant to Clause 21 of the said shareholders’ agreement, there can be no waiver of a shareholder’s right of first refusal unless such waiver is evidenced in writing and signed by the waiving party.”

The plaintiff is also asking the court to issue “a declaration that pursuant to Clause 13 of the said shareholders’ agreement, no additional shareholder can be admitted as a shareholder of the third defendant unless

all the existing shareholders provide unanimous consent and such additional shareholder executes a Deed of Accession substantially in the terms set out in Schedule 2 of the said shareholders’ agreement.”

It also prayed the court to declare that “the purported transfer of 357,143 shares by the plaintiff to the second defendant on or about April 11, 2016 violated Clause 11 and 13 of the shareholders’ agreement and is consequently null and void.”

Suntrust Oil also wants the court to void the “purported transfer of 1,642,857 shares by the plaintiff to the second defendant on or about September 2016,” as it “violated Clause 11 and 13 of the said shareholders’ agreement.”

Also among other reliefs, Suntrust Oil is also seeking “a declaration that the purported transfer of four million shares in the third defendant by the fifth defendant to the second defendant on or about May 30, 2016 violated Clause 11 and 13 of the shareholders’ agreement and is consequently null and void.”

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MONDAY, MAY 21, 2018˾ T H I S D AY

NEWSXTRA

Atiku: Education, Key to Unlocking Nigeria’s Potential Former Vice President and founder of American University of Nigeria (AUN), Atiku Abubakar, has said education is the master key that will unlock the huge potential in Nigeria and set her on the path to full socio-economic development.

He made the observation while speaking at the end of events marking the 10th commencement and presidential inauguration of the American University of Nigeria (AUN), Yola.

The former vice president said in order to achieve this, there must be the right mix of adequate funding of the education sector and a curriculum that promotes entrepreneurship among undergraduates, as is the practice at AUN. Atiku noted that with the diminishing role of crude oil as the mainstay of the national economy, it has become expedient for Nigeria to focus on the development of her most important resources, human capital, which he said

was far much more sustainable than oil or any other resource.

“It is becoming evident by the day that the future of Nigeria lies not in the bowels of the earth, but in what is in the head of our people, that is, the human capital,” he said.

The former vice president noted that there is a nexus between education, development, and security, as an enlightened, multi-ethnic society would be more tolerant leading to social cohesion and harmony.

“An educated citizenry will be less prone to being willing tools in the hands of divisive elements who exploit existing fault lines. Consequently, we will have fewer crises that are inimical to national unity and stability.”

The PDP presidential hopeful who is also the Waziri of Adamawa Emirate Council said he is made more by the education he received than anything else.

According to him, his investment in AUN has generated dividends in terms

Court Slams CBN Officials over Forensic Audit Akinwale Akintunde Two top executives of the Central Bank of Nigeria (CBN) have been ordered by a Federal High Court in Abuja not to carry out their supervisory functions in a forensic audit involving a microfinance bank, over their alleged role in sidelining an executive order from the governor. They were alleged to have frustrated the implementation of a forensic audit which was declared by the governor after a petition by the owners of Hasal Microfinance Bank Limited.

Sequel to a petition made to the CBN by the directors of Hasal Microfinance Bank Limited, the CBN governor had detailed the then Deputy Governor, Supervision, Dr Okwu J Nnanna and one Emmanuel Zakari to supervise an audit in the bank so as to ascertain the nature of the alleged fraudulent practices in the bank.

Having failed to carry out the CBN directive, a board member and majority shareholder petitioned the court to get an order of the court to implement the CBN directive which was sidelined for many months.

Delivering an order on the application, Justice Binta Murtala Nyako, after upholding almost all the reliefs made by the plaintiff in their affidavit to the court, ruled: “that an order is made directing the 2nd defendant (Okwu J.Nnanna) and 3rddefendants, Mr Emmanuel Zakari, not to interfere directly or indirectly, participate or in any manner supervise the audit of the 4th defendant, Hasal Microfinance Bank Limited.”

This order became necessary based on the

alleged roles of the two CBN officials and the estranged chief executive of the bank whom the petitioners accused of multiple financial frauds and conspiracy through which illegal swaps and forgeries were believed to have been perpetrated by the bank’s management.

The CBN governor had in December 2016 and February 2017, written a letter to the board of Hasal Microfinance conveying an approval pursuant to Section 33(1) (e)(i) of Banks and Other Financial Institutions Act (BOFIA) for the conduct of forensic audit of the entire books of the bank, an order which the two top official of the CBN were alleged to have delayed, frustrated, thwarted and undermined the forensic audit approved by the governor of the CBN. The court upheld all the 17 applications made by the directors of Hasal and went further to indicate that the CBN has a duty to properly regulate, ensure best practices and to identify through careful and transparent audit, any form of corruption malfeasance of any nature in the management of Hasal Microfinance Bank Limited and any delay, refusal or failure to quickly, diligently and transparently carry out an audit approved pursuant to the relevant sections of the BOFIA for the conduct of a forensic audit of the entire books of the microfinance bank.

However, shareholders of the bank are not amused as the CBN which ordered the forensic audit and whose letters, orders and directives the court upheld the petitioners applications, had gone to court to challenge the position of court along with the estranged management of the microfinance bank.

of raising men and women who are problem solvers.

“This (AUN) is my most

fulfilling investment, not just because it provides jobs like my other endeavours,

but more importantly because its graduates are change agents needed for

transforming our great country to the benefit of all,” Abubakar said.

