WEDNESDAY 27TH JUNE 2018

W’Bank, Others Raise $1.57bn for Grid Expansion TCN budgets $65m to procure new SCADA for national grid Clears 655 out of 800 stranded power project containers at ports Chineme Okafor in Abuja The World Bank, African Development Bank (AfDB), Japan International Cooperation Agency (JICA)

and French Development Agency are among some of the multilateral donor agencies that have raised $1.57 billion for the Transmission Company of Nigeria (TCN) to expand

Nigeria’s electricity grid to 20,000 megawatts (MW) within the next four years, THISDAY learnt yesterday in Abuja.

The funds according to the

Managing Director of the TCN, Mr. Usman Mohammed, were raised for the company to implement its Transmission Rehabilitation and Expansion Programme (TREP).

Mohammed said the TREP was initiated and approved by the federal government for the TCN to steadily grow, stabilise and modernise Nigeria’s transmission network so it

can take more electricity from generation companies (Gencos) to distribution networks.

He disclosed this when the Continued on page 8

Crude Oil Prices Rise over Uncertainty on Libyan Crude Exports… Page 8 Wednesday 27 June, 2018 Vol 23. No 8469. Price: N250

www.thisdaylive.com TR

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Concerns Mount over Lack of Board for SEC

Goddy Egene

AS YOUR LORDSHIP PLEASES...

L-R: Sokoto State Governor Aminu Tambuwal; Chief Justice of Nigeria, Justice Walter Onnoghen; Bauchi State Governor Mohammed Abubakar; and Speaker of the House of Representatives, Hon. Yakubu Dogara, during the inauguration of new justices of the Federal Capital Territory High Court in Abuja… yesterday

Operators in the Nigerian capital market have continued to express dissatisfaction over the prolonged delay by the federal government in reconstituting the board of the Securities and Exchange Commission (SEC), almost three years after the previous board was dissolved.

The operators stressed that in order to ensure improved regulation of the market as well as the attraction of more investments into the economy, there was need to inaugurate Continued on page 10

US Condemns Middle Belt Killings, Expresses Concern over Rising Violence Attacks in Zamfara more than Plateau and Benue, says Buhari Osinbajo pledges N10bn for Plateau victims Oshiomhole demands overhaul of security architecture Ezekwesili marches on Aso Villa, accuses president of bias Omololu Ogunmade, Onyebuchi Ezigbo, Olawale Ajimotokan in Abuja, Seriki Adinoyi in Jos and George Okoh in Makurdi United States yesterday strongly condemned last weekend’s gunmen attacks

on three local governments in Plateau State, during which over 100 people, including women and children were massacred.

The condemnation came

as President Muhammadu Buhari promised not to relent in his responsibility to protect the lives and property of every Nigerian even as his deputy, Prof.

Yemi Osinbajo, who visited the state on Monday, lamented the killings, describing them as vicious and horrible.

A statement by the spokesperson for the US

Department of State, Ms Heather Nauert, said the perpetrators of the attacks should be brought to justice.

Reacting to the attacks, the US called on all political and

APC Lacks Capacity, Experience, Says Atiku... Page 10

community leaders to lend their voices to peace and to work together to find lasting solutions to rural conflicts.

The US said, “The United States condemns in the strongest possible terms the killing of Continued on page 8

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Crude Oil Prices Rise over Uncertainty on Libyan Crude Exports Ejiofor Alike with agency reports Crude oil prices rose yesterday on uncertainty over Libyan oil exports, although plans by the Organisation of Petroleum Exporting Countries (OPEC) to raise output continued to drag.

The international benchmark crude oil, Brent increased by 0.3 per cent to $74.95 per barrel.

The price of the US West Texas Intermediate (WTI) also increased by 0.4 per cent to

$68.33 a barrel.

OPEC and other top crude producers had agreed to raise output from July by about one million barrels per day (bpd).

But the real increase, however, would be around 770,000 bpd, according to Iraq, because several countries that recently suffered production declines will struggle to reach full quotas, while other producers may not be able to fill the gap.

The actual output increases set a bullish tone, as they came

in below some of the highest figures that had been discussed prior to the meeting.

For about three weeks ahead of the OPEC meeting, prices had retreated from three and a half year high on fears that larger production increases could lead to oversupply.

Ultimately, Saudi Arabia persuaded Iran to cooperate with the plan to cut output, following calls from major consumers to curb rising fuel costs.

OPEC’s decision confused

some in the market as the producers gave opaque targets for the increase, making it difficult to understand precisely how much more it would pump.

The expectation that the increase would fall short of the one million bpd figure boosted the market.

Traders said oil prices were mostly driven higher by uncertainty around oil exports

by Libya, a member of OPEC. Reuters reported that eastern Libyan commander Khalifa

Haftar’s forces have handed control of oil ports to a separate National Oil Corporation (NOC) based in the East of the country.

The official state-owned oil company based in the capital Tripoli, also called NOC, will not be allowed to handle that oil anymore, he said.

In comments later confirmed to Reuters, Ahmed Mismari, spokesman of Haftar’s Libya National Army (LNA), said on television that no tanker would be allowed to dock at eastern ports without permission from

an NOC entity based in the main eastern city, Benghazi.

The uncertainty over Libya’s oil exports came after OPEC together with a group of nonOPEC partners including top producer OPEC announced a supply rise of around one million barrels per day (bpd) aimed at cooling oil markets.

Oil markets have tightened significantly since 2017, when OPEC and its partners started withholding supply to prop up slumping prices at the time.

particular.�

Osinbajo pledged that the federal government would find permanent solutions to protracted cases of insecurity in the country and simultaneously ensure that perpetrators of Plateau killings were brought to book.

A statement by the vicepresident's spokesman, Mr. Laolu Akande, said Osinbajo condemned the killings, describing them as unwarranted. “We will look at how to implement several of those suggestions as we go along. Some include the permanent positioning of security agencies in certain communities that are prone to these types of violence.

