Monday 25th JUNE 2018

Channel VAS Secures Intellectual Property, Updates Airtime, Data Credit Patents Emma Okonji Channel VAS Group, the global premium fintech and data analytics company, has been granted exclusive Patents and Intellectual Property Rights (PIPR) for its pioneer Airtime Credit and Data Credit Products and Services (ACDCPS).

Channel VAS products are

live through mobile operators in 34 countries.

Airtime Credit and Data Credit Services allow outof-credit mobile network subscribers to obtain extra credit for call time and data usage in advance, providing mobile network operators with

a risk-free virtual airtime distribution channel.

“Securing our rights on the proprietary technologies that we have first brought to the market is a necessary part of business for a company like Channel VAS that spearheads the digital and

fintech evolution,” stated Mr. Bassim Haidar, the company’s founder and Group CEO, while speaking at a forum recently.

He explained, “By updating and expanding the patents on our Airtime and Data Credit Services in the 34 countries

we operate in, we are making sure we protect our technology innovations and our partners against any infringements or unauthorized efforts from third parties to copy them.”

Asked for more details about the patents, Haidar said, “These patents are not

Despite US Rate Hike, CBN Says No Cause for Alarm... Page 8

new. They have been owned

by Channel VAS Group and its subsidiary company, Nairtime, for years as part of our worldwide operations, and their validity has been ratified by competent courts.

“However, given the ever-evolving nature of our business and the technological Continued on page 10

Monday 25 June, 2018 Vol 23. No 8467. Price: N250

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As Oshiomhole Takes Office, Buhari Says APC Will Serve Nigeria Better You're a non-democrat, busy-body, Tinubu tells Obasanjo Saraki, Dogara demand justice, fair play Nseobong Okon, Onyebuchi Ezigbo and Alex Enumah in Abuja With the new National Chairman of the All

Progressives Congress (APC), Mr. Adams Oshiomhole, taking office yesterday, the ruling party is set to give Nigerians a better deal, President Muhammadu Buhari

has said.

Oshiomhole, who was elected by popular acclamation at the national convention of the party on Saturday night, took office yesterday along

with the new executive members who would run the affairs of the APC for the next four years.

The president said in Abuja that Nigerians should expect

to see more development as the new party leadership settles down, adding that the country would be taken to greater heights.

The moment was also

used by Vice President Yemi Osinbajo to reel out the achievements recoded by the APC-led administration, Continued on page 8

Massacre in Plateau as Gunmen Kill over 100

State govt imposes dusk-to-dawn curfew Saraki, Dogara, PDP condemn killings Seriki Adinoyi in Jos and James Emejo in Abuja The orgy of violence in the country persisted at the weekend as gunmen invaded three local government areas in Plateau State, killing over 100 persons.

The affected councils, Barkin Ladi, Riyom and Jos South, were immediately placed under a dusk-to-dawn curfew by the state government that received soothing words of support from Senate President,

Bukola Saraki and Speaker of the House of Representatives, Yakubu Dogara, both of who condemned the massacre in strong terms and asked the security agencies to up their game to end the wanton killings across the land.

Although the police put the number of deaths at 86, community leaders and eyewitnesses said between 100 and 150 persons were killed in separate communities in Continued on page 8

Barkindo: Why OPEC Increased Crude Oil Production... Page 10

DINNING WITH MEDIA GURUS...

L-R: Senate President, Dr. Bukola Saraki; Chairman, THISDAY/ARISE Media Group, Prince Nduka Obaigbena; and Chairman, International Press Institute (IPI), Mr. John Yearwood, during a dinner hosted by the Senate president for IPI delegates in Abuja… weekend

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Despite US Rate Hike, CBN Says No Cause for Alarm Obinna Chima Regardless of the United States Federal Reserve’s recent hike of its benchmark short-term interest rate by a quarter percentage point as well as its signalling of two more increases this year, the Central Bank of Nigeria (CBN) has said there is no cause for the alarm.

The Deputy Governor (Economic Policy Directorate), CBN, Dr. Joseph Nnanna, who said this in a chat with THISDAY yesterday, however, stressed the importance of capital inflows into the Nigerian economy.

Nnanna noted that the yield on Nigeria’s treasury bills was

still attractive, irrespective of the US normalisation.

The Fed about a fortnight ago, had pushed interest rate to a range of 1.75 per cent to two per cent and this had heightened concerns of capital outflows from Nigeria.

According to Nnanna, with external reserves at about $49 billion, the CBN is in a comfortable position to meet all its obligations. “The good thing about this is that the CBN is prepared to meet every foreign portfolio investors (FPIs) at their exit.

When they want to go, and they say they want their money, we would write their cheque and give to them, unlike in the past.

“In 2016, we were caught with our pants down. So, now, we are prepared for them. We have a war chest of close to $49 billion in external reserves,� he said, Nnanna, put the total volume of transactions on the Investors’ and Exporters’ (I & E) window at about $25 billion.

Nevertheless, he pointed out that emerging markets are currently experiencing capital reversal. “From Argentina to Malaysia, South Africa, Ghana, Egypt, and Nigeria is not excluded. But the reversal in Nigeria is not much. “So, the point here is that if the share of FPIs in the system

is less than one quarter of that, why do we have to worry? “The point of the matter is that the exchange rate has remained stable and that makes the yield curve to be still attractive, no matter what the US does with its normalisation. “But for sure, the US normalisation is a very big threat to emerging markets and there is no question about that,� he added.

He, however, disclosed that the CBN has been meeting with the FPIs with a view to letting them know that the Nigerian economy remains strong. “They (FPIs) have been coming to us, we have been holding bilateral and

multilateral meetings. They come virtually every day. “As I speak, the CBN Governor is in Switzerland and it is also an opportunity to meet with some of the investors. “The important thing is that the economists in the third world countries should be ready to attract FPIs and also be ready to tell them goodbye if they want to go. “If they (FPIs) want to go and you put a road block, then you will be in trouble and when they go, they won’t come back,� he explained.

Analysts at Moody's Investors Service recently stated that Nigeria’s continued dependence on oil and gas

means the country may face a range of challenges in the coming years.

Nigeria has struggled to reform its oil sector, improve the regulatory environment and increase transparency.

But Moody’s noted that increasing non-oil tax intake remains one of the biggest challenges facing Nigeria, saying the Nigerian authorities' efforts to increase non-oil revenue since late 2015 had “been largely unsuccessful.� “By contrast, the increase in Nigeria's debt burden was much slower in recent years and Moody's expects it to stabilise at around 20 per cent of Gross Domestic Product by the end of 2018,� it stated.

in the country seriously, telling it stop indulging in a blame game.

The party through its Publicity Secretary, Kola Ologbondiyan, noted that the cardinal responsibility of any government is the security of lives of the citizenry, saying so far, the APC government had not only failed in this primary responsibility, but had also persisted in blaming others for the killings taking place all over the country. “These killings are one too many. This bloodletting has become unbearable to Nigerians. So government should stop engaging in blame game but should take up its responsibility by protecting the lives and property of Nigerians,� Ologbondiyan said.

The PDP also called on the Chief of Army Staff, LtGen Tukur Buratai, to take drastic action by reinforcing the security apparatus in the crisis-prone areas, including changing the commanders in charge of the areas.

Also reacting, Senate President Saraki said the violence had to stop, adding that the security agencies must change their strategies to deal with the recurring bloodletting.

The Senate president advised the president to direct his security chiefs to immediately produce quick response measures aimed at tackling the spate of killings

in the country.

Saraki, while responding to the killings in Barkin Ladi Local Government Area in which scores of people were murdered in attacks by unknown assailants on some villages, said it is important for Nigerians to start having the assurances that the government is decisively responding to the current threat to lives and properties in parts of the country.

He said, "I am very sad to hear the news of the incident in Plateau State. This is very depressing and giving the impression that the country is not safe. The problem of Boko Haram in the North-east is well known to everybody but this killing by unknown band of assailants in Benue, Taraba, Plateau and Kaduna States is now giving another dimension to the crisis. Coming at the time we are getting ready for elections, we need to respond fast.

"If the plan is to develop some long term measures, we also request that the President should mandate the security chiefs to put forward an immediate short term and quick response measure which will restore confidence in the system and demonstrate to the criminals behind this killings the capacity of government to tackle the issue.

"We have to immediately device a plan through which

the criminals behind the killings and their sponsors can be nabbed and made to face the wrath of the law. We have to also develop plans to mop up illegal fire arms in the hands of dangerous elements while also stopping the influx of these arms into the country."

Saraki commiserated with the people of Barkin Ladi Local Government Area and the Government of Plateau State and prayed for the repose of the deceased Speaker Dogara joined Saraki in condemning the attack and killings, saying it was further evidence of the failure of security.

In a statement last night by his spokesman, Hassan Turaki, he said it was reprehensible that people who gathered to bury their dead would be gruesomely murdered in that manner.

He said, "Our security agencies must rise up to the task of securing the lives of citizens of this country. The attack reportedly started from 1:00 p.m. on Friday and lasted till about 8:00 p.m. on Saturday.

Where was the Police and other security agencies that they failed to respond to stop the killings?�

He said the rising level of violence and gruesome killings of innocent and hapless citizens posed serious threat to the country's democracy and must be stopped.

MASSACRE IN PLATEAU AS GUNMEN KILL OVER 100 the three restive councils.

The gory incident forced the state Governor, Mr. Simon Lalong, who was in Abuja to attend the All Progressives Congress (APC), national convention, to abandon the convention and return home to attend to the situation.

A statement by the Secretary to the State Government (SSG), Mr. Rufus Bature, said following the killings, the state government had imposed a curfew on the affected local governments.

The villages attacked were Gindi Akwati, Ruku, Kura, Rapps, Kinshan, Gengere, Heipang, and Gana Ropp.

Another statement by the Commissioner for Information and Communication, Mr. Yakubu Dati, said the government regretted the incident. “The Plateau State Government wishes to commiserate with citizens of the state, especially Xland and Gindin Akwati communities of Barkin Ladi Local Government Area, over unfortunate recent attacks,� Dati said, adding, “Government is deeply pained that despite concerted efforts which had led to the restoration of relative peace across the state, some unpatriotic elements are bent on disrupting the gains so far made.�

He appealed to citizens not to take the law into their hands

but cooperate with security agencies to prevent further break down of law and order as they tracked the perpetrators of the evil act.

Speaking on the incidence, the President of Gashish Development Association (GDA), Mr. Francis Chung, said the attackers, who were masked, swooped on the communities at 11p.m. on Saturday night and shot sporadically at the villagers killing 139 persons.

Corroborating Chung’s claim, the lawmaker representing Barkin Ladi in the House of Assembly, Mr. Peter Gyendem, described the situation as worrisome, saying over 150 persons were killed.

An eyewitness who narrowly escaped death in Gana Ropp village, near Bethany Christian Academy, Mr. Joshua Gwom, said a clergy, Reverend Musa of the Assembly of God’s Church, his wife and granddaughter were all hacked to death by the attackers.

The Publicity Secretary of Berom Educational and Cultural Organisation (BECO), Mr. Sam Gordons, said over 150 persons were killed in about nine villages attacked.

Describing the killings as pathetic and an attempt at genocide and ethnic cleansing, Godons said President Muhammadu Buhari could stop the killings by the suspected Fulani herders if

he really wished to do so, saying that the president as the Patron of the Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN), could rein them in.

Some people, however, considered the attack as a reprisal, saying that the Fulani had on Friday lamented that five of their kinsmen travelling with cows from Kara market were missing after an attack.

The police command in the state said 86 people must have been killed in the pre-dawn attack in Barkin Ladi local government by unknown gunmen.

Its Public Relations Officer, Terna Tyopev, who confirmed the casualty figure late Sunday evening, said at least 50 houses were razed, eight hospitalised for various degree of injuries, while six suspects were arrested.

The Media Officer of the Special Task Force (STF) in the state, Major Umar Adam, said, “We are still at the scene of the attacks; we will get back to you on the actual casualty figure as soon as we are done.�

PDP, Saraki, Dogara React In its reaction, the Peoples Democratic Party (PDP) condemned the killings and urged the federal government to take its responsibility of protecting lives and property

AS OSHIOMHOLE TAKES OFFICE, BUHARI SAYS APC WILL SERVE NIGERIA BETTER saying the party was poised to do more if re-elected in 2019.

For former governor of Lagos State and National Leader of the APC, Senator Bola Tinubu, it was an opportunity to tackle the former President Olusegun Obasanjo, describing him as a busy-body and a nondemocrat.

The former governor wondered why Obasanjo would ask Buhari not to seek re-election in 2019, adding that the former president, who he referred to as his uncle, had done worst things during his presidency than Buhari.

Tinubu made the assertions yesterday while speaking at the party’s national elective convention at the Eagle Square, Abuja.

Obasanjo had written a letter in January asking Buhari not to seek re-election in the forthcoming 2019 presidential election for lack of capacity.

However, Tinubu who has vowed to support Buhari's re-election bid, slammed Obasanjo, describing the

former president as busy-body retired general and an election rigger.

Tinubu said, "This man has the temerity of writing a letter. What is your business, busy body? Unfortunately, he has torn the card of his party so he does not have one anymore. They say I should not follow this man. Thank you Muhammadu Buhari for the work you are doing."

While lampooning Obasanjo further, Tinubu said that Nigerians could not forget that it was during the reign of that a governor was impeached by a minority in a state legislature.

"I remember one uncle back then who had being a general himself and who had been elected president; I call him election rigger, he had the effrontery to say Buhari must not run again, in which party? Thank God he is not a member of our party. We hold our future in our hands.

So, what is your business busybody? Unfortunately he has torn the card of his previous party, his own legacy,

so he has no home no more," he said.

To President Buhari, the APC leader said, "Run you must, don't give up. Come rain, come sun shine you will win."

Speaking on weekend's national convention, Tinubu said the APC had shown internal democratic process in its change of leadership that was not marred with violence.

"We have changed leaders of our party - not at gun point.

Ask Audu Ogbeh. Thank God we have been able to stop looting and abuse of power," Tinubu said.

The former governor said contrary to the assertion of naysayers, the party did not explode at the convention.

Tinubu said Oshiomhole was a true reflection of the saying, "No matter how short a man is, he will see the sky."

The former Lagos governor, while thanking Buhari for presenting himself to run for another term, asked the new National Working Committee

(NWC) not to abuse the trust that has been reposed in them.

In his remarks, Senate President Bukola Saraki, said the responsibility of leadership was to address challenges, urging the party not to pretend that there were no challenges to be addressed.

"Intention of all of us is to make Nigeria better," Saraki said.

Saraki while congratulating Oshiomhole said the new chairman has all it takes to do the job.

He also commended Oyegun for showing competence in wielding the various entities that make up the party together.

On whether the APC would be able to repeat the feat it recorded in 2014, Saraki said it can but has to first surmount the challenges on the way.

While calling for the party and its administration to ensure justice and fair play, the Senate president also said that the party would have to carry everyone along if it must succeed.

The Speaker of the House of Representatives, Hon. Yakubu Dogara, who expressed confidence in the leadership of Oshiomhole, demanded that justice should be done to all and sundry in the APC. "One issue that I want him to duel with is the issue of justice... It is important for the new leadership of the party to create room for the weak and embrace justice," Dogara stated.

He also praised former national chairman, John Odigie-Oyegun for giving a good account of himself.

He charged the new elected national chairman and other members of the NWC to brace up to the challenges facing the ruling party.

He said that he was sure that Oshiomhole had the capacity to resolve most of the issues, adding if the new leadership searches deeper, it would no doubt find solutions to problems besetting the party.

Speaking shortly after the Continued on page 10

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STARTERS

Barkindo: Why OPEC Increased Crude Oil Production

Output proposal preceded Trump’s tweets, says Russian oil minister

Ejiofor Alike with agency reports The Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), Mr. Muhammad Barkindo, has dismissed suggestions that pressure by the United States President, Mr. Donald Trump, played a role in OPEC’s decision to increase oil production.

This is coming as Russian Oil Minister, Alexander Novak, has disclosed that his country’s push to increase oil production came independently, and dismissed the suggestion that public pressure from the US played a role in its decision.

OPEC and non-OPEC members, including Russia, have reached a compliance agreement to raise oil output by one million barrels per day (bpd) in order to balance supply and demand in the second half of 2018.

Barkindo told the News Agency of Nigeria (NAN) yesterday that OPEC and non-OPEC ministers agreed to increase oil supplies, which had remained unchanged for 18 months.

Barkindo said the decision to increase oil prices by one million barrels per day, starting July 1, 2018, was taken without political influence.

Trump had on April 20, tweeted “Looks like OPEC is at it again with record amounts of oil all over the place, including the fully loaded ships at sea.

Oil prices are artificially Very High! No good and will not be accepted!�

He also tweeted on June 13 that “Oil prices are too high; OPEC is at it again.

Not good.�

Again, on June 22 as OPEC was concluding its meeting on whether to hold or increase crude oil supply, Trump tweeted, “Hope OPEC will increase output substantially. Need to keep prices down.�

In his reaction Barkindo said, “The impact of geopolitics is visible everywhere in this industry, and therefore our efforts to insulate the organisation from geopolitics have never been more challenging than now. “The founding fathers of this organisation designed it in a way that will be an apolitical organisation focusing on the industry and as a technical body that advises member countries. So politics is not for us in the organisation. We remain focused as an apolitical organisation and will remain focused on our core responsibility of trying to manage the market, especially the instrument of supply management to maintain stability

NEWS IPI Demands Probe of Death of Three

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Deji Elumoye and Ajimotokan in Olawale Abuja

Nigerian Journalists TheInternationalPressInstitute(IPI) General Assembly at the weekend urged the Nigerian Government to expedite investigations and bring to justice, the killers of three Nigerian journalists, who died in 2017.

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CPI, was not a journalist, but pipeline vandal. a harass journalists by smearing The Internation IPI said it was al Press Institute be a defender of disturbed by critical coverage as “fake (IPI) General values the killing of Assembly at several journalists and new laws related news� for rights and for by standing receiving news the weekend urged to openness. is also changing the Nigerian in Africa in apparent retaliation communication, which digital While by the day. press-national and Government for their work would media submitting that the effectively silence in recent years cannot allow Describing the maintain objectivityinternational - to investigations to expedite government itself to be The body critics. at all times in complicit when galvanising artery media as a their reporting. justice, the and bring to Governme also urged African false claims I say this because that holds The Congress killers nts there can be no elected Markus could heat up the polity that the world together, Nigerian journalists of three those who to ensure that Spillmann democracy without the Senate or set president different groups commit crimes , who died of Switzeland’s credible elections in 2017. expressed against each against journalists Neue do not enjoy Zurcher Zeitung as the 34th Chair are made, Saraki added other to the media for appreciation election right, and if we get the This is coming impunity and its steadfastnes then we have of IPI Executive that it behooves on the as ensure the Senate that courts President, Dr. media to expose and courage, notwithstanding s chance of making a stronger a better Board to the Bukola Saraki, and law enforcement authorities replace John Yearwood, false the he said. deprivation experienced society,� has challenged are capable of who public claims by availing the journalist the by the ensuring justice. served two terms. with verifiable The Senate president in his pursuit of open and strive media to be In facts. addition, Speaking people’s also expressed to Saraki ensure that right to know. at the IPI dinner, the General the commitmen the powerful Saraki of the further identified some stressed that t of the National does not oppress Assembly urged governme Saraki also called Assembly towards the weak. nts than ever the press now more to challenges facing the media in Africa as well on the media upholding include the rise should strive to press freedom, IPI’s request was of social media to be objective in its reportage Union (AU) as the African freedom defend and adding of the “the 8th globally. to take robust the internet, as February 2019 four resolutions among the action to National Assembly that general elections well as He opined that ensure in continue will the media must mode of relaying news the the country. passed by the unanimously of journalists the protection to support to an audience whose global network in “As Nigeria heads free and vibrant and ensure a of editors, media preference for and to repeal lawsconflict zones press capable election year, we into the 2019 playing its that are being leading journalistsexecutives and used to prosecute part in strengtheni of plead with the ng democratic norms.� the 67th IPI World at the end of Five journalists them.

Congress in have Abuja. been killed in Somalia They also urged a result of the since 2016 as ongoing conflict action on press freedom issues in Africa there, according to IPI’s and Turkey.

Death Watch.

The three slain The body called journalists on African were Famous Giobaro of Bayelsa governments to release State-owned radio station—Glory journalists imprisoned all FM 97.1; Lawrence for exercising their Nigerian Television Okojie of of expression right to freedom Authority and drop (NTA) Benin and Ikechukwu charges against them and all Onubogu of end Anambra State impunity for crimes committed Broadcasting against journalists Service (ABS).

Their deaths It also called . for guarantee investigation are still under for press by the authorities freedom, independe . journalism Giobaro was , respect for the nt April 16, 2017, shot dead on of law, provision of rule while Okojie was shot dead while safety training to journalists work on July returning from arrangem 8, 2017. ent for health and Onubogu, a and camera man, life insurance to journalists was found dead four days at discounted rates. after he was IPI expressed reported missing concern that the on November space for press 12, The Minister 2017. shrinking on freedom is fast Lai Mohamm of Information, governme the continent, with ed, had denied nts and politicians report by the Committee to using archaic laws as well Protect Journalists as new measures to silence critical the plight of another(CPI) about voices and independent media. journalist, Clement Abiri, It cited in detention for who has been to press emerging threats freedom in several Africa All The minister alleged weeks. and other Progressives Congress parts of the that Abiri, to purportedly being (APC) National include attemptsworld of the party, Adams referred to by Oshiomhole, during Leader, Senator Bola Ahmed by governments and politicians the swearing-in to ceremony of Tinubu (right), congratulating

CONGRATULATIO NS

Oshiomhole after the Power Supply his election at thenewly-elected National Chairman Eagle Square, Abuja Remains at 3 yesterda Ga Pi 278MW

EDITORIAL Plastics and The Environment

Scientists have raised global concern that plastics pose unimaginable danger to humanity and may reach crisis levels unless deliberate actions are taken to reverse the trend.The warning is particularly important for Nigeria since it is believed that plastic bags that are used daily can take between 10 to 1000 years to decompose...

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EDITORIAL

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PLASTICS A

ND THE ENV IRONMEN must pay T

The authorities

more attentio cientists have n to the environ raised global ment concern that plastics pose unimaginable danger to humanity and may deliberate actions reach crisis levels unless are taken to reverse year’s World Environm trend. The warning the ent Day, important day for Nigeria since is particularly importan for encouraging the United Nation’s most t it is believed and action for bags that are the protection worldwide awareness used daily can that plastic a day when governme of the environm 10 take between bottles can take to 1000 years to decompo ent. This is nts are to control the se, while plastic production and expected to trigger actions plastics are light,450 years or more. Yet, because reusable or cannot use of plastics produce, they strong, can be shaped easily single-use that are not indeed polluted decompose. Nigeria’s environm litter and by all manner However, expertsour national landscape today. cheap to ent is for sipping beverages of plastics–from say the process plastics and its the straw of manufacturing storage. The nagging to those used for packaging disposal through harmful to workers burning/incineratio question and the WED was n is commemorated that keeps cropping up since pose makes farmingand that because it does can be done about early this month not decomcumbersome studies show the and menace kills livestock. the authoritie that single-use that neither the is: What Also, s seem to be paying environment plastics are harmful society nor and attention to? plastics can switchhave suggested that manufact to the to urers verybody reusable of plastics’ waste in either products because can neighbourhood a household or ofďŹ ce or single-use landďŹ lls/dumpsites.take up to 1000 years to decompose in plastics that are in the country has various According to types not recycleabl of the United Nations at end-of-lif e/reusable Programme, Environment fences and trees, e are littered on the streets, and which 80% of litters are plastics, and caught in the ocean and dumped in drains, rivers that they and lagoons, all manner of THE GOVER constitute more may biodegrade (decompo places where NMENT they cannot NEEDS TO TAKE foreign materialsof The federal governmese). This is where the in problem lies. nt, we understan the sea than marine CONCRETE ACTION feeble attempt d, only to mammals by S Presidential Villa ‘mark’ the World Environm made a TO PROTECT year 2050, ent Day at the THE and that this was discussed in Abuja but not even a ENVIRONMENT would whisper of what got out of the eventuall the meeting took four IT OF PLASTI AND RID destructioy lead to the T H I S DAY place. Naturally walls of the room where the ofďŹ ces of CS EDITOR the Federal Ministry, no event took place in DEPUTY EDITORBOLAJI ADEBIYI AFRICAN COUNTAS SOME and wouldn of sea life, DAVIDSON states for undisclos all adversely MANAGING of Environment IRIEKPEN RIES ed reasons.

DEPUTY MANAGINGDIRECTOR ENIOLA HAVE DONE in the alter BELLO The federal governme DIRECTOR KAYODE

BY PLACING and the ecosystem CHAIRMAN EDITORIAL KOMOLAFE nt needs to take A BAN ON PLASTI human race. to protect the BOARD OLUSEGUN EDITOR NATION’S The concrete environment ADENIYI CAPITAL IYOBOSA Nigerian Conserva MANAGING and rid it of plastics actions African countries BAGS, THE MOST C UWUGIAREN EDITOR JOSEPH as some USHIGIALE Foundation believestion bags, which are have done by placing a COMMONLY ban on plastic the most commonl USED FORM the disposal of plastic Some of the African y OF PLASTICS countries that used form of plastics. waste needs to T H I S DAY bags include have banned Benin EDITOR-IN-C N E W S PA P E R S plastic handled with be Ethiopia, Morocco, Republic, Cameroon, GROUP EXECUTIVE HIEF/CHAIRMAN NDUKAL I M I T E D urgency Chad, Eritrea, OBAIGBENA critical role to Mozambique, ISRAEL IWEGBU, DIRECTORS ENIOLA BELLO, Madagascar, play in mitigating and that everyone has KAYODE KOMOLAFE, Malawi, IJEOMA NWOGWUGW Senegal, DIVISIONAL Niger, national, regional a the issue at the U, DIRECTORS Ivory Coast, Tanzania Gabon, Gambia, Guinea-BRwanda, BOLAJI ADEBIYI,EMMANUEL EFENI household, This, among and global levels.

ANTHONY OGEDENGBE PETER IWEGBU, issau, , Tunisia and DEPUTY DIVISIONAL and South Africa Kenya while DIRECTOR OJOGUN ‘Beating Plastic other health reasons, was Botswana SNR. ASSOCIATE This has led to introduced high levies on VICTOR DANBOYI the Pollution’ was ASSOCIATE DIRECTOR ERIC many retailers plastic bags.

DIRECTORS chosen as the reason OJEH CONTROLLE and conseque charging a fee theme of this RS ABIMBOLA PATRICK EIMIUHI, SAHEED ntly TAIWO, UCHENNA on ADEYEMO DIRECTOR, PRINTING PRODUCTION DIBIAGWU, NDUKA Nigeria should a reduction in its use in both plastic bags also take a positive countries.

CHUKS ONWUDINJO MOSERI TO SEND EMAIL: eradication of ďŹ rst name.surnam position plastic e@thisdayliv people and future pollution in the overall on the e.com interest of our generations.

S

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Letters to the Editor

THE TRAGEDY

Barkindo at all times,� Barkindo explained.

He said OPEC had transformed and that was why the organisation remained a strong voice in the global energy industry.

He said since he took over the leadership of the organisation in August 2016, the membership had grown from 13 to 16 as result of unrelenting negotiations.

He said to make the organisation more attractive, the OPEC secretariat was designing a framework that would allow countries to join the organisation as part-time members. “The family is growing and for us, the more the better. Equally important is the fact that for the first time, we have been able to establish a Declaration of Cooperation that brought 25 countries to share responsibility to this one industry that we all belong. We are trying to institutionalise this cooperation because we all agree that we are better together.

That is why we are focusing on how we can stay together,� he explained. “We are now developing that framework. This will allow countries to join OPEC as full members, some as associate members,� he said.

On the growing force of US Shale in the crude oil market, Barkindo said OPEC had successfully established a channel of communication with shale oil producers, which he said would further stabilise the market. “Without the shale revolution in the US bringing in now over five million barrels per day, the world would have faced probably one of the worst energy

crisis. “We have been able to establish a communication channel so we now understand ourselves much better. “In a meeting in Houston, we agreed that we belong to the same boat and the Berlin Wall between us, we all agreed served nobody any good. “In fact some of them were present at the 7th OPEC international seminar which held here in Vienna,� he said.

In a related development, Russia’s oil minister has dismissed the suggestion that public pressure from the US played a role in his country’s decision to push for increase in oil supplies to the international market.

When asked if tweets by the US president urging OPEC to keep prices down factored into the country’s move, Novak told CNBC that "the US is just another consumer, like the rest of consumers, and when we make decisions we take into account the interests of the consumers, not just those of producers. “I would like to stress that our offer to increase production volumes in June was made well before the appearance of certain tweets. I’d like to note that Russia had proposed to ease the quotas back at the end of last year, and we began to discuss in detail in February this year,� the minister said.

Russia, the world's largest oil producer, came to the meeting hoping to put 1.5 million bpd back on the table.

But the figure agreed upon should be "sufficient" for the time being, Novak said.

am Monday and I hope that my brother is ready for the handing over," he said.

The chairman of the convention committee and governor of Jigawa State, Badaru Abubakar said 59 positions were filled during the APC convention.

According to the governor, 26 positions were declared unopposed while 33 others were decided through election.

Meanwhile, the National Chairman

of the Labour Party (LP), Dr. Mike Omotosho, has congratulated Oshiomhole over his emergence as the new national chairman of APC. He said he was sure the former Edo State governor had the capacity to succeed.

"I am sure that your tenure as national chairman of the APC will push the party into a new direction- the people's direction,� he said.

only natural that there are some who try to copy what leaders in their fields are offering. Updating our patents is a solid deterrent to stop such attempts, by establishing our rights on the technology and brand names of our offerings. “I am pleased to state that our patents on Airtime and Data Credit Services ensure our ownership of these services and protect us against potential infringement efforts by any third party.

We now practically own the airtime and data credit distribution method in key territories for the African region.�

Channel VAS is offering airtime and data credit services, as well as other innovative mobile finance and fintech services in 34 countries worldwide, covering most of West Africa, South and East Africa as well as several Middle

Eastern and Asian countries.

The company’s expansion is supported by a strong portfolio of proprietary intellectual properties on the products and tools offered to MNOs and businesses across the globe.

Casting a retrospective glance at the origin of the company, a cross section of analysts said, "It is of great significance to see a company like Channel VAS that originated from Nigeria only a few years ago, not only to have now become a global Fintech leader that has expanded in 34 countries, but also to be able to patent and secure its intellectual properties internationally. This shows that great ideas may come out of this country that can impact people on a global scale and be recognised for their originality and pioneering status."

Letters in response to speciďŹ c readers may TO OUR READERS send such letters publications in THISDAY opinions on topical along with their should be brief local, national (150-200 words) 1000 words). and internatiocontact details to They should and straight be sent to opinion@nal issues providedopinion@thisdaylive.com. to the point.

Interested We thisdaylive.com they are well-writt en and shouldalso welcome comment along with the s and also not be longer email address than (950and phone numbers of the writer.

OF INSATIABLE

t only reminds one of MIT Sloan Pakistan who School MBA graduated in graduate from 2003, and who Wall Street with rushed to work couldn’t believe one of the banks in New on York to compete with how his life could suddenly City. Because he the big old Joneses change, Within three (CEOs) on Wall he began years he owned Upstate NY. Street. a multi-millio n dollar home Having taught in always wanting him Macro-International Economics at to impress me many others MIT since leaving -- Ahmed had MIT -- and alongSloan, showcase his to use his wedding with sudden impressive as his biggest Ahmed flew wealth to all thing to me f

CHANNEL VAS SECURES INTELLECTUAL PROPERTY, UPDATES AIRTIME, DATA CREDIT PATENTS advancements we are leading, we deemed it and necessary to secure these new features of our platform by expanding our patent portfolio to legally protect our intellectual property against any efforts by third parties to copy it. “Furthermore, we owe it to our business partners to ensure safety and stability in our business relationship, and most of all we owe it to the over 600 million people globally that are using our services and entrust us with the protection of their data privacy.�

Channel VAS has been recognised as a global leader in introducing innovative proprietary tools to the fintech market, providing valuable solutions to Mobile Network Operators (MNOs) and their subscribers.

As Haidar further explained, “It is

AY JUNE 25, 2018

NEWS IPI Demands Three NigeriaProbe of Death of n Journalists Saraki urges med ia to fight agai

NAF to Rid Benu e fC i

AS OSHIOMHOLE TAKES OFFICE, BUHARI SAYS APC WILL SERVE NIGERIA BETTER newly elected NWC members were sworn in to run its affairs for the next four years, Oshiomhole said he would run the affairs of the party, using its constitution and rule book as a guiding angel.

He said he would hit the ground running and ensure that the party becomes a beautiful bride in no distant time.

"I am ready to resume workshop at 8

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there enough to have some hangmen. money hidden away from bankruptcy What happened to Ahmed happens Nigeria who to many young have become victims people here bankers who in make these youngsterof deception by the older crooked real. Having bankers been young bankers subjected to this believablefalsely believe that it’s in Nigeria chase deceptive pretence, to work 6am the Joneses to 8pm daily from Monday in Nigeria who had chasing the deceptive to Friday simpl lifestyle B h t k

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POLITICS Struggling With Gaping Cleavage

For most observers, the assertion of the All Progressives Congress, APC, that its recent national convention was a success could well be taken to have different implications: On one hand, it is a proclamation that the event was held on its appointed date, as was as, the fact that no death were recorded. However, in a larger sense, the two definitions nearly overlap. Page 18

POLITICS

T H I S D AY

M O N D AY

• MONDAY

, JUNE 25, 2018 Group Politic s Editor NSEOB ONG OKON Email nseob -EKONG ong.okoneko ng@thisdayli ve.com 0811449532 4 SMS ONLY

DISCUS

S Struggling Wi th Gaping Cl eavage

Nseobong Okon-Ekong repor Congress, APC , reveals a wide ts that the recent natio nal ning split that or most observers, the party is unde convention of the All Progr the All Progressive the assertion of s Congress, APC, r pressure to essives that its recent close. was a success national convention could well

F

to have different be taken implicatio one the event was hand, it is a proclamat ns: On ion that held on its well as, the fact that no appointed date, as death were However, in recorded. a nearly overlap. larger sense, the two definitions over the countryIt is true that delegates from all in Abuja in the converged at the Eagle international presence of the media, Square local and observers and National Electoral the Independ ent Commissi same who people engaged on, INEC; these offices that in a contest in for physical force.part deployed the use of brutal The widely reported fracas to the APC between delegates national conventio factions of the n loyal Square, venue party in Delta State at to two the of as the biggest the convention may be Eagle regarded blight on the The free-for-all convention. fight in which chairs and broken bottled opponents, started water were used tables, to pelt when loyalists Emerhor, a former governors of Chief O’tega Delta State on hip aspirant Victor Ochei, the ticket of the APC, and for State House a former speaker of the Chief of Assembly, attempted to Delta supporters of dislodge had already Senator Ovie Omo-Age ge who occupied the to delegates pavilion allocated from Many delegates Delta State. sustained injuries in the Omo-Agege faction President Muhammad a surprise attack as their opponents unleashed that sent them u Buhari, Vice safety. The scampering President Yemi Ochei/Emerhor Osinbajo, Senate react to someone the Delta pavilion, faction took for President Bukola speech mannerismmaking an open The Ochei/Em but it was for a brief over Saraki and Speaker spell. erhor delegates s. But Buhari jest of his it out House of Representa the session settled down with Mallam had hardly sat through with when the Omo-Age tives Yakubu Bolaji Abdullahi post of National launched a The same veiled a stoic expression.

