Monday 11th June 2018

FG: New Excise Duty Rates Not Targeted at Local Manufacturers Ndubuisi Francis in Abuja The federal government has stated that the new excise duty rates which came into effect on June 4 were not targeted at the local manufacturers. The Ministry of Finance said in a statement by its

Director (Information), Mr. Hassan Dodo, yesterday that its attention had been drawn to claims that the new excise duty rates approved by President Muhammadu Buhari on alcoholic beverages and tobacco were targeted at local manufacturers.

The new excise regime seeks to achieve a dual benefit of raising the government’s revenues to support the nation’s growth and reducing the health hazards associated with tobacco-related diseases and alcohol abuse. The government said

contrary to claims that the rates were selectively imposed on local manufacturers, there is currently a 60 per cent duty rate imposed on imported alcoholic beverages and tobacco as part of measures to encourage local production and protect local

manufacturing industry. It stated, "It should also be noted that beer and stout are currently under import prohibition to protect the industry from unfair competition from foreign brands. "In addition, other locally-

excisable products such as nonalcoholic beverages, cosmetics, perfumes, corrugated papers or paper boards and cartons have no excise duties. "We wish to clarify that the approved excise duty rates Continued on page 12

Middle Belt, Southern Leaders Urge Buhari to Remove INEC Chairman… Page 10 Monday 11 June, 2018 Vol 23. No 8453. Price: N250

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Enlist Abiola as Former Head of State, Carrington Tells Buhari Oshiomhole: June 12 more important than May 29 Onyebuchi Ezigbo in Abuja and Bayo Akinloye in Lagos A former United States of America Ambassador to Nigeria, Walter Carrington, has called on the President Muhammadu Buhari administration to immediately

include the name of the presumed winner of the June 12, 1993 presidential election, Moshood Abiola, among the list of Nigeria’s heads of state. He made this call on Sunday evening following THISDAY’s inquiry as regards how he viewed the federal

government's honouring of the late Abiola with the country’s highest national award, GCFR. Carrington said: “From this day forward any listing of Nigeria’s Heads of State must include the name of Moshood Abiola, because on June 12, 1993 he clearly

and decisively won what was then universally hailed as the freest and fairest election in the country’s history. On that day when Abiola swept even the home district of his opponent (Bashir Tofa, who had expressed his reservations about the award bestowed

on Abiola), Nigeria was more united ethnically, religiously and regionally than it had ever been before or has been since.” The former US envoy, who was involved in the struggle to help Abiola realise his mandate and get him released from prison under the regime

of Gen. Sani Abacha, accused the military leaders of that time of masterminding the cancellation of the presidential poll results. “But then, before the results were officially announced, Continued on page 12

External Reserves Down to $47.42bn as Foreign Portfolio Investors Anticipate US Rate Hike Sovereign wealth assets up by 27 per cent to N534bn NSIA to unveil new funding plans for 2nd Niger Bridge, others Obinna Chima in Lagos and Ndubuisi Francis in Abuja Nigeria’s external reserves has maintained a sustained decline, albeit marginally in the past three weeks as foreign portfolio investors (FPI) continue to weigh the possibility that the United States Federal Reserve will raise interest rate at its meeting which holds this week. A hike in US interest rate would mean an increased return for FPIs who may also be concerned about political risk in Nigeria. Nigeria’s external reserves which hit a five-year high in

the first quarter of 2018, fell by a total of $329 million, to $47.425 billion as of June 7, compared with the $47.754 billion it attained on May 21. However, the movement of the reserves which are derived majorly from the proceeds of crude oil earnings, showed a continuous decline. But it is not all gloom as the total assets of the Nigerian Sovereign Wealth Fund (NSIA) grew by 27 per cent to stand at N533.88 billion in 2017 compared to the N420.93 billion in the corresponding period of 2016, Continued on page 10

ROYAL RIDE... President Muhammadu Buhari and King Mohammed VI in a motorcade during a reception for the president in Morocco… yesterday

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Middle Belt, Southern Leaders Urge Buhari to Remove INEC Chairman Carpets IG Idris for indiscipline Senator Iroegbu in Abuja Middle Belt and Southern Nigerian leaders yesterday called on President Muhammadu Buhari to relieve Chairman of the Independent Electoral Commission of Nigeria (INEC), Prof. Yakubu Mahmood, of his post, sighting the likelihood of bias in favour of the president as their reason for the call. The leaders in a statement in Abuja also asked the president to among others, act on last week’s 12-point resolutions of the National Assembly on the state of the nation; call out the Inspector General of Police, Ibrahim Idris; uphold the powers of the states to enact laws on open grazing of livestock; reign the killer herdsmen and take urgent steps to make the country more secure for the citizenry. In the statement signed by Dr. John Nwodo (Southeast), Chief Ayo Adebanjo (South-west), Chief Edwin Clark (South-south) and Air Commodore Dan Suleiman (rtd) (Middle Belt), the leaders urged Buhari to re-enact the spirit of June 12 by ensuring the conduct of free, fair and peaceful elections in 2019. Speaking on their behalf

at a press briefing in Abuja yesterday, Chairman of Pan Niger Delta Forum (PANDEF), Air Commodore Nkanga Indongesit, said Buhari should as a matter of priority, institutionalise credible elections in the country. But he said this objective could not be achieved with Mahmood in charge of the affairs of the election management body, arguing that given his geographical origin, the INEC chairman was likely to favour the president, adding that there were fears that 2019 elections might be manipulated in favour of Buhari. He said Buhari's relationship with Mahmood and an INEC national commissioner, Amina Zakari, representing Northwest and believed to be a relation of the president, was so strong that it could influence them to manipulate the elections in favour of the president. According to Indongesit, "As we move towards the 2019 elections, there are accumulated indications that there are efforts to manipulate the result in forth coming election, which Nigerians must be vigilant to thwart.� He said the president’s decision to keep the military

Service Chiefs, whose tenures lapsed last year, was suspicious, claiming that it might be intended to get to do Buhari’s bidding during the polls. “We have fears that the Independent National Electoral Commission may not be able to deliver free and fair election as the bug of nepotism and sectionalism that this administration is renowned for has also eaten up the leadership of the commission," he said. Indongesit said the leaders were concerned that since independence, Buhari was the only president that had been audacious enough to pick only people who were either his relations or of the same ethnic stock with him to lead the electoral body. He also expressed concern that the country was plunging into a complete state of anarchy, with continuous lawlessness and lack of professionalism on the part of the police that had failed to stem the incessant killings in the country. Indongesit referred to what he described as high level of indiscipline exhibited by IGP Idris and advised Buhari to quickly deal with the issues raised in the resolutions by

the joint executive session of the National Assembly In their statement, the leaders said they were worried about the overheating of the polity as politics continued to overshadow governance in the country with its attendant national embarrassment as professionalism was fast becoming alien in many of our public institutions. They said, “The latest in the serial assaults on decency in public affairs is the audacious refusal of the police to submit to civil authority and the elastic tolerance of the growing impunity of its Inspector General. It is on record that the IGP has defied the authority of the President when he refused to relocate to Benue State to restore law and order. “Since the President confessed that IGP ignored his directive, there has been no evidence of his compliance with the order and no sanction has been imposed on him for this. It is little wonder that the Nigerian police under him has become accumulated indication of a source of anarchy in the land. “We are gradually rolling towards anarchy, as all sense of decency and order have been eroded. We have not

forgotten how the police spokesman, taking a cue from his boss, declared a state governor 'a drowning man' and how the IGP has flagrantly refused to honour the Nigeria's Senate invitation to explain why the authority has not been able to stop killings going on across the country and bring killers to book.� They criticised the police handling of the April 5, 2018 Offa bank robbery as it relates to Senate President Bukola Saraki and Governor Abdulfatah Ahmed of Kwara State, saying the conduct of the police was prejudicial. "While we recognize and defend the right of the police to investigate crimes and interrogate anyone linked to such no matter their status,� they said, but added, “We are miffed at the conduct of the police throwing professionalism overboard by conducting media trial of the Senate President and a sitting Governor without having proper investigation of serious criminal allegations.� On the resolutions of the joint session of the National Assembly on the state of the country, they said, "We have also noted the resolutions issued at the end of a joint

executive session of both chambers of the National Assembly on the state of the nation calling on the president to take major steps to stop the killings going on across Nigeria and protect the lives of our citizens. We believe that the presidency should even be more interested in this more than anyone else and we consider them patriotic demands on the presidency at a time the country's neck is between the sword and the block.� The leaders condemned the call by the Minister of Defence, Brig-Gen. Mansur Dan-Ali (rtd), to ban the anti-grazing laws enacted by some states. Noting that the Defence minister had always defended and shielded the herdsmen against arrests and prosecution in what they said had become a cardinal programme of the government, the leaders asked the federal government to recant Dan-Ali’s call. “We insist that under federalism, the central government has no right to ask states to void laws validly made by the federating units. Any person or group that has any grouse with any such law can only proceed to the law court to seek redress."

EXTERNAL RESERVES DOWN TO $47.42BN AS FOREIGN PORTFOLIO INVESTORS ANTICIPATE US RATE HIKE to the Managing Director/ Chief Executive Officer of the Nigerian Sovereign Investment Authority (NSIA), operators of the Fund, Dr. Uche Orji, who spoke at the weekend. The fund’s manager also said new funding plans for the 2nd Niger Bridge, Lagos-Ibadan Expressway and the East-West Road that have expressed funding difficulties for some time now, would soon be unveiled by the Authority. Meanwhile, Fed had raised rate in March 2018 and thereafter signalled that it would further hike rate about two more times this year. But a top central bank official who pleaded to remain anonymous explained that the move by the US Fed was not only affecting capital flows to Nigeria, but to other emerging and frontier economies as well. “You will notice that in May, the Federal Open Market Committee (FOMC), which is the monetary policymaking body of the Federal Reserve held their position. But when they raise rate in March, between April and May, South Africa and Argentina lost heavily as investors left those countries. “The foreign investors were contemplating to pull funds out of Nigeria, but they spared Nigeria. “Even though it was earning seasons and they repatriated some of their dividends. But while they were taking funds out from Nigeria, they hit South Africa and Argentina badly. “Last month when FOMC held rate steady, they (FPIs) went to Turkey and Indonesia, to the extent that even though Turkey’s policy rate went up, they still moved out of the country after some time. “Now, this month, we have seen heavy moves

into Indonesia. But if FOMC raises rate again at their meeting this month, there is the contemplation that they would go heavily into Malaysia. “But while there is this massive movement of flows from emerging markets into the US, what is moving out of Nigeria is moderate because of the good oil price and the fact that treasury bills rates are still attractive. “So, I would say the CBN has done well. The flows out of Nigeria has been repatriation of dividends and very minor outflows to balance their portfolio. “However, we are not going to pretend that political risks are not there,� the source explained. In a related development, analysts at Lagos-based CSL Stockbrokers have pointed out that the decline in the reserves coincided with the weeks during which Shell took offline two major oil export pipelines – the Trans Forcados and the Nembe Creek Trunk Line. “The pipelines in question are particularly sensitive to the government as well as stakeholders at large. Multiple attacks by militants on Trans Forcados in 2016 for example, brought Nigeria’s oil production to its lowest in years. “The pipeline is indeed a major evacuation route for onshore oil production but it is a sitting duck for militants due to its design (onshore that is not buried under the ground). The pipeline also links a number of oil fields and oil mining leases (OML) in the western Niger Delta with the Forcados terminal on the coast. “With this in mind, we believe a continued delay in pipeline repairs will be a major drag on foreign reserves growth over the

coming months,� the firm stated in a report. Meanwhile, the CBN Monthly Business Expectations Survey Report for May released at the weekend revealed that at 28.9 index points, respondents’ overall confidence index (CI) on the macro economy last month remained the same as the level recorded in April 2018. The businesses outlook for June 2018 showed a greater confidence on the macro economy at 65.5 index points. The report noted that optimism on macroeconomy in May was driven by the opinion of respondents from services (17.6 points), industrial (9.2 points) construction (1.2 points) and wholesale/retail trade sectors (0.9), while the drivers of the optimism for June were services (39.5 points), industrial (19.5 points), wholesale/retail trade (3.3 points) and construction (3.2 points) sectors. “Respondents’ outlook on the volume of total order and business activity in May 2018 was less optimistic, as the index stood at 15.1 and 16.1 points, respectively when compared to 17.2 and 18.5 points, respectively recorded in the previous month. “However, respondents’ outlook on financial conditions (working capital) and average capacity utilisation improved, as the indices stood at 14.1 and 22.7 index points, respectively when compared with the 8.5 and 20.0 points, respectively recorded in April 2018. “The improvement in the average capacity utilisation (CUI) index can be attributed to the positive outlook on financial conditions. Respondents were more optimistic on access to credit in the review month, with an index of 2.8 points,� the

report stated.

Sovereign Wealth Assets Grow by 27% to N534bn Meanwhile, the Nigerian Sovereign Investment Authority (NSIA), operators of the Sovereign Wealth Fund (SWF), is set to deploy more investments into infrastructure, expressing a move towards unveiling appropriate funding plans and project structures being redeveloped for the LagosIbadan Expressway, Second Niger Bridge, Abuja-Kano Expressway and East-West road projects. The NSIA, which is playing a deeper investment role in infrastructure projects under its Infrastructure Fund window, said while the LagosIbadan Expressway, Second Niger Bridge, Abuja-Kano Expressway and East-West road projects fall within investible transactions for the Authority, its involvement was principally to ensure an increased inland road stock while creating cross-country arterial roads to catalyse the flow of economic activities. NSIA Managing Director/ Chief Executive Officer, Mr. Uche Orji, who briefed journalists in Abuja, weekend where he formally unveiled the audited financial results for the 2017 financial year, said “appropriate funding plans and project structures are being redeveloped for these projects and will be unveiled in 2018.� Although the Authority had in February 2017 announced its plan to invest $760 million in the Second Niger Bridge last year, for instance, Orji’s disclosure that “appropriate funding plans and project structures are being redeveloped,� and it is expected to provide

the compass into the level of NSIA investment in that project and the others. Providing some insight into what kind of infrastructure the NSIA would be investing in, Orji listed some of them as toll roads, power, and healthcare, among others. According to him, the healthcare sector was accorded a heightened degree of attention in 2017 as a key infrastructure focus area, adding that final contracts were drawn up with the approved partners of federal tertiary medical facilities under a medical public private partnership (PPP) programme. “Within Q1 2018, NSIA closed the development of a privately managed advanced cancer radiotherapy treatment centre to be located within Lagos University Teaching Hospital (LUTH), and privately-operated medical diagnostic centres equipped with modern facilities to be located at the Aminu Kano Teaching Hospital; and the Federal Medical Centre Umuahia (FMCU) respectively. “It is expected that by yearend, the Lagos centre would have reached an advanced stage of completion,� Orji said. He also disclosed the creation of financial institutions that enable investments in infrastructure, citing that Infrastructure Credit Guarantee Limited (InfraCredit), a company established to provide credit enhancement against local currency bonds for eligible domestic infrastructure transactions. “Within the period under review, InfraCredit completed its first transaction, a 10-year bond deal for Viathan Power, which significantly reduced Viathan’s interest expense by enabling it to access N10

billion of long-term funding via a direct bond raise with institutional investors,� he said. Unveiling NSIA’s 2017 financial results, Orji said total comprehensive income (including the impact of foreign exchange gains) of N27.93 billion in the previous year stood at N149.83 billion, just as total comprehensive income (excluding the impact of foreign exchange gains) of N26. 28 billion (previous year) was N46.24 billion. Total assets, he noted, recorded a growth of 27 per cent to stand at N533.88 billion compared to the N420.93 billion in the corresponding period of 2016. He attributed 68 per cent of asset growth to the $250 million National Economic Council (NEC) contribution during its Governing Council meeting, but] which was received in the third quarter of 2017. Continued on page 12

TOP GAINERS JAPAUL DOUBLE11 CADBURY C & I LEASING SOVREIGNTRUST TOP LOSERS OANDO DIAMONDBANK CCNN

NGN NGN 0.02 0.31 1.80 174.30 0.60 12.65 0.07 1.61 0.01 0.27 NGN NGN 0.65 6.70 0.10 1.52 1.40 26.60 SKYEBANK 5.00 95.00 ETERNA 0.34 6.56 HPE Nestle Nig Plc â‚Ś1,430.00 Volume: 210.026 million shares Value: N3.888 billion Deals: 4,141 As at Friday 8/06/18 See details on Page 39

% 6.9 5.0 4.9 4.5 3.8 % 8.8 6.1 5.0 5.0 4.9

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NEWS

The Beat Stops for Ras Kimono at 60 Chiemelie Ezeobi The musical rhythm of life ended yesterday for popular reggae artiste, Ekeleke Elumelu, popularly known as Ras Kimono, as he passed on after a brief discomfort. He was 60. Known for hit songs like ‘We no want’ and 'Rum-Bar StylĂŠe', released in his debut album Under Pressure in 1989, the reggae legend was said to have complained on Saturday night about feeling discomfort and was rushed to a hospital in Ikeja, Lagos. He was said to have been later taken to Lagoon Hospital on the Island, where he eventually died. He was a member of Jastix, a group that was made up of Majek Fashek, Amos Mc Roy and Blackrice Osagie, before he went solo and released his first album, ‘Under Pressure.’ Delta State born Kimono’s path with music crossed while he was a student at Gbenoba Secondary School, Agbor and after school joined the Jastix, a Lagos based musical group. later as a member of the Jastix Reggae group. According to Wikipedia, "His music was greatly influenced by the poverty, inequality and hardship he witnessed in his early life. "His solo debut album Under Pressure released on the Premier Music label in 1989, propelled him to instant continental stardom. "He later released a string of hit albums, touring all over Africa, Europe and the United States, promoting his brand of reggae music. "He won several awards, including the Nigeria Music Awards, Fame Music Awards and many more. "In 2010, he was still performing to a loyal fan-base of all ages and his music is still played on radio, throughout West Africa. Kimono served a long apprenticeship on the Nigerian music circuit,

experimenting with a number of styles, before making his late 1980s breakthrough as a reggae singer. "His strongly polemical lyrics produced album sales of over 100,000 copies, and a fervent following for his advocacy of social change. "What’s Gwan proved even more successful, with the topics selected including legalisation of marijuana, and the need for Africans to intellectually repel colonialism and its arbitrary boundaries between tribes. "Most controversially, he was not averse to naming directly those in power he saw as synonymous with backdoor imperialism." Reacting to the news of the death of the reggae star, former Governor of Anambra State, Mr. Peter Obi, and his Delta State counterpart, Chief James Ibori, said his demise was a great loss to the music industry. For instance, Obi who said it was not up to two weeks he met Kimono at a function, where he expressed his wish to meet with him in the future, followed by the normal exchange of phone numbers, said he was saddened by his death. He described him as one musician whose songs conveyed meaning even when they were pleasant to the ears. Calling on budding musicians to imitate his likes that played music with passion, he prayed for eternal repose of his soul. Similarly, Ibori described Kinomo’s death as a big blow to him personally, Delta State, Nigeria and the entire globe. In a statement by his Media Assistant, Tony Eluemunor, the former Delta State governor said, “Kimono was a gifted revolutionary who applied his immense musical talent and impressive energy to make not just Nigeria but the entire world a better place. “I have known Ras Kimono

Late Kimono for a very long time. While I was Delta State Governor from 1999 to 2007, the musician remained close to me all through. He would often visit me and I was open to whatever advice he had to offer. I also enjoyed a warm personal relationship with him. He would often come along with one or two of his fellow musicians and would throw banters on end. “Kimono was one of those who kept the flag of Delta State flying as the talent hub of Nigeria, - thorough going professionals, gifted musicians, actors and actresses, sports people, comedians, intellectuals, top polity-enhancing bureaucrats, immensely talented youths who excel in all wholesome

fields.� Ibori added, “Nigeria will never forget Ras Kimono; for me, his memory will always have a warm place in my heart for he was a dear friend who remained faithful through thick and thin, and who brought pride, not just to his Onocha-Olona town, but to the good people of Delta State.� Ibori sent his condolences to Kimono’s family, and prayed that Almighty God will grant his soul eternal rest. Also reacting to the demise of the reggae star, Delta State Governor, Dr. Ifeanyi Okowa, commiserated with the music industry, his family and friends. In a statement by his Chief Press Secretary, Charles

Aniagwu, Okowa sent condolences to the music industry and the Onicha Olona community in the state over the loss. He described the deceased as a true music legend whose songs entertained Nigerians in the 80s. The statement read: "I received with sadness the news of the passing away of Ras Kimono, a great reggae legend. He will be remembered for his hit song "Rumbar Stylee." "I join lovers of reggae music to mourn this great loss. He belonged to an era of great reggae music exponents in Nigeria." The governor noted that Kimono spent all his life promoting good governance

through reggae music, good entertainment and healthy community relations. “As one of the legends of reggae music, the governor commends Kimono for contributing to the development of music in Nigeria, and sustaining his interest in the music industry even in old age by participating in several music concerts." Okowa affirmed that the music industry in Nigeria benefited from the contribution of the late musician, who also mentored many younger Nigerian musicians. He prayed that God will accept the soul of the departed, and comfort the family he left behind.

aspirants for National Secretary, National Woman Leader, National Youth Leader and Deputy National Chairman. National chairmanship aspirants would be screened

on Tuesday. The chairman of the screening committee and governor of Katsina State, Bello Masari, told journalists that 179 aspirants would be screened.

ENLIST ABIOLA AS FORMER HEAD OF STATE, CARRINGTON TELLS BUHARI the election was annulled. The mandate the whole country, North and South, had bestowed upon the president-elect was suddenly stolen from him at the behest of military leaders who feared that he would return them to the barracks where they belonged,� the diplomat added. Meanwhile, Carrington, who is married to a Nigerian (Dr. Arese Carrington), has congratulated Nigerians on what he termed as the first national recognition of June 12 as a Democracy Day. He said, “Arese and I wish we could be with you on this first national acknowledgement of June 12 as Democracy Day. Its future celebrations will remind generations of Nigerians yet unborn of the sacrifices their ancestors made. “The names of MKO and his beloved Kudirat and all who joined them in martyrdom will be forever remembered along with those of their countrymen and women who lived to carry on the struggle that led to the restoration of civilian rule. “I am heartened that,

at long last, Nigeria, in the stirring words of its national anthem, honours the labours of these heroes past and recognises that they (the labours) have not been in vain. A century ago the philosopher, George Santayana, admonished us that ‘those who cannot remember the past are condemned to repeat it.’ Years later, at Barack Obama’s first inauguration, the poet, Maya Angelou, reminded us: ‘History, despite its wrenching pain, cannot be unlived, and if faced with courage, need not be lived again.� Also speaking on the declaration of June 12 as democracy day, former Edo State governor and a front line national chairmanship aspirant of the All Progressives Congress (APC), Adams Oshiomhole, said June 12 was of more significance to Nigerians than May 29. Similarly, Senator Abubakar Gada has said that former President Olusegun Obasanjo ignored an opportunity to honour his kinsman, Abiola, whom many Nigerians see as the sacrificial lamb for the

present democracy when he was in office. Addressing journalists shortly after opening his campaign office in Abuja, Oshiomhole said Buhari had exhibited good statesmanship by recognising June 12, which was the day the sacrifice for democracy was made in the country. "I think we should salute the president for his statesmanship. There are many things he has done over the past three years that are outstanding in terms of finding the political will and demonstrating statesmanship," he said. Oshiomhole who used the opportunity to present his campaign director, Farouk Aliyu, said he was banking on a solid support base to pick the APC national chairmanship job. "In a boxing match, you do not ask a featherweight to go into the ring with a heavyweight. It is going to be a very interesting convention. I think for all of us who believe in democracy, it is to be expected,� he said. Speaking in an interview with THISDAY on Sunday, Gada said history would

record the president as having taken a fundamental decision that has corrected the ills of the past and capable of making more Nigerians feel harmonious and to feel like one family. The senator who acknowledged that Buhari's honour to Abiola and the recognition of June 12 had political undertone, said that no one deny the fact it was a popular decision. "What is important is that by political decision you do things that will serve national interest. Whatever perspective you may take from it, it was a political decision to annul the June 12 election, it is equally another political decision to restore it. So it is not a financial decision and anybody who will not want the politics of it will get it wrong but what is important is that by political decision you do things that will serve national interest,� he said. In the meantime, as part of the preparations for its June 23rd national convention, APC screening committee yesterday commenced the screening of aspirants for various positions. Those screened yesterday included

EXTERNAL RESERVES DOWN TO $47.42BN AS FOREIGN PORTFOLIO INVESTORS ANTICIPATE US RATE HIKE Return on capital employed (ROCE) on the core funds also showed 5.17 per cent, 6.05 per cent and 3.50 per cent for the Stabilisation Fund, Future Generation Fund and Nigeria Infrastructure Fund respectively. On the outlook for 2018, Orji stated that global market volatility in 2018 was expected to be driven by rising interest rates in the United States, adding that on the local scene,

anticipation of a further decline in interest rate in the Nigerian market would potentially discourage investors. He, however, noted that in spite of this, the Authority would continue to maintain its diversified asset strategy to drive returns and mitigate market volatility, adding that it anticipates increased investments in infrastructure as more projects come up to financial close.

FG: NEW EXCISE DUTY RATES NOT TARGETED AT LOCAL MANUFACTURERS followed all-encompassing engagements with key industry stakeholders by the Tariff Technical Committee (TTC), of which Manufacturers Association of Nigeria (MAN) is a member. The stakeholders’ engagements contributed to

the final recommendation. "The federal government remains committed to the industrialization agenda and shall continue to put in place fiscal policy measures to protect local manufacturers and stimulate the growth of the economy."

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COMMENT

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

TOWARDS A SUSTAINABLE ELECTRICITY SUPPLY Yemi Oke argues that the industry should be driven by market forces

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inister of State for Power, Works and Housing, Alhaji Sulaiman Hassan Jara first announced that the federal government planned to invest N72 billion in the electricity distribution companies (DisCo). In a subsequent announcement the Minister of Power, Works and Housing, Mr. Babatunde Raji Fashola (SAN), stated that the federal government had concluded plans to provide a N72bn convertible loan to the DisCos, which will be managed by the Transmission Company of Nigeria (TCN). According to the minister, the facility would be a shareholder loan which the DisCos (that were not part of the planning for this initiative) must be willing to match or the loan would be converted to equity. Mr Fashola also stated that the facility is aimed at strengthening and expanding the country’s electricity distribution network currently being managed by privately licensed electricity distribution companies. On the surface, this seems a laudable step by a government that has been pilloried repeatedly for not ensuring that more is done to improve power supply in the country. After all, being 40 per cent equity holders in the DisCos, they should be more involved in ensuring that the downstream component of the power sector improves in efficiency. This will mark the first time the federal government is attempting to make direct interventions in the DisCos, since privatising the entities in November 2013. However, this new move has raised a lot of questions amongst industry watchers and stakeholders. Most worrisome is the indication by the minister that the facility will be managed by TCN. Should a government-owned entity that is a member of the value chain be put in charge of managing a facility for privately-owned DisCos that belong to the same value chain? Furthermore, an institution that barely has project management capacity of its own? In the same vein, asking the DisCos to match the N72billion facility is mischievous, because it is a known fact that the DisCos’ books are currently encumbered with debt, as to make them technically insolvent, a situation principally driven by regulatory and policy inconsistency and federal government inability to meet its pre-conditions, under the performance agreements that it executed with the DisCos. Should the foregoing scenario become a reality, an immediate implication is that there is a reversal to the pre-privatisation period when the government was in charge. This backdoor approach towards redesigning the ownership structure of the DisCos will portend danger to an economy that is clamouring for critically needed foreign direct investment (FDI). No foreign investor will invest in an economy where we do not respect the sanctity of contract, riddled with regulatory inconsistencies, policy summersaults and a string of uncoordinated interventions. Indeed, this arrangement would be tantamount to a renationalisation of the DisCos.

GREATER ATTENTION NEEDS TO BE APPLIED TO ESTABLISHING THE MARKET CONDITIONS THAT WILL ENABLE THE MARKET EVOLVE ORGANICALLY AND CONSISTENTLY INTO ONE THAT IS DRIVEN BY THE MARKET FORCES OF SUPPLY AND DEMAND, CONTRACTS, PRICE COMPETITION, IMPROVED SERVICE DELIVERY AND EFFICIENCY

I mentioned above the need to address core issues and one of them is the need to ensure the market is founded on solid commercial principles. Without this, any government intervention is doomed to fail. Business cannot be run any other way than as business if it is to succeed. Without this clearly in our sights, much needed funds that could be used to address other social good will certainly go to waste under one ill-advised government intervention or the other. The fundamental requirement of the NESI is a cost recovery structure that will allow the DisCo operators to both access the funding that is critical for capital investment (a fundamental requisite for efficiency and improved service delivery) and for sending the right pricing signal that will stimulate investment upstream of the NESI value chain. As a matter of fact, one is tempted to ask that without a sustainable cost recovery structure in place, how will the N72 billion expected to be invested in distribution assets by the government be recovered? With the current economic squeeze being battled, government certainly can’t afford to engage in sinking such an amount without a thought on how to recoup it. Definitely, any thought of the N72 billion being recovered as loans on the DisCo books is one that is out of touch with reality. In addition, is there any proof-based assessment or study done that shows that this intervention will either enhance or improve the power supply challenges and bottlenecks that currently exist, especially given the current misalignment of the electricity value chain? The minister made mention of the fact that original equipment manufacturers (OEMs) have been asked to indicate interest to supply equipment but no mention was made about what specific needs the equipment will be deployed to address or what data is informing the choice of the equipment that is being sourced. Is there any collaboration with the DisCos to even know what is needed on ground? Talking further on collaboration with the DisCos, how does the federal government intervention relate to the DisCos’ business plans and network expansion plans? If there is a disconnect between these, the possibility of this becoming a “white elephant� project may increase sharply. With the current suppressed electricity tariff, consideration should be given to the fact that any distribution infrastructure investment in wrong areas would worsen the market shortfall that currently exceeds N1 trillion. On a final note, I believe and hold that greater attention needs to be applied to establishing the market conditions that will enable the market evolve organically and consistently into one that is driven by the market forces of supply and demand, contracts, price competition, improved service delivery and efficiency. That is where the sustainable solution lies.