And we intend to see how we can put in place permanent security, especially the police, and in some cases, military deployment in some of those places where flashpoints tend to be on a frequent basis.

And we’ve agreed to some locations where this security deployment ought to be made," the statement further quoted the vice-president to have said.

According to the statement, Osinbajo disclosed that some arrests had been made and assailants would face the wrath of the law as he enjoined affected communities to ensure that such horrible acts do not continue.

He said, "We must condemn killings of any kind. It doesn’t matter whether these killings are by herdsmen killing villagers, or whether it is villagers who in one way or the other have killed others, including herdsmen. I think it is important that we condemn these killings, in particular these killings that have taken place where so many people have lost their lives in the last few days. There is no reason at all why anyone who commits

these offences will escape.�

(DSS) over security issues in the state, the agencies of the federal government should go after identified evil doers.

processes to control the grid, and if somebody does anything in the grid that is supposed to be seen, sometimes it cannot be seen because there is no SCADA, so the SCADA is like a mirror that sees everybody on the grid and anybody that does anything that affects the grid will be seen and punished according to the grid code. “Its main purpose is to ensure that we have a grid that is functioning properly, and become stable and modern,� he stated.

According to him, “The budget now is about $65 million, but when we do the tender, we don’t know how much it would be. The previous one that we did was about $40 million but this money is provided under the NETAP (Nigeria Electricity Transmission Access Project) which is financed by the World Bank.�

He said some of the reasons why previous attempts to install a SCADA in the grid failed were that, “the scoping was not done properly because it did not anticipate expansion and so when the NIPP projects came in, they were not part of the SCADA, all the NIPP projects were not captured and several other projects that came in.�

Mohammed also provided an update on TCN’s recovery of containers of its projects’ equipment stranded at ports across the country for many years now. He said so far 655 of the 800 containers have been retrieved and dispatched to their destination project sites.

He noted that 145 of these containers were yet to be cleared, while 75 were undergoing clearance processes and another 70 auctioned and with the Nigeria Customs Service (NCS).

US CONDEMNS MIDDLE BELT KILLINGS, EXPRESSES CONCERN OVER RISING VIOLENCE civilians and destruction of property in Nigeria’s Middle Belt region over the weekend. “We are concerned by the recent increase in armed violence against civilians and call on all political and community leaders to lend their voices to peace and to work together to find lasting solutions to these rural conflicts. “We join President Muhammadu Buhari and others in sending our deepest condolences to the affected communities, and in the desire to see the perpetrators brought to justice and to prevent further violence.�

The US had always expressed concerns over the wanton killings in the country.

During a recent visit to Washington, President Donald Trump had told Buhari to stem the killings of Christians in Nigeria.

But Buhari, who was in Jos yesterday, disabused the minds of those reading religious connotations to the killings, claiming that the killings in Zamfara State were more than the number of deaths recorded in Plateau and Benue States put together.

The president, who after a closed door meeting with state government officials, security agents and traditional leaders in the state, assured that he would not relent in his responsibility to protect the lives and property of every Nigerian. “The killings in Zamfara State were more than the number of deaths recorded in Plateau and Benue States put together and therefore should not be seen to be a religious crisis,� Buhari said, adding, “It is my responsibility to protect the lives and property of every Nigerian and I cannot run away from it.�

While commiserating with those that lost their loved ones, he stressed that anyone found with a weapon must be arrested and prosecuted.

He also appealed to the people of the state to bury their differences and work together for the peace of the land.

He urged the leadership at every level to be awake to their responsibility of driving the peace process.

The president was accompanied in the visit by Governors of Kebbi and Niger States, Ministers of Defence, Interior, Information and Culture, and Security Chiefs.

The major stakeholders from Plateau State in attendance were senior government officials, national and state assembly members, traditional rulers, Christian Association of Nigeria (CAN), Ja'amatu Nasril Islam (JNI) and a cross section of the leaders of thought.

Speaking earlier, Governor Simon Lalong said the attack was very disturbing and alarming because it had left behind in its ugly trail the painful loss of over 200 people, besides the humanitarian challenge confronting thousands of displaced persons whose houses and crops had been burnt and completely destroyed.

He said, "Your visit is no doubt comforting, coming less than 24 hours after the visit of Mr. Vice President, Prof Yemi Osinbajo. This visit gives us the confidence to open up the grief in our hearts today, given the punctuation of the peace, which we have worked so hard to achieve in the almost three years of our assumption of office. “The gory pictures of the killing of innocent citizens, women and children continue to torment our hearts and it

sends the serious message that something drastic needs to be done comprehensively, to nip once and for all the ugly menace of attacks that has come to be associated with suspected militia herdsmen.

These reoccurring attacks have regrettably opened up space for all manners of criminality by criminal elements and conflict merchants, who engage daily in cattle rustling, theft, banditry, gun running and other forms of crimes amongst our citizens.�

Given the number of villages that had been completely ravaged, Lalong argued for the inclusion of Plateau in the North-east reconstruction fund, but this did not find the favour of the legislature. “Now that you have seen the enormity of the peace building responsibility in our hand, we wish to plead with you to give Plateau State a special consideration in this regards,� he told the president.

Osinbajo Pledges N10bn Relief Fund Vice President Osinbajo, who had visited the state earlier, described the killings as horrible and promised that National Emergency Management Agency (NEMA) would make relief materials available to victims along with N10 billion fund approved for rehabilitation of farmers of affected communities by the president He said: "The DG of NEMA will ensure that this is done as relief materials are provided in various areas where they are required. We have also talked about the N10 billion fund, which the government approved for the rehabilitation of farms and farming communities; the farmers in

Ortom: Hold Miyetti Allah Responsible Benue State Governor, Samuel Ortom, described the renewed killings in Plateau State as barbaric, inhuman and unfortunate.

The governor who faces similar killings in his state, commiserated with Lalong and the entire people of Plateau State over the attacks, saying the perpetrators of the evil acts should not go unpunished.