NEW AIR FORCE FORMATION L-R: Chief of Air Staff, Air Vice Marshal, Sadique Abubakar; Deputy Governor of Plateau State, Mr. Sonni Tyoden; Governor Simon Lalong; and Air Vice Marshal Jonah Wuyep (rtd), during the inauguration of newly established 205 Combat Search and Rescue Group at Air Force Base, Kerang, Plateau State...weekend

Fayose’s Dictatorship Will Kill PDP in Ekiti, Says Senator Olujimi Victor Ogunje ÓØ ÎÙ ÕÓÞÓ

to Canada, Dare Bejide decamped to SDP and former As members of the Peoples Minister of Works, Dayo Democratic Party (PDP) begin Adeyeye moved to African to abandon the party over Democratic Congress (ADC) alleged dictatorial tendencies with their supporters over of Governor Ayodele Fayose, irreconcilable differences with the Senate Deputy Minority the governor.

Whip, Senator Biodun Olujimi, The senator and has raised the alarm over governorship aspirant, threat this poses to the representing Ekiti South party ahead of the July 14 senatorial district, said governorship poll. the exodus was triggered Olujimi said losing influential by “one-man dictatorship, members to the All Progressives oppression, hopelessness and Congress (APC), Mega Party, totalitarianism in Ekiti PDP.” Social Democratic Party This position was contained (SDP) and other parties was in a press statement issued dangerous to the party’s by the Biodun Olujimi Team chances in the impending poll. (BoT) at the end of its meeting Recently, former Deputy at the weekend where the last Governor Sikiru Lawal PDP governorship primary was defected to Labour Party, reviewed. ex-Nigeria’s Ambassador The group hailed Mrs. Olujimi

for her courage to contest the PDP governorship primary in the face of an alleged “intimidation, threat and in the name of achieving a predetermined result.”

The senator described Fayose’s continuity agenda of having his deputy, Prof. Kolapo Olusola, as successor as a “continuity of slavery and servitude where members remain slaves in their own party.”

She resolved: “We abhor and shall resist all forms of threat, oppression, victimisation and humiliation.

“We shall remain resolute, fearless and courageous in our demand for internal democracy, justice, rule of law, fairness and equity within the PDP in achieving the ideals, aims and objectives which Senator Olujimi

stands for.”

She added: “We separated the real, fearless PDP owners from the coerced, appointed delegates who voted against their conscience for fear of being removed as councilors, council chairmen and vice chairmen, party executives and honorable members by their sole appointer and sole administrator as against the PDP constitution (as amended in 2017).

“It is saddening to note that with the exception of the threeman ad hoc delegates who were elected at their various wards, all others were appointed at the pavilion inside the Government House on the mantra that ‘wherever I go, you follow.’ We all forgot that Ekiti voters were the heroes of 16-0 in the 2014 election and not one man.

Igbo Summit: Ohanaeze Ndigbo Extends Invitation to IPOB Leaders Christopher Isiguzo ÓØ ØßÑß Ahead of the restructuring summit being organised by the apex Igbo socio-cultural organisation at Awka, Anambra State, the Indigenous People of Biafra (IPOB) yesterday reiterated its readiness to unleash mayhem at the venue should any Igbo leader attend the summit.

The pro-Biafra group accused the President General of the organisation, Chief Nnia Nwodo, of hidden agenda in putting together the summit, insisting that the group would not accept anything other than a referendum for the rebirth of the Republic of Biafra.

However, the Ohanaeze Ndigbo, has vowed to go ahead with the all- important

summit, and rather asked the IPOB leaders and members to feel free to participate in the summit since it was meant for all.

In a statement by its spokesperson, Emma Powerful, IPOB said the world will today in Awka witness a battle between good and evil, light versus darkness.

It said: “On Monday the 21st of May 2018, at Ekwueme Square in Awka, the long suffering downtrodden people of the East will rise up to say enough is enough. Our 50 years of Fulani captivity, aided and abated by Ohanaeze Ndigbo will finally come to an end. All agents of darkness and iniquity with red caps, recruited by the caliphate immediately after

the war in 1970 to serve their interest and enslave Igboland, will be exposed.

However, speaking through its Deputy national publicity Secretary, Mazi Chuks Ibegbu, the Ohanaeze said it would be counter-productive for the IPOB members to attack anybody at the summit.

He said, “We have told them that whatever grievances they have, they should bring it along to the venue.

“Every Igbo has right to come for an Igbo summit, you don’t spoil for war in your father’s land, you do it outside. ‘Imaa gbu onye iga eso kwaa’ (you don’t have to kill someone you will join in burying). If you kill all of us, who will do the burial?

“So, when they come there, what we are discussing is restructuring Nigeria, they are talking Biafra. What they are saying is not different from what we are saying, we are saying, let’s discuss how Nigeria will be better. If Nigeria gets better, they would have gotten what they are seeking in a very easy way.

“But if we discuss the restructuring and there is no agreement, then there will be basis for what they are saying.

Saying that we can’t stay as brothers and sisters to discuss, I don’t think it is proper.

“We are begging them not to come and spill the blood of their people. They should come peacefully and make their case, present their grievances.”