GOVERNMENT POLICIES AND STOCK MARKET VOLATILITY The stock market is a victim of uncertainty in the operating environment, argues Sola Oni

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ne of the five best performing stock exchanges globally, The Nigerian Stock Exchange has undergone volatility in the last two weeks. It’s measure of corporate gains, All-Shares Index and value of listed securities, market capitalisation fell by 6.38 per cent in one week to close at 36,818.29 and N13.336 trillion respectively on Friday, June 1, 2018. Volatility is unavoidable but it can be managed with an enabling operating environment and appropriate policies that enhance investor confidence. During volatility, innocent shareholders watch helplessly as their investment is plundered by the bear market. Such a trend can make the chief executive officer of a stock market to sweat under corporate jacket while stockbroking firms lose jumbo commissions from fat cat clients. On our own bourse, the bear run is usually taken over by bull in a short while since nothing is intrinsically wrong with the quoted companies on the exchange as their shares are generally undervalued. The Chartered Institute of Stockbrokers (CIS), an umbrella body that certifies stockbrokers and Association of Stockbroking Houses of Nigeria (ASHON) are always under pressure to calm nervous domestic investors that bear trading provides an opportunity for investors to beef up portfolio as market fundamentals on the exchange remain strong. The market has not fully commenced trading in derivatives. This would have provided hedging opportunities for the shareholders. After all, an investor cannot lose simultaneously in both the spot and derivative market. They would have been enjoying zero-sum game by now. We should commend the CIS for making training in managing equity derivatives compulsory for all stockbrokers as part of the institute’s compulsory continuous professional development programme. There shall be opportunities to implement the training in Nigeria one day. The exchange has recorded trajectory of superior performance by global standard after the market meltdown of 2008. The battle for investor confidence

is no longer a major issue as aggressive foreign portfolio investors have since discovered huge opportunities for superior return on investment (ROI) in the acclaimed frontier market. They know that investment is a game of trade off between risk and return. The exchange is a leading market by any parameter. The market is respected in the World Federation of Exchanges (WFE) and African Stock Exchanges Association (ASEA), where Onyema is the current president. Shall we tell President Mohammad Buhari that the fingered enemy of the exchange is the government of Nigeria through its political and economic activities that unleash anguish on many investments? Every stock market mirrors and responds to the happenings in its political, economic and social space. Any market that operates at variance is voodoo. News headlines is daily replete with news on suicide bombings and kidnapping by Boko Haram, callous killings by Fulani herdsmen, emerging political assassination, high tension armed robbery, uncertainty of the government’s fiscal and monetary policies that have polarised our economic experts into two camps on the hazards of continuous retention of the nominal anchor, the monetary policy rate (MPR) at 14 per cent by the Central Bank of Nigeria (CBN) and perceived fear of economic and political crisis as we gradually approach 2019 general election. These are called systematic or market risks. They are external and beyond the control of the exchange. As uncertainty of policies thickens, captains of our manufacturing firms are losing weight as they continue to contend with forex challenges despite all the publicity about the special window created for the manufacturers. Nigeria’s manufacturers performance index (MPI) which tracks relationship between productivity and profitability has slightly dropped from 56.7 per cent in April to 56.5 per cent in May. External reserve has also fallen slightly by 99 million to 47.5 billion dollar in the review period. Price of crude oil is already fluctuating in the international market. Nigerians are awaiting the impact of the federal government’s Economic Recovery and

Growth Plan (ERGP) which recognises the deep weaknesses of Nigeria’s economy and the need to fully revive it by 2020. It is really not yet uhuru. Some analysts can swear that the current monetary policy is pro-foreign portfolio investors and anti-domestic ones. Foreign portfolio investors are more active on our bourse than their domestic counterparts. By the analysis of the exchange, “Foreign Investors outperformed domestic investors by 15.48% in April 2018. Total domestic transactions reduced by 36.05% from N140.27 billion in March to N89.70 billion in April 2018. Foreign transactions also reduced by 7.32% from N132.21 billion to N122.53 billion within the same period�. Foreign investors deploy mutual funds as investment vehicle. Mutual funds are baskets of investments that enable an investor to use the same amount of money to own shares and fixed income securities in many companies. There are mutual funds in Nigeria. It broadly comes under collective investment Scheme because of the varieties of asset classes under the scheme. It is managed by professional fund managers. Most mutual funds seek capital gains as investment philosophy. Some invest over 80 per cent of their net assets on equity securities market in the emerging markets like Nigeria. They frequently take positions on large and medium-capitalised firms. They dive into volatile markets without qualms. This investment model is credited with transparency through regulation, diversification and economies of scale in terms of bulk purchase. But mutual fund’s challenges range from cash drag as they must keep huge amount for unforeseen redemption, huge tax, high maintenance costs and relative illiquidity compared with stocks on redemption procedures. There are fillers that the recent massive sale of shares by foreign investors is oiled by some mutual funds that are paying returns of five per cent and above in the United States and Europe and portfolio investors are under pressure to convert their shares to cash for better investment opportunities. But nobody can rule out the fear of impending general election as well because media reports are loaded

with signals of what may happen in 2019. It could be a flight for safety for the foreigners. Unfortunately, herd instinct usually propels many domestic investors to take queue by selling off whenever the foreign investors blow whistle. Foreign investors are adept at risk analysis. They accord importance to country risk before they invest trillions of hard currencies outside their countries. The naked truth is that uncertainty characterises our operating environment in Nigeria. Why should MTN give priority to Ghana Stock Exchange for its Initial Public Offering (IPO)? There is just no solid explanation other than MTN’s perceived unfriendly operating environment in Nigeria. By market capitalisation, The Nigerian Stock Exchange is about three times that of Ghana Stock Exchange. Theoretically, the exchange can acquire or swallow Ghana’s stock market. Apart from insecurity issues and management of interest rate, the apex regulator of the capital market, the Securities and Exchange Commission (SEC) which represents the government on the market is unstable. The senior prefect of the capital market has been operating without a board for a long time and nobody seems to care. In six months, three staff of the commission occupied the hot seat of Director General, two in acting capacities. Mallam Mounir Gwarzo who took over from Ms Arunma Otteh was suspended by the Finance Minister, Mrs Kemi Adeosun for breaching public service rules. He was replaced in acting capacity with the SEC’s head of External Relations, Dr Abdul Zubair whose appointment was dramatically short lived. Zubair surrendered the baton to Ms Mary Uduk, one of the longest serving staff of the commission, expectedly in acting capacity. Adeosun also appointed in acting capacity, Reginald Karawusa as Executive Commissioner, Legal and Enforcement; Isiyaku Tilde, Executive Commissioner, Operations and Henry Rolland Adekunle, Executive Commissioner, Corporate Services. Oni, Communications Consultant and Chartered Stockbroker is CEO, Sofunix Investment and Communications

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EDITORIAL NIGERIA AND WORLD CUP 2018 There is need for the Super Eagles to concentrate on their mission – to excel

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here is a simmering excitement around the FIFA World Cup due to kick off in Russia on Thursday (June 14) with 32 countries, including Nigeria, participating. In all, 64 matches will be played in what is generally considered the biggest global spectacle. Not only has it been so since the first edition was held in Uruguay in 1930, the World Cup has also evolved into a commercially viable sporting event that generates huge revenues from TV deals and sponsorship fees. It is also a sporting fiesta that unites people across serious divides. The tournament holds every four years and is a strong platform which many countries use as a scale to measure their international relevance. We are therefore delighted that Nigeria is one of the 32 countries that will exhibit national pride across 11 Russian cities. It is also remarkable that the Super Eagles were the first side from Africa to reach Russia and now maintains their impressive run of appearances at the GIVEN THE WAY THEY finals, having missed only one tournament PERFORMED IN THEIR - Germany 2006RECENT FRIENDLY since qualifying for MATCHES, THE SUPER their debut World EAGLES MUST UP THEIR Cup in 1994 in USA. GAME IF THEY EXPECT Russia 2018 will TO DO WELL AT THE also mark the sixth time that Nigeria’s TOURNAMENT flag will be hoisted at a World Cup. Currently the Super Eagles occupy the 48th position in the FIFA ranking and have only lost four matches in the last 24 official engagements, including the African Nations Championship (CHAN). Nigeria’s first World Cup match against Croatia in Kaliningrad on June 16, will set the tone for the next two Group D fixtures against Iceland in Volgograd on June 22, and against Argentina, four days later, in St Petersburg. The Nigeria Football Federation (NFF) has put

Letters to the Editor

together a string of warm up matches to ensure the team gels for the main task ahead. But given the way they performed in their recent friendly matches, the Super Eagles must up their game if they expect to do well at the tournament. It is, however, noteworthy that as a result of the decline in the national domestic league, the national team has for years depended almost solely on players from European leagues to prosecute important competitions like the World Cup. But the situation is gradually changing as there are now home-based players good enough to play for the Super Eagles and excel. Some of them have been included in the team by the national coach, Gernot Rohr.

T 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

he World Cup is a platform for the exhibition of national pride. But as we also learned four years ago in Brazil, the conduct of the players and officials at the tournament is capable of inflicting a huge embarrassment on national reputation. We don’t want a re-enactment of that sordid episode when the players boycotted training on the eve of a ‘Round of 16’ match over bonus disputes with officials. The money row disrupted their concentration and was the cause of their elimination by France in an evenly balanced match. The Confederation of African Football (CAF) has advanced $2 million to the national team to help settle beforehand players’ bonuses while FIFA has paid $1.5 million to each of the 32 teams taking part in the tournament as preparation fee. The teams that advance to the Round of 16 are also entitled to minimum of $8 million as appearance fee. These are the funds that usually elevate tempers among players and officials. We insist they should not end up in private pockets. Government should therefore hold the NFF and the Sports Ministry accountable and ensure judicious use of the World Cup vote and funds generated through FIFA, CAF and corporate sponsors. We wish the Super Eagles a successful outing in Russia.

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.

GERNOT ROHR AND THE WORLD CUP

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t happened again, the Super Eagles lost their match against the Czechs. Has luck deserted the Super Eagles? What is it that has changed in a team that had a good qualifying campaign? After several warnings from some quarters against the use of Francis Uzoho as the first-choice goalkeeper of the Super Eagles the manager Gernot Rohr seems hell-bent on using him. To Rohr perhaps, it is Uzoho at all cost. Our game against England could have easily been a draw if not for the young lad who made a schoolboy error which can happen at his age but which is unforgivable for a goalkeeper going to the World Cup. A ball that should have been punched out for a throwing Uzoho’s first instinct was to punch out for a corner. And that resultant corner kick was capitalised on to give England the lead. The second goal too was cheap. After the first-choice goalkeeper Carl Ikeme was diagnosed with leukemia, Ikechukwu Ezenwa took Ikeme’s place and Nigeria qualified for the World Cup. But instead of keeping faith with Ezenwa, or looking for more matured goalkeepers he went for a young lad who is third-choice goalkeeper at the La Liga club Deportivo La Coruña, a club that has now been relegated. I like Uzoho, but he should wait for his turn. He can’t be given a responsibility his young shoulders or rather hands can’t carry. Making him first-choice at the World Cup is just a crazy gamble. Up till now he can’t command his defence. How can

he do that when his defenders are well older than him? It’s only natural for him to respect the older players to the team’s detriment. He should still be playing for the U-21. The senior World Cup is for men, not for boys. Experience usually trumps youth. Even being the youngest team there is a disadvantage. Well, I don’t know the magic Uzoho performs during trainings but it has yet to reflect during matches. As we say it here “na who pass na him know book.” Besides, we need a goalkeeper who keeps regularly for his club not a bench warmer. Uzoho has not shown us why he should be ahead of Ezenwa. So much for Uzoho’s height advantage over Ezenwa. Of what good is height when it can’t be used to your advantage? What some goalkeepers lack in height they make up for in good instinct, good vision and good reaction time, positioning and good leadership to help organise their defence. Uzoho is 19, Ezenwa is 29. I repeat, if Uzoho goes to be number one at the World Cup it means we are placing our fate on a young lad who has not kept in a competitive match, and who is third choice in his club! Does it mean in a nation of more than 180 million people there aren’t good goalkeepers? As I once said in a piece on the same issue “Better the devil you know than the devil you don’t know. Ikechukwu Ezenwa helped qualify us for the World Cup. He seems lucky and often trusts his luck in his rosary which he brandishes when we win.

Successful teams do need luck too. The Super Eagles will surely need any kind of luck.” Yes, there is an element of luck in life, football is not an exception. I prefer an “average” goalkeeper who keep regularly for his club and is so lucky that when he is on duty for some reason he is virtually on holiday, to a so-called “good” goalkeeper who when he is on duty he is kept busy all through. And at the end of the match you hear “Ah, if not for him the opponents would have scored 10 goals.” But Ezenwa did creditably well against Cameroon at home and away. And also showed class against Algeria and Zambia. These are top-rated teams in Africa and moreover competitive matches. Rohr is fixated on foreign-based players to the detriment of home-based players and our league. If Ezenwa were playing abroad perhaps he would have been favoured. But remember that Vincent Enyeama was playing at home with Enyimba while he was our number one goal tender. This is the same club Ezenwa is playing for now. Rohr by his action is really affecting the psyche of the home-based players. Enyimba is the most successful club in Nigeria today. We should believe it can produce at least one first-team player if not more in the Super Eagles as obtains in other great footballing nations. Dr Cosmas Odoemena, Lagos

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FOOTPRINTS OF AN EXCEPTIONAL PERFORMER R OA D S

296

DEVE

L

DU

C ATI O N

E

EN

M ENT

TERP

E IS

OP

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road projects …and still counting

14,841 persons trained and established in their choice enterprises

3,381

Additional

4,113

youths trained in vocational skill training centres across the State

Six

classrooms renovated/ constructed... and still counting Technical Colleges rehabilitated and fully equipped to produce self-reliant graduates as the Establishment of emphasis shifts from certificate Teacher Professional acquisition to skills acquisition Development Centre

T H I S D AY MONDAY JUNE 11, 2018

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POLITICS

Group Politics Editor Tobi Soniyi Email tobi.soniyi@thisdaylive.com 08033146139 SMS ONLY

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

June 12: Buhari’s Greek Gift to the South-west President Muhammadu Buhari’s decision to honour Chief MKO Abiola and other fallen heroes of the annulled June 12, 1993 presidential election is viewed with cynicism, writes Tobi Soniyi

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s the debate over whether it is legal or right to posthumously confer the national honour of the Grand Commander of the Federal Republic on the late acclaimed winner of the June 12, 1993 presidential election, Chief Moshood Kashimawo Olawale Abiola and others rages on, President Muhammadu Buhari is pressing on with an elaborate plan to make the conferment a big national event to the chagrin of the opposition. Buhari had on Wednesday declared that the nation’s Democracy Day would, henceforth, hold on June 12 of every year as against the current arrangement where the ceremony holds on May 29. The president also conferred the GCFR national honour on Abiola who was widely believed to have won the annulled June 12, 1993 presidential election. GCFR is the nation’s highest national honour. While announcing June 12 as the new Democracy Day, Buhari said he reached the decisions after due consultations. Apart from Abiola, Buhari said he would also honour his running mate, Alhaji Babagana Kingibe, and the late human rights activist, Chief Gani Fawehinmi, with the second highest national honour, the Grand Commander of the Niger. He said their investiture would take place on June 12. The statement read, “For the past 18 years, Nigerians have been celebrating May 29, as Democracy Day. That was the date when, for the second time in our history, an elected civilian administration took over from a military government. The first time this happened was on October 21, 1979. “But in the view of Nigerians, as shared by this administration, June 12, 1993 was far more symbolic of democracy in the Nigerian context than May 29 or even the October 1. “June 12, 1993 was the day when Nigerians in millions expressed their democratic will in what was undisputedly the freest, fairest and most peaceful elections since our independence. “The fact that the outcome of that election was not upheld by the then military government does not distract from the democratic credentials of that process. “Accordingly, after due consultations, the Federal, Government has decided that henceforth, June 12 will be celebrated as Democracy Day. “Therefore, the government has decided to award posthumously the highest honour of the land, GCFR, to the late Chief MKO Abiola, the presumed winner of the June 12, 1993 cancelled elections. “His running mate as Vice President, Ambassador Babagana Kingibe, is also to be invested with a GCON. “Furthermore, the tireless fighter for human rights and the actualisation of the June 12 elections and indeed for democracy in general, the late Chief Gani Fawehinmi, SAN, is to be awarded the GCON. “The investiture will take place on Tuesday, June 12, 2018, a date which in future years will replace May 29 as a National Public Holiday in celebration of Nigeria’s Democracy Day.” The move, no doubt is a masterstroke especially in the south-west where the president’s poor performance i n managing the economy and his insensitivity to killings in the middle belt have left him isolated from those who supported him in 2015. The president knew that he was going to record a poor showing and then decided to turn the table by playing on the emotion of the people in the south-west.

That explains why Buhari can praise Abacha today and celebrate his victims tomorrow. The president is merely playing a survival game just like any other Nigerian politician will do

win back those who have already dumped the president is yet to be seen. But there is no denying the fact that the gesture is a moral booster. Is it a game changer? It is too early to determine. For one, conferring GCFR on Abiola isn’t going to put food on the people’s table. The president will have to do more.

MKO Abiola

President Muhammadu Buhari

Whether you agree with the president or not, it is only the ignorant that will downplay the importance and the likely effect of the gesture. People want political power to promote

their interest. Now that someone who has the power is using it to promote your interest, why stopping him? However, whether this will be enough to

A Missed Opportunity for the PDP No other political party has the opportunity to redress the injustice created by the annulment of the June 12 presidential election than the Peoples Democratic Party. Sadly, it failed to take advantage. The party ruled for sixteen years and chose to make May 29 the day to mark the return of democracy to Nigeria. It also ignored the feelings of the families who lost loved ones to the struggle to actualize the annulled election. Perhaps, critics had forgotten that, in one of his last ditch efforts to woo the South-west, Dr Goodluck Jonathan as president announced that University of Lagos had been renamed Moshood Abiola University. But because the half-hearted gesture was not done with sincerity of purpose, it fell through. Perhaps, Jonathan forgot that University of Lagos was established by an act of parliament and that he would therefore need to send an amendment bill to the National Assembly to change the name. May be, if Jonathan had done what Buhari just did, he might have succeeded in swaying more voters in the south-west to his side. Just may be. If voters in the south-west reciprocate the president’s gesture by voting for him, why should that be of concern to anyone? The PDP had all the opportunity to assuage the feelings of the pro-June 12 people, not just in the south-west but across the country. Buhari is merely taking advantage of PDP’s strategic error. Not long ago, the PDP insulted the south-west when it carefully edged the zone out of the race for the party’s national chairmanship. Those now crying foul were ecstatic in their jubilation then. Among other arguments, the party justified its decision to elect Uche Secondus as its national chairman on the ground that the PDP enjoyed a robust support in the south-south. The argument goes, why electing someone from the south-west as your chairman when most of the states in the zone are not under the control of the PDP? Now that Buhari has read through the PDP’s script and chosen to pitch his tent with the south-west, those who argued that it was safer to elect a south-south person as the chairman of PDP must have seen the implication of their short-sightedness. Those condemning the south-west for embracing Buhari because of the June 12 recognition are not being sincere in their assessment either. They expect the CONT’D ON NEXT PAGE

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POLITICS south-west to embrace the PDP that didn’t deem the people of the zone good enough to lead the party to warm up to PDP? If the president turns around the economy today and stops the killings in the middle belt, many voters will reward him with another term. That will not be a bad thing. A Welcome Development The Abiola family said that the conferment of GCFR on Abiola was the only befitting recognition of his fight for democracy in Nigeria. In a letter to President Muhammadu Buhari written by the scion of the Abiola’s family, Kola Abiola, he expressed the family appreciation to the president. The letter read: “On behalf of the wives, children and grandchildren of late Bashorun Moshood Kashimawo Olawale Abiola, I am writing to formally express our sincere appreciation to you for conferring him with the National Honour of Grand Commander of the Federal Republic (GCFR) and designing June 12 as Democracy Day in Nigeria going forward. “Your Excellency, as I wrote in my letter to you on June 12, 2016, in our minds, the award was the only befitting recognition of the importance of Chief Abiola’s fight for democracy for Nigeria which culminated in 4 years in incarceration/solitary confinement and decimation of his usiness and financial interests, before the ultimate sarifice, being his life on July 7 1998 at the age of 60. “Your Excellency, your decision to also designate June 12 as Democracy Day rights the wrong done to all the nation-builders and heroes that produced the democratic credentials on which the Nigerian polity now thrives. “We are profoundly grateful to the people from all corners of Nigeria that worked tirelessly to ensure the most free and and fair elections in our nation’s history in 1993, fought valiantly for the Hope 93 mandate given to Bashorun Abiola by the Nigerian people and died trying to protect the mandate. “Mr President, I thank you earnestly for heeding our plea where others before you did not, whilst conveying the assurances of my highest esteem.” Chief Mile Ozekhome, SAN was even more philosophical when he said: “I knew the time would come. When the gestation period is over for a pregnant woman, she must surely deliver. It does not matter how – whether through normal delivery or caesarian operation. June was all along like the pregnant woman.” The learned silk recalled that on June 12, 2014, he moved a motion at the National Conference that not only should June 12 be declared a national holiday and the real democracy day, but that Chief M.K.O. Abiola and all the souls of the faithful departed of those who gallantly lost their lives fighting for the realization of June 12, be remembered and immortalized. He also demanded a minute’s silence for those heroes. Ozekhome, not a fan of the president, commended him for the initiative. He, rightly in our view, reasons that honouring Abiola and declaring June 12 democracy day should not be seen as a partisan issue. He said: “To me, it is not the right argument that PMB did it for political reasons. Yes, he may very well have done it to shore up his battered political image and fast dwindling democratic credentials. But, the inescapable fact is that he has done the right thing for which history will remember him. This is the more reason, I believe the argument should now go, why he should retire quietly to his Daura home, having done one great thing for which he would be remembered. “When Chief Olusegun Obasanjo wrote his scathing letter to PMB in December, 2017, I applauded the letter for the import of its correct contents, even though I am not a fan of OBJ. I argued then that we should listen to the message and not look at the messenger. In the same vein here, we should look at the historical significance of PMB’s political masterstroke on the June 12 brouhaha; and not him as a person, or the ulterior motives for which he did it. I applaud him for this singular act that breathed fresh exhilarating oxygen into his tack luster performance.” Would Abiola and Fawehinmi Have Accepted the Awards? The argument on whether Abiola and

General Sani Abacha

Fawehinmi would have accepted the award given the prevailing atmosphere where those who killed others are not held to account, has become no issue since their families are willing to accept. Nevertheless, Ozekhome’s insight into this remains very apt. According to him, the answer is a categorical “no”. Like many others, the senior advocate said he was convinced MKO and Fawehinmi would have out rightly rejected the national honours if they were alive. He recalled that on 14th December, 2008, barely 9 months before his death, Fawehinmi outrightly rejected the national honour of OFR (Officer of the Federal Republic of Nigeria), bestowed on him by the then President, Umaru Musa Yar’Adua. In rejecting the honour and giving his reasons, Gani said,inter alia: “‘Today I am seventy years and 8 months old. I am struck down by lung cancer for which I have been receiving medical treatment outside my country because my country Nigeria has one of the poorest medical services in the world but one of the richest countries in the world in terms of revenue.’” Ozekhome concluded that nothing had changed between now and 2008 when Fawehinmi rejected the award. “Even PMB has himself been receiving medical treatment in London, outside Nigeria”, he added.

Buhari is merely taking advantage of PDP’s strategic error. Not long ago, the PDP insulted the south-west when it carefully edged the zone out of the race for the party’s national chairmanship

In rejecting the award, Ozekhome further quoted Fawehinmi as saying: “‘Whether now or in the life beyond, how can I wake up in the morning and look at the insignia of honour bestowed on me under a government that persecutes…Nuhu Ribadu?’ (Whom he believed did a great job on the anti-corruption fight).’ On whether, Abiola would have accepted the award, Ozekhome he also would have rejected it. He said: “As regards the matyr of democracy, Chief MKO Abiola, who paid the supreme price in his quest for genuine redemptive messiahnism, he would also have rejected the GCFR given him, except certain things were first done. “Recall that Abiola had rejected his bail which was burdened with unacceptable conditionalities. If Abiola were alive, he would demand that before he accepts the GCFR honour (reserved only for presidents and Heads of State, the presidential elections in which he clearly emerged the winner in the freest, fairest and most credible elections ever held in Nigeria, should first be declared by the present INEC which succeeded Professor Humphrey Nwosu’s National Electoral Commission (NEC), which had conducted the election. He would insist that he be first formally pronounced “President, Commander-In-Chief, Federal Republic of Nigeria”, before accepting same. He would insist that his campaign slogan of “farewell to poverty” be accomplished.” Buhari, Abiola and Sani Abacha Not too long ago, Buhari praised the late military Head of State, Sani Abacha for doing a good job and indirectly castigated former President Olusegun Obasanjo. Many have asked, what has changed between now and then. Abacha did not annul the June 12 election but he detained Abiola for demanding that he be sworn in as president. Abiola eventually lost his life under suspicious circumstance. When critically examine against the backdrop of the enthusiasm with which Buhari often praises Abacha, it is easier to see why a segment of the society view the president’s new found love for June 12 and Abiola a deceit. However, this is a dilemma the president’s handlers can easily explain away because this is Nigeria where no one stands for anything. Nigerian politicians are lacking in principle. They easily abandon the

political party upon which they are elected and shamelessly cross to another party. That explains why Buhari can praise Abacha today and celebrate his victims tomorrow. The president is merely playing a survival game just like any other Nigerian politician will do. This has clearly shown that the president is not different from the politicians he condemns everyday. He is simply not the change agent Nigerians crave for. A Basis to Hold Buhari Accountable The conclusion reached by Ozekhome is very instructive. According to him, the argument of what reasons actuated PMB in declaring June 12 our democracy day, and giving post-humous awards to Abiola and Gani, does not arise at all. He continues: “If anything, the very acts themselves form the very prong and catalyst to hold PMB strictly accountable to the ideas, philosophy, and democratic credentials and convictions that drove these two great sons of Nigeria, nay, Africa. “These include socio justice, egalitarianism, respect for human rights, observance of the rule of law and due process, treatment of all Nigerians equally, wholesome and non-selective fight of corruption, good, transparent and accountable governance, respect for the will of the people through a fair, just, credible and respectable electoral process, etc. “In endorsing and applauding PMB for this historic feat, let me add that he must carry out the necessary legal, constitutional and legislative requirements to bring this to fruition. For now, the pronouncement remains in the realm of executive fiat. PMB should also go ahead, with the necessary political will, to immediately restructure the lopsided Nigerian federation, remove the glaring nepotic and cronystic imbalances and enthrone true, fiscal federalism. He should also ensure that the June, 1993 presidential election results are officially declared and Abiola formally pronounced the winner, and therefore president of Nigeria. His name, undoubtedly, will be inscribed in gold in Nigeria, whether or not he goes ahead to contest the 2019 presidential election. To me, he should not, even though it is his constitutional right to do so. He should play the Nelson Mandela card. God bless Nigeria.”

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FEATURES

Group Features Editor: Chiemelie Ezeobi Email chiemelie.ezeobi@thisdaylive.com

Future of Healthcare in Nigeria Stakeholders at the Future of Healthcare Summit in Lagos say with innovative technologies, the country can improve its health indices and become a health destination for other African countries. Martins Ifijeh writes

L-R: Commissioner for Health, Lagos State, Dr. Jide Idris; wife of the Senate President, Mrs. Toyin Saraki; Health Correspondent, THISDAY, Mr. Martins Ifijeh, Minister of State for Health, Dr. Osagie Ehanire , CEO, Philips Africa, Jasper Westerink, at the Healthcare Summit in Lagos…recently

E

ver imagined Nigeria becoming a healthcare destination like the United States, Germany or United Kingdom, where African presidents, their children and politicians run to for treatment? Ever imagined Nigeria being at the bottom of the pyramid when disease burdens and poor life expectancy rates are discussed on a country by country basis? Ever wondered Nigerian doctors and nurses abroad repatriating themselves back home because the health system is becoming better? Well, keen watchers of the system may say it is not likely to happen, because this is Nigeria. But impossible is nothing. These dreams and more were the major thrust at a roundtable discussion on the ‘Future of Healthcare in Nigeria’ in Lagos, where healthcare stakeholders and policy makers believed with innovative technologies and prioritisation of the health sector, the Nigerian narrative will change and be a healthcare destination in Africa. The high powered summit was organised for the first time in Nigeria by CNBC Africa, the continent’s biggest business television channel, in collaboration with Philips, and Forbes Africa. They said the country’s high maternal and child mortality, high malnutrition index, poor cancer treatments, incessant disease outbreaks, medical tourism abroad, among others, are a reflection of the present

healthcare system, but that public private partnerships, innovative solutions and enabling ecosystem are the ways to go if the country’s healthcare sector must improve.

We need to create true purpose in Nigeria healthcare, and to do that, all stakeholders must look forward, and not backward, into the future. There is light at the end of the tunnel. Nigerians should also get rid of the negativity surrounding improving healthcare in the country

On specifics, a Healthcare Futurist, Michael Jackson said it was time Nigeria’s healthcare professionals think more digital in their approach to delivering solutions, adding that this can bridge the yawning gap in Nigeria’s health sector and deliver solutions to the citizens. He said: “We need to create true purpose in Nigeria healthcare, and to do that, all stakeholders must look forward, and not backward, into the future. There is light at the end of the tunnel. Nigerians should also get rid of the negativity surrounding improving healthcare in the country The futurist, while stating that the recipe for change includes computing, communications, connectivity amongst others, explained that “the changing face of technology was affecting the world positively, hence Nigeria, and Africa in general, must not be left behind.” He spoke about the evolution of business which now focuses more on skills, knowledge, decentralisation, partnerships and digital engagement and the fast pace of technological development, encouraging healthcare professionals to emulate this progression in rolling out digital healthcare solutions for Nigeria and Africa. Giving examples of digitally connected technologies being developed in Africa by Philips Africa’s Community Life Centres using solar power in Kenya, he said, “Technology can help tackle challenges right here

in Nigeria such as the inequitable ratio of one medical doctor to 25,000 patients and the language gap across the 500 dialects spoken here, encouraging healthcare professionals to adopt this tactic: simplify, smarten-up, specialise.” The Founder/President, Wellbeing Foundation Africa (WBFA) and Global Goodwill Ambassador for the International Confederation of Midwives (ICM), Mrs. Toyin Ojora Saraki says the digitisation of Personal Health Records (PHR) will help reduce mortality rates in the country. She said even though Nigeria records 20,000 new born babies on a daily basis, about 2,300 under-five year olds are lost, while 145 women of childbearing age die every day in the country. “The digitisation of the PHR would place Nigeria at the forefront of improving maternal and infant health outcomes. The digitisation of the PHR to inform similar nationwide efforts by qualified midwives would place Nigeria at the forefront of improving maternal and infant health outcomes. It would be fitting to achieve that here in Nigeria, where the idea for a home-based record was developed and has since been successfully deployed in countries like the UK and Japan,” she added. In her keynote address titled ‘The Role of Technology in Improving Mother and Child Healthcare in Nigeria – Raising Quality Standards for Health Care, Putting People

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FEATURES

L-R: Ifijeh, Westerink and President, Healthcare Federation of Nigeria, Claire Omatseye

First’, Mrs. Saraki, who is the wife of the Senate President Bukola Saraki, emphasised that this approach will aid in proffering solutions to the country’s health-related challenges. She said: “Nigeria’s growth rate of 3.2 per cent annually means that our nation will, according to the United States Agency for International Development (USAID), reach a population of 440 million people by 2040. As a nation which is currently unable to keep its mothers and children safe and healthy, we must urgently seek solutions to the scale of the challenge we are about to face,” she advocated. She said the United Nations Children’s Fund (UNICEF) reports revealed that the rate of newborn deaths has improved to 37 per 1,000 births saying that this national average hides the differences among the 36 states and the slow progress in some of the states. She explained further that these figures are already startling and should constitute a national emergency. She stated further that the digital technology can, at its best, ensure quality and standards of care are improved, maintained and sustained. “Without a public centralised health database for many families to rely upon and keep them informed of the necessary health processes in a child’s first thousand days of life, the WBFA’s Personal Health Record came as an innovation that placed this knowledge directly into the mother’s hands, and empowered her to provide, analyse and follow-up on her own data to be in control of her own situational analysis. Saraki highlighted the video training deployed by the WBFA at Gwagalada School of Nursing and Midwifery in Abuja as an example of technology transforming healthcare development in Nigeria, and cited the WBFA’s training partnership with Johnson and Johnson and the Liverpool School of Tropical Medicine as the global standard of ‘hands-on’ teaching which is saving lives and helping mothers and infants to thrive. On his part, the Minister of State for Health, Dr. Osagie Ehanire, said Nigeria loses up to $1bn every year to medical tourism due to the loss of faith in our medical system, at various levels, adding that the situation was what the present government was trying to address. “We need to foster an enabling environ-

ment where knowledge reparation in health is promoted and Nigerian health workers in diaspora can return home.” The Chief Executive Officer, Philips Africa, Jasper Westerink, who was part of a panel session tagged, ‘The role of technology in the transformation of healthcare in Nigeria’, said aside from the provision of important healthcare solutions through technology, Philips Africa was committed to educating and creating awareness towards the reduction of risk factors associated with unhealthy lifestyles, adding that the provision of technologies that enable a healthy lifestyle also remains a key priority for Philips Africa. Touching on some specific examples of healthcare product innovations from Philips, he said, “Having a wide spectrum of healthcare attendants embedded in communities would go a long way to fixing issues with the overburdened primary healthcare systems. Access to technologies that capture early diagnosis is another way to alleviate this burden.” He emphasised the need for collaborations, partnerships and the provision of fast paced healthcare technologies towards making positive impact on lives. He said, challenges exist but so do opportunities to

Nigeria has a vibrant private healthcare sector which is unfortunately fragmented due to gaps in solutions. It is important for government to partner the private sector and bring in their passion in order to achieve the ideal formula for success in healthcare delivery

Mrs. Saraki...says with technology maternal and child mortality can be tackled

bring together resources and partnerships in order to leapfrog sustainable healthcare in communities. He cited the private sector, government and Nigeria’s young and vibrant population as key stakeholders to bring to the table. He reiterated the importance of education in prevention of health issues, adding that a focus on acute challenges and harnessing the resources of stakeholders were key. The Commissioner for Health, Lagos State, Dr. Jide Idris, said training was important to ensuring that healthcare professionals were well equipped, and able to apply technologies when required. “Communication and behavioural change initiatives are important in order to leapfrog from education to ensuring that technologies are well understood and applied in communities. He said Lagos State has put initiatives in place to incentivise private sector participation, adding that the government was committed to creating platforms to stimulate private sector participation. “The state is also partnering healthcare equipment manufacturers for the purpose of offering better health services to the citizens.”

He mentioned that a public private partnership (PPP) law was in place in the state, aimed towards stimulating and creating enabling environment and the government’s commitment to developing key infrastructure. The President, Healthcare Federation of Nigeria, Claire Omatseye said with technology, being a major driver of change, especially today when patients are digitally empowered, healthcare solutions must be incorporated into everyday innovations and meet patients where they are. “Nigeria has as many skilled consultants as countries such as the USA and the UK, but due to brain-drain, a lot of them have left our country. There’s a need to close the digital divide so that consultancy services can be delivered seamlessly across borders “Some challenges facing the health sector include financing and access to capital as well as the importance of collaboration with sectors outside healthcare in order to deliver viable solutions.’’ Focusing on the issue of brain-drain, Omatseye said that some of the top reasons for this including remuneration, access to technologies and better working environments; all of which can be fixed with the right level of commitment and investment. “Nigeria has a vibrant private healthcare sector which is unfortunately fragmented due to gaps in solutions. It is important for government to partner the private sector and bring in their passion in order to achieve the ideal formula for success in healthcare delivery.” On his part, a Health Correspondent with THISDAY, Martins Ifijeh, who was a panellist, called on both federal and state governments to prioritise healthcare by increasing health allocations in their various annual budgets, adding that one of the chief reasons the country was still grappling with poor health indices was because only a little amount is being budgeted to address health issues in the country. He said, there’s more the Nigerian Government can do with regards to universal health coverage. “Universal Health Coverage should be constitutionally mandated in order to achieve desired results. The issue of universal healthcare should be highlighted more in Nigeria’s political discourse. There should be collaboration by all levels of government and stakeholders for UHC to work effectively.”

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T H I S D AY • MONDAY, JUNE 11, 2018

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BUSINESSWORLD R A T E S MONEY MARKET OBB OVERNIGHT

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REPO 4.83 5.33

CALL 1-MONTH 3-MONTH

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Group Business Editor ChikaAmanze-Nwachuku Email: chika.amanzenwachukwu@thisdaylive.com 08033294157, 08057161321

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EXCHANGE RATE 357.18 - 0.20% -0.23% 3.23% 8.41%

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Quick Takes Fidelity Supports Educational Devt

Fidelity Bank Plc has provided educational materials to Egwuare Primary School, Uromi in Edo State The items the bank donated to the school included computer systems, branded school bags, sandals, books and other writing materials to support learning. The bank explained that its decision to embark on the initiative was borne out of the need to make life easier for students. The project tagged ‘Back to School’, was initiated and implemented by staff of Uromi Branch under the auspices of the Fidelity Helping Hands Programme (FHHP). A statement explained that the bank’s intervention in the education sector particularly through its ‘Back-To-School’ project received commendations from various quarters. His Royal Highness, Solomon Izuware Ojeaga, The Onogie of Ujiogba Kingdom, in his remarks commended the bank for implementing projects that enhance the quality and standard of education in the country.