Dogara ge group counter Publicity Secretary, for the Chairman discomfort with handled the in the Ochei/Em attack that sent supporters which Buhari Lanre Issa-Onilu was of the All Mallam APC, erhor faction Progressives allegedly sponsored Mohammed observed withMC Tegwaye episode The melee occurred Chief John Odigie-Oy running.

Congress, could be to many leading by strongly as President Issa-Onilu lost continue his test of popularity who were Buhari was egun acknowled held divergent Muhammadu displaced from political gladiators addressing ged . of the views men are from the contest to Abdullahi the delegates. and cleverly Security agents their home . Both suggestnational executives of within members Kwara State states backgroun their home avoided the sitting pavilion and members including soldiers, policemen the and have a d in state. of rich during that he did not have party, which the Minister of civil defense Culture, Alhaji venue quickly Senator Magnusjournalism. of Informatio a smooth sail his four-year corps at the tenure .

Accepting, for like a stranger Lai Mohammed was n and as he summone Abe put up a show of from escalating. moved in to prevent the fight bravado treated d courage the first time, Incidentally, by the majority from Kwara restrained themselve the security in the open of delegates supporters to approach with a handful of his he struggled for consensus State. agents that Having s tive, Odigie-Oy the Rivers State where the wrest control The fight between from using their within his lost in his Minister of guns the contendin Transport, Mr. stand arguments was egun said, “Occasion executhe Dr. Sarakiof the state APC structurebid to Amaechi had from Delta state ally, our taken Rotimi almost affected the sitting g delegates from Abe from the area faction, he kept his as delegates met a very his place among the delegates. of the day, the interest muscular but at the arrangement, from distance greeted reserved for cold reception. end of There the The only candidate whose pavilion Cross River and Edo Kwara delegates. party are divergent A few people him out of courtesy. views but APC prevailed. who went Delta pavilion were positioned close states ahead to slug with Amaechi, he saluted Coming face-to-face believe in the vision and of the executives the country. shook hands, flying missiles. took to their heels to to the him. The two progress of “ escape pretending they were friends Commenting for a moment men A police team on the deluge that in the had to cordon again and He was not factional delegates of negative mention media, off the Delta seen anywhere Abe quickly left. belonging was given that he said a wrong impressio ground after Victor Ochei in the conventio to the Chief that. and Olorogun the APC was n for implosion from advancing A similar fate a party headingn O’tega Emerhor . He said, today is however, the Senator Ajayi of dishonor was dispensed Governor Yahayato fight its opponents again as reality Bello of Kogi on committedthat of a party that is Ondo home Boroffice by delegates the Chairman stronger in State who w resolve t from hi state P of th it k

FEATURES Endorsement for the Amnesty

FEATURES

MONDAY, JUNE 25, 2018

• T H I S D AY

Programme Endorsement for the Amne sty Programme To borrow a familiar African adage, dialogue is the starting point and the unifying force in all human relationships. It is the only sensible and intelligent way of resolving differences and clashes of interests between individuals or nations.

Page 20 T

Group Featur es Editor: Chiem elie Ezeobi Email chieme lie.ezeobi@t hisdaylive.co m

Ex-agitators in the ability of the Niger Delta recently the Amnesty Progr Special Adviser to the organised an event to show their supp Francis repor amme, Professor Charl President on Niger Delta ort and confid es Dokubo, ts ence in to reinvent the and Coordinator of the Presidential intervention programme.

Ndubuisi

Dokubo addressing

leaders of the

Niger Delta

ex-agitator

s and their

o borrow a familiar adage, dialogue African is the starting offered a fresh impetus point and the perceived wrongs to right some unifying force human relationshi of the Dokubo in all For the ex-agitato of the PAP. ps. It is the only and sensible and rs, such meeting, others, presents stakehold those seen as intelligent resolving difference way of among Abuja ers, which were the most important a rare opportuni of interests The second held in Lagos in the past ty to between individua s and clashes him on how to avoid and third phase and generally three predecessors, the mistakes advise leaders of Since his emergenc ls or leaders are known as the 30,000 weeks, involved as well as provide of his e as Special nations. for them to the President a platform the Niger Delta, enlistedex-agitators from Unlike the ex-agitato“campless generals." to Adviser on Niger Coordinator presidential pledge their support programme amnesty programm rs enlisted at different tim in the amnesty did into the of the Presid Delta and the of aide and th to the e in th fi Prog F h B h i d i members

BUSINESS Fourteen Months After, PenCom

Operating Without Board Fourteen months after the dissolution of the former board of the National Pen- sion Commission (PenCom) by President Muhammadu Buhari, the government is yet to constitute a new board to supervise the affairs of the Commission. PenCom regulates the management and investment of N7.94 trillion pension funds from Nigerian workers’ savings. Page 23

E 25, 2018

BUSINESSW MONEY MARKET OBB OVERNIGHT

R A T E S

REPO 2.83 3.58

A S

CALL 1-MONTH 3-MONTH

ORLD A T

J U N E

2 2 ,

S & P INDEX

2.50 9 9.38

INDEX LEVEL 1-DAY MONTH-TO-DAY QUARTER-TO-DAY YEAR-TO-DAY

23 Group Busines s Email: obinna.c Editor Obinna Chima hima@thisdayli ve.com 08024557078, 08091152219

2 0 1 8 EXCHANGE RATE N305.80/1USUS DOLLAR AS AT LAST FRIDAY

354.49 -0.71% -0.98% 2.46% 8.41%

Quick Takes RIMAN Partner

s UNILAG

In furtherance of its mission to achieve continuous in risk manageme nt, the Risk capacity (RIMAN), has established an Managers Association building of Nigeria best graduating endowment of academic student of prize programme of the ActuarialMaster of Risk Manageme for the at the University nt (MRM) Science & Insurance Department Speaking during of Lagos. the presentati Chancellor University on of the endowmen t to the Vice RIMAN President of Lagos, Professor Oluwatoyin Ogundipe, noted that forefront of providing industrythe association had been at the post graduate support to the risk manageme Nnoka, noted programme at the university. nt that RIMAN regular seminar/w have orkshop for the played vital role in facilitating academic achieveme students, awarding graduating student nt prizes in risk manageme outstanding in the departmen nt to the best programme. t since the inception of the

NCAA Disown

OUR SCORECAR D

L-R: Chairman, Dangote Cement Alake; and Group Plc, Aliko Dangote; Chief Financial Group Managing OďŹƒcer, Brian Director/CE Egan, during O, Engr. Joseph the ninth Annual General Meeting Makoju; Non-Execut ive Director, (AGM) of the Olakunle company held in Lagos‌rec ently

Fourteen Mo nths After, PenCom Ope Without Boa rd rating

Ebere Nwoji

s Advert on The Nigerian Job Vacanci Civil Aviation Authority es of the public against a fraudulent (NCAA) has warned in the organisati members on on some onlineadvertisement for vacancies The agency job platforms. said Adurogbnoye, in a statement signed by its spokesma that the recruitmen media about various n, Sam t post making positions advertised rounds on social was misguided on initiative. “For and a misinterpretation of the authority’s website the the purpose the NCAA website of clarity, the federal government Nigeria created is an initiative of the career programme on federal governmen to collate data unemploym of eligible Nigerians t of ent aviation industry.in Nigeria and who wish to tackle to pursue career would be made “The database of pilots, in the cabin crew, available for emerging in Nigeria and aviation career engineers etc other countries,� opportunities the statement said.

Firm Transfo rms Consum WOWBii Interactive ers’ Experie , an African nce is transformi ng the way people company has announced Interactive Touchscre that it work and learn with en solutions and its BUDDZon – BUDDRoo WOWBUDD m for business Built with today’s e for education. to a statement businesses in mind, the BUDDRoom , , according mission-criticalhas an all-in-one interactive features that needs, eliminating enhancing in-person address geographical barriers must-have enterpriseor remote interactive collaboration. and solutions, the bundle of in-room “As a BUDDRoom and remote is a business experiences that increase communications and collaborati productivity levels and locations. across all organisatio on nal

Fourteen months ECONO MY discharge of after the dissolution the functions in March 2017 to 7.8 million the Commission, monitor of board may, board of the of the former in December, ensure the and determine from time to time 2017 sion CommissiNational Pen- 7.90 .� million as at and then to the policiesimplementation of February 2018.

by President on (PenCom) Despite and However, and shall also programmes responsibi these enormous Muhamm since the Buhari, the carry out such dislities bestowed government adu solution of the the Board former board other functions as are is yet on to constitute on of necessary April a new board or expedient sion by both the Commissupervise to has been 13, 2017, PenCom to ensure the PRA efficient performan the 2014, Commission. affairs of the managem operating under as amended, 2004 and ce of the a functions ent the federal governme of the Commissio PenCom tive system and administran.� appears nt for over one year Also, Section led by an management regulates the Director General, Mrs Acting further reads: two of the Act a board not ready to inaugurate of N7.94 trillionand investment Dahiru-Um “The Aisha for the agency. board shall have power ar . from Nigerian pension funds More so, to approve Dahiru-Um workers’ savings. ar has been and regulations relating rules acting DG the ability of the The Commissio to take decisions to the limited appointment, n’s Net Assets trying to steer the Value (NAV) is affairs of promotion as in certain the Commissi of the contributor disciplinar and cases, on within would need pension fund y measures y limited approvals from she had for the powers conferred the employees increased from progressively her the on sion and of the Commis- office of the Head of Service Campari Inspires by the Pension of the Federation 2012 to N4.61N2.9 trillion in fix renumerat Act. Consumers Section 25 (1) A renowned allowance . ion, trillion premium cocktail of the Pension as of Reform December 2014; s and benefits For instance, inspire Nigerian Dahiru-Um of recently 2015, N7 4trilli N5.3 trillion in recogni Act (PRA) 2014 clearly the Commission consumers to base drink, Campari is ar addre d passi s tt di i “I h

INTERNATIONAL Saudi Arabia Becomes Last Country to

18 T H I S D AY

Allow Women to Drive Saudi Arabia became the last country in the world to allow women to drive after it lifted the ban on female motorists on Sunday. “Now every woman has the right to drive a car anywhere in the kingdom,� state broadcaster al-Ekhbariya quoted traffic authorities spokesman...

Page 47

SPORTS Taking Our Chances Will be Key to Win

against Argentina, Says Rohr With less than 24 hours to the final group match against Argentina, Coach Gernot Rohr has admitted that the Super Eagles must be on the attack tomorrow in Saint Petersburg and diligently take the chances that come their way against the two –timeWorld Cup winners. Page 54

INTERNATIO NAL

47

email:foreigndes Saudi Arabia Becomes Last k@thisdaylive.com Country to Allow Wom en to Drive

Saudi Arabia became the last country in the world to allow women

Suad Abu-Dayy

eh. drive after it lifted to “The fees for the ban on female The prominent having lessons motorists on Sunday been advocating activists had long . “Now every are six times more than woman has the an end to men,�

Abu-Dayy anywhere in right to drive a car Jordan’s eh told Al Jazeera from on Saudi women driving the ban the kingdom,� and the broadcaster al-Ekhbariy state one of capital, Amman. “This is abolishment of the male guardianship the restrictions a quoted women traffic authorities and this makes system. They were branded not being threats to national security spokesman, Colonel Samy and accused of licenses in a fast able to access driving being foreign agents. way, in addition as saying on bin Mohammad, the limited They face to Sunday.

Prince Mohamme The Crown Arabia.� driving schools in Saudi 20 years in prison if convicted. up to “These women had announced d bin Salman have been Women’s efforts the lifting of to overturn the for years for campaignin known ban last year. the driving g and not ban in a country for trying Prior to last year’s go back country to harm the interests of the royal decree, decades. ,� saidAbu-Dayye Saudi Arabia was In 1990, more than h, calling 40 women drove their release. “Nobody knows for the world that the only country in their cars did to drive. Critics, not allow women first publicin the capital, Riyadh – the they are now, whether theywhere have activists who however, note that prohibition.demonstration against the access to lawyers, whether they fought for the to drive are still right a petition In 2007, activists submitted access to justice, and we are really have in to the then-King much very Saudi Arabia, prison.

Abdullah, what’sconcerned about their lives asking for the and right to drive. going of the world’s which has some year, one of those activists The next RightsWatch on with them.� Human tightest restrictions on women, started (HRW) – issuing its first al-Huwaider – made a film Wajeha the reason for the saidinastatement driving licences arrest of herself the driving and posted for women and preventwas to silence it online. earlier this month.female motorists of women followed suit over Dozens participating in activism. others from On Thursday, it launched a the few next years. three-day campaign, “Back in September, called “place your In a around the drive�, to educate trust in God and rule, reversal of the long-standing time of the announcement King Salman women on driving bin Abdulaziz driving ban would be lifted, that the and raise awareness Al Saud authorities regulations. Activists about safety Septembersigned a royal decree in called Saudi women activists and told them not to speak 2017 that said in the region welcomed the to the media. The women purpose would be allowed seemed to but cautioned lifting on the ban accordance to drive that there were with Islamic laws�. “in the crown prince, be to ensure that many hurdles still Mohammed The move was for bin described as being Salman, would get all to get behind women wanting part of the credit,� the wheel. “This the crown prince’s the statement a very good said. reform drive. is But the step, “When Saudi there are so many but of course, activists arrest of women’s rights over the past few the wheel Sunday women get behind women are facing challenges that dampened , we must remember weeks has lifting of the ban,� now with the and citizensthemoodamongobservers the true champions behind this reform consultant for said Middle East Riyadh’s alike and cast doubt over who are languishing in prison or the Equality Now, change commitment to effecting silenced,� HRW continued. a non-govern mental organisatio as part “The crown prince n, 2030 economic of its so-called Vision may claim credit, but the rest of reform programm the world needs e. let him know to it is not deceived.�

MONDAYSPO RTS WORLD C UP 2018‌

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T H I S D AY

Group Sports Editor Duro Email duro.ik hazuagbe@th Ikhazuagbe isdaylive.com 0811 181 3083 SMS ONLY JUNE 14 TO JULY 15

Taking Our Chan ce Win against Ar s Will be Key to gentina, Says Ro hr

Iceland following the opener against Croatia. draw with Iceland There were fi days to get ready was followed ve the Albicelest for Iceland by a stunning 3-0 lashing after the loss e – the Croatia by a 4-1 reverse for first was three days to Croatia but meaningin Nizhny Novgorod the South , American to prepare the Eagles Argentina after s in a friendly for the win over their campaign back(who got Abuja on the in Iceland. on track June first day of with a 2-0 win 2011. over Iceland The Argies in have been Volgograd) and the Albiceleste Argentina have Nigeria’s perennial arrive Nemesis Arena the 67,000 –capacity Zenit four goals againstnever scored at the FIFA Nigeria at on Tuesday via senior level. five previousWorld Cup. In trajectorie different s.

Omeruo and the Eagles haveappearances, Skipper Mikel in the Nigeria Onazi were had to play With less than Argentina in U17 team that the group phase defender Kenneth John Obi, defeated Argentina the final group 24 hours to as possible. on four occasions.

Omeruo, U17 during the Perhaps, a draw It was only midfielder Ogenyi World Argentina, Coachmatch against could in France Cup Onazi and forwards 1998 that both hosted by be good to qualify, their coaching has admitted Gernot Rohr we cannot Ahmed Musa Nigeria nine years crew who ended up in different teams and Victor but ago, Eagles must that the Super a draw. think and play for arrived in St Petersburg Argentina have sections. Nigerian Moses were in the Mikel, Kelechi Iheanacho and yesterday Sometimes, Alex Iwobi, who and squad that lost won all to tomorrow in be on the attack you four, evening when though played 2-3 play for a draw, the Argies in quartered at Corinthian and while narrowly. And pivotal and diligently Saint Petersburg punched Porto Alegre roles in the win in Krasnoda you get bookmakers are likely to start would be on 25th June 2014. But r, that come theirtake the chances the day. in the face late in are not having any s Hotel quick to emphasiz for the Eagles recency factor the illusions that tomorrow two –time Worldway against the in class, Argentinae the gulf they will mean on Tuesday. ’s game will “It will be last The encounter won the Eaglesall remember how “Simply put,Cup winners. and we be a tough game a piece of cake. of their at the the must go with Nigeria’s army we must take even half Cup titles 32two FIFA World in a bashed the Argies 4-2 Arena will be Rohr’s Zenit friendly chances, and mentality from the starta tough with less days is presented current 20th as years ago, Super be on the offensive to to the the end.â€? form (determin and (Krasnodar) on Russian soil since Eagles’ Technical Adviser game againstprepare for only as much by recent results) able That match, seven months ago. ago, taking charge two years Super Eagles the on 14th during players and Americans than theySouth not present Lionel Messidoes 2017, was also on November only two which he has lost for the second had competitive matches. and a Tuesday. match against company as unbeatabl That friendly e. encounter was It will be Nigeria’s 21st In Russia, their match at the FIFA World opening 1-1 the second time that Nigeria would score four goals against having won six Cup finals, and drawn three in the Premium previous 20. entertainment sports and broadcaster, both KwesĂŠ and non-Kwes KwesĂŠ, is subscribers.

Those in transitÊ fans across uniting football can also tune to Nigeria with multi-platform Nigeria Info its FM, broadcasting approach to local Wazobia FM and other the FIFA World radio Cup. commentary stations to enjoy in English, Pidgin With KwesÊ’s and local languages the 2018 FIFA media rights for .

Furthermore, World Cup Russia diehard football encompassing; lovers (FTA) television, Free-to-Air game who prefer to enjoy the viewing, radio pay-TV, public can in the company of others unite as fans platforms, the and mobile Football at KwesÊ broadcaste Fan Arenas. Thanks captivating football r is to fans across the KwesÊ Football Fan Arenas Nigeria. situated across Football loving of thousands the country, tens of Nigerians spoilt for choice Nigerians are share in the camarade could watch the FIFA as they can celebrate rie and World Cup at the Super Eagles’ home on terrestrial 2-0 television victory over Iceland, last Friday. via KwesÊ Free Football fans high definition Sports or in the Super Eagles can catch (HD) on the KwesÊ TV clash with Argentina as on-the-godecoder, as well at 7pmat on Tuesday 26 June using either KwesÊ TV Everywhe the Football any of the KwesÊ Fan Arenas re app, in available to situated major subscribers, oronly KwesÊ TV including;cities across Nigeria app which can the KwesÊ iflix Harcourt Lagos, Abuja, Port be accessed by and Calabar A t h

KwesĂŠ Unites Nigeria with 2018 FIFA Wor ld Cup

T H I S D AY ˾ MONDAY JUNE 25, 2018

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T H I S D AY ˾ MONDAY JUNE 25, 2018

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COMMENT

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

A NATION AT DEVELOPMENTAL CROSSROADS

Nigeria must focus on developing essential skills for work and life among its teeming youth population, writes Ayobami Salami

T

he rising concerns among stakeholders on the quality of graduates being churned out by Nigeria’s Higher Education Institutions (HEIs) makes inevitable the need for a paradigm shift in our current teaching and learning model. The subsisting approach is certainly too weak, uninspiring and theory-suffused; this is why one should look no further for why we are ostensibly perpetuating the regime of ‘educated illiterates’ – lacking in functional skills for impact and societal development.

Now is the time to think and act differently.

Ideally, serious efforts in this regard should now be devoted to the making of youths armed with critical thinking skills, developmental and solution-focused orientation. The goal of this will be to equip them with requisite competencies to clinically interrogate the myriad of problems bedevilling the nation and provide disruptive but creative, and cutting-edge solutions. Achieving this requires a sharper focus of efforts on developing capacities in technical and vocational educational training (TVET) and by extension, the STEM paradigm.

To join the nations that will attain the global resolution as enshrined in the Agenda 2030 for Sustainable Development, Nigeria must focus on developing essential skills for work and life among its teeming youth population. This, perhaps, is the only way that the nation can salvage itself from the looming explosion arising from consistently escalating acute youth unemployment. There is, therefore, a national imperative to articulate policies and programmes specifically designed for the skilling of our young people at all levels of education – including both formal and informal educational settings.

Beyond paying lip service to the review of our curriculum, government must do the needful by ensuring that courses undertaken in our institutions of higher learning conform to a set of measurable developmental goals. It is not just enough to establish universities and faculties for courses that are neither filling a knowledge gap nor tailored to developing specific critical human resource capacities that will propel the nation towards economic prosperity and independence.

As the pioneer Vice Chancellor of Nigeria’s first technical university, The Technical University, Ibadan, it is gratifying to champion the evolution of a TVET-based template that is poised to becoming a national standard ultimately. Whereas the technical university, only made its foray into the nation’s burgeoning tertiary education space one year ago, it has nonetheless created a niche for itself to say the least.

The Technical University, Ibadan, occupies a unique place in the historical narratives of our nation, being the foremost technical university in Nigeria. Though established at a time the Nigerian economy is at its lowest ebb, our job at the Tech-U is clearly cut-out, having set out to address the daunting challenges of disturbing youth unemployment and skills gap. Tech-U seeks to produce a new generation of innovative graduates who are fully equipped with technical, vocational and entrepreneurial skills. As elaborated in the UNESCO Strategy for Technical and Vocational Education and Training (TVET) (2016-2021) (UNESCO, 2016), TVET encapsulates such education, training and skills development relating to a wide range of occupational fields, production, services and livelihoods. It provides the kind of education that helps youths and adults develop the technical and vocational skills they need

BEYOND PAYING LIP SERVICE TO THE REVIEW OF OUR CURRICULUM, GOVERNMENT MUST DO THE NEEDFUL BY ENSURING THAT COURSES UNDERTAKEN IN OUR INSTITUTIONS OF HIGHER LEARNING CONFORM TO A SET OF MEASURABLE DEVELOPMENTAL GOALS

for employment, decent work and entrepreneurship.

It is particularly sad that in Nigeria, TVET has been largely restricted to the informal sector and lower educational levels. The direct consequence of this is that, it is unable to keep up with rapid global technological growth, and has consequently resulted into sheer irrelevance of the curricula taught. Added to this, is the challenge of a negative perception of TVET as education of the last resort. This principally accounts for the reason TVET has remained unattractive in our tertiary institutions. Rather than benefit from the well-rounded education the adoption of TVET brings in promoting entrepreneurship, self-employment and creation and growth of new businesses, students have been limited as half-baked intellectuals, deficient in critical thinking and innovation skills.

At the Tech-U, we are already moving towards this direction, deploying TVET and STEM paradigms in developing the minds and training the hands of our students. Just recently, the university brought together a host of key industry regulators and employers to contribute to the review of curriculum and to give informed feedbacks on its relevance to industry needs and trends. The reason for this is clear enough. Since the Tech-U has been established with the bold and daring ambition of changing the narrative about employability and entrepreneurial deficiencies skills among our youths; the least that could be done as a serious institution is to ensure that such an exercise was done in tandem with the expectations of the market.

Tech-U intends to advocate the mainstreaming of TVET into university curricula as a means of nurturing self-reliant graduates.

Recognising that regular weekly scheduled practical classes will be inadequate for the acquisition of the required skills, the university established a Centre for Entrepreneurship and Vocational Studies to offer all students a range of skills development opportunities attuned to national and local contexts. This will give students complimentary exposure to different forms of work-based learning like attachments, apprenticeship and internships.

The incorporation of entrepreneurial skills into the curricula is intended to strategically prepare our graduates for the transition from education to the world of work in a seamless manner – more like in a ‘plug and play manner’. This is one cardinal mission we are committed to. We are not just interested in imparting our students with theoretical knowledge only, but also in motivating and supporting them to acquire skills and competences that deepen their understanding of scientific and technological basis of issues.

We are convinced that to achieve our vision, we need close collaboration between the academia and labour market stakeholders as well as strong linkages with employment agencies and employers. This is the reason for locating the university on a 200 ha expanse of land along the Lagos/Ibadan expressway, in the Free Trade Zone Area designated as the Industrial hub of the state and in which about 175 manufacturing companies under the Pacesetter/Polaris (Chinese) Consortium will establish full presence and carry out their operations.

For us, the future is here!

Professor Salami is the pioneer Vice-Chancellor of The Technical University, Ibadan

THE 2018 BUDGET AND CONTROVERSIAL ALTERATIONS Ayo Oyoze Baje argues that some of the modifications are unjustifiable

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he heated debate generated by President Muhammadu Buhari‘s concern over the National Assembly’s upping of the 2018 budget from N8.5 trillion to N9. 12 trillion by the injection of ‘strange’ projects requires a holistic appraisal to find out if indeed, such was done in the national interest.

Or as some people insist, if it came out of sheer greed, self-aggrandisement and pure political mischief.

Given the persisting face-off between the executive and the legislative arm of the current All Peoples Congress-led administration and with the 2019 general elections getting closer, the plot playing itself out is not unexpected.

Even in the previous years of 2016 and 2017, Nigerians were treated to some political comic strips with accusations of ‘missing budget’ and ‘padded budget’. With the undue delay before this year’s budget was signed into law middle of the year, we do not need any rocket science to understand that the full implementation would be one Herculean task.

Buhari lamented that the legislature “made cuts amounting to N347 billion in the allocations to 4,700 projects submitted to them for consideration and introduced 6,403 projects of their own amounting to N578 billion�. Besides, “some of the new projects inserted by the National Assembly have not been properly conceptualised, designed and costed, and will therefore be difficult to execute.� And he regretted that “Many of the projects cut are critical and may be difficult, if not impossible, to implement with the reduced allocation�.

Such sad development has no doubt elicited emotions from some concerned Nigerians, who know that truly when two elephants square up for a bruising battle, the grasses are bound to suffer.

As rightly noted by a civil society organisation, Socio-Economic Rights, and Accountability Project(SERAP), the National Assembly violated the fundamental rights of Nigerians by cutting the proposed allocations for essential public services, including health, education, housing and security, to the tune of N19.15bn in the 2018 budget presented by President Buhari. The group expressed dismay that the federal lawmakers “padded� the 2018 budget to the tune of N578bn by inserting 6,403 projects of their own.

Similarly, not a few Nigerians keep wondering why the National Assembly should slash N115 billion from capital projects such as the construction of Lagos-Ibadan Expressway, Second Niger Bridge, East-West Road, BonnyBodo Road and Itakpe-Ajaokuta Rail Project meant to fast track infrastructural development. How justifiable is their action to cut as much as N5 billion from Pension Redemption Fund and Public Service Wage Adjustment while it raised its(National Assembly) budget from N125bn to N139.5bn? What informed such self-serving move?

Still on the controversial alterations, many are piqued by the cutting of as much as N7.45bn from the health budget and another N8.7bn from the National Housing Programme by our lawmakers. Certainly, this as well as reducing the budget for security infrastructure

in 104 Unity Schools by N3bn is both inexcusable and unjustifiable.

On the other hand, however, some economists have questioned the rationale behind the president’s earmarking of a whopping sum of N4 billion to refurbish and secure the United Nation’s building in Abuja, using loans at a time some 20 million citizens are without meaningful jobs and about 140 million Nigerians caught in the terrifying trap of poverty.

And from the perspective of the National Assembly, all the members have done is, according to the Deputy Senate Leader, Alhaji Bala Ibn Na’ Allah, a balancing act. Said he: “The job of parliamentarians is a very difficult one. If we had allowed it (the budget) to go that way, we would have been in trouble with those who elected us. You have to balance between the six geo-political zones.� He added that Mr. President has proposed to come forward with a supplementary budget, as a result of their observations.

Agreed, that there is the rule and the law for the separation of powers which states that the rule of law is the opposite of the rule of power.

According to Denise Meyerson, it stands for the supremacy of law over the supremacy of individual will. But to say this is to speak only in the most general of terms. The separation of powers doctrine is also a complex and contested notion.

What matters is that the right thing must be done. SERAP may therefore, have its point by urging President Buhari to move swiftly to enforce the judgment delivered last month by

Justice Mohammed Idris in Suit No: FHC/L/ CS/1821/2017. That is, by ordering him to ask anti-corruption agencies to forward reports of their investigations into allegations of padding and stealing of some N481 billion from the 2016 budget, and to ensure prosecution of suspects. “It is the failure to decisively address allegations of padding of the 2016 budget that has allowed the practice to continue with almost absolute impunity.�

On the way forward, one is of the candid opinion that restructuring of the polity would give a breath of fresh air to the recurring faceoff between the executive and the legislature over budgetary allocations. Why should the federal government continue to control 56 per cent of the income to the Federation Accounts, with a paltry 24 and 20 per cent to the states and the local government councils, respectively?

Methinks that it makes more economic sense for the states to control much of their resources and pay about 25 per cent tax to the centre. It gives ample room for a more creative, healthy competition. We would be in tandem with reality and do away with the so-called Federation Account, from which many state governors collect monthly allocation but divert much of it to feather their nests.

At the end of all the debate, what is of utmost significance is budgetary performance that is timely, based on the people’s most pressing needs with their input through their legislators. We have had enough of the annual ritual of the greed-driven altercations that are more political than of economic impact on the people’s quality of life.

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T H I S D AY MONDAY, JUNE 25, 2018

EDITORIAL PLASTICS AND THE ENVIRONMENT The authorities must pay more attention to the environment

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cientists have raised global concern that plastics pose unimaginable danger to humanity and may reach crisis levels unless deliberate actions are taken to reverse the trend. The warning is particularly important for Nigeria since it is believed that plastic bags that are used daily can take between 10 to 1000 years to decompose, while plastic bottles can take 450 years or more. Yet, because single-use plastics are light, strong, can be shaped easily and cheap to produce, they litter our national landscape today.

However, experts say the process of manufacturing plastics and its disposal through burning/incineration is harmful to workers and that because it does not decompose makes farming cumbersome and kills livestock. Also, studies show that single-use plastics are harmful to the environment and have suggested that manufacturers of plastics can switch to reusable products because single-use plastics’ waste can take up to 1000 years to decompose in landfills/dumpsites.

According to the United Nations Environment Programme, 80% of litters are plastics, and that they may constitute more of foreign materials in THE GOVERNMENT the sea than marine NEEDS TO TAKE mammals by year 2050, CONCRETE ACTIONS and that this would TO PROTECT THE eventually lead to the ENVIRONMENT AND RID destruction of sea life, IT OF PLASTICS AS SOME and would adversely alter the ecosystem AFRICAN COUNTRIES HAVE DONE BY PLACING and human race. The Nigerian Conservation A BAN ON PLASTIC Foundation believes BAGS, THE MOST the disposal of plastic COMMONLY USED FORM waste needs to be OF PLASTICS handled with urgency and that everyone has a critical role to play in mitigating the issue at the household, national, regional and global levels.

This, among other health reasons, was the reason ‘Beating Plastic Pollution’ was chosen as the theme of this

year’s World Environment Day, the United Nation’s most important day for encouraging worldwide awareness and action for the protection of the environment. This is a day when governments are expected to trigger actions to control the production and use of plastics that are not reusable or cannot decompose. Nigeria’s environment is indeed polluted by all manner of plastics–from the straw for sipping beverages to those used for packaging and storage. The nagging question that keeps cropping up since the WED was commemorated early this month is: What can be done about the menace that neither the society nor the authorities seem to be paying attention to?

E T H I S DAY EDITOR BOLAJI ADEBIYI DEPUTY EDITOR DAVIDSON IRIEKPEN MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR KAYODE KOMOLAFE CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN MANAGING EDITOR JOSEPH USHIGIALE

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 BOLAJI ADEBIYI, 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

verybody in either a household or office or neighbourhood in the country has various types of plastics that are not recycleable/reusable and which at end-of-life are littered on the streets, caught in fences and trees, dumped in drains, rivers and lagoons, the ocean and all manner of places where they cannot biodegrade (decompose). This is where the problem lies.

The federal government, we understand, only made a feeble attempt to ‘mark’ the World Environment Day at the Presidential Villa in Abuja but not even a whisper of what was discussed got out of the four walls of the room where the meeting took place. Naturally, no event took place in all the offices of the Federal Ministry of Environment in the states for undisclosed reasons.

The federal government needs to take concrete actions to protect the environment and rid it of plastics as some African countries have done by placing a ban on plastic bags, which are the most commonly used form of plastics.

Some of the African countries that have banned plastic bags include Benin Republic, Cameroon, Chad, Eritrea, Ethiopia, Morocco, Mozambique, Malawi, Niger, Rwanda, Madagascar, Senegal, Gabon, Gambia, Guinea-Bissau, Ivory Coast, Tanzania, Tunisia and Kenya while Botswana and South Africa introduced high levies on plastic bags.

This has led to many retailers charging a fee on plastic bags and consequently a reduction in its use in both countries.

Nigeria should also take a positive position on the eradication of plastic pollution in the overall interest of our people and future generations.

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THE TRAGEDY OF INSATIABLE GREED

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t only reminds one of MIT Sloan School MBA graduate from Pakistan who graduated in 2003, and who rushed to work on Wall Street with one of the banks in New York City. Because he couldn’t believe how his life could suddenly change, he began to compete with the big old Joneses (CEOs) on Wall Street.

Within three years he owned a multi-million dollar home in Upstate NY. Having taught him Macro-International Economics at MIT Sloan, always wanting to impress me since leaving MIT -- and along with many others -- Ahmed had to use his wedding as his biggest thing to showcase his sudden impressive wealth to all.

Ahmed flew me from Boston to New York City in first class and paid for my hotel of choice in New York City with limos kept for me the entire two days of this unbelievably expensive wedding.

Ahmed’s car lot had some of the most expensive British and Italian extra-luxury cars money could buy. Wedding gifts he showered on most of us were equally unbelievably expensive.

Because all these were accumulated using credit cards, by June 2008 when the US witnessed an historic financial meltdown, he not only lost everything, Ahmed also lost his beautiful wife who, having married him for his presumed wealth, wasted no time in applying for divorce. CNN of course became her only way to escape the unbelievable financial calamity her husband brought to her and the young family.