Ë&#x153; ͚͟Ë&#x153; ͺ͸͚Î&#x20AC; Ëž T H I S D AY

54

MONDAYSPORTS

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com 0811 181 3083 SMS ONLY

RUSSIA 2018

NFF Secures Eaglesâ&#x20AC;&#x2122; $2.8m World Cup Funds Duro Ikhazuagbe Super Eagles campaign at the FIFA World Cup starting in barely 25 days from today in Russia will be devoid of all the trappings that make Nigeria to be in the news for the wrong reasons.

THISDAY checks revealed at the weekend that the leadership of the Nigeria Football Federation (NFF) has finally secured the $2.8million it budgeted for a successful outing at the Mundial this summer.

In addition to the $2million from FIFA for all the Russia-bound teams, the NFF has also been able to raise the balance $800,000 to complete the World Cup budget.

The funds cover the entire agreement the federation reached with Super Eagles players shortly before Nigeriaâ&#x20AC;&#x2122;s friendly against Argentina in Russia last November.

As Eagles begin to troop into the Ibom Resort in Uyo today for the planned friendly with DR Congo on May 28 in Port Harcourt, handlers of the three-time African champions sole responsibility is purely technical without going grey over players allowances and bonuses.

President of the NFF, Amaju Melvin Pinnick, confirmed to THISDAY yesterday that money was not going to be the problem of Eagles in Russia. â&#x20AC;&#x153;We are glad that our efforts and relationship with FIFA has always paid off. We were also able to raise  $800,000 in addition which has given us at the NFF the exact money we need to prosecute the World Cup and the remaining pre-World Cup matches,â&#x20AC;? observed the NFF chief on telephone last night.

Pinnick is particularly happy that there will be no repeat of the

ugly scenario that degenerated into Super Eagles abandoning training in Brazil due to unpaid bonuses shortly before Nigeria played crucial second round game against France. â&#x20AC;&#x153;We are confident now that there will be no any form of distraction for the players in Russia. This will allow the players and officials concentrate on the business of the World Cup,â&#x20AC;? stressed Pinnick who also doubles as CAF executive committee member.

The current NFF board led by Pinnick has in the last three years worked assiduously at eliminating all forms of disagreements and distractions with the players. All the 30 players selected in Gernot Rohrâ&#x20AC;&#x2122;s provincial 30-man list are expected to troop into the Uyo camp beginning today.

After the friendly with DR Congo, the final list of 23 players is expected to be released on June 1 before taking on Englandâ&#x20AC;&#x2122;s Three Lions 24 hours later at the Wembley Stadium.

However, according to Rohr, there will be two extra players on standby with the team in London in case of injury.

The team will then proceed to the third and final phase of camping in Austria with the final 23 players to take on Czech Republic in the last friendly game on June 6 before flying to their World Cup base camp in Yessentuki in Russia.

Eagles will open their World Cup campaign on June 16 against Croatia in Kaliningrad before playing debutants Iceland on June 22 at the Volgograd Arena.

Their final group game is against two-time champions Argentina on June 26 in St. Petersburg.

Wolves Retain Ikeme, 58 Others for 2018/2019 EPL Season Super Eagles goalkeeper, Carl Ikeme, who is undergoing treatment for leukemia is among 59 players retained by Wolverhampton Wanderers ahead of the English Premier League season.

Wolves got promoted from the Championship at the end of last season despite losing their first choice goalkeeper Ikeme to the disease at the beginning of the season in July.

The club announced the list of retained players on their official website yesterday.

The list has been submitted to the English Football League (EFL) as the club prepares for a

return to the top flight.

Ikeme was diagnosed with acute leukemia on July 6, 2017 after returning abnormal blood tests during a routine pre-season check-up.

Also among the retained players are the duo of Bright Enobakhare and Dominic Iorfa.

Meanwhile, 12 senior players were not offered new contracts and five youngsters have been released from Wolves scholarship programme.

Wolves was crowned champions of the 2017/2018 English Championship which secured automatic promotion to the Premier League.

2018 SNEPCo Junior Tennis Championship Finals to Hold at Ikoyi Club The finals of the 2018 SNEPCo Junior Tennis Championship which kicks off Tuesday in Lagos will take place at the elite Ikoyi Club on Saturday May 26 starting 2 pm prompt. This will be the first time a national junior championship will take place at the club which had only hosted the Ikoyi Club Senior Masters in the recent past.

The SNEPCo Junior championship is featuring competitions in four categories - boys and girls 10 & under, 12 & under, 14 & under and 16 & under with the preceding rounds taking place at the National Stadium Tennis Centre.

The International Tennis Academy, organisers of the

championship, said in a statement that â&#x20AC;&#x153;playing the finals at the Ikoyi Club is a privilege well appreciated because it will expose the enormous talent we have at the junior level to potential sponsors. â&#x20AC;&#x153;The juniors are highly motivated and challenged by the break Marylove Edwards and Angel Mcleod (former champions of the SNEPco tournament) have to pursue professional tennis careers at the IMG Academy in America and we are expecting the tournament to be well subscribed and competitive.â&#x20AC;?

Over 160 players have so far registered for the event with arrivals and screening expected to be completed today.