Wema Empowers SMEs

RECOGNITION

L-R: Managing Director Management Transformation Limited, Dr, Wura Abiola; Divisional Head, Corporate Services, First City Monument Bank, Felicia Obuzuwa; Channels Management Officer, Tolulope Ireti; and Team Lead, Training, Admin and Logistics, Chibuzo Karunwi, during Great Place To Work 2018 award that took place in Lagos…recently

NSE Facilitates N10.3tr Investment in Equities, Bonds in 10 Years Goddy Egene The Nigerian Stock Exchange (NSE) facilitated the investment of N10.341 trillion in equities and bonds in the Nigerian capital market in the last 10 years, data obtained from the NSE has shown. The data obtained by THISDAY showed that the sum was investment between 2008 and 2017. An analysis of the figures showed that at N2.379 trillion, 2008 accounted for the highest amount during the period. This was the year when the market experienced an unprecedented boom following the banking sector recapitalisation.

CAPITAL MARKET This was closely followed by 2014, when investors traded N1.339 trillion and 2017, which accounted for N1.273 trillion. The local bourse recorded N1.044 trillion in 2013 and N953 billion in 2015. A total of N797 billion was invested in 2010, just as N686 billion was staked in 2009. The year 2012 accounted for N658 billion, while 2011 recorded N635 billion. Investors traded N577 billion in 2016. The NSE has been providing a platform for investors to invest in stocks and bonds as well as for corporates and government to raise

funds for their operations and developmental projects respectively. After three years of decline the stock market rebounded last year by gaining 42.3 per cent, while investors traded N1.273 trillion securities. Also, the exchange ended 2017 with a total income of N8.30 billion, representing a growth of 86 per cent, as against the N4.46 billion in 2016. Also, its operating surplus before tax soared by 5,629 per cent from N27 million to N3.82 billion in 2017. The Chief Executive Officer of NSE, Mr. Oscar Onyema said: “This positive performance, after the significant

headwinds witnessed over the past two years, affirms the resilience of our market and its potential as a catalyst of economic growth in Nigeria and the hub for Africa. “Focus on executing our robust strategy of cost efficiency, products and revenue diversification, as well as innovative and improved operational delivery, underpins this strong performance.” Onyema explained that buoyed by improved ease of market entry and exit for foreign portfolio investors, transaction fees jumped by Continued on page 24

Banks Intensify Savings Deposit Mobilisation Obinna Chima Commercial banks are increasingly shifting their focus away from time deposits, to attracting low cost deposits from customers since the reduction in treasury bills yields, a report has stated. This, according to the report is to enable them manage margin declines from the fall in treasury bill yields. London-based Exotix Capital stated this in a report on Nigerian banks, after its analysts visited Lagos, where they met with six banks. The report was titled: “Notes from the field: Reasons to Be Positive.” It explained that treasury

ECONOMY yields have generally been declining in response to the Central Bank of Nigeria’s (CBN) less aggressive stance on liquidity tightening. “For some banks, mix shifts (e.g. moving from large loans to smaller balances) could be a positive support for asset yields. “The cost of funds is likely to fall in the second quarter (Q2) of 2018 as some of the expensive wholesale funding that the banks took on in October/ November 2017 matures. “In addition, the cost of customer deposits has declined as current/savings account

deposit collection has improved. Improving cost of funds is a key management objective for several of the banks. Retail savers are being aggressively targeted to help achieve this goal.” It revealed that one of the commercial banks that had been an active participant in the central bank’s swap scheme had indicated its willingness to roll-over its exposures. “However, another indicated that its swap volumes were considerably lower than before. “In any case, spreads on this business have declined, which will result in negative revenue momentum. “However, the banks indi-

cated that this can be offset by more customer-driven derivatives income. “Corporate transactional activity has increased, and appetite for hedging has increased given the historical experience. “Outsourcing is being adopted as a cost control tool, for example in relation to back-office processing/data centres, or to back-up generator capacity. “We are also seeing banks taking a more focused approach; they are looking to be more active in the sectors where they have strengths and to Continued on page 24

Wema Bank Plc said it recently sponsored a number of small and medium scale businesses to a capacity-building training on building sustainable wealth which was organised by PwC in Lagos. The Nigerian economy is driven significantly by a vast number of SMEs. Research showed that as of October 2017, the country had in excess of 30 million small businesses operating within its borders. However, in the face of increased competition and heightened economic headwinds, the need to secure the right knowledge and expertise required to speed up growth and guarantee profitability in business is even more critical. “WemaBank,keentogrow thecapacityofsmall businessesandbuild lasting relationships that help them grow into profitable ventures, sponsored a number of small and medium scale businesses that cut across the manufacturing, hospitality, renewable energy, retailing, agricultural value chain and education sectors to a training at the prestigious PwC Business School. “The training featured experts from key growth sectors as well as business managers and successful entrepreneurs. “Discussions and insights were shared and the subject matter experts touched on critical aspects of business building including bookkeeping and accounting to tax efficiency, raising funds for business and much more,” a statement from the bank explained. Speaking on the bank’s decision to empower small businesses, the Head of Retail Banking at Wema Bank, Dotun Ifebogun, explained that Wema Bank believes in the growth potential of SMEs and was keen to provide the required financial and non-financial support needed to ensure these businesses realise their potential.

Winners Emerge in Innovation Awards

The 2018 edition of West Africa Innovation Awards will honour outstanding brands and personalities that have made remarkable marks in the private and public sector across the region. A five-man panel of judges recently announced all the winners at a forum organised to mark eight years of driving innovation in West Africa. Some of the winners of the 2018 awards include Chemical & Allied Products Plc, Sweet Sensation, Brands Optimal, Voyance Marketing, and NewAge Leasing to mention, among others. The program which is in its eight-year was designed to identify outstanding innovations in the areas of new product development, customer services excellence, market or industry landmarks, courageous and unbeatable leadership prowess among others. The 2017 edition of the program took place in Abuja and some of the winners of then included: Lagos State Pension Commission, UPDC Plc, Africa Prudential Registrar Plc, Origin 8, Ghana, Russelsmith, X3M Ideas, Berger Paint Plc, May & Baker Plc, Zenith Pension Custodian, Beta Media Cameroun, Integrated Corporate Services Limited, Market Trends International, Halogen Security,

Businesses fail either because owners borrow for the wrong reasons or they don’t know proper book keeping and there is nothing tying them together and preventing them from behaving otherwise

MD/CEO Fidelity Bank Plc, Mr. Nnamdi Okonkwo

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BUSINESSWORLD NSE FACILITATES N10.3TR INVESTMENT IN EQUITIES, BONDS IN 10 YEARS

National Carrier: Aviation Experts Caution FG Chinedu Eze

130 per cent to N3.6 billion in 2017, accounting for 45 per cent of the group’s total income last year. According to him, listing fees appreciated by 110 per cent from 2016 to the year under review, indicating a revival in primary market activity. “Last year, we reiterated the need to diversify the exchange’s income streams and I am pleased by the positive results we have recorded in this regard. “Our market services business consisting of technology and market data services continue to perform impressively. More telling is the fact that market services income has continued to grow despite the market down-cycle which significantly impacted our core trading and listing businesses in 2015 and 2016,” Onyema said. BANKS INTENSIFY SAVINGS DEPOSIT MOBILISATION de-emphasise other segments where they feel the competition/ growth/ risk profile is unfavourable. “In general, the view on asset quality is that it should be stable to improving during the year. Accelerating loan growth and lower interest rates, allied to higher oil prices, are key positive drivers. “In addition, loan books have now become seasoned – most exposures are around 3-4 years old. The biggest stresses in the loan book took place in 2016, but now borrowers are doing better.” The report also pointed out that the application of technology had helped banks to lower theircustomer acquisition and transaction processing costs, potentially opening up a much larger retail customer base for the financial institutions. It also predicted that banks were likely to move to an exchange rate of N360/$1 in their financial statement this year, which according to the report could lift their non-performing loans (NPLs) or provisioning needs.

Group Business Editor

Chika Amanze-Nwachuku AgriBusiness/Industry Editor

Jonathan Eze

Comms/e-Business Editor

Emma Okonji

Capital Market Editor

Goddy Egene

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

Nume Ekeghe (Money Market) Nosa Alekhuogie (Cap Mkt)

NEWS

The Aviation Round Table (ART), a think-tank group in the industry has warned the federal government that its plan to establish a successful national carrier may not be realised through the government’s approach, which according to the group lacks transparency. The body condemned the procedure in which aviation agency heads were made members of the national carrier committee. They argued that the industry regulators should not participate in the establishment of an airline that would compete with other domestic carriers, saying it sends the message that there would be no level playing field. ART therefore urged the federal government to follow due process in the registration of the proposed airline, in order to show that the planned carrier was not being given undue advantage over others already in existence. “The ART is not in sync with the committee made up of government agency heads to midwife the process of setting up the proposed national carrier. We as professionals in the industry are advising a cautious approach to this project,” the body said in a statement signed by its spokesman, Olu Ohunayo. “We would perhaps encourage not just a minimal

involvement of government in the process but also her restriction to establishing a level playing field for the Nigerian public’s participation as investors. “If and when as expected, this process goes ahead towards the finish line, it would be helpful to consider the employment of reputable head-

hunters in the nomination of even the start-up management team as “management challenges” played a prominent role in the demise of previous failed attempts,” ART said. The body also expressed doubt if the government would realise its objective if it continues with the current procedure in its bid to

establish a national airline. “It is also noted that the concurrent missteps of participation in the past, contributed to make such projects a mirage. “We expect government to carefully and transparently work out the involvement of operating local airlines that may be seriously considered.

“ART’s position is patriotic and so geared toward avoiding the possible colossal and usual loss of both revenue and man hours from our commonwealth as experienced with the past unguided attempts. “Whichever way it goes, we wish our dear country Nigeria the very best,” the body added.

FOR MARKET DEVELOPMENT

L – R : Executive Director, Regulation Division, Nigerian Stock Exchange (NSE), Ms. Tinuade Awe, presenting a replica of the closing gong to a Senior Lecturer at Lagos Business School (LBS), Dr. Franklin Ngwu, during the closing gong ceremony by participants of the LBS’s International Executive Development Programme (IEDP) at the NSE in Lagos…recently

Customs Introduces Make NIN Criteria for Asset Declaration, Measure to Improve Import NIMC Boss Tells CCB Processes Emma Okonji with the Federal Capital Terri- gestion to include the NIN in tory Administration (FCTA) who the data capturing process of Eromosele Abiodun The Nigeria Customs Service (NCS) has announced that it has commenced the use of a new technology to boost its operations and end the long wait for goods to go through customs and import processes. According to the customs, the new system, called NICIS (Nigerian Integrated Customs Information System) II, is used to facilitate transactions at airports, sea ports, and land borders. The NSC in a statement said the technology was launched in October 2017 and was still being deployed at a number of command centres across the country. The technology is expected to boost the country’s trade volume and ease the complexity in international trade. “For instance, user management could not accommodate multiple tiers of security features in the old system. In contrast, NICIS II integrates state-of-the-art technology supporting vehicle identification number verification and biometric authentication, among others.” The NCS added, “Another example is compatibility and device support. The old system

did not run on Apple Mac, tablets, or smartphones. “It worked only partially on MS Windows 7 and did not support Windows 8 at all. Not ideal for modern operations, quick turnaround or staff efficiency on the move. “It’s not a big surprise, then, that Nigeria decided to move on to a system that could truly support trade modernisation. “NICIS II is a real improvement for trade stakeholders, who can now access a modern web interface anytime, anywhere, across a variety of platforms, and benefit from automation and speeding up of processing.” Upgraded offices, they disclosed, were already seeing a dramatic drop in clearance time. “In May 2018, it was reduced by more than half compared to May 2017. Some newly deployed commands have even seen a reduction of the clearance time by a factor of three. “So far, the new NICIS II system has been deployed at eight ports accounting for 78 per cent of the country’s annual declarations. It will progressively be available at no fewer than 38 area commands across the country, “the NCS said.

The National Identity Management Commission (NIMC), has asked the Code of Conduct Bureau (CCB) to as a matter of urgency, make the National Identification Number (NIN) a basic requirement for asset declaration in the country. The Director General/CEO of NIMC, Aliyu Aziz, made the suggestion at a one-day sensitisation workshop in Abuja recently. According to the NIMC boss, it would be vital for the two agencies to collaborate and make the NIN a basic requirement for all public officers who come forward for asset declaration. He noted that NIN would allow the Code of Conduct Bureau tie all records of public officers together and automate the process so that Nigerians can search for an individual and assets with the unique NIN. Aziz said the intention of the Commission was to work as an ecosystem with all data collecting agencies, save billions of tax payers’ money, and work towards the same goal of creating a unique National Identity Database in Nigeria. He explained that the ecosystem would go a long way in eliminating duplication of efforts, responsibility and enhance security especially in the area of information sharing. “We are currently working

have made the NIN mandatory for land allocation within the FCT; and this process allows them track assets and transactions,” he added. Aziz applauded the management of the CCB for the visit, and the effort to enlighten and sensitise public officers on the codes and ethics of work expected of public officers in Nigeria. In his response, the Deputy Director, Code of Conduct Bureau, Mr. Michael Okwose, promised to inform his Director General, the sug-

public officers at the point of registration. He also called on all members of staff of NIMC to abide by the codes and work ethics of the public officers, and cautioned against gratification, abuse of power, accepting and or soliciting for gifts/benefits of any kind, Amon others. He added that every public officer must ensure that they declare their assets three months after joining any government organisation and do same every four years or be ready to face the law.

IATA Lists Dana Air in Ground Operations Manual Registry Chinedu Eze Dana Air has been announced as the latest African airline to be listed on the International Air Transport Association (IATA) Ground Operations Manual (IGOM) registry. The International Grounds Operations Manual (IGOM) registry is for companies and airlines that have demonstrated full compliance with internationally recognised standards for ground handling processes. The IATA Ground Operational Manual concept which was initiated by IATA, defines

ground handling standards for airlines and ground service providers to ensure safe, efficient, and consistent ground service activities. According to IATA, ground operations are essential task for all airlines and ground service providers to deliver smooth turnarounds and on time departures, with safety being the number one priority. The IATA Board of Governors had set a target (50% of member airlines in 2006) to start to implement the IATA Ground Operations Manual (IGOM) as their minimum standard for ground operations.

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BUSINESSWORLD

WEEKLY REPORT

Stock Market Recovers N700bn on Bargain Hunting in Bellwethers Goddy Egene The nation’s equities market recovered significantly last week as investors took advantage of low priced stocks to increase their stakes. The Nigerian Stock Exchange (NSE) AllShare Index had in the previous week declined by 6.38 per cent to close at 36,816.29, while market capitalisation shed N908.2 billion to close at N13.3 trillion, following sustained massive sell off by some investors. The four-week bear run had led to high apprehension among some investors and stakeholders, with expectation that the panic button may be pressed. But relief came last week as the market rebounded, recovering N700 billion in terms of its market capitalisation, which closed at N14.008 trillion. Similarly, the NSE ASI gained 5.03 per cent to close at 38,669.23. All other indices finished higher with the exception of the NSE Insurance and NSE Oil/Gas Indices that depreciated by 0.61 per cent and 1.34 per cent respectively, while the NSE ASeM Index closed flat. According to analysts at Meristem Securities Limited, the market gained positive momentum following bargain hunting activities on the heavy weight counters in the market. “The low prices of the counters in the consumer goods and banking sectors was attractive enough to spur buying pressure in the market,” they added. Also commenting, analysts at Cordros Capital Limited said: “Relatively lower prices of value stocks, coupled with still-positive macroeconomic fundamentals, will further sustain gains in the equities market.” Daily Performance The market last Monday recorded its first gain after losing for 12 day to rise by 0.36 per cent to close at 36,947.10. Although the market recorded 21 gainers and losers apiece, heavy weighted counters such as Guaranty Trust Bank Plc, Zenith Bank Plc and Nigerian Breweries Plc, FBN Holdings Plc made the bulls to have an upper hand. Market analysts at Cordros Capital Limited had envisaged the rebound, saying: “While acknowledging potential bargain hunting in the short term, in what follows relatively lower stock prices, we guide investors to trade cautiously and focus primarily on fundamentally sound stocks.” Also, on the first day of the week, Japaul Oil and Maritime Services Plc led the 21 stocks with 9.0 per cent. Custodian and Allied Plc and Eterna Plc that gained 4.9 per cent each. GTBank Plc garnered 4.5 per cent, just as AIICO Insurance Plc, FBN Holdings Plc and FCMB Holdings Plc appreciated by 3.5 per cent, 3.4 per cent and 3.2 per cent in that order. LASACO Assurance Plc and Nigerian Breweries Plc equally advanced, adding 2.9 per cent apiece. Conversely, on that day, Oando Plc led the bears, sliding by 8.9 per cent, followed by Cadbury Nigeria Plc with 8.0 per cent. Presco Plc shed 5.0 per cent, while PZ Cussons Nigeria Plc and Sterling Bank Plc went down by 4.8 per cent and 4.6 per cent respectively. Jaiz Bank Plc and Law Union and Rock Insurance Plc got hair cuts of 4.4 per cent each. But activity level weakened as volume and value traded dipped 39.2 per cent and 2.3 per cent to 314.5 million shares and N7.0 billion respectively compared with the preceding Friday’s figures. Commenting on the market performance on that day, analysts at Meristem Securities Limited had said: “Positive sentiment prevailed in the equities market following buying pressure on counters which have lost significantly in previous weeks, particularly heavily weighted stocks in the banking sector like GTBank and Zenith Bank. “This was enough to offset the impact of continued sell-offs in the consumer goods space.”

shares), GTBank (39.3 million shares) and UBA (23.2 million shares) while GTBank (N1.6 billion), Access Bank (N1.4 billion) and Dangote Cement (N911.2 million) were the top traded stocks by value. Sector performance was mostly bullish as

p

four of the five indices higher. The NSE Industrial Goods Index and NSE Banking Index led with 3.2 per cent apiece. The NSE Consumer Goods Index followed with 2.7 per cent while the NSE Insurance Index gained 0.2 per cent. On the negative

y

Rank

Broker

Description

Quantity

% of Volume

1

SISB

STANBIC IBTC STOCKBROKERS LIMITED

437,782,005

12.51

2

FBNS

FBNQUEST SECURITIES LIMITED

310,450,800

8.87

3

EFCP

EFCP LIMITED

245,642,818

7.02

4

CSEC

CORONATION SECURITIES LIMITED

231,287,729

6.61

5

ZISL

ZENITH SECURITIES LIMITED

183,679,969

5.25

6

RSNL

RENCAP SECURITIES (NIG) LIMITED

164,666,698

4.71

7

CSSL

CARDINALSTONE SECURITIES LIMITED

156,765,300

4.48

8

MCSE

MORGAN CAPITAL SECURITIES LIMITED

129,168,491

3.69

9

CHDS

CHAPEL HILL DENHAM SECURITIES LTD - BRD

107,710,650

3.08

10

CSL

CSL STOCKBROKERS LIMITED

Top 10 Total Volume

87,709,112

2.51

2,054,863,572

58.73

NOTE: The top 10 Stockbrokers are responsible for 58.73% of the total volume between 04/06/2018 and 08/06/2018

However, the positive sentiments were sustained on the second day on continuing bargain hunting in heavy weight counters made the equities market to extend its gain. The index jumped 2.5 per cent to close at 37,854.92, while market capitalisation added N328.8 billion to close higher at N13.7 trillion. Similarly, on the second day, Meristem Securities Limited had explained that the mood in the market was upbeat as investor appetite showed encouraging signs of improvement. “Bargain hunting on bellwether stocks such as Dangote Cement, Nigerian Breweries, GTBank drove the positive performance of the market. “We expect this trend to persist in the days ahead as investors continue to take advantage of the relatively low prices across the sectors,” they had said. An analysis of the performance for that day had shown that Oando Plc led the

price gainers with 9.8 per cent followed by International Breweries Plc that garnered 7.6 per cent. Dangote Sugar Refinery Plc chalked up 6.3 per cent just as Honeywell Flour Mills Plc, Okomu Oil Palm Plc and Nigerian Breweries Plc gained 5.0 apiece. Similarly, Lafarge Africa Plc, Diamond Bank Plc and Fidelity Bank Plc appreciated by 4.9 per cent each, while FCMB Group Plc went up by 4.8 per cent. Conversely, Consolidated Hallmark Insurance Plc led the price losers with 6.6 per cent, trailed by Royal Exchange Plc with 5.8 per cent. UAC of Nigeria Plc shed 4.5 per cent, while First Aluminium Nigeria Plc, Total Nigeria Plc and Sovereign Trust Insurance Plc went down by 4.5 per cent, 4.3 per cent and 3.7 per cent in that order. But activity level was mixed as volume traded rose 8.0 per cent to 339.7 million shares while value traded fell 15.2 per cent to N6.0 billion. The top traded stocks by volume were Access Bank (133.1 million

side, the NSE Oil & Gas Index emerged the lone loser shedding 0.6 per cent. The equities market extended its gains on the third day with the index rising 1.5 per cent to close at 38,435.29. The positive performance was largely due to buying interest in Nigerian Breweries Plc, Dangote Cement and Zenith Bank. Similarly, market capitalisation added N210.2 billion to close at N13.9 trillion. Also, activity level strengthened as the volume and value traded trended 15.7 per cent and 11.9 per cent higher to 393.1 million shares and N6.7 billion respectively. The top traded stocks by volume were Zenith Bank (110.6 million shares), Fidelity Bank (63.9 million shares) and UBA (22.5 million shares) while Zenith Bank (N3.1 billion), Dangote Cement Plc (N677.5 million) and Seplt Petroleum Development Company Plc (N549.8 million) led the top traded stocks by value. The market recorded the fourth consecutive gain last Thursday appreciating further by 1.58 per cent to close at 39,042.11, while market capitalisation added N219.8 billion to close at N14.14 trillion. Sector performance on that day was also mixed as three of five closed bullish . The NSE Industrial Goods Index led the gainers chart for the third consecutive session, up 3.7 per cent. The NSE Consumer Goods Index and NSE Banking Index trailed, increasing 1.0 per cent and 0.1 per cent respectively. Conversely, the NSE Insurance and NSE Oil & Gas Index shed 0.7 per cent and 0.5 per cent in that order. Market Turnover Meanwhile, investors traded 1.749 billion shares worth N31.183 billion in 24,604 deals down from 2.699 billion shares valued at N84.775 billion that exchanged hands in 19,715 deals the previous week. The Financial Services Industry dominated the activity chart with 1.423 billion shares valued at N19.717 billion traded in 13,950 deals, thus contributing 81.37 per cent and 63.23 per cent to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 153.105 million shares worth N6.805 billion in 4,512 deals. The third place was occupied by Conglomerates Industry with a turnover of 60.473 million shares worth N186.600 billion in 905 deals. Trading in the top three equities namely – Guaranty Trust Bank Plc, Access Bank Plc and Zenith Bank Plc accounted for 588.605 million shares worth N16.568 billion in 4,120 deals, contributing 33.65 per cent and 53.14 per cent to the total equity turnover volume and value respectively. Price Gainers and Losers The price movement chart showed that 49 stocks appreciated last week higher than the 25 of the previous week, while 29 equities depreciated in price, lower than 48 equities of the previous week. Japaul Oil led the price gainers with 40.9 per cent, trailed by Prestige Assurance Plc with 39.5 per cent. NASCON Allied Industries Plc c chalked up 17.8 per cent, just as C & I Leasing Plc appreciated by 17.5 per cent. Dangote Flour Mills Plc and Lafarge Africa Plc and Dangote Sugar Refinery Plc garnered 17.1 per cent, 17 per cent and 14.6 per cent in that order. Other top price gainers include: Fidelity Bank Plc (14.5 per cent); Transnational Corporattion of Nigeria Plc(14.4 per cent) and Nigerian Breweries Plc (13.5 per cent). Conversely, NPF Microfinance Bank Plc led the price with 14.5 per cent, trailed by Consolidated Hallmark Insurance Plc with 12.9 per cent. First Aluminium Nigeria Plc shed 9.0 per cent, just as LASACO Assurance Plc, Presco Plc 7.8 per cent and 6.2 per cent respectively. Other top price losers were: May & Baker Nigeria Plc(5.6 per cent); Mutual Benefits Assurance Plc (5.2 per cent); PZ Cussons Nigeria Plc (5.0 per cent); Guineas Insurance Plc and Skye Bank Plc(5.0 per cent apiece).

27

T H I S D AY • MONDAY, JUNE 11, 2018

BUSINESSWORLD

NEWS

NCC Harps on Infrastructure CSR: Serengeti Unveils Campaign to Protect Endangered Species Development for Economic Raheem Akingbolu “Serengeti as a company, species in the world, on some of alised to take the message to from its name, tells you that its strategic outdoor digital sites various quarters and countries Growth As part of its contributions of the world, the Managing it connotes a convergence in Lagos. Some of the animals

Emma Okonji

The Executive Vice Chairman of the Nigerian Communication Commission, (NCC), Prof. Umar Garba Dambatta has pointed out economic development in Nigeria can only be accelerated by developing critical infrastructure in the country. Danbatta, who made the disclosure during the Business Journal 10th Anniversary Lecture and Award held in Lagos recently. He noted that the liberalisation and deregulation in the telecom sector placed Nigeria in a position to increase its infrastructure and its contribution to GDP. The theme of the event was: “Infrastructure and Economic Growth: Exploring the Strategic Alliance.” Danbatta, who was represented by the Assistant Director, Technical Standards at NCC, Mr. Edoyemi Ogo, said telecommunication remained an infrastructure industry that contributes to all economic growth drivers in one way or the other. “With the advancement in telecommunication technology, the world has experienced a rapid growth in communications. “Telecommunication sector development has acted as a catalyst to drive growth and

efficiencies in many other sectors. Telecommunication infrastructure has a direct and indirect positive effect on economic growth. “This effect can be seen in the economic growth indicators which include real GDP, industrial production, employment, price stability, education, technology and innovation,” Danbatta said. He added that the World Bank had found out that a 10 per cent increase in broadband penetration in developing countries results in a commensurable increase of 1.38 per cent in GDP. Danbatta also said the telecom sector’s contribution to Nigeria’s GDP, increased from less than one per cent in 2001, to about 8.66 percent in December 2017. The Chairman Open Media Group, Mr. Ernest Ndukwe said infrastructure remained the biggest problem in Africa. According to him, power remained very critical to the development of the telecommunication industry and therefore urged the government to build enough infrastructure that would boot electricity supply in the country. “Many small scale industries would have done very well but because of inadequate power supply, most of them are dead.

GPTW to Partner Nigerian Firms on Global Best Practices The new Country Director for Great Place To Work (GPTW) Nigeria, an affiliate of Peoples Productivity Solutions (PPS) Africa, the parent company of Great Place to Work UK, Dr. Gonzalo Shoobridge, has pledged the company’s commitment to partnering with Nigerian companies on global best practices. GPTW is a global research, consulting and training firm, which helps organisations identify, create and sustain great workplaces through the development of high trust workplace cultures. Shoobridge, who replaced Michael Thomas as Country Director for GPTW Nigeria, said the UK company would bring to bear on Nigerian organisations best practices that conform to the UK and other European companies where the firm has operations. Speaking at the fifth award ceremony of GPTW Nigeria, which held in Lagos recently Shoobridge said: “We are bringing best practices here so we can share them with Nigerian organisations that want to become best work places.” According to him, the objective was to have best workplaces in Nigeria, “Because if we improve the workplace, we are going to improve the society as a whole.” He added: “It doesn’t happen in one or two years; it is a continuous improvement process, because the bar is very high. That is why we are going to partner with Nigerian organisations in that journey

to becoming best work place,” In all, 45 companies across Africa were recognised as GPTW in various categories at this year’s award. It was the fifth in the series. The Group Managing Director (GMD), PPS Africa, Mr. Kunle Malomo, in his welcome address, said the companies were recognised for demonstrating the main attributes of a great workplace. “These companies have the courage and confidence to build the kind of workplace where you achieve organisational objectives with employees who give their personal best and work together as a team or family-all in an environment of trust,” he explained. Apart from Best Companies to Work For (large corporates and small and medium size businesses), which was the star category of the awards, the 2018 edition of the awards, also included Certified Companies 2018. There were also special award categories, including Best Workplaces for Millennial Generation, Fun and Friendly Workplaces, Health and Wellbeing Excellence, The Best for Learning & Development, The Best Workplace for Female. Malomo explained that a certified company is a place where all employees feel valued, empowered, and enjoy high levels of trust with their leaders. “Employees who felt valued at work would take those positive feelings home, resulting in a broader positive impact on the world,” he added.

to the society, Serengeti, an out-of-home company and subsidiary of Troyka Holdings, has launched a campaign to sensitise members of the public on the need to protect some endangered species and prevent their going into extinction because of peoples’ hostile behaviour towards them. The outdoor agency is partnering with international bodies like FEPE International, a worldwide association of outdoor advertising companies and National Geographic to replicate and deepen the message of the campaign, in at least, 20 countries of the world annually. Speaking at the unveiling of ‘A Voice for The Endangered Species’ a campaign conceptu-

Director of Serengeti, Tolu Idris, traced the origin of the agency’s CSR to its connection with human nature and animals. He pointed out that all the agency’s platforms and structures were named after various animals because the name Serengeti connotes human nature. ‘’In Nigeria, we are the voice of the endangered species; we are the one that are telling Nigerians that animals are important for the eco system. We are dropping our art to say we are humanitarian, we are love of animals,” he said. While calling on other Nigerian companies and individuals to join the campaign, Idris pointed out that the campaign was a humanitarian cause without any financial gain.

space for animals. Our name shows the DNA we have All the physical investment we have out there are named after various animals. ‘’In line with World Endangered Species day (18 May, 2018) and as part of our corporate social responsibility, we organised the event to lend our voice and contribute towards ensuring preservation of species (animals and plants) on the planet. “The event highlighted how our individual activities increase preservation or extinction of species,’’ he said. To further advance this cause and create awareness to citizens, he stated that the company would be displaying campaigns of top endangered

he mentioned were; the Lion - a 12m x 42m giant screen at Adeniji by 3rd Mainland Bridge and the Elephant - 20m x 30m screen within PHCN Yard, Ijora, along Eko Bridge. Others are; the Giraffe - 2-sided 20m x 10m portrait screen by Apongbon Market and the Rhino - 2-sided 10m x 20m screens at local airport taxi park, Ikeja. The campaign is expected to last for a week. Speaking on the operations of the company, the MD said Serengeti, is a value-driven provider of premium and innovative OOH solutions that deliver targeted audiences engagements with associated data on attribution across physical and digital media; while delighting our customers.