And Ahmed was never happy how his sudden wealthy had suddenly disappeared. Unlike the Joneses who armed themselves with some financial bulletproofs, he did not steal enough or was not

there enough to have some money hidden away from bankruptcy hangmen.

What happened to Ahmed happens to many young people here in Nigeria who have become victims of deception by the older crooked bankers who make these youngster bankers falsely believe that it’s real. Having been subjected to this believable deceptive pretence, young bankers in Nigeria chase the Joneses in Nigeria who had to work 6am to 8pm daily from Monday to Friday simply to keep chasing the deceptive lifestyles.

But how did these young bankers arrive at believing that they can spend other people’s money? This is the very root of their youthful exuberant. I’m an old school and I’m proud of this experience-based reality. That is why I’ve always refused to become a victim of looking up to the Joneses of this world and their fake lifestyles.

Or how can one be pursuing something that has never made one happy and will never make one happy? After all looking up to the Joneses requires one to want to dress like them, smell like them, wear designers’ this and designers’ that just to look like them. And for that reason also one must have to carry the latest iPhones, apple laptops, in addition to wanting overseas vacations, etc.

That’s why to meet these lifestyles, the young bankers should have to be cutting corners with customers’ accounts and the girls will be in virtual prostitution trying to befriend big boys with big bank accounts -- whether they are the Evans or the human ritualists of this world.

Joining the Joneses in their dirty lives can also include joining their secret cults and human rituals, etc.

Basil Odilim Enwegbara, basil_enwegbara@yahoo.com

UZOHO AND HIS AGE

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ver the years I have questioned the logic of interviewers/employers in restricting the eligibility for jobs to certain age brackets. My line of thought is simple, what is the importance of age when competence speaks?

Does an older person who knows the job less qualified than a younger person? Is it not logical to know that having a full grasp of any knowledge comes with time? When does becoming old a crime or being young a marker of excellence?

Employers know all these, but have often insisted on the path of age. The recent stereotyping of Nigerian young goal keeper, Francis Uzoho, an incident that has further reinforced my belief that the insistence on age by employers is just a cultural part of the Nigerian sociology that ensures that she condemns what she doesn’t like.

Uzoho has been at the heart of needless bashing; some said his son is 17 and he 19; some said his face is too coarse to be 19, some sarcastically call him young. These are the kind of needless bashing this young man has received which to me reflects our knack as a people to often focus on the minor and the trivial at the expense of the major.

Even if Uzoho is 40 he is at the World Cup. That alone remains a personal record for him, he is recognised by global football governing bodies as 19. He has not conceded any goal due to the fact that he is 19 or made a save because he’s probably 40 years of age.

Gradually his career has taken a form of facelift, yet Nigerians ignore their daily processes to vilify the progress of a young man.

Kehinde Oluwatosin Babatunde,Kehindeobabatunde@gmail.com

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T H I S D AY ˾ MONDAY JUNE 25, 2018

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T H I S D AY • MONDAY, JUNE 25, 2018

POLITICS

Group Politics Editor NSEOBONG OKON-EKONG Email nseobong.okonekong@thisdaylive.com 08114495324 SMS ONLY

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

Struggling With Gaping Cleavage Nseobong Okon-Ekong reports that the recent national convention of the All Progressives Congress, APC, reveals a widening split that the party is under pressure to close.

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or most observers, the assertion of the All Progressives Congress, APC, that its recent national convention was a success could well be taken to have different implications: On one hand, it is a proclamation that the event was held on its appointed date, as well as, the fact that no death were recorded.

However, in a larger sense, the two definitions nearly overlap. It is true that delegates from all over the country converged at the Eagle Square in Abuja in the presence of the media, local and international observers and the Independent National Electoral Commission, INEC; these same who people engaged in a contest for offices that in part deployed the use of brutal physical force.

The widely reported fracas between delegates to the APC national convention loyal to two factions of the party in Delta State at the Eagle Square, venue of the convention may be regarded as the biggest blight on the convention.

The free-for-all fight in which broken tables, chairs and bottled water were used to pelt opponents, started when loyalists of Chief O’tega Emerhor, a former governorship aspirant for Delta State on the ticket of the APC, and Chief Victor Ochei, a former speaker of the Delta State House of Assembly, attempted to dislodge supporters of Senator Ovie Omo-Agege who had already occupied the pavilion allocated to delegates from Delta State.

Many delegates in the Omo-Agege faction sustained injuries as their opponents unleashed a surprise attack that sent them scampering for safety. The Ochei/Emerhor faction took over the Delta pavilion, but it was for a brief spell.

The Ochei/Emerhor delegates had hardly settled down when the Omo-Agege group launched a counter attack that sent supporters in the Ochei/Emerhor faction running.

The melee occurred as President Muhammadu Buhari was addressing the delegates.

Security agents including soldiers, policemen and members of the civil defense corps at the venue quickly moved in to prevent the fight from escalating. Incidentally, the security agents restrained themselves from using their guns The fight between the contending delegates from Delta state affected the sitting arrangement, as delegates from Cross River and Edo states whose pavilion were positioned close to the Delta pavilion took to their heels to escape flying missiles.

A police team had to cordon off the Delta factional delegates belonging to the Chief Victor Ochei and Olorogun O’tega Emerhor from advancing to fight its opponents again as Governor Yahaya Bello of Kogi State who was the Chairman of the security sub-committee of the convention moved around trying to calm frayed tempers and return tranquility back to the convention. As Delta was not the only state at war, Bello definitely had a lot of work to do at the convention. In the wee hours of Sunday, the open hostility between the Ifeanyi Ararume/Senator Hope Uzodinma faction and loyalists of Governor Rochas Okorocha degenerated into fighting.

On the surface, the APC national convention could pass for a huge carnival of carousing groups. From the main stage, the headline musician, Fuji music superstar, King Wasiu Ayinde Marshal, better known as, K1 de Ultimate had a good time entertaining the gathering. There were other comedians and DJs like billionaire businessman, Femi Otedola’s increasingly popular daughter, DJ Cuppy. The entertainment session was anchored by leading MC, Basorge Tariah Jr. However, one of the most impressive leisure activities at the convention was the impersonation President Buhari by MC Tegwaye. It was a well-executed trick that could have gone wrong. No one could be sure they knew how Mr. President would

President Muhammadu Buhari, Vice President Yemi Osinbajo, Senate President Bukola Saraki and Speaker House of Representatives Yakubu Dogara

react to someone making an open jest of his speech mannerisms. But Buhari sat through the session with a stoic expression.

The same veiled discomfort with which Buhari handled the MC Tegwaye episode could be observed with many leading political gladiators who were displaced from their home states and cleverly avoided the sitting pavilion of their home state. Minister of Information and Culture, Alhaji Lai Mohammed was treated like a stranger by the majority of delegates from Kwara State. Having lost in his bid to wrest control of the state APC structure from the Dr. Saraki faction, he kept his distance from the area reserved for Kwara delegates.

The only candidate who went ahead to slug

The APC national convention which was conducted under wet conditions, for the most part, as it rained heavily, was characterised by a long voting electoral process which dragged into the night of the following day. Many contestants for offices who earlier indicated interest declined to pursue their aspiration.

One after another, they mounted the stage to announce their withdrawal from the race. At the end of the day, 33 posts were contested.

it out with Mallam Bolaji Abdullahi for the post of National Publicity Secretary, Mallam Lanre Issa-Onilu was allegedly sponsored by Mohammed to continue his test of popularity.

Issa-Onilu lost the contest to Abdullahi. Both men are from Kwara State and have a rich background in journalism.

Senator Magnus Abe put up a show of bravado as he summoned courage with a handful of his supporters to approach the Rivers State stand where the Minister of Transport, Mr. Rotimi Amaechi had taken his place among the delegates.

Abe met a very cold reception. A few people greeted him out of courtesy. Coming face-to-face with Amaechi, he saluted him. The two men shook hands, pretending for a moment that they were friends again and Abe quickly left.

He was not seen anywhere in the convention ground after that.

A similar fate of dishonor was dispensed on Senator Ajayi Boroffice by delegates from his Ondo home state. Party faithful from Ondo under the leadership of Governor Oluwarotimi Akeredolu paid no attention to Boroffice, who respected himself by keeping his distance from the designated space for delegates from Ondo State.

The Minister for Communication, Mr. Adebayo Shittu was treated like a persona non grata by delegates from his home state of Oyo. Shittu avoided what would have been a showdown with supporters of Governor Abiola Ajimobi by shunning the official sitting arrangement for Oyo State delegates. But the biggest embarrassment was suffered by Governor Rochas Okorocha whose supporters were prevented from having access to the sitting area reserved for delegates from Imo State. What would have been an ugly situation between the supporters of Senator Olamilekan Adeola and Governor Ibikunle Amosun was swallowed up by the prevailing technicality of where both men are currently domiciled. Adeola who represents Lagos West in the Senate has made known his intention to run for the office of governor of Ogun State in 2019, a plan that Amosun is not comfortable with.

There were pockets of protest from Cross River State and Edo State from APC factions who complained that they were unjustly shut out of the national convention.

In an emotional laden farewell, outgoing

Chairman of the All Progressives Congress, APC, Chief John Odigie-Oyegun acknowledged strongly held divergent views within members of the national executives of the party, which suggest that he did not have a smooth sail during his four-year tenure .

Accepting, for the first time, in the open that he struggled for consensus within his executive, Odigie-Oyegun said, “Occasionally, our arguments was almost muscular but at the end of the day, the interest of the party prevailed.

There are divergent views but APC executives believe in the vision and of the progress of the country. “ Commenting on the deluge of negative mention in the media, he said a wrong impression was given that the APC was a party heading for implosion. He said, however, the reality today is that of a party that is stronger in its committed resolve to make greater gains for the good of the country. “This is very colourful.”

Nonetheless, the outgoing chairman said he enjoyed a close working relationship with President Muhammadu Buhari. He also praised the vision of the founding fathers that birthed the APC including Senator Bola Ahmed Tinubu, Chief Bisi Akande, Prince Tony Momoh, Chief Ogbonnaya Onu and leaders of factions of the All Progressives Grand Alliance and the new Peoples Democratic Party.

Odigie-Oyegun said his exit from the leadership of the party marked the end of an era which was best left to history. “Phase two of the party is about to begin and I wish my successor, a smooth sail and fair weather. “ Odigie -Oyegun lost a bid to get a one-year extension of his excitement. He was also persuaded to drop his interest in seeking re-election.

Earlier, Governor Mohammed Badaru Abubakar of Jigawa State and Chairman APC National Convention Committee said the gathering was more than a session for casting ballot as it also offered an opportunity to interact with Nigerians from other parts of the country “so we can appreciate the diversities and peculiarities in the country. “ Abubakar said his committee which was set-up eight weeks ago and it’s various sub-committees had worked hard to deliver an incident free CONT’D ON NEXT PAGE

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POLITICS convention. He said, however, that agitations such that have been witnessed from various aspirants leading to the convention were to be expected. According to him, “The contest for various offices has been keen. It is normal and logical in politics. The APC is the party of the moment. She is the beautiful bride with many suitors.”

The convention committee chairman who formally opened the meeting with his address at 3.20pm said where it was not possible to resolve contentious issues, the committee had put in place a credible conflict resolution machinery with the most visible process that will assure contestants that they lost in a free and fair contest.

The Jigawa Governor emphasised that as the ruling party at the centre, the interest of Nigerians in the affairs of the APC and the presence of international observers placed a onerous task on its leadership to deliver the gains of democracy and use the convention “to show case the spirit of internal democracy as we move towards the 2019 elections. “ The immediate former Governor of Edo State, Mr. Adams Oshiomhole who emerged the new National Chairman of the APC promised to return the party back to the vision of the founding fathers. He said, “A recurring complaint is that the vision of the founding leaders of the party to build a progressive, all inclusive party has not materialized due to continued cleavages within our party. If I may ask, is it not ridiculous that people are still clinging to legacy parties four years down the road? Today, I stand up to say enough of legacy parties and enough of group interests that are at variance with the overall interest of the APC. There is one APC. It is the mother of all, and unity is the platform on which we must act. Legacy is about the past and we must leave that behind to build a new body of ideas and shared interest as APC members.

We must learn to see the bigger picture and a better and brighter future than focusing on individual and small group interests.”

Oshiomhole stated clearly how he intends to go about his work. “My task is to work with Mr. President, governors, leaders of the party at all levels and other stakeholders to pull our members together to build a strong and united party. We are not detained by the past.

Our task is to build a Party with a formidable membership base; that is membership-driven and membership- funded, where every member at the grassroots has a say and sense of ownership.

Our irreducible minimum for achieving this is to ensure that we all adhere to the APC constitution, hold regular meetings at all levels and convene an annual summit, not for election purposes, but to debate issues and formulate party planks to set policies for government.

Such summits will be designed to give party cadres a sense of participation, involvement and inclusion. The non-elective summits will focus on issues and policy choices affecting Nigeria. They will also serve as opportunities for self-examination, interrogation of the policies of agencies of government to ensure they are in line with Party programmes and priorities.”

It was not clear if the ruling party at the centre has changed its slogan from ‘change’ to ‘progress’. Many publicity materials around the convention venue suggested a change of slogan. People are being asked to respond ‘Progress’ to the shout of ‘APC’ The APC national convention which was conducted under wet conditions, for the most part, as it rained heavily, was characterised by a long voting electoral process which dragged into the night of the following day. Many contestants for offices who earlier indicated interest declined to pursue their aspiration.

One after another, they mounted the stage to announce their withdrawal from the race. At the end of the day, 33 posts were contested.

In anticipation of dissatisfied contestants, the Convention Committee set up an Elections Petitions Committee to consider complaints that may arise from its national convention.

Senator Adamu Aliero, secretary of the APC Elections Petitions Committee announced at the convention venue that the committee will sit at Treasure Suites in the Abuja Central Business District between June 25 and 27.

He advised aggrieved members to submit 30 copies of such complaint. However, only one person will be allowed to make a presentation before the committee.

At the onset of proceedings for the convention, it was announced that 18 of the 60 offices available will not be contested. However, the number of candidates returned unopposed kept increasing as many erstwhile contestants mounted the

Adams Oshiomhole with wife acknowledging cheers from delegates

Adams Oshiomhole with wife

Delegates from Delta State at war

rostrum to announce their withdrawal from the race. Against the background of these withdrawals, it is arguable if the committee will have any petition to consider.

However, the manifest sharp division, hostility and open divergent opinions point to the possibility of a flood of petitioners coming to the committee with their grievances.

For instance, because they were not able to resolve their differences, delegates from Delta and Imo states were denied the opportunity

to vote at the national convention.

Organisers of the convention attempted to combine aesthetics through a lovely and attractive entry point. The last entrance into the main bowl of the venue had a reception area which was decorated with maps of APC-controlled states. It offered a good photo opportunity for those who wanted to capture lasting memories of the convention.

Expectedly, security was very tight. There were three layers of check point. Everyone was

frisked for dangerous weapons. Extra care was also taken to ensure the safety of delegates.

No one could access the venue except they sanitised their hands. There were clearly marked conveniences and medical booths. However, if there were personnel to keep the convention ground and conveniences clean, they were simply overwhelmed. At some point, many areas at the Eagle Square became an eye-sore and delegates had to bear an overpowering stench for the duration of the convention.

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MONDAY, JUNE 25, 2018 • T H I S D AY

FEATURES

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

Endorsement for the Amnesty Programme Ex-agitators in the Niger Delta recently organised an event to show their support and confidence in the ability of the Special Adviser to the President on Niger Delta and Coordinator of the Presidential Amnesty Programme, Professor Charles Dokubo, to reinvent the intervention programme. Ndubuisi Francis reports

Dokubo addressing leaders of the Niger Delta ex-agitators and their members

T

o borrow a familiar African adage, dialogue is the starting point and the unifying force in all human relationships. It is the only sensible and intelligent way of resolving differences and clashes of interests between individuals or nations.

Since his emergence as Special Adviser to the President on Niger Delta and the Coordinator of the Presidential Amnesty Programme, Professor Charles Quaker Dokubo, has consistently emphasised that a key element in the administration’s bid to reinvent the Demobilisation, Disarmament and Reintegration (DDR) programme rests squarely in relentless engagement with stakeholders. The former university don has, indeed, given practical expression to this belief, and in spite of a very crowded schedule thrust on him by the demands of running the programme as well as the enormous challenges he inherited, he has continued to meet with different stakeholders.

Inclusion In a recent media chat, Dokubo affirmed that in line with the President Muhammadu Buhari administration’s resolve to make the amnesty programme much more inclusive and impactful, he considered it expedient to interface with those who could be aptly described as the most important stakeholders.

They are the ex-agitators who have also been making firm demands to meet with him out of excitement that his appointment

offered a fresh impetus to right some of the perceived wrongs of the PAP. For the ex-agitators, such meeting, among others, presents a rare opportunity to advise him on how to avoid the mistakes of his predecessors, as well as provide a platform for them to pledge their support to the presidential aide and the administration of Buhari.

The well-structured engagement between

Amnesty programme should not only be about paying stipends to ex-agitators, but the programme must also help address the overall quality of life of the people of the Niger Delta through training and capacity building

Dokubo and those seen as the most important stakeholders, which were held in Lagos and Abuja in the past three weeks, involved leaders of the 30,000 ex-agitators from the Niger Delta, enlisted in the amnesty programme at different times in three phases.

For the records, while 20,192 persons were enlisted in the first phase, 6,166 and 3, 642 ex-agitators were enlisted in the second and third phases of the programme, respectively.

Dokubo’s engagement with the ex-agitators followed a tradition in which their known leaders usually represented them at such stakeholder meetings held in segments and at separate dates with preference given to first phase leaders.

The federal government had recognised the need to give some sort of preference to five key leaders of the Niger Delta ex-agitators following the proclamation of Amnesty in 2009 and the commencement of the postAmnesty Disarmament DDR programme in 2010. The leaders known as the “Big Five,” Chief Government Ekpomupolo (popularly known as Tompolo), King Ateke Tom, Dr. Ebikabowei Victor-Ben (also known as Boyloaf), Hon. Farah Dagogo, and Chief Bibopre Ajube (Shoot-at-Sight), led most of the ex-combatants in the region out of the creeks to accept the offer of amnesty, disarmed and subsequently enlisted them in the DDR programme in the first Phase in 2009. Also, among the persons enlisted in the first phase of the programme is a second layer of leadership, the “Commanders.”

The second and third phase leaders are generally known as “campless generals."

Unlike the ex-agitators enlisted into the amnesty programme in the first phase, they did not come into the programme through structured camps, but were largely enlisted individually.

Servant Leader Therefore, it was fitting that Dokubo began his engagement with the ex-agitators with the ‘Big Five’ in Lagos. It was the first time in over five years that any head of the Amnesty Programme would be meeting all of them at the same time.

King Tom (now the traditional ruler of Okochiri Kingdom in Rivers State) and Tompolo were said to have been represented at the meeting by trusted allies while the three other leaders were physically present at the meeting held in Lagos on Saturday, May 26.

The coordinator of the amnesty programme followed this up with a meeting with the phase one commanders as well as phase two and three leaders on Wednesday June 6 and Friday, June 8, respectively in Abuja.

One common factor that underpinned all the meetings was that they were held in a very convivial atmosphere with the presidential aide adopting the posture of a servant leader, ready to learn and listen to his guests. Rather than sitting and ‘pontificating’ from the well set out high table, Dokubo, especially at

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• T H I S D AY MONDAY, JUNE 25, 2018

FEATURES the two meetings in Abuja, decided to sit among the ex-agitators. His remarks were devoid of any airs or hypocrisy. He spoke very openly and frankly with the leaders, seeking their support and cooperation in the on-going efforts to retool the Amnesty Programme to make it much more impactful.

He repeatedly assured the ex-agitators that the interventionist programme, including the funds budgeted for it, were theirs while his duty as special adviser was limited to giving direction to ensure that the initiative fulfils its twin mandate of ensuring peace and security as well as empowering the people of the Niger Delta.

Promise At the Lagos engagement, Dokubo urged leaders of the ex-agitators to continue to support the amnesty initiative, while reminding them that the PAP was part of efforts by the government to redress past injustices in the Niger Delta and entrench sustainable development in the zone.

He told the representatives of the Phase One leaders of the ex-agitators in Abuja, “If we fail our people, then we have ourselves to blame. If we don’t empower our people, stabilise their lifestyles, then, I believe that we will only be playing catch-up.

“That is why in as much as we are very keen on development, there is need to reorient the minds of our people. Amnesty programme should not only be about paying stipends to ex-agitators, but the programme must also help address the overall quality of life of the people of the Niger Delta through training and capacity building, “Let the amnesty programme drive development in our area; let us do things that will enhance the capacity of the Niger Delta people.”

His message was not different when he met with the leaders of the third phase ex-agitators. He emphasised that funds budgeted for the programme were meant for the training of its beneficiaries, and not to be diverted into private pockets.

“Today, I am meeting with you one-on-one.

I will speak with every one of you and if you feel agitated by any step I have taken, please tell me. We are going to rectify things; we are going to have all the collective views of those who have gathered here,” he said.

The special adviser also did not fail to solicit the support of the ex-agitators for the re-election of Buhari in the 2019 general elections. “Mr. President wants to win in our region and the entire country. I need your support in this regard. It was the All Progressives Congress that gave me this position and whatever I can do to support the party and make it win, I will do,’’ he said.

Commitment Buoyed by Dokubo’s encouragement, the leaders of the ex-agitators did not hold back in voicing out their various misgivings and complaints as well as issues they wanted him to address for the programme to fully achieve its intended goals. Except for one or two instances, the leaders of the ex-agitators, on behalf of their ‘boys’ laid similar complaints on the table for the Special Adviser’s attention at the three meetings.

The leaders complained about being paid the same amount of stipend as the delegates in their camps despite the fact that many of them are shouldering the responsibilities of catering for the families of associates who died in the struggle and are also regularly called upon to meet monetary needs by other ex-agitators. They also complained of lack of patronage by the amnesty office and other governmental institutions, although some of them already own companies viable enough to get jobs from oil multinationals, private organisations and state governments in the Niger Delta. Also prominent among the complaints were the delay or non– payment of monthly stipends to ex-agitators, disparity in the placement of delegates for vocational and educational programmes by contractors, failure to capture the leaders as well as members of their camps in the DDR programme. Controversies over sponsorship, payment of tuition and scholarship for ex-agitators were some of the other issues tabled at the meetings.

The leadership of the ex-agitators also requested a meeting with Buhari, noting that they had not met with him since he assumed office.

Dokubo with phase 1 and 2 leaders of Ex-Agitators

Some of the ex-agitators under the amnesty programme

Dokubo took time to address all the complaints while assuring them that under his leadership the amnesty programme will be transparently ran and policies would be tailored towards making a positive impact on the people of the region, particularly the ex-agitators, who are the primary beneficiaries of the initiative. He however noted that for this to happen, the ex-agitators must ‘organise’, rather than ‘agonise,’ to get what they wanted. He said this should be done by collaborating to form companies and coming up with viable proposals to take advantage of contract opportunities in the Amnesty Office and elsewhere.

The PAP coordinator also informed the

The funds budgeted for the programme are meant for the training of its beneficiaries, and not to be diverted into private pockets

leaders that he had been receiving series of complaints over unpaid stipends since he assumed office, with some of the alleged beneficiaries calling him in the dead of the night and at weekends when he cannot lay his hands on documents necessary to help them. He, however, noted that he would not deliberately withhold the stipend of any delegate while urging those with such complaints to liaise with the Amnesty Office to know the source of the problem.

Dokubo also appealed to leaders of the ex-agitators to ensure that delegates in their camps get their dues when they receive bulk payment for the stipends.

He noted: “I will continue to operate an open-door policy; I will give listening ear to leaders of ex-agitators. Let us run the amnesty programme in such a way that the bona fide beneficiaries get the benefit.

“On the issue of paying stipends as at when due, you will remember that the last time, I paid stipends for two months. The one of last month, you will get it next week.”

The coordinator promised to look into complaints against the method previous administrations at the Amnesty Office adopted in the placement of delegates for vocational and educational programmes as well as to fashion out modalities for the leaders of the ex-agitators to meet with the president.

Overall, the amnesty programme's boss used the opportunity of the meetings to

establish personal contacts with the leaders of the ex-agitators. He was also able to cultivate their trust, thereby further engendering confidence building, which indeed is a critical element in the management of DDR programmes globally. This was reflected in the comments by the leaders of the agitators as well as other stakeholders at the end of the engagements.

Satisfaction Their satisfaction with the outcome of the engagements with Dokubo was not hidden.

For instance, Mr. Richard Akinaka, who represented King Ateke Tom at the meeting, said the people of Rivers State identify with Dokubo’s vision and had resolved to align with the amnesty programme in its original mandate through his commendable initiatives.

While commending Dokubo for his uncommon demonstration of humility and cooperation during the meeting, Mr. Reuben Wilson, the chairman of the forum of phase one leaders of ex-agitators said that the coordinator succeeded in convincing him and the other leaders that the amnesty programme is now in safe hands. “We have channelled our challenges to him to look into. We know that he will do well and we are ready to support him,” he said, urging him to remain focused, firm and fair in the discharge of his duties and not to allow “frivolous” petitions distract him.

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T H I S D AY ˾ Ͱͳ˜ ͰͮͯͶ

T H I S D AY • MONDAY, JUNE 25, 2018

23

BUSINESSWORLD R A T E S MONEY MARKET OBB OVERNIGHT

A S

A T

REPO 2.83 3.58

CALL 1-MONTH 3-MONTH

J U N E

Group Business Editor Obinna Chima Email: obinna.chima@thisdaylive.com 08024557078, 08091152219

2 2 ,

S & P INDEX 2.50 9 9.38

INDEX LEVEL 1-DAY MONTH-TO-DAY QUARTER-TO-DAY YEAR-TO-DAY

2 0 1 8 EXCHANGE RATE

354.49 -0.71% -0.98% 2.46% 8.41%

N305.80/1USUS DOLLAR AS AT LAST FRIDAY

Quick Takes RIMAN Partners UNILAG

In furtherance of its mission to achieve continuous capacity building in risk management, the Risk Managers Association of Nigeria (RIMAN), has established an endowment of academic prize for the best graduating student of Master of Risk Management (MRM) programme of the Actuarial Science & Insurance Department at the University of Lagos.

Speaking during the presentation of the endowment to the Vice Chancellor University of Lagos, Professor Oluwatoyin Ogundipe, RIMAN President noted that the association had been at the forefront of providing industry support to the risk management post graduate programme at the university.

Nnoka, noted that RIMAN have played vital role in facilitating regular seminar/workshop for the students, awarding outstanding academic achievement prizes in risk management to the best graduating student in the department since the inception of the programme.

NCAA Disowns Advert on Job Vacancies

OUR SCORECARD

L-R: Chairman, Dangote Cement Plc, Aliko Dangote; Group Managing Director/CEO, Engr. Joseph Makoju; Non-Executive Director, Olakunle Alake; and Group Chief Financial Officer, Brian Egan, during the ninth Annual General Meeting (AGM) of the company held in Lagos…recently

Fourteen Months After, PenCom Operating Without Board Ebere Nwoji Fourteen months after the dissolution of the former board of the National Pension Commission (PenCom)

by President Muhammadu Buhari, the government is yet to constitute a new board to supervise the affairs of the Commission.

PenCom regulates the management and investment of N7.94 trillion pension funds from Nigerian workers’ savings.

The Commission’s Net Assets Value (NAV) of the contributory pension fund had progressively increased from N2.9 trillion in 2012 to N4.61 trillion as of December 2014; N5.3 trillion in 2015, N7. 4trillion in December 2017, to its present value.

The number of contributors have also grown by 390,000 as it increased from 7.50 million

ECONOMY in March 2017 to 7.8 million in December, 2017 and then to 7.90 million as at February 2018.

However, since the dissolution of the former board on April 13, 2017, PenCom has been operating under a management and administrative system led by an Acting Director General, Mrs Aisha Dahiru-Umar .

Dahiru-Umar has been trying to steer the affairs of the Commission within the limited powers conferred on her by the Pension Act. Section 25 (1) of the Pension Reform Act (PRA) 2014 clearly recognises the importance of the Board of the government agency as it states that the “Commission’s board shall formulate and provide general policy guidelines for the

discharge of the functions of the Commission, monitor and ensure the implementation of the policies and programmes and shall also carry out such other functions as are necessary or expedient to ensure the efficient performance of the functions of the Commission.”

Also, Section two of the Act further reads: “The board shall have power to approve rules and regulations relating to the appointment, promotion and disciplinary measures for the employees of the Commission and fix renumeration, allowances and benefits of the Commission.

“It shall also regulate its proceedings and make standing orders with respect to the holding of its meetings, notices to be given, the keeping of minutes of its proceedings and such other matters as the

board may, from time to time determine.”

Despite these enormous responsibilities bestowed on the Board of the Commission by both PRA 2004 and 2014, as amended, the federal government for over one year appears not ready to inaugurate a board for the agency.

More so, the ability of the acting DG to take decisions is limited as in certain cases, she would need approvals from the office of the Head of Service of the Federation.

For instance, Dahiru-Umar recently addressed the issue of three years staff promotions which was delayed by the immediate past Director General, Chinelo Anohu-Amazu, through the approval of presentation she made to the Head of Service Continued on page 24

Banks to Tighten Credit Scoring Conditions Obinna Chima Commercial banks are expected to tighten their credit scoring criteria next quarter but anticipate that the total loans applications to be approved in the third quarter of 2018 (Q3 2018) would increase, a survey by the Central Bank of Nigeria (CBN) has revealed.

Also, the report revealed that the proportion of approved credit card loans remained unchanged in Q2 2018 due to lenders’ stance on the credit scoring criteria for granting credit card loans.

BANKING The CBN stated this in its Credit Conditions Survey Report for the second quarter of 2018, that was posted on its website.

Households demand for consumer loans rose in the current quarter and was expected to rise next quarter.

Similarly, demand for mortgage/re-mortgaging from households fell in Q2 2018 but was expected to rise in Q3 2018.

In the current quarter relative to the previous quarter, the survey stated that lenders reported an increase in the

availability of secured credit to households.

They also noted that improved liquidity position and market share objectives were major factors behind the increase.

Availability of secured credit was expected to increase in the next quarter, with favorable economic outlook and market share objectives as the likely contributory factors.

Although lenders maintained the same credit scoring criteria in the second quarter of 2018, according to the survey, the proportion of loan applica-

tions approved in the quarter increased.

It revealed that the Maximum Loan to Value (LTV) ratios remained unchanged in the current quarter and were expected to also increase in the next quarter.

But, lenders were willing to lend at low LTV ratios (75% or less) in the current and next quarters.

“However, they expressed willingness to lend at high LTV (more than 75%) in the current and the next quarters.

Continued on page 24

The Nigerian Civil Aviation Authority (NCAA) has warned members of the public against a fraudulent advertisement for vacancies in the organisation on some online job platforms.

The agency said in a statement signed by its spokesman, Sam Adurogbnoye, that the recruitment post making rounds on social media about various positions advertised on the authority’s website was misguided and a misinterpretation of the federal government initiative. “For the purpose of clarity, the career programme on the NCAA website is an initiative of the federal government of Nigeria created to collate data of eligible Nigerians to tackle unemployment in Nigeria and who wish to pursue career in the aviation industry. “The database of pilots, cabin crew, engineers etc would be made available for emerging aviation career opportunities in Nigeria and other countries,” the statement said.

Firm Transforms Consumers’ Experience

WOWBii Interactive, an African company has announced that it is transforming the way people work and learn with WOWBUDD Interactive Touchscreen solutions – BUDDRoom for business and its BUDDZone for education.

Built with today’s businesses in mind, the BUDDRoom, according to a statement, has an all-in-one interactive features that address mission-critical needs, eliminating geographical barriers and enhancing in-person or remote interactive collaboration. “As a must-have enterprise solutions, the BUDDRoom is a business bundle of in-room and remote communications and collaboration experiences that increase productivity across all organisational levels and locations.

Campari Inspires Consumers

A renowned premium cocktail base drink, Campari, is set to inspire Nigerian consumers to discover and share their unique passion with one another.

The producers explained that Campari, which is also known for its vibrant red colour have tasked consumers to rekindle their passion by taking the ordinary and make it extraordinary through its refreshing campaign titled ‘Make It Red’.

According to the statement issued in Lagos by the handlers of the brand, the Campari ‘Make It Red’ campaign would afford teeming consumers and adorers of the invigorating bitter tasting cocktail base to experience the versatility of Campari’s secret recipe whilst sharing unique and exhilarating moments with loved ones.

Meanwhile, to further sustain the style, resonance and excitement which personifies the brand, Campari has also extended the contract of iconic entertainer and multi-award-winning music act popularly known as 2Baba as the lead brand ambassador.

“Also, as a part of the Campari ‘Make It Red’ experience, winners from the Display and Win promotion, will join Campari brand ambassador and music icon 2Baba on an all-expenses-paid trip to the 2018 Russia World Cup in support of the Nigeria Super

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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T H I S D AY • MONDAY, JUNE 25, 2018

BUSINESSWORLD FOURTEEN MONTHS AFTER, PENCOM OPERATING WITHOUT BOARD

Experts Explain Why Buhari Has Not Signed PIGB into Law Chineme Okafor

of the Federation.

But reliable sources at the Commission told THISDAY that though the law establishing PenCom gave it some level of freedom which some similar government agencies do not have, the lack of a functional board was obviously not accelerating activities in the Commission, saying it limits the amount of funds that can be approved for the agency.

“The effect of this is that it is obvious that the Commission has not and cannot function on its full capacity especially as it concerns some critical issues that suppose to take the pension sector to its pinnacle of fame in the nation’s economic development,” the source added.

This has continued to attract condemnation from organisations such as the Nigeria Employers Consultative Association (NECA).

According to NECA, the federal government’s failure to constitute boards for some of its agencies including PenCom, posed some risks for the sensitive agency to be left without a board while managing over N7 trillion pension assets.

Mr. Issa Aremu, of the Nigeria Labour Congress (NLC) said the non-constitution of the board of PenCom was completely unacceptable and smears danger for a reviving economy.

BANKS TO TIGHTEN CREDIT SCORING CONDITIONS “The average credit quality on new secured lending improved in Q2 2018 and was expected to improve in Q3 2018,” it added.

Also, the report showed that demand for lending by households increased in Q2 2018 and was expected to increase in the next quarter.

“Secured loan performance, as measured by default rates, improved in Q2 2018 and is expected to improve in Q3 2018.

“Similarly, loss given default improved in the current quarter and it is expected to improve in the next quarter.

Group Business Editor

Obinna Chima

Capital Market Editor

Goddy Egene

AgriBusiness/Industry Editor

Jonathan Eze

Comms/e-Business Editor

Emma Okonji

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

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

NEWS

President Muhammadu Buhari, has not signed the harmonised version of the Petroleum Industry Governance Bill (PIGB) into law because he is still studying the document to adequately understand its content, experts in the petroleum industry have disclosed.