L-R: (Front row): Former Super Eagles Head Coach, Samson Siasia; Chief of StaďŹ&#x20AC; Bayelsa Government House, Hon Talford Ongolo; and Commissioner for Sport, Bayelsa State, Hon. Perekiye Buruboyefe, during the unveiling of Siasia as Restoration Cup Ambassador, at Chief DSP Alamieyeseigha Memorial Banquet Hall in Yenagoaâ&#x20AC;Śat the weekend

â&#x20AC;&#x2DC;Alex Iwobiâ&#x20AC;&#x2122;s Decision to Play for Nigeria Strictly Hisâ&#x20AC;&#x2122; Kunle Adewale Against the backdrop that Alex Iwobiâ&#x20AC;&#x2122;s decision to don the colours of the Super Eagles as against the Three Lions of England was influenced by his uncle and former national team captain, Austin Okocha, the father of the Arsenal player, Chuba Iwobi has said Alexâ&#x20AC;&#x2122;s decision to star for Nigeria was strictly his.

In a chat with THISDAY during the unveiling of Iwobi as the Brand Ambassador of LG Electronics at the companyâ&#x20AC;&#x2122;s showroom in Lekki, Lagos at the weekend, the senior Iwobi

said Alexâ&#x20AC;&#x2122;s decision to dump England for Nigeria was strictly his. â&#x20AC;&#x153;Deciding to play for Nigeria and not England was his own decision really without any external influence. All I did was to support him, and I believe he took the right decision,â&#x20AC;?

Chuba said.

Alex himself admitted that it was not an easy decision to take considering the fact that he had lived in England for almost all his years.

On when he really realised that his son could really make a career in football, Iwobi Snr who said he started taking Alex

to the park to train as early as when he was 18 months revealed his son showed great promise of becoming a great footballer at a very early age.

LG Electronics officially signed on Iwobi as its official brand ambassador.

Speaking at the unveiling, Managing Director, LG Electronics West Africa Operations, Mr. Taeick Son said: â&#x20AC;&#x153;the choice of Alex Iwobi went through a thorough process and in the end we zeroed in on him, going by his antecedent in the field of play and most importantly how he is generally perceived as a player around the globe, we have no

doubt whatsoever that he is the right face to represent the brand, and at the end he would do us all proud.â&#x20AC;?

Responding, Iwobi said: â&#x20AC;&#x153;For me this is a rear privilege and honour to be the Brand Ambassador of a renowned electronics giant as LG Electronics, I must say I am indeed happy and I will continue to do my best in the field of play which obviously was what attracted the brand to me in the first place and secondly, as an ambassador of the brand I will continue to perform in ways that connect with the performance of the brand in millions of homes.â&#x20AC;?

Oshoala, Ordega, Oparanozie, Seven Other Pros for Gambia Clash Coach Thomas Dennerby has invited 10 foreign-based players to the camp of the senior women national team, Super Falcons, ahead of next monthâ&#x20AC;&#x2122;s Women African Cup of Nations qualifying fixture against The Gambia.

Skipper Rita Chikwelu tops the list that also has experienced defenders Onome Ebi, Osinachi Ohale, Josephine Chukwunonye and Faith Ikidi, midfielders Halimat Ayinde and Ngozi Okobi and forwards Asisat

Oshoala, Desire Oparanozie and Francisca Ordega.

The overseas-based players will start arriving in camp on Tuesday, May 29. Barcelona Women FC of Cyprus defender Ngozi Ebere had been training with the home-based group since they set up camp penultimate week.

The Gambia will host the opening leg at Bakauâ&#x20AC;&#x2122;s Independence Stadium on Tuesday, 5th June, with the concluding encounter at the

Udoukaha Jacob Esuene Stadium, Calabar on Monday, June 11.

While a number of Nigeriaâ&#x20AC;&#x2122;s home-based contingent has been perfecting strategies in Abuja for the fixture, The Gambians (who eliminated Burkina Faso in the first round of qualifiers) have also been preparing hard for the eight-time African champions ahead of the matches. Â INVITEES Defenders: Osinachi Ohale

(Vittsjo GK, Sweden); Onome Ebi (Henan Huishang, China); Josephine Chukwunonye (Asarum IF, Sweden); Faith Ikidi (Pitea IF, Sweden) MidďŹ elders: Halimat Ayinde (Asarum IF, Sweden); Ngozi Okobi (Eskilstuna United, Sweden); Rita Chikwelu (KDFF, Sweden) Forwards: Asisat Oshoala (Dalian Quanjian, China); Desire Oparanozie (EA Guingamp, France); Francisca Ordega (Washington Spirit, USA).

Brume Leaps Back into Reckoning, Wins Jamaican Invitational Okagbare places second in 200m behind home-girl, Shericka Jackson Former Commonwealth Games long jump champion, Ese Brume, leapt back into international reckoning on Saturday at the National Stadium in Kingston, Jamaica where she jumped 6.82m to win the event at the Jamaica International Invitational Track and Field Meet.

The Nigerianâ&#x20AC;&#x2122;s jump is a personal Seasonâ&#x20AC;&#x2122;s Best, her third best career jump and a new meeting record.

Brume had been touted as the able successor to compatriot Blessing Okagbare-Ighoteguonor after jumping 6.56m to win the Commonwealth Games

title in Glasgow, Scotland, 40 long years after Nigeria first triumphed in the event.

She followed up with an improved 6.81m two years later to place fifth at the Rio Olympics.

That leap re-affirmed her status as the next queen of the jumps in Nigeria nay Africa after finishing first in African top list for the year (6.83m) ahead of South Africaâ&#x20AC;&#x2122;s Lynique Beneke (6.78m) and Okagbare-Ighoteguonor (6.73m).

She actually held five of the best 10 jumps by Africans that year.