26

T H I S D AY MONDAY JUNE 11, 2018

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EŽŶͲĂůŝŐŶŵĞŶƚ ŽĨ ŝŶƚĞƌĞƐƚƐ ĂŶĚ ƐĞůĮƐŚŶĞƐƐ ŽŶ ƚŚĞ ƉĂƌƚ ŽĨ Ăůů ƐƚĂŬĞŚŽůĚĞƌƐ

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>ĂĐŬ ŽĨ ƚƌĂŶƐƉĂƌĞŶĐLJ ĂŶĚ ĂĐĐŽƵŶƚĂďŝůŝƚLJ ŝŶ ƚŚĞ ĞdžƚƌĂĐƟǀĞ ŝŶĚƵƐƚƌŝĞƐ

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'ŽǀĞƌŶŵĞŶƚΖƐ ƵƐĞ ŽĨ ĨŽƌĐĞ ĂƐ Ă ƌĞƐƉŽŶƐĞ ƚŽ ĂŐŝƚĂƟŽŶ ŝŶ ĞdžƚƌĂĐƟǀĞ ĐŽŵŵƵŶŝƟĞƐ

^/d / ϮϬϭϴ ZĞĐŽŵŵĞŶĚĂƟŽŶƐ dŽ ĐŽƵŶƚĞƌĂĐƚ ƚŚĞ ĐŚĂůůĞŶŐĞƐ ĨĂĐĞĚ ďLJ ƚŚĞ ƐĞĐƚŽƌ͕ ŬĞLJ ƌĞĐŽŵŵĞŶĚĂƟŽŶƐ ĨƌŽŵ ĚĞůĞŐĂƚĞƐ ĂƌĞ ĂƐ ĨŽůůŽǁƐ͗ ^ƚĂŬĞŚŽůĚĞƌ ŶŐĂŐĞŵĞŶƚ͗ ĂƌĞĨƵůůLJ ŝĚĞŶƟĨLJŝŶŐ͕ ĞŶŐĂŐŝŶŐ ĂŶĚ ĐŽŶƐƵůƟŶŐ ŚŽƐƚ ĐŽŵŵƵŶŝƚLJ ŵĞŵďĞƌƐ ĂŶĚ ŐŝǀŝŶŐ ƚŚĞŵ Ă ƐĞĂƚ Ăƚ ƚŚĞ ĚĞĐŝƐŝŽŶͲŵĂŬŝŶŐ ƚĂďůĞ ŝƐ Ă ĐƌĞĚŝďůĞ ǁĂLJ ŽĨ ĨŽƐƚĞƌŝŶŐ ĂŶĚ ƌĞŝŶĨŽƌĐŝŶŐ ŵƵƚƵĂůůLJ ƌĞǁĂƌĚŝŶŐ ƌĞůĂƟŽŶƐŚŝƉƐ͘

dƌĂŶƐƉĂƌĞŶĐLJ ĂŶĚ ĂĐĐŽƵŶƚĂďŝůŝƚLJ͗ /ŶŐƌĂŝŶŝŶŐ ƚƌĂŶƐƉĂƌĞŶĐLJ ĂŶĚ ĂĐĐŽƵŶƚĂďŝůŝƚLJ ŝŶ Ăůů ĨĂĐĞƚƐ ŽĨ ĂĐƟǀŝƟĞƐ ŝŶ ƚŚĞ ĞdžƚƌĂĐƟǀĞ ŝŶĚƵƐƚƌŝĞƐ ĂƌĞ ƚŚĞ ďĞĚƌŽĐŬ ƵƉŽŶ ǁŚŝĐŚ ƚŚĞ ƉŝůůĂƌƐ ŽĨ ƐƵƐƚĂŝŶĂďůĞ ƉĞĂĐĞ ĂŶĚ ŵƵƚƵĂů ƵŶĚĞƌƐƚĂŶĚŝŶŐ ƌĞƐƚ͘ /ŶƚĞŐƌŝƚLJ͗ WĞƌǀĂƐŝǀĞ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ĐŽŶǀĞƌƐĂƟŽŶ ǁĂƐ ƚŚĞ ŝŵƉŽƌƚĂŶĐĞ ŽĨ ŝŶƚĞŐƌŝƚLJ ŝŶ Ăůů ĚĞĂůŝŶŐƐ͘ ůů ƐƚĂŬĞŚŽůĚĞƌƐ ŶĞĞĚ ƚŽ ĐŽŵĞ ƚŽ ƚŚĞ ƚĂďůĞ ǁŝƚŚ ŝŶƚĞƌĞƐƚƐ ďĞLJŽŶĚ ƚŚĞŝƌ ŝŶĚŝǀŝĚƵĂů Žƌ ĐŽůůĞĐƟǀĞ ƐĞůǀĞƐ͘

ĂƌĞĨƵůůLJ ŝĚĞŶƟĨLJŝŶŐ͕ ĞŶŐĂŐŝŶŐ ĂŶĚ ĐŽŶƐƵůƟŶŐ ŚŽƐƚ ĐŽŵŵƵŶŝƚLJ ŵĞŵďĞƌƐ ĂŶĚ ŐŝǀŝŶŐ ƚŚĞŵ Ă ƐĞĂƚ Ăƚ ƚŚĞ ĚĞĐŝƐŝŽŶͲŵĂŬŝŶŐ ƚĂďůĞ ŝƐ Ă ĐƌĞĚŝďůĞ ǁĂLJ ŽĨ ĨŽƐƚĞƌŝŶŐ ĂŶĚ ƌĞŝŶĨŽƌĐŝŶŐ ŵƵƚƵĂůůLJ ƌĞǁĂƌĚŝŶŐ ƌĞůĂƟŽŶƐŚŝƉƐ͘ ^ƚƌŽŶŐ ŐŽǀĞƌŶĂŶĐĞ ƐƚƌƵĐƚƵƌĞƐ͗ /ƚ ŝƐ ŝŵƉŽƌƚĂŶƚ ƚŽ ůĂLJ ĚŽǁŶ ƐƚƌŽŶŐ ĂŶĚ ƐĞĂŵůĞƐƐ ŐŽǀĞƌŶĂŶĐĞ ƉŝƉĞůŝŶĞƐ͘ /ŵƉƌŽǀĞĚ ĂĐĐŽƵŶƚĂďŝůŝƚLJ ƚŚĂƚ ŝƐ Ă ĚŝƌĞĐƚ ƌĞƐƵůƚ ŽĨ ďƵŝůĚŝŶŐ ǀŝĂďůĞ ŐŽǀĞƌŶĂŶĐĞ ƐƚƌƵĐƚƵƌĞƐ ǁŝůů ďŽůƐƚĞƌ ĐŽŶĮĚĞŶĐĞ͕ ĂƩƌĂĐƚ ŝŶǀĞƐƚŵĞŶƚ ĂŶĚ ŐƵĂƌĚ ĂŐĂŝŶƐƚ ƚŚĞ ŵŝƐƚĂŬĞƐ ƚŚĂƚ ŚĂǀĞ ďĞĐůŽƵĚĞĚ ƚŚĞ Žŝů ŝŶĚƵƐƚƌLJ͘ īĞĐƟǀĞ ĐŚĂŶŶĞůƐ ŽĨ ĐŽŵŵƵŶŝĐĂƟŽŶ͗ ƵŝůĚŝŶŐ ǀŝĂďůĞ ǀĞƌƟĐĂů ĂŶĚ ŚŽƌŝnjŽŶƚĂů ĐŚĂŶŶĞůƐ ŽĨ ĐŽŵŵƵŶŝĐĂƟŽŶ ĂƌĞ ƚŚĞ ƐƵƌĞƐƚ ƌŽƵƚĞƐ ĨŽƌ Žŝů ĐŽŵƉĂŶŝĞƐ ĂŶĚ ŐŽǀĞƌŶŵĞŶƚ ƚŽ ŵĂŶĂŐĞ ĞdžƉĞĐƚĂƟŽŶƐ ĂŶĚ ƉƌŽĂĐƟǀĞůLJ ĐƵƌď ǀŝŽůĞŶƚ ĐŽŶĨƌŽŶƚĂƟŽŶƐ͘ ǁĂƌĞŶĞƐƐ ĐƌĞĂƟŽŶ ĨŽƌ ǁŚĂƚ ŝƐ ƚĞŶĂďůĞ ŝƐ ůŝŶŬĞĚ ƚŽ ƚŚŝƐ ƌĞƐŽůǀĞ͘ ǁĂƌĞŶĞƐƐ ĐƌĞĂƟŽŶ ĨŽƌ ŐŽǀĞƌŶŵĞŶƚ ƉŽůŝĐLJ ǁŝƚŚ ƌĞŐĂƌĚ ƚŽ ĞdžƉůŽƌĂƟŽŶ͕ ŽǁŶĞƌƐŚŝƉ ŽĨ ůĂŶĚ͕ ŚĞĂůƚŚ ĂŶĚ ĞŶǀŝƌŽŶŵĞŶƚĂů ŚĂnjĂƌĚƐ ĂŶĚ ĂǀĞŶƵĞƐ ĨŽƌ ĐŽŵŵƵŶŝƚLJ ŝŶǀŽůǀĞŵĞŶƚ͕ ŽƵŐŚƚ ƚŽ ďĞ ĂŐƌĞĞĚ ŽŶ͘ WƌŽĐĞƐƐ ĮŶĞͲƚƵŶŝŶŐ͗ dŚĞƌĞ ŝƐ ŶĞĞĚ ĨŽƌ ĐůĞĂƌĞƌ ĂŶĚ ǁĞůů ƚŚŽƵŐŚƚͲŽƵƚ ƉƌŽĐĞĚƵƌĞƐ ĨŽƌ ƚŚĞ ƐĞĐƚŽƌ͕ ƐƉĞĐŝĮĐĂůůLJ ĨŽƌ ŵŝŶŝŶŐ ƉƌŽĐĞƐƐĞƐ ƐƵĐŚ ĂƐ ƉƌŽĐƵƌĞŵĞŶƚ ŽĨ ŵŝŶŝŶŐ ůĞĂƐĞƐ͕ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ŝŵƉůĞŵĞŶƚĂƟŽŶ ŽĨ Ă ŽŵŵƵŶŝƚLJ ĞǀĞůŽƉŵĞŶƚ ŐƌĞĞŵĞŶƚ͕ ƚƌĂĐŝŶŐ ŽĨ ƌĞŵŝƩĂŶĐĞƐ ĨƌŽŵ ďƵƐŝŶĞƐƐ ƚŽ ŐŽǀĞƌŶŵĞŶƚ ƚŚƌŽƵŐŚ Ă ƐƚƌĞĂŵůŝŶŝŶŐ ŽĨ ĐŽůůĞĐƟŽŶ ƉŽŝŶƚ;ƐͿ ĂŶĚ ŝŶƐƟƚƵƟŽŶĂůŝƐŝŶŐ ĂŶ ŽǀĞƌĂƌĐŚŝŶŐ ŵŽŶŝƚŽƌŝŶŐ ďŽĚLJ͘ ŝƟnjĞŶ ĂŶĚ ^K ƉĂƌƟĐŝƉĂƟŽŶ͗ ĞůĞŐĂƚĞƐ ĚĞƚĞƌŵŝŶĞĚ ƚŚĂƚ ƚŚĞ ŽŶƵƐ ĨĂůůƐ ŽŶ Ăůů ĐŝƟnjĞŶƐ ĂŶĚ Đŝǀŝů ƐŽĐŝĞƚLJ ŽƌŐĂŶŝƐĂƟŽŶƐ ƚŽ ƉƵƚ ŐŽǀĞƌŶŵĞŶƚ͕ ƌĞŐƵůĂƚŽƌLJ ďŽĚŝĞƐ ĂŶĚ ĐŽŵƉĂŶŝĞƐ ŽŶ ƚŚĞŝƌ ƚŽĞƐ͘ zŽƵƚŚ ĂŶĚ ǁŽŵĞŶ ŐƌŽƵƉƐ ǁŚŽ ĂƌĞ ŽŌĞŶ ŵĂƌŐŝŶĂůŝƐĞĚ ŝŶ ƚŚĞ ƐĐŚĞŵĞ ŽĨ ƚŚŝŶŐƐ ŶĞĞĚ ƚŽ ĚĞŵĂŶĚ ĂŶĚ ƚĂŬĞ ƚŚĞŝƌ ƌŝŐŚƞƵů ƉŽƐŝƟŽŶ ŶŽǁ͘

ĐƟŽŶ WŽŝŶƚƐ Ɛ ĂŶ ŽƌŐĂŶŝƐĂƟŽŶ ƚŚĂƚ ŝƐ ĚĞĐŝĚĞĚůLJ ĐŽŵŵŝƩĞĚ ƚŽ ĚƌŝǀŝŶŐ ƐƵƐƚĂŝŶĂďŝůŝƚLJ ŝŶ ƚŚĞ ĨƌŝĐĂŶ ƐƵďͲƌĞŐŝŽŶ͕ ŽƵƌ ƌĞƐŽůƵƟŽŶƐ ĨŽƌ ϮϬϭϴͬϮϬϭϵ ĂƌĞ ͗

ĞƐŝŐŶ ŽŵŵƵŶŝƚLJ ŶŐĂŐĞŵĞŶƚ &ƌĂŵĞǁŽƌŬ ƚŚƌŽƵŐŚ ŝŶƚĞŶƐĞ ĐŽŵŵƵŶŝƚLJ ĞŶŐĂŐĞŵĞŶƚ͗ tĞ ǁŝůů ǁŽƌŬ ŽŶ ĮŶĞͲ ƚƵŶŝŶŐ ĂŶĚ ƉƵƐŚŝŶŐ ƚŚĞ ^ƵƐƚĂŝŶĂďůĞ ŶĞƌŐLJ ĂŶĚ džƚƌĂĐƟǀĞ WƌŝŶĐŝƉůĞƐ ;^ WͿ ǁŚŝůĞ ǁŽƌŬŝŶŐ ǁŝƚŚ ƚŚĞ &ĂĐŝůŝƚLJ ĨŽƌ Kŝů ^ĞĐƚŽƌ dƌĂŶƐƉĂƌĞŶĐLJ ĂŶĚ ZĞĨŽƌŵ ;&K^d ZͿ ƚŽ ĚĞǀĞůŽƉ Ă ĐŽŵŵƵŶŝƚLJ ĞŶŐĂŐĞŵĞŶƚ ĨƌĂŵĞǁŽƌŬ ƚŚĂƚ ǁŝůů ďŽůƐƚĞƌ ƐƚĂŬĞŚŽůĚĞƌ ĞŶŐĂŐĞŵĞŶƚ͕ ƚƌĂŶƐƉĂƌĞŶĐLJ ĂŶĚ ĂĐĐŽƵŶƚĂďŝůŝƚLJ ŝŶ ƚŚĞ Žŝů ĂŶĚ ŐĂƐ ƐĞĐƚŽƌ͘ ŽŶǀĞƌƐĂƟŽŶƐ ǁŝůů ĂůƐŽ ĐŽŵŵĞŶĐĞ ǁŝƚŚ ŵŝŶŝŶŐ ƐƚĂŬĞŚŽůĚĞƌƐ͘ ZĞƐƚƌƵĐƚƵƌĞ ^/d / tŽƌŬŝŶŐ 'ƌŽƵƉ͗ tĞ ǁŝůů ƌĞŝŶǀŝŐŽƌĂƚĞ ŽƵƌ ^/d / tŽƌŬŝŶŐ 'ƌŽƵƉ ĂŶĚ ĐƌĞĂƚĞ ƐƵďͲŐƌŽƵƉƐ ŝŶ ŽƌĚĞƌ ƚŽ ƉƌŽŵŽƚĞ ĞŶŐĂŐĞŵĞŶƚ ŽĨ ŵŽƌĞ ĞdžƚĞŶƐŝǀĞ ƐƚĂŬĞŚŽůĚĞƌƐ ĂĐƌŽƐƐ ƐƚĂƚĞƐ͘ tĞ ǁŝůů ĐŽŶƐŝĚĞƌ ƌĞŐŝŽŶĂů Žƌ ƐƚĂƚĞͲůĞǀĞů ĐŽŶǀĞŶŝŶŐ͘

tĞ ǁŝůů ǁŽƌŬ ĂƐƐŝĚƵŽƵƐůLJ ƚŽ ĞŶƐƵƌĞ ďĞƐƚ ƉƌĂĐƟĐĞƐ ŝŶ ƚŚĞ ĞdžƉůŽƌĂƟŽŶ ŽĨ ƚŚĞ ^ŽůŝĚ DŝŶĞƌĂůƐ ĚĞƉŽƐŝƚƐ ŽĨ ƐƚĂƚĞƐ͘ ŶĐŽƵƌĂŐĞ DŝŶĞƌĂů ZĞƐŽƵƌĐĞƐ ĂŶĚ ŶǀŝƌŽŶŵĞŶƚĂů DĂŶĂŐĞŵĞŶƚ ŽŵŵŝƩĞĞƐ ƚŽ ŝŶĐůƵĚĞ ŶŽŶͲƉƌŽĮƚƐ͗ tĞ ǁŝůů ǁŽƌŬ ĂƐƐŝĚƵŽƵƐůLJ ƚŽ ĞŶƐƵƌĞ ďĞƐƚ ƉƌĂĐƟĐĞƐ ŝŶ ƚŚĞ ĞdžƉůŽƌĂƟŽŶ ŽĨ ƚŚĞ ^ŽůŝĚ DŝŶĞƌĂůƐ ĚĞƉŽƐŝƚƐ ŽĨ ƐƚĂƚĞƐ͘ <ĞLJ ǁŽƵůĚ ďĞ ĂĚǀŽĐĂƟŶŐ ƚŚĂƚ ƐĂŝĚ ĐŽŵŵŝƩĞĞƐ ŚĂǀĞ ^K ŽƌŐĂŶŝƐĂƟŽŶƐ ĂƐ ƐŝƫŶŐ ŵĞŵďĞƌƐ͘ DĂŬĞ ƌĞĐŽŵŵĞŶĚĂƟŽŶ ƚŽ E ^^ ŽŶ W/' ĂŶĚ W/, ͗ dŚĞ WĞƚƌŽůĞƵŵ /ŶĚƵƐƚƌLJ 'ŽǀĞƌŶĂŶĐĞ ĂŶĚ ,ŽƐƚ ŽŵŵƵŶŝƚLJ ŝůůƐ ŶĞĞĚ ŵŽƌĞ ĐŽŶƚƌŝďƵƟŽŶƐ ĨƌŽŵ ŬĞLJ ĂŶĚ ĐŽŶĐĞƌŶĞĚ ƐƚĂŬĞŚŽůĚĞƌƐ ďĞĨŽƌĞ ƚŚĞLJ ĐĂŶ ďĞ ƐĂƟƐĨĂĐƚŽƌŝůLJ ƉĂƐƐĞĚ͘ ^ZͲ ŝŶͲ ĐƟŽŶ ƚŚƌŽƵŐŚ ŽƵƌ tŽƌŬŝŶŐ 'ƌŽƵƉ ǁŝůů ƐĞŶĚ ŽƵƌ ŽƉŝŶŝŽŶ ŽŶ ĂƌĞĂƐ ŽĨ ŝŵƉƌŽǀĞŵĞŶƚ ƚŽ ƚŚĞ ůĞŐŝƐůĂƚƵƌĞ͘

WĂƌƚŶĞƌƐ ^ZͲŝŶͲ ĐƟŽŶ ĚǀŽĐĂĐLJ ƚŚĂŶŬƐ ŝƚƐ ƉĂƌƚŶĞƌƐ ŽĨ ^/d / ϮϬϭϴ͗ EŝŐĞƌŝĂ džƚƌĂĐƟǀĞ /ŶĚƵƐƚƌŝĞƐ dƌĂŶƐƉĂƌĞŶĐLJ /ŶŝƟĂƟǀĞ ;E /d/Ϳ͕ &ĞĚĞƌĂů DŝŶŝƐƚƌLJ ŽĨ WĞƚƌŽůĞƵŵ ZĞƐŽƵƌĐĞƐ ;&DWZͿ͕ &ĞĚĞƌĂů DŝŶŝƐƚƌLJ ŽĨ DŝŶĞƐ ĂŶĚ ^ƚĞĞů ĞǀĞůŽƉŵĞŶƚ ;&DD^ Ϳ͕ ĞŶĞƌĂ ŽŶƐƵůƟŶŐ͕ &ŽƌĚ &ŽƵŶĚĂƟŽŶ͕ WĞƚƌŽůĞdž ĂŶĚ ĐĐĞƐƐ ĂŶŬ WůĐ͘

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T H I S D AY • MONDAY, JUNE 11, 2018

BUSINESSWORLD

MONDAY INTERVIEW

Jimoh: Competition Good for Merchant Banks The Managing Director/Chief Executive Officer, Coronation Merchant Bank, Mr. Abubakar Jimoh, in this interview noted that building the corporate bond markets remains challenging and called for the simplification of the process. Obinna Chima provides the excerpts: How will you access the performance of merchant banks in Nigeria? I believe the re-introduction of merchant banking into the Nigerian banking sector has been a very positive and welcomed development. Presently, the number of merchant banks in the country has grown to five, with a total asset size of over N550 billion. This is a significant addition to the capacity of the banking industry to support clients and strengthen the ability of banks to spur economic growth. The emergence of merchant banks has further propelled specialised service delivery in global trade participation by Nigerian entities. In the last 5 years, several landmark transactions have been successfully executed by merchant banks in Nigeria. Of the notable deals executed in 2017, Coronation Merchant Bank closed a total of 16 transactions in the year, with a total transaction value of over N234 Billion, hence, making us a top five investment banking franchise in Nigeria. As the competitive landscape continues to evolve, the bank will continue to set industry standards with innovation, service excellence and sustainable wealth creation for its clients and other stakeholders. But with the increasing competition in the sub-sector, what are the strategies your firm has developed to carve a niche in the market? I believe competition is good for all the parties in an industry, most especially the customers as it drives innovation amongst the players. Our own way of managing competition is to always focus on what we are doing right and then try to leverage that to stay ahead in the industry. As a bank, our vision has always been to create an oasis within the industry, renowned for doing things right and getting it right the first time every time. We strive to achieve this by demonstrating innovation in developing solutions to diverse customer problems, differentiating ourselves from competition with creative products and service offerings, and proactively initiating change and improvement measures. For example, we creatively introduced a credit enhancement mechanism known as Liquidity Back-Stop Facility to the commercial paper offering of a leading real estate company in Nigeria. Our collaboration with the client in providing the backstop facility is the first of its kind in Nigeria and its ingenuity boosted the investment grade of the commercial paper to “A-“, despite the issuer’s “Bb-“ Agusto rating – representing a six notch improvement. The significant improvement in the rating made the pricing of the offer attractive to both the issuer and the investors as the issuer was able to lower its cost of borrowing by about 600 basis points invariably reducing its cost of capital. It thereby created immense value for its shareholders. Our unique value proposition is to deliver world class solutions like this to our esteemed clients in a cost-effective manner whilst leveraging our local extensive knowledge and technology. Our aim of attaining industry distinction is evident in our first-rate service orientation and efficient information technology platform to supports our business operations. As we look to the future, we believe the merchant banking space will become increasingly driven by technology. Hence, staying relevant simply means that we are constantly refining our systems and processes in a manner that enables our customers transact simpler, faster and safer. This is why we continue to invest significantly in appropriate technologies and human capital development.

Jimoh

Do you think the Nigerian banking sector is ripe for another round of recapitalisation? Our banking report published on April 5,

As a bank, our vision has always been to create an oasis within the industry, renowned for doing things right and getting it right the first time every time. We strive to achieve this by demonstrating innovation in developing solutions to diverse customer problems, differentiating ourselves from competition with creative products and service offerings, and proactively initiating change and improvement measures

split the listed Nigerian banks into three groups: those with plenty of capital and with no problems in expanding loan books this year; those with adequate capital to expand loan books this year; and a few – really three – banks which may well concentrate on capital raising this year. I do not think that this amounts for a round of re-capitalisation for the entire sector. A few banks will be able to raise either tier-I (equity) or tier-II (long-term subordinated debt) this year, when the market conditions are right. But with banking sector non-performing loans presently at about 16 per cent, what measures do you think should be adopted to reduce it to a below 10 per cent? So far, the Central Bank of Nigeria has taken proactive steps towards managing non-performing loans (NPLs) in the banking sector. One key way they have done this is to ensure that banks comply with the IFRS 9 requirements. Another way is to encourage banks to provide for non-performing loans so that they can put past problems behind them. There are some banks that have spent several years taking a very high level of provisions as they can, to clear the backlog of their non-performing loan portfolio, and they have been rewarded in the market with the share price performance. Other banks have made successful disposals of non-core assets, and doing this has had the effect of shoring up their capital. It is important to note that sometimes, when NPL ratio rises, it is often because the relevant accounting rule has been applied and the percentage rises as a result. But that does not change the fact that the underlying effort to clear the backlog of bad loans is making good progress. What sector(s) do you see opportunities

for potential investors? At this stage in the development of the equity market, I believe investors are going to make money with selected purchases in value stocks. The banking sector presently is very interesting. Declines in interest rates are putting pressure on banks’ margins, but that means that the more skilful lenders, and those with adequate capital, are going to emphasise commercial lending to maintain their margins. Among the food producers and the consumer product manufacturers there are opportunities, too, as some of them were able to increase price points last year and are enjoying volume gains this year. If you look at the Gross Domestic Product (GDP) data for the first quarter of (Q1) 2018, the food sector is one of the few to be doing well consistently – that’s a clue! But are there opportunities to deepen the corporate bond market in Nigeria? There has always been a long debate as to the reason(s) for the weak participation of Nigerian corporates in utilising the bond market as a vehicle for tapping long term sustainable funding relative to government participation. As at May 2018, the total outstanding bonds in the Nigerian fixed income space was N12.2 trillion; 87 per cent of which was made up of sovereign and relat ed debts, with just 13 per cent attributable to corporate borrowings in the capital market. Truth is, building corporate bond markets is a challenging process which may take a considerable amount of time. However, a good way to start might be to simplify the issuance process. For instance, many corporates may find the process to be

Continued on page 30

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T H I S D AY • MONDAY, JUNE 11, 2018

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BUSINESSWORLD

MONDAY INTERVIEW JIMOH: COMPETITION GOOD FOR MERCHANT BANKS

daunting as they are subjected to a very tight process which could be quite time consuming. Addressing this burden and cost of issuance will encourage the private sector to access funding from the corporate bond market. Another way to attract credible corporate bond issuers is for regulators to encourage state-owned enterprises (Nigerian National Petroleum Corporations, Nigeria Sovereign Investment Authority) and large corporates that are not already highly leveraged from bank loans to access the fixed income market. Also, corporates that are highly leveraged can be encouraged to refinance their existing loans in so far as the process of doing so is not overly expensive. Enhancing market infrastructure in terms of trading efficiency as well development of a more efficient market - making system that drives price discovery of instruments in the secondary market could encourage issuers to list on the exchange so it can be accessed by the retail end of the market. Can you take us through some of the products your bank has developed for its customers? Coronation Merchant Bank focuses on bringing world class advisory and financing capabilities to our wholesale banking and capital market clients. We offer services and products in corporate banking, investment banking, wealth management, asset and fund management, global markets, securities trading and trust services to individuals, corporations, state governments and other financial services organisations. We differentiate ourselves from competition by developing creative products and solutions to address diverse customer problems. Our investment banking competencies cover capital raising, financial advisory, mergers, divestitures, project and structured finance advisory. As a bank, we pride ourselves in our desire to help our clients achieve scale by offering tailor-made services in all aspects of the investment banking field. More and more, clients are increasingly relying on our expertise in resolving special situation transactions. Our performance on the issuance league table is an attestation to the success of our unique approach to capital raising. Recently, Coronation Asset Management a subsidiary of the bank successfully launched and listed three mutual funds (i.e. Money Market Fund, Fixed Income Fund and Balanced Fund) on the Nigeria Stock Exchange for trading and accessibility by retail and institutional investors. The Coronation Money Market Fund offers investors the opportunity to maximize return on their liquid savings while the Coronation Fixed

Jimoh

Income and Balanced Funds provide the best opportunity to realise medium to long term investment goals. It is important to note that active portfolio management by experienced professionals give investors better returns on their investments, especially in periods of market volatility and economic downturn. We have also introduced a quasi-fixed deposit instrument which has its interest rate linked to treasury bills and government bonds. This product enables our customers to invest their excess fund in a variant of fixed deposit instrument which does not have fixed interest rate. Our Trust subsidiary is also an area we have recorded remarkable success. Presently, we offer tailored products and services under three broad categories: Estate Planning, Corporate Trust, and Public Trust. The Estate planning category consists of services rendered for managing, preserving and facilitating the safekeeping and transfer of the assets of stakeholders in wills, private trusts, and philanthropic ventures. The corporate trust segment deals with protecting the assets of stakeholders exposed to corporate bonds, debentures, loan syndications and collective investment

schemes. Lastly, the public-trust category is tailored towards ensuring governance structures thereby protecting the assets of government entities that often engage in the issue government bonds, public-private partnerships, and escrow services. We also offer other services that may be applied to the above clientele, such as Nominee services and safe keeping. Novel products like these, speak to our ability to develop innovative solutions through creative products and customized service offerings for our diverse clients. Our strategic relationships, symbiotic and consistent value-emphasis is consistently delivering competitive advantages to our clients How is your bank leveraging technology to drive its business? In recent years, we cannot deny the impact technology has had on the Nigerian banking landscape; from payment systems to customer management, innovations in technology has continued to remodel the entire spectrum of service delivery and customer engagement in the financial services industry. These advancements in technology have not only remained a key factor in service delivery

but have constantly shaped the way we work and engage with our customers. As a bank, we understand that a key part to staying relevant in the industry depends on our ability to leverage these technologies to deliver seamless banking service to our customers; whether it is through making a payment, buying into an investment option or advisory services. We are continually transforming our business model to a digitally savvy bank. And so, today we are talking about incorporating digital innovations such as chatbots, machine learning, data science etc. and how we are leveraging these technologies to make banking, simpler, faster and more engaging for our customers. We have pioneered several innovative digital solutions to improve transaction processing time, handle existing and projected transaction volume, and enhance data management & security within the bank and across the subsidiaries businesses Recently, we launched the Coronation e-trader; an online trading platform which allows users buy and sell equities online through the Nigerian Stock Exchange (NSE) from anywhere in the world. The platform creates a world class experience, bringing the broker to the comfort of investors’ homes and offices. The platform guarantees investors’ convenience as it enables investors open virtual stockbroking accounts. In addition to this, the platform gives real-time notifications on trade executions and provides convenience for the investor to trade the way he/she wants whilst taking full control of their investments always. Another amazing feature of the platform is that it provides users with market data and information on all quoted companies, accompanied with quality research reports that help our customers make safer investment decisions. What is your outlook for the economy? If you look at the international institutions - the International Monetary Fund and the World Bank, they are forecasting Nigeria’s 2018 GDP growth at 2.1 per cent and 2.5 per cent, respectively. I think that’s about right, especially considering the Q1 2018 GDP data which, in my view, was predictable although the market was looking for a higher growth rate. Without giving too much away about our own commercial strategy, it is important to concentrate one’s efforts on the sectors which are growing well, and sectors which are withstanding disruption despite not growing. Among the growing sectors, I would highlight agriculture, telecoms and food. There is a very exciting technological upgrade in the telecoms sector which gives rise to excellent opportunities.

LSETF Partners Firm on Capacity Building Ugo Aliogo The Lagos Employment Trust Fund (LSETF) has gone into partnership with Intense, a technology firm to organise a capacity building programme known as intense social engineering. Speaking at the event in Lagos recently, the Head, Lagos Innovates, Tosin Faniro-Dada, said LSETF shares the vision with Intense to provide financial support to residents of Lagos state, to tackle unemployment and wealth creation. Faniro-Dada explained that the initiative was designed to assist founders and start-ups by facilitating access to high quality workspaces and infrastructure, learning, early stage investment capital and investor and peer networks. She added that programmes are open to all innovation-driven enterprises that are less than three years old and based in Lagos State. According to her, “LSETF

aims to enhance the creative and innovative energies of all Lagos residents and reduce unemployment across the State. The Fund has the mandate to directly invest N25 billion in helping Lagos residents grow and scale their Micro Small and Medium Enterprises (MSMEs) or acquire skills to get better jobs. “LSETF will focus on promoting entrepreneurship by improving access to finance, strengthening the institutional capacity of MSMEs and formulating policies designed to improve the business environment in Lagos state.” In his remarks, the Chief Marketing Officer of Intense, Leye Makanjuola, said the vision of the group is to support the founders of technology companies by equipping them with resources, training, mentorship and funding required in building global technology companies such as Uber, Amazon and Flipkart in the next 10 years. Makanjuola stated that

founders of a lot of technology start-ups don’t create time to interact, share ideas and learn in order to improve their skills, pointing out that interaction and networking are important to scale growth. “In our years of doing business in Nigeria, we found out that a lot of technology startups founders are always busy with work. “They don’t realise that networking and interaction are very important. People made mistakes that could have been avoided”, he said even as he noted that Intense Social Engineering was conceptualized to create a community startup founders can call home. Makanjuola stated that the capacity building aims to contribute positively to the Nigerian economy through the development of successful technology companies that can compete favourably internationally. Some of the speakers at the event were Olufisayo Oludare

of Advancio Interactive, a Fintech startup; Ayo Akinola of Piggy Bank, a saving solution; Chukwuwezam Obanor of Prep

class, an academic training solution; Olubusayo Longe of Form Plus, a start-up that builds easy to use forms and

Chinedu Azodoh of Max, a technology company disrupting the transporting and logistics industry.

Kid Entrepreneurs Apprentice Show Debuts Kid Entrepreneurs Centre (Kent Centre), has introduced Kid Entrepreneur Apprentice Show, first of its kind reality television programme in which a group of young entrepreneurs compete against each other in a series of business related challenges to multiply the seed fund of N50,000 given to them by the host of the show. In this pilot episode of the show, the young entrepreneurs are being mentored by famous Nigerian business magnate Tara Fela Durotoye CEO House of Tara, who teaches them the basics of how business works and what steps to take in order to achieve their given tasks on the show. The show features their

challenges, successes, decision making process and team spirit as they celebrate their wins and learn from their losses. Kid Entrepreneurs Apprentice show is powered by Kid Entrepreneurs centre (KENT CENTRE), a British Council Certified entrepreneurship development centre for children age five to 13 years in Nigeria. Kent Centre primarily focused on helping kids develop an entrepreneurial mind-set as well as skills that help them thrive in life. Through entrepreneurship, Kid Entrepreneurs Centre helps kids discover and nurture their unique talents and skills which the schools are grossly overlooking and by doing so, set the kids on the

path to changing the trajectory of our country for good. In line with the mission to widely spread entrepreneurship among Nigerian children, KID Entrepreneur Centre Introduces this TV show “Kid Entrepreneurs Apprentice Show’’ an edupreneurial show where 10 of Nigeria’s brightest business minded kids showcase their business prowess. The Kid Entrepreneurs Apprentice Show will be premiering with the first episode showing on June 16 at Filmhouse Imax Cinemas, The Rock Drive Off Durosinmi Etti Lekki Phase 1, Lagos Nigeria by 12 According to the organisers, screening is open to the public.

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T H I S D AY • MONDAY, JUNE 11, 2018

BUSINESS/MONEYGUIDE

Experts Highlight Opportunities in Outsourcing Sub-sector Nume Ekeghe Experts have stressed the need for firms to embrace outsourcing as a cost-saving measure. They pointed out that from the banking, oil and gas, manufacturing to information technology and telecoms sectors, the experts pointed out that companies are increasingly adopting outsourcing in their businesses. The experts made these remarks at the 2018 outsourcing expo which took place in Lagos recently. The Managing Director, Karios Business Services Limited, Babatunde Fajimi, predicted that outsourcing business would continue to grow.