He urged security agencies to arrest for prosecution, the leadership of Miyetti Allah Cattle Breeders Association who, he said, had claimed responsibility over the killings.

Ortom assured Lalong that Benue State would continue to stand with the people of Plateau State in prayers until the orgy of violence over the state and other parts of the Middle Belt was brought to an end.

The National Council of Tiv Youths (NCTY) also condemned the killings in Plateau State even as it called the federal government to bring to book those who perpetrated the heinous act.

It equally called on Nigerian and the international community to take note of the recent alarm raised by some Nigerians that the present government of the All Progressives Congress (APC) was out to hunt and muscle the opposition.

The group while briefing journalists yesterday in Makurdi, said rather than clampdown on opposition leaders like the former Governor of Benue State, Dr Gabriel Suswam, who was picked up recently by the Department of State Services

Oshiomhole Demands overhaul of security architecture While taking over the mantle of leadership from Chief John Odigie-Oyegun yesterday, the newly-elected National Chairman of the All Progressives Congress (APC), Adams Oshiomhole, charged the federal government to urgently rejig the country's security apparatus to stop incessant killings by criminals.

In apparent reference to the rising incidence of herdsmen killings, the new APC chairman said the administration never envisaged the magnitude of the current security crisis.

He said what APC promised in 2015 was to address the security challenge posed by the Boko Haram insurgents, saying it had made considerable progress in this regard.

"We must now review our security architecture to deal with new forms of criminality as they arise.

People will also agree that the level of kidnapping was much higher in 2015, but it has substantially reduced. But as you deal with one issue, new issues emerge and so, because the environment is dynamic, policies reflected in our manifestos must be subjected to constant review and ensure that they meet changing reality," he said.

Ezekwesili Marches on Aso Villa Former Minister of Education, Continued on page 10

W’BANK, OTHERS RAISE $1.57BN FOR GRID EXPANSION TCN hosted a workshop with stakeholders in the electricity industry to review its plan to procure and install brand new supervisory control and data acquisition (SCADA) and electricity management system (EMS) for the national grid. “We established the Transmission Rehabilitation and Expansion Programme (TREP) that seeks to expand and stabilise the grid, and provide necessary flexibility and redundancies consistent with N-1 reliability criteria. “The objective of the TREP also is to expand the grid to about 20,000 megawatts in the next three to four years, this being done through the implementation of the TREP. “I wish to tell you that the TREP has so far been able to raise $1.57 billion from multilateral and bilateral donors.

And, this is coming from the

World Bank, AfDB, JICA, and French Development Agency,� said Mohammed.

He further stated: “Discussion is ongoing also to raise more funds in the course of the implementation of this programme.�

According to him, the TCN was able to attract such funds from these multilateral donor agencies because it was able to clean its management processes and now abide by standard corporate governance processes.

He said such corporate governance processes imbibed included the update of TCN’s annual financial audit reports which he said was in arrears from 2010 to 2016 but now cleared, except for that of 2017 which is ongoing; the trimming down of its bloated management cadre from 46 general managers to 16 and less than 50 assistant general

managers; as well as the restructuring of its procurement systems to accommodate only competent firms in its contract windows. “In the last one year, we have been able to deliver a 20-year least-cost transmission plan, present to NERC a generation adequacy report which is part of the requirement of the function of system operation, and we have been able to also audit TCN from 2010 to 2016 and now working to deliver the 2017 audit,� he added.

Mohammed equally disclosed that TCN has set aside a $65 million budget to procure the brand new SCADA and EMS for the country’s grid. He explained the facility would help the TCN manage the grid efficiently. “The SCADA is a digital system to control the grid.

Most of the time we use manual

TOP GAINERS N.E.M FCMB FIDELITY OANDO JAIZBANK TOP LOSERS JAPAUL INTERBREW UNIPRESS

NGN NGN 0.30 3.34 0.19 2.30 0.11 2.33 0.30 6.65 0.03 0.67 NGN NGN 0.04 0.41 2.70 41.30 0.12 2.29 AFRIPRUD 0.20 3.85 C & I LEASING 0.10 1.93 HPE Nestle Nig Plc â‚Ś1,500.00 Volume: 539.665 million shares Value: N4.711 billion Deals: 4,202 As at yesterday 26/06/18 See details on Page 39

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T H I S D AY ˾ WEDNESDAY JUNE 27, 2018

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STARTERS

APCLacksCapacity,Experience,SaysAtiku

Two-Minute BrieďŹ ng

Onyebuchi Ezigbo in Abuja

NEWS Oshiomhole Resumes Office, Wants

Former Vice President, Atiku Abubakar, has said the All Progressives Congress (APC) does not have the requisite experience and capacity to adequately manage the affairs of the country.

Speaking in an interview with journalists after an interaction meeting with the Forum of PDP Former State Houses of Assembly Presiding Officials, yesterday in Abuja, Atiku said: “I think the people of Nigeria need to sit down and evaluate APC and PDP. There is nothing about APC.’’ On why he met with the forum, the former vice president described members of the forum as a force to be reckoned with based on the number of its members and their experience.

The PDP presidential aspirant also described the recent killings in Plateau State as unfortunate, stressing that there was need to adopt measures including community dialogue to address the lingering crisis. “I just listened to a former deputy speaker, a lady for that matter, and she made two points; hard and soft powers in resolving the crisis. I like that idea. “It is not every security breach you can use hard power on. You need to establish dialogue between leadership of various communities that lived together over

Atiku the years. “So the issue of using mere crude and hard power is not the only solution. There is also the need to use soft power on the issue of peaceful coexistence between communities.�

Also speaking to journalists after meeting with the forum, a former Minister of Special Duties, and PDP presidential aspirant, Alhaji Tanimu Turaki, condemned the Jos crisis where many lives were lost.