Brume however disappeared from reckoning, both locally and internationally in 2017 when she was expected to be the first Nigerian woman long jumper to make it to the podium in the event at the IAAF flagship event, the World Championships in London.

Although she was active in the circuit, jumping a 6.74m personal seasonâ&#x20AC;&#x2122;s best to come second behind Okagbare-Ighoteguonor in the African top list for the year, she could not replicate the performance of the previous year when she leapt above 6.80m (6.81 and 6.83m) twice and 6.60m and

above (6.67m) twice.

The pretty-faced, two-time African champion seems to have rediscovered her form with her 6.82 performance in Kingston, Jamaica which has catapulted her to fifth on the world top list for the year.

Meanwhile,  OkagbareIghoteguonor (22.66) placed second behind home girl, Shericka Jackson (22.55) in the womenâ&#x20AC;&#x2122;s 200m with USAâ&#x20AC;&#x2122;s Francis Phyllis third in 22.76.

The Nigerian tops the world list with the 22.04 African record she ran in Abilene, Texas on March 24 this year.

55

T H I S D AY ˾ MONDAY, MAY 21, 2018

MONDAYSPORTS RUSSIA 2018

Omeruo Targets World Cup Title with Super Eagles Femi Solaja Super Eagles strongman, Kenneth Omeruo, has assured Nigerian football fans that the priceless World Cup trophy is within the reach of the team should Nigeria starts the campaign against Croatia on a positive note.

The Kasimpasa FC of Turkey defender spoke to THISDAY yesterday in Lagos at the final of a grassroots football match between Turf Season FC and Current FC sponsored

by Domino’s Pizza at the Yaba College of Technology Sports Centre.

Omeruo assured Nigerian football fans that Super Eagles have come of age and can be counted among real contenders.

According to him, “everywhere you go, people talk about Messi, Modric, Aguero and Rakitic but nobody is talking of the components that made the present crops of Super Eagles players the first team from Africa to pick group ticket to Russia 2018 World Cup. “I think it is a huge advantage for us to be underrated but we are a determined side to give our best at the World Cup. Nigeria will hug global limelight after the qualifying group stage matches and all through to the last phase of the tournament in Russia,” Omeruo assured supporters of the Super Eagles.

In his pre-tournament assessment, the Chelsea FC player on loan in Turkey agreed that the most important match for the Super Eagles remains the opening tie against Croatia rather than the focus been placed on Argentina.

“The moment we get the results

in our first two matches with Croatia and Iceland, we will be going into the final group match against Argentina with lots of confidence and perhaps repeat the last result we secured against them in the friendly late last year in Russia.

“You will recall that we had already qualify for the World Cup at the time we faced them in that friendly in Russia and was not under any pressure. The moment we pick maximum points in the opening two games, this will spur us to greater heights,” observed the AFCON 2013 winner.

He maintained that the brilliant performance of the Super Eagles in their debut tournament at USA ’94 has ensured that no nation can afford to regard Nigeria as mere participant with no ambition to win the World Cup. “ I want to say that other generations of Super Eagles have continued to look up to the solid foundation laid by the 1994 generation which has taken us away from been mere participant but real contender for the trophy,” he noted.

The defender, who hopes to return to England next season from Turkey commended the technical crew for the harmony that has existed in the team in the last few years.

“There is no rivalry in the team rather all the invited players hope to give the technical crew heavy task in the final selection of 23-man team to the World Cup. There is nothing like battle here, everybody is thinking of the best for the team,” he concluded.

Omeruo was part of Stephen Keshi’s team to the last World Cup finals in Brazil where he paired Joseph Yobo in the heart of the defence.

Six Injured in Juventus Title Parade

Six Juventus fans were injured, two seriously, when a truck they were travelling in during the Italian champions’ victory parade on Saturdaynight struck the electric cables of the city’s tramway, according the media reports.

The team was celebrating winning their seventh straight Serie A title and fourth Italian Cup in a row with an open top bus parade through the streets of Turin.

According to reports, the truck was carrying supporters from one of the team’s fan clubs and was closely following the players’ bus before becoming entangled in the electric cables of the tram.

Six were injured and two will remain in hospital overnight, one

being treated for concussion and the other a neck injury.

One fan is reported to be a 38-year-old Italian and the second a 63-year-old Irishman.

Earlier Saturday, club legend Gianluigi Buffon played his final game for Juventus, bringing the curtain down on a 17-year career as the champions enjoyed a 2-1 win over Verona.

It was the first time since 2014 under Antonio Conte that Juventus’s players got to celebrate their title with their fans in the streets of Turin where they were greeted by thousands of their supporters.

Coach Massimiliano Allegri this season led the club to a fourth successive league and Cup double of his reign.

Coutinho’s Stunner Adds Class to Iniesta’s Farewell Andres Iniesta rounded off his highly decorated Barcelona career yesterday evening with a vintage display during his side’s La Liga curtain closer as they overcome Real Sociedad 1-0 in a teeming Camp Nou. Despite the moment seemingly set for the midfield magician to show his magic one more time, Philippe Coutinho provided his instead, with the Brazil international’s 25-yard curling stunner the difference between the Catalonians and the traveling Basque Countrymen.

It was a fitting way to sign off such a memorable campaign for Blaugrana, who secured their eighth domestic double and tasted defeat just once in a league term that will live long in the memory of the Barca faithful.