According to him, a recent survey revealed that the subsector had assumed a critical place in assisting corporate Nigeria. “Outsourcing has been proven by scholars to transformative and also an investment that anticipate financial return. It is a voyage that transcends profit and once trust is broken, it will be difficult for both the user and provider to move smoothly,” he said. Also, the Executive Chairman, GMC Logistics Limited, Mr. Sonny Allison, said outsourcing has a lot of benefits, just as he identified job creation as one of such benefits. According to him, there was the general notion about outsourcing increasing unem-

ployment and workplace stress, which he described as false. He argued that outsourcing helps in increasing workplace efficiency and job creation. On his part, Senator Gbolahan Dada, representing Ogun West Senatorial District, highlighted the need to cut cost and increase revenue in order to grow the economy. This, he said, could be achieved through outsourcing. He said wealth creation would be possible through the development of policies to support outsourcing. He said: “Nigeria has a large population made up of brilliant minds and talents that could be used for the nation’s advantage. Unfortunately, most of them have left the country in search of greener pastures.”

Access Bank Harps on Improved Awareness on Green Bond Access Bank Plc has urged the federal government to increase awareness on green bond, saying Nigeria has the potential to dominate the market. Speaking at a forum on Nigeria’s Green Bond Market Development programme that was hosted by the bank in Lagos, Access Bank’s Executive Director, Risk Management, Mr. Greg Jobome, stressed the need for more Nigerians to be carried along in the green bond market. According to him it would be very helpful “if we involve the man on the street and they understand what the green bond is about, but if

the government keeps it for experts, treasurers, dealers, analyst, they will miss it. “We have to make it all encompassing because it is about sustainable development goals. It is about our children and the kind of world they will live in. “The little steps we are taking now will hopefully lay the foundation blocks for our world.” Furthermore, Jobome noted that with Green Bond occupying only 0.2 per cent of the global bond market, “we are not so far behind and we have the opportunity than the rest of the world.”

He added: “The potential is bigger for Nigeria and Africa, so if we do it right, we will actually dominate the statistics.” According to him, there are huge projects that would directly impact the masses that the government can undertake with the proceeds of a Green Bond offering. “There are a lot of things that t we can do now that rest of the world, particularly the developed countries cannot do. “If you build a mass transit in the United Kingdom, the impact will not be up to one percent of the impact of the same infrastructure in Lagos.”

L-R: Assistant Director, Nigeria Drug Law Enforcement Agency (NDLEA), Musa Maina; Deputy Director, Nicholas Ajadurumye; President, Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe; and, ABCON’s National Treasurer, Murtala Badamosi, during a courtesy visit by the NDLEA officials to ABCON in Lagos…recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS

MARCH

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)

FCMB Named ‘Great Place to Work’ First City Monument Bank (FCMB) said it received positive affirmation and rewards in Africa for consistently enhancing human capital development and welfare among its workforce. The bank, according to a statement, got two top awards at the fifth edition of the ‘Best Companies to Work For 2018 Africa’ awards organised by the Great Place to Work Institute (GPTW) that took place in Lagos. The awards the bank won were ‘Best Workplace for Females in Africa’ and ‘Second Best Company to Work For in Africa’, both in the large corporates category. In addition, the bank stated that it was presented with a certificate to further attest to

its recognition as a Great Place to Work. “The awards are in recognition of FCMB’s achievements in creating an enabling environment where employees can pursue their career goals and thrive,” the statement added. GPTW Institute is a global research firm that assesses companies, based on a trust index survey (employees’ opinion about the workplace) and culture audit (management policies and practices), with the overall objective to promote excellence in the work place. The Institute which produces the Fortune 100 Best Companies to Work For list and other top employer rankings, operates in 50 countries, including Nigeria.

Commenting on the awards, the Managing Director of FCMB, Mr. Adam Nuru, said: “The bank would continue to provide the right environment and initiatives, anchored on fairness, respect, camaraderie and credibility, that would enable its workforce to confidently pursue their career goals.” Also commenting on the feat, the Senior Vice President and Divisional Head, Corporate Services, FCMB, Felicia Obozuwa, described the awards as big milestones in the journey of the Bank to bring its mission to attain the highest levels of customer advocacy, be a great place to work and deliver superior and sustainable returns to its shareholders to life.

BATNF Launches Medium-term Strategic Plan Ugo Aliogo The British American Tobacco Nigeria Foundation (BATNF) has launched its 2018-2022 strategic plan aimed at promoting wealth creation in the agriculture sector. Speaking at an event in Lagos recently, the Chairman, Board of Directors, BATNF, Chief Kola Jamodu, said the foundation signed a memorandum of understanding (MOU) with the government to promote socio-economic development in the country, He noted that when the MOU was signed the public didn’t understand how impactful of the initiative would

be until the foundation was established in 2002. “Sixteen years later, we are witnesses to the evolution of a promise kept,” he added. The Chairman explained that the more than 70 per cent of the total farming population were small-holder farmers in rural communities that cultivates less than four hectares, but produce up to 90 percent of the total national output. “Yet many of these farmers and others in their community account for over three quarter of the poor in Nigeria, who live below a dollar a day. “In many ways, small-holder farmers cannot be ignored in the agricultural value chain

if growth and development are expected in the sector, but they are limited due to their subsistent way of farming in their backyard with hoes or cutlass and the unfavourable environment that leaves them vulnerable to big players in the field,” he noted. Jamodu stated that the foundation in its commitment to address poverty empowers rural small holder farmers to move from subsistence to commercial agriculture, noting that their support involves “providing them with practical means to mitigate these, including grants and technical expertise so they can become prosperous.”

(MILLION NAIRA) 2018

Month

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 • Source - CBN

MANAGED FUNDS Month Inter-Bank Call Rate

MARCH 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 • Monetary Policy Rate - 13%

OPEC DAILY BASKET PRICE AS AT, THURSDAY, JUNE , 2018 The price of OPEC basket of fourteen crudes stood at $73.62 a barrel on Thursday, compared with $73.05 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), Zafiro (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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T H I S D AY • MONDAY, JUNE 11, 2018

MARKET NEWS

NSE Pledges to Lead Growth of Regional Capital Markets Goddy Egene and Nosa Alekhuogie

THISDAY in Lagos. He said the role of the NSE would be fulfilled by mobilising savings for domestic investment in the economy including sectors that require special attention such as small and medium scale enterprises(SMEs) and infrastructure sectors. “We will also provide thought leadership on eco-

The Nigerian Stock Exchange (NSE) said it has a unique role to play in the sustainable growth of the domestic and regional capital markets as well as the broader economy. The Chief Executive Officer of the NSE, Mr. Oscar Onyema said this while speaking to

nomic and business issues, build capacity for institutions and communities and promote good governance as the foundation of sustainable and equitable long-term growth and competitiveness,” he added. According to Onyema, the business model of the exchange ensures long-term sustainability that enables it to weather cyclical changes in the

market conditions and provide new, innovative opportunities for wealth creation. “We provide a market for the issuance and trading of range of investment products (including equities, bonds, exchange traded funds and mutual funds) powered by world-class technologies and robust regulatory framework, for reliable and efficient access

PRICES FOR SECURITIES TRADED AS OF

to capital formation and value creation,” he said. The NSE boss had last Thursday said the demutualisation process was still on course. According to him, they are waiting for the signing of the Demutualisation Bill to be signed into law to fast-track the process. “While waiting for the Bill

to be signed into law, we are working on some oustatding aspects and providing clarity on the process through regular engagement with stakeholders. We are very positive that the demutualisation of the NSE will further catalyse the development of transparent and efficient capital market that is very critical to the country’s economy,” he said.

A S AT 0 8 / 0 6 / 2 0 1 8

Price List (Equities) PRICES FOR PREMIUM BOARD SECURITIES FINANCIAL SERVICES S/N 1 2 3

BANKING ACCESS BANK PLC. UNITED BANK FOR AFRICA PLC ZENITH INTERNATIONAL BANK PLC

10.70

-1.38

136

3,417,522

374,483.66

10.95

-1.35

128

5,632,778

S/N

8,465,051

31

17,515,351

32

849,275.16

PRICE

27.05

%CHANGE

-2.70

BANKING S/N 4 OTHER FINANCIAL INSTITUTIONS FINANCIAL SERVICES INDUSTRIAL GOODS S/N 5 6 BUILDING MATERIALS INDUSTRIAL GOODS OIL AND GAS S/N 7 EXPLORATION AND PRODUCTION OIL AND GAS PREMIUM BOARD TOTALS Price List (Equities) PRICES FOR MAIN BOARD SECURITIES AGRICULTURE S/N 8 9 10 CROP PRODUCTION S/N 11 FISHING/HUNTING/TRAPPING S/N 12 LIVESTOCK/ANIMAL SPECIALTIES AGRICULTURE CONGLOMERATES S/N 13 14 15 16 17 DIVERSIFIED INDUSTRIES CONGLOMERATES CONSTRUCTION/REAL ESTATE S/N 18 BUILDING CONSTRUCTION S/N 19 20 INFRASTRUCTURE/HEAVY CONSTRUCTION S/N 21

BUILDING MATERIALS DANGOTE CEMENT PLC LAFARGE AFRICA PLC.

EXPLORATION AND PRODUCTION SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD

MARKET CAP(Nm) 378,695.34

22 23 24 REAL ESTATE INVESTMENT TRUSTS (REITS) CONSTRUCTION/REAL ESTATE CONSUMER GOODS S/N 25 AUTOMOBILES/AUTO PARTS S/N 26 27 28 29

268

VOLUME

PRICE

%CHANGE

TRADES

VOLUME

33

10.55

-3.21

426

23,234,975

34

426

23,234,975

35

958

40,750,326

36

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

4,018,151.65

235.80

-1.42

25

52,021

345,202.44

39.80

-

59 84 84

182,068 234,089 234,089

MARKET CAP(Nm) 418,442.93

PRICE 711.10

%CHANGE -3.25

TRADES

VOLUME

9

92,761

9

92,761

9 1,051

92,761 41,077,176

37 38 FOOD PRODUCTS S/N 39 40 FOOD PRODUCTS--DIVERSIFIED S/N 41 42 HOUSEHOLD DURABLES S/N 43

CROP PRODUCTION FTN COCOA PROCESSORS PLC OKOMU OIL PALM PLC. PRESCO PLC

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

440.00

0.20

-

2

74,070

78,220.62

82.00

-

16

50,490

70,350.00

70.35

-

9 27

33,250 157,810

PRICE

%CHANGE

TRADES

VOLUME

4.26

-

0 0

0 0

FISHING/HUNTING/ TRAPPING ELLAH LAKES PLC.

MARKET CAP(Nm) 511.20

LIVESTOCK/ANIMAL SPECIALTIES LIVESTOCK FEEDS PLC.

MARKET CAP(Nm) 2,610.00

PRICE

%CHANGE

TRADES

VOLUME

0.87

-

14

240,457

14

240,457

41

398,267

DIVERSIFIED INDUSTRIES A.G. LEVENTIS NIGERIA PLC. JOHN HOLT PLC. S C O A NIG. PLC. TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC.

58,126.63

1.43

2.14

94

6,872,093

42,355.06

14.70

-

29 133 133

99,466 7,009,249 7,009,249

BUILDING CONSTRUCTION ARBICO PLC.

MARKET CAP(Nm) 711.32

INFRASTRUCTURE/ HEAVY CONSTRUCTION JULIUS BERGER NIG. PLC. ROADS NIG PLC.

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

1,403.06

0.53

-

4

24,968

214.03 2,111.93

0.55 3.25

-

6 0

12,722 0

44 PERSONAL/HOUSEHOLD PRODUCTS CONSUMER GOODS FINANCIAL SERVICES

46 48 49 50 51 52 53 54 BANKING S/N 55 56 57 58 59

TRADES

VOLUME

60

-

4 4

170 170

61 62

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

63

36,300.00 165.00

27.50 6.60

-

9 0

30,371 0

65

9

30,371

TRADES

VOLUME

64

66

REAL ESTATE DEVELOPMENT UACN PROPERTY DEVELOPMENT CO. LIMITED

MARKET CAP(Nm)

PRICE

5,222.78

2.01

-

14 14

493,217

68

REAL ESTATE INVESTMENT TRUSTS (REITS) SKYE SHELTER FUND PLC UNION HOMES REAL ESTATE INVESTMENT TRUST (REIT) UPDC REAL ESTATE INVESTMENT TRUST

MARKET CAP(Nm) 1,900.00

PRICE

%CHANGE

TRADES

VOLUME

69

95.00

-5.00

5

20,001

70

11,300.89

45.20

-

0

0

71

26,682.70

10.00

-

1

5

72

6

20,006

73

33

543,764

AUTOMOBILES/AUTO PARTS DN TYRE & RUBBER PLC

MARKET CAP(Nm) 1,431.80

BEVERAGES--BREWERS/DISTILLERS CHAMPION BREW. PLC. GOLDEN GUINEA BREW. PLC. GUINNESS NIG PLC INTERNATIONAL BREWERIES PLC.

MARKET CAP(Nm) 15,658.99 242.22

67

74 PRICE

%CHANGE

TRADES

VOLUME

75

0.30

-

0 0

0 0

76

PRICE

%CHANGE

TRADES

VOLUME

2.00

-1.96

14

3,263,732

0.89

-

0

0

218,490.69

99.75

-

70

402,021

359,307.03

41.80

-4.13

40

443,969

77 78 79 80

117.00

-0.85

131

797,536

255

4,907,258 VOLUME

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

53,000.00

10.60

-

57

338,391

240,000.00

20.00

2.04

160

27,926,331

132,852.30

32.40

-1.67

66

544,632

18,239.45

2.30

-

21

271,389

1,489.00

0.40

-

0

0

6.55

-

4

20,000

59,347.42

22.40

-0.45

32

529,874

3,676.41

13.45

-

0 340

0 29,630,617

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

23,759.26

12.65

4.98

54

232,514

1,149,510.10

1,450.20

1.41

61

213,962

115

446,476

HOUSEHOLD DURABLES NIGERIAN ENAMELWARE PLC. VITAFOAM NIG PLC.

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

1,680.31

22.10

-

0

0

3,418.97

3.28

-

3 3

1,002 1,002

PERSONAL/HOUSEHOLD PRODUCTS P Z CUSSONS NIGERIA PLC. UNILEVER NIGERIA PLC.

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

82,387.40

20.75

-

44

106,183

315,975.30

55.00

3.77

34

18,420,538

78

18,526,721

791

53,512,074

FOOD PRODUCTS-DIVERSIFIED CADBURY NIGERIA PLC. NESTLE NIGERIA PLC.

BANKING

47

935,637.54

1,167.21

DIAMOND BANK PLC ECOBANK TRANSNATIONAL INCORPORATED FIDELITY BANK PLC GUARANTY TRUST BANK PLC. JAIZ BANK PLC SKYE BANK PLC STERLING BANK PLC. UNION BANK NIG.PLC. UNITY BANK PLC WEMA BANK PLC.

%CHANGE

493,217

FOOD PRODUCTS DANGOTE FLOUR MILLS PLC DANGOTE SUGAR REFINERY PLC FLOUR MILLS NIG. PLC. HONEYWELL FLOUR MILL PLC MULTI-TREX INTEGRATED FOODS PLC N NIG. FLOUR MILLS PLC. NASCON ALLIED INDUSTRIES PLC UNION DICON SALT PLC.

S/N

4.79

%CHANGE

NIGERIAN BREW. PLC.

45

PRICE

REAL ESTATE DEVELOPMENT S/N

TRADES

532 OTHER FINANCIAL INSTITUTIONS FBN HOLDINGS PLC

30 BEVERAGES--BREWERS/DISTILLERS

MARKET CAP(Nm) 309,529.30

INSURANCE CARRIERS, BROKERS AND SERVICES AFRICAN ALLIANCE INSURANCE COMPANY PLC AIICO INSURANCE PLC. AXAMANSARD INSURANCE PLC CONSOLIDATED HALLMARK INSURANCE PLC CONTINENTAL REINSURANCE PLC CORNERSTONE INSURANCE COMPANY PLC. EQUITY ASSURANCE PLC. GOLDLINK INSURANCE PLC GREAT NIGERIAN INSURANCE PLC GUINEA INSURANCE PLC. INTERNATIONAL ENERGY INSURANCE COMPANY PLC LASACO ASSURANCE PLC. LAW UNION AND ROCK INS. PLC. LINKAGE ASSURANCE PLC MUTUAL BENEFITS ASSURANCE PLC. N.E.M INSURANCE CO (NIG) PLC. NIGER INSURANCE CO. PLC. PRESTIGE ASSURANCE CO. PLC. REGENCY ALLIANCE INSURANCE COMPANY PLC SOVEREIGN TRUST INSURANCE PLC STANDARD ALLIANCE INSURANCE PLC. STANDARD TRUST ASSURANCE PLC UNIC DIVERSIFIED HOLDINGS PLC. UNIVERSAL INSURANCE COMPANY PLC VERITAS KAPITAL ASSURANCE PLC WAPIC INSURANCE PLC

MARKET CAP(Nm) 35,203.79

PRICE

%CHANGE

TRADES

VOLUME

1.52

-6.17

139

10,021,981

366,991.02

20.00

0.76

42

393,569

66,062.54

2.28

-1.32

239

13,702,240

1,211,093.03

41.15

-2.02

188

19,882,891

20,035.69 10,549.03 38,579.16 163,076.22 10,637.30 29,702.34

0.68 0.76 1.34 5.60 0.91 0.77

-2.94 -3.80 2.29 1.32

34 59 27 65 6 32 831

1,467,215 2,603,345 1,000,011 4,010,111 86,399 453,043 53,620,805

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

4,117.00

0.20

-

0

0

4,296.73

0.62

-4.62

59

2,646,143

26,145.00

2.49

-

3

2,052

1,890.00

0.27

-3.57

8

500,278

14,833.02

1.43

-

5

86,500

5,155.33

0.35

-

0

0

2,800.00

0.20

-

6

152,300

2,411.47

0.53

-

0

0

1,913.74

0.50

-

0

0

2,333.20

0.38

-

2

400

539.32

0.42

-

0

0

2,563.20

0.35

2.94

19

2,583,195

3,694.84

0.86

-

3

66,100

6,720.00

0.84

-

6

139,363

2,880.00

0.36

-2.70

3

481,057

13,254.06

2.51

-0.40

28

1,142,935

1,934.87

0.25

-

10

22,772

2,557.67

0.67

-

8

102,739

1,733.88

0.26

-3.85

9

404,280 9,300,123

2,252.02

0.27

3.85

21

5,422.63

0.42

-

0

0

4,483.72

0.48

-

2

2,000 115,000

516.46

0.20

-

1

8,000.00

0.50

-

0

0

4,298.67

0.31

3.33

8

437,900

6,557.54

0.49

2.04

39

1,276,437

38

T H I S D AY MONDAY JUNE 11, 2018

39

˾ MONDAY, JUNE 11, 2018

MARKET NEWS

SEC to Issue Rules for Green Bonds as FMDQ OTC Deepens Market Goddy Egene The green bond market in Nigeria will soon witness a boost as the Securities and Exchange Commission (SEC) prepares to release rules to guide issuance of green bonds in the country. Green bonds are fixed income, liquid financial instruments used to raise funds dedicated to climate mitigation, adaption and other environment-friendly projects. They provide investors with an attractive investment proposition and an opportunity to support

environmentally and socially sound project. The federal government pioneered green bond issuance raising N10 billion. But in order to make the bond market more attractive, the Acting Director of SEC, Ms. Mary Uduk, said that the commission was in the process of approving green Bonds rules, noting that it would be released to the market in no distance period. Uduk disclosed this at the Nigerian Green Bond Market Development Programme Launch organised by FMDQ OTC Securities Exchange in

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

Lagos. “We are in the process of approving the rules and any moment from now they will be released to the market. We are getting inputs rules from stakeholders and participants in the market. You cannot do anything without structures in place. SEC is trying to put up necessary structures that will guide the market when the time comes,” Uduk said. She said that green bonds would deepen the nation’s capital market, noting that the new product provides enormous opportunities that would turnaround our

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 07Jun-2018, unless otherwise stated.

environment. According to her, the federal government had set a benchmark for issuance of Green Bonds following successful outing in 2017 unlike Sukuk that was pioneered by a state government. Uduk said SEC was working with Climate Bonds Initiative, an international organisation with the largest capital market of $100 trillion bond market, for climate change solutions to strengthen internal capacity. “We don’t want a situation where corporate will want

to raise green bonds and it will sit there because there is no internal capacity,” she added. Meanwhile, the Managing Director/CEO of FMDQ OTC Exchange Securities, the Mr. Bola Onadele.Koko, said that the company had formalised its partnership with the Financial Sector Deepening (FSD) Africa and CBI through the execution of a Cooperation Agreement to support the development of the Nigerian green bond market. He explained that the partnership would facilitate

the establishment and development of a Green Bond market in Nigeria, support the developer TN of guidelines and listing requirements. Onadele added that it would develop a pool of Nigeria-based licensed verifies to support issuers and develop a pipeline of green investments and facilitate engagement with extant and potential investors. According to him, it will support broader debt capital markets reforms that have an impact on the nongovernment bond market in Nigeria.

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 188.08 189.59 6.05% Nigeria International Debt Fund 245.08 246.63 6.27% 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 0.84 0.85 1.77% ACAP Income Funds 0.64 0.64 6.44% 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 13.20% 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 19.73 20.32 7.98% ARM Discovery Fund 415.57 428.10 6.81% ARM Ethical Fund 29.21 30.09 6.93% ARM Money Market Fund 1.00 1.00 13.33% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 13.50% Paramount Equity Fund 12.03 12.34 8.50% Women's Investment Fund 104.69 107.38 4.04% 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 13.42% 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 13.20% Coronation Balanced Fund 1.14 1.16 8.58% Coronation Fixed Income Fund 1.12 1.15 8.24% 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 161.34 1,162.04 -42.38% FBN Heritage Fund 148.37 149.65 6.42% FBN Money Market Fund 100.00 100.00 12.99% FBN Nigeria Eurobond (USD) Fund - Institutional $113.23 $113.61 0.21% FBN Nigeria Eurobond (USD) Fund - Retail $113.11 $113.48 0.20% FBN Nigeria Smart Beta Equity Fund 177.06 179.77 10.09% 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 1.37 1.40 5.24% Legacy Debt Fund 3.05 3.05 5.74% 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 3,167.49 3,198.96 6.07% Coral Income Fund 2,626.16 2,626.16 7.31% 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 13.34% Nigeria Entertainment Fund 103.08 104.07 3.11% 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 13.00% Vantage Balanced Fund 2.22 2.25 5.50% Vantage Guaranteed Income Fund 1.00 1.00 15.54% Kedari Investment Fund (KIF) 120.52 120.90 4.79%

LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.18 1.21 3.34% Lotus Halal Fixed Income Fund 1,072.23 1,072.23 6.33% 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 13.88 13.95 5.35% Meristem Money Market Fund 10.00 10.00 11.60% 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 1.35 1.37 12.96% PACAM Fixed Income Fund 11.72 11.79 6.25% PACAM Money Market Fund 10.00 10.00 12.83% 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 120.14 122.13 -6.76% 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 1.59 1.59 6.87% 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 2,386.64 2,406.23 6.40% Stanbic IBTC Bond Fund 185.62 185.62 5.20% Stanbic IBTC Ethical Fund 1.06 1.07 5.45% Stanbic IBTC Guaranteed Investment Fund 236.43 236.49 7.36% Stanbic IBTC Iman Fund 184.18 186.14 2.81% Stanbic IBTC Money Market Fund 100.00 100.00 12.38% Stanbic IBTC Nigerian Equity Fund 10,042.98 10,180.11 3.86% Stanbic IBTC Dollar Fund (USD) 1.09 1.09 3.26% 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 1.31 1.32 -1.96% United Capital Bond Fund 1.65 1.65 5.49% United Capital Equity Fund 0.95 0.97 3.44% United Capital Money Market Fund 1.00 1.00 12.51% United Capital Eurobond Fund 106.23 106.23 3.23% United Capital Wealth for Women Fund 1.14 1.15 4.89% 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 13.18 13.37 4.32% Zenith Ethical Fund 13.72 13.87 3.03% Zenith Income Fund 20.28 20.28 7.15% Zenith Money Market Fund 1.00 1.00 12.85%

REITS NAV Per Share

Yield / T-Rtn

11.41 135.86 103.70 51.22

1.01% 2.57%

Bid Price

Offer Price

Yield / T-Rtn

12.23 153.85 114.45

12.33 157.06 116.54

0.89% 7.69% 4.74%

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

0.77%

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

4.96 9.10 18.21 20.26 145.44

5.00 9.18 18.31 20.46 147.44

4.55% -4.90% 3.94% 3.00% 6.26%

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.

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

40

CITYSTRINGS

Ă&#x153;Ă&#x2122;Ă&#x;Ă&#x161; 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&#x201C;Ă?Ă&#x2014;Ă?Ă&#x2013;Ă&#x201C;Ă? äĂ?Ă&#x2122;Ă&#x152;Ă&#x201C; Ă&#x2014;Ă&#x2039;Ă&#x201C;Ă&#x2013; Ă?Ă&#x2019;Ă&#x201C;Ă?Ă&#x2014;Ă?Ă&#x2013;Ă&#x201C;Ă?Ë&#x203A;Ă?äĂ?Ă&#x2122;Ă&#x152;Ă&#x201C;ĚśĂ&#x17E;Ă&#x2019;Ă&#x201C;Ă?Ă&#x17D;Ă&#x2039;ĂŁĂ&#x2013;Ă&#x201C;Ă Ă?Ë&#x203A;Ă?Ă&#x2122;Ă&#x2014;

Portrait of a Megacity Gboyega Akinsanmi writes that a new Oshodi is gradually emerging in Lagos State with diverse strategic infrastructure projects at different stages of completion

R-L: Lagos State Governor, Mr. Akinwunmi Ambode; Managing Director, Planet Project, Mr. Abiodun Otunola; Commissioner for Works and Infrastructure, Engr. Ade Akinsanya and his counterpart for Information and Strategy, Mr. Kehinde Bamigbetan, during the governorâ&#x20AC;&#x2122;s inspection of the ongoing construction of the Oshodi Transport Interchange

O

shodi, a sprawling municipal of over 1.5 million residents, shares border directly with the Murtala Mohammed International Airport (MMIA), Lagos. From its northern part, the international wing is just few metres away from Oshodi. Apart from Ikeja where the seat of power resides, no part of Lagos correctly gives first impression about Nigeria other than Oshodi. Yet, Oshodi indeed remains a shadow of itself. From its infamy of blight to its notoriety for gridlocks, this sprawling community has always been a huge burden for successive governments in Lagos State since the dark era of military rule. Before the return to civil rule, Oshodi did not attract much attention even though it tells visitors first story about Nigeria. After decades of outright neglect, Oshodi has grown to be an urban centre, where social deviants often harass commuters and residents almost unhindered. It has become an axis of traffic congestion where bus drivers operate purely on their terms and with outright disregard for public order. Either they are heading towards Ikeja via Lagos-Abeokuta Expressway or Isolo through Apapa-Oshodi highway, commuters are largely unwilling to go through Oshodi for fear of spending hours in gridlock. A good number of them would, most times,

opt for a longer route to escape the menace of miscreants, who daily pilfer and rob at Oshodi during odd hours. Even though these realities have not substantially changed since 1999, successive governments have been working hard to transform Oshodi to a nodal point, which according to the Commissioner for Information and Strategy, Mr. Kehinde Bamigbetan, would be a point of convergence and departure for commuters with world-class transport infrastructure.

Search for an antidote Amidst mounting challenges ranging from managing massive wastes on the streets to guaranteeing security of lives and property across the state, Asiwaju Bola Ahmed Tinubu came up with a template of what Oshodi should be few years after he took up the

I saw a lot of challenges in Oshodi. I felt disturbed about Oshodi. Right there, I decided we had to regenerate Oshodi without delay and put it on the world map

mantle of leadership in the state. He unveiled a blueprint for Oshodi even when the state was cash-strapped to execute any project of world-class standard. Tinubuâ&#x20AC;&#x2122;s blueprint was one of the rationales for the establishment of the Lagos Metropolitan Area Transport Authority (LAMATA). Beyond Oshodi, as shown on its website, this authority represents a public institution, which the stateâ&#x20AC;&#x2122;s legislative arm set up â&#x20AC;&#x153;to reform its transport system by creating a world-class intermodal integrated transport services...â&#x20AC;? At the heart of Tinubuâ&#x20AC;&#x2122;s vision was the plan to construct a short rail line from Oshodi to the MMIA, which Bamigbetan claimed, was one of the seven rail lines the LAMATA proposed for the metropolis. But this vision was in embryo stage when the Tinubu administration came to an end on May 2007. Amid other competing needs and scarce resources, Tinubuâ&#x20AC;&#x2122;s immediate successor, Mr. Babatunde Fashola (SAN) could not perhaps vigorously pursue this vision throughout his tenure. Rather, Fashola partially unlocked Oshodiâ&#x20AC;&#x2122;s intractable gridlock and equally improved public order, which then earned him public approval, not only in the state, but also in the federation. With the deployment of the Lagos State Environmental Sanitation and Special Offences Unit (Task Force) and Rapid Response Squad (RRS), Fashola was able to provide

a relative order in Oshodi for eight good years. But in reality, this did not guarantee an antidote to Oshodiâ&#x20AC;&#x2122;s hydra-headed challenges, which became obvious before his tenure ended in 2015. This was the state of Oshodi when Mr. Akinwunmi Ambode came to office. Options before him were indeed numerous, according to Bamigbetan. Like his immediate predecessor, Ambode could have opted for a makeshift plan. But he was indeed conscious of Oshodiâ&#x20AC;&#x2122;s geo-strategic significance, not only to Lagos as Africaâ&#x20AC;&#x2122;s fifth largest economy, but also to Nigeria and its image. Ambode was also mindful of the future of Lagos, which according to him, would largely depend on the ease of commuting from one part of the metropolis to the other. He was not oblivious of Lagos economy, which he claimed his administration â&#x20AC;&#x153;has been building and nurturing day and night to become Africaâ&#x20AC;&#x2122;s third largest economy by 2020.â&#x20AC;? Ambode was, equally, unambiguous about his aggressive drive for both domestic and foreign investments in the last three years. By implication, Ambodeâ&#x20AC;&#x2122;s thirst for FDIs has helped the state secure 69.12 percent of the foreign direct investments (FDIs) that Nigeria attracted in 2017 alone. For Ambode, however, "Lagos has started the journey. We are equally committed to see the end of it irrespective of challenges on the way".

41

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

CITYSTRINGS

Lagos State Governor, Mr. Akinwunmi Ambode (2nd left); Commissioner for Works and Infrastructure, Engr. Ade Akinsanya (right); his counterpart for Transportation, Mr. Ladi Lawason (left), during the governorâ&#x20AC;&#x2122;s inspection of the ongoing construction of the Oshodi-International Airport Road

Conception of a new city Already, according to the governor, a new city is gradually coming up from Oshodi. Ambode, however, claimed that he did not conceive this dream until he paid an unscheduled visit to this emerging city shortly after he assumed office. He only paid the visit with a plan to inspect a road project at Brown Street, which Fashola started, though could not complete it. But this visit introduced the governor to an entirely different city, which according to him, truly depicts a true narrative of blight and oddity. From street to street, Ambode claimed that the sight of Oshodi indeed disturbed him. He attested to the scale of infrastructure deficit in Oshodi, which he said, would require a sustained makeover to overhaul and transform it. Ambode thus claimed that he was a witness â&#x20AC;&#x153;to high records of criminal activities, environmental nuisance and traffic congestion for which Oshodi was best known.â&#x20AC;? Laced with deplorable road and dysfunctional drainages, Ambode said his first visit to Oshodi left him almost speechless, thereby compelling him â&#x20AC;&#x153;to embark on a search for permanent solution.â&#x20AC;? From Brown Street, Ambode visited other parts of Oshodi, especially the site of Owonifari Market where the state government is currently building the transport interchange. He also inspected the site of the safety arena, an expansive office complex, which he said, was designed to provide a take-off operational theatre for all safety and security operatives in the state. From the site of the safety arena, Ambode said former chairman of Oshodi Local Government led him to other parts, which according to him, informed his decision to turn Oshodi to a new city. He said: â&#x20AC;&#x153;I saw a lot of challenges in Oshodi. I felt disturbed about Oshodi. Right there, I decided we had to regenerate Oshodi without delay and put it on the world map. â&#x20AC;&#x153;We then sped up the construction of Brownâ&#x20AC;&#x2122;s road project. We decided to construct Oshodi transport interchange, which is valued at about $70 million. We, also, decided to construct Oshodi-Airport

Road, a 10-lane road project covering a distance of over five kilometres and Oshodi-Abule-Egba BRT lane, both of which are already at different stages of completion.â&#x20AC;? When these projects are fully executed, he assured, Oshodi will never be the same again. Even before their completion, Ambode admitted that this intervention â&#x20AC;&#x153;has started yielding the desired outcomes. Already, miscreants are no longer at ease to operate in Oshodi. Compared to what it used to be, crime rate in Oshodi has substantially come down in the last three years. With the safety arena, Ambode believed that the stateâ&#x20AC;&#x2122;s emergency response â&#x20AC;&#x153;has improved dramatically. The arena engenders better synergy among all safety agencies and a significant improvement in the response time to most emergency issues. It brings together at least 12 departments and agencies responsible for safety and emergency management in the state. We are not yet done with Oshodi.â&#x20AC;?