He attributed the just killing to the failure of APC-led federal government and lack of failure among various security agencies. “If you recall, few months ago the national security agency had appeared

before the senate and disclosed that the greatest problem that the Nigeria security agencies have today is that the agencies work at cross purposes. “There is no cooperation, there is no synergy. If critical security agencies are not sharing information or working together, then how do you expect them to come up with tight security architecture that will safeguard the lives and properties of Nigeria? And that is what is happening.’’ Turaki, however, expressed confidence that the PDP had all it takes to reclaim the leadership of Nigeria in 2019 and return the country to the path of prosperity. “PDP has men and women of impeccable integrity, men and women that are known to be bridge builders that have the needed education and experience. “That is why we say PDP is different from every other political parties in the country.’’ The Chairman of the forum, Mr Inuwa Garba, speaking on the interaction said the purpose was for the forum to be properly guided on which of the presidential aspirants to be voted for during the parties primary.

Garba said the forum wanted the best for the party and the country.

He also pledged that the processes leading to the primaries would not divide members of the forum and that of PDP.

US CONDEMNS MIDDLE BELT KILLINGS, EXPRESSES CONCERN OVER RISING VIOLENCE Mrs. Oby Ezekwesili, was one of those who joined the fray against the killers yesterday, leading a one-man march to the Presidential Villa to demand an end to the gruesome bloodletting in some parts of the North-central.

She accused the president of colluding with the herdsmen in the Plateau State conflict.

Her letter addressed to the president was titled, ‘Time to act: enough is totally and truly now enough,’ contained 18 demands.

Ezekwesili accused Buhari of bias in the killings in Plateau State and for making statements that endorsed the Miyetti Allah Cattle Breeders Association's justification of the killings as a mere retaliatory act for lost cows.

She said, "Your bias in handling the killings and abductions of certain segment of Nigerians is all too obvious

and unbecoming of a leader of diverse nation like Nigeria. All Nigerian lives matter. Stop your cold and visible lack of empathy toward a segment of your citizens who are daily killed with impunity.

Stop the seeming troubling endorsement by your administration of the repugnant admission by an organization that it kills human beings who are your citizens for their own lost cows."

She also said the president should sanction the Inspector General of Police (IG), Ibrahim Idris, if the latter failed to arrest the patrons of the cattle breeders association, who allegedly made the statement and their members, who were assigned to execute the so-called ‘retaliatory attacks’.

Ezekwesili commenced the walk at about 12:15 pm from Eagle Square, with a handful of sympathisers, including Aisha Yesufu, the Co-Convener of the Bring

Back Our Girls (BBOG) group.

Tempers, however, flared when the procession which branched off Shehu Shagari Road towards the Presidential Villa, was stopped by uniformed and plain clothed security men along Circular Road.

Journalists following the procession were turned back. Also anti- riot policemen seized the banner held by Ezekwesili while there was bitter verbal confrontation between Yesufu and some security men after her phone was confiscated.

After the de-escalation of the row, the crumbled banner, with varying messages like #Endthebloodflow; #Endthekillings and #Wherearethekillers, was returned to Ezekwesili.

She subsequently read her letter containing her demands addressed to the president and dropped it to be delivered at sentry inside the Villa.

CONCERNS MOUNT OVER LACK OF BOARD FOR SEC a board for the commission.

They argued that the evolvement of any economy significantly depends on a vibrant capital market.

While the Nigerian capital market has very huge potential for companies to raise funds to finance their operations, patronage has been low due to the fact that many investors, especially foreign ones, have stayed away in recent times.

Some investment bankers, who spoke to THISDAY, pointed out that while the Nigerian equities market offers investors good value and remains a source for both the government and private sector to raise significant capital, many investors are discouraged by what they term ‘weak’ regulation because of the absence of board for SEC for almost three years.

For most part of last year, the then Director General, Mr. Mounir Gwarzo, operated without the support of executive commissioners before his suspension by the Federal Ministry of Finance over alleged financial impropriety last November.

Also, Dr. Abdul Subair was appointed in acting capacity until last April when he was removed and Ms. Mary Uduk was appointed as the acting DG of the capital market regulatory body.

Three acting executive commissioners: Reginald Karawusa (Legal and Enforcement), Isiyaku Tilde (Operations) and Henry Rolands Adekunle (Corporate Services) were also appointed then by the Minister of Finance, Mrs. Kemi Adeosun, to support Uduk.

But an investment banker, who has been interfacing with both foreign and high net worth investors over the years in the market, told THISDAY yesterday that if the capital market does not operate efficiently, there is no way the government and other corporate can raise money to

grow the economy. “We are talking about financing the budget, we are talking about infrastructure projects, all these are better sourced from the capital market. But I can tell you that while the Nigerian market has potential to provide significant part of the funds, most investors are still reluctant to bring their money because they believe the absence of a board for SEC is highly discouraging,� he said.

A senior stockbroker, who also spoke on the condition of anonymity, pointed out that the commission had been talking about ensuring good corporate governance in the market and yet, does not have a board. “The sanctity of the market is dependent on our governance. For the international community to see us as being serious, we must be seen to have a structure in existence and if we do not have a structure what is the moral justification to ask others to have structures. With good structures international community will be assured of accountability and transparency in our financial system,� the broker said.

The operator added that without a board, any joint action SEC is having with other regulatory bodies in the financial system cannot be firm because most action taken by people on acting capacities are not regarded to be very strong and committed. “Once you do not have a board, then there would not be any basis to plan because you cannot be futuristic. You will be afraid that today or tomorrow there can be any change. So, if you want consistency, permanence in the institution you must have a board. “There is no nation that want to progress that does not take into congnisance the structure, strength and viability of the

capital market regulator. “Take for instance, United States SEC board was among the very set of appointments President Donald Trump made in order to gain the confidence of investors that their market is properly regulated. So it is very imperative that the federal government stop to delay to constitute a board for SEC. “A substantive board will give further moral to the current executives to put in more efforts for the growth of the market,� the broker said.