The National Assembly recently harmonised and passed the PIGB which is a creation of the omnibus Petroleum Industry Bill (PIB).

They also reportedly transmitted the bill to Buhari for assent into law, but the president has yet to do that.

But speaking at a recent workshop organised by Emerald Energy Institute of the University of Port Harcourt, and the Facility for Oil Sector Transparency and Reforms in Nigeria (FOSTER), which was organised to inform petroleum host and impacted communities on the content of the bill, Prof. Wumi Iledare, who is the Director of the institute, gave reasons why Buhari was yet to append his signature on the PIGB. Iledare, who amongst other experts at the forum, made attempts to address the concerns raised by host community representatives about the PIGB at the forum, explained the president needed to understand the bill before he assents to it.

He said in a communique at the end of the meeting, a copy of which was obtained

by THISDAY, that: “The delay

in assenting to the PIGB is due to the need for adequate understanding on the part of the President.”

Similarly, on the communities’ concerns as to why the PIGB was given a priority attention as against the host communities bill, Iledare stated that: “The PIGB is regarded as the easiest of the four draft bills in terms of ease of pas-

sage. Hence, it was given first consideration. However, the PIHCB (Petroleum Industry Host Communities Bill) is moving in tandem with the others Petroleum Industry Administration (PIAB) and Petroleum Industry Fiscal Bill (PIFB).”

With regards to concerns raised by the communities about divestment of shares in the oil assets as prescribed

in the PIGB, Iledare, explained that the primary essence of selling shares was to raise funds for the companies and for development of Nigeria.

He noted the bill also provided for handling of liabilities, and that government would still own 100 per cent of the shares of the Petroleum Asset Management Company which will be registered within the Companies and Allied Matters

Act (CAMA) of the country in accordance with the principles of incorporation as practiced in Brazil.

Regarding host communities’ readiness for the expected changes that the PIGB would bring, he said there were various institutions that already existed and which will aid in the management of funds set aside for the regions where oil is produced from.

ENHANCING MARKET EFFICIENCY

L-R: Chief Technology Officer, Custodian Investment Plc, Esomchi Nwofor; CEO, Custodian Social Responsibility Foundation, Olubunmi Aderemi; Executive Director, Operations, Custodian Life Assurance Limited, Ngozi Nlebemuo; Head of Strategy, Custodian and Allied Insurance Limited, Bisola Ajibola and Head, Retail Division, Custodian and Allied Insurance Limited, Oladele Akinsanya, during the launch of Max, a digital advisor for the non-banking financial sector in Lagos…recently

Cyber Attacks on the Rise, Experts Warn Emma Okonji Cybersecurity experts have raised the alarm that cyber attacks on organisations was on the increase, with a possibility to cause a global financial loss of $1 trillion in the next few years, up from the $5.3 billion global loss recorded in 2017 and $9 billion in 2018. Cybersecurity experts who spoke at a breakfast meeting in Lagos, organised

by PriceWaterhouseCoopers (PWC), said the number of high profile security breaches and cyber attacks was growing each year, forcing businesses under enormous pressure to take proactive steps to minimise the chance of a cybersecurity breach and when compromised, to slow the attackers’ progress, and react quickly and efficiently to reduce the impact of the crime.

Lead Partner, PWC Cyber Africa, Mr. Kris Budnik, who has over 18 years experience in cybersecurity, called on organisations operating in the oil and gas industry to take proactive measures in mitigating cyber attacks, saying the attackers now concentrate more on Operational Technology (OT) and Information Technology (IT) environment of an organisation to gain unauthorised access to organisation’s data.

He said recent survey showed that 59 per cent of staff in organisations believed there was greater risk in OT and IT environment, while 61 per cent also held the view that there

was greater risk in inadequate system of an organisation.

He blamed cybersecurity vulnerability of organisations on lack of cyber security awareness on the part of the staff, the use of standard IT products with known vulnerabilities in production environment, limited cybersecurity culture, insufficient separation of data network, use of vulnerable software, among others.

Also, the Lead Partner, Risk Assurance Service Unit at PWC, Mrs. Wunmi Adetokunbo-Ajayi, said just as global cyber attacks were on the increase, cyber attacks on businesses within Nigeria was also on the rise.

She however decried lack of data to ascertain the true financial losses recorded by Nigerian organisations on a yearly basis. She said several organisations and individuals in Nigeria had suffered a great deal of financial losses to cyber attacks, and called for stringent measures and the adoption of the right technology solution to mitigate such attacks.

Identifying email spoofing as major source of cyber attacks, Adetokunbo-Ajayi called on organisations’ CEOs, CFOs and IT managers to take cautious steps in protecting corporate emails. The Chief Economist and Advisory Lead at PWC, Dr. Andrew Nevin, spoke on blockchain technology that enables exchange between parties, without having an intermediary.

PWC is of the view that in order to maximise cyberresilience, companies must

identify and address system vulnerabilities, gain control over high risk accounts, and put in

place, robust event correlation, incident detection and response capabilities.

Border Closure: Customs’ Strike Force Impounds 3,000 Smuggled Rice Eromosele Abiodun The Comptroller General of Customs’ Strike Force on smuggling of foreign parboiled rice has intercepted five trailers that were loaded with the commodity from Ogun State.

The smuggled rice numbering about 3,000 bags of 50kg.

The parboiled foreign rice were concealed inside containers and trucks belonging to corporate organisations.

The interception of the commodity took place barely a week after the Minister of Agriculture, Audu Ogbe, hinted about planned closure of the land borders due to massive smuggling of rice into the country.

But, speaking to newsmen at the weekend, the Zonal Commander of the Strike Force, Zone A, Salisu Assababullah said the interception was made at Ijebu Ode, Ogun State.

According to him, the task force was able to make the seizure through intelligence it gathered on the fresh way of smuggling parboiled rice into the country.

Assababullah explained: “The CGC task force intercepted 3000 bags of 50kg rice smuggled into the country. They were intercepted along Ijebu Ode expressway with two suspects in custody.”

He stated further: “We were able to get intelligence report that container laden trucks were taken to the border area, load it with smuggled rice and put seal as if it were a container released from seaports.”

The CGC Strike Force who attributed the success recorded to the other members of the team also acknowledged the federal government approval of brand new pickup for antismuggling which he said aided in the recent interception made.

The Federal Executive Council presided over by President Muhammadu Buhari had approved the sum of N1.55 billion for the procurement of 68 brand new Ford Pickup operational vehicles for Customs.

The Minister of Finance, Kemi Adeosun, who briefed State House Correspondents alongside the Minister of State for Budget and National Plan-

ning and the Senior Special Assistant on Media and Publicity, Garba Shehu, had explained that the operational vehicles currently available for the service are grossly inadequate for effective antismuggling activities.

She added that the need to effectively patrol the borders of the country, enhance Customs’ bid to suppress smuggling and increase revenue collection gave rise to the request to purchase 68 operational vehicles.

Adeosun further explained that having identified the need, the Service made provision for the purchase of 68 operational vehicles, Hilux, in its 2017 capital appropriation.

Assababullah stated that the strike force got nine vehicles from the 68 vehicles approved

by FEC for anti-smuggling and in two weeks, the strike force was able to intercept 3000 smuggled rice.

He however advised smugglers to engage in legitimate business as the ad-hoc body now understand their antics, saying that they would be caught.

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T H I S D AY • MONDAY, JUNE 25, 2018

BUSINESSWORLD

WEEKLY REPORT

All-Share Index Declines 2.7% on Profit-taking Goddy Egene The bears returned to the equities market last week to halt a two-week positive performance, thereby driving the market back into the negative territory for the second time this year.

The market had about three weeks ago suffered a year-to-date (YTD) decline for the first time this year after a sustained profiting taking in heavy weight counters.

However, a round of bargain hunting that followed pulled the market back into the positive territory, a performance that lasted for two weeks.

But in the week that President Muhamadu Buhari signed the 2018 Appropriation Bill into law, the Nigerian Stock Exchange (NSE) All-Share Index declined 2.74 per cent to close lower at 37,862.53.

Similarly, market capitalisation went down by same margin to close at N13.716 trillion.

By the close of trading last Friday, the NSE ASI had recorded a year-to-date decline of 1.00 per cent.

According to market operators, investors ignored the impact of the budget and intensified the sell pressure on bellwether stocks.

“The mood in the market was, however, bearish given the sell-offs across many counters in the market.

The market performance was dragged particularly by losses recorded on the heavily weighted tickers in the industrial goods and oil and gas sectors, as the passage of the expansionary budget failed to impact investor sentiment positively,” analysts at Meristem Securities Limited said.

The market was highly bearish as all indices finished lower with the exception of the NSE Insurance Index that appreciated by 3.55 per cent, while the NSE ASeM Index closed flat.

Daily Performance Losses in the financial services sector made the market to open the week on bearish note as the NSE ASI fell by 0.7 per cent to close at 38,669.43. After gaining for two weeks, on account of profit-taking, investors swooped on the market, hence the negative close.

In the banking sector, stocks such as Zenith Bank Plc, Guaranty Trust Bank Plc and United Bank for Africa Plc declined on the first day of the week.

Ironically, the banking stocks also closed the most traded led by UBA (123.0 million), Zenith Bank Plc (35.8 million shares) and Access Bank (34.8 million shares). In value terms, UBA led with N1.3 billion, followed

by GTBank (N927.1 million) and Zenith Bank (N919.9 million).

Sectorally, on the first trading session of the week, the NSE Banking Index recorded the highest decline of 2.3 per cent, trailed by the NSE Insurance Index with 0.6 per cent. The NSE Oil & Gas Index and NSE Industrial Goods Index shed 0.4 per cent apiece.

The only gainer for the day was the NSE Consumer Goods Index that garnered 0.1 per cent following bargain hunting in International Breweries Plc and Nigerian Breweries Plc. Although the banking sector rebounded, the market still closed lower on Wednesday, as it shed 0.2 per cent to bring the NSE ASI to 38,605.07. Similarly, market capitalisation shed N16.2 billion to close at N13.9 trillion.

Profit taking in bellwether counters such as Seplat Petroleum Development Company Plc and Nigerian Breweries Plc propelled the decline. In the same vein, activity level weakened as volume and value traded fell 31.4 per cent and 37.4 per cent to 267.8 million shares and N3.8 billion respectively. The most active stocks by volume were:Zenith Bank Plc (44.8 million), FBN Holdings Plc (38.7 million) and Access Bank (25.8 million) while Zenith Bank Plc (N1.1 billion), GTBank (N494.3 million) and Nestle Nigeria (N414.8 million) were the top traded stocks by value.

Across sectors, performance was mixed as two of five indices closed in the green.

The NSE Insurance Index led with 1.4 per cent, trailed by the NSE Banking Index that

advanced by 0.2 per cent.

On the positive side, on Wednesday, the NSE Oil & Gas Index was the worst performer, as it shed 2.6 per cent down 2.6 per cent, just as the NSE Consumer Index and NSE Industrial Goods Index fell by

0.3 per cent and 0.2 per cent in that order.

The market extended losses on Thursday with the index declining by 1.17 per cent to close at 38,152.60, thereby bringing the year-to-date the negative territory after staying positive for two weeks. Profit taking

Top 10 Brokers by Volume Rank

Broker

Description

Quantity

% of Volume

1

SISB

STANBIC IBTC STOCKBROKERS LIMITED

227,722,959

10.38

2

RSNL

RENCAP SECURITIES (NIG) LIMITED

149,724,990

6.83

3

ATLS

ATLASS PORTFOLIOS LIMITED - BRD

145,724,915

6.64

4

CSL

CSL STOCKBROKERS LIMITED

127,628,281

5.82

5

FBNS

FBN QUEST SECURITIES LIMITED

121,552,402

5.54

6

EFCP

EFCP LIMITED

84,252,096

3.84

7

UBAS

UNITED CAPITAL SECURITIES LIMITED

84,232,919

3.84

8

APEL

APEL ASSET LIMITED - BRD

81,400,953

3.71

9

NDEV

NEWDEVCO FINANCE SERVICE CO. LIMITED

77,497,748

3.53

10

MCSE

MORGAN CAPITAL SECURITIES LIMITED

69,535,531

3.17

1,169,272,794

53.30

Top 10 Total Volume NOTE: The top 10 Stockbrokers are responsible for 53.30% of the total volume between 19/06/2018 and 22/06/2018

Top 10 Brokers by Value Rank

Broker

Description

Value

% Value

1

RSNL

RENCAP SECURITIES (NIG) LIMITED

4,920,642,415.54

15.90

2

SISB

STANBIC IBTC STOCKBROKERS LIMITED

4,517,707,291.25

14.60

3

EFCP

EFCP LIMITED

4,267,042,062.90

13.79

4

CSL

CSL STOCKBROKERS LIMITED

3,082,228,958.64

9.96

5

ATLS

ATLASS PORTFOLIOS LIMITED - BRD

1,725,236,770.93

5.58

6

FBNS

FBN QUEST SECURITIES LIMITED

1,597,310,492.66

5.16

7

NDEV

NEWDEVCO FINANCE SERVICE CO. LIMITED

1,533,105,620.92

4.95

8

CHDS

CHAPEL HILL DENHAM SECURITIES LTD - BRD

1,126,632,522.16

3.64

9

UBAS

UNITED CAPITAL SECURITIES LIMITED

871,319,203.60

2.82

10

ARMS

A.R.M SECURITIES LIMITED - BRD

433,609,336.04

1.40

24,074,834,674.64

77.80

Top 10 Total Value NOTE: The top 10 Stockbrokers are responsible for 77.80% of the total value between 19/06/2018 and 22/06/2018 P bli h d b Th Ni

i St k E h

©

in bellwethers – Dangote Cement Plc, Seplat Petroleum Development Company Plc and GTBank impacted the performance.

However, activity level increased as volume and value traded advanced 1.4 per cent and 7.2 per cent to 271.4 million shares and N4.1 billion respectively. The top traded stocks by volume were FBN Holdings Plc (37.3 million shares), Fidelity Bank Plc (29.5 million shares) and GTBank(28.4 million shares ) while GTBank (N1.2 billion), Dangote Cement Plc (N492.8 million) and Nigerian Breweries Plc (N466.5 million) were the top traded stocks by value.

A further analysis of the performance showed that three of five indices trended southwards. The NSE Oil & Gas Index led the decliners with 2.4 per cent, trailed by the NSE Banking Index and NSE Industrial Goods Index with 0.5 per cent each.

On the bulls’ side, the NSE Insurance Index appreciated by 1.5 per cent followed by the NSE Consumer Goods Index garnered 0.5 per cent.

Market Turnover Again, it was another four-day trading session last week as the federal government had declared Friday June 15, and Monday June 18, 2018, as public holidays to commemorate the Eid-al-Fitr celebrations.

Hence, volume and value of trading fell to 1.097 billion shares worth N15.471 billion traded in 16,288 deals, compared with 1.738 billion shares valued at N18.462 billion that exchanged hands in 14,790 deals the preceding week.

However, the Financial Services Industry (measured by volume) led the activity chart with 816.547 million shares valued at N9.425 billion traded in 9,263 deals, thus contributing 74.4 per cent and 60.9 per cent to the total equity turnover volume and value respectively.

The Consumer Goods Industry followed with 76.361 million shares worth N2.992 billion in 2,545 deals. The third place was occupied by Oil and Gas Industry with a turnover of 51.600 million shares worth N594.590 million in 1,744 deals.

Trading in the top three equities namely – United Bank for Africa Plc, Zenith Bank Plc and FBN Holdings Plc accounted for 325.580 million shares worth N4.854 billion in 3,381 deals.

Also traded during the week were a total of 61 units of Exchange Traded Products (ETPs) valued at N899.80 executed in seven deals, compared with a total of 62,392 units valued at N1.004 million that was transacted the previous week in 13 deals.

A total of 370 units of federal government valued at N371,261.96 were traded last week in three deals, compared with a total of 9,850 units valued at N9.999 million transacted in 10 deals two weeks ago.

Price Gainers and Losers A look at the price movement chart showed that 44 equities depreciated in price, higher than 28 equities of the previous week, while 25 equities appreciated in price during the week, lower than 40 in the previous week.

Honeywell Flour Mills Plc led the price losers, falling 16.1 per cent trailed by LASACO Assurance Plc with decline of 10.5 per cent.

Cement Company of Northern Nigeria Plc shed 10.0 per cent, just as Seplat, Skye Bank Plc and Livestock Feeds Plc depreciated by 9.2 per cent apiece.

Other top price losers included: Forte Oil Plc (7.8 per cent); Unilever Nigeria Plc (7.7 per cent); Conoil Plc (6.2 per cent); Veritas Kapital Assurance Plc (6.1 per cent).

On the positive side, Japaul Oil & Maritime Services Plc led with 23.6 per cent, trailed

by C & I Leasing Plc with 14.4 per cent.

N.E. M Insurance Plc and Mutual Benefits Assurance Plc chalked up 14.2 per cent and 12.9 per cent respectively.

Other top price advancers included: Sovereign Trust Insurance Plc (10.7 per cent); Ikeja Hotels Plc (9.8 per cent); Eterna Plc (7.1 per cent); International Breweries Plc (6.5 per cent); AXA Mansard Insurance Plc( 5.3 per cent) and Law Union nd Rock Insurance Plc(4.8 per cent).

26

T H I S D AY • MONDAY, JUNE 25, 2018

BUSINESSWORLD

INSIDEBROAD STREET

BDCs and Journey Convergence

Obinna Chima For years, closing the gap between the various rates in the foreign exchange (FX) market has been the target of the Central Bank of Nigeria (CBN). That was why a recent move by the CBN in realising this objective by unifying dollar buying rates for banks and Bureau de Change (BDC) operators has been welcomed by operators in the FX market.

The development which also helped in calming an emerging pressure in the market, according to analysts, showed the CBN’s proactive approach to ending multiple exchange rates as well as to ensure that speculative attacks don’t re-occur in the market.

The Association of Bureaux De Change Operators of Nigeria (ABCON) commended the CBN’s policy direction, saying the initiative would promote efficiency, transparency, price discovery and will help phase-out multiple exchange rates regime.

The CBN recently approved an upward review of the trading margin available to BDCs. The approval allowed BDCs to buy dollar from the central bank at N357/$1 and sell at N360, enabling them to earn a positive margin of N3 per dollar sold.

CBN Acting Director, Corporate Communications Department, Isaac Okorafor, said the decision was aimed at giving BDCs a level playing field to enable them to compete favourably with other authorised FX dealers.

Okorafor urged the BDC operators to abide by the new guidelines and not exploit eager customers by selling above the N360 band. He warned that erring BDCs would be sanctioned in any case of infraction established against them. Before the review, the BDCs were buying dollars at N360 to a dollar, while selling same to customers at no more than N361.5/$1 while banks were buying at N357/$1 and selling at N360/$1.

Therefore, Okorafor reiterated the CBN’s commitment to ensure that there is enough forex supply to genuine customers to achieve the rate convergence.

He said the CBN would continue to introduce easures to stabilise the FX market, adding that various initiatives it had introduced in the market were beginning to yield results with stability recorded in the naira exchange rate.

According to him, the recent move would also help to reduce pressure on the BDC segment of the market.

Okorafor urged all participants in the forex market to cooperate with the CBN and abide by the regulatory guidelines aimed at ensuring hitch-free operations in the market.

Also, the Deputy Governor of the CBN, Dr. Joseph Nnanna, had restated the resolve of the central bank to converge exchange rates in the economy.According to him, the Investor’ and Exporters’ window was introduced the help the Bank “achieve the convergence” between the different exchange rates.

“If we achieve convergence, I don’t think the window will be necessary anymore because you’ll have one exchange rate for the economy,” Nnanna said.

CBN Governor, Mr. Godwin Emefiele also stressed that one of the objectives of the central bank was the rate convergence in the various segments of the market.

“As we entrench and sustain the transparency in the FX market, as FX reserves accretion continues, and market confidence and improved sentiments remain, I expect that the exchange rate will not only be stable but would begin to appreciate against major currencies.

“The adverse competitiveness outcome which such appreciation may entail would be adequately mitigated by proactive policies to ensure that our balance of payments position is not undermined,” he had said.

He stressed the need for a re-doubling of the strong policy coordination, collaboration and cooperation between the monetary and fiscal authorities, which according to him, “flourished during the very difficult times.”

“To sustain our recovery the need is greater now than ever for a robust policy coordination between the key aspects of economic policymaking space,” he added.

ABCON’s Position The President, Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, welcomed the initiative, saying the rate at which the naira recovered against the dollar after the CBN’s announcement, buttressed the BDCs’ influence in the market and economy.

He said the BDCs are key players in the

towards

forex market, where they remain major economic drivers creating employment and wealth for the people. These contributions, he said, require that the operations of BDCs be supported to sustain ongoing market rally and stability.

“We commend the CBN’s bold move in unifying the BDCs’, banks’ rates. We can safely say that the threat of distortions of market rate by election anxiety have been mitigated by the policy. And the BDCs are committed to supporting the CBN’s policy direction and actions to sustain ongoing market stability,” he said.

According to the ABCON boss, the impact of the rate unification is massive, including raising foreign investors’ confidence in the domestic economy, boosting the foreign exchange reserves position and creating opportunity for a better foreign reserve management by the apex bank.He assured that him members would continue to meet the critical forex needs of the retail end-users and stick to allowable transactions limits as approved by the regulator.

Speaking further, Gwadabe described the development as reflection of the central bank’s commitment in achieving a single exchange rate regime.

He said ABCON had earlier expressed concerns about rate disparity and is now pleased with the review which will ensure transparency and stability in the forex market.

However, ABCON has further put up new requests before the CBN, which are meant to further deepen liquidity the market.

Following the implementation of the $2.5 billion currency swap agreement between the CBN and the People’s Bank of China (PBoC), ABCON had urged the CBN to approve disbursements of the Renminbi (Yuan) to its members to deepen the China-Nigeria swap deal.

Gwadabe explained that the approval would enable BDCs sell Personal and Business Travelling Allowances (PTA/BTA) to its customers in Yuan. According to him, the sale of BTAs and PTAs to China-bound businessmen would make them get used to the authentic features of the Yuan to avoid being issued fake currencies for transactions.

He commended the CBN for taking proactive

Rates

measures in prosecuting the bilateral currency agreement, saying it would support the stability of the naira at the nation’s foreign exchange market. He said the currency swap deal was part of the CBN’s plan to keep the naira stable and protect the foreign reserves domiciled in dollars. He said the 15 billion Renminbi (RMB)/Yuan or N720 billion deal would provide adequate local currency liquidity for Nigerian and Chinese industrialists and reduce difficulties they face in searching for the greenback.

In addition, the ABCON boss pointed out that the tough regulatory policies and environment, including the N70 million licencing fee for BDCs being championed by CBN are also concerns to ABCON. This fee, Gwadabe argued was not only outrageous, but has reduced the funds available to BDCs to successfully run their operations.

According to him, the BDC sub-sector is also facing other challenges such as multiple exchange rate, abnormal bank charges, Value Added Tax (VAT) and Commission on Turnover (COT), parallel market operators and illegal International Money Transfer Operators (IMTOs), porous international boarders, complex documentation requirements and poor capacity/ skills of operators.

“The increasing difficulties arising from over regulation and complex documentation requirements that licenced BDCs are facing in carrying out their daily legitimate operation is disturbing.

“These hitches have negative impact on BDCs’ ability to comply with statutory and regulatory requirements and have to be tackled by the apex bank.

“For instance, six units within the CBN are involved with BDC regulations, supervision, licensing, monitoring. For instance, a BDC operator is expected to render daily, monthly, quarterly, half yearly and annual returns to these various departments of the same corporate body, which could be very cumbersome, repetitive and time consuming for both the operator and the regulator,” he said.

Furthermore, he said ABCON journey towards automation and digitilisation of BDC’s processes started in 2016 with the launch of our automation platform.

27

T H I S D AY • MONDAY, JUNE 25, 2018

BUSINESSWORLD

NEWS

AMCON Seeks Speedy Disposal of Assets The Managing Director of the Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Kuru has disclosed that the corporation has restructured its assets sale strategy.

The move is also to facilitate speedy disposal of AMCON’s assets.

Declaring open a 2-day Asset Sales Strategy Retreat in Abuja recently, Kuru, who was represented at the opening by the Executive Director in charge of Operations, Mr. Aminu Ismail, said part of the strategy was to expand

the scope of its sales strategy by engaging professionals from the real estate sector including legal experts and regulatory stakeholders and cross-fertilise ideas on better measures to follow to enable AMCON dispose its huge assets at good value and in good time in line with AMCON mandate.

“As you may be aware, one of the key objectives of AMCON is—to obtain the best achievable financial returns for all assets acquired. Following the acquisition of Eligible Bank Assets (EBAs), AMCON is now

saddled with the responsibility for recovering the bad loans either through cash repayments or asset forfeitures/foreclosures.

“In fact, the bulk of recoveries, which have been recorded at AMCON are in form of asset recoveries. “Considering the fact that AMCON’s obligations to the Central Bank Nigeria (CBN) is in the form of cash repayment, AMCON therefore has the responsibility of converting the assets into cash in order to meet the repayment obligations,” he said.

Providing further clarifica-

tions to participants, Kuru added that AMCON from inception in 2010 to December 2017, recorded total recoveries of N731billion (excluding claw backs).Out of this amount, properties accounted for approximately 35 per cent.

On the flip side, he stated that the Corporation noticed an increasing decline in its ability to dispose of assets at competitive market rates due to the several factors including inflation among other market dynamics. With such indices, a statement from the corporation

quoted Kuru to have added: “At AMCON, we have realised that we cannot continue to do business as usual – it has therefore become imperative for us to seek more innovative ways of converting our huge portfolio of assets into liquid cash as quickly as possible.

“We have convened some of the most resourceful real estate professionals and legal experts to this forum to help brainstorm through the issues and proffer practical solutions to the challenges confronting AMCON.

“We also invited critical regulatory stakeholders to contribute to the discourse toward finding workable solutions.” Also speaking at the retreat, the Executive Director in charge of Asset Management at AMCON, Dr. Eberechukwu Uneze, who also chaired the plenary session, stated that there was the need to have professionals, experts and agencies collaborate with AMCON because the corporation has a stockpile of assets, which it is finding difficult to dispose in the regular open market.

Guinness Re-approaches Non-alcoholic Market with PET Bottles Raheem Akingbolu Guinness Nigeria Plc has launched PET Bottles for its non-alcoholic drinks - Malta Guinness classic, Dubic Malt, and Orijin Zero.

The new offering will be available in 33cl.

The new PET bottle format of the adult premium non-alcoholic drinks was said to have been produced with the highest quality standards Guinness Nigeria is renowned for.

The Managing Director, Guinness Nigeria, Peter Ndegwa, who unveiled the new bottles in Lagos, said the new innovation was informed by the company’s commitment to consumers need.

“We recognise that our consumers are always on the move and so these portable PET bottles will provide a convenient means for our consumers to enjoy their Malta Guinness, Dubic Malt and Orijin Zero on-the-go.

“As responsible corporate citizens, we are also aware of the dangers plastic pose to our environment, so we have already put in place measures to ensure we protect the environ-

ment.

“We will be working with local artists to recycle used PET bottles into fascinating art works. This partnership with local artists is just one of our many initiatives to reduce our environmental impacts well as join the global movement to advance sustainable development,” he added.

To buttress this, he said the company recently signed an MoU with Wecyclers; a profit social enterprise that promotes environmental sustainability, socioeconomic development and community health in support of our waste management agenda.”

The PET bottles were officially unveiled following a media tour of the Guinness Brewery in Ogba, Lagos.

The Marketing Manager, APNADs, Omotola Bamigbaiye, who gave the closing remarks at the event said: “Although the non-alcoholic drinks have been unveiled in new PET bottles; the great taste, nourishing vitamins of Malta Guinness, Dubic Malt and Orijin Zero will remain the same and the new PET bottles will be available to consumers in shops nationwide” she said.

Development Bank of Nigeria Opens Lagos Office The Development Bank of Nigeria (DBN) has opened its Lagos office. The office is to service teeming Participating Financial Institutions (PFIs) domiciled in the commercial city of the country.

A statement explained that the office which is located on Idejo Street in Victoria Island, was declared open last Friday June 22, 2018, by the Bank’s Chairman, Dr Shehu Yahaya.

The bank was set up as a wholesale development finance institution (DFI) that provides sustainable financing through eligible PFIs, who would in turn, lend to end-borrowers micro, small and medium scale enterprises (MSMEs) for the development of that segment.

Speaking at the event, Yahaya was quoted to have said the remarkable success of the bank, within the short period of commencing operations, was because of the enthusiasm and support by the various financial institutions that have embraced the DBN

offering of empowering the all-important segment of the nation’s economy – the MSMEs. According to him, “we have realised the need to bring the business closer to the PFIs that are supposed to benefit from our services here in Lagos.

“The Lagos operations will accelerate our engagement with the PFIs and facilitate ease of disbursement to them to alleviate the financing constraints faced by MSMEs, which are undoubtedly the engine room of the economy.”

The Managing Director of the Bank, Mr. Tony Okpanachi also added while assuring the MSMEs that “we have the vision to be Nigeria’s primary development finance institution; thereby promoting growth and sustainability of the MSMEs by providing financial services, Credit Guarantees and advisory services. These are some of the services that will equally be available to the PFIs through the Lagos office,” he said.

ASSET MANAGEMENT

L-R: Head, Asset Sales, Asset Management Corporation of Nigeria (AMCON), Mr. Aliyu Abubakar Kalgo; Executive Directors, Dr. Eberechukwu Uneze and Mr. Aminu Ismail; Principal Partner, Osy Kamalu & Associates, Mr. Osy Chijioke Kamalu; Group Head, Resolution, AMCON, Mr. Joshua Ikioda and Managing Partner, Lexavier Partners, Mr. Chuka Agbo, at a retreat to develop a framework for the sale of AMCON’s assets in Abuja… recently

CWG Showcases Value of Unified Cooperative Platform Emma Okonji One of Nigeria’s largest system integration company, CWG Plc, last week in Lagos unveiled the ‘Agent’s recruitment initiative’ for its Unified Cooperative Platform (UCP).

The solution is a core cooperative operations software for stakeholders in some of the cooperative societies in the country.

At the workshop, which was attended by representatives of various cooperative societies in the country, the CWG noted that the UCP was strategically designed to meet the rising and dynamic needs of cooperative societies across Africa.

Presenting the solution, Product Manager for UCP at CWG Plc, Mrs. Funmilola Abimbola, explained that the UCP would require little or no investment from the cooperative societies, as the solution falls under CWG’s Cloud services. She stressed that the solution was tailored to meet the peculiar needs and budget of the individual Cooperative Society.

“The essence of the workshop was to provide an opportunity for some industry leaders present to have direct interaction with

the cooperative platform and to showcase how it can serve as an extra income earner for those who sign-up as agents to ensure the adoption and implementation of the solution.

“The UCP enhances the operation of cooperative societies to improve their profitability and accountability,” she said.

The UCP was designed in an easily understandable format and it is mobile adaptive, so it can be used on the go as well.

Its benefits include better member experience, increased productivity and profitability, access to a centralised solution remotely and access to the financial services ecosystem.

According to Abimbola, the solution, among other benefits, would help the cooperative societies improve their operational efficiency and accountability, it gives effective and efficient oversight, control and reporting, reduces total cost of ownership of IT hardware and software investment, as it runs on CWG’s cloud service.

The solution has features like member and loan management, payment operations and automated report generation; which includes cooperative statutory reports.

CITA’s Study on Jet Fuel Contamination Gets International Recognition Chinedu Eze A local study on microbial contamination of aviation fuel and its handling system in tropical Africa by CITA Petroleum Nigeria Limited has gained the buy-in of the international aviation community, with foreign firms set to support further studies, the company has disclosed.

The international support would be aimed at further development of local expertise and infrastructure to measure, analyse and create remedial standards for microbial contamination of aviation fuel and how to avert it being used by aircraft.

CITA Petroleum Nigeria Limited, which championed the local study, recently unveiled it at the aviation fuel systems management symposium 2018, held at Miami-Florida, United States.

The company also took the sturdy to the Bi-annual Conference, Meetings and Exhibitions of International Air Transport Association (IATA), a meeting of over 175 member airlines and leading jet fuel companies worldwide, held in London, United Kingdom.

Microbial are microorgan-

isms like bacteria and fungi that are capable of existing in water where they interface with fuel. These microorganisms use alkanes and additives in fuel as foodstuff.

The company said the most destructive of the microbes that grows in the aircraft fuel environment is the fungus ‘Hormoconis resinae.’ It is the most common cause of microbial corrosion in aircraft fuel tanks.

Contaminated fuel is one of the causes of equipment failure, which is the second leading cause of plane crashes globally, after pilot error, the company said.

Lead researcher and Professor of Environmental Microbiology, University of Ilorin, Kwara State, Albert Olayemi, said at the MiamiFlorida symposium that the study laid a solid foundation for the microbial database, diversity of the local environment and their possible effects on stored fuels in the tropics.

“The use of a uniform international standard to determine microbiological quality of fuels is indefensible. Standards based on climatologic differences are suggested to be more realistic.

28

T H I S D AY • MONDAY, JUNE 25, 2018

BUSINESSWORLD

MONDAY INTERVIEW

Uwaleke: Borrowing from Banks for Capital Projects Creates Funding Mismatch In this interview with Ndubuisi Francis, Nigeria’s first professor of capital market and Head of Department, Banking and Finance, Nasarawa State University, Prof. Uche Uwaleke spoke about issues in the financial market, the funding mismatch engendered by states borrowing for capital projects, and the need to diversify listing on the Nigerian Stock Exchange, among others. Excerpts: What is your assessment of the capital market?

In the country today, when you talk about the capital market, we are looking at the two major products that happen to be shares and bonds. In the last three years, you know the market was affected by the recession.