Portrayal of a new city With superlative infrastructure projects gradually emerging from different parts of Oshodi, no resident needs an expert to tell him or her that a new city has

With superlative infrastructure projects gradually emerging from different parts of Oshodi, no resident needs an expert to tell him or her that a new city has already been born

already been born. This indeed captures Bamigbetanâ&#x20AC;&#x2122;s description when he inspected Oshodi alongside select journalists last month. For him, Oshodi is shielding off its appalling image by the day. Even though its new concept has not fully emerged, Bamigbetan argued that there â&#x20AC;&#x153;is no gainsaying that a new Oshodi with potential to expand economic opportunities for residents and the state alike is already in the making.â&#x20AC;? Contrary to critics, he explained that Lagos State â&#x20AC;&#x153;is not all about Lagos Island and Ikoyi alone; neither is it all about Victoria Island. But it is about Agege. It is about Alimosho, a huge district with a population of over 1.8 million. It is all about Oshodi; a new city that now tells diplomats, investors and tourists a new narrative about our fatherland. That is the philosophy of Ambode government which focuses on touching more lives.â&#x20AC;? With massive infrastructure development taking place in Oshodi and Alimosho, Bamigbetan claimed that facts and figures â&#x20AC;&#x153;show that the Ambode administration thinks about every resident of Lagos equally. That explains why we are creating facilities that economise our space. That also explains why we are building a Lagos that is internationally benchmarked." But the Chief Executive Officer of Planet Projects Limited, Mr. Biodun Otunola provided insight into the Oshodi transport interchange, which he said, had three massive wings. Otunola noted that the first wing â&#x20AC;&#x153;is purely constructed to serve commuters going to other states of the federation 24 hours.â&#x20AC;? He pointed out that the second wing â&#x20AC;&#x153;will serve commuters that will prefer to board high occupancy vehicles to their destination along the Oshodi-Abule-Egba BRT corridor. The last wing is dedicated to serve commuters going to such destinations as Lagos Island, Ikorodu, Ojuelegba and Ojota among others.â&#x20AC;? According to him, the socio-economic impact of these projects will be directly felt by the masses and not just the elite. Specifically, Otunola claimed that the transport interchange was designed â&#x20AC;&#x153;to

serve at least one million commuters daily. This is an indication that the project was conceived in the interest of the masses and not for the elite of the state.â&#x20AC;? Otunola compared it with the MMIA into which the federal government had injected billions of dollars. Unlike the transport interchange, he said the MMIA â&#x20AC;&#x153;only serves 21,000 passengers per day. If Lagos must become Africaâ&#x20AC;&#x2122;s third largest economy, the state government must develop iconic infrastructure projects that will serve the greatest number of people and not the few elite.â&#x20AC;? Besides, Otunola said the projects would make Oshodi a new hub of socio-economic activities, which according to him, would generate employment opportunities in thousands and boost the stateâ&#x20AC;&#x2122;s internally generated revenue (IGR) at an unprecedented rate. Already, he claimed, between 500 and 700 people have been hired for the construction work alone. He also claimed that projects were designed â&#x20AC;&#x153;in conformity with international standard.â&#x20AC;? He argued that the transport interchange â&#x20AC;&#x153;conforms to the model all over the world. In the three wings, there are 18 lifts and one elevator. Aside, we have CCTVs that monitor everywhere. Every part of the transport interchange will be under surveillance 24 hours.â&#x20AC;? Otunola, however, lamented undue dependence on foreign construction firms â&#x20AC;&#x153;to build our infrastructure projects.â&#x20AC;? He also lamented that most projects foreign construction companies had handled in the past for different governments in the federation â&#x20AC;&#x153;have failed in some cases. In other cases, they have not conceived and delivered projects that optimally serve us.â&#x20AC;? He claimed that this trend â&#x20AC;&#x153;has contributed to why we have not really developed. Likewise, he said, Nigeria is 100 years behind developed countries. It appears, according to him, there is conspiracy against this country because foreign companies are not building infrastructure projects of global standard for us. Unlike foreign firms, he claimed that Oshodiâ&#x20AC;&#x2122;s transformation projects â&#x20AC;&#x153;are 100 per cent conceived, designed and executed locally.â&#x20AC;?

42

T H I S D AY MONDAY JUNE 11, 2018

T H I S D AY MONDAY JUNE 11, 2018

43

44

T H I S D AY MONDAY JUNE 11, 2018

RETURNS ON UTILIZATION OF FUNDS SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 8th-JUNE 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 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146

IMPORTATION OF GAZPROMNEFT HD 50 30L TO LIQUIDATE MATURED BC FOR IMPORTATION OF RAW MATERIALS (FINAL BLENDED STRIPS) FOR CIGARETTE PRODUCTION. WIRELESS COMMUNICATION APPARATUS TO BE USED IN LTE WIDE AREA NETWORK RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL:BEAMS IMPORTATION OF WASHING MACHINE ,FAN PARTS AND ELECTROCAL AND ELECTRONIC PARTS IMPORTATION OF MOTORCYCLE PARTS LIQUID-GAS COOKER,AC MOTOR BRAND: QASA/DURAVOLT IMPORT OF INDUSTRIAL RAW MATERIAL - MARLEX HDPE INDUSTRIAL RAW MATERIALS - VITAMIN A PALMITATE 1.7 MLU/G INDUSTRIAL RAW MATERIALS - CORN STARCH INDUSTRIAL RAW MATERIALS - SORBITOL 70% BP GRADE INDUSTRIAL RAW MATERIALS - CORN STARCH INDUSTRIAL RAW MATERIALS - WHITE PARAFFIN WAX, COSMETIC GRADE IMPORT OF INDUSTRIAL RAW MATERIAL - PP HOMOPOLYMER SPARES FOR FILLING LINES RUSSIA MILLING WHEAT - 10,000 M.TONS IMPORTATION OF LIQUID BINDER IMPORT OF INDUSTRIAL RAW MATERIAL FOR BOOK PRODUCTION - UNCOATED WOOD FREE PLAIN PAPER IN SHEETS "BAJAJ BOXER- BM100CC MOTORCYCLE IN CKD PACKED CONDITION" IMPORT OF INDUSTRIAL RAW MATERIL - MEK IMPORT OF INDUSTRIAL RAW MATERIAL - MIBK RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL:BEAMS IMPORT OF INDUSTRIAL RAW MATERIAL - POLYOL IMPORT OF INDUSTRIAL RAW MATERIAL - PARAFFIN OIL IMPORTATION HEB BEAMS IN COMMERCIAL FOR IMPORTATION OF CHEMICAL RAW MATEIAL IMPORT - HDPE PAYMENT VIA LC FOR INDUSTRIAL RAW MATERIALS. IMPORTATION OF NEW PORTABLE GASOLINE GENERATOR NEOS 59B BINDER FOR CERAMIC BODY IMPORTATION OF ASCORBIC ACID POWDER BP/USP JAC LHD BRAND NEW VEHICLES (SKD) RAW MATERIAL IMPORT PP RANDOM IMPORT OF INDUSTRIAL RAW MATERIAL - IPEA GINOL EW NEEM ( COSMO WAX ) WHEAT RUSSIA MILLING WHEAT - PROTEIN 12.5% INDUSTRIAL RAW MATERIALS - CAUSTIC SODA FLAKES INDUSTRIAL RAW MATERIALS - POTASSIUM CARBONATE INDUSTRIAL RAW MATERIALS - SODIUM SULPHATE ANHYDROUS PURCHASE OF RAW MATERIAL ALUMINUM PLAIN COILS ODORIFEROUS SUBSTANCE SPECKLES SODIUM CARBONATE (DENS) SODIUM CARBONATE (DENS) TINOPAL CBS-X(OB) TOTALASE WIN (ENZYME) BAJAJ BOXER - BM100CC MOTORCYCLE IN CKD PACKED CONDITION BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION 90 UNITS OF (3340S S-CAB) SEMI-TRAILOR TRACTOR: MODEL: MERCEDES-BENZ ACTROS3, VEHICLE TYPE: 3340 S, DRIVETRAIN: 6 X 4, BAUMUSTER: 93416112, CHASSIS VARIANT: TRAINING TRAINING BAJAJ BOXER - BM100CC MOTORCYCLE IN CKD PACKED CONDITION BAJAJ BOXER - BM100CC MOTORCYCLE IN CKD PACKED CONDITION BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA EDUCATION EDUCATION EDUCATION EDUCATION RUSSIA MILLING WHEAT - 10,000 M.TONS TRAINING CIRCUIT BREAKERS CONTACT TIMERS DISCHARGE LAMPS (B22 MODEL) BULBS (BRAND: PILLA) STEEL DOOR AND TILES CUTTING MACHINE BULBS (PILA BRAND) BULBS (PILA BRAND) UMBRELLA POLYESTER SEWING THREAD BICYCLE ROLLER CHAIN BICYCLE ROLLER CHAIN CHEMICALS HYDRAULIC JACK ELECTRONICS SPARE PARTS NEW BREAK LINING FOR TRUCKS NOT MOUNTED (CONTAINING ASBESTORS) FISHING NET SEWING THREAD - TAILORING MATERIAL HACK SAW BLADE BULBS (PILA BRAND) ELECTRICAL CABLE SINGLE-CORE TAILORING MATERIAL - SEWING THREAD UMBRELLA HAND TOOLS (HAMMER) BRAND : SIGNAL, MODEL: 16 HYDRAULIC JACK WATER MACHINE SPORTS EQUIPMENT FRONT WHEEL BEARING AND OIL FILTER STEEL DOOR AND CUTTING TILES MACHINE BICYCLE ROLLER CHAIN PNEUMATIC TRANSMISSION VALVE KNIFE SWITCH INDUSTRIAL RAW MATERILAS (DEXTROSE MONOHYDRATE & ETHYLE DIAMIDE TETRACETIC ACID) WALL CLOCK WALL CLOCK GENERATORS STEEL DOORS & TILES CUTTING MACHINE POLYESTER SEWING THREAD UMBRELLA TAILORING MATERIAL - SEWING THREAD

ADIREJE WEST AFRICA LTD INTERNATIONAL TOBACCO COMPANY PLC SPECTRANET LIMITED IRON PRODUCTS INDUSTRIES LIMITED FAPA COMPANY LIMITED AKI INTERNATIONAL LIMITED OBOTICA INDUSTRIAL LTD PENTAGON PLASTIC INDUSTRIES LIMITED MULTI-CHEM INDUSTRIES LTD RAGI INDUSTRIES LIMITED RAGI INDUSTRIES LIMITED RAGI INDUSTRIES LIMITED RAGI INDUSTRIES LIMITED REGAL CHEM NIGERIA LIMITED OVH ENERGY MARKETING LIMITED CROWN FLOUR MILLS LIMITED WEST AFRICAN CERAMICS LIMITED REGAL CHEM NIGERIA LIMITED DAG INDUSTRIES NIGERIA LTD REGATTA INDUSTRIES LIMITED REGATTA INDUSTRIES LIMITED SABASTEEL INDUSTRIAL NIG LTD REGATTA INDUSTRIES LIMITED REGATTA INDUSTRIES LIMITED P. B. DJEBAH AND COY LTD TOMBO INDUSTRIES LIMITED REGAL CHEM NIGERIA LIMITED STARLINE NIGERIA LIMITED ESTENDO POWER PRODUCT CO LTD WEST AFRICAN CERAMICS LIMITED MEGACHEM NIGERIA LTD ELIZADE NIGERIA LIMITED REGAL CHEM NIGERIA LIMITED REGATTA INDUSTRIES LIMITED GODREJ NIGERIA LIMITED CROWN FLOUR MILLS LIMITED MULTI-CHEM INDUSTRIES LTD MULTI-CHEM INDUSTRIES LTD MULTI-CHEM INDUSTRIES LTD EASTCHASE ALUMINIUM PRODUCTS LIMITE NATURAL PRIME RESOURCES NIGERIA LI EKO SUPREME RESOURCES NIGERIA LIMI DAG INDUSTRIES NIGERIA LTD ODUKOYA ADEBAYO ADEDEJI GBADAMOSI MODUPE ORUKELE JAMES MEETING ORUKELE CECILIA UWEVWIEGHREPHA ODIADI JACQUELINE OLAYEMI OPHORI VICTOR OJIAKO-OBI PATRICIA AMAPAKABO BIEKOROMA CHARITY OKPALA EDWIN IGWEBUIKE OGU RAYMOND CHUKWUEMEKA OGU CHINURU PATIENCE OKONKWO OGECHUKWU CONSTANCE OMIFE CLEMENT ANTHONY SECONDUS TONMA BOB-MANUEL AJIJOLA OLABANJI AKINSELI OLUWABUNMI IFE AKINSELI ADEWALE VINCENT AVAAN MRUMUN MATHILDA MINNA MAHMUD TABO MUHAMMAD ODELADE ADEBAYO MUTIU OHIOWELE EHIZOJIE IMAFIDON IGWENAGU OGOCHUKWU HYGINUS ADEGBITE RASHEED IMAM GARBA YUSUF ONASANYA-AFOLABI BILKIS OLUWATOYIN ARO QUADRI ADEBAYO OSUWAKE E. OBONO-OBLA AKINSANYA OLAIDE TRANSPORT SERVICES LIMITED ECOBANK NIGERIA LIMITED ECOBANK NIGERIA LIMITED DAG INDUSTRIES NIGERIA LTD DAG INDUSTRIES NIGERIA LTD OLUJOBI OLUTOLA ABIMBOLA WILLIAMS ABDULQUADRI O WILLIAMS AJOKE OLAPOSI OBIRI ADA TOJU ITSUELI BRIDGET NKADI ITSUELI UDUIMO JUSTUS AJEPE OLUBUKOLA OLAYINKA FERE WAKPO ATTAH GODSMAN ILEMONA OSAGIEDE PETER JEBODA ABIMBOLA OLUFUNMILAYO ALAWODE ENIOLA DEBOLA ADAMU MURTALA EYO ROSE EFFIONG FADERIN ADELANI DAWODU ADEGBOYEGA ADEOLU ONYEKAONWU KENECHI .J DARAMOLA TITILOLA IDOWU DARAMOLA DAVIES OLANIRAN OSHOBA FESTUS ODUNAYO IHEKOROMADU RITA NNENNA IGHOFOSE EMOCHARE ERHIEYOVBE IGHOFOSE YETUNDE OMOWUNMI FEMI DAVIS THERESA YEMISI AKE CAROLINE MUHAMMAD UMAR HAMZA ABU TENIOLA MABEL ADUN FRANCIS AGHAMA AZEEZ OLANREWAJU RAUF ABU TENIOLA MABEL CROWN FLOUR MILLS LIMITED ECOBANK NIGERIA LIMITED BEST IND ELECTRICAL CO LTD MULTILINE INTL COMPANY LTD IFY-DEN PLUS NIGERIA LIMITED AIKESO BATHROOM LIMITED CARTELO SAT LIMITED MACPEE AGENCIES LIMITED NDISON AND SONS ENT NIG O C TOP CARE ENTERPRISES YAMAMOTOR INDUSTRIAL COMPANY LTD EMMA-GONS NIGERIA LIMITED TOMBO INDUSTRIES LIMITED EMMY CHRIS AUTOLINK LIMITED LAZSONIC ELECTRONIC INDUSTRY LTD C. TOPHERS LIMITED RAJI ADEWALE AND ASSOCIATES FICO GLOBAL VENTURES NIG CHUZE VENTURES EAGLETEE MULTILINK SERVICES LIMITE ION GREEN LTD FIRST EJITEX ENTERPRISE GREAT O K MARTINS STANDARD CONCEPT OGENE CONCERNS LIMITED MICHMEKUS INVESTMENT LIMITED DE JEO HOSPITAL AND SCIENCE SUPPLY SYLVA AHANS INTL LTD ACHO VENTURES WATER CIRCLE AGENCY EMMAGONS FLYGO NIG LTD MAGXON CONTINENTAL LIMITED CHESCO ELECTRICAL ENTERPRISES CICA CHEMICALS LIMITED REGAL BUCHIO COMPANY LIMITED BAFALEK VENTURES JOH-KEFF INTERNATIONAL LIMITED CLESTINE GLOBAL INDUSTRIAL CO LTD AKACHI GLOBAL VENTURES LIMITED EMSUN ENTERPRISE EMM FEMAC GLOBAL LINK INT'L LTD

DATE OF EXFUND CHANGE PURCHASE RATE 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18

335.50 335.50 335.50 335.50 335.50 335.50 335.50 335.50 333.50 333.50 333.50 333.50 333.50 335.50 335.50 335.50 335.50 335.50 335.50 335.50 335.50 335.50 335.50 335.50 335.50 335.50 335.50 335.50 335.50 335.50 335.50 335.50 335.50 335.50 335.50 336.50 333.50 333.50 333.50 335.00 330.50 330.50 321.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 315.00 360.00 360.00 321.00 316.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 316.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00

AMOUNT

SN CUSTOMER

ITEM OF IMPORT

17,000.00 74,000.00 150,000.00 60,000.00 9,000.00 150,000.00 11,000.00 40,000.00 42,069.42 45,475.00 60,384.00 45,475.00 17,000.00 121,680.00 22,000.00 531,670.74 85,095.00 27,025.00 690,000.00 32,000.00 99,840.00 260,000.00 6,000.00 130,572.00 45,000.00 90,000.00 97,750.00 20,000.00 67,000.00 54,570.00 40,000.00 70,000.00 31,000.00 122,880.00 28,000.00 100,000.00 157,000.00 167,776.00 263,655.00 27,000.00 130,000.00 100,000.00 300,000.00 4,000.00 1,500.00 3,885.71 3,885.71 4,000.00 4,000.00 300.00 4,000.00 700.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 2,000.00 4,000.00 4,000.00 500.00 4,000.00 4,000.00 1,400.00 4,000.00 3,514.94 12,660.54 8,297.10 4,200.00 1,351.90 426,670.45 1,700.00 6,000.00 50,000.00 157,606.45 2,671.40 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 1,600.00 4,000.00 3,993.74 550.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 3,200.00 3,885.71 1,400.00 4,000.00 3,885.71 4,000.00 10,000.00 6,018.32 3,412.91 1,610.10 42,393.55 8,700.00 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 10,000.00 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 12,950.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 19,860.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00

147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184

ORAMS ASSOCIATES LIMITED PEACE SKY ENTERPRISES MANOR-CHU-ENTERPRISE NIGERIA UAE DENNIS INDUSTRIES LIMITED ANI T U ENTERPRISES O TECH GLOBAL VENTURES LIMITED SIL NAK INTL NIG LTD J M EKWENIBE AND SONS LTD UMAR BUBA GENERAL ENTERPRISES MAY-HIGH VENTURES UMAR NAMADI GLOBAL ENTERPRISES ONYI CHRIS MULTIPLE OPTIONS LTD MILLENNIUM GOLDEN CHOICE LIMITED BONICHRIS ELECT. CO. LTD CHUOBI INTERNATIONAL NIG LTD ETHIOPIAN AIRLINES ENTERPRISE INTERNATIONAL TOBACCO COMPANY PLC DAG INDUSTRIES NIGERIA LTD MANTRAC NIGERIA LIMITED CROCODILE MATCHETS NIGERIA LIMITED ANIMAL CARE SERVICES KONSULT MANTRAC NIGERIA LIMITED REGAL CHEM NIGERIA LIMITED SABASTEEL INDUSTRIAL NIG LTD GLOBAL MANUFACTURING ALLIANCE AND REGATTA INDUSTRIES LIMITED WHITFIELD VENTURES LTD JUBAILI AGROTEC LIMITED CROWNPACK NIGERIA LIMITED FRANKENSTEIN INNOVATORS LIMITED REGATTA INDUSTRIES LIMITED NAIJA GLOBAL LOGISTICS LTD FABUC MASTERS INDUSTRIES LTD REGATTA INDUSTRIES LIMITED JUBAILI AGROTEC LIMITED REGAL CHEM NIGERIA LIMITED CROWNSTAR COMMERCIAL INVEST NIG LTD JOLAJ OFFICE PRODUCTS NIG LTD

185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218

DAG INDUSTRIES NIGERIA LTD DAG INDUSTRIES NIGERIA LTD ODU OMOBOYE OLAGBAMI ADEBIYI OLUBUNMI MARTINS PUEPET NGONDE ELFRIDA KAREEM JUBRIL ADEDAYO BURAIMOH-ADEMUYEWO AUGUSTINE ADESINA OLASUNKANMI FOLORUNSO OLADEJI MOHAMMED Y OLAYINKA IDAHOSA BASIL EWAEN OLATUNJI OLUSEGUN JOHN AMEHO ABAYOMI JOHN ADEWUSI EUNICE OLUYEMI KAJOH DINNAH OBOR MATTHEW OGHENEOCHUKO LAWAL TEMITOPE AKINLOYE YETUNDE OLAJUMOKE EJELONU EMEKA KINGSLEY FEHINTOLA ADEBOWALE OYEYEMI NAIYEJU JAMES KAYODE INT TOWERS LIMITED INT TOWERS LIMITED NGOKA TONY AKUWUOGU BELLO DUPE FOLUKE IKPEA MUSA AZEGBEOBO FALOYE TOYIN AND TOLU LALE NDOWA EKOATE SUNDAY ALE ADEFUNKE REGATTA INDUSTRIES LIMITED CROWN FLOUR MILLS LIMITED STARLINE NIGERIA LIMITED DAG INDUSTRIES NIGERIA LTD DAG INDUSTRIES NIGERIA LTD DAG INDUSTRIES NIGERIA LTD

SPORTS EQUIPMENT SPORTS EQUIPMENT SEWING MACHINE NEEDLES AUTO INJECTOR TIGER HEAD BRAND PAPER JACKET DRY BATTERY STEEL DOOR AND WATER CLOSET ANIMAL FEED TIGER HEAD BRAND PAPER JACKET DRY BATTERY POLYESTER SEWING THREAD UMBRELLA POLYESTER SEWING THREAD HYDRAULIC JACK SINGLE YARN ELECTRONICS SPARE PARTS ELECTRICAL CABLE SINGLE-CORE AIRLINE REMITTANCE TO LIQUIDATE MATURED BC FOR IMPORTATION OF RAW MATERIALS (FINAL BLENDED STRIPS) FOR CIGARETTE PRODUCTION. BAJAJ BOXER - BM100CC MOTORCYCLE IN CKD PACKED CONDITION ONE CATERPILLAR FORKLIFT DP70NMS PAYMENTS FOR PURCHASE OF FINISHED MATCHETS PAYMENT FOR FEED SUPPLEMENTS AND INDUSTRIAL CHEMICALS ONE NEW CATERPILLAR 930K WHEEL LOADER IMPORT OF INDUSTRIAL RAW MATERIAL- LOW DENSITY POLYETHLENE(LDPE) HOT ROLLED STEEL SHEETS STYRENE ACRYLIC IMPORT OF INDUSTRIAL RAW MATERIAL - PETROLEUM JELLY PROCUREMENT OF SUPERPHOSPHATES AGRICULTURAL HERBICIDES MONOSODIUM GLUTAMATE IMPORT OF ELECTRICAL AND ELECTRONIC EQUIPMENT IMPORT OF INDUSTRIAL RAW MATERIAL - PROPYLENE GLYCOL MONO METHYL ETHER IMPORT OF ELECTRICAL AND ELECTRONIC EQUIPMENT FOR PURCHASE OF NEW AUTO PARTS(CYLINDER LINEAR, TRANSMISSION VALVE ) IMPORT OF INDUSTRIAL RAW MATERIAL - CETYL ALCOHOL AGRICULTURAL HERBICIDES IMPORT OF INDUSTRIAL RAW MATERIAL- LOW DENSITY POLYETHLENE(LDPE) PLAIN PAPER/ PAPER BOARD IN SHEETS PAYMENT FOR BALLPOINT PENS RAW MATERIALS TO SCHNEIDER SCHREIBGERAE GMBH, GERMANY SPARE PARTS FOR BAJAJ VEHICLES AS PER WO NO 5313797-6TH LOT NO 5313912-5TH LOT 5313962-1ST LOT BAJAJ BOXER - BM100CC MOTORCYCLE IN CKD PACKED CONDITION BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA INTEREST REPAYMENT INTEREST REPAYMENT EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION IMPORT OF INDUSTRIAL RAW MATERIAL - TOLUENE (TDI) WHEAT RUSSIA MILLING WHEAT - PROTEIN 12.5% PAYMENT VIA LC FOR INDUSTRIAL RAW MATERIALS. "BAJAJ BOXER- BM100CC MOTORCYCLE IN CKD PACKED CONDITION" "BAJAJ BOXER- BM100CC MOTORCYCLE IN CKD PACKED CONDITION" "BAJAJ BOXER- BM100CC MOTORCYCLE IN CKD PACKED CONDITION" FLEXENCLOSURE INTEGRATED UNINTERRUPTIBLE POWER SUPPLY SYSTEM CONSITING: ESITE K12 UPS MAIN MODULE, ESITE UPS POWER PACK, POLYCRYSTALLINE SOLAR PV PANELS(300WP) IMPORTATION OF PETROLEUM PRODUCTS IMPORTATION OF PLANTS AND MACHINERY ECOBANK NIG. LTD. SEA PRODUCTS FOR ANIMAL FEED GINOL EW NEEM ( COSMO WAX ) IMPORTATION OF 20,000MT OF AGO IMPORTATION OF AC VOLTAGE REGULATORS BAJAJ BOXER - BM100CC MOTORCYCLE IN CKD PACKED CONDITION IMPORTATION OF NEW PORTABLE GASOLINE GENERATOR AGRICULTURAL HERBICIDES LAPTOP, DESKTOP & MONITOR; DELL OPTIPLEX 3050; DELL INSPIRON 5580 LAPTOP; DELL 19" MONITOR AZT RUSSIA MILLING WHEAT - PROTEIN 12.5% - 10,000 M.TONS AGRICULTURAL INSECTICIDES RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL AGRICULTURAL HERBECIDES IMPORTATION OF PLANTS AND MACHINERY CERTIFICATE OF CAPITAL IMPORTATION MACHINE SPARE PARTS EDUCATIONAL BOOKS AIRLINE REMITTANCE AIRLINE REMITTANCE AIRLINE REMITTANCE 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 EDUCATION EDUCATION EDUCATION RAW MATERIAL FOR INDUSTRIAL USE: PLAIN ALUMINIUM COILS (UNCORRUGATED AND UNCOATED) CONSULAR REMITTANCE FOR MAY 2018

219 M-P INFRASTRUCTURE LIMITED 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259

PRUDENT ENERGY AND SERVICES LTD SWEDISH MACHINERY & TRUCK NIG LTD MITSUMI NIGERIA LTD INTEGRATED FISHERIES COMP LTD GODREJ NIGERIA LIMITED A A RANO NIGERIA LTD VINTECH INVESTMENT LIMITED DAG INDUSTRIES NIGERIA LTD ESTENDO POWER PRODUCT CO LTD JUBAILI AGROTEC LIMITED JUBAILI BROS NIGERIA LIMITED CROWN FLOUR MILLS LIMITED JUBAILI AGROTEC LIMITED SABASTEEL INDUSTRIAL NIG LTD JUBAILI AGROTEC LIMITED SWEDISH MACHINERY & TRUCK NIG LTD ECOBANK CONGO KINSHASA NIGERIA ENGINEERING WORKS LIMITED CHELIS BOOKAZINE LIMITED ETHIOPIAN AIRLINES ENTERPRISE ETHIOPIAN AIRLINES ENTERPRISE ETHIOPIAN AIRLINES ENTERPRISE ALATISHE MUYI ADEDAYO KAREEM JUBRIL ADEDAYO EDORU OLAYINKA MODUPEORE BILIKI AKPABIO VERA CHICHI UMOREN ENO ANIETIE BADEJO ADETOMIWA ONAOPEMIPO ESSIEN ENOCH ODUDUOBONG ESSIEN THERESA IMABONG DAN ALHAJI IBRAHIM SALISU GBAJUMO WASI OLAYINKA GBAJUMO TASI BADAR IKUWUTA MUSA OLADEL IFEOLU ANINWEKE CHRISTIAN O ADEGOKE KATE AJIBOLA UDOM SATURDAY MARCUS SIDIQ HADIZA ABUBAKAR MICHAEL SYLVANUS UGOCHUKWU

260 GMT NIGERIA LIMITED 261 EMBASSY OF PORTUGAL EMBAIXADA ABUJ 262 ALACHEE GLOBAL VENTURES TELECOMMUNICATIONS LTD 263 ISMAIL ABDURAZAQ GORA GENERAL ENTE 264 TOP STEEL NIGERIA LIMITED 265 AKASH MINERALS AND MINNING LIMITED 266 TOP STEEL NIGERIA LIMITED 267 TOP STEEL NIGERIA LIMITED 268 TOP STEEL NIGERIA LIMITED 269 TOP STEEL NIGERIA LIMITED 270 271 272 273 274 275

ADEBOYE ADEOLUÂ EKEJIUBA IKECHUKWU AKINTAN TAYO JAYEOLA MAKANJUOLA MARY ABIODUN BAMGBOSE RALIAT IZE OMOTAYO OLUBUKOLA ABIMBOLA

DATE OF EXFUND CHANGE PURCHASE RATE

AMOUNT

5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18

360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 307.00 311.65 342.30 342.30 342.30 342.30 342.30 342.30 342.30 342.30 342.30 342.30 342.30 342.30 342.30 342.30 342.30 342.30 342.30 342.30 342.30 342.30

10,000.00 20,000.00 10,000.00 10,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 10,000.00 20,000.00 20,000.00 150,000.00 121,496.34 196,048.55 65,500.00 9,245.10 50,000.00 159,000.00 55,935.00 350,000.00 65,000.00 113,100.00 132,000.00 127,043.20 105,000.00 27,000.00 42,560.00 16,000.00 39,985.00 84,480.00 236,600.00 110,239.13 86,802.55 30,083.49

6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18

315.00 79,433.20 315.00 176,760.39 360.00 3,994.65 360.00 4,000.00 360.00 1,345.00 360.00 4,000.00 360.00 4,000.00 360.00 500.00 360.00 3,967.75 360.00 3,994.65 360.00 500.00 360.00 4,000.00 360.00 4,000.00 360.00 1,000.00 360.00 4,000.00 360.00 3,900.50 360.00 4,000.00 360.00 900.00 360.00 4,000.00 360.00 2,671.40 342.30 1,012,273.91 342.30 1,012,273.91 360.00 12,456.18 360.00 6,174.53 360.00 1,191.00 360.00 3,750.00 360.00 13,570.00 360.00 2,376.96 308.87 323,260.40 311.65 262,523.26 342.30 80,000.00 342.30 703,655.00 342.30 13,655.00 342.30 296,630.00

6-Jun-18

342.30

6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 7-Jun-18 7-Jun-18 7-Jun-18 7-Jun-18 7-Jun-18 7-Jun-18 7-Jun-18 7-Jun-18 7-Jun-18 7-Jun-18 7-Jun-18 7-Jun-18 7-Jun-18 7-Jun-18 7-Jun-18 7-Jun-18 7-Jun-18 7-Jun-18 7-Jun-18 7-Jun-18 7-Jun-18

342.30 1,000,000.00 342.30 27,000.00 342.30 200,000.00 342.30 169,740.00 342.30 57,420.00 342.30 1,047,810.90 342.30 13,190.00 342.30 703,655.00 342.30 15,579.94 342.30 70,916.87 342.30 183,990.10 342.30 267,810.90 342.30 289,792.00 342.30 63,000.00 342.30 233,540.00 342.30 228,994.00 342.30 220,000.00 360.00 5,348.64 360.00 10,000.00 360.00 351,580.08 360.00 15,000.00 360.00 116,400.00 360.00 4,000.00 360.00 4,000.00 360.00 4,000.00 360.00 4,000.00 360.00 4,000.00 360.00 4,000.00 360.00 4,000.00 360.00 4,000.00 360.00 4,000.00 360.00 3,996.82 360.00 3,996.82 360.00 500.00 360.00 2,700.00 360.00 2,500.00 360.00 835.76 360.00 12,500.00 360.00 1,783.99 360.00 299.13

183,499.00

7-Jun-18

315.00

597,080.00

7-Jun-18

360.00

32,282.65

TELECOMMUNICATIONS EQUIPMENT

7-Jun-18

360.00

3,600.00

POLYESTER SEWING THREAD PLANT AND MACHINERY AND EQUIPMENT FOR STEEL MELTING SHOP HOME UPS (STATIC CONVERTER) AND ITS SPARES & ACCESSORIES PLANT AND MACHINERY AND EQUIPMENT FOR STEEL MELTING SHOP CONSUMABLE FOR STEEL MELTING SHOP & CONTINUOUS CASTING MACHINE -AS PER ANNEXURE A PLANT AND MACHINERY AND EQUIPMENT FOR STEEL MELTING SHOP CONSUMABLE FOR STEEL MELTING SHOP & CONTINUOUS CASTING MACHINE -AS PER ANNEXURE A BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA

7-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18

360.00 315.00 315.00 315.00

20,000.00 4,020.00 10,000.00 27,580.00

8-Jun-18

315.00

10,970.00

8-Jun-18

315.00

6,280.00

8-Jun-18

315.00

11,100.00

8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18

360.00 360.00 360.00 360.00 360.00 360.00

3,999.59 3,541.50 3,999.59 4,000.00 3,800.00 4,000.00

45

T H I S D AY MONDAY JUNE 11, 2018

RETURNS ON UTILIZATION OF FUNDS SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 8th-JUNE 2018 This publication: Mandated by the Central Bank of Nigeria (CBN)

BANK: ECOBANK NIGERIA LIMITED SN CUSTOMER

ITEM OF IMPORT

276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297

BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA "BAJAJ BOXER- BM100CC MOTORCYCLE IN CKD PACKED CONDITION" OFF SHORE CHARGES OFF SHORE CHARGES OFF SHORE CHARGES OFF SHORE CHARGES IMPORTATION OF 20,000MT OF AGO