While reacting to the appointment of Uduk last April, a shareholder and member of Independent Shareholders Association of Nigeria (ISAN), Moses Igbrude, had said: “Now that the minister has also appointed three commissioners with Uduk as DG, they must work hard to restore investors’ confidence. But the minister should go a step further by prevailing on the federal government to constitute the board of SEC.�

Similarly, the Chairman of Ibadan Zone Shareholders Association of Nigeria (IZSAN), Mr. Eric Akinduro, said the international community was watching and the more the delay in the appointment of a board, the more it would affect confidence in the market. “The apex regulatory authority should be able to show example to others. The market is very sensitive. Anything that is not positive can easily drag the market down. Therefore, the best thing for the government is to take proactive step by ensuring that the board is constituted,�

Akinduro said.

In the opinion of the National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Mr. Adeniyi Adebisi, people bearing the brunt of what is happening in SEC are the shareholders.

Y JUNE 27, 2018

Buhari to Recover $16bn Spent on Power

by Obasanjo The newly-elected National Chairman of the All Progressives Congress (APC), Mr. Adams Oshiomole, yesterday formally took over the mantle of leadership from Chief John Odigie-Oyegun with a charge to President Muhammadu Buhari ... Page 11

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8

on that. How can it be that The newly-elec ted National the whole world can see, what Against the background Chairman of the local raised people cannot the of issues every see it and as by opposition Congress (APC),All Progressives reflecting,� year, which will I was parties, be used as an Oshiomole, yesterday Mr. Adams governor the former Edo State Peoples Democratic Party the opportunity to review (PDP) and the Social said. performances people on this one. We are formally took over the mantle Democratic Party of its administration proud “I watched our of leadership with regard of our slogan, we are Oshiomhole president recently (SDP), that APC has Chief John Odigie-Oye from asking said he dumped its to the fulfillment of its manifesto. it. Recently, I watched committed to ensure questions – you “change� slogan, gun with a that the welfare would charge to President the president “We will work have spent Oshiomhole asked questions $16 billion of APC about power where staff would be made Buhari to recover Muhammadu president – PDP under the former “We have not changed APC said: Progressive Institute to establish a $16 billion a priority. slogan.

I am not aware – on power, our was the $16 billion He that allegedly spent president of any meeting train our people on the will help president needsspent. Maybe the Oyegun,praised his predecesso said ‘where on r, to now ask for his bold progressive politics. ideologies of follow-up by the administrathe power sector he repeatedis power?’ For emphasis of the organ of the party the decided question that We will create tion of former Later at a meetingachievements. that ‘where President Olusegun since we cannot find he had with “Nigerians in their is the power?’ slogan. on the change of our a situation where every year, Obasanjo Progress is the must the power could various we must return the power, then, you staff of APC, the new chairman if that day outcome open have convention, not in hinted that with generator homes of change.� the money that the In May, Buharinot be found. he might order like Eagle Square said ‘Mr you the said Obasanjo President, we don’t have’. but in centres spent. If he doesn’t do that, Speaking yesterday we choose. The had questions $16 billion then the of reduction in the number accusation of limited spent on power? agenda to answer over during the staff working will hand-over The more not be may election, but to anti-corruption project. the spent, ceremony at at the national look at our manifesto begin to have the more darkness. dollars party’s headquarte secretariat the “Where was Maybe So, to assist PDP come current. welfare so as to increase the because rs in Abuja, and our performance and to overcome their see the accusation, packages of gap, if there is, former presidentthe power after a proceededthe president has not yet the former Edo State the main governor, between what staff. claimed said our to now president what to ask promised spent $16 billion have we do the would be uppermost the and what is happening, needful. Courage needs to on the project?,� question, since we can’tfollow-up in the agenda In his brief and to explain Buhari had asked. should not speech, Oyegun of the party find the fail him and he power, you must wished Oshiomho should produce the $16 be how to fill the gap would those elected that gap and get $16 But the former le a successful billion spent. to explain to us billion back into recover the tenure. between they promises made what any wrong doing.president denied the will do differently treasury and delivered. from “If he doesn’t He also apologised Oshiomho to avoid the the man who presided do that, then Speaking after over the hand-over for delaying the achieveme le spoke about the deficit between promise and spending,� he Oyegun handed accusation of limited anti-corrupt reality. said. over to him, ceremony by [fight] will begin On the forthcoming ion President nts recorded by the I also believe that in a world Oshiomhol 24 that ever changing, Muhamma to have APC should support e said the relevance. governorship hours, adding that he was the manifesto is election in Ekiti State, fagged out after attending Our president some APC administra du Buhari-led wrote Buhari in the fight against you would he in needs to of tion do the needful. corruption. play by the rules,said APC national conventionthe strenuous tackling corruptionin the area obsolete the morning might be “Opposition could adding that there would in the evening,� recover the $16He can proceed to Haram and Oyegun expressed of the party. he said. deploy billion back be no menace, saying Boko not fighting corruption,not say he is the Oshiomhole the hope that into treasury from also responded the federal might need to Oshiomhole’s they say it is the man who progress have been made.a lot of the charge of selective and tenure would superintended I have been reflecting lack of sincerity to previous PDP administratthe way successful be a The new over the spending the anti-corrupt one. ion did of that money. ion war, saying in to win the election. promised that party chairman former “I pray that the your period “I am very confident bring signal victory will party would henceforth, the over ruling party had presided a very corrupt that Ekiti I hold convention State governorsh must apologise for the party. ip election “We have a administration. won on duty to correct the basis of the will be programme by that I kept the 24 hours. I needed superior some performance of our party,� rest after the An early morning he said. national stress at the ambush in convention,�

Bakin-Korta, he added. “When the soldiers Mbadwem Council Ward of Guma got wind of the developmen area of Benue Local Government community t, they mobilised the to fill up in Nasarawa State and Keana The people of the the trenches.