But if you look at where the market was in May 2015 when this administration came in and now, you can easily agree that we have recorded some improvement because as at May 2015, the market capitalisation which is one major indicator of market economies was around N11 trillion. On that score alone, you could say the market recorded some improvement, talking about equities segment of the market. But if you look at what has happened here in the last few months (the country was in recession in 2016), in 2017 our stock market was one of the best in the world. As a matter of fact, it was number three with a return of more than 40 per cent-- next to Argentina and Turkey. So, 2017 was a good year for the stock market and in 2018, the market was positive in January to the point that it returned 15 per cent but since February down up till now, the market hasn’t been doing too well. Yes, if you look around, some major macroeconomic indicators seem positive, you have oil prices recovering, foreign reserves, stability and exchange rates and so on, even inflation rates are coming down but in recent times from February up till now we are beginning to notice a reversal in the mood of investors, and that’s happening because of some the challenges we have in the domestic economy, one of which is the delay in the budget passage. Also, the level of insecurity in the country is scaring away investors. We also noticed that interest rate has gone up in the US, the dollar is strengthening while the interest rate is going up following Federal Reserve and normalisation policy you find that investors especially foreign investors who buy our market here are also exiting our market and taking their market to developed countries, particularly the USA. So, it’s not only in Nigeria, many countries have been affected. With decline in foreign investment it’s also triggering the decline in domestic investment. But overall, in the last three years, I think the market has done more in terms of performance. I said that because a number of policies introduced by regulators also helped to boost confidence particularly in 2017, talking about the investors profession funds, corporate governance call card, recapitalising market operators. So, all of these combined with the stability we had in the foreign exchange market; again let us go by the CBN’s introduction of investors and exporters window, all helped to push up this market and confidence in the economy.

There are still challenges in this market like I said earlier, the market is not divorced from the economy.

What do you advise policy makers to do?

We should continue to work on the economy so that the market can be positively affected.

There are also specific challenges the market is facing one of which is over-concentration of companies that are listed in the stock exchange. For example, we have three major exchanges. We have the Nigerian Stock Exchange (NSE), FMDQ and others.

All of these work together in strengthening the capital market. One challenge we keep having in this market is no diversification of listing. Because of the nature of this economy, we expect to see oil and gas companies, telecommunications, agriculture and so

Uwaleke

on but unfortunately that’s not the case.

But I am happy that MTN has expressed interest in this and any moment from now, MTN will be listed and that will boost the capitalisation that we have in the market.

Another major challenge is that the telecoms investors are still low. The participation is about two per cent and why it’s low has to do with the level of awareness about capital market importance in mobilising capital in an economy. A lot of people don’t know about the capital market so there’s need to scale up the level of sensitisation, awareness campaign about capital market. You find that hardly the government mention capital market. If you look at the budget, it is not

A lot of people don’t know about the capital market so there’s need to scale up the level of sensitisation, awareness campaign about capital market.You find that hardly the government mention capital market

talking about the capital market, the entire document of the ERGP has no word on the capital market. I was just looking at the president’s speech on democracy day like seven paragraphs no word on the capital market. Despite the fact that when the president came in, capitalisation was N11 trillion. As at now, it’s N14 trillion, that is one positive thing that could have been highlighted by the president in that speech but because his advisers have not placed premium on the capital market, that very important aspect was missing. It was an opportunity they missed. Sometime last year in August 2017, the President of the United States, Donald Trump tweeted that the stock market return was very high in the USA and that doesn’t just happen. That tells you that Trump is already linking his policies to the success of the capital market. What that means is that he understands that capital market is a perimeter for developing the economy. It’s also the same for us here in Nigeria. Government is borrowing right now to finance the budget but we also know that if you develop this market, it can serve as a veritable platform and avenue to finance your infrastructure.

And then you now borrow less from international capital market given that this economy, if we grow it, will contribute more.

If you look at South Africa for example, their capital market is about 28 per cent of its GDP because the market capitalization of equities of Johannesburg Stock Exchange nearly $1 trillion.

For bonds, it’s nearly $100 billion but in our own case in Nigeria, our capital market to GDP ratio is less than 25 per cent. So that

tells you that we still have a lot of room for capital market to grow.

In your view, what should be done to change the narrative?

We have to do a lot in respect to capital market literacy and that is why I’m happy that the Securities and Exchange Commission is championing it and trying to ensure that capital market studies is included in the curriculum of secondary schools and efforts are even made that universities come on board and begin to learn more about capital market. If we do that in the coming years, we can be sure that in terms of retail investor base, we would have achieved the critical mass that will now delink us from the apron strings of foreign investors so that even if they are not there, we can survive, given our population and resources. State governments that borrow money from banks for projects, of course, are only engaging themselves in funding mismatch and that is why you find them carrying so much debts. But when you borrow from the capital market and you put it in a long-term project that is self- liquidating, the debt burden will reduce.

So, federal and state governments should be discouraged from borrowing from banks to do capital projects, this much is given in the Fiscal Responsibility Act. We should begin to think of incentives, incentivising funds to list on the Stock Exchange.

South Africa has about 400 companies listed on the Johannesburg Stock Exchange.

In our own case, we have a little above 150.

So, if we have more listings it’s going to

Continued on page 30

T H I S D AY • MONDAY, JUNE 25, 2018

29

BUSINESSWORLD

MONDAY INTERVIEW

UWALEKE: BORROWING FROM BANKS FOR CAPITAL PROJECTS CREATES FUNDING MISMATCH help grow the capital market. Another one is physical incentives. The government can reduce maybe tax a bit or ask companies that are listed on the exchange to pay lower tax.

Government should be interested in getting companies to list because that way, they will get more revenue, because the companies listed publish their accounts and make it available to government for scrutiny. But when companies don’t list, they hide and evade taxes. So, we should continue to think of how to bring the multinationals to be listed on our Stock Exchange. That is the only way Nigerians can even benefit from the profits of these multinationals. Shell, for example, can be convinced to list on the Exchange, just a part of its share capital, not the entire thing and the government too can help this market by having some policies that encourage privatisation, recapitalisation and banking consolidation can also help this market a lot and help the banking sector.

NNPC, for example government has been talking about unbundling NNPC, half of it can be listed on the Stock Exchange.

Again, one of the things we have also noticed is the election temperature. Investors too are sitting on the sidelines watching.

The election fever is likely to have negative impact on this market. And unfortunately for is now, oil price has started going down because Russia and OPEC have said lets lift output. So, you find a situation where the anxiety surrounding the election are already causing tension on the dollar. So right now, there’s pressure on the dollar which is why the CBN is now coming up with some measures like asking the Bureau De Change to access forex from them at least twice a week, saying bank must sell forex to anybody. That tells you banks are already beginning to put pressure on

will be debacle created, a new person brought in won’t be as efficient as the person who left because he will take time to learn the ropes, so all of this will create uncertainty in the minds of investors and this market is highly information sensitive and does not like uncertainties.

Uwaleke

dollar and its the election that is causing it.

There’s this tendency now to grab as much as possible and keep in the septic tank like they do and it’s affecting this market. The market has lost virtually all that it gained in January alone it gained 16 per cent but as we speak it’s just about two per cent, so all those things have been eroded and that’s

because of this election and the impact is coming too early.

The government needs to make it clear that’s it’s not going to sacrifice the economy because of politics. Some ministers are resigning to go and do politics, and people are already saying it will affect the face of governance. Whether you like it or not there

What are the likely effects of the delayed passage of the budget on the economy?

The late passage of the budget is going to necessitate rushing the implementation of the 2018 Budget and if you rush it, you are likely to inject more liquidity because you are racing against time. It’s going to distort a lot of things and exert a lot of pressure on prices.

There’s also the election spending to consider. It’s going to be high; budget implementation is also there. All of this could go to also exert pressure on the foreign exchange market. It will destabilise the stability we are already enjoying there and once you destabilise stability in the forex market, prices, inflation will go up. You find that these factors necessarily justified the Monetary Policy Committee’s (MPC) decision. Another reason where I tend to support the MPC is where the interest rates are going up in the USA and you are reducing your own. But more than this is the fact that CBN has responsibility to maintain stability not only in the price of goods but also in terms of exchange rates. If you look at the balance of risks, it is better to hold the rates. Let them become clear, let government create policy direction; until we have clarity it will be difficult for the CBN to bring down the rates. So, I think I support the CBN’s decision to hold the rates even though the high interest rate is not going well for the stock market.

30

T H I S D AY ˾ Ͱͳ˜ ͰͮͯͶ

T H I S D AY ˾ MONDAY JUNE 25, 2018

31

32

T H I S D AY • MONDAY, JUNE 25, 2018

BUSINESS/MONEYGUIDE

Firms, Banks Intensify Efforts to Reduce Financial System Fraud Goddy Egene Global data security firm, OneSpan, in partnership with MAXUT Consulting have intensified their collaboration with banks in the country to safeguard customers and reduce fraud in the Nigerian financial system. This is coming against the background of the disclosure by the Managing Director of Mr. Adebisi Shonubi that the banking industry lost N12.30 billion to various frauds in the banking system between 2014 and 2017.

Shonubi made this disclosure through the Head, Industry Security Services at NIBSS, Mr. Olufemi Fadairo, at the third annual Banking Security Summit

in Lagos last Thursday.

However, the Chief Executive Officer of MAXUT Consulting, Mr. Mike Odusami said his company and the banks were working hard to ensure they plug holes that fraudsters could use to defraud customers, saying the company had been working in the background to prevent frauds.

“Our solution as a technology company is really about fraud prevention; safeguarding the customers, identifying and authenticating the person and making sure that this is the person the bank authorises because most of the transactions are not physical, they are done through electronic channels.

“And also in the background,

we are monitoring everything that is go on in the system that is fraud monitoring and we have helped a lot of banks and financial institutions to do that,” he said.

According to him, the Nigerian banking system was advanced and not lagging in terms of digital banking, noting that a lot of transactions are still being done through the Unstructured Supplementary Service Data(USSD) channel hence the high level of frauds.

“We are very advanced, we are not lagging behind, but because a lot of transactions are still done through USSD channel, this is the normal feature channel and anybody can use it.

Ecobank Takes Financial Inclusion Drive to Universities Nume Ekeghe

This is coming against the background of the disclosure by the Managing Director of Mr. Adebisi Shonubi that the banking industry lost N12.30 billion to various frauds in the banking system between 2014 and 2017. Shonubi made this disclosure through the Head, Industry Security Services at NIBSS, Mr. Olufemi Fadairo, at the third annual Banking Security Summit in Lagos last Thursday.

However, the Chief Executive Officer of MAXUT Consulting, Mr. Mike Odusami said his company and the banks were working hard to ensure they plug holes that fraudsters could use to defraud customers, saying the company had been working in the background to

prevent frauds.

“Our solution as a technology company is really about fraud prevention; safeguarding the customers, identifying and authenticating the person and making sure that this is the person the bank authorises because most of the transactions are not physical, they are done through electronic channels.

“And also in the background, we are monitoring everything that is go on in the system that is fraud monitoring and we have helped a lot of banks and financial institutions to do that,” he said.

According to him, the Nigerian banking system was advanced and not lagging in terms of digital banking, noting that a lot of transactions are still being done through the Unstructured Supplementary

Service Data(USSD) channel hence the high level of frauds.

“We are very advanced, we are not lagging behind, but because a lot of transactions are still done through USSD channel, this is the normal feature channel and anybody can use it. “A lot fraud are done in that channel either through SIM swap, stolen phones and kidnapping. So, we are working with the banks to develop a solution to curb that,” Odusami said.

He stressed that the company was committed to make the banking system safer for people to have confidence in the system by ensuring fraud prevention in the country, saying the annual banking security summit is one of the ways of making the financial system safer for people.

Don Lauds Nigeria-China Currency Swap Deal Udora Orizu in Abuja A university don, Prof. Ellis Idemobi, has applauded the recent currency swap deal between Nigeria and China.

Idemobi of the Department of Business Administration, Chukwuemeka Odumegwu Ojukwu University, Igbariam, Anambra State, who spoke at a business interactive session in Awka, Anambra State, said the deal, worth more than $2.5 billion, would boost Nigeria’s trade with China and reduce pressure on the naira.

The deal, he said, was expected to provide adequate liquidity for importation of Chinese goods into Nigeria by improving the speed, convenience and volume of

transactions between the two countries. According to him, China, being Nigeria’s biggest source of goods, including consumer goods, textiles and machinery, the currency deal would make it possible to buy from China without using the US dollar. He added that this would make Chinese imports into Nigeria cheaper.

Idemobi noted that since recent estimates had shown that over 50 per cent of consumer goods imported into Nigeria annually come from China and Asia and less than 10 per cent from the United States of America, analysts had wondered why Nigerians must use the US dollar to transact with China.

He then praised the efforts

of federal government and the Central Bank of Nigeria (CBN), noting that a number of African countries, notably South Africa, Ghana and Zimbabwe are already in deals with the Chinese central bank on currency swaps that enable importers to use the Chinese Yuan to avoid foreign exchange losses when trading with China.

The university don urged the Nigerian government to develop policies that would encourage Nigerian businessmen to partner with their Chinese counterparts in the development of local capacity for the production of the goods and services they may have imported into the country for several years to save local firms from going under due to the deal.

Fund Manager Seeks Investment Opportunities Nume Ekeghe FRAGG Investment Management Limited, a fund management and investment advisory company is offering to raise new capital as debt and equity investments, and support business growth.

The company specialises in small and medium-sized investments by channelling investments in the multi-sector SMEs to generate empowerment and economic growth while cre-

ating a valuable social impact.

The firm is making available a minimum of N175 million for investment in companies and projects in the impact sectors such as- financial institutions, agriculture, healthcare, affordable housing, and climate finance - that are looking to expand and scale-up.

In a statement, the Managing Director Fragg Investment Management, Mr. Franklin Odoemenam said: “Using a triple-bottom line approach,

our main target is investing in and mobilising funds for high-growth companies in Nigeria and West Africa that promote social and environmental impact.

“Our goal is to make a strong financial return for investors while supporting companies that are contributing to a better world.” The timeframe for the application and selection process of interested participants is between July 6, 2018 and August 7th, 2018.

L-R: Akwaaba African Travel Market Official, Mrs Rita Ikechi-Uko; Special Adviser to the Minister of Tourism, Arts and Culture, Ghana, Frank Apeasyei; Zimbabwean Ambassador to Ghana, Mrs. Pavelyn Tenclai Musaka and Chief Executive Officer, Aero Contractors Limited, Capt. Ado Sanusi, when Sanusi received his Balafon Award for Aviation Man of the Year (West Africa) at the 4th Accra Weizo Tourism and Travel Conference in Ghana…recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA) 2018

Month

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)

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, 21 JUNE , 2018 The price of OPEC basket of fourteen crudes stood at $70.94 a barrel on Thursday, compared with $72.48 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

33

T H I S D AY • FRIDAY, JUNE 25, 2018

MARKET NEWS

Dangote Flour Mills Delights Shareholders with 20 kobo Dividend Goddy Egene and Nosa Alekhuogie

years before returning to profitability in 2016. But the company did not pay dividend as it had to ensure the clearing of its books of losses and stabilise.

Having consolidated with a higher profit of N15.1 billion for the year ended December 31, 2017, which was higher than the N10.5 billion in 2016, the company recommended a dividend of 20 kobo per share.

Shareholders of Dangote Flour Mills Plc on Friday commended the board and management of the company for paying dividend for the 2017 financial year after recovering from years of losses.

The flour milling company had recorded losses for some

Reacting to the improved performance and recommendation of dividend, shareholders at the company’s annual general meeting(AGM) held in Lagos, shareholders noted that the board and management performed creditably which enhanced profitability and returned it to dividend paying.

For instance, Mr. Nona Awoh, said that the management of

Dangote Flour Mills achieved cost reduction through prudent and efficient use of resources which positively reflected in its earnings, profitability and dividend payment.

According to him, cost reduction impacted on the margins and tasked the management to continue with the trend.

Another shareholder, Mrs. Bisi Bakare, said shareholders

PRICES FOR SECURITIES TRADED AS OF Price List (Equities) PRICES FOR PREMIUM BOARD SECURITIES FINANCIAL SERVICES S/N 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

COMPANY ACCESS AFRIPRUD AGLEVENT AIICO AIRSERVICE ARBICO BERGER BETAGLAS CADBURY CAP CAPHOTEL CAPOIL CAVERTON CCNN CHAMPION CILEASING CONOIL CONTINSURE CORNERST COURTVILLE CUSTODIAN CUTIX CWG DAARCOMM DANGCEM DANGFLOUR DANGSUGAR DEAPCAP DIAMONDBNK DUNLOP EQUITYASUR ETERNA ETI ETRANZACT FBNH FCMB FIDELITYBK FIDSON FIRSTALUM FLOURMILL FO FTNCOCOA GLAXOSMITH GUARANTY GUINEAINS GUINNESS HMARKINS HONYFLOUR IKEJAHOTEL INFINITY INITSPLC INTBREW INTERLINK JAIZBANK JAPAULOIL JBERGER JOHNHOLT LASACO LAWUNION LEARNAFRCA LINKASSURE LIVESTOCK MANSARD MAYBAKER MBENEFIT MOBIL MRS MULTITREX MULTIVERSE NAHCO NASCON NB NCR NEIMETH NEM NESTLE NIGERINS NPFMCRFBK NSLTECH OANDO OKOMUOIL PORTPAINT PRESCO PRESTIGE PZ REDSTAREX ROYALEX RTBRISCOE SCOA SEPLAT SKYEBANK SKYESHELT SOVRENINS STACO

PCLOSE 10.85 4.30 0.53 0.65 4.50 4.79 8.55 87.35 12.50 36.80 3.10 0.33 2.25 26.50 1.98 1.61 32.00

OPEN 10.70 4.30 0.51 0.68 13.00 2.22 2.00 1.68 -

HIGH 10.75 4.30 0.51 0.71 13.00 2.22 1.99 1.68 -

LOW 10.65 4.30 0.51 0.65 13.00 2.22 1.90 1.68 -

%SPREAD 0.93 8.45 4.52 -

CLOSE CHANGE 10.65 -0.20 4.30 0.51 -0.02 0.65 4.50 4.79 8.55 87.35 13.00 0.50 36.80 3.10 0.33 2.22 -0.03 26.50 1.99 0.01 1.68 0.07 32.00 -

%CHANGE -1.84 -3.77 6.15 4.00 -1.33 0.51 4.35 -

TRADES 111 42 5 67 2 2 13 10 12 7 3 2 24 33 26 18 27

1.44

-

-

-

-

1.44

-

-

6

0.35 0.20 5.02 3.14 2.54 0.48 235.80 10.65 19.90 0.48

0.34 3.02 238.80 10.65 20.10 -

239.00 10.70 21.10 -

238.80 10.65 19.50 -

0.08 0.47 7.58 -

0.35 0.20 5.02 3.14 2.54 0.48 239.00 10.70 19.50 0.48

3.20 0.05 -0.40 -

1.36 0.47 -2.01 -

4 1 7 24 3 1 87 54 157 1

VOLUME 2,510,523 49,573,930 279,555 4,099,470 10,000 105 60,524 3,780 138,009 3,539 11,880 5,200 814,862 220,909 1,325,097 318,400 43,272

VALUE 26,889,858.80 213,159,087.97 142,641.84 2,825,249.65 43,000.00 501.80 494,300.60 315,300.00 1,786,399.75 123,865.00 35,640.00 1,664.00 1,806,367.95 5,788,580.15 2,574,394.28 522,426.20 1,380,618.90

14,000

20,490.00

83,709 27,855.06 10,000 2,000.00 157,121 825,441.71 401,342 1,264,754.14 2,600 6,886.72 6,000 2,760.00 2,186,951 522,669,704.70 498,697 5,320,234.55 56,886,870 1,185,035,004.90 100 46.00

1.62

1.60

1.68

1.59

5.36

1.60

-0.02

-1.23

94

6,561,391

0.30

-

-

-

-

0.30

-

-

1

1,666

10,676,824.54 483.14

0.21

0.21

0.22

0.21

4.55

0.22

0.01

4.76

7

1,100,000

240,500.00

6.25 20.00 4.55 10.85 2.40 2.34 6.00 0.40 33.00 37.00 0.20 19.20 41.60 0.38 99.75 0.28 2.31 2.53 1.42 0.76 41.75 3.61 0.66 0.33 27.50 0.55 0.36 0.86 1.44 0.87 0.87 2.49 2.45 0.35 174.30 34.25 0.40 0.20 4.20 24.00 118.00 6.30 0.63 2.50 1,450.20 0.26 1.65 0.48 6.90 82.00 2.05 73.70 0.64 20.75 5.95 0.34 0.46 3.25 711.10 0.76 95.00 0.27 0.48

5.97 11.20 2.33 2.37 33.00 0.20 41.50 97.00 0.29 2.35 2.65 43.70 0.34 0.37 0.88 2.50 0.34 174.30 23.95 117.50 0.63 2.55 1,495.00 0.27 1.68 6.95 2.05 0.61 0.35 745.00 0.79 0.26 -

5.97 11.25 2.33 2.36 33.00 43.60 97.00 0.29 2.35 2.61 0.34 0.37 0.88 2.45 0.34 183.00 23.95 117.50 0.63 2.62 1,495.00 0.27 1.72 6.95 2.05 0.61 0.35 769.00 0.79 0.26 -

5.97 10.95 2.30 2.29 32.30 41.00 97.00 0.29 2.35 2.61 0.34 0.37 0.88 2.45 0.34 174.30 23.10 117.10 0.63 2.55 1,495.00 0.25 1.72 6.70 2.05 0.61 0.35 769.00 0.76 0.26 -

5.97 20.00 4.55 2.67 11.20 1.29 2.30 2.97 2.30 6.00 0.40 2.12 32.30 37.00 0.20 19.20 5.96 41.50 0.38 97.00 0.29 2.35 2.61 1.42 0.76 41.75 3.61 0.66 0.34 27.50 0.55 0.37 0.86 1.44 0.88 0.87 2.49 2.45 0.34 4.75 183.00 34.25 0.40 0.20 4.20 3.55 23.10 0.34 117.10 6.30 0.63 2.67 2.62 - 1,495.00 7.41 0.25 1.72 0.48 3.60 6.90 82.00 2.05 73.70 0.61 20.75 5.95 0.35 0.46 3.25 769.00 3.80 0.76 95.00 0.26 0.48

-0.28 0.35 -0.10 -0.04 -0.70 -0.10 -2.75 0.01 0.04 0.08 0.01 0.01 0.01 -0.01 8.70 -0.90 -0.90 0.12 44.80 -0.01 0.07 -0.03 0.01 57.90 -0.01 -

-4.48 3.23 -4.17 -1.71 -2.12 -0.24 -2.76 3.57 1.73 3.16 3.03 2.78 1.15 -2.86 4.99 -3.75 -0.76 4.80 3.09 -3.85 4.24 -2.90 -4.69 2.94 8.14 1.32 -3.70 -

25 23 1 255 83 139 14 1 82 20 2 6 286 2 32 28 24 19 3 1 21 1 12 28 10 1 14 2 9 4 6 4 28 7 19 25 1 3 13 65 138 1 12 38 32 20 10 1 103 14 5 9 8 14 5 7 1 1 54 35 1 11 1

1,004,783 6,003,633.84 83,589 1,672,135.20 150 652.50 11,299,790 125,459,137.75 4,048,598 9,418,422.90 8,565,372 19,963,618.39 42,500 242,700.00 10,000 3,900.00 667,140 21,885,312.20 42,652 1,538,599.95 14,105 2,821.00 4,553 90,596.20 45,275,658 1,916,920,925.30 120 44.40 2,356,052 228,750,513.30 1,324,553 384,120.37 640,726 1,505,555.41 350,900 936,076.80 200 270.00 100 76.00 67,781 2,846,151.85 50 180.50 158,958 106,550.86 2,515,766 855,360.44 18,087 483,442.20 2,484 1,316.52 276,106 99,465.22 2,200 1,892.00 110,203 160,995.35 261,500 230,120.00 41,700 35,514.20 10,970 27,524.00 1,052,711 2,580,639.13 631,000 214,540.00 54,324 9,646,933.90 86,836 3,021,779.10 2,500 950.00 20,200 4,040.00 85,079 351,479.96 1,583,001 37,050,927.40 541,556 63,604,177.30 400 2,400.00 1,245,208 782,530.80 1,753,192 4,500,561.25 60,494 90,434,922.10 1,469,583 379,588.18 306,270 512,423.10 7,000 3,220.00 2,185,331 14,964,497.15 41,428 3,464,183.65 306,150 627,607.50 14,742 1,049,173.20 315,711 193,625.71 111,181 2,204,225.45 25,090 151,932.50 321,371 111,756.58 12,460 5,482.40 50 154.50 60,322 44,198,197.20 2,520,296 1,938,309.56 20 1,806.00 382,000 99,605.00 300 138.00

invest in shares with the expectation of receiving dividends, therefore the declaration and payment of dividends by Dangote Flour Mills was exciting and commendable.

In his response, the Chairman of Dangote Flour Mills, Mr. Asue Ighodalo thanked all the shareholders for appreciating the efforts of the company’s management towards producing

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

better returns.

Ighodalo said the company’s management would not rest on its oars but “will continue to develop strategies to harness opportunities occasioned by improvements in economic indices while mitigating the adverse effective of the continued and emerging threats to the performance and growth of our business.”

˾ MONDAY, JUNE 25, 2018

34

Nigeria Daily Stock Market Report: 'ůŽďĂů ƋƵŝƚLJ DĂƌŬĞƚ͗ Ɛ dƌĂĚĞ dĞŶƐŝŽŶƐ ,ĞŝŐŚƚĞŶ͙ /ŶǀĞƐƚŽƌƐ dƌĞĂĚ Ă ĂƵƟŽƵƐ WĂƚŚ

THISDAY AFRINVEST 40 INDEX

dŚĞ dƌĂĚĞ ƚĞŶƐŝŽŶƐ ŝŶ ƚŚĞ ŐůŽďĂů ĞĐŽŶŽŵLJ ǁĞƌĞ ĨƵƌƚŚĞƌ ƐƚŽŬĞĚ ĚƵƌŝŶŐ ƚŚĞ ǁĞĞŬ ĂŶĚ ƚŚŝƐ ƉƌĞƐƐƵƌĞĚ ŝŶǀĞƐƚŽƌƐ͛ ƐĞŶƟŵĞŶƚ ĂƐ ƐĞĞŶ ŝŶ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ŐůŽďĂů ŝŶĚŝĐĞƐ͘ ĂƌůŝĞƌ ŝŶ ƚŚĞ ǁĞĞŬ͕ ƚŚĞ h^ WƌĞƐŝĚĞŶƚ ŽƌĚĞƌĞĚ ƚŚĞ ŝĚĞŶƟĮĐĂƟŽŶ ŽĨ h^ΨϮϬϬ͘ϬďŶ ǁŽƌƚŚ ŽĨ ŚŝŶĞƐĞ ŝŵƉŽƌƚƐ ĨŽƌ ĂŶ ĂĚĚŝƟŽŶĂů ϭϬ͘Ϭй ƚĂƌŝī ǁŚŝůĞ ƉƌŽŵŝƐŝŶŐ ƚŽ ŝŶĐƌĞĂƐĞ ƚŚĞ ůŝƐƚ ŝŶ ƚŚĞ ĞǀĞŶƚ ŽĨ Ă ƌĞƚĂůŝĂƟŽŶ ĨƌŽŵ ŚŝŶĂ͘ ZĞůĂƚĞĚůLJ͕ /ŶĚŝĂ ƌĂŝƐĞĚ ƚĂƌŝīƐ ŽŶ h^ ŝŵƉŽƌƚƐ ĚƵƌŝŶŐ ƚŚĞ ǁĞĞŬ͕ ŝŶ ƌĞƚĂůŝĂƟŽŶ ƚŽ ƚŚĞ h^ ŝŶĐƌĞĂƐŝŶŐ ƚĂdžĞƐ ŽŶ ƐŽŵĞ ƉƌŽĚƵĐƚƐ ĨƌŽŵ ^ŽƵƚŚ ƐŝĂ ʹ ĨŽůůŽǁŝŶŐ ƚŚĞ ƐĂŵĞ ƉĂƚŚ ĂƐ ŚŝŶĂ ĂŶĚ ƵƌŽƉĞĂŶ hŶŝŽŶ͘ DŽƌĞƐŽ͕ ŐůŽďĂů ŵĂƌŬĞƚƐ ĞƐƉĞĐŝĂůůLJ ŵĂƌŬĞƚƐ ŝŶ ƵƌŽƉĞ ǁĞƌĞ ĂůƐŽ ƉƵƚ ŽŶ ĞĚŐĞ ƚŚŝƐ ǁĞĞŬ͕ ĂƐ ĞdžƉĞĐƚĂƟŽŶƐ ŽŶ ƚŚĞ ŽƵƚĐŽŵĞ ŽĨ KW ͛Ɛ ŵĞĞƟŶŐ ƌĞŵĂŝŶĞĚ ŚĞŝŐŚƚĞŶĞĚ͘ Kŝů ƉƌŝĐĞƐ ŚĂǀĞ ĐŽŶƟŶƵĞĚ ƚŽ ƌĂůůLJ ƐŝŶĐĞ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƟŽŶ ŽĨ ƚŚĞ KW ͛Ɛ ƉƌŽĚƵĐƟŽŶ ĐƵƚ ĚĞĂů ŝŶ :ĂŶƵĂƌLJ ϮϬϭϳ͕ ĂŶĚ ŚĂǀĞ ƌŝƐĞŶ ;ƵƉ ϭϭ͘ϲйͿ ŝŶ ϮϬϭϴ͘ dŚĞƌĞ ĂƌĞ ƐƉĞĐƵůĂƟŽŶƐ ƚŚĂƚ ƚŚĞ ĚĞĂů ǁŚŝĐŚ ǁĂƐ ƚŽ ĐĞĂƐĞ Ăƚ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ LJĞĂƌ ĐŽƵůĚ ďĞ ƉƵƚ ƚŽ ĂŶ ĞŶĚ ĂŌĞƌ ƚŽĚĂLJ͛Ɛ ŵĞĞƟŶŐ ĨŽůůŽǁŝŶŐ ƐƵƉƉůLJ ƐŚŽƌƚĂŐĞ ĐŽŶƐŝĚĞƌĂƟŽŶƐ͘ ŐĂŝŶƐƚ ƚŚŝƐ ďĂĐŬĚƌŽƉ͕ ϭϮ ŽĨ ϭϲ ŝŶĚŝĐĞƐ ǁĞ ĐŽǀĞƌ ĚĞĐůŝŶĞĚ tͲŽͲt͘ /Ŷ ƚŚĞ ĚĞǀĞůŽƉĞĚ ŵĂƌŬĞƚƐ͕ ƚŚĞ h^ ^ΘW ϱϬϬ ůĞĚ ƚŚĞ ůŽƐĞƌƐ ĐŚĂƌƚ͕ ĚŽǁŶ Ϭ͘ϵй tͲŽͲt ĨŽůůŽǁĞĚ ďLJ ƚŚĞ E ^ Y ǁŚŝĐŚ ƐůŝƉƉĞĚ Ϭ͘ϳй tͲŽͲt͘ dŚĞ h< &d^ ůů ƐŚĂƌĞ ŝŶĚĞdž ǁĂƐ ƚŚĞ ůŽŶĞ ŐĂŝŶĞƌ͕ ƵƉ Ϭ͘ϯй tͲŽͲt͘ dŚĞ ďĞĂƌŝƐŚ ƐĞŶƟŵĞŶƚ ĮůƚĞƌĞĚ ŝŶƚŽ ŵĂƌŬĞƚƐ ŝŶ ƵƌŽƉĞ ĂŶĚ ƐŝĂ͘ 'ĞƌŵĂŶLJ͛Ɛ yĞƚƌĂ Ădž ĨĞůů ϰ͘Ϭй tͲŽͲt ĂƐ ƉƌŽĮƚ ĨƌŽŵ ĐĂƌ ŵĂŶƵĨĂĐƚƵƌĞƌƐ ƌĞŵĂŝŶƐ ƉƌĞƐƐƵƌĞĚ ŝŶ ƚŚĞ ǁĂŬĞ ŽĨ ƚƌĂĚĞ ƵŶĐĞƌƚĂŝŶƟĞƐ͘ /ŶǀĞƐƚŽƌƐ ƉŝƚĐŚĞĚ ƚŚĞŝƌ ƚĞŶƚ ŝŶ ƐĂĨĞƌ ŐŽǀĞƌŶŵĞŶƚ ŝŶƐƚƌƵŵĞŶƚƐ ƚŚƵƐ ďƵŽLJŝŶŐ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ 'ĞƌŵĂŶLJ͛Ɛ ϭϬͲLJĞĂƌ ďŽŶĚ͘ ,ŽŶŐ <ŽŶŐ͛Ɛ ,ĂŶŐ ^ĞŶŐ͕ &ƌĂŶĐĞ͛Ɛ ϰϬ͕ ĂŶĚ :ĂƉĂŶ͛Ɛ EŝŬŬĞŝ ϮϮϱ ƐŚĞĚ ϯ͘Ϯй͕ Ϯ͘ϰй ĂŶĚ ϭ͘ϱй ƌĞƐƉĞĐƟǀĞůLJ tͲŽͲt ĂƐ ŝŶǀĞƐƚŽƌƐ ŬĞƉƚ Ă ŬĞĞŶ ĞLJĞ ŽŶ ƚŚĞ ŵŽƵŶƟŶŐ ƚƌĂĚĞ ƚĞŶƐŝŽŶƐ͘ tŝƚŚ ƚŚĞ ƵƌŽƉĞĂŶ hŶŝŽŶ͛Ɛ ƌĞƚĂůŝĂƟŽŶ ƚŽ ƚƌĂĚĞ ƚĂƌŝī ŝŵƉŽƐŝƟŽŶ͕ ǁĞ ĂƌĞ ůŝŬĞůLJ ƚŽ ƐĞĞ ƚŚĞ ŵĂƌŬĞƚƐ ƚƌĂĚĞ ƐůŝŐŚƚůLJ ďĞĂƌŝƐŚ ŝŶ ƚŚĞ ŶĞĂƌ ƚĞƌŵ ĚĞƉĞŶĚŝŶŐ ŽŶ ƚŚĞ ĞdžƚĞŶƚ ƚŽ ǁŚŝĐŚ ŝŶǀĞƐƚŽƌƐ ƉĞƌĐĞŝǀĞ ƚŚŝƐ ĂĐƟŽŶ͘ /Ŷ ƚŚĞ Z/ ^ ƌĞŐŝŽŶ͕ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ŵŝdžĞĚ ĂůƚŚŽƵŐŚ ƐŬĞǁĞĚ ƚŽǁĂƌĚƐ ŶĞŐĂƟǀĞ ĂƐ ϯ ŽĨ ϱ ŝŶĚŝĐĞƐ ǁĞ ƚƌĂĐŬ ĐůŽƐĞĚ ŝŶ ƚŚĞ ƌĞĚ͘ džƉĞĐƚĞĚůLJ͕ ŚŝŶĂ͛Ɛ ^ŚĂŶŐŚĂŝ ŽŵƉŽƐŝƚĞ ǁĂƐ Śŝƚ ƚŚĞ ŵŽƐƚ͕ ĚŽǁŶ ϰ͘ϰй tͲŽͲt͘ ^ŽƵƚŚ ĨƌŝĐĂ͛Ɛ &d^ ĂŶĚ ƌĂnjŝů /ďŽǀĞƐƉĂ ĨŽůůŽǁĞĚ͕ ĚĞĐůŝŶŝŶŐ ϭ͘ϵй ĂŶĚ Ϭ͘ϵй ƌĞƐƉĞĐƟǀĞůLJ͘ dŚĞ /ďŽǀĞƐƉĂ ǁĂƐ ĚƌĂŐŐĞĚ ďLJ ŵĂƌŬĞƚ͛Ɛ ƌĞĂĐƟŽŶ ƚŽ ƵŶĐĞƌƚĂŝŶƚLJ ƐƵƌƌŽƵŶĚŝŶŐ ƚŚĞ ƉĂLJŵĞŶƚ ŽĨ ƚƌĂŶƐĨĞƌ ƌŝŐŚƚƐ ĨŽƌ ƐƚĂƚĞ ŽǁŶĞĚ WĞƚƌŽďĂƐ͘ KŶ ƚŚĞ ŇŝƉ ƐŝĚĞ͕ ZƵƐƐŝĂ͛Ɛ Zd^ ĂŶĚ /ŶĚŝĂ͛Ɛ ^ ^ĞŶƐ ĂƉƉƌĞĐŝĂƚĞĚ ϭ͘Ϯй ĂŶĚ Ϭ͘Ϯй ƌĞƐƉĞĐƟǀĞůLJ͘ ZƵƐƐŝĂ͛Ɛ Zd^ ŚĂƐ ƐĞĞŶ ŝŶĐƌĞĂƐĞĚ ĨŽƌĞŝŐŶ ŝŶǀĞƐƚŵĞŶƚ ŇŽǁ ŝŶ ƚŚĞ ůĂƐƚ ǁĞĞŬ ũƵƐƚ ďĞĨŽƌĞ ƚŚĞ tŽƌůĚ ƵƉ ďĞŐĂŶ͘ dŚĞ ŝŶĚĞdž ŝƐ ĂůƐŽ ƐĞƚ ƚŽ ďĞŶĞĮƚ ĨƌŽŵ ĂŶLJ ŽƵƚĐŽŵĞ ŽĨ KW ͛Ɛ ŵĞĞƟŶŐ ĂƐ ĂďŽƵƚ ϰϳ͘ϳй ŽĨ ƚŚĞ ŝŶĚĞdž ŝƐ ŵĂĚĞ ŽĨ Kŝů Θ 'ĂƐ ƐƚŽĐŬƐ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ŝŶƚĞƌŶĂƟŽŶĂů ĂĚǀŝƐĞƌ͘ dŚĞ ĨƌŝĐĂŶ ŵĂƌŬĞƚƐ ĐŽŶƟŶƵĞĚ ƚŽ ǁŝƚŶĞƐƐ ƐĞůů ŽīƐ ƚŚŝƐ ǁĞĞŬ͘ ŐLJƉƚ͛Ɛ 'y ϯϬ ǁĂƐ ƚŚĞ ůŽŶĞ ŐĂŝŶĞƌ͕ ƵƉ Ϯ͘ϲй tͲŽͲt ĨŽůůŽǁŝŶŐ ďƵLJ ŝŶƚĞƌĞƐƚ ŝŶ ƉƌĞǀŝŽƵƐ ĚĞĐůŝŶĞƌƐ͘ 'ŚĂŶĂ͛Ɛ '^ ƐŚĞĚ ϯ͘ϭй͕ ĚƌĂŐŐĞĚ ďLJ ƉƌŽĮƚ ƚĂŬŝŶŐ ŝŶ ůĂƌŐĞ ĐĂƉ ƐƚŽĐŬƐ͘ ^ŝŵŝůĂƌůLJ͕ EŝŐĞƌŝĂ͛Ɛ ůů ^ŚĂƌĞ /ŶĚĞdž ĂŶĚ <ĞŶLJĂ͛Ɛ E^ ϮϬ ƐŚĞĚ Ϯ͘ϳйĂŶĚ ϭ͘Ϯй tͲŽͲt ĚƵĞ ƚŽ ƉƌŽĮƚ ƚĂŬŝŶŐ ŝŶ ƉƌĞǀŝŽƵƐ ĂĚǀĂŶĐĞƌƐ͘