298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316

KUTI IYABO FALILAT OSUJI CHINYERE VERONICA ASIKHIA ENAHORO OMOLEI NNOLI TOCHUKWU DENIS EKUNDAYO OLAWALE OLUWAGBENGA ONUK ETETIM AKPABIO BELLO OLUWABUNMI ADEBOLA BELLO LIAFIS ADESINA ODUWA OSAMUYI WELLINTON ATOYEBI JOSEPH OLUFEMI OBI HELEN ODULANA ADEBAYO RAJI TITUS SULE UDOH MARY OBOT ESSIEN FAITH UDUAKOBONG IMO JOE OTITE DAG INDUSTRIES NIGERIA LTD ECOBANK NIGERIA LIMITED ECOBANK NIGERIA LIMITED ECOBANK NIGERIA LIMITED ECOBANK NIGERIA LIMITED A A RANO NIGERIA LTD CHAB INVESTMENT COMPANY LIMITED /ECOBANK NIG. LTD CHAB INVESTMENT COMPANY LIMITED ECOBANK NIGERIA LIMITED ECOBANK NIGERIA LIMITED ECOBANK NIGERIA LIMITED ECOBANK NIGERIA LIMITED PRUDENT ENERGY & SERV/ LTD/ECOBANK NIG. LTD ECOBANK NIGERIA LIMITED ECOBANK NIGERIA LIMITED ELIZADE NIGERIA LTD /ECOBANK NIG. LTD A.A. RANO NIGERIA LTD /ECOBANK NIG. LTD ECOBANK NIGERIA LIMITED ECOBANK NIGERIA LIMITED ECOBANK NIGERIA LIMITED ENERGO NIGERIA LTD/ECOBANK NIG. LTD BASE FLUIDS EXCHANGES LTD /ECOBANK NIG. LTD A.A. RANO NIGERIA LTD/ECOBANK NIG. LTD ECOBANK NIGERIA LIMITED PRUDENT ENERGY AND SERVICES LTD

DATE OF EXFUND CHANGE PURCHASE RATE

AMOUNT

8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18

360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 321.00 360.00 360.00 360.00 360.00 360.00

3,361.00 1,989.71 3,361.00 2,700.00 2,000.00 1,344.40 3,999.59 3,999.59 800.00 3,000.00 3,541.50 3,999.59 4,000.00 4,000.00 4,000.00 2,000.00 200,000.00 56.78 431.15 59.29 75.50 100.00

IMPORTATION OF CALCIUM CARBIDE

8-Jun-18

360.00

625.21

IMPORTATION OF CALCIUM CARBIDE OFF SHORE CHARGES OFF SHORE CHARGES OFF SHORE CHARGES OFF SHORE CHARGES IMPORTATION OF PETROLEUM PRODUCTS OFF SHORE CHARGES OFF SHORE CHARGES JAC LIGHT DUTY TRUCKS IMPORTATION OF 20,000MT OF AGO OFF SHORE CHARGES OFF SHORE CHARGES OFF SHORE CHARGES OFF SHORE CHARGES BASE OIL IMPORTATION OF PETROLEUM PRODUCT (AGO) OFF SHORE CHARGES IMPORTATION OF PETROLEUM PRODUCTS

8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18

360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00

1,953.72 107.29 411.85 62.01 27.13 8,612.50 67.09 87.95 1,224.54 132,260.58 43.11 349.40 67.09 628.85 4,184.70 1,522.79 100.00 19,590.95

RETURNS ON SOURCES OF FUNDS PURCHASED FROM CUSTOMERS FOR THE WEEK ENDED FRIDAY 8TH-JUNE 2018 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 72 73 74 75 76 77 78 79 80

SOURCE

CENTRAL BANK OF NIGERIA CENTRAL BANK OF NIGERIA CENTRAL BANK OF NIGERIA OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS INTERBANK OTHERS CENTRAL BANK OF NIGERIA CENTRAL BANK OF NIGERIA OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS INTERBANK OTHERS OTHERS CENTRAL BANK OF NIGERIA CENTRAL BANK OF NIGERIA OTHERS OTHERS INTERBANK OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS INTERBANK OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS

TOTAL AMOUNT AVERAGE AMOUNT

DATE OF FUND PURCHASE

4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 4-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 5-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 6-Jun-18 7-Jun-18 7-Jun-18 7-Jun-18 7-Jun-18 7-Jun-18 7-Jun-18 7-Jun-18 7-Jun-18 7-Jun-18 7-Jun-18 7-Jun-18 7-Jun-18 7-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18 8-Jun-18

EXCHANGE RATE

335.03 333.05 330.00 320.00 320.00 306.00 306.00 362.00 356.00 356.00 356.00 356.00 356.12 356.01 360.50 312.00 357.00 357.00 359.00 315.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 306.00 362.00 305.47 356.00 356.01 361.00 306.00 306.00 306.00 341.80 341.80 362.00 305.52 306.50 305.00 355.00 355.00 355.00 355.00 356.00 356.00 305.95 305.95 305.95 362.00 305.52 359.00 360.50 359.50 304.95 359.00 359.00 356.00 356.00 305.95 305.95 361.50 305.52 304.95 320.00 315.00 360.00 355.00 355.00 355.00 355.00 355.00 355.00 356.00 356.00

AMOUNT

3,283,082.74 825,834.42 230,000.00 50,000.00 300,000.00 124,787.22 595,159.66 15,127.95 23,311.14 5,990.69 157,066.58 552.03 10.62 89.37 5,000,000.00 16,702.76 1,000,000.00 1,000,000.00 10,000.00 200,000.00 105,121.31 107,423.20 63,017.58 75,378.18 15,455.01 98,885.00 134,323.96 87,171.47 41,108.49 36,484.56 497,464.22 10,521.95 18,207.63 53,805.61 229.88 537,396.12 10,000.00 446.87 202,457.31 5,000,000.00 5,000,000.00 14,365.45 3,351.67 121,496.34 14,187.67 160,432.68 15,843.37 24,940.18 161,379.87 103,490.35 474.62 1,805.15 167,005.72 242,124.60 3,798.35 5,074.91 1,000,000.00 450,000.00 351,580.08 11,665.00 15,000.00 140,000.00 88,689.59 385.56 67,124.37 194,798.70 4,639.57 4,346.64 25,611.76 200,000.00 48,580.00 69,444.44 103,181.40 26,314.21 82,363.83 83,400.28 96,300.06 24,170.60 127,104.75 529.21 29,187,614.51 364,845.18

46

T H I S D AY MONDAY JUNE 11, 2018

47

T H I S D AY MONDAY JUNE 11, 2018

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TOP US DIPLOMAT COMMENDS PINNACLE FACILITY

Sir Lucky Omoluwa, first from right, leads Mr. Michael J Carney, Deputy Economic Counselor, US Embassy, Abuja into the Transmitter Room.

Group picture outside the Pinnacle Broadcast Centre, Mpape, shows the US diplomat, Mr Michael J. Carney and Chairman Pinnacle Broadcast, Sir Lucky Omoluwa flanked by the Pinnacle team and the diplomat’s entourage.

T

he Mpape Hill National Hub of Pinnacle Broadcast for the Digital Switch Over (DSO) in Nigeria is powered by ultra modern compact technology, occupying much less space than analogue systems and featuring fully digital transmission and distribution systems with significantly more robust and efficient technology, says Mr Michael J. Carney, Deputy Economic C o u n s e l o r, U S E m b a s s y, A b u j a . The diplomat, who has professional background in ICT, made these remarks during a visit to the Pinnacle Broadcast Centre. At the Centre he inspected the range of US manufactured transmission, distribution and signal quality monitoring systems installed in use for the digital switch over in the Federal Capital Territory since 2016.

Sir Lucky Omoluwa, Chairman, Pinnacle Broadcasts briefs the US Embassy Abuja’s Deputy Economic Counselor, Mr Michael J. Carney on the operations of the Pinnacle Broadcast Centre while Malam Ishaq Modibbo, DG NBC (first from right) looks on.

Mr. Dipo Onifade, Executive Director, Pinnacle Broadcasts, with Malam Kabir Shuaibu

Director General, National Broadcasting Commission, Malam Ishaq Modibbo Kawu meets the visiting diplomat, Mr Michael J. Carney.

Mr Carney expressed his pleasant surprise at the impressive facility and commended Pinnacle Broadcast for this great achievement. The diplomat was received and conducted round the Centre by Sir Lucky Omoluwa, Chairman, Pinnacle Broadcasts accompanied by some executives of the company. Sir Lucky Omoluwa thanked Mr Michael Carney for coming and expressed Pinnacle's commitment to top quality and excellent services for DSO Nigeria. Sir Lucky Omoluwa made it clear that the facility could not have been possible without the partnership of GatesAir and Jampro, two top broadcast manufacturing companies in the United States of America.

The Transmission Monitoring Room showing an array of television stations currently linked to the Pinnacle Broadcasts Centre for Digital Transmission in Abuja

US Embassy’s Deputy Economic Counselor, Mr Michael J. Carney in a discussion with Chairman, Pinnacle Broadcasts, Sir Lucky Omoluwa.

It’s all smiles at the end of the visit as guest Mr. Michael J. Carney and host Sir Lucky Omoluwa shake hands.

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BACKGROUND TO VARIOUS CHARGES AGAINST ME BY THE RIVERS STATE GOVERNMENT LED BY GOV. NYESOM WIKE

ADVERTORIAL

MY S TOR Y

T

here was an attempt to impeach the then Governor of Rivers State Rt. Hon. Chibuike Rotimi Amaechi, CON, by five Law makers of the Rivers State House of Assembly namely Hon. Evans Bipi, Hon. Kelechi Nwogu, Hon. Martins Chike Amewhule, Hon. Michael Okechukwu th Chinda and Hon. Victor Ihunwo on the 9 of July, 2013. The arrow head of this assault on our constitution, was Hon. Evans Bipi and assisted by the Commissioner of police, Rivers State, Compol Mbu Joseph Mbu [as he then was] however, That absurd and abominable attempt was foiled . When I was declared wanted by the Inspector-General of Police, MD Abubarkar (as he then was), I voluntarily turned myself in to the police at the Force Headquarters, Abuja. I was taken into custody for 12 days at the Special Anti- Robbery Squad Office, Guzape, in the FCT. I was taken back to Port Harcourt andafter six days in the facility of the SCIB, arraigned before Hon. Justice Letam Nyordee of the Port Judicial Division, who remanded me in the Port Harcourt Prisons and admitted me to bail the next day. I made myself available for trial as long as it lasted. The Police frustrated all efforts by the then Attorney-General, Hon. Wogu Boms to diligently prosecute the matter after taking over the matter pursuant to Sec.211 of the CFRN, 1999, as amended. The Gov. of Rivers State , Mr. Nyesom Wike, who was then the Minister for Education and the arrow head of the onslaught by the Jonathan led administration against Rt. Hon. CR Amaechi (Gov. of Rivers State as he then was) instigated a suit at the Federal High court Port Harcourt, where they prayed the court to restrain the police from releasing the case f ile to the Attorney-general, who out of frustration, invoked his powers under the constitution and entered a Nolle Prosequi in the matter, on the27-03-2014. I was eventually discharged of the charge of attempted murder etc. The Present Government, again in keeping with one of its campaign promises of sending me to jail, f iled th fresh charges of attempted murder on the 16 day of March, 2016, without Police investigation and in a matter a previous Attorney-General had entered a nolle proseiqui. In a deft move, the State Director of Public prosecution, I. Otorobio, who has since retired from the civil service, but still on the employ of the Rivers State government, on behalf of the Attorney-General, filed a notice of withdrawal / Discontinuance of charge th No.PHC/600CR/2016 --- State v. Hon. Chidi Julius Lloyd dated 10 October, th 2017 in spite pending Appeals at the Court of Appeal.The court on the 6 of Dec,2017 struck out the matter in view of the Notice of discontinuance. In the month of March, 2018, three months after a second Nolle prosequi was entered, three fresh information were again filed against me in respect of the July 9, 2013 events, and all assigned to Hon. Justice Chiwendu Wogu, a kinsman of Hon. Kelechi Nwogu, one of the actors of 09-07-2017. This is the same Judge handling the case against the current State Chairmanof the APC , Hon. Ojukaye Flag-Amachree and the intra party case involving the APC, Rivers State and who has beengranting “injunctive Orders” in the said Congress case even when jurisdiction of the court is being challenged . On the most recent malicious damage and affray preferred against me by the State, which have been given wide publicity by the media, I have not been served with the said charges, proof of information and documents as required under the ACJA, 2015. The incident giving rise to the charge, occurred on 09/07/2013. At the material time, Hon. Otelemaba Daniel Amachree was the Speaker and Hon. Leyii Kwani was the Deputy Speaker. The Leadership of the House of Assembly did not lodge a complaint on the

Issue of malicious damage of the “Mace” and Affray (which is fighting by two or more persons) to the Police for investigation. No member of the House lodged a complaint against me to the Police. I have not been invited by the Police under Section 4 of the Police Act and all extant laws, as it is the constitutional duty of the Police to invite, arrest, detain and investigate me, for the alleged offence of malicious damage and affray. Let the Commissioner of Police respond. It is after the investigation by the Police, the file is forwarded to the Court in this case of misdemeanor that I may be tried by the Magistrate. The present charge of affray and malicious damage, filed by the Director of Public Prosecution (D.P.P.) is without the Police investigation. The question is, how did he get the information? Let the Director of Public Prosecution (D.P.P.) respond through the media if he is not working on the P.D.P. script to rattle me, before the elections. a) On Damage to property: the punishment for the offence is two years imprisonment for the willful and unlawful destruction of a “Mace”. The “mace” is not a vessel or a dwelling house. See Section 451 of the Criminal Code. A “Mace” can be classified as any other property in this case. However, did the Police recover the “Mace” in course of investigation, if they did, Police never confronted me with the “Mace” at all material times of my detention in July, 2013. Secondly, did the House Leadership complain to the Police that the “mace” was destroyed by me willfully and unlawfully? The Police never recovered any mace and none was handed over to the Police by the Speaker or his Deputy, that was destroyed by me. (See the table on Criminal law and Procedure of Southern States by Aguda, on Pages 851 to 854. See also Page 2181 for the offence). The offence can be tried in the Magistrate Court, for it is a misdemeanor, and is usually filed by the Police. The Charge is being filed without Police investigation. (b) On Affray: Affray by definition is a public order offence of fighting in the public. Is the Chambers of the Assembly considered a public place? Whom did I fight that had complained to the Police or did the Police arrest at scene, took his statement and confronted me with in course of their investigations; and who determined in an investigation that I fought any person. In Nigeria, (1) members of the House of Representatives fought. See Report on 08/07/2010, 30/06/2015, 26/06/2015. In Edo State House of Assembly, members fought; see report 16/08/2017, see also Video uploads. Check internet, fight by Nigeria Lawmakers. None have been charged to Court before 2013 and after 2013.In fact the fight that broke out in the House of Representatives during the speakership of Hon. Patricia Ete, claimed one life. And no one was charged to the court. That is to maintain and preserve the sanctity of the Legislature. It is noteworthy, that, there is a pending appeal at the Court of Appeal, Port Harcourt judicial Division in Appeal No. CA/PH/209/2017 before the filling of these fresh charges without regard to the principle of lis pendis. I have lost confidence in the Courts in Rivers State, as they have assumed the role of acting as the political tool of the Government, especially the unchallenged reference to it, as 'Wike's Kiosk' by a former National PDP, Sen. Ali Modu Sheriff. I have taken time to state my story so the Chairman of the public will know what the opposition face in Rivers State. I have at all times stated my willingness to be prosecuted for any offence known to theLaw and not for persecution. I enjoin Nigerians to pray for me as my life is in absolute DANGER. I do not know the form it may take, but should anything untoward happen to me, Nigerians will at least remember I cried out loud.

Chidi Julius Lloyd, Ph.D, BL, MCIArb[uk]

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FOOTPRINTS OF AN EXCEPTIONAL PERFORMER Delta is first State to launch

HE

Universal Healthcare Coverage

A LT H

A total of

Owner–Occupier housing scheme at very

R S’ W E E L K

affordable rates for junior staff

WO

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222,079

Prompt payment of staff salaries

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10,350 RIC

persons are currently enrolled into the scheme

teaching & non-teaching staff promoted since May 29, 2015

Agric sector transformed through

Cluster Farming

L H O N OU

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NA

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Delta ranked

NATIO TE R

NA

ጥWebsite: deltastate.gov.ng

No 1 out of the 36 States and the FCT in

Human Capital Development index by the National Competitiveness Council of Nigeria World Bank endorsed Delta State Job Creation Scheme for funding support Governor Ifeanyi Okowa voted as Man of the Year 2017 by Daily Independent newspaper

Facebook: @deltastate.gov

Twitter: @DeltaState_Ng

Instagram: deltastateonline

Youtube: Delta State Government

Gov. Okowa – Working for a Stronger Delta

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Unified Payments

RETAILINF Promoting Retail Success

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INTERNATIONAL

email:foreigndesk@thisdaylive.com

Trump and North Korea’s Kim in Singapore for Historic Tuesday Summit US President Donald Trump arrived in Singapore on Sunday for a historic summit with North Korean leader Kim Jong Un that could lay the groundwork for ending a nuclear stand-off between the

old foes and the transformation of the isolated Asian nation, Reuters reported. Trump flew into Singapore’s Paya Lebar Air Base aboard Air Force One, looking to strike a deal that

US Blames Canada for G7 Fiasco, Says Trudeau ‘Stabbed Us in the Back’ France condemns Trump ‘fits of anger’ The US blamed Canada on Sunday for the disastrous ending to the G7 summit, saying Prime Minister Justin Trudeau “stabbed us in the back,” while American allies held Washington responsible, Agence France-Presse reported. Just minutes after a joint communique, approved by the leaders of the Group of Seven allies, was published in Canada’s summit host city Quebec, US President Donald Trump launched a Twitter broadside, taking exception to comments made by Trudeau at a news conference. “He really kinda stabbed us in the back,” top US economic advisor Larry Kudlow said of Trudeau on CNN’s “State of the Union.” “He did a great disservice to the whole G7.” “We went through it. We agreed. We compromised on the communique. We joined the communique in good faith,” Kudlow said. US trade advisor Peter Navarro, speaking on “Fox News Sunday,” reinforced that message. “There’s a special place in hell for any foreign leader that engages in bad-faith diplomacy with President Donald J. Trump and then tries to stab him in the back on the way out the door,” he said. “That’s what bad-faith Justin Trudeau did with that stunt press conference. That’s what weak, dishonest Justin Trudeau did.”

Kudlow sought to tie Trump’s reaction to the upcoming summit with Kim Jong Un, saying the North Korean leader “must not see American weakness.” Trump -- who has a history of hair-trigger responses to slights -- landed in Singapore on Sunday for the Tuesday summit meeting with Kim. Before his departure from Canada the previous day, he tweeted: “Based on Justin’s false statements at his news conference, and the fact that Canada is charging massive Tariffs to our US farmers, workers and companies, I have instructed our US Reps not to endorse the Communique as we look at Tariffs on automobiles flooding the US Market!” Meanwhile, the French President Emmanuel Macron has, in a statement reported by BBC, warned that diplomacy cannot be dictated by “fits of anger”. Macron’s office said France and other EU countries would maintain their support for the final G7 communique. “Let’s be serious and worthy of our people. We make commitments and keep to them,” a statement from the French presidency quoted by AFP news agency said. “International co-operation cannot be dictated by fits of anger and throwaway remarks,” it added. Germany also said it would abide by the communique.

Iraqi Ballot Storage Site Catches Fire in Baghdad A storage site housing half of Baghdad’s ballot boxes from Iraq’s parliamentary election in May has caught fire, just days after parliament demanded a nationwide recount of votes, drawing calls for the election to be re-run, Reuters reported on Sunday. An Interior Ministry spokesman said later the fire was confined to one of four warehouses at the site. State television said the ballot boxes were being moved to another location under heavy security. Authorities did not say whether they believed the fire was deliberately set, but its timing undermined the results of an election whose validity was already in doubt. Fewer than 45 percent of voters cast a ballot, a record low, and allegations of fraud began almost immediately after

the vote. Prime Minister Haider al-Abadi, whose electoral alliance came third in the election, said on Tuesday that a government investigation had found serious violations and blamed Iraq’s independent elections commission for most of them. Parliament mandated a full manual recount the next day. The Independent High Elections Commission had used electronic vote- counting devices to tally the results. A recount could undermine nationalist cleric Moqtada alSadr, a long-time adversary of the United States whose bloc won the largest number of seats in the election. One of Sadr’s top aides expressed concern that some parties were trying to sabotage the cleric’s victory.

will lead to the denuclearisation of one of America’s bitterest foes. He came from a divisive G7 meeting in Canada with some of Washington’s closest allies that further strained global trade ties. After stepping down from Air Force One on a steamy tropical night, Trump was greeted by Singapore Foreign Minister Vivian Balakrishnan. Asked by a reporter how he felt about the summit, Trump said: “Very good”. North Korea’s Kim landed in Singapore earlier on Sunday. When Trump and Kim meet on Tuesday at Sentosa, a resort

island off Singapore’s port with a Universal Studios theme park and man-made beaches, they will be making history. Enemies since the 1950-53 Korean War, leaders of North Korea and the United States have never met previously – or even spoken on the telephone. Kim arrived at Singapore’s Changi Airport after his longest trip overseas as head of state, wearing his trademark dark “Mao suit” and distinctive high-cut hairstyle. He has not left his country since taking office in 2011 other than to visit China and the South Korean side of the border Demilitarised Zone.

Arriving on a plane loaned by China, which for decades has been North Korea’s only major ally, Kim was also greeted by Balakrishnan. Traveling with him were top officials including Foreign Minister Ri Yong Ho and Kim Yong Chol, a close aide of Kim who has been instrumental in the diplomacy that culminated in Tuesday’s summit. Kim Yo Jong, leader Kim’s younger sister, was also spotted in his delegation. She emerged as an influential figure in Pyongyang’s opaque leadership in February, when she led a North Korean delegation to the Winter Olympics in South Korea.

Officials who arrived with Trump include Secretary of State Mike Pompeo, National Security Adviser John Bolton, White House Chief of Staff John Kelly and White House Press Secretary Sarah Sanders. A US official, speaking on condition of anonymity, said Monday’s meeting appeared aimed at making 11th-hour progress ahead of the summit since Sung Kim’s earlier talks did little to narrow a gap between the two sides on the definition of denuclearisation or win agreement on tangible commitments from Pyongyang toward dismantling its nuclear arsenal.

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NEWS

News Editor Ejiofor Alike Email Ejiofor.Alike@thisdaylive.com, 08066066268

FG Frowns at NLC’s Petition to ILO against Nigeria on Alleged Killings of Workers, Others Stops ILO high -powered delegation’s visit to Nigeria Paul Obi in Abuja The federal government yesterday frowned at the National Labour Congress (NLC) petition to the International Labour Organisation (ILO) against the Nigerian Government over alleged killing of workers and sacking of teachers by the Kaduna State government. The NLC had during the just concluded ILO annual conference in Geneva, Switzerland, petitioned the federal government, alleging killing of some of its members across the country.

The NLC was also said to have raised the issue of sacking of teachers by the Kaduna State Government, a move the federal government said was uncalled for and unpatriotic. In a statement, Director of Press, Ministry of Labour and Employment, Samuel Olowookere, said the Minister of Labour and Employment, Senator Chris Ngige expressed government’s concern over the petition, adding that such act would send wrong signals across the world.

Defence Headquarters: Boko Haram Fighters Usually Carry Heavy Cash

Ngige described “the issue of alleged killing of workers as contained in the petition by the NLC to the Committee of Standards of ILO as an outright falsehood as no Nigerian has been killed for reasons of being a worker or issues linked to unionism. “To do so especially at an international level is against the interest of Nigeria. People have lost their lives in some parts of the country due to general insecurity and such incidents are clearly non-discriminatory. “People are kidnapped, robbed and some times killed but those who were victims were not so because they were workers, clergy

or such. “Anybody could be affected. Even top government functionaries have been kidnapped. So, this is as a result of general insecurity. For anybody therefore to come to the ILO and claim that people are being killed because they are workers is an unacceptable tissue of lies.” Also, the minister said the retrenchment of unqualified teachers in Kaduna State which the NLC stated in its petition was being tackled at home and needed no mention at the international labour forum. Ngige added that “we don’t need to wash our dirty linen in the public . My ministry summoned both the Kaduna State Government and

the Nigerian Union of Teachers and they presented their case. We know the truth and don’t need to bring such to the ILO. Some of the people disengaged by the Kaduna State Government from the records tendered to us are not qualified teachers. “They don’t have the prerequisite certificate and competence. They got smuggled into the system, but we don’t need to come here tell the world that Nigerians get jobs with fake certificates . We don’t need to engage in such demarketing of the country.” The minister further stated that based on agreement with the Kaduna State Government, about ten thousand out of the number

that failed the qualification test have re-applied, and the Kaduna State has re-absolved some of them, promising to move others to others jobs. It has also recruited more qualified teachers into the system. Meanwhile, the Nigerian Government won the case with its representatives rejecting the proposal to send a high-powered team of the ILO to investigate the matter, describing it as premature and unnecessary to ILO. Attempts by THISDAY to speak with NLC officials were not fruitful as both the NLC President, Ayuba Wabba, and General Secretary, Peter Ozo-Eson, did not respond to calls put across to them.

Explains deployment of troops to Niger Delta Iyobosa Uwugiaren in Abuja The Defence Headquarters has said that the war against insurgency in the North East has led to some discoveries by troops, who noticed that dead Boko Haram fighters usually carry heavy cash on them. “Troops recently found the sum of two million naira on one neutralised Boko Haram fighter in the theatre of operations in the North East and this has been the trend each time we search their fallen fighters”, Ag. Director, Defence Information, General John Agim, told journalists in Abuja. He said the ‘’Operation Whirl Stroke’’ launched by the DHQ in the North-central and the Northwest to check cases of attacks on communities was already yielding results with many armed herdsmen/militia either arrested or killed by Special Forces. The Defence spokesman also gave reasons for the presence of troops in the oil-rich Niger Delta region, saying they remain deployed to take care of unforeseen developments. He added that the presence of troops gives confidence to investors and businesses to remain in operation saying, the military cannot on their own withdraw from areas where operations have been concluded unless directed to withdraw. Responding to the recent Amnesty International’s allegations

of human rights abuses by soldiers, Agim debunked the claim, insisting that troops who flouted the military code of conduct were usually sanctioned. He said the renewed allegations by AI were the same old issues, which the global human rights watch dog simply rehearsed to dent the good image of the Nigerian Armed Forces. Members of the Special Forces, he explained, were drawn from the Army, Navy, Air Force, Police and Civil Defence and have been given fresh mandate to end the killings in Benue, Nasarawa, Kaduna, Zamfara and other trouble spots. He further explained that in order to effectively check insecurity in the country, the military high command had suggested the need for a more robust policing of all border points and visitors in the country, stating that the military operation code-named ‘Lafiya Dole’ was still very active in the North-East and would continue to rescue victims and profile them before handing them over to the police. On cooperation between the military and the media, Gen. Agim urged the media to support the military to overcome the internal challenges noting that the Defence Headquarters was planning to take some Journalists on a tour to Pakistan to learn more about media/military cooperation in war against insurgency.

Punch Chairman, Wale Aboderin for Burial Friday The Chairman of Punch Nigeria Limited, Mr. Gbadebowale Wayne Aboderin, who died on Wednesday, May 30, in Lagos, will be buried on Friday, June 15, 2018. According to the funeral arrangements released by the Aboderin family yesterday, on Wednesday, June 13, a service of songs will hold at his residence at the Punch Estate, 1 Olu Aboderin Street, Onipetesi, Mangoro Bus Stop, Ikeja at 4p.m. On the same day, a novelty basketball match featuring The

Dolphins Old versus New , will take place at 6p.m. at the Dolphins Indoor Sports Hall, Punch Estate, Onipetesi, Ikeja. On Thursday, June 14, a wake and celebration of life concert , will hold at The New Haven Events Centre, Oba Akinjobi Street, Ikeja GRA at 5p.m. On Friday, June 15, the deceased’s body will lie in state at 8a.m. at the Archbishop Vining Memorial Church, Oba Akinjobi Street, Ikeja , after which a funeral service will hold from 9a.m.

COURTESY CALL

President of the Senate, Dr. Abubakar Bukola Saraki, (left), with the Governor of Ebonyi State, Mr. Dave Umahi, during a visit to the National Assembly by the governor in Abuja.. recently

PDP Mocks Buhari for Claiming N’Assembly’s Achievements Iyobosa Uwugiaren and Onyebuchi Ezigbo in Abuja The major opposition party, the Peoples Democratic Party (PDP), has made fun of the Presiden Muhammodu Buhariled presidency for appropriating the achievements of the National Assembly and listing them as its achievements. The party said the recent attempt by Buhari to ascribe credit to himself for the recent amendments to the constitution, particularly the granting of financial autonomy to state assemblies and judiciaries, was despicable. PDP noted that neither the

presidency nor the president himself made any input in support of these amendments. ‘’Equally appalling is that the presidency is still listing the passage of the Not-Too-Young to Run law as an achievement of the president even when he had no input whatsoever in the initiative.” ‘’It is instructive to note that none of the amendments stem from any executive bill and that the Buhari presidency has never initiated any programme to enhance the course of governance in our country in the last three years. Furthermore, Nigerians already know that the Buhari-led administration has not implemented

a single project or programme in any part of the country in the last three years of governance, but always resorting to lies, blame passing, beguilement, deception and contrivance,’’ the party said. The opposition party added that instead of seeking ways to mitigate the situation, the president’s handlers were subjecting him to more public ridicule of inaugurating projects executed by other leaders, such as his ‘’embarrassing inauguration,’’ of a regular bus stop constructed by Lagos State and a water borehole in Jigawa, while posturing for photo-ops to hoodwink Nigerians.

The PDP added: ‘’In fact, this clear attempt by the presidency to claim credit for the achievement of the National Assembly has further confirms PDP’s earlier alert to Nigerians of plans by the presidency to dish out fictitious achievements and false performance indices to deceive Nigerians ahead of 2019 general election.’’ The PDP, however, commended the National Assembly and state Houses of Assembly for their resilience in enhancing the country’s democratic practice as consolidated by successive PDP administrations, despite the unrelenting assault on the institution of the legislature by the Buhari-led administration.

Court Order on INEC’s Account Won’t Affect Ekiti Governorship Election, SaysYakubu Onyebuchi Ezigbo in Abuja The Independent National Electoral Commission (INEC) has said that the freezing of its account by the court will not affect its readiness to conduct the July 14 governorship election.

The Chief Press Secretary to the INEC’s chairman, Rotimi Oyekanmi who responded to THISDAY’s enquiry on the issue yesterday via text message, said the commission had already taken steps to address the issue. Therewerefearsthatthepreparations

by the electoral body for the forth coming governorship elections in Ekiti and Osun States might be in serious jeopardy after the Federal High Court in Abuja ordered the freezing of its accounts over a N34bn contract. The Court also ordered the deduction of over N17 billion from

the accounts of the electoral body in favour of one of its contractors, Beddings Holdings Ltd (BHL). However commenting on whether this will have a major impact on the INEC’s conduct of elections in Ekiti and Osun States, the Spokesman said it will not.

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NEWSEXTRA

FG Plotting to Implicate Atiku, Jonathan, Danjuma, Babangida, Others Fani-Kayode: Plan to arrest, detain Obasanjo on trumped-up charges real APC also planning to silence Fayose, Udom, Wike, others

Bayo Akinloye A former Minister of Aviation, Chief Femi Fani-Kayode, has

raised the alarm that there are plots by the federal government targeting prominent personalities in the countries like ex-President

Aregbesola’s Plot against Ambode Unsettles Lagos APC Lobbies Tinubu not to endorse the governor APC stalwarts vow to stop Aregbesola’s dominance Akinwale Akintunde The All Progressives Congress (APC), Lagos State Chapter, has been thrown into another crisis, which allegedly emanated from the plan by Osun State Governor, Mr. Rauf Aregbesola to stop Governor Akinwunmi Ambode from seeking re-election. Some party leaders, who spoke with select journalists in confidence at the weekend, alleged that Aregbesola had started lobbying the National Leader of All Progressives Congress (APC), Asiwaju Bola Tinubu not to support Ambode’s re-election. They alleged that the Osun governor, currently planning to contest senatorial election in Lagos West, had been working with the Speaker of the State House of Assembly, Hon. Mudashiru Obasa and Chairman of the House Committee on Lands, Hon. Bayo Oshinowo to prevent Ambode from seeking re-election. Apart from the leaders that spoke in confidence, the APC factional leader, Mr. Fouad Oki had confirmed Aregbesola’s subtle plan to stop Ambode’s re-election and alleged that the Osun governor had been meeting political groups to stop Ambode’s return. The APC factional leader confirmed the plot during a phone conversation with THISDAY at the weekend, claiming that Aregbesola had already approached him to discuss the plot “to stop Ambode from seeking re-election in 2019.” After presenting the plot, Oki claimed that he challenged Aregbesola and supporters in the Mandate Group point-blank “to come out publicly to state their own sides of this narrative or deny whether they did not discuss plan to stop Ambode’s re-election with me.” He claimed that Aregbesola and his supporters in Lagos “have problems with Ambode. As a result, they have made up their mind on what the likely result of party primaries will be. If they have issues with him, they should not bring it or situate it within the party process.” Specifically, Oki challenged them “to come out with what Ambode has done wrong. They are busy plotting against him. But they have not told him what he did wrong. They should have discussed their concerne with Ambode rather than working against his re-election” However, Aregbesola’s media assistant, Mr. Sola Fasure debunked the allegation against Aregbesola, accusing Oki of making effort “to cause crisis in Lagos APC.” He claimed that the allegation “is totally ridiculous”. “Oki and his followers have derailed. They are only planning

to cause crisis where there is no reason for crisis. As a party faithful, we will not allow them to destroy the party,” he said. Contrary to claims of Aregbesola’s media assistant, an APC leader in Oshodi buttressed the position of the APC factional leader that the Osun governor had been working against Ambode’s re-election in 2019. He explained the different reasons that pitched Aregbesola against his Lagos counterpart, noting that Ambode’s decision to nominate Secretaries to 20 Local Government Areas (LGAs) and 37 Local Council Development Areas (LCDA) was at the root of the crisis. He explained that the Mandate Group, which was founded by the Osun governor, had been depending on all local councils in the state “to fund their political activities”. “So, they perceived Ambode’s decision as affront to their survival,” he said. Another APC leader from Lagos Island ascribed the plot to Ambode’s growing public approval across the state, which he claimed, might affect their support base and political patronage they had been enjoying in the last two decades. He noted that Ambode’s immediate predecessor, Mr. Babatunde Fashola was treated the same way between 2009 and 2011, noting that the Mandate Group then pitched Fashola against Tinubu under the guise of the True Face of Lagos. According to him, they did not succeed then because the stalwarts of the defunct Action Congress of Nigeria (ACN) stood with Fashola, thereby compelling Tinubu “to eventually support the re-election of Fashola in 2011”. “Ambode has not done anything wrong. He has been committed to implementing the APC manifesto. He has been patriotic to the APC national leader to a fault. He has been executing people-oriented projects. These people are working against Ambode in their own interest,” he said. A party leader from Kosofe explained how Aregbesola’s undue domination in Lagos APC “has been tearing the chapter apart and pushing some prominent chieftains and members out of the party they have laboured for.” The source alleged that Aregbesola had been working with Obasa and Oshinowo “to frustrate Ambode’s re-election simply because he wants to contest senatorial election in Lagos West. Oshinowo too has been nursing ambition to contest senatorial election in Lagos East.”