A touching mosaic

dedicated to arguably Spain’s greatest midfielder of all time, reading ‘Infinit Iniesta’, reached from floor to sky throughout Camp Nou as Real Sociedad welcomed the hosts through a guard of honour onto Catalonia’s hallowed turf for the final time this season.

Almost testimonial-like, an orchestra of appreciation met the recently-turned 34-year-old as the ball graced his boots, with supersized banners above the ultras reading a simple message of thanks to the Barcelona legend for his 22 years of service.

And despite a somewhat controlled opening from Ernesto Valverde’s men - with the visitors fashioning arguably the best chances of the opening quarter through Willian Jose and Adnan Januzaj - Ivan Rakitic had the opportunity to fire his side into the lead.

Juventus players celebrating cup double in an open bus parade… at the weekend

GOTV MAX CUP

18 Eagles in Camp for Atletico Madrid Clash There is now a full house at the training camp of the Super Eagles ‘B’ to face UEFA Europa League winners Atletico Madrid on Tuesday night in Uyo after most of the foreign call-ups joined up yesterday Ibrahim Alhassan ‘Muazzam’ (Austria Wien/Austria), Musa Mohammed (Lokomotiv Plodiv/Bulgaria), Usman Mohammed (Sarpsborg/ Norway), Chidiebere Nwakali (Aberdeen/Scotland) all reported to the team’s Bolton White Hotel in Abuja.

“By the last count, we had at least 18 players in camp,” a team official informed SCORENigeria Yesterday Kelechi Nwakali was the only foreign-based invitee in the training camp.

However, the NFF has formally asked the club of Sadiq Umar to release him for the international friendly,

while Norwegian club Lillestrom stopped Ifeanyi Matthew from the game, saying it is not within the FIFA friendly window.

Turkey-based striker Emem Eduok was expected to arrive camp last night.

The team under coach Salisu

Yusuf had a full training session at the FIFA Goal Project in Abuja.

The team is expected to fly into Uyo this morning.

L-R: Chairman Akwa Ibom State Football Association, Emmanuel Iba; General Manager, SuperSport West Africa, Felix Awogu; Laliga Delegate in Nigeria, Javier Del Rio and General Manager, GOtv, Akinola Salu during the Press Conference of GOtv Max Cup held at Ibom Hotel & Golf Resort, Uyo, Akwa Ibom State… yesterday

NFF, LMC Sign Partnership Deals with 1XBET, OCP Africa The Nigeria Football Federation (NFF) and the League Management Company (LMC) have signed separate but similarly-useful partnership agreements with global online betting company, 1XBET. The company, which operates in several territories has impressive record of association with ‘the beautiful game’ (including sponsorship of the 5th African Nations Championship held in Morocco at the beginning of the year). The deal is the latest in the stream of top-of-the-tree businesses hooking up with Nigerian football.

President of NFF, Mr. Amaju Melvin Pinnick, signed for the federation while Shehu Dikko, Chairman of the LMC and NFF 2nd Vice President, signed for the league body. The contracts are for a period of three years in the first instance, with right of first refusal on expiration, and generally offer to 1XBET, rights of association with the Super Eagles (NFF) and the Nigeria Professional Football League (LMC).

1XBET would have extensive branding and advertising opportunities across Nigeria National Team matches and events of the NFF, and are entitled to same across NPFL match venues and LMC events, including opportunity to support broadcast of NPFL matches. The

company will equally benefit from coverage across NFF and LMC official websites and digital platforms.

The benefits to NFF and LMC include components of cash, Value-In-Kind and share of future revenue from Nigeria territory based on agreed parametres. As part of the VIK, 1XBET will procure (by paying the annual subscription) Instal (match analysis software) with full access for use by all the National Teams and all NPFL clubs, to aid the technical development and scouting of players of the National Teams

and NPFL clubs. The company will also partner the NFF and LMC in various projects toward the development of Nigerian Football.

Apart from the agreement with 1XBET, the LMC also recently tied up a partnership with OCP Africa, a Morocco-owned fertilizer and agricultural giant with growing business interest in Nigeria, as ‘Official Supporter.’

The company will also have branding opportunities across NPFL events and match venues.

Director for Development (International Partners) of 1XBET, Eugene Kiryukhin, said:

“Our objective and strategy has always been driven by the need to stand out from other brands and offer unique and perfect user-experience.”

NPFL Ifeanyi Ubah 1-2 Tornadoes Katsina Utd 1-0 Sunshine Rivers Utd 1-0 Plateau Utd Wikki 3-1 Yobe Stars Kwara Utd 3-1 MFM FC Nasarawa 0-0 Kano Pillars Lobi Stars 1-0 Rangers TODAY Akwa Utd Vs Go Round Abia Warriors Vs El Kanemi

Players of the law firm of Olisa Agbakoba Legal celebrating after defeating Falana & Falana 3-1 in the final of the 2018 BOA Lawyers’ Football Tournament at the AstroTurf 2000 in Ikoyi, Lagos ... recently

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MISSILE Bukola Saraki to Ibrahim Idris “This plot is an act of desperation, blackmail, intimidation, abuse of office and crude tactics aimed at turning our country into a Police State where top officials cannot be made to obey the law, follow due process and subject themselves to constituted authorities” – Senate President Bukola Saraki, alleging plot by the Inspector General of Police to frame him for murder because of the Senate resolution that he (Ibrahim Idris) is unfit for public office.