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

dŚĞ &ŽůůŽǁŝŶŐ ϯ ĐŽŶƐĞĐƵƟǀĞ ǁĞĞŬƐ ŽĨ tͲŽͲt ŐĂŝŶƐ͕ ƚŚĞ ďƵůůŝƐŚ ƌƵŶ ŝŶ ƚŚĞ ĚŽŵĞƐƟĐ ďŽƵƌƐĞ ǁĂƐ ŚĂůƚĞĚ ƚŚŝƐ ǁĞĞŬ ĂƐ ƐƵƐƚĂŝŶĞĚ ƉƌŽĮƚ ƚĂŬŝŶŐ ŝŶ ŵĂƌŬĞƚ ďĞůůǁĞƚŚĞƌƐ ĚƌĂŐŐĞĚ ƉĞƌĨŽƌŵĂŶĐĞ Ăůů ƚŚƌŽƵŐŚ ƚŚĞ ǁĞĞŬ͘ ŽŶƐĞƋƵĞŶƚůLJ͕ ƚŚĞ ďĞŶĐŚŵĂƌŬ ŝŶĚĞdž ƐůŝĚ Ϯ͘ϳй tͲŽͲt ƚŽ ƐĞƩůĞ Ăƚ ϯϳ͕ϴϲϮ͘ϱϯ ƉŽŝŶƚƐ͕ ǁŚŝůĞ zd ƌĞƚƵƌŶ ƐůŝƉƉĞĚ ďĂĐŬ ŝŶƚŽ ŶĞŐĂƟǀĞ ƚĞƌƌŝƚŽƌLJ͕ ĐůŽƐŝŶŐ ƚŚĞ ǁĞĞŬ Ăƚ Ͳϭ͘Ϭй͘ /Ŷ ůŝŐŚƚ ŽĨ ƚŚŝƐ͕ ŝŶǀĞƐƚŽƌƐ ůŽƐƚ EϮϳϱ͘ϳďŶ ĂƐ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝnjĂƟŽŶ ƌĞĚƵĐĞĚ ƚŽ Eϭϯ͘ϳƚŶ͘ dŚĞ ďĞĂƌŝƐŚ ƉĞƌĨŽƌŵĂŶĐĞ ŝŶ ƚŚĞ ǁĞĞŬ ǁĂƐ ůĂƌŐĞůLJ ĚƵĞ ƚŽ ůŽƐƐĞƐ ŝŶ E' D ;Ͳϱ͘ϵйͿ͕ ^ W> d ;Ͳϵ͘ϯйͿ ĂŶĚ 'h Z Edz ;Ͳϭ͘ϵйͿ͘ /Ŷ ůŝŶĞ ǁŝƚŚ ƚŚĞ ǁĞĂŬĞŶĞĚ ƐĞŶƟŵĞŶƚ ŝŶ ƚŚĞ ŵĂƌŬĞƚ͕ ĂĐƟǀŝƚLJ ůĞǀĞů ƐŽŌĞŶĞĚ ĂƐ ĂǀĞƌĂŐĞ ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ ƚƌĂĚĞĚ ĨĞůů ϯϲ͘ϴй ĂŶĚ ϭϯ͘Ϯй tͲŽͲt ƚŽ Ϯϳϰ͘Ϯŵ ƵŶŝƚƐ ĂŶĚ Eϯ͘ϵďŶ ƌĞƐƉĞĐƟǀĞůLJ͘ dŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďLJ ǀŽůƵŵĞ ǁĞƌĞ h ;ϭϰϭ͘ϰŵ ƵŶŝƚƐͿ͕ E/d, ;ϵϯ͘ϭŵ ƵŶŝƚƐͿ ĂŶĚ & E, ;ϵϭ͘ϭŵ ƵŶŝƚƐͿ ǁŚŝůĞ 'h Z Edz ;EϮ͘ϵďŶͿ͕ E/d, ;EϮ͘ϰďŶͿ ĂŶĚ h ;Eϭ͘ϱďŶͿ ǁĞƌĞ ƚŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďLJ ǀĂůƵĞ͘ dŚĞ ŶĞŐĂƟǀĞ ƚƌĞŶĚ ŝŶ ƚŚĞ ĞƋƵŝƟĞƐ ŵĂƌŬĞƚ ǁŚŝĐŚ ďĞŐĂŶ ŝŶ ƚŚĞ ƉƌŝŽƌ ǁĞĞŬ ǁĂƐ ĞdžƚĞŶĚĞĚ ƚŚŝƐ ǁĞĞŬ͕ ĂƐ ƚŚĞ ďĞĂƌŝƐŚ ƌƵŶ ƐƚƌĞƚĐŚĞĚ ŝŶƚŽ ƚŚĞ ƐŝdžƚŚ ĐŽŶƐĞĐƵƟǀĞ ƐĞƐƐŝŽŶ͘ dŚĞ ůů ƐŚĂƌĞ /ŶĚĞdž KƉĞŶĞĚ ƚŚĞ ǁĞĞŬ ŽŶ Ă ŶĞŐĂƟǀĞ ŶŽƚĞ͕ ĨĂůůŝŶŐ Ϭ͘ϳй ŽŶ dƵĞƐĚĂLJ ĂŶĚ ƚŚŝƐ ŶĞŐĂƟǀĞ ƚƌĞŶĚ ǁĂƐ ƐƵƐƚĂŝŶĞĚ Ăůů ƚŚƌŽƵŐŚ ƚŚĞ ǁĞĞŬ͕ ǁŝƚŚ ƚŚĞ ůĂƌŐĞƐƚ ĚĂŝůLJ ĚĞĐůŝŶĞ ƌĞĐŽƌĚĞĚ ŽŶ dŚƵƌƐĚĂLJ ;Ͳϭ͘ϮйͿ ĂƐ ŝŶǀĞƐƚŽƌƐ ƐŽůĚ Žī ŵĂũŽƌůLJ ŽŶ Kŝů ĂŶĚ 'ĂƐ ĂŶĚ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ƐƚŽĐŬƐ͘ ^ĞĐƚŽƌ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ůĂƌŐĞůLJ ďĞĂƌŝƐŚ ĂƐ Ăůů ŝŶĚŝĐĞƐ͕ ƐĂǀĞ ƚŚĞ /ŶƐƵƌĂŶĐĞ ŝŶĚĞdž ǁŚŝĐŚ ƌŽƐĞ ϯ͘ϰй ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ŐĂŝŶƐ ŝŶ E D ;нϭϰ͘ϯйͿ ĂŶĚ D E^ Z ;нϱ͘ϯйͿ͕ ĐůŽƐĞĚ ŝŶ ƚŚĞ ƌĞĚ͘ dŚĞ Kŝů Θ 'ĂƐ ;Ͳϲ͘ϭйͿ ĂŶĚ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ;Ͳϯ͘ϭйͿ ŝŶĚŝĐĞƐ ĨĞůů ŽŶ ĞǀĞƌLJ ƚƌĂĚŝŶŐ ĚĂLJ ŽĨ ƚŚĞ ǁĞĞŬ ƚŽ ĞŵĞƌŐĞ ĂƐ ǁŽƌƐƚ ƉĞƌĨŽƌŵĞƌƐ ĂƐ ůŽƐƐĞƐ ŝŶ ^ W> d ;Ͳ ϵ͘ϯйͿ͕ &KZd ;Ͳϳ͘ϯйͿ͕ EE ;ͲϭϬ͘ϬйͿ ĂŶĚ E' D ;Ͳϱ͘ϵйͿ ĚƌĂŐŐĞĚ ƚŚĞ ŝŶĚŝĐĞƐ͘ ^ŝŵŝůĂƌůLJ͕ ƚŚĞ ĂŶŬŝŶŐ ŝŶĚĞdž ǁĂƐ ĚƌĂŐŐĞĚ Ϯ͘Ϭй ůŽǁĞƌ ďLJ ůŽƐƐĞƐ ŝŶ h ;Ͳϯ͘ϲйͿ͕ 'h Z Edz ;Ͳϭ͘ϵйͿ ĂŶĚ E/d, ;Ͳϭ͘ϵйͿ͘ dŚĞ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ŝŶĚĞdž ĐůŽƐĞĚ ŽƵƚ ƚŚĞ ŶĞŐĂƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ͕ ůŽƐŝŶŐ Ϭ͘ϱй tͲŽͲt ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ƉƌŽĮƚ ƚĂŬŝŶŐ ŝŶ &>KhZD/>> ;Ͳϱ͘ϯйͿ ĂŶĚ E ^ KE ;Ͳϱ͘ϬйͿ͘

Current Price

Ticker

¯NjÞŘɚsǣǼ ǢsOȖNjÞǼÞsǣ ĵÞŎÞǼs_ ʹNJN ˥˟ˢ ˢˠˤʺ ʹ ^s ĶÞض ōsŎEsNj Ÿ¯ ǼÌs ŗÞ¶sNjÞ Ř ǢǼŸOĨ rɮOÌ Ř¶sʺ

ROE

ROA

P/E

P/BV

Divinden Earnings d Yield Yield

THISDAY AFRINVEST 40 1,588.52

-0.03%

3.0%

58.9%

19.4%

7.0%

7.6x

0.9x

5.2%

Guaranty Trust Bank PLC

40.70

1.6%

20.8%

-0.1%

0.4%

32.6%

5.2%

6.6x

2.3x

6.6%

15.1%

2

Zenith Bank PLC

25.90

0.8%

12.8%

1.0%

-0.1%

26.3%

3.6%

4.3x

1.1x

10.4%

23.1%

3

Nigerian Brew eries PLC

10.8%

110.50

-1.3%

7.2%

-18.1%

-18.2%

17.4%

8.3%

27.7x

4.7x

3.7%

3.6%

1,495.00

0.0%

7.5%

-3.9%

-3.9%

73.3%

18.9%

34.9x

22.2x

2.8%

2.9%

225.00

-2.3%

5.9%

-2.2%

-2.2%

22.7%

12.0%

19.4x

4.5x

4.7%

5.1%

6.7%

0.8%

7.7x

0.6x

2.3%

13.0%

4

Nestle Nigeria PLC

5

Dangote Cement PLC

6

FBN Holdings Plc

10.65

0.5%

6.5%

21.0%

21.2%

7

Access Bank PLC

10.40

0.0%

4.4%

-0.5%

-1.9%

12.7%

1.5%

5.1x

0.7x

6.3%

19.5%

8

United Bank for Africa PLC

10.60

-0.9%

4.4%

2.9%

1.8%

15.9%

1.9%

4.7x

0.7x

8.0%

21.3%

9

Ecobank Transnational Inc

18.8%

24.2%

12.9%

1.0%

6.7x

0.9x

20.20

0.0%

3.8%

685.00

0.0%

14.9%

10

SEPLAT Petroleum Development C

3.3%

9.4%

9.4%

22.3%

13.2%

3.5x

0.7x

2.6%

28.4%

11

Stanbic IBTC Holdings PLC

48.75

0.0%

3.3%

17.5%

19.2%

30.8%

4.1%

9.2x

2.5x

1.0%

10.8%

12

Unilever Nigeria PLC

50.75

-4.2%

3.1%

23.8%

26.2%

19.2%

8.0%

27.2x

3.7x

1.0%

3.7%

13

Guinness Nigeria PLC

97.50

0.0%

2.3%

3.7%

3.7%

15.4%

6.1%

18.6x

2.5x

0.7%

5.4%

14

Lafarge Africa PLC

39.00

-2.5%

1.4%

-13.1%

-13.1%

-36.8%

-7.7%

2.2x

3.8%

-15.8%

4.8%

15

Fidelity Bank PLC

2.28

0.0%

1.1%

-7.3%

-11.6%

10.4%

1.4%

1.8x

0.4x

16

Oando PLC

6.55

-1.5%

1.4%

9.3%

9.3%

10.3%

1.5%

8.1x

0.5x

17

Dangote Sugar Refinery PLC

19.00

0.0%

1.1%

-5.0%

-6.7%

45.0%

20.0%

5.7x

2.1x

13.2%

17.7%

18

Okomu Oil Palm PLC

94.20

4.4%

1.5%

39.2%

39.2%

39.7%

29.4%

9.4x

3.2x

3.2%

10.6%

19

International Brew eries PLC

44.00

0.0%

0.6%

-19.3%

-20.0%

24.6%

7.4%

46.1x

10.5x

20

Flour Mills of Nigeria PLC

31.00

-1.3%

0.7%

6.9%

6.9%

13.1%

3.0%

6.5x

0.8x

3.0%

15.4%

21

Transnational Corp of Nigeria

11.2%

0.6%

0.0%

-1.4%

11.2%

2.5%

8.9x

0.9x

1.4%

-2.4%

0.5%

-16.9%

-16.9%

1.5%

0.6%

22.9x

0.6x

4.6%

0.0%

0.5%

2.0%

-2.5%

-5.8%

-0.7%

-15.9%

-15.9%

25.0%

5.3%

9.3x

2.2x

8.5%

10.7%

38.6%

5.8%

0.9%

4.2x

0.2x

4.6%

23.9%

4.4%

15.2%

2.6%

5.3%

UAC of Nigeria PLC

23

Diamond Bank PLC

1.53

24

Total Nigeria PLC FCMB Group Plc

2.2%

-2.7%

22

25

55.8% 12.3%

1.46 14.05

193.30

0.0%

0.4%

2.19

-3.9%

0.7%

183.00

0.0%

0.2x

4.4% -47.8%

26

11 PLC

0.5%

-6.0%

-6.0%

38.8%

15.7%

6.6x

2.2x

27

Forte Oil PLC

34.05

-4.9%

0.4%

-21.7%

-18.9%

17.6%

1.6%

18.4x

2.9x

28

PZ Cussons Nigeria PLC

19.95

0.0%

0.4%

-3.2%

-5.7%

10.7%

5.0%

18.9x

1.9x

29

Cadbury Nigeria PLC

13.00

0.0%

0.3%

-17.0%

-16.7%

2.0%

0.8%

60.7x

2.1x

1.2%

1.6%

Presco PLC

73.50

0.0%

0.4%

7.3%

7.3%

35.8%

24.8%

3.1x

0.9x

2.7%

32.8%

31

NASCON Allied Industries PLC

22.75

0.0%

0.4%

23.0%

18.4%

52.3%

19.7%

10.7x

4.8x

6.6%

9.3%

32

UPDC Real Estate Investment Tr

10.00

0.0%

0.3%

0.0%

0.0%

0.8x

7.2%

33

Union Bank of Nigeria PLC

5.90

0.0%

0.2%

-24.4%

-21.4%

27.50

0.0%

0.3%

-1.8%

-1.8%

17.3%

1.8%

7.6x

1.2x

3.6%

13.1%

1.36

-1.4%

0.3%

25.9%

20.4%

10.7%

1.0%

4.1x

0.4x

1.5%

24.5%

5.3%

1.1%

8.5x

5.4%

0.6x

11.8%

34

Julius Berger Nigeria PLC

35

Sterling Bank PLC

36

Dangote Flour Mills Plc

10.50

0.0%

0.2%

-13.6%

-13.6%

1.3x

1.9%

37

GlaxoSmithKline Consumer Niger

19.20

0.0%

0.2%

-11.2%

-11.2%

4.4%

2.8%

30.3x

1.3x

39.1%

3.3%

38

Chemical and Allied Products P

36.80

0.0%

0.2%

8.2%

3.1%

66.2%

30.2%

17.2x

11.5x

5.9%

5.8%

39

Beta Glass PLC

86.30

0.0%

0.2%

68.2%

68.2%

17.7%

11.5%

10.5x

1.7x

1.2%

9.5%

40

Transcorp Hotels Plc

7.45

0.0%

0.1%

3.3%

3.3%

5.3%

2.9%

19.5x

1.0x

1.8%

5.1%

T o p 10 G a i n e r s T ic k er

P ric e

T o p 10

T ra de s

0.31

N EM

by V o lum e

P ric e C hg % T ic k er

SOVR EN IN S

Vo lum e

P ric e C hg %

6.9%

3.04

F ID ELIT YB K

26.6

0.0%

H ON YF LOUR

1 9.3

-8.3%

UC A P

1 5.6

2.2%

FB NH

1 0.6

0.5%

N EM

9.3

4.8%

J A P A ULOIL

8.4

0.0%

4.8%

UP L

2.41

4.8%

J A IZ B A N K

0.67

4.7%

EQUIT YA SUR

0.23

4.5%

94.20

4.4%

WA P IC

0.50

4.2%

GUA R A N T Y

7.8

1 .6%

C A VER T ON

2.28

3.2%

WA P IC

7.6

4.2%

OKOM UOIL

CCNN

24.75

3.1%

T R A N SC OR P

6.2

-2.7%

UC A P

3.22

2.2%

ST ER LN B A N K

4.8

-1 .4%

T o p 10 L o s e r s T ic k er

T o p 10

P ric e

P ric e C hg %

2.09

-8.3%

T ra de s

T ic k er

H ON YF LOUR

Ɛ ƌĞŇĞĐƚĞĚ ŝŶ ƚŚĞ ǁĞĂŬĞƌ ƉĞƌĨŽƌŵĂŶĐĞ͕ ŝŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ƐŽŌĞŶĞĚ ƚŚŝƐ ǁĞĞŬ ĂƐ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ ;ĂĚǀĂŶĐĞͬĚĞĐůŝŶĞ ƌĂƟŽͿ ƌĞĚƵĐĞĚ ƚŽ Ϭ͘ϲdž ĨƌŽŵ ϭ͘ϰdž ŝŶ ƚŚĞ ƉƌŝŽƌ ǁĞĞŬ͘ dŚĞ ďĞƐƚ ƉĞƌĨŽƌŵŝŶŐ ƐƚŽĐŬƐ ĨŽƌ ƚŚĞ ǁĞĞŬ ǁĞƌĞ : W h>K/> ;нϮϯ͘ϳйͿ͕ /> ^/E' ;нϭϰ͘ϱйͿ ĂŶĚ E D ;нϭϰ͘ϯйͿ ǁŚŝůĞ ,KEz&>KhZ ;Ͳϭϲ͘ϭйͿ͕ > ^ K ;Ͳ ϭϬ͘ϱйͿ ĂŶĚ EE ;ͲϭϬ͘ϬйͿ ůĞĚ ĚĞĐůŝŶĞƌƐ͘ &ŽůůŽǁŝŶŐ ƐƵĐĐĞƐƐŝǀĞ ŐĂŝŶƐ ƌĞĐŽƌĚĞĚ ŝŶ ƚŚĞ ǁĞĞŬ͕ ǁĞ ĞdžƉĞĐƚ ƚŽ ƐĞĞ ƐŽŵĞ ďĂƌŐĂŝŶ ŚƵŶƟŶŐ ŝŶ ƚŚĞ ĐŽŵŝŶŐ ǁĞĞŬ ĂƐ ŝŶǀĞƐƚŽƌƐ ƐĞĞŬ ƚŽ ƚĂŬĞ ƉŽƐŝƟŽŶ ŝŶ ďĞůůǁĞƚŚĞƌƐ ƚŚĂƚ ŚĂǀĞ ĨĂůůĞŶ ƚŽ ĂƩƌĂĐƟǀĞ ĞŶƚƌLJ ƉƌŝĐĞƐ͘ KƵƌ ǀŝĞǁ ŝƐ ĨƵƌƚŚĞƌ ďƵƩƌĞƐƐĞĚ ďLJ ƚŚĞ ĨĂĐƚ ƚŚĂƚ ƚĞĐŚŶŝĐĂů ĂŶĂůLJƐŝƐ ĂůƐŽ ƉŽŝŶƚƐ ƚŽ Ă ƉŽƚĞŶƟĂů ƌĞďŽƵŶĚ ĂƐ ϭϰͲ ĂLJ Z^/ ĐƵƌƌĞŶƚůLJ ƐƚĂŶĚƐ Ăƚ ϯϱ͘ϭƉŽŝŶƚƐ ǁŚŝĐŚ ŝƐ ŝŶ ƚŚĞ ŽǀĞƌƐŽůĚ ƌĞŐŝŽŶ͘

Price Previous Current Price Change Price Weightin Change Index to Change g YTD Date

1

30

ŽŵĞƐƟĐ ƋƵŝƚLJ DĂƌŬĞƚ͗ zd ZĞƚƵƌŶ ^ůŝƉƐ ĂĐŬ ŝŶƚŽ ƚŚĞ ZĞĚ

Monday, June 25, 2018

N EIM ET H ET ER N A

0.57

-5.0%

6.75

-4.9%

34.05

-4.9%

LIVEST OC K

0.79

-4.8%

UA C -P R OP

2.01

LEA R N A F R C A

1.51 50.75

FCM B VIT A F OA M

FO

UN ILEVER

Value

by V a lue P ric e C hg %

GUA R A N T Y

31 6.9

1 .6%

D A N GC EM

245.7

-2.3% -1 .3%

F LOUR M ILL

1 23.2

FB NH

1 1 2.4

0.5%

Z EN IT H B A N K

1 07.2

0.8%

-4.7%

F ID ELIT YB K

60.6

0.0%

-4.4%

UC A P

50.0

2.2%

-4.2%

H ON YF LOUR

41 .6

-8.3%

2.19

-3.9%

N A SC ON

31 .8

0.0%

3.06

-3.5%

NB

31 .8

-1 .3%

ÝŘɚsǣǼŎsŘǼ NJsǣs NjOÌ

DNjŸĨsNj ¶s ɴŸ_sĠÞ rEŸ ʿ sEŸ˔ ¯NjÞŘɚsǣǼʳOŸŎ

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DŸĶ ĠÞ ® ĠsŘɴŸ ʿ E¯ ĠsŘɴŸ˔ ¯NjÞŘɚsǣǼʳOŸŎ

rNjŸŘŎŸǣsĶs ʊÞE ʿ s ʊÞE ˔ ¯NjÞŘɚsǣǼʳOŸŎ

35

˾ MONDAY, JUNE 25, 2018

MARKET NEWS

Cordros Asset Management Lists Benefits of Milestone Funds Goddy Egene Investors who are saving towards a goal now have a big opportunity to realise such goals through the Cordros Milestone Funds 2023 and 2028 which are target-date funds. A targetdate fund is a fund offered by an investment company that seeks to grow assets over a specified period of time for a targeted goal.

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

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

Cordros Asset Management Limited, which is a subsidiary of Cordros Capital Limited(CCL), is pioneering the offering of these funds in Nigeria through The Cordros Milestone Funds 2023 and 2028 that opened for subscription last week and will close on July 27, 2018.

Speaking on the benefits of the funds in Lagos last Friday,

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

the Chief Executive Officer of CAML, Leye Adekeye said at different stages in life, we make plans and take decisions about family, career, business, travel, education and others things we care about things that matter which are our milestone goals.

“Choosing the right investments in achieving our milestone goals matter.

It can be difficult to decide which investment is right for your goal(s) ,when to start investing towards that goal

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 21Jun-2018, unless otherwise stated.

can also be hard to determine.

What about crafting the right goal based plan and actually sticking to it. With target-date funds, the decision of how to invest for milestone goals is not difficult. You simply invest in the fund closest to the time when you want to utilise your funds,” he said.

According to him, the Cordros Milestone Funds floated for investors who: want to hedge their savings from the eroding effects of inflation; have a medium risk appetite in the short term

with five and/or 10 year investment goal horizons and require little liquidity from the fund.

“The Cordros Milestone Funds are a simple way to save and invest towards a goal. They have a real inflation hedge advantage over typical savings instruments; They have minimum investment requirements and embedded with a goals based financial plan and professional management,” Adekeye said.

The Group Managing

Director of CCL, Wale Agbeyangi had said The Cordros Milestone Funds 2023 and 2028 are the first set of target-date mutual funds to be launched in Nigeria. This represents a significant achievement for not just Cordros but the entire capital market. The funds aimed at providing products which cater to the retail segment of the economy.

These are specially designed to provide for individuals and corporations saving towards a ‘target,” he said.

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 185.07 186.72 4.39% Nigeria International Debt Fund 245.66 247.35 6.54% 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 1.57% ACAP Income Funds 0.65 0.65 7.10% 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 13.13% 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 19.32 19.90 5.74% ARM Discovery Fund 408.91 421.24 5.10% ARM Ethical Fund 29.29 30.17 7.20% ARM Money Market Fund 1.00 1.00 13.12% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund N/A N/A N/A Paramount Equity Fund N/A N/A N/A Women's Investment Fund N/A N/A N/A CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 13.38% 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 12.77% Coronation Balanced Fund 1.14 1.17 8.75% Coronation Fixed Income Fund 1.13 1.16 8.88% FBNQUEST ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund 1,165.22 1,165.91 7.79% FBN Heritage Fund 147.79 149.06 6.10% FBN Money Market Fund 100.00 100.00 12.87% FBN Nigeria Eurobond (USD) Fund - Institutional $111.78 $112.29 1.45% FBN Nigeria Eurobond (USD) Fund - Retail $111.64 $112.14 1.43% FBN Nigeria Smart Beta Equity Fund 177.14 179.84 10.17% 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 3.06 3.06 6.21% 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 3,177.89 3,209.43 6.42% Coral Income Fund 2,639.16 2,639.16 7.84% 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 13.09% Nigeria Entertainment Fund 103.25 104.31 3.32% 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 12.87% Vantage Balanced Fund 2.17 2.19 2.85% Vantage Guaranteed Income Fund 1.00 1.00 15.54% Kedari Investment Fund (KIF) 120.41 120.77 4.69%

LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.19 1.21 4.09% Lotus Halal Fixed Income Fund 1,073.18 1,073.18 6.42% 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 13.68 13.78 4.04% Meristem Money Market Fund 10.00 10.00 11.13% 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 12.92% PACAM Fixed Income Fund 11.78 11.85 6.74% PACAM Money Market Fund 10.00 10.00 12.12% 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 131.27 133.42 1.87% 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 7.24% 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 2,387.77 2,407.14 6.44% Stanbic IBTC Bond Fund 186.38 186.38 5.63% Stanbic IBTC Ethical Fund 1.05 1.06 4.46% Stanbic IBTC Guaranteed Investment Fund 237.61 237.67 7.90% Stanbic IBTC Iman Fund 184.80 186.78 3.16% Stanbic IBTC Money Market Fund 100.00 100.00 12.27% Stanbic IBTC Nigerian Equity Fund 9,879.03 10,013.55 2.16% Stanbic IBTC Dollar Fund (USD) 1.10 1.10 3.47% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.32 1.33 -1.59% United Capital Bond Fund 1.66 1.66 5.74% United Capital Equity Fund 0.96 0.98 4.43% United Capital Money Market Fund 1.00 1.00 12.51% United Capital Eurobond Fund 106.42 106.42 3.42% United Capital Wealth for Women Fund 1.14 1.15 5.05% 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 13.13 13.32 4.94% Zenith Ethical Fund 13.82 13.97 5.19% Zenith Income Fund 20.38 20.38 7.68% Zenith Money Market Fund 1.00 1.00 12.48%

REITS NAV Per Share

Yield / T-Rtn

11.41 136.09 103.70 51.30

1.01% 2.74%

Bid Price

Offer Price

Yield / T-Rtn

12.35 152.34 112.25

12.45 155.51 114.29

1.88% 6.63% 2.72%

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

0.92%

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

N/A N/A N/A N/A N/A

N/A N/A N/A N/A N/A

N/A N/A N/A N/A N/A

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

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MONDAY JUNE 25, 2018 ˾ T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Saudi Arabia Becomes Last Country to Allow Women to Drive Saudi Arabia became the last country in the world to allow women to drive after it lifted the ban on female motorists on Sunday. “Now every woman has the right to drive a car anywhere in the kingdom,” state broadcaster al-Ekhbariya quoted traffic authorities spokesman, Colonel Samy bin Mohammad, as saying on Sunday. The Crown Prince Mohammed bin Salman had announced the lifting of the ban last year.

Prior to last year’s royal decree, Saudi Arabia was the only country in the world that did not allow women to drive. Critics, however, note that activists who fought for the right to drive are still in prison.

Saudi Arabia, which has some of the world’s tightest restrictions on women, started issuing its first driving licences for female motorists earlier this month. On Thursday, it launched a three-day campaign, called “place your trust in God and drive”, to educate women on driving and raise awareness about safety regulations. Activists in the region welcomed the lifting on the ban but cautioned that there were still many hurdles for women wanting to get behind the wheel. “This is a very good step, but of course, there are so many challenges that women are facing now with the lifting of the ban,” said Middle East consultant for the Equality Now, a non-governmental organisation,

Suad Abu-Dayyeh.

“The fees for having lessons are six times more than men,” Abu-Dayyeh told Al Jazeera from Jordan’s capital, Amman. “This is one of the restrictions and this makes women not being able to access driving licenses in a fast way, in addition to the limited driving schools in Saudi Arabia.”

Women’s efforts to overturn the driving ban in a country go back decades.

In 1990, more than 40 women drove their cars in the capital, Riyadh – the first public demonstration against the prohibition. In 2007, activists submitted a petition to the then-King Abdullah, asking for the right to drive. The next year, one of those activists – Wajeha al-Huwaider – made a film of herself driving and posted it online. Dozens of women followed suit over the next few years.

In a reversal of the long-standing rule, King Salman bin Abdulaziz Al Saud signed a royal decree in September 2017 that said women would be allowed to drive “in accordance with Islamic laws”.

The move was described as being part of the crown prince’s reform drive.

But the arrest of women’s rights activists over the past few weeks has dampenedthemoodamongobservers and citizens alike and cast doubt over Riyadh’s commitment to effecting change as part of its so-called Vision 2030 economic reform programme.

The prominent activists had long been advocating an end to the ban on Saudi women driving and the abolishment of the male guardianship system. They were branded threats to national security and accused of being foreign agents. They face up to 20 years in prison if convicted.

“These women have been known for years for campaigning and not for trying to harm the interests of the country,” saidAbu-Dayyeh, calling for their release. “Nobody knows where they are now, whether they have access to lawyers, whether they have access to justice, and we are really very much concerned about their lives and what’s going on with them.” Human RightsWatch(HRW)saidinastatement the reason for the arrest was to silence the women and prevent others from participating in activism.

“Back in September, around the time of the announcement that the driving ban would be lifted, authorities called Saudi women activists and told them not to speak to the media. The purpose seemed to be to ensure that the crown prince, Mohammed bin Salman, would get all the credit,” the statement said.

“When Saudi women get behind the wheel Sunday, we must remember the true champions behind this reform who are languishing in prison or silenced,” HRW continued.

“The crown prince may claim credit, but the rest of the world needs to let him know it is not deceived.”

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MONDAY JUNE 25, 2018 ˾ T H I S D AY

49

NEWS IPI Demands Probe of Death of Three Nigerian Journalists

Group News Editor Ejiofor Alike

Email Ejiofor.Alike@thisdaylive.com, 08066066268

Saraki urges media to fight against oppression Deji Elumoye and Olawale Ajimotokan in Abuja The International Press Institute (IPI) General Assembly at the weekend urged the Nigerian Government to expedite investigations and bring to justice, the killers of three Nigerian journalists, who died in 2017.