Goodluck Jonathan, former Vice President Atiku Abubakar, ex-Head of State, Ibrahim Babangida, and Gen. TY Danjuma (retd.). The former minister issued a statement on yesterday which was made available to THISDAY, confirming that there are plans by the All Progressives Congress-led federal government to implicate, arrest and detain ex-President Olusegun Obasanjo. The statement titled, “Press Statement on The Buhari Administration’s Plan to Implicate, Detain, Silence and Possibly Kill President Olusegun Obasanjo and Other Key Opposition Figures and Leaders in Nigeria,” read in part: “I have read the disturbing reports about the President Muhammadu Buhari administration’s plan to frame up, arrest and detain President Olusegun Obasanjo on trumped-up and politically-motivated charges. It has also been brought to my attention

that they have threatened his life. I am not surprised because this is nothing new for this government. That is their stock in trade and they have been doing it for the last three years to anyone and everyone that opposes or criticises them.” Accusing President Buhari of being the brains behind the plots, Fani-Kayode added: “What bothers me now is that President Buhari has become so jittery that he is prepared to do anything to stay in power. I have done my research and I have discovered that the plan is real. The government is also planning to target other key opposition figures and elder statesmen – as we get closer to 2019 – such as Gen. TY Danjuma, Gen. Ibrahim Babangida, President Goodluck Jonathan and a handful of others. It appears that Buhari will stop at nothing in order to ensure that all his critics are silenced. “The plan to implicate and silence all these leaders together

with key figures in the PDP like Ayo Fayose, Emmanuel Udom, Ibrahim Dankwabo, Nyesom Wike, Darius Ishaku, Godswill Akpabio, David Mark, Ike Ekweremadu, Lyel Imoke, Uche Secondus, Sule Lamido, Ibrahim Shekarau,Abubakar Suleiman, Kabiru Turaki, David Jang, AtikuAbubakar, Dele Belgore, Jumoke Akinjide, Nenadi Usman and others is condemnable. They also plan to give some of us the Nnamdi Kanu treatment and make us dissapear or give us the Sambo Dasuki and El Zakzaky treatment and lock us up indefinitely but they will fail.” The Peoples Democratic Party’s chieftain accused the president of being desperate to the extent of attempting to “discredit and destroy” key members of the APC like Bukola Saraki, Yakubu Dogara, Dino Melaye, Rabiu Kwankwaso,Abubakar Baraje, Aminu Tambuwal, AbdulFatah Ahmed, Timi Frank and others. The statement added: “Nigeria is

fast becoming a fascist police state where dissent is seen as a crime and where those that oppose the President are perceived as enemies of the state and prisoners of war. Taking this matter to a level of threatening the lives and liberty of people like Obasanjo, Danjuma, Babangida, Jonathan and other elder statesmen and seeking to destroy key opposition figures for no just cause is dangerous and unacceptable and it will have consequences. “We do not want war in Nigeria: we want peace and the Buhari government should desist from provoking a situation and a series of events that may end up spiralling out of control. It is almost as if they are begging for war and that is tragic. They may have the full machinery and power of the Federal Government but we have the living God. Nothing can stop us in our divine mission to stop him and rescue Nigeria.”

CONDOLENCE VISIT

L-R: Attorney General of the Federation and Minister of Justice, Abubakar Malami; Kwara State Governor, Dr. Abdulfatah Ahmed; representative of the Senate President, Alhaji Saka Isau (SAN); and Emir of Ilorin, Alhaji Ibrahim Sulu Gambari, during the eighth day fidau prayer for the late Justice Mustapha Akanbi at Metropolitan Square, Ilorin...yesterday

Ekweremadu: Why We Set Time Frame for Pre-election Litigations Deji Elumoye in Abuja Deputy Senate President, Senator Ike Ekweremadu, has explained why the National Assembly set a time frame through constitutional amendment for the resolution of pre-election matters in the country. Ekweremadu, in a statement issued in Abuja yesterday, emphasised that setting a timeframe for pre-election litigations has finally laid to rest the challenges that come with protracted legal tussles in the country’s democracy. Ekweremadu, who is also the Chairman, Senate Committee on Constitution Review, said the recent constitutional amendments including that bordering on preelection litigations which President Buhari assented to last Friday showed that Nigeria’s democracy was coming of age. With this amendment, he explained that the distractions and

agitation that come with delay of justice will now belong to the past. According to him, “ people will no longer enjoy for a long time mandateds that are not theirs ,likewise real winners say of party primaries will not wait for too long again to assume their mandates”. “This is another major leap for our democracy, especially our elections. I recall that even though the election in 2003 of one of my colleagues in the Fifth Senate was challenged, he had already finished his tenure and was into another tenure in the Sixth Senate when the tribunal ruled that he did not win the initial election into the Fifth Senate, which he had already enjoyed to the fullest. Ekweremadu further explained that “ what we did in 2010 was to amend the constitution to set a time frame for filing, hearing, and delivery of judgment/returns on election petitions. Such petitions

must be filed within 21 days, judgment must be delivered within 180 days from the date of filing of the petition, while every appeal arising from the tribunal or Court of Appeal must be delivered 60 days from the date of the delivery of judgment by the tribunal or Court of Appeal. “However, whereas postelection matters regarding the 2015 general elections have since been determined, many pre-election matters are still lingering in the courts, about eight months to the next general elections. So, the current amendment solves the problems associated with protracted pre-election litigations by extending the same success achieved with setting timeframe for determination of post-election litigations to pre-election lawsuits. “If we add this to the NotToo-Young-To-Run amendment

and several other election-related amendments to the Constitution in 2010, such as granting of financial and administrative autonomy to the Independent National Electoral Commission (INEC), removal of membership of a political party as a qualification for appointment as a member or Chairman of INEC, reduction in the number of judges and quorum of election petition tribunals, and the abrogation of the disqualification of persons by administrative panels, it means that our democracy is coming of age”, he further said. On the granting of financial autonomy to the State Houses of Assembly and State judiciaries, Ekweremadu said such was intended to ensure that both arms of government discharge their constitutional responsibilities “without any hindrances and without fear or favour at the state level”.

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FG Planning to Frame Me Up for Gun-running, Wike Alleges Says Fakorede’s aide arrested for armed robbery Ernest Chinwo in Port Harcourt Rivers State Governor, Nyesom Wike, has raised the alarm that the All Progressives Congress (APC)-led Federal Government has plotted to frame him for gun-running ahead of the 2019 elections. The governor also alerted Nigerians on the alleged arrest of the orderly of Rivers State Special Anti-robbery Squad (SARS) Commander, Akin Fakorede, and another Special Anti-Robbery Squad (SARS) operative for armed robbery and kidnapping.

Speaking during a thanksgiving service in honour of the Chairman of the State Local Government Service Commission, Chief Azubuike Nmerukini, yesterday at the St. Thomas Anglican Church, Diobu, Wike said the federal government had contacted a Lebanese who has been directed to claim that he received money from him (Wike) to procure arms for the 2019 elections. He expressed regret that the federal government has entered a devious mode where it believes that framing opponents

ARG Laments Armed Invasion into S’West States Decries rising loss of lives, economic resources

would enhance its political fortunes. He noted that initially Nigerians thought he was playing politics until former President Olusegun Obasanjo revealed details of how “the desperate” APC-led federal government plans to frame him up. “The federal government has arranged with a Lebanese to say that I told him to buy arms for the purpose of the forthcoming elections. I am not close to any Lebanese, let alone give money to anyone to buy arms for elections. We have dutifully served our people and we don’t need to purchase arms for elections. If elections are held 20, 000 times, we will win because our projects have positively impacted the lives

of our people,” Wike said. The governor stated that the federal government is also planning to sponsor crisis in Rivers State ahead of the 2019 elections, for the state’s election to be postponed. He added that the target is to use security agencies for rigging purposes. “They plan to cause so much crisis in the state so that Rivers election is held on a separate date. Their plot will fail. Rivers election will hold same day with that of other states,” he stated. Speaking further, Wike said that most of the kidnappings and armed robbery in Rivers State were masterminded by SARS operatives under the leadership of Akin Fakorede. He said the arrest and detention of the SARS

operatives prove their involvement in criminality against the people of the state. The governor said Sergeant Ndubuisi Okoro, the police orderly of the Rivers State Commander of SARS, Akin Fakorede, has been arrested for armed robbery and kidnapping while another member of the Rivers State SARS Commander ’s team, Sergeant Christopher Abakpa, has also been arrested for armed robbery and kidnapping. Wike declared he was alerting Nigerians because the Police High Command would sweep the matter under the carpet. He said the two SARS operatives run a kidnap and armed robbery gang of eight

persons. According to him, the policemen have confessed to their crime. He said the State Government is in possession of the statements made by the arrested operatives who kidnapped one Mrs Eva. On the thanksgiving service, Wike thanked God for preserving the life of Nmerukini. When contacted for confirmation of the arrest of the SARS operatives, the state Police Public Relations Officer (PPRO), Nnamdi Omoni (DSP), said he was just returning to town and had not been briefed if there was any such incident. He, however, promised to reach the SARS Commander for confirmation of the incident and brief the press later.

Urges states governors to take decisive action Gboyega Akinsanmi The Afenifere Renewal Group (ARG), yesterday, decried the rising spate of armed invasion by bandits, herdsmen and kidnappers into all states of South-west geo-political zone, which it attributed to the country’s porous borders. The ARG, a pan-Yoruba sociopolitical think-tank, also lamented that the untamed activities of armed herdsmen and bandits had culminated in the loss of lives and the displacement of thousands of farmers across the geo-political zone. This was contained in a statement by the group’s Publicity Secretary, Mr. Kunle Famoriyo issued yesterday, pointing out different cases of armed invasion into the South-west. In its two-page statement, the ARG reviewed the details of recent kidnap and release of Dr. Tunde Amusat, who is the secretary of a pan-Yoruba group, Atayese. Specifically, the group lamented that it was an irony of fate for a leader of a group dedicated “to the betterment of the society to be a victim of such dastardly act”. “Amusat’s testimony suggested that the kidnappers that operated along the Iwaraja-EfonAlaaye highway are hardened criminals with trademarks of insurgents. This is believable judging from the speed and ease with which they have killed some of their victims, including the younger brother of a former commissioner in Ekiti State, late Wole Olugboji,” he said. The ARG noted that soldiers of the 32 Artillery Brigade that recently combed the forest along the highway found a decomposing body suspected to be a kidnap victim and found makeshift camps allegedly used by the criminals. It added that the development “is worrisome to us in ARG”. “It buttresses our suspicion that terror now lives in our forests and rural areas as a result of porous borders,” he said. From Ketu community in Yewa land to several communities in Kwara State, the ARG noted that reports of armed banditry and herdsmen assaults had been on the increase. It lamented that the armed attacks “are increasingly forcing

the people of South-west states to abandon their farms and thereby displacing them economically.” The ARG, thus, called on all the governors of South-west state and security officers “to stop treating this matter with kid gloves, adding that “Ketu straddles both Nigeria and Benin Republic.” While the Beninoise Gendarme reportedly protects the community within its own boundary, the group alleged that Nigerian Immigration Service and the Nigeria Police expose the community in Nigeria to assaults from the bandits and herdsmen. It threatened to mobilise the people of the South-west “to resort to self-defense if the situation does not improve,” he said. “Our people are capable of defending themselves if the security agencies fail to discharge their responsibilities,” he added. It urged all the monarchs, as the custodian of the cultural assets of the people, to engage in consultations that can bring lasting solutions to the terror that lives in the forests. In another statement, the ARG noted that President Muhammadu Buhari had only taken a step out of several in its decision to officially declare June 12 as Democracy Day. The group, however, lamented that Chief MKO Abiola “is still referred to as the presumed winner of the June 12 1993 election still bears traces of anti-democracy.” It observed that the Buhari presidency “has access to all the information it needs to officially declare the result of that election and recognise the winner duly.” The ARG also demanded that all relics of military dictatorship be completely erased “to make our dear country a truly democratic country based on federalism principles.” It reminded Buhari of the persisting injustice in the murder of Ken Saro Wiwa, and the need to recognise and honour every victim of the June 12 struggle who was either extra-judicially killed or jailed, particularly Mrs. Kudirat Abiola. It emphasised the need “to restructure Nigeria in accordance with federalism and replace the 1999 Constitution with an autochthonous national constitution that can stand the test of time and bear the hallmark of ‘We the people…’

ECONOMY IN FOCUS

L-R: President, Academy for Entrepreneurial Studies, Nigeria (AES), Dr. Ausbeth Ajagu; Chairman of the occasion and former Minister of Commerce and Industry, Mrs. Nike Akande; and the Publisher, The Guardian Newspaper, Mrs. Maiden Ibru, during the ninth AES Annual National Conference with theme: ‘Nigeria’s Economy: Challenges and Opportunities’, in Lagos…..recently Kola Olasupo

Adeyemi Praises Buhari, Wants Stadium Named after Abiola Says ex-NEC boss Nwosu deserves national honour too A former Chairman of Senate Committee on the Federal Capital Territory (FCT) Senator Smart Adeyemi, yesterday praised President Muhammadu Buhari for awarding the presumed winner of the annulled June 12, 1993 presidential election, Chief Moshood Abiola with Nigeria’s highest national honour. He urged the President to either name the National Stadium in Lagos or Abuja after Abiola. He said whenever the history of Nigeria’s democracy is going to be written, President Buhari would certainly get a positive mention.

He, however, advised Buhari to recognise all the heroes of June 12 whether dead or alive. He said the country should also not forget the chief umpire of the “undiluted election,” Prof. Humphrey Nwosu adding that he also deserves to be appreciated. Adeyemi, in a chat with journalists in Abuja said the honour done to Abiola vindicated a line of Nigeria’s national anthem which says that “the labour of our heroes past shall never be in vain.” He said: “I want to say that what the President has done is highly commendable. What he has done is to right the wrongs of the past as a patriot

and leader who is committed to the socio-political and economic development of the country. “He has shown a great sense of character as a man who is committed to the sustenance of democracy in Nigeria. What he has done is one of the landmark achievements.” Adeyemi pleaded with Buhari to honour all June 12, 1993 Presidential Election heroes whether alive or dead. He added: “MKO Abiola deserves the honour and what we should be thinking of right now is to name a huge national edifice after him. MKO was the man who personified democracy in

Nigeria and the Field Marshall of all democratic warriors. “When he is honoured all the foot soldiers must also be recognised by engraving their names on a monument to be erected in a national edifice in memory of MKO. Those who contributed to the struggle for June 12 are indeed widespread. They are human right activists, the media political stakeholders and others. We must erect a plaque in their honour and name all of them for special mention. He added that the chief umpire of the “undiluted election,” Professor Nwosu also deserves to be appreciated.

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MONDAYSPORTS

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com 0811 181 3083 SMS ONLY

WORLD CUP 2018

3 D AY S T O G O

Eagles Land in Russia for Sixth World Cup Finals Mikel: We love our underdog tag in Group D

Super Eagles players, coaches and backroom staff in a group photograph after rounding up their training for the World Cup at their base in Avita Resort in Bad Tatzmannsdorf, Austria... at the weekend Duro Ikhazuagbe As Super Eagles fly into Russia today from the team’s training base in Avita Resort in Bad Tatzmannsdorf, Austria, Skipper John Mikel Obi is unfazed by the underdog tag branded Nigeria. The three-time African champions are the third team in Group D to arrive Russia as Argentina and Iceland landed 24 hours earlier. Croatia is expected to also hit town today ahead of their opening game with Nigeria on Saturday in Kaliningrad. “We are okay with the garb of the underdog. But the (three) defeats in the warm up matches have done something for us – we have our heads firmly on our shoulders and we are focused. “Together, we have reviewed the matches and learnt so many lessons. We will approach the World

Cup matches differently,” Mikel told reporters before Eagles boarded the executive chartered jet for the Russian capital. Eagles played against Argentina, Poland, Serbia, DR Congo, England and Czech Republic in friendlies, winning two, drawing one and losing three. Sweet victories over two-time world champions Argentina (finalists at the last finals in Brazil) and Poland were followed by defeat by Serbia, a draw with the Democratic Republic of Congo and losses to England and the Czech Republic. The Super Eagles who are in Russia for a sixth appearance at the Mundial emerged from an appropriately-styled ‘Group of Death’ in the African qualifying series, becoming the first African team to reach the finals in Russia. Against Croatia on Saturday,

Eagles will be banking on a balanced record of having won their opening match at the World Cup on two occasions, drawn once and lost twice. On the three occasions they have not lost their opening match (1994, 1998, 2014), the Eagles have progressed to the Round of 16. An underwhelming recent record, being the lowestranked team in Group D and the lowest-ranked African team in the finals, plus a recent tag by FIFA as mere ‘perennial World Cup appearance-makers’ all tend to project the Eagles as a side waiting to be rolled over. That would be the biggest mistake of the so-called big teams. In 1994, the Eagles, after winning the Africa Cup of Nations in Tunisia, failed to excite in friendly games leading to the World Cup. But as debutants, they thrashed Bulgaria 3-0 on a

Aiteo Sets Eagles up for Victory with Official Theme Song With the aim of raising the spirit of the Super Eagles and their ever effervescent supporters, optimum partners of the senior national football team, Aiteo Group, has again bolstered the team with an official theme song for the World Cup starting in Russia on Thursday. At an event themed TOGETHER, WE RISE, held on Saturday night at Club Cocoon in Ikoyi, Lagos, Aiteo unveiled the song titled ‘’Dem Go Hear Am’’, done by Olamide and Phyno, two of Nigeria’s hottest hip hop stars. The event which had in attendance prominent citizens from entertainment, politics, and the civil society, kick-started at about 12am with rib-cracking maharajahs, AY and Bovi as comperes for the night. The sprightly mood of guests was further enriched by the energetic performance

from Cynthia Morgan, where she serenaded the audience with some of her popular lyrics, amidst cheers. This was followed by the lively performance from the diminutive singer, popularly known as “Small Doctor”, where he regaled audience with his hit track, “Penalty” which has become a sort of anthem across the country. While cheering his performance, comedian AY jestingly pleaded for the ‘penalty’ crooner to take out that part of his song that says “oti gba penalty lo throwing” out of the song for the main time until the World Cup ends in order to prevent such from happening to our boys. High point of the event however, was when Phyno took up stage. Although, he was expected to perform with Olamide, whom some pundits now describe as his lyrical twin brother from across the Niger, Olamide

however could not make it due to another event where he was billed to perform abroad. “The Beast from the East”- Phyno, then performed some of his popular tracks amidst hysterical cheers, and uproarious sing along from audience. This then set the mood for the launching of the Super Eagles theme song, which had the commercial savour of a typical Phyno-Olamide collaboration, laced with some inspiring words that will help improve team spirit among our team and supporters.

MATCH DAY 24 Rangers 1 – 0 Heartland Enyimba 2 – 0 Katsina Utd Go Round 1 – 0 Lobi Kano Pillars 1 – 1 Rivers Utd Kwara Utd 1 – 0 Ifeanyiubah Tornadoes 1 – 0 Wikki Plateau Utd 2 – 2 Abia Warriors Sunshine 2 – 0 Nasarawa Yobe Stars 0 – 1 Akwa Utd

TODAY (8.00am)

MFM FC vs El Kanemi

sunny afternoon inside the Cotton Bowl in Dallas. Four years later, they lost 1-5 to The Netherlands in their last friendly game before heading to France, only to shock World Cup favourites Spain 3-2 in their opening game at the Stade de la Beaujoire in Nantes. Rohr has only lost one competitive game since taking over the Super Eagles two years ago, and the former German international defender says his wards know how to get their spring back when the whistle goes for kick-off at the Kaliningrad Arena on Saturday. “We will take it one match at a time. I love this group

because we know how to rise to the occasion together. Nigeria will be ready for Croatia.” For sure, the tactician has the pieces to craft a crack squad capable to surprising the bookmakers in Russia. Young goal-tender Francis Uzoho has logged useful hours since making his debut against Argentina in Krasnodar in November last year, and deputies Ikechukwu Ezenwa and Daniel Akpeyi are even more experienced. The dependable ‘Oyibo Wall’ of Leon Balogun and William Troost Ekong can trust either of Abdullahi Shehu and Bryan Idowu or Tyronne Ebuehi and Elderson Echiejile to cover

the flanks well enough, and Kenneth Omeruo and Chidozie Awaziem are also available. Skipper John Mikel Obi retains his steel and ballholding ability in midfield, with Wilfred Ndidi having recovered from injury in good time and John Ogu showing versatility in recent games. Oghenekaro Etebo, Ogenyi Onazi and Joel Obi add to the options in that sector. Speedster Ahmed Musa, Odion Ighalo, Kelechi Iheanacho, Victor Moses and Alex Iwobi can combine to tear apart the opposition, and the world of football is still blissfully unaware of the ability of Italy-based Simeon Nwankwo.

FRENCH OPEN 2018

Nadal Beats Thiem to Win 11th Title World number one Rafael Nadal won an 11th French Open title yesterday by beating Austrian Dominic Thiem in straight sets. Nadal, 32, won 6-4 6-3 6-2 to earn his 17th Grand Slam, three adrift of Roger Federer’s all-time men’s record. The Spaniard edged an intense opening set, tightening his grip in the second. And despite having cramp in the third he increased the tempo further, beating Thiem in his first major final when the 24-year-old returned long. “It’s a dream to win 11 times,” Nadal said.

“It was important to play the way I did. It was a tough moment when I got cramp. He is a player who pushes you to the limit.” The victory means the past six Grand Slam titles have been won by either Nadal or Federer with the next generation of players finding it hard to break the veterans’ stranglehold on the game. Nadal is the only second player in history to win the same Grand Slam on 11 occasions after Margaret Court, who won 11 Australian Open titles between 1960 and 1973.

However, it was not all smooth for Nadal, who missed four match points on his own serve before clinching victory when Thiem went long on the fifth. Nadal dropped his racquet at the baseline in celebration before turning to his box and raising both hands skywards. Nadal had made slow starts to his service games against Schwartzman and in his semi-final with Juan Martin del Potro, but imposed himself straight away against Thiem by holding to love in the opening game and backing it up with a break in the next.

Special Olympics Nigeria National Games Begin Two hundred and twentyfour special athletes from 14 states of the federation are competing in the 2018 Special Olympics National Games which kicked off yesterday at the Teslim Balogun Stadium, Surulere in Lagos. At the opening ceremony which held inside the Molade Okoya-Thomas Indoor Hall, parents and guests were treated to spectacular basketball involving two unified teams. Two athletes selected from each of the four regions and

some of the parents present at the event jointly cut the 50th anniversary cake of Special Olympics. A former National Director of SO Nigeria, Mrs Folashade Bolumole, declared the 2018 National Games open. The athletes are taking part in the games of badminton, football, basketball, table tennis, and athletics in the championship with theme ‘Create Inclusive Communities.’ According to the Chairman of the Special Olympics

Nigeria Board, Victor Osibodu the competition would give the participants a unique opportunity to be part of an inspiring yet impactful experience, adding that they will also have the opportunity to represent the country in next year’s Special Olympics Games in Abu Dhabi. “It is quite amazing for us at Special Olympics Nigeria because this year marks the 50th anniversary of Special Olympics as a global organisation since 1968,” he said.

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MISSILE Fayose to Obasanjo “Where was Obasanjo when armed men of the DSS invaded the Ekiti State House of Assembly and abducted one of its members? Did Obasanjo travel out of Nigeria when judges were being arrested in the night in a Gestapo manner?” – Ekiti State Governor, Ayodele Fayose, advising former President Olusegun Obasanjo to be bold enough to clear himself of any allegation by the federal government.

eniola.bello@thisdaylive.com

@eniolaseni 08055001956

Waiting for the Mortal Combat

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ow we seem to be getting there. The unending shadow boxing between the Executive and the Legislature since the inception of this administration appears set to become the real deal. Those of us who have waited this long for such gladiatorial combat are set for ringside seats. The very prospect of such a titanic combat is, in itself, exhilarating. We hope this would be a fight to the death: a free style combat where all is fair, the ring encaged, and the services of a referee dispensed with. We do not expect either of the combatants to chicken out before the fight. Indeed we would not entertain it. We the people, as spectators, should simply book our seats to enjoy the show. For when a dinosaur is exhumed and confronted by a gang of predators, ordinary mortals should, rather than get involved on either side, stand back and enjoy the show while it lasts. The reason is simple. Both combatants only want to dominate their environment. Both are driven by personal ego. Both are, in their different ways and for different reasons, out to expand their sphere of influence. Therefore having both operate from the same environment is akin to having two rams drink from the same basin of water. Something would have to give. Let’s take a closer look at the combatants. There’s President Muhammadu Buhari, the dinosaur in one corner of the ring. Outdated, rigid, divisive, and stubbornly insular, he has failed to, and is almost incapable of, adapting to changing circumstances. He has insisted on superintending the affairs of the country since his election in 2015 the same way, and with the same methods, that spectacularly failed him as military dictator in 1984. It is usually some others pulling the chestnuts out of the fire for his benefit. In short, Buhari loves the title and perquisites of the highest office in the land but doesn’t seem to enjoy the daily grind and hard work and headache arising from the challenges of that office. Buhari and his supporters are wont to make a song and dance of his anti-corruption war. He has repeatedly claimed that his removal in August 1985 by Babangida and his ‘Boys’ was because he was fighting corruption in what officials of his administration presently, have cleverly phrased as “corruption fighting back”. But Buhari’s anticorruption war, then and now, has always been selective. This administration’s anti-corruption war only appears effective when its arsenal are pointed on the opposition PDP (Peoples Democratic Party), or other presidential aspirants in the APC (All Progressives Congress), or the president’s critics in and out of government. Those who, however, worship on the altar of keeping Buhari in office, or whisper sweet nothings in his ears, are supposedly untainted by corruption irrespective of the allegations against them to the contrary. For a man whose funding of his political struggles have wholly been dependent on the benevolence of some businessmen and politicians, Buhari is akin to the famed chichi dodo, the bird which has great aversion for excrement yet feeds on worms whose very survival is dependent on faeces. In the other corner of the ring are the lawmakers, the predators. Since 1999, the National Assembly has had the notoriety for parading members notably loud for venality and greed. Despite having passed some very important bills into law, the 8th National Assembly’s reputation is even worse than previous ones. Perhaps because most of its members have lived on the State for

Buhari

Saraki

long, the 8th Assembly has been no different from its predecessors in its culture of entitlement, and has continued plundering the nation’s resources through bogus allowances to members in quarterly payments, budgetary allocations for so-called constituency projects, and veiled blackmail in the incessant probe of MDAs. In one area, however, the 8th Assembly surpassed others before it in allowing its leadership maneuver and use the legislature as whipping rod for fighting personal battles. Senator Bukola Saraki has, following his election as senate president by political sleight of hand, been battling with series of unwholesome allegations. For every allegation against him, Saraki’s usual first line of defence is to claim he was being persecuted before rallying his colleagues to get the presidency to intervene, and when that fails, resort to legislative motion to harass, or intimidate, or censor the head of the agency handling the investigation. Were Saraki indeed being persecuted as claimed, that could only be the consequence of a choice he consciously made when he defied his party, the ruling APC, and went into alliance with the opposition PDP to achieve his ambition. The latest of these allegations is the claim by the police that some leaders of a robbery gang arrested over a deadly violent heist in Offa are political thugs with alleged links to Saraki. Shortly after the police invited Saraki for questioning, the Senate and House of Representatives quickly held a joint executive session from which they rolled out 12 resolutions Buhari should implement or face impeachment. The resolutions enjoined Buhari to stop: the killings in the country, police intimidation of perceived political opponents, the selective fight against corruption, and the removal of the Inspector General of Police amongst others. There’s no question that this administration’s anticorruption war is selective, or that the herdsmen killings in some parts of the country have gone on for too long, or even that there’s an overt harassment of political opponents. Buhari’s clannish security appointments have of course not helped the situation. However, with the way dissenting voices in parliament are hounded with indiscriminate suspension and disgraced, it is rich of the leadership of the National Assembly to condemn the Executive “systematic harassment and humiliation … of perceived political opponents, people with contrary opinions… by the police and other security agencies”. On this point, Saraki and Buhari are two sides of the same coin. In any case, members of the National Assembly displayed a chronic lack of self-worth to help fight Saraki’s personal battles in the guise of matters of common good. A serious group of legislators desirous of their place in history, respectful of their constituents, concerned about the integrity of the

parliament, and passionate about Nigeria, would have requested that Saraki step down as senate president, clear his name and thereafter return to office. We are talking of the violent robbery of five banks in broad daylight, the killing of 33 people including six policemen, and total shut down of Offa town. That is felony, a very serious crime. Had Saraki offered to step down, or had the National

Assembly requested that he step aside to defend himself, the legislature could have easily climbed a moral high ground, and the senate president would have, if he were indeed framed, given a mean-spirited president a bloody nose, and his political capital would be the richer for it. The usual quick resort to a no-confidence vote on the police Inspector General, as happened when Senator Dino Melaye was arrested, blurs the line between politics and police investigations, and creates the perception that somebody has something to hide. You blame the police for not doing its work diligently to arrest increasing criminality; then where the police did seem to be making progress in the investigation of a major crime, you complain of persecution. Unfortunately, the issues are not about us, the people. The bickering has no bearing on our welfare and wellbeing, our security, education and jobs for our children, and the continued progress of our country. The bitterness is more about power and privileges, about vain ego. Let’s therefore leave and watch the dinosaur and the predators fight dirty. Their continuous disagreement can only empower us, the people as we count down to 2019 elections.

The Police, Rivers and 2019 Polls In the last several weeks, the Rivers State government has been crying out in a series of advertising placements on several media platforms against the redeployment to Port Harcourt of Akin Fakorede, an assistant commissioner of police and commander of the Force Special Anti- Robbery Squad (F-SARS) in the state. The Rivers government, relying on a panel report of the Independent National Electoral Commission (INEC) on the 2016 rerun elections in the state, not only called Fakorede an “election rigger and enemy of democracy”, but also alleged that the SARS commander has been reposted to Rivers after a brief transfer to Yobe State, to help rig the 2019 elections violently with a specially trained squad. To put the issue in proper perspective, the INEC report in question not only accused security operatives of hostage taking, hijack of electoral materials and physical attacks on its officials, it spectacularly named Fakorede as assaulting two of its officials – Dr. C. Odekpe and Mrs. Tunkayo – and injuring one of them, after a failed attempt “to lure INEC staff to travel with him from Port Harcourt to Emohua LGA under the pretext of enabling them to collate results.” The INEC has not denied that the report of its panel indicted Fakorede on such weighty allegations. Fakorede has also not denied the existence of the report the basis of which the Rivers government is uncomfortable with his presence in the state, and has not hesitated to shout out its concerns. The SARS commander has, however, been waving a yellow card of libel case in the faces of the newspapers which published the advertorial. In a letter from his counsel Ayodele Akintunde & Co., Fakorede rather argued that the allegations against him were untrue, and that he wasn’t given a fair hearing, as the panel never bothered to invite him to present his own side of the story. It is inconceivable that the INEC panel, or any panel for that matter, would not get all the sides to a case being investigated. Could Fakorede have opted to ignore the panel’s invitation? If he wasn’t invited to present his side of the story,

IG, Ibrahim Idris

didn’t he know that was a solid ground for him to have gone to court to render the report nugatory, and stop INEC and any other body from circulating or publishing it in any shape or form? Didn’t he realise that the report was bound to be of public interest the moment the electoral body had it released? The fact is, the nation’s electoral history has shown that the police are one critical agency a ruling party, and unscrupulous politicians, brazenly use to commit electoral fraud. As things stand, the INEC report has badly damaged Fakorede to render his continued stay in Rivers untenable, and particularly so with the loud discomfort of the state government over his return. What was the hurry in returning him to the state anyway, shortly after his transfer to Yobe? Keeping Fakorede in Rivers would most likely precipitate violence in a state where almost every election is marked by bloodshed. It would also reinforce the narrative of the Rivers government that he has been returned to the state for the sole purpose of rigging the 2019 elections. Police Inspector General Ibrahim Idris has more than enough badly cooked food in his plate to add a slimy fish from Rivers political cauldron. He may consider sending Fakorede to go join the Offa armed robbery investigations.

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