State by suspected community in herdsmen has my local governmen of two soldiersled to the death filled t went and it up. ‘Operation Whirl attached to the “At about 5am Stroke’,a military operation in Benue,Nasa the soldiers also today( Tuesday) rawa,Taraba and Zamfara to find out those moved to Keana who carried The attack also out left the Unit the act and why.

Commander “On their way of the troops after passing another with a serious injuries and Police check point while to Ruga their operational on their way a Fulani camp, with bullets. truck was riddled the herdsmen somehow probably heard Confirming the their coming developmen and laid ambush of Guma Local for Government t, the the soldiers. council Chairman, Anthony “In the incident occurred Shawon said of the the ensuing shootout two soldiers were at about 5am. killed on the In his account, spot, a Captain who is the “the herdsmen Mr. Shawon said, Command came on.Monday er was also shot Unit and dug trenches but he has been bridge the Governoraround a new Makurdi moved to the hospital in for treatment and Samuel Ortom administration surgery. “We learnt built at Bakin-Korta that linking Keana they were planing to repeat in Nasarawa what they did State. “I gathered they came in their in Plateau State in Guma numbers and but for the quick dug the trenches both sides of on I must response of the soldiers. the the army would bridge so that taking commend the soldiers for

‘change’ sloga n

Suspected Herd Soldiers in Benusmen Kill Two e

CHANGE O

EDITORIAL IDPs and The Buratai Directive

The Chief of Army Staff, Lt. GeneralTukur Buratai last week added his voice to the growing calls on many of the internally displaced persons (IDPs) in the Northeast to return to their communities.

Specifically, Buratai directed that displaced persons from eight local councils in the north of Borno should feel free to return home because their communities were T now safe and secur. Page 15

AY, JUNE 27,

2018

EDITORIAL

15

IDPS AND T The security

T

HE BURATA I DIRECTIVE that

agencies should ensure

the communities he Chief of Army are safe and secure Staff, Lt. General Tukur Buratai last week added voice to the growing his calls on many of the internally displaced persons present, holds (IDPs) in the the sixth largest Northeast to world and that IDPs populatio return to their commun has created emergenc n in the ities. SpeciďŹ ca heavily dependen directed that lly, Buratai ies for people t displaced persons to be In the camps on humanitarian aid for eight local councils from Borno should survival. in the north the displaced hurriedly created to accommo feel free to return of , everyone is communities home because living in squalor. date is unconscionable. were their reportedly cleared now safe and secure.

Suffering Basic needs overstretched.

The hitherto battlegro the farmlands and Lake army had This is made and amenities are further exploit worse by many Chad Islands, und of terrorists communities the condition . “All roads by pinching s of the internal ofďŹ cials who within on insurgent activities, these areas have been linking refugees a result, essentialwhatever is supplied to cleared of â€? said the Buratai. camps.

Ordinarily, this As in short supply. household items including some internally should be heartening hygiene, health Access to water, sanitation food are news. Indeed, delighted. Only displaced persons were and good care is perpetua of more diseases last lly than Friday, some a struggle. Outbreak are common in the Federal place. Many off as a result s Capital Territory, 2000 displaced persons children are of malnutrit Abuja said they dying ion. Education is a luxury.

THE EMERGE were for the children NCY IS getting set to NOT OVER. PART return to their commun OF THE HESITANCY he needs are ities particularly IS acute in And even though OF THE FACT AS A RESULT in the Northeast.

Mrs Maryam THAT MANY the governm remote camps. humanitarian Nuhu, COMMUNITIES ent and other agencies try leader of the as much to lessen burden IDPs VOLATILE AND ARE STILL made up of mostly their are evidently by the provision of some not enough. assistance, they EXPOSED TO COULD BE Some criminals worsen these LAWLESSNESS women and children, conditions by reportedly AS MANY MEMBE at the Unity security in the exploiting the Fountain RS camps inadequa OF THE INSURGENT by raping some te Under these GROUP COULD in Abuja, thanked women and STILL STRIKE girls.

President Muhampect many of appalling conditions, it is AT WILL the natural to exmadu Buhari about their homesdisplaced to feel ill at ease for and nostalgic and commun making their T H I S DAY thousands of ities. But hundreds return EDITOR BOLAJI the displaced and villages possible: “Our ADEBIYI of DEPUTY EDITOR their homes have are DAVIDSON towns despite the claims still wary of returning now conďŹ dent been cleared of these MANAGING IRIEKPEN to terrorists. We communities ly DEPUTY MANAGINGDIRECTOR ENIOLA by the military BELLO had been “liberated can the points where return home and pick DIRECTOR KAYODE that CHAIRMAN up our lives over. Part of EDITORIAL KOMOLAFE we meet them,â€? .â€? The emergenc their BOARD OLUSEGUN from the EDITOR NATION’S For almost a she said. y is not ADENIYI many commun hesitancy is as a result of CAPITAL IYOBOSA decade, many MANAGING the fact that UWUGIAREN particularly EDITOR JOSEPH in the Northeas families and commun to lawlessne ities are still volatile and USHIGIALE ss as ities could be exposed Adamawa had tern states of could still strike many members of the Borno, Yobe been ravaged insurgent group and the Islamic militant at will, causing by the brutal human insurgen enormou T group, Boko H I S DAY and material cy of s damage nities were laid Haram. Many property. Can EDITOR-IN-C N E W S PA P E R S out? commuthe returnees to GROUP EXECUTIVE HIEF/CHAIRMAN NDUKAL I M I T E D separated from waste and many members turf it Only last week, of same family ISRAEL IWEGBU, DIRECTORS ENIOLA BELLO, OBAIGBENA is in excess of one another. The body count KAYODE KOMOLAFE, IJEOMA NWOGWUGW a massive DIVISIONAL the rebels killed 20,000. Accordin explosion triggered U, EMMANUEL of the dead DIRECTORS Committee BOLAJI ADEBIYI, 32 people and EFENI off by of the Red Cross g to the International Abbachari Damboa PETER IWEGBU, ANTHONY many DEPUTY DIVISIONAL OGEDENGBE Nigerians are (ICRC) about Local Governm more wounded in DIRECTOR OJOGUN , State. Suicide displaced, with two million SNR. ASSOCIATE ent Area of Borno VICTOR DANBOYI bombers from Borno, ASSOCIATE DIRECTOR ERIC way, some commun are still on a free the birthplace about 80 per cent of them DIRECTORS OJEH CONTROLLE reign. Either of the insurgen RS ABIMBOLA PATRICK EIMIUHI, SAHEED TAIWO, UCHENNA prey to the violent ities look increasingly ADEYEMO cy. Nigeria, at DIRECTOR, PRINTING PRODUCTION DIBIAGWU, likely to criminal gang.

NDUKA assurance by CHUKS ONWUDINJO MOSERI Thus in addition fall TO SEND EMAIL: governm ďŹ rst name.surnam to the homes and livelihood ent of assisting in e@thisdayliv rebuilding their e.com safety and security s, it should also do more to ensure of the returnees .

Letters in response to speciďŹ c publicatio readers may TO OUR send such letters READERS ns 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.

PROSCRIBE T Interested We thisdaylive.com they are well-writt HE PHRASE en and shouldalso welcome comment along with the ,‘FARMERS-H s and also not be longer email address he first approach than (950and phone numbers ERDERS CLASHE to solving a problem is stripping security of the writer.

S’ Nigerians it of all pretences

T

Letters to the Editor

SOKOTO BASIN

political that they were and nuances. foreign invaders.

President Muhammad The killings Plateau, Benue, Even in Zamfara and aliens from Libya. u Buhari said the should be properly other places killers were However, the The casual resort phrased. government reducing mass tive and said later to tagging or anti-open grazing changed its narrakillings or massacres herders clashes � ders of the killings. laws were the to “farmerssmoulSecond, John drives a dagger is sadism. It mocks the spokesman, Agim, defence said the killers dead and bereaved. Nigeriadeeper into the wounds were political by desperate of the politicians to thugs cause disharmony hired Too many souls is at present an island area. But Dan-Ali, of blood. in the defence minister, yonder untimelyhave been dispatched to for peace to The recommend said openl reign i th the pl ati F th i

W

POLITICS Strength in His Heritage

AND CATTLE

henever a straight path to the solution of a problem taken and someone can be chooses a complicated route to this solution, then this “Rube Goldberg is called the approa h � b

MIDWEEKPOL ITICS

THE NE WSM

RANCHES

by inhabitants of this area.

The strong argument that still can be that, because made for the Sokoto Basin this area is generally is overgrowth shorned of thickets and suchlike harsh and still because veget ti fi

T H I S D AY

Ëž WEDNE

SDAY, JUNE 27, 2018 Group Politic s Editor NSEOB ONG OKON Email nseob -EKONG ong.okoneko ng@thisdayli ve.com 0811449532 4 SMS ONLY

AKER

Strength in H is Heritage While his attempt may not be taken W seriously by many, Chief Bayo Adedibu is striving on with a singleminded resolve, leaving no stone unturned in the bid to clinch the Oyo State gubernatorial ticket of the All Progressives Congress, APC. Page 18

Ademola Baba State comes withlola writes that Adeb ayo Adela sterling acade mic and profes bu, one of the contestants sional achiev hile his attempt ements highli for the office of governor taken seriously may not be by many, ghted by a proud of Oyo Chief Bayo heritage striving on Adedibu is with a singleminded

resolve, stone unturned leaving no to clinch the in Oyo the All Progressiv State gubernatorial the bid “I am intere ticket of es Congress, ridiculous to APC. From the sublime, the I have passiosted because have been adduced myriads to scoff at his of reasons A few who progress of n for the ambition. the banker are sympathetic to his cause turned politician in the happimy state and think sheer grit to may not have ness of my sail the people. I believ politics. They the murky waters of Oyo his first term wonder why a man servingstate talent, knowl e that as out Bank of Nigeria Deputy Governor of the Central in April, 2019 training and edge, of being reappointe with a possibility d for another will end in are nothing experience five years which 2024, would sacrifice such have the audacity if they are put into achiev not uncertainty. a highly privileged position to for the direction ements in To Adelabu every negative cynics is surmount point raised progress. Theyof human by able given consistent his decade planning books on dusty are like seemingly herculean towards achieving of task. His understan the is that of man They are inconsshelves. who has a ding Armed with equential sterling pedigree,date with history. until when and profession academic their conten exposures, he al expertise; coupled withrecords are advanced ts wide the edge as is daily putting the naysayers towar ds uplifting the he confronts on unmatched finesse. A clear the task ahead with “All acquis society. disposition towards the pointer to his serious itions governorship the unprecede from the univer ticket is declaration nted funfair which attended sities, of intention. work knowl his As if pre-emptin g how far travel in his professionaledge and Adelabu could quest to become State, President governor as well as, practices, to Adelabu’s Muhammadu Buhari in of Oyo insights from his resignation private endea services in various letter appreciate reply Adelabu d his departments April 9, 2014 of the CBN since go down the vours would when $28/barrel in Deputy Governor. he joined the apex January, 2015. bank as put appointed grave at the The President’s The sharp decline an enormous time pressure letter of exchange rate part, “While on the Naira He is a descendan appreciating May 24, 2018 read in spiraled out and the politician t your services exchange reserves of control. The departments in pre-indepe of legendary in various of 2016 and inflationfell below $24billion by foreign Adelabu (Penkelem ndence Nigeria, Ibadan ‘Peculiar Mess,’ 9th April 2014, the Central Bank of Nigeria Adegoke myself October, in (Penkelemesi) rate, as at the esi), a prominent future ambitionsI wish you the very best since 2017, had skyrockete the politics hereby present to be of beginning of personality of Ibadan city in your 20%. and continued d and fell slightly desire to contestservice to humanity through that of the Western public service and The commitment short of independe for the highest my region before subsequently in Oyo to the secondeconomy had entered you seek to in our country and specifically political office State. a recession the country’s nce in 1960. quarter of play a more by , as dogged in your home active role in “Our governor, determination 2016. However, with our of Natural Resources He was Nigeria’s Minister state. Please, politics the Senator and and uncommo providing January 1955 wishes.� accept my very CBN, to January 1956Social Services from Restoratio vibrant leadershipAbiola Ajimobi, is best and bold coupled with the prudent, n focus at opposition and later Adelabu, a leading in the direction n, fiscal policies gubernatorial of the present ingenious the Westernleader to Chief Obafemi became an of the state Repositioning and Transform of ruling APC aspirant of the under your amiable Awolowo in which has resulted in ation leadership, government 1958. Given Regional Assembly until achievement indicators started 2018 notified the state had earlier on into a watershed the economic his that for April 15, President Buhari reserves have looking up. Our foreign is seen by manybackground, Adebayo death in Governor Ajimobi the current administra ment from services of his disengage exchange Adelabu whose tion. as a suitable is a unique of the apex bank - the inflation, moved up to over $46billion incumben Governor of figure of destiny restorative manageme successor to through having been the CBN, Mr. and eminently t Governor Abiola the state is on his letter headlined nt of the affairs Godwin Emefiele.the since January, Ajimobi. giving qualifies for 2017 has been a downward trend of the In The Naira the office judgingHe also and innovativenew direction, new determinat pedigree Service’, Adelabu ‘Notice of Disengagem successfully exchange rate ent from general developments tamed. Nigeri and contribution to by his and thanked the Fed ion, had stabili of Nig i f bre dth the t b ac fi lG h