This is coming as the Senate President, Dr. Bukola Saraki, has challenged the media to be open and strive to ensure that the powerful does not oppress the weak.

IPI’s request was among the four resolutions unanimously passed by the global network of editors, media executives and leading journalists at the end of the 67th IPI World Congress in Abuja.

They also urged action on press freedom issues in Africa and Turkey.

The three slain journalists were Famous Giobaro of Bayelsa State-owned radio station—Glory FM 97.1; Lawrence Okojie of Nigerian Television Authority (NTA) Benin and Ikechukwu Onubogu of Anambra State Broadcasting Service (ABS).

Their deaths are still under investigation by the authorities.

Giobaro was shot dead on April 16, 2017, while Okojie was shot dead while returning from work on July 8, 2017.

Onubogu, a camera man, was found dead four days after he was reported missing on November 12, 2017.

The Minister of Information, Lai Mohammed, had denied report by the Committee to Protect Journalists (CPI) about the plight of another journalist, Clement Abiri, who has been in detention for several weeks.

The minister alleged that Abiri, purportedly being referred to by

CPI, was not a journalist, but a pipeline vandal.

IPI said it was disturbed by the killing of several journalists in Africa in apparent retaliation for their work in recent years The body also urged African Governments to ensure that those who commit crimes against journalists do not enjoy impunity and ensure that courts and law enforcement authorities are capable of ensuring justice.

In addition, the General Assembly urged governments in Africa as well as the African Union (AU) to take robust action to ensure the protection of journalists in conflict zones and to repeal laws that are being used to prosecute them.

Five journalists have been killed in Somalia since 2016 as a result of the ongoing conflict there, according to IPI’s Death Watch.

The body called on African governments to release all journalists imprisoned for exercising their right to freedom of expression and drop all charges against them and end impunity for crimes committed against journalists.

It also called for guarantee for press freedom, independent journalism, respect for the rule of law, provision of safety training to journalists and arrangement for health and life insurance to journalists at discounted rates.

IPI expressed concern that the space for press freedom is fast shrinking on the continent, with governments and politicians using archaic laws as well as new measures to silence critical voices and independent media.

It cited emerging threats to press freedom in Africa and other parts of the world to include attempts by governments and politicians to

NAF to Rid Benue of Criminal Gangs George Okoh in Makurdi The Chief of Air Staff, Air Marshal Sadique Baba Abubakar has disclosed that the Nigerian Air Force (NAF) is committed to rid Benue State and other states of criminal gangs.

Abubakar made this commitment at the NAF Base in Makurdi at the weekend, during his operational visit, following the numerous security challenges that have plagued the state recently and also to inaugurate some projects. “l wish to restate our commitment to ensure that Benue State and the country at large is rid of all forms of security challenges that hinder our economic, social and cultural well-being,” he said.

Speaking further on the security situation in the state, Abubakar said the NAF had actively participated in the efforts to curb the challenges with the deployment of over 1,000 troops and 300 Special Forces

to Nguroje, Agatu and Doma communities in the state.

He disclosed that the deployment of two F7, two Mi-35 helicopters, one ATR and one 350/ King Air surveillance aircraft to participate in ‘Operation Whirl Stroke (OPWS)’ targeted at checkmating the farmers/herdsmen clashes attested to the NAF’s commitment to the protection of the citizens and their property, throughout the length and breadth of the country.

He added that the Mi-35P that joined in the operation shortly after its induction yesterday, is the overhauled aircraft that was formally returned to NAF, two weeks ago.

“The induction of the Mi35P into the theatre of OPWS and the commissioning of various projects in NAF Base Makurdi is a clear testimony of the NAF intent to increase presence in Benue State and add value to people of the state,” Abubakar added.

harass journalists by smearing critical coverage as “fake news” and new laws related to digital communication, which would effectively silence government critics.

The Congress elected Markus Spillmann of Switzeland’s Neue Zurcher Zeitung as the 34th Chair of IPI Executive Board to replace John Yearwood, who served two terms.

Speaking at the IPI dinner, Saraki stressed that the press now more than ever should strive to defend freedom globally.

He opined that the media must

be a defender of values by standing for rights and for openness.

While submitting that the media cannot allow itself to be complicit when false claims that could heat up the polity or set different groups against each other are made, Saraki added that it behooves on the media to expose the false claims by availing the public with verifiable facts.

Saraki further identified some of the challenges facing the media to include the rise of social media and the internet, as well as the mode of relaying news to an audience whose preference for

receiving news is also changing by the day.

Describing the media as a galvanising artery that holds the world together, the Senate president expressed appreciation to the media for its steadfastness and courage, notwithstanding the deprivation experienced by the journalist in his pursuit of people’s right to know.

Saraki also called on the media to be objective in its reportage of the February 2019 general elections in the country.

“As Nigeria heads into the 2019 election year, we plead with the

press-national and international - to maintain objectivity at all times in their reporting. I say this because there can be no democracy without credible elections and if we get the election right, then we have a better chance of making a stronger society,” he said.

The Senate president also expressed the commitment of the National Assembly towards upholding press freedom, adding that “the 8th National Assembly will continue to support and ensure a free and vibrant press capable of playing its part in strengthening democratic norms.”

CONGRATULATIONS

All Progressives Congress (APC) National Leader, Senator Bola Ahmed Tinubu (right), congratulating the newly-elected National Chairman of the party, Adams Oshiomhole, during the swearing-in ceremony of Oshiomhole after his election at the Eagle Square, Abuja... yesterday

Power Supply Remains at 3,278MW Despite Repairs of Gas Pipelines Sector’s 2018 financial losses now N227.793bn Chineme Okafor in Abuja The total volume of electricity generated for transmission and distribution in Nigeria has remained low at 3,278 megawatts (MW) despite the completion of the repairs of gas pipelines ruptured last week, a daily report of the sector’s operation from the Office of the Vice President, Prof. Yemi Osinbajo, has shown.

Obtained from the Advisory Power Team of the vice president yesterday in Abuja, the report which was for June 23, 2018, also indicated that the total amount of estimated revenue the sector lost between January 1 and June 23, on account of sundry operational constraints was N227.793 billion.

However, for the June 23, it noted that N1.658 billion was lost by the sector.

The Transmission Company

of Nigeria (TCN) had recently disclosed that the total volume of electricity generated and distributed had dropped by 1,087.6MW, stating in a statement from its General Manager, Public Affairs, Mrs. Ndidi Mbah, that six power plants which generate electricity with gas were shut down because gas supplies to them were cut off.

According to Mbah, the affected power stations were Ihovbor, Azura, Omotosho, Geregu, Olorunsogo, and Sapele. Gas supplies to all of them, she said were affected by a rupture on the gas pipeline of the Nigerian Gas Company (NGC).

She also said a technical issues experienced by Shell at its gas well had affected supply of gas to its Afam VI power plant, adding that Egbin power plant also generated just about 60MW of electricity

on account of this.

The TCN later said in a separate statement that electricity generation and supply could return to the levels they were before the gas supply challenge.

It said an indication that gas supply to the plants had improved was the increase in power generation to 3,876.9MW on Monday, June 18, as reported by its National Control Centre (NCC).

However, the report from the advisory power team stated: “On June 23, 2018, average power sent out was 3,278MWh/hour (down by 649.96 MWh/h from the previous day. 1,529.5MW was not generated due to unavailability of gas; 47.7MW was not generated due to unavailability of transmission infrastructure; while 1,686MW was not generated due to high

frequency resulting from unavailability of distribution infrastructure.”

It further explained that: “190MW was recorded as losses due to water management.”

The power sector, the report noted, “lost an estimated N1, 658,000,000 on June 23, 2018, due to insufficient gas supply, distribution infrastructure and transmission infrastructure.”

Continuing, the report stated that the dominant constraint for the sector on June 23, 2018 remained the unavailability of distribution infrastructure which it said resulted to a total of 1,686MW not available to the grid.

On the sector’s accumulated losses so far, it said: “Estimated amount lost to insufficient gas supply, distribution, transmission and water reserves to date in 2018 is N227,793,000,000.”

50

MONDAY JUNE 25, 2018 ˾ T H I S D AY

NEWSEXTRA

FG Deploys AIG to MMIA over Terror Threat NCAA defends figures on 2017 air passenger traffic, revenues Chinedu Eze In response to the recent terror threats in the country, the federal government has deployed an Assistant Inspector General of Police (AIG), Mr. Danjuma Muhammad, to take charge of affairs at the Murtala Muhammed International Airport (MMIA) Police Command in Lagos.

This development is coming as the Nigerian Civil Aviation Authority (NCAA) has reaffirmed the sanctity of the recently released

2017 statistical data on the aviation industry on passenger traffic and revenues earned by both domestic and international airlines.

A Commissioner of Police (CP) had always been appointed in the past to take charge of the airport.

A commissioner of police, Mr. Abdullahi Ali, had just retired and would be replaced by Muhammad.

THISDAY gathered that the security of the airport is critically important to government, and that explained the move by the

Ex-militants Back Dokubo, Caution against Recall of Scholars Emmanuel Addeh in Yenagoa A group of ex -militants’ leaders from the nine states of the Niger Delta under the first phase of the Presidential Amnesty Programme at the weekend declared their support for some positive changes under the Prof. Charles Dokubo-led leadership of the amnesty programme.

The former warlords have however, cautioned against the planned recall of some beneficiaries of the scholarship under the amnesty initiative, stressing that it was not in the best interest of the youths of the region.

They urged Dokubo to reconsider the plan, noting that “the decision should be rescinded and the programme implemented to accommodate all students as they are all from Niger Delta, regardless of the suspicion that they were smuggled into the scheme.

“These are scholarship beneficiaries from Nigeria Delta communities that were impacted in one way or the other by the contentious issues in the region,” the ex-militants said.

The leaders of the groups from the nine states include: Ezekiel Akpasbowei, Henry Benedodoghe, Gravilla Egbela and Franklin Duduku.

Others who were at the meeting where the decisions were reached at the residence of Wilson Clifford known along the creeks as ‘Gen’ Pastor Reuben were Igwu Emeka, Nico Sintei, Chief Omoh

Tonwerighe and Andrew Voko.

At the meeting, the former militants agreed that there was “a new lease of life and improved way” of handling the affairs of the amnesty programme since the coming of the new boss, stating however, that Dokubo must work closely with the leaders of the ex-militants’ groups to sustain the current peace in the region.

“We, the ex-agitators also want the coordinator to lend a listening ear to the voices of leaders of the militants on the best ways to handle issues of amnesty, particularly on their welfare,” the ex-militants said .

The ex-militant leaders also urged the coordinator to intervene and prevail on the Niger Delta Development Commission (NDDC) and the Ministry of Niger Delta Affairs to assist in the needed development of the region.

Explaining the decision to pass a vote of confidence on Dokubo, the group said it was based on his new style of leadership that has injected new life into the activities of the amnesty office.

“We have thrown our support behind the recent leadership of the amnesty office and as such we note that the new leadership has brought a new lease of life and quality to bear in the handling of the affairs of the programme,” they said.

The ex-militants leaders urged politicians to desist from igniting unnecessary fire in the region thereby halting economic activities to the detriment of the entire country.

THISDAY Newspapers Limited was one of the organisations honoured during the New Century Awards of Service and Report of Stewardship for 2017-2018 Lions year organised by International Association of Lions Clubs District 404B2, Nigeria held during the weekend in Ikeja, Lagos.

The award for THISDAY, received by our reporter, was in recognition and appreciation of the paper’s distinguished support and meritorious service rendered to the District 404B2, Nigeria during its 2017-2018 service year.

Speaking during the event, the District Governor, Lion (Chief) Ayobola Samuel said, “My heart is full of gratitude to God almighty for seeing us through to the end of 2017-2018 Lions”.

“It was a remarkable year that we can claim with every

sense of modesty that we tried our best to make impact in the communities within our district.

My gratitude will however be incomplete if I fail to say thank you to all of you who made this happen,” he said.

He said the event was meticulously put together to appreciate those who have added value to his administration one way or the other.

“Let me hasten to add that what we are trying to do is to give a token of our appreciation as there is no way we can adequately appreciate you for the valuable time, talent and treasure that you invested just for us to succeed and make impact,” he added.

While thanking God for a successful term, Samuel congratulated the newly elected leaders and also urged them to do their best in the coming year as they mount the leadership of the club.

themselves within the airport environment, and threatened them with prosecution if apprehended.

On the threat by terrorists, he said Muhammad assured travellers and other airport users that adequate measures had been put in place for their safety and security.

“The command is working with the Federal Airports Authority of Nigeria (FAAN) and other sister security agencies to ensure that our airport is safe. Our advice is that travellers and other airport users should remain vigilant, law abiding and also comply with the new security measures at the airport environment, “Alabi said.

In another development, the NCAA has defended the sanctity of the recently released statistical data on the aviation industry on passenger traffic and revenues.

In a recent presentation at the Aviation Round Table (ART) breakfast forum in Lagos, the regulatory authority said domestic and international airlines operating in Nigeria sold tickets worth N505.2 billion in 2017.

The regulatory body said it arrived at the figures after

harmonisation with FAAN and the Nigerian Airspace Management Agency (NAMA), which also keep record of passenger movement and revenues generated.

In a statement issued on yesterday in reaction to the doubts on the authenticity of the figures by industry stakeholders and signed by its spokesman, Sam Adurogboye, NCAA said the figures released were verifiable and no amount of push and shove “can cast aspersion on the agency’s figures.”

“The system and processes of generating and gathering data are in line with best practices and international standards. All stakeholders and the public are therefore advised to resist all attempts to create confusion and cast doubts on the figures. This is clearly a result of crass ignorance and the purveyors being too clever by half,” the agency said.

It explained that the process of generating data is as stipulated in the Nigerian Civil Aviation Regulations (Nig.CARs) 2015 Part 18.12.5, which states that “all domestic and international airlines operating in Nigeria shall

forward to the Authority through an electronic platform provided by the Authority, all relevant documents such as flown coupons, passenger or cargo manifests, air waybills, load sheets, clients’ service invoices and other documents necessary for accurate billing within 48 hours after each flight.”

In addition, as part of the billing requirements, the Authority said it collects billable data from airlines, photocopy of flown coupons and Post Departure Manifest (PDM) of international flight operations.

“All these are International Air Transport Association (IATA) documents which NCAA cannot influence,” the statement said.

According to the agency, “The Flown Coupons contain specific information required by IATA before billings are done and issued.” “These are Ticket Number, Name of Passenger, Ticket Sales Charge (TSC). It is noteworthy that the prerequisite NCAA 5 per cent TSC paid by passengers is indicated on the ticket. These data are warehoused by NCAA and can be verified,” NCAA said.

NEW POWER PROJECT

R-L: Secretary to the Government of the Federation (SGF), Boss Mustapha; Chief Executive Officer, Ebonyi Independent Power Project (EIPP)/Manox Integrated Limited, Terry Moreland; Chairman, Duze Theobald; Vice Chairman, Ituah Ighodalo, and Project Solicitor, Cyril Ayemere, when officials of the company visited Boss in Abuja…recently

Kwankwaso: Why I shunned APC Convention Ibrahim Shuaibu in Kano

THISDAY Gets Lions’Award Mary Nnah

authorities to the assign a superior officer in the face of threats by the Islamic State of Iraq and Syria (ISIS) to carry out attacks on the air transport sector.

Spokesman of the command, Deputy Superintendent of Police (DSP), Joseph Alabi, confirmed the development to journalists yesterday in Lagos.

Alabi said the deployment of AIG to take over the helms of affairs at the country’s busiest airport was aimed at improving safety and security of travellers and other airport users, adding that Muhammad is an experienced officer who has served in many commands and formations prior to his transfer to the Lagos airport.

“The transfer of a very senior ranking officer to the airport command is very strategic and the objective is to ensure that nothing untoward occurs here.

The AIG has since assumed duties and has warned officers attached to the command that he would not tolerate laziness, idleness and dereliction of duties,” he said.

Alabi said the AIG had also issued a warning to touts parading

A former Governor of Kano State, Rabiu Kwankwaso, has explained his absence at the convention of his party, the ruling All Progressives Congress (APC), saying: “Our presence would have created embarrassments and a lot of friction” at the venue.

“I wish to inform the

leadership of the party and the public that we had wanted to be part of the national convention but regrettably all the congresses that we conducted at the wards, local government councils and at the state level were not recognised by the outgoing National Executive Council of the party.”

Kwankwaso in a statement in Kano yesterday revealed that

“Therefore, I felt that presenting ourselves at such an important event will not be in the overall interest of the entire convention; that is assuming, we are allowed access into the convention ground”.

“Because there are high chances that our presence could create embarrassments and a lot of friction similar or even worse than what

occurred in the pavilions of delegations from Imo and Delta States during last Saturday’s convention. However, as the new EXCO settles to start the efforts of uniting the party we wish you the very best,” he said.

The former governor visited the former Vice President, Atiku Abubakar in his Abuja residence.

Anti-Grazing Bill Passes Second Reading in Kogi, Says Speaker Adedayo Akinwale in Abuja The Speaker of the Kogi State House of Assembly, Hon. Mathew Kolawole, has revealed that the anti-grazing bill before the state House of Assembly has passed through the second reading.

The speaker made this revelation yesterday in Abuja at an advocacy roundtable meeting on Kogi State Youth Development Bill, where he assured the state that the bill would be passed into law.

However, despite the state having its fair share of herdsmen attacks that had claimed many lives, the speaker insisted that the state had never recorded any herdsmen attacks.

“I believe in Kogi State so far, so good; we have not recorded herdsmen attacks or Fulani attacks. What we have is communal clash between two communities fighting for either land or traditional titles. I know very sure that before the House of Assembly, we have a bill for Anti-grazing Bill. It

has passed through second reading as well. So, we hope the bill will soon pass through public hearing, it has even been committed to the committee.

We are just waiting to resume from our recess, we will take it up from there,” he said On his part, the Deputy Majority Leader, Hon. Ahmed Mohammed, said that the bill, if passed into law would address violent extremism and unemployment in the state.

He said the importance of

the bill to the state government and the teeming youths of the state cannot be over-emphasised, adding that if assented to, it would develop and empower youths, create more jobs, and also boost internally generated revenue.

Mohammed said the lack of synergy between government agencies was obviously responsible for the high rate of youth unemployment, noting that past governments failed to sustain youth development programmes and activities.

MONDAY JUNE 25, 2018 ˾ T H I S D AY

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Falana Accuses Buhari’s Govt of Human Rights Violations Ugo Aliogo A human rights activist and Senior Advocate of Nigeria (SAN), Femi Falana, has accused the President Muhammadu Buhari-led

government of committing the same human right violation his All Progressives Congress (APC) had accused their predecessor of perpetrating.

In a statement made available

Nasarawa Donates Seven Grazing Reserves to FG for Cattle Ranches Monarch accused of ceding farmlands to herdsmen The Nasarawa State Government has donated all the seven gazetted grazing reserves in the state located at Awe, Keana, Doma, Assakio, Konva, Gitata and Kurudu for the federal government’s ranching programme in the state.

This is coming as the paramount ruler of Akaleku in Obi Local Government Area of the state, Zhe Augustine Alao, has been accused of allgedlly ordering Tiv community in his domain to cede their farmlands to the Fulani herdsmen.

The Secretary to the State Government (SSG), Mohammed Hassan Abdullahi, said in a statement in Lafia that the state government was willing to provide all resources and support to ensure the success of the ranching effort adopted by the federal government.

“The state ministries of agriculture, lands and physical planning, affected local government areas and communities where these grazing reserves are located are to accord all the necessary support and cooperation for the successful implementation of the federal government’s ranching programme in the state,” he said.

In another development, the paramount ruler of Akaleku in Obi Local Government Area of the state, Zhe Augustine Alao, has been accused of allegedlly ordering Tiv community in his domain to cede their farmlands to the Fulani herdsmen.

The Akaleku monarch was accused of giving the order for the ceding of the said farmlands to herdsmen in a statement jointly signed by leaders of the Tiv community in Akaleku, Vandesalen Shie and Moses Andrew, and issued to journalists in Lafia yesterday.

The community also alleged that the Akaleku had recently connived with the Fulani herdsmen and brought in the Special AntiRobbery Squad (SARS) of the police who arrested and detained four members of the community at the State Criminal and Investigation Department (SCID) in Lafia for resisting the takeover of their farmlands by the herders.

The statement listed the names of the detained persons to include Andrew Agah, Ordam Vandesalem, Timbee Vandesalem and Motswenga Vadesalem. “The Tiv community therefore wondered why the Zhe Alao will order us to cede our farmlands to the Fulani herdsmen claiming that we are settlers in Akaleku hence should go back to Benue State; even as we have settled in the area for over a decade,” the statement added.

But when contacted, Alao dismissed the allegation made by the Tiv community, saying it was a complete misinformation.

“I only waded into a land dispute between the Tiv farmers and Fulani herdsmen in my domain,” he said.

yesterday, Falana said before the incumbent government came into power, the APC leaders had continually cried out against the violation of the fundamental rights of their members and other Nigerians.

The senior lawyer said: “The human rights community did not hesitate to take up the complaints of the victims of such abuse of human rights.

“For instance, at the instance of the defunct All Nigerian People Party (ANPP) and other opposition political parties, our law firm challenged the constitutional validity of police permit when the Nigeria Police Force violently disrupted the rally held by the ANPP in Kano in May 2003 to protest against the rigging of the 2003 general elections by the Olusegun Obasanjo regime.

“General Buhari and other ANPP chieftains were tear-gassed and dispersed on the grounds that they had assembled without obtaining a police permit.”

The ANPP is one of the political parties that metamorphosed into the APC in 2014.

“The Federal High Court granted the reliefs sought by the Plaintiffs. In upholding the fundamental rights of Nigerians to freedom of expression and assembly the court declared that police permits for rallies and public meetings were illegal and unconstitutional,” Falana continued.

“The appeal filed against the judgment by the Inspector-General of Police was dismissed by the Court of Appeal which held that police permit was a relic of colonialism, which cannot be justified under a democratic dispensation. On the basis of the verdicts of both the Federal High Court and the Court of Appeal, the National Assembly amended the Electoral Act in 2015 to provide for police protection for Nigerians during demonstrations.”

Falana said the human rights community also won a legal battle against the “reckless arrest” and detention of citizens without trial.

“In addition to the fundamental right of every person to personal liberty guaranteed by Section 35 of the 1999 Constitution as amended, the Administration of Criminal Justice Act, 2015 has made provisions for civilised treatment of criminal suspects in Nigeria.

“Thus, under the current human rights law regime, no citizen shall be detained in any custody beyond 48 hours without a remand order issued by a court of competent jurisdiction.”

Falana’s comments came just as the Committee for the Protection of Journalists raised an alarm over the arrest and detention of a journalist, Jones Abiri, by the Department State Services (DSS) since 2016.

Last Thursday, the president’s

Senior Special Assistant on Media and Publicity, Garba Shehu, defended the DSS’ action saying Abiri is not a registered journalist with any of the media professional bodies in the country.

Shehu said there was no evidence of Abiri belonging to any chapel or membership of the Nigerian Union of Journalists (NUJ or payment of the union’s check-off dues.

“Assuming without conceding that Abiri is a not a journalist, why should he be subjected to indefinite detention and not arraigned in a court of law for alleged economic sabotage?” Falana said.

“Shehu did not refer to any law that compels every journalist in Nigeria to be a member of NUJ.” “The arrest and detention of criminal suspects and law abiding people without court orders has continued unabated,” he said.

“To compound the brazen violations of the human rights of Nigerians to personal liberty, the orders for the release of certain persons made by competent courts have been treated with contempt in defiance of the rule of law.

Curiously, officials of the federal government have continued to expose the country to unwarranted ridicule by defending the illegal detention of citizens without trial.”

On the arrest of Enyinnaya Abaribe, an Abia State senator, over

his alleged links to the Indigenous People of Biafra (IOBP), Falana said it was common knowledge that the senator had stood surety for Nnamdi Kanu, the leader of IPOB. “Since Kanu failed to show up in court, the senator has been asked by the Federal High Court to produce the defendant in the treason charge; the federal government ought to have allowed the law to take its course,” he said.

“However, if there is evidence that the senator has committed any other criminal offence whatsoever he should be arranged in court without any further delay. And if the DSS has not concluded the investigation of the allegations against the Senator he should be admitted to administrative bail, pending his possible arraignment in court.

“In view of the foregoing, I am compelled, once again, to call on President Buhari to direct all security agencies in the country to respect the fundamental rights of every citizen.

“Since the federal government has undertaken to stop impunity and respect the human rights of every person living in Nigeria under the Rule of Law the human rights community should be prepared to halt fascism which has continued to rear its ugly head in the land,” Falana explained.

Court Remands Nigerien BDC Operator in Prison over Alleged N78m Fraud Justice Babs Kuewumi of a Federal High Court in Lagos has ordered the remand in prison, a Niger Republic Bureau De Change (BDC) operator, Mr. Samaila Abubakar, over allegation of fraud to the tune of N78million.

Abubakar was alleged to have obtained the said sum under false pretence.

The court directed that Abubakar be remanded at Ikoyi prison shortly after he pleaded not guilty to a twocount charge of obtaining under false pretence and fraud made against him by the Force Criminal Intelligence and Investigation Department (FCIID) Ikoyi, Lagos, last Friday.

The judge adjourned for hearing and determination of the bail application filed by Abubakar until June 27, 2018.

According to the charge designated, FHC/L/122c/18, it was alleged by the FCIID that Abubakar with an intent to defraud, obtained the said sum from a company, Reddington Nigeria Limited, in September, 2009, under the disguise of giving the company United

States dollars (USD), but converted the money to his personal use.

He was also accused of converting the said sum, which the police said was derived from participation in an organised crime(s), with the aim of concealing or disguising the illicit origin of the money.

The prosecutor, Henry Obasi, an Assistant Superintendent of Police (ASP), told the court that the offences are contrary to sections 1(3) and 15(1)(a)(ii) of Advance Fee Fraud and Other related offences Act, 2006, and punishable under section 15(1) (b) of the Money Laundering (Prohibition) Act, 2011.

But the accused pleaded not guilty to the charge, and following which Obasi prayed the judge to remand him in prison custody pending trial.

However, Abubakar’s lawyer, Adeniyi Quadri, pleaded with Justice Kuewumi to allow him move the defendant’s bail application orally.

The plea was consequently thrown out by the trial court which ordered him to make the request formally.

HONORARY DOCTORATE DEGREE AWARD

L-R: Vice Chancellor, University of Jos, Prof. Seddi Sebastian Maimako; Executive Secretary, National University Commission (NUC), Prof.

Abubakar Adamu Resheed; Executive Vice Chairman/CEO, Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta and Chancellor, University of Jos, His Royal Highness, Oba David Victor Folagbade Olateru Olagbegi III, during the award of an Honorary Doctorate Degree in Science to Danbatta, at the 29th/30th joint convocation ceremony of the university ...recently

Abaribe Arrested for Exposing N30bn Budget Fraud by FG, IPOB Alleges DSS denies family access to senator, says lawyer Deji Elumoye in Abuja Indigenous People of Biafra (IPOB) yesterday alleged that the federal government arrested Senator Enyinnaya Abaribe because he allegedly exposed N30 billion budget fraud perpetrated by the APC government.

This is coming as Abaribe’s lawyer has raised the alarm that the senator has remained incommunicado since he was picked up by security operatives in Abuja on Friday.

IPOB has given the government 48 hours to release the senator as “he did not do anything wrong.”

IPOB described Abaribe as “a patriotic Nigerian, fighting corruption more than those who profess change and claim they are fighting corruption.”

The group warned that “if Senator Abaribe is not released before 6p.m. tomorrow Monday, June 25 (today), it will call for a day of rage against the government of Nigeria and her agents in the Southeast and South-south, pleading with British government and the rest of the civilised world to call Nigerian government to order.”

IPOB in a statement by its Media and Publicity Secretary, Emma Powerful, claimed that “the revelation

by Abaribe remains an indisputable fact that no amount of blackmail with the name of IPOB will ever eradicate.”

According to IPOB, “attempting to use the issue of IPOB agitation to deflect attention away from the real motive behind the public arrest of Senator Enyinnaya Abaribe is a ploy that will not wash off from the public the corrupt activities of APC government and its leadership.

“Every child knows who the real terrorists are in Nigeria. They remain the fourth largest terror network in the world, responsible for large scale ethnic cleansing in the Middle Belt and beyond,” IPOB said.

Meanwhile, Abaribe’s lawyer and Senior Advocate of Nigeria (SAN), Chukwuma-Machukwu Ume, told THISDAY, yesterday that all efforts by the family, his physician and himself to see Abaribe had been thwarted by security operatives.

“We have made all attempts through official channels for his doctor, family members and myself to see him and up till this moment after visiting the DSS headquarters in Abuja to look for him, we still don’t have any information about him since the security people left with him at about 11.30pm after searching his house on Friday”, he further said.

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NEITI Raises the Alarm over Nigeria’s Revenue Losses to Obsolete PSC Terms Chineme Okafor in Abuja The Nigeria Extractive Industries Transparency Initiative (NEITI) has saidNigeria is losing a lot of oil revenue from its continuous use of the deep offshore and inland basin production sharing agreement it signed with oil companies operating in the country.

NEITI also called for an urgent review of the agreements it said was obsolete without further delay, adding that the country was losing revenue by the use of the old agreement.

In a statement from its Director of Communications, Dr. Orji Ogbonnaya Orji, which was sent to THISDAY yesterday in Abuja, NEITI recalled that the deep offshore and inland basin Production Sharing Contracts (PSC) Act of 1993 provided for a review of the terms when prices of oil crossed $20 in real term as well as a review of the terms 15 years after operation of the agreement and five years subsequently.

NEITI, however, observed that Nigeria was yet to adhere to the provisions of the terms even now that the price of oil is revolving around $70 per barrel.

It equally explained that its paper on three years of NNPC’s financial and operations reports, indicated that crude oil production under the PSCs has since overtaken production under the Joint Venture (JV) arrangements.

According to NEITI, PSCs accounted for 44.8 per cent of total oil production within the reviewed period, while JV

contributed 31.35 per cent.

It explained that in 1998, JV operations accounted for over 97 per cent of oil production, while PSCs contributed only 0.50 per cent.

The trend, it noted, continued until 2012 when PSCs accounted for 37.58 per cent, while JVs contributed 36.91 per cent.

“In 2013, PSCs contributed 39.22 per cent while JVs contributed 36.65 per cent; 2014 – PSCs - 40.10 per cent and JVs, 32.10 per cent; 2015 - PSCs - 41.45 per cent and JVs, 31.99 per cent; while in 2017 the contributions stood at 44.32 per cent and 30.85 per cent respectively. NEITI’s major concern is that now that the PSCs account for about 50 per cent of total oil production and major source of revenues, the delay or failure to review and renew the agreement means that payment of royalty on oil production under PSCs would not be made while computation of taxes would be based on the old rates,” Orji explained.

The statement added that the NNPC report showed that international oil companies (IOCs) lifted more crude oil than the government.

“Total lifting of crude oil and condensates was 2.135 billion barrels. Of this sum, IOCs and Independents lifted a total of 1.367 billion barrels, while government’s lifting

by NNPC was 721.16 million barrels. This means that the operators lifted 64.01 per cent of total crude lifting’s, while government through NNPC lifted 33.76 per cent. When expressed in monetary terms,

total government lifting of oil amounted to $35.893 billion while the figure for IOCs and Independents was $68.591 billion,” NEITI added.

According to the agency, one striking feature of the NNPC financial operations report was the disclosure that the NNPC lost the sum of N547 billion in its operation between 2015 and 2017.

“Out of this amount, the NNPC corporate headquarters recorded the highest revenue loss to the tune of N336.268 billion,” NEITI explained, adding that the Nigeria Gas Company (NGC) on the contrary, made a huge profit of N141.324 billion within the period.

NEITI applauded the NNPC for the monthly voluntary disclosures, but noted that its auditors under the EITI framework, have not independently verified the information and data from the reports.

“NEITI has not, except for the year 2015, independently validated the data from NNPC. This will be done in ongoing and future reconciliation reports.

What has been done here is a preliminary analysis of the data that NNPC has made available for the three-year period. The figures examined here do not represent the sum total of all revenues from the sector, as other payment streams like royalties and taxes from JVs, signature bonuses, transportation rental fees, NESS fees, penalties and others are not covered by the NNPC financial and operational reports,” NEITI added.

Suspected Cultists Kill Three Guards in Ondo Monarch’s wife, driver kidnapped James Sowole in Akure Palpable fear has gripped residents of Obaile and environs in Akure North Local Government Area of Ondo State, following the killing of three persons in the last two days by unknown men suspected to be cultists.

In a separate incident, the wife of a traditional ruler, the Alauga of Auga-Akoko in Akoko North East Local Government Area of the state, Mrs. Olukemi Agunloye, was abducted yesterday along with the monarch’s driver.

The victims of the cultists’ attacks who were identified to be security guards in the area, were machetted to death at three different locations at Obaile town.

One of them was killed at a filling station along Akure Airport Road by the assailants.

It was gathered that the assailants did not steal any valuable at the scenes of the killings.

A resident explained that the assailants left their weapons with blood stains at the scenes.

Sequel to the incidents, the police have commenced vigorous patrol of the town.

Confirming the incidents, the state Police Public Relations Officer (PPRO), Mr. Femi Joseph, said no arrest had been made but added that security operatives are on the trail of the suspected assailants.

While urging residents of Obaile to remain calm, the PPRO advised members of the public with useful

information to avail the police to bring the perpetrators of the dastardly act to book.

In another incident, the wife of a traditional ruler, the Alauga of Auga-Akoko in Akoko North East LGA of the state, Mrs Olukemi Agunloye, was abducted yesterday along with the monarch’s driver.

A source said the wife of the monarch and the driver were kidnapped on the road between Auga and Ise Akoko on their way to Ugbe-Akoko in the same local government area.

The traditional ruler of the town, Oba Samuel Agunloye, who confirmed the incident, said a passer-by who saw his abandoned car on the road, contacted him on phone about the abduction.

Tinubu Lauds Court Judgment against Shell on Bonga Oil Spill The Senator, representing Lagos Central Senatorial District and Chairman, Senate Committee on Environment, Oluremi Tinubu, has lauded the judgment of the Federal High Court in Lagos delivered by Justice Olatoregun, upholding the $3.6 billion fine against Shell Petroleum Development Company (SPDC) in respect of the Bonga oil spill of 2011.