ALEXOTTI OUTSIDE THE BOX

alex.otti@thisdaylive.com

Justice Delayed is Injustice Delivered “Where justice is denied, where poverty is enforced, where ignorance prevails, and where any one class is made to feel that society is an organised conspiracy to oppress, rob and degrade them, neither persons nor property will be safe”. Frederick Douglass (1818-1895)

M

uritala Nyako, 75, former Naval Chief, retired as a Vice Admiral in 1993.

He won the Governorship election for Adamawa State under the PDP and was sworn in on May 29, 2007.

He was removed a year later by the election appeals tribunal and had to face a fresh election in 2008. He won the election again, this time with a landslide and took back his office on April 29, 2008. After surviving impeachment threats, he ran for a second term of office and won yet again. On July 15, 2014, however, the State House of Assembly impeached him.

There was strong suspicion that Nyako’s impeachment was masterminded by the Jonathan Presidency. This was because he was one of the five governors that decamped from the PDP to the APC in the heat of the disagreement between Jonathan and some Governors.

Many people believe this was one of the factors that ultimately brought down the Jonathan administration. The battle with Jonathan was launched under the auspices of the Governors’ Forum led by the then Governor of Rivers State and current Minister of Transport, Rotimi Amaechi. The fight got to such a distasteful level that after Amaechi won his reelection as the Chairman of the forum, Jonah Jang, who scored 16 votes as against Amaechi’s 19, was recognised by Jonathan. The rest, like they say, is now history.

Following his impeachment, Nyako headed to court and on February 11, 2016, the Court of Appeal declared it illegal, null and void and of no effect. The Court, however, declined Nyako’s prayer to be reinstated as Governor, but ruled that all his entitlements and emoluments be paid to him. This judgement was upheld by the Supreme Court on December 16, 2016.

The issue of interest here is that Nyako eventually got justice, but the justice came too little too late. By the time the Supreme Court judgement came, more than two years after his impeachment, a new Administration had spent about 18 months in power. I can imagine that Nyako would have wondered what manner of justice he got. He would have been concerned that even though the Courts agreed that his impeachment was wrong, he could not be reinstated to the position that was unlawfully taken away from him. It is instructive that judgement was actually delivered on this matter very quickly, given the record of the judiciary in Nigeria.

Some matters spend more than10 years in courts such that by the time ‘judgment’ is given, justice would not only have been denied, but indeed, injustice would have been delivered instead. Some matters have been decided several years after the plaintiff or appellant had died, thereby making the reliefs granted totally meaningless and unenforceable.

The judiciary in Nigeria has all sorts of issues: from the self-inflicted to the system-induced. Rampant cases of corruption have been brought to the fore. I’m glad that this matter is finally receiving a lot of attention under the current Chief Justice of the Federation, Justice Walter Onnoghen. We have seen more reprimand and punishment of erring judges in recent times than any other time in our history. We can only encourage the judiciary not to relent in its efforts at sanitizing the system. It is very scary for litigants to believe that the only way they can get justice is to pay for it. It is even scarier for citizens to be convinced that the system is organised in such a manner that irrespective

AGF, Abubakar Malami (SAN) of the merit of their cases, judgement is determined solely by their ability, or lack thereof, to buy it. A society that cannot rely on its judiciary for justice is doomed. As it is said, the judiciary is the last hope of the common man. The legislature and the executive can misbehave. Where they do, the judiciary is expected to weigh in and call them to order. Of course, the citizens can exercise their right to vote them out in the next election season. This is not the case with the judiciary. It therefore places a lot of burden on the body which is expected to self-regulate.

A major problem with the Judiciary in Nigeria is structural. The structure is like a funnel, a pyramid, where, at the lower level, there are thousands of high courts which include state high courts, federal high courts, and customary courts. When matters are concluded at these lower courts, they move to the next level which is the appeal court. The funnel gets tighter at this level as there are only 17 divisions of the court of appeal in the whole country and a few customary courts of appeal. I may not have the statistics but my sense is that half of the cases heard at the lower courts proceed to the court of appeal. From the 17 appeal court divisions, matters move to the narrowest part of the funnel, the Supreme Court and there is just one in the whole country with no more than 21 Judges to serve over 180 million people. This is where the bottleneck manifests itself glaringly. No matter how we wish to explain it, this structure is obviously not working and indeed, cannot work. I am aware that even in the US, from where we copied our current style of democracy, states do have their own Supreme Courts. At the minimum, that is what one should expect in Nigeria. During election seasons, election petitions must, statutorily, be heard within a specified time period. The Supreme Court literally shuts down other matters to hear and decide election petitions brought before it, just to ensure that they are not time barred. At such periods, the Supreme Court sits till very late at night and sometimes at weekends. Of course, it won’t be out of place to expect that fatigue could set in and may actually affect the quality of output from the court.

The physical environment in which the judges operate is another obvious obstacle to justice. The judiciary in Nigeria is the only sector that doesn’t seem to be moving with the times. When one enters a typical court in Nigeria, one is often greeted by heaps of poorly-kept files that would discourage anyone looking for information. In some cases, such files are in such a terrible state that retrieving documents from them becomes a nightmare. The judges themselves are also made to write their notes in long hand and sometimes, they deliver hand written judgements. The question is; what has happened to computerisation?

Can’t the judiciary help itself by migrating to an automated environment as has been done in other parts of the world? In fact, there are instances where the courts reject electronic evidence, insisting on manual ones, in spite of the fact that the society has become increasingly virtual in many respects. One may then ask; is it not within the control of the judiciary itself not to reject technology?