FEATURES Era of Defaced Naira Notes

FEATURES

T H I S D AY

It's lunch time in Lagos, Nigeria's commercial capital, and the streets I have come alive.Workers are enjoying midday meals and eateries are making cool business. But at a popular fas food joint on Isaac John Street, Ikeja, an argument rages between a customer and the sales representative. Page 20

Era of Defac ed

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

Naira Notes

Sunday Ehig mutilated andiator looks at the impl filthy naira note ications of the large s currently in circulation quantities of defaced,

t’s lunch time mercial capital, in Lagos, Nigeria’s comalive. Workers and the streets have come and eateries are enjoying midday meals are But at a popular making cool business. fast food joint John Street, on Isaac between a customer Ikeja, an argument rages and the sales The bone of representative. the customer contention is a torn naira her purchaseshad been given as change note . after People intervened to settle the it was discovere quarrel. But denomination d that nearly all the lower N200 – held notes – particularly N100 and by the restauran actually defaced and badly t owners were writings on mutilated the the condition bills to torn and taped. From parts, crisis many of the currency notes exposed a Nigerians are with their currently country’s currency. enduring

Health Implica tion

Aside the destruction of the naira of notes, health the aesthetic beauty the mutilated experts say most of currency notes harbour pathogeni in circulation to human health. c microorganisms hazardous infectious bacteriaThese microorganisms harbour and viruses issues, such that cause health as diarrhoea, respiratory problems. Thesefood poisoning, and proven to be diseases have spread The CBN spokesperthrough the notes. been son, blamed the banks for the Mr. Isaac Okorafor, currently in mutilated naira circulation via his Twitter notes on February 26. But the handle like it will situation doesn’t end anytime look soon.

Blame Game

Okoroafor have greater said, "Lower denomina tion notes velocity of they are frequently circulation in use and , meaning Several factors get abused. worn out notes account for the existence and they include of mentioned the abuse above and the attitude who fail to return them of for reissue." banks The number of deformed circulation naira in is alarming. Nigeria, particularly notes in in Lagos, THISDAY bad notes areinvestigation revealed that the given to customer counter as in well (ATM) transactioas Automated Teller over the ns. They disburse Machine unfit notes. dirty and Meanwhile, as the notes commercial circulate, the banks and Nigeria (CBN) the Central Bank of have been trading who is responsib blames over le, directly the situation. or indirectly, for More worrisom fact that currencies e to bank customers is the been mixed-up dispensed by the ATM’s are with filthy they take it notes. And back/inside when the notes, the the bank to redeposit banks rej t h

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BUSINESS Equities Investors Enjoy More Value on

R A T E S

MONEY MARKET OBB OVERNIGHT

A S

2.83 % 3.58 %

A T

REPO CALL 1-MONTH 3-MONTH

2.50% 9% 9.38%

ORLD

INDEX LEVEL 1-DAY MONTH-TO-DATE

354.49 % ͎̋˛;ͯϹ -0.98%

Declining Inflation Rate The continuous decline in inflation rate in Nigeria is a positive development that is making equities onEquDeitieclins Investors Enjoy More Value ing Inflation Rate investors get more value on their investments. Page 23 WOMEN EMPO WERMENT

L-R:

23

Group Busine

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Email obinna. Editor Obinna Chima chima@ 0802455707 thisdaylive.com 8, 0809115221 9

J U N E 2 2 , 2 0 1 8 S & P INDEX S & P INDEX 1/4 TO DATE

YEAR TO DATE

Former Minister of Communic Siju Iluyomade ation Technology Series held in ; keynote speaker, Itunu Hotonu, , Omobola Johnson; Lagos‌recently and Finance Director, Partner at Aelex and keynote Cadbury, West Africa, Yimika Speaker, Mrs. Funke Adekoya; Adeboye, during Host, Mrs. the Women Leadership

EXCHANGE RATE N305.80/1US DOLLAR* *AS AT LAST FRIDAY

2.46% ;˛ͳ͡Ϲ

Quick Takes IFAD, GEF Suppor

By balancing t Rural higher yields and incomes Farmers a new report with healthy ecosystems, Agricultural has revealed how the International Development dedicated