In December 2011, during Shell’s exploratory activities within OML 118, the company’s vessel at the Bonga deep offshore field spilled about 40,000 barrels equivalent to 6,400,000 litres of crude oil into the sea. Subsequently, the National

Oil Spill Detection and Response Agency (NOSDRA) levied the sum of $1.8 billion as compensation for damage done to the environment and affected communities, and another $1.8 billion as punitive damages.

However, Shell instituted an action alleging that the agency’s exercise of its enforcement function was in contravention of the provisions of the 1999 Constitution (as amended). ‘‘The decision of the court dismissing the suit and upholding the fine is a victory for our environment and the affected

communities. Beyond ensuring the remediation of these areas, it will also serve as deterrent to other players in the oil sector,” Tinubu said.

She said the judgment would set the trend for punitive measures to international oil companies (IOCs) that operate in contravention of the law and evade liability.

While calling for strengthening of the various institutions, the senator said the ongoing amendment of the NOSDRA Act, if eventually passed, would better position the agency to defend the integrity of the environment as it affects the oil sector.

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Govt Alone Can’t Fund Infrastructure, Says Babalakin Davidson Iriekpen The Pro-chancellor and Chairman of Council, University of Lagos (UNILAG), Dr. Wale Babalakin (SAN), has said the government has no money to build infrastructure.

Babalakin said the notion that Nigeria is a wealthy country is false, adding that the only solution to the country’s infrastructure deficit is for the government to create an enabling environment for private investors to provide the required infrastructure.

This, he said, would be achieved if the government begins to respect the rule of law, adhere to agreements, obey court orders and provide incentives for private investors.

The lawyer spoke in Lagos at the weekend during the 2018 Construction Summit organised by the university’s Faculty of Environmental Sciences.

The summit, themed: ‘Smart Infrastructure for Sustainable Competitiveness’, was chaired

by Babalakin.

He noted that out of the federal government’s N9 trillion budget for 2018, N2.2trillion goes to debt servicing. He said of the remaining N6.8 trillion, about N2.7 trillion was allocated to capital expenditure.

Explaining further, Babalakin said: “If you go by last year’s performance, total capital released was N1.5 trillion. The remaining money went into current expenditure, statutory reserves and

other miscellaneous payments. So the money the federal government can spend on developing the whole nation is N1.5 trillion. This means that N1.5 trillion has to accommodate the serious spending on defence, health and education, among others,” he said.

“For Instance, UNILAG has over 40,000 students. According to the National Universities Commission (NUC), the cost of properly training one undergraduate in a fully accredited course is $3,000. Using a conservative exchange rate of N300 to $1, that is about N1million per student. This implies that UNILAG alone needs N40billion to train 40,000 students per annum. If you multiply this figure by the 40 federal universities in Nigeria, we will be talking of N1.6 trillion. This means that federal universities alone require more than the figure spent last year on capital expenditure.”

Stating that we must learn how to maximize our modest resources, Babalakin said the greatest asset of a nation is its cerebral capacity, adding that we must promote those with enormous intellect.

He said it was regrettable that the government’s failure to abide by the rule of law has slowed down development and scared away many private investors.

Sharing his personal experience on the concessioning of Murtala Muhammed Airport 2 (MMA2), which was built and is being managed by one of his companies,

Bi-Courtney Aviation Services Limited (BASL), the lawyer said 11 years after the concession agreement was signed, a government agency has continued to violate the terms of the agreement by running a parallel domestic aviation terminal in competition with MMA2.

Babalakin said it was sad the government failed to adhere to the rule of law despite various court judgments and the award of N132b as damages against it in 2009.

Explaining his travails further, he said: “Instead of putting pressure on the government to honour the contract agreement, the banks started harassing us to pay their money. In the first sic quarters, we were repaying N1.8billion per quarter to the banks and we were generating N300m. We were losing N1.5billion every three months and we had no public sympathy. So we went to court and the ruling was in our favour. So when AMCON came after us, we said you are an agent of the federal government and those messing up our transaction are agents of the federal government. We took the two of them to court and the court ruled in our favour and toldAMCON to go and collect its money from the federal government.

“MMA2 is over 10 years now and nobody has managed to build a similar terminal. This shouldn’t be the case. For every project you hinder unlawfully, 12 will not come in and the country will not develop,” he added.

Fight for Your Future, Omoyeni Tells Ekiti People The candidate of the Mega Party of Nigeria in the July 14, 2018 gubernatorial election in Ekiti State, Mr. Adebisi Omoyeni has called on the people of the state to fight for their future and that of their children in their choice of the next governor of the state.

He made the call while speaking on a current affairs programme on Progress FM, Ado Ekiti, the state capital.

Omoyeni had earlier interacted with the people at the Redeemed Christian Church of God, Life Fountain Cathedral where he charged worshippers to vote for him as the best among those seeking their votes.

While speaking on the Radio programme, Omoyeni noted that

the economic and social conditions of the state have become so bad that people can only remember what happened in the old Western Region as the time they enjoyed purposeful governance.

“It is sad that when we should be looking at a future that will bring breakthrough in innovation and advancement we are only talking about the glorious past. This election is about fighting for the future of our state and liberating them from retrogression. Ekiti people should vote for a man who will plan for their future and those of their children through qualitative education, good healthcare services and provision of employment so that our young people can earn decent living and live stable life,”

he said.

Omoyeni said his party is focused on reviving Ekiti state across all sectors, adding that the welfare of the people will remain his priorities.

He condemned the ruling Peoples Democratic Party (PDP) in the state for wasting the resources of the state on white elephant projects when workers and pensioners are not paid.

“We have a good that refused to take advantage of various Federal Government initiatives that should alleviate the poor socioeconomic conditions of our people. I want our people to vote for me and my party and i will ensure our people benefit from various development funds created by the Central Bank and Bank of Industry,” he said.

Cross River Ready for Buhari’s SecondVisit Tomorrow, Says Ayade Ahead of President Muhammadu Buhari’s second visit in three years to Cross River State tomorrow, the state Governor, Prof. Ben Ayade, has said everything is in place for the presidential visit.

Ayade stated this yesterday, while speaking with journalists in Calabar, the state capital.

“We are perfectly in order. This is home coming for the president and as far as I am concerned, Cross

River State is ready to receive him.

We are going to him a perfect reception,” Ayade said.

He said the president’s visit, which is the second since assuming the presidency, was an indication of the president’s love for the state and a stamp of approval for his administration’s investments in agriculture. According to the governor, “the first visit of President Buhari was on infrastructure but

this second visit will be agriculture related and it shows consistency and a pass mark on my government.”

During the visit, the president will inaugurate the multi-billion Naira automated rice seeds and seedlings factory in Calabar, reputed to be the first in Africa.

It is also a seed multiplication centre that produces high yielding, disease resistant and vitaminised rice seedlings.

Enugu Governor’s CPS for Burial The remains of Mr. Uwakwe Abugu, the late Chief Press Secretary to Governor Ifeanyi Ugwuanyi of Enugu State will be laid to rest on Friday, June 29, at his hometown in Aguta, Olido, Igbo-Eze North Local Government Area of the state.

The funeral programme announced by the family, in consultation with the state

government, also indicated that his burial would be preceded by a Christian wake on Thursday, June 28 at the same venue.

Abugu died on June 4 after a protracted illness at a hospital in India. His remains arrived Enugu on June 9 via the Akanu Ibiam International Airport, and had since been deposited

at the Nigerian Army 82 Division’s morgue.

He began his journalism career at Minaj Broadcast International and also worked at other media organisations such as Vanguard, Daily Independent, Compass and later New Telegraph from where he was appointed Chef Press Secretary on June 15, 2015.

Ë&#x153; ͺͽË&#x153; ͺ͸͚Î&#x20AC; Ëž T H I S D AY

54

MONDAYSPORTS

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

WORLD CUP 2018â&#x20AC;Ś

JUNE 14 TO JULY 15

Taking Our Chances Will be Key to Win against Argentina, Says Rohr

With less than 24 hours to the final group match against Argentina, Coach Gernot Rohr has admitted that the Super Eagles must be on the attack tomorrow in Saint Petersburg and diligently take the chances that come their way against the two â&#x20AC;&#x201C;time World Cup winners. â&#x20AC;&#x153;Simply put, we must take even half chances, and be on the offensive as much

as possible. Perhaps, a draw could be good to qualify, but we cannot think and play for a draw. Sometimes, when you play for a draw, you get punched in the face late in the day. â&#x20AC;&#x153;It will be a tough game and we must go with a tough mentality from the start to the end.â&#x20AC;?

Super Eagles players and

their coaching crew who arrived in St Petersburg yesterday evening and quartered at Corinthians Hotel are not having any illusions that tomorrowâ&#x20AC;&#x2122;s game will be a piece of cake.

Nigeriaâ&#x20AC;&#x2122;s army is presented with less days to prepare for the game against the South Americans than they had for the second match against

Iceland following the opener against Croatia. There were five days to get ready for Iceland after the loss to Croatia but three days to prepare for Argentina after the win over Iceland.

The Argies have been Nigeriaâ&#x20AC;&#x2122;s perennial Nemesis at the FIFA World Cup. In five previous appearances, the Eagles have had to play Argentina in the group phase on four occasions. It was only in France 1998 that both teams ended up in different sections.

Argentina have won all four, though narrowly. And while bookmakers would be quick to emphasize the gulf in class, Argentina won the last of their two FIFA World Cup titles 32 years ago, and current form (determinable only by recent results) does not present Lionel Messi and company as unbeatable.

In Russia, their opening 1-1

draw with Iceland was followed by a stunning 3-0 lashing by Croatia in Nizhny Novgorod, meaning the Eagles (who got their campaign back on track with a 2-0 win over Iceland in Volgograd) and the Albiceleste arrive the 67,000 â&#x20AC;&#x201C;capacity Zenit Arena on Tuesday via different trajectories.

Skipper Mikel John Obi, defender Kenneth Omeruo, midfielder Ogenyi Onazi and forwards Ahmed Musa and Victor Moses were in the Nigerian squad that lost 2-3 to the Argies in Porto Alegre on 25th June 2014. But the recency factor will mean they all remember how the Eagles bashed the Argies 4-2 in a friendly on Russian soil (Krasnodar) seven months ago.

That match, on 14th November 2017, was also on a Tuesday.

That friendly encounter was the second time that Nigeria would score four goals against

the Albiceleste â&#x20AC;&#x201C; the first was a 4-1 reverse for the South Americans in a friendly in Abuja on the first day of June 2011.

Argentina have never scored four goals against Nigeria at senior level.

Omeruo and Onazi were in the Nigeria U17 team that defeated Argentina during the U17 World Cup hosted by Nigeria nine years ago, and Mikel, Kelechi Iheanacho and Alex Iwobi, who played pivotal roles in the win in Krasnodar, are likely to start for the Eagles on Tuesday.

The encounter at the Zenit Arena will be Rohrâ&#x20AC;&#x2122;s 20th as Super Eaglesâ&#x20AC;&#x2122; Technical Adviser since taking charge two years ago, during which he has lost only two competitive matches.

It will be Nigeriaâ&#x20AC;&#x2122;s 21st match at the FIFA World Cup finals, having won six and drawn three in the previous 20.

KwesĂŠ Unites Nigeria with 2018 FIFA World Cup Premium sports and entertainment broadcaster, KwesĂŠ, is uniting football fans across Nigeria with its multi-platform approach to broadcasting the FIFA World Cup. With KwesĂŠâ&#x20AC;&#x2122;s media rights for the 2018 FIFA World Cup Russia encompassing; Free-to-Air (FTA) television, pay-TV, public viewing, radio and mobile platforms, the broadcaster is captivating football fans across Nigeria.

Football loving Nigerians are spoilt for choice as they can watch the FIFA World Cup at home on terrestrial television via KwesĂŠ Free Sports or in high definition (HD) on the KwesĂŠ TV decoder, as well as on-the-go using either the KwesĂŠ TV Everywhere app, available to only KwesĂŠ TV subscribers, or the KwesĂŠ iflix app which can be accessed by

both KwesĂŠ and non-KwesĂŠ subscribers. Those in transit can also tune to Nigeria Info FM, Wazobia FM and other local radio stations to enjoy commentary in English, Pidgin and local languages.

Furthermore, diehard football lovers who prefer to enjoy the game in the company of others can unite as fans at KwesĂŠ Football Fan Arenas. Thanks to the KwesĂŠ Football Fan Arenas situated across the country, tens of thousands of Nigerians could share in the camaraderie and celebrate the Super Eaglesâ&#x20AC;&#x2122; 2-0 victory over Iceland, last Friday.

Football fans can catch the Super Eagles clash with Argentina on Tuesday 26 June at 7pmat any of the KwesĂŠ Football Fan Arenas situated in major cities across Nigeria including; Lagos, Abuja, Port Harcourt and Calabar. Access to the fan arenas is free.

Ahmed Musa (7) celebrates his second goal against Iceland last Friday

abiodun ajala

Quiet Birthday for Messi as Argentina Thinks about Nigeria Argentinaâ&#x20AC;&#x2122;s superstar footballer, Lionel Messi, was 31 years old yesterday. As usual, the Barcelona forward did not celebrate the day in any special way. It was like any other day at the teamâ&#x20AC;&#x2122;s camp base in Bronnitsy, a city about 54km away from Moscow.

Instead of the usual winning and dinning associated with such special days, the Argentine captain had other things in his minds. Messi and his teammates took to the training pitch at the camp base to perfect their game plan for Tuesdayâ&#x20AC;&#x2122;s win or burst Group D last game with Nigeria at the St Petersburg Stadium.

This particular birthday would have been a sad one for Messi. Nothing anybody would have said or done to bring him out of the melancholy that would have enveloped the five-time world best player if

Iceland had defeated Nigeria in that game in Volgograd Arena last Friday. The defeat would have ended the Albicelesteâ&#x20AC;&#x2122;s quest to qualify from the group to the Last 16 stage of Russia 2018. They would have become the biggest casualty of this edition to crash out at this stage. There would have been uproar in Buenos Aires and other major cities of the South American nation. But Super Eagles did the Argies â&#x20AC;&#x2DC;favourâ&#x20AC;&#x2122; dispatching the Nordic country 2-0 through Ahmed Musaâ&#x20AC;&#x2122;s brace. Momentâ&#x20AC;&#x2122;s after that victory, the Jorge Sampaoli wards and their country folks erupted in celebration almost the same way Nigerians were in jubilant mood.

Messiâ&#x20AC;&#x2122;s obsession with winning the World Cup which is the only major silverware missing from his rich trophy

chest was back on track. It was understandable for Messi and his colleagues to celebrate the lifeline handed out to them by the Super Eagles. After they were held to a one-all draw by Iceland in their opening game and lost 3-0 scandalously to Croatia, a win or draw for Iceland against Nigeria would have been an automatic exit for Argentina with Croatia leading the group on six points and Iceland having minimum four points. There would have been nothing to play for beyond pride for the Albiceleste. But with Nigeria on three points Messi knows Argentinaâ&#x20AC;&#x2122;s fate is still in their hands as they head to the final game on Tuesday. â&#x20AC;&#x153;It means so much because for Argentina the World Cup is special - and for me too.

Iâ&#x20AC;&#x2122;ve always had the dream of watching me raise the World

Cup. And then seeing the emotion that goes with it. â&#x20AC;&#x153;My hair stands on end just thinking about that moment.

It would make millions of Argentines in the world happy.

So we cannot give up on that dream now,â&#x20AC;? said Messi.

He reiterated his earlier stand not to quit the Beautiful Game without lifting the most coveted prize in global football- the World Cup. â&#x20AC;&#x153;I have won all the most important tournaments but I am ambitious to the end. I would not like to retire from active football without being a world champion with my country,â&#x20AC;? stressed the Argentine talisman who was rendered ineffective by a packed Croatian midfield inspired by Luka Modric last Thursday.

Although Argentina has been in turmoil after that defeat

against Croatia, signals coming out of the teamâ&#x20AC;&#x2122;s base camp indicate yesterday that things have returned to normal with the players all focused on the clash with the Super Eagles.

Even the Argentine football federation (AFA) at the weekend issued a statement dismissing insinuations that Sampaoli was on his way out of the team.

Before training yesterday, Sampaoli congratulated Messi on his birthday without further elaboration. Unless there is a change of plan, senior players in the team like Messi and Javier Mascherano are likely to decide the game plan against Eagles. The dressing room revolt against Sampaoli appears real.

Sergio Aguero gave life to this speculation here when he openly dismissed the gafferâ&#x20AC;&#x2122;s tactics that failed against Croatia.

Whether Messi will truly

have the chance to move on to lift the trophy at this edition before taking a bow depends on the outcome of the clash with rejuvenated Super Eagles on Tuesday. If Nigeria succeeds in flying over the South Americans and berth in the Round of 16, it remains to be seen if Messi will have to wait till Qatar 2022 to try out his luck for the last time.

The Barcelona star who will be 35 years in four years time, may not be as sharp as the phenomenon the world has seen since the petit forward started his trophy collection at the global stage with the FIFA Under-20 World Cup in Holland in 2005. Incidentally, it was against Nigeria with Mikel in the team, that Messi picked his first FIFA title. Whether thunder will strike twice depends on the character exhibited by Eagles on Tuesday.

55

T H I S D AY Ëž MONDAY, JUNE 25, 2018

MONDAYSPORTS

W O R L D C U P 2 0 1 8 â&#x20AC;Ś JUNE 14 TO JULY 15

WORLD CUP 2018â&#x20AC;Ś

Senegal, Japan Play Out Draw Thriller as England Wallops Panama Midfielder Keisuke Honda came off the bench to salvage a 2-2 draw for Japan against Senegal, as both teams were locked at the top of Group H following an entertaining encounter yesterday.

But earlier in the day, Englandâ&#x20AC;&#x2122;s young and freeflowing team banished the ghost of past national failures with a record 6-1 thrashing of feeble Panama that included a hat-trick by Harry Kane and eased them into the last 16.

However for Senegal, it was a no retreat no surrender in a match that saw veteran Honda, 32, who became the first Japanese player to score in three different World Cups, replaced Shinji Kagawa in the second half with his team down 2-1 and fired the equaliser in 12 minutes from time after a bad error by Senegal goalkeeper Khadim Nâ&#x20AC;&#x2122;Diaye.

Senegal thought they had claimed all three points as Moussa Wague drilled the ball into the top of the net in the 71st minute to make it 2-1, after Sadio Maneâ&#x20AC;&#x2122;s fortuitous first-half opener was cancelled out by Takashi Inuiâ&#x20AC;&#x2122;s curling shot. But Honda ensured things ended level and deservedly so.

The result leaves both teams, who beat Colombia and Poland respectively in their opening matches, on four points from two games and within reach of a spot in the last 16.

â&#x20AC;&#x153;They were avoidable goals, thatâ&#x20AC;&#x2122;s clear,â&#x20AC;? Senegal coach Aliou Cisse said in a blunt assessment of his defence. â&#x20AC;&#x153;The best team was Japan, we have to admit that.â&#x20AC;? â&#x20AC;&#x153;We didnâ&#x20AC;&#x2122;t play a great game but we didnâ&#x20AC;&#x2122;t lose... I believe... I have confidence. Our team has the quality to face Colombia,â&#x20AC;? he added, looking forward to Thursdayâ&#x20AC;&#x2122;s meeting with the South Americans in Samara. Japan play Poland in Volgograd.

Senegalâ&#x20AC;&#x2122;s back line might have faltered towards the end but they began strongly and their robust defending neutralised any early threat that the Japanese front line posed, allowing their own attackers to push up in numbers.

The Africans went ahead in the 11th minute, although there was an element of luck to their opener.

A poor headed clearance landed right at Youssouf

Sabalyâ&#x20AC;&#x2122;s feet and although goalkeeper Eiji Kawashima managed to parry the defenderâ&#x20AC;&#x2122;s stinging shot from the left, the ball rebounded into the net off Maneâ&#x20AC;&#x2122;s knee.

Japan regained composure and responded with a welltaken goal with their only shot on target in the opening period to level the score at 1-1.

But the Asians were not done and hit back again through midfielder Honda, who collected Inuiâ&#x20AC;&#x2122;s pass and prodded into an empty net after goalkeeper Nâ&#x20AC;&#x2122;Diaye stepped off his line and failed to punch the ball away. â&#x20AC;&#x153;It was a tough match and we knew it was going to be tough,â&#x20AC;? Japan coach Akira Nishino said. â&#x20AC;&#x153;I evaluate it as a very good point. Senegal is a tough team and this result I hope will lead to success in the next match.â&#x20AC;?

GROUP B

Team Spain Portuga Iran Morocco

GROUP C

Team France Denmark Australi Peru

GROUP D

Team Croatia Nigeria Iceland Argentina

GROUP E

Team Brazil Sâ&#x20AC;&#x2122;land Serbia Câ&#x20AC;&#x2122;Rica

GROUP F

Team Mexico Germany Sweden Korea Rep

GROUP G

Team England Belgium Tunisia Panama

RESULTS England 6-1 Panama Japan 2-2 Senegal Poland 0-3 Colombia

GROUP H

TONIGHTâ&#x20AC;&#x2122;S FIXTURES Saudi Arabia Vs Egypt Uruguay Vs Russia Iran Vs Portugal

GROUP A

Team Russia Uruguay Egypt Saudi

England players celebrating one of the goals in the 6-1 massacre of Panama yesterday

Team Japan Senegal Colombia Poland

P 2 2 2 2

W 2 2 0 0

D 0 0 0 0

L 0 0 2 2

GF 7 2 1 0

GA 1 0 4 6

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L 0 0 1 2

GF 4 4 4 1

GA 3 3 2 5

GD 1 1 2 -4

Pts 4 4 3 0

DUROâ&#x20AC;&#x2122;S RUSSIAN NOTESâ&#x20AC;Ś VOLGOGRAD TRAGEDY AVERTED Super Eagles 2-0 defeat of Iceland last Friday would have been dampened by the death of two Nigerians if not for the timely intervention of some compatriots and Russian medics at the Volgograd Stadium. Immediately Ahmed Musa scored the second goal of his brace, Nigerians in the stands erupted in wild celebrations. Some danced and sang to high heavens praising Super Eagles and Musa in particular for the victory.

But unknown to many, death lurked in the waiting to silence us. Some Nigerian fans probably didnâ&#x20AC;&#x2122;t know that the barrier on which they were dancing could no longer carry their weights and within a twinkle of an eye, crashed. Two of them fell into a nearby hard object behind Eagles reserve bench. One of them, the son of a prominent

football personality from Kano passed out and had to be revived with the support of the Russian doctors. The other fellow is still in the hospital and is likely to spend the next three to four weeks there.

POLITICIANS ARE ALSO HERE When I say politicians, I mean APC and PDP members. Yes, they are here at the World Cup and enjoying quality football. Like every other Nigerians who cannot allow the Mundial go without being physically on ground to savour the atmosphere, these men are watching the matches but are monitoring situations back home. Of course, it is no longer news that the list of some of the big wigs who have come and gone is not limited to the Senate President, Dr Bukola Saraki, Works Minister Babatunde Fashola, Governor Akinwunmi

Ambode, Former Governor of Akwa Ibom State, Senator Godswill Akpabio and several others too many to mention here. Our own former Secretary General of the NFF, Sani Ahmed Toro, who was previously in the House of Representatives is making moves to return to the Green Chamber of the National Assembly. NFF Board member and Chairman of the Nation-wide League, Ahmed Muazu Kawu, is also believed to be angling to step up into the Senate from the House of Reps.

RUSSIANS AND BRAZILIANS LOVE NIGERIA

gbam! Iceland fell to the fire-power of Ahmed Musa who incidentally plys his trade with Russian army team, CSKA Moscow. They sang and danced with us. Some even painted their faces in our green and while colours.

Several Brazilians who are also here joined our fans to root for the Super Eagles. Now, the Brazilians are praying that Nigeria defeats Argentina on Tuesday. Are you surprised they are not backing their fellow South Americans against us? Well, the story of the animosity between fans of both countries is not for today.

We are enjoying this support even as some of us keep our eyes on personal effects.

Host country Russia has shown so much love for the Super Eagles and Nigerians here for the Mundial. When Eagles lost to Croatia, they consoled us openly, praying for luck to come our ways in other matches. Then,

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CBN Tennis Tourney Gets Top Players into Action With the qualifying series of the 40th edition of the Central Bank of Nigeria men and women Open Senior Tennis tournament concluded yesterday, action resumes today with the commencement of main draw of the both the menâ&#x20AC;&#x2122;s and womenâ&#x20AC;&#x2122;s singles events.

The men and womens doubles events will also get underway later in the day

just as the Wheelchair tennis event that was introduced few years ago will also see potentials Special athletes in that field also in action from noon at the main court in Abuja.

The Championship which began on Saturday had witnessed some interesting results with some up coming players who were given entrance via the wide card

rules are not leaving anything to chance thereby confirming the earlier position of the technical officials of fierce battle this year.

Women Singles defending Champion Sarah Adegoke still sees herself as the player to beat. According to her, â&#x20AC;&#x153;every player is a potential threat to her tittle defence and I will not underrate anyone in the course of defending my singlesâ&#x20AC;&#x2122;

tittle,â&#x20AC;? she responded yesterday as she gets herself into action later this afternoon.

If junior MaryLove Edward can come from nowhere and beat all her seniors to face me in the 2017 finals, then no player must be seen as a minor anymore and this is a pointed to the fact that the younger players as set to take over by using tournaments like this as

a platform,â&#x20AC;? she pointed out.

Meanwhile, Central Bank of Nigeria Ag.Director Corporate Communications, Isaac Okorafor said this yearâ&#x20AC;&#x2122;s championship which is on-going already would be special as it marks the 40th year of uninterrupted sponsorship of the annual event.

Over 300 players drawn from across the country are participating in the

Championship which servedoff on June 21 at the Package â&#x20AC;&#x2DC;Bâ&#x20AC;&#x2122; tennis courts of the National Stadium Abuja.

The event will end on Saturday and some of the notable players includesformer Champions, Henry Atseye, Christy Agugbom, Shehu lawal, Sarah Adegoke, Nonso Madueke, Blessing Samuel and Aanu Aiyegbusi among others.

Monday June 25, 2018

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Price: N250

MISSILE SERAP to National Assembly “The National Assembly cannot be a joint presenter of the budget and still be in a position to approve it. What we expect is that the legislature must consult with the executive” – SERAP Executive Director, Adetokunbo Mumuni, castigating the National Assembly for injecting 6,403 projects of their own, totaling N578bn into the 2018 budget.

IJEOMANWOGWUGWU BEHIND THE FIGURES

ijeoma.nwogwugwu@thisdaylive.com

Sexing up the Figures M

rs. Kemi Adeosun, Nigeria’s finance minister, was quite pleased to inform the public last week that the federal government had released a total of N1.6 trillion for capital spending tied to the 2017 budget. According to her, the amount was the highest spent by any administration on capital projects. Of the N1.6 trillion, the Ministry of Power, Works and Housing got N523 billion, accounting for 33.10% of total releases, Defence and Security – N197.6 billion (12.50%), Agriculture and Water Resources – N149.5 billion (9.46%), Transportation – N126.3 billion (7.99%), Health and Education – N98.2 billion (6.21%) and Others – N485.7 billion (30.74%).

For those of us in the THISDAY-ARISE Media Group, the minister was not telling us anything new. At our request, she had made the same figures available to Sunday and Daily Desks of the newspaper last month. Indeed, THISDAY, the Sunday Newspaper published a front page story on the information she had made available to the newspaper. I, on the other hand, rejected it on the grounds that the N1.6 trillion lump sum provided by her office was opaque. I told her as much, to which she promised that a detailed breakdown would be made available within a week. Her excuse at the time was that her ministry needed to undertake some reconciliation with the ministries to provide the breakdown that I needed, which I found rather befuddling given that it is the finance ministry that handles the disbursements to all the ministries, departments and agencies of the federal government.

Eventually, it took Adeosun one month to release the same figures to the public, but again fell short of providing a detailed breakdown of what each ministry’s share was of the N1.6 trillion. When I asked her again a few days later why she had failed to provide more information per ministry, her excuse this time was that the releases included figures allocated to the department and agencies under the eight subheads (or ministries) she had provided. My response to her was if her ministry cannot provide the breakdown, she and the federal government which prides itself on fighting corruption and promoting transparency were sexing up the numbers, as there was no evidence that N1.6 trillion had been released to the MDAs. The public, I informed Adeosun, had no way of verifying what each MDA got and would not be able to ascertain if the so-called monies released to them were utilised in accordance with the provisions of the 2017 Appropriation Act. Even on a micro level, the fate of thousands of federal government contractors that are employers of millions of Nigerians is tied to the information or lack there of, provided by her ministry. Besides, the minister’s attempt at putting a spin on the so-called N1.6 trillion as being the highest ever to be released by any administration for capital funding was deceptive. I am

Adeosun

certain she knows that when the same figure is adjusted for inflation, what this administration has supposedly released may not be far off from that of its predecessors, in real terms. Defensively, Adesosun has for the second time promised to be transparent by providing more information on the capital releases from her ministry. On this, we shall hold her to her promise.

Just as disappointing was the absence of information from Adeosun and the Federal Inland Revenue Service (FIRS) recently on why the federal government was so far off from meeting the revenue target of $1 billion (N305 billion) it had set for itself under the tax amnesty programme. When the Voluntary Assets and Income Declaration Scheme (VAIDS) was introduced last year, Adeosun had said that the government had set a preliminary target of $1 billion during the nine months amnesty window given to defaulters to regularise their status and pay their taxes. The scheme, she said, was aimed at ensuring that defaulting individuals and corporates paid their taxes, increasing the tax net, and raising Nigeria’s tax to GDP ratio from 6% to, at the very minimum, match that of other African peers.

But despite all the hype over VAIDS and the three months extension of the amnesty period set to expire on June 30, all the federal government has been able to recover from defaulting tax payers is a mere N30 billion, less than 10% of the target it had set for itself.

To be fair, the government did manage to expand the tax net by 5 million individual and corporate tax payers, but I doubt if the N30 billion recovered would make much of a difference to the tax to GDP ratio, a salient fact it was loudly silent on and the holistic reform measures needed to broaden the country’s tax base.

But it is not just the finance minister that has cultivated the habit of sexing up the figures that it provides to the public.

Her counterparts in the power, works and housing ministry as well as the information ministry – Babatunde Fashola

and Lai Mohammed – equally play fast and loose with the truth in the hope that the public would not notice. Fashola, for instance, has maintained for months that the power stations in the country can generate 7,000MW of electricity, a figure regurgitated

by Mohammed last Thursday in Abuja at the IPI World Congress. The power, works and housing minister equally maintains that the wheeling capacity of the transmission grid has been upgraded to transport the same amount of electricity. However, the distribution end of the chain can only take a load of slightly over 5,000MW, leaving 2,000MW of electricity untilised which could be made available to eligible customers.

Surely, Fashola must know that there are three components of the electricity supply chain – generation, transmission and distribution. As such, if one arm, in this instance the distribution end of the chain, is unable to distribute more than 5,000MW to consumers, there is no way that the generation companies can produce more electricity than the installed capacity of the distribution network. In reality, Nigeria currently has a nameplate capacity of over 11,500MW, but of this amount transmission output only managed to peak at 5,222.3MW on December 18, 2017. Indeed, Nigeria should count itself lucky if the Transmission Company of Nigeria (TCN) and the 11 distribution companies are able to wheel out 4,000MW of electricity to consumers consistently over any given month.

Another notable tall yarn is the one sold

by President Muhammadu Buhari and his agriculture minister Audu Ogbeh, who have both regaled the world with stories on Nigeria’s purported rice revolution. They have told anyone who cares to listen that rice imports into the country have fallen from 644,131 metric tonnes in 2014 to 23.2 metric tonnes in 2017. The federal government has even gone as far as blaming falling rice imports into Nigeria from Thailand for the closure of several rice mills in the Asian country. But contrary to what the Nigerian government would have us believe, available information on the website of the Thai Rice Exporters’ Association shows that global exports of rice from the country have risen from 9.8 million metric tonnes to 11.63 million metric tonnes between 2014 and 2017, with rice imports into neighbouring Benin Republic rising exponentially over the same period from 805,765 metric tonnes to 1,811,164 metric tonnes.

Clearly, the rice being imported by tiny Benin is not meant for the country’s consumption. The bulk of it makes its way to Nigerian markets, and is the main reason locally grown rice remains uncompetitive while the variant produced by Kebbi State for the Lagos State Government continues to be still sold, when it is available, to a negligible number of consumers in Nigeria’s commercial capital at a subsidised price.

Not to be left out, even the president’s media aide Mr. Femi Adesina has tried to put the lie to the unemployment rate in

the country as provided by the National Bureau of Statistics (NBS). Adesina, in an interview conducted by Charles Aniagolu on ARISE News Channel last week, had been confronted on the state of the Nigerian economy, rising poverty and the unemployment rate which stood at 18.8% in the third quarter of 2017. Responding, Buhari’s media aide shockingly informed his interviewer that the figure provided by the statistical bureau only applied to white-collar jobs and not to the informal or agriculture sector where he claimed 7 million new jobs had been created by the administration.

Adesina’s response not only showed how ill-prepared he was for the interview, but how far members of this government would go to misinform the public. Had he bothered to avail himself of the NBS Q1-Q3 Unemployment and Underemployment Report, he would have seen that the agency’s report included unemployment data in the rural areas and for that of the 36 states of the federation and the Federal Capital Territory (FCT). In the quarter under review, the NBS report showed that the total labour force population in the country stood at 85.1 million, of which the urban labour force population was put at 26 million while the rural work force was put at 59.1 million, reinforcing my position on numerous occasions in the past that more than 65% of Nigeria’s work force resides in the rural areas.

The same report went further to show that rural unemployment stood at 16.4%, up by 2.0 percentage points over the previous quarter in 2017 and by 4.6 percentage points over the corresponding quarter in 2016. In urban areas, unemployment was put at 23.4% in the third quarter of 2017. This was 3.2 percentage points higher than the previous quarter and 5.2 percentage points higher than the third quarter in 2016. What this means is that whilst urban unemployment rose faster than rural unemployment, in absolute terms, the rural areas had 9.7 million unemployed dwellers in Q3 2017 while the urban centres had 6.1 million unemployed dwellers during the same period. It should be noted that for the benefit of this article, no mention has been made of the underemployment data included in the same report by the NBS. Should this be added, the figures in absolute terms will be much more alarming than the government and its spin-doctors would ever care to admit.

The problem with all these sexed up figures churned out by the administration is that it is beginning to believe the false narrative that it continues to push out on a frequent basis. Very few Nigerians are challenging it and compelling it to abide by the truth. False narratives, just like fake news, are insidious to a society’s development. They promote individual biases, devalue critical thinking and create a sense of false accomplishment where there are none, inevitably leading to complacency.

We cannot afford to allow this to happen.

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