At the heart of some of the problems of the judiciary is funding. From the states to the federal government, the judiciary is obviously poorly funded. Some states have court rooms that are not air conditioned, not properly furnished and have little or no work tools. Some of them do not have electricity most of the time nor can they afford alternative energy sources. Some judges live under very terrible conditions and can hardly afford basic minimum standards of living. These appalling conditions have been fingered as major reasons for corruption in the sector.

Funding, on the part of litigants is also a hindrance to justice delivery. Litigation, anywhere in the world is expensive and it is more so in Nigeria. Given the inefficiencies that are associated with our society, it is axiomatic that majority of the populace cannot afford to hire and sustain a lawyer’s interest in a case, no matter how meritorious. The government which is supposed to provide legal services to those who can’t afford it, is struggling to pay even basic salaries. When such people are confronted with this reality, they would rather surrender their matter to God or inevitably resort to self-help.

The Bar and the Bench are known to respect seniority sometimes to ridiculous levels. A friend of mine, went back to read Law at old age, after working in the financial services industry for close to two decades. His experience in a Lagos high courts is very interesting and revealing. He was representing someone who had been awaiting trial for several years. After a lot of efforts, he was able to secure a date for the matter to be heard. He prepared the best he could and was at the court very early. To his surprise, just before his case was called up, a SAN showed up for a matter which was supposed to be one of the last on the cause list for that day. Once the Judge noticed him, he called for his own matter, in the tradition of deference to seniority. The SAN’s case took the rest of the day. By the time he was through, the Judge rose for the day.

He was directed to the court registrar to get another date. The judge’s calendar was so full that the next available date was a clear seven weeks from that day.

What a frustration, but what could the poor ‘baby lawyer’ do?

Some counsels choose to deliberately frustrate justice.

There is the penchant to seek adjournments and file seemingly endless interlocutory appeals. Some of these appeals are designed specifically to frustrate a case by buying unmerited time. A matter at the lower court, for instance, could be stalled for years, trying to resolve an interlocutory appeal which may get up to the Supreme Court before returning to the lower court for the actual matter to be heard. It is the opinion of another lawyer friend of mine that interlocutory appeals should be banned outrightly as they are known not to serve the cause of justice. Still on appeals, the law allows appellants 90 days to appeal a civil matter. I am constrained to ask whether it is not possible to reduce this period to say 14-21 days? Some matters that make it to the appeal courts and sometimes the Supreme Court, in my opinion, do not have any business in those appellate courts. Some of them, I believe, are designed to waste time while others are designed to ensure that a beneficiary of judgement at lower levels does not

enjoy the benefits of such judgment and even if they have to, it would be at a great cost and inconvenience.

I must confess that I do not have the answer presently, but is there no way some identified matters could be made by law to end at the lower courts? Sometimes, one reads about some mundane and inconsequential matters being determined at appellate courts. The Bar has also not helped in this. In fact, one is aware of cases in courts that should have been handled at the Alternative Dispute Resolution window. There is this saying that if you want to settle a matter amicably, do not speak to a lawyer. This is because once you seek the opinion of a lawyer on any matter, his response would always most likely be, “let’s sue the bastards”.

Closely related to the issue of time allowed for appeal is the rule that allows a respondent/defendant who lives in the area of domicile of the court, up to 42 days to respond to summons. It is my contention that this is too indulgent and significantly adds to delivery of injustice to litigants.

On the part of the Bench, there are cases of judges contributing to the delay in dispensation of justice by granting unjustifiable adjournments, either because they were not prepared to hear the cases or that they may have vested interests and therefore place themselves in conflict. There are also cases of courts of coordinate jurisdiction giving conflicting judgements on the same matter. This is more rampant at the lower court levels.

There was a recent case of a judgement given by a Federal high court against a sitting State Governor.

Rather than obey the order, the Governor procured a judgement from the state high court, thereby literally countermanding the Federal High Court order. This is a recipe for chaos and should not be allowed by any decent judicial system. There are also a few cases, where judges have been found to have solicited gratification to miscarry justice. Luckily, the Nigerian Judicial Council (NJC) has been living up to its responsibilities and has continued to deal with such matters whenever they are brought to its attention. The challenge, however, remains where the victims do not have the courage nor evidence to report.

Finally, the method of appointment of judges needs to be seriously reviewed. This is one profession where network and contacts play crucial roles. Any practitioner whose parents or relatives are respected in the profession seems to automatically benefit from that tie. This may appear to be true of both the Bench and the Bar. It is my contention that competence and merit should play more significant roles in matters of justice than family or blood ties. The judiciary is also the tier of government that should be truly independent. That independence, to my mind, is impinged by the fact that the executive arm of government currently wields a lot of influence on the Judiciary. Appointments are made by the executive arms of government, with some input from the legislature. How can we then guarantee genuine independence of the judiciary?

A lot of times, against the genuine intention of the Judiciary, the relationship with the executive poses a challenge to its independence and hence leads to the delivery of injustice in the final analysis.

To ensure that we build a just, fair and egalitarian society where any individual, whether big or small, can get fair hearing and justice, we must focus on genuine reforms that address the issues raised here and elsewhere. I must reiterate that this is the only way through which we can ensure that justice is truly served the majority of our populace. On the part of the populace itself, it is important that it should also organise itself and demand these reforms knowing that injustice to one is injustice to all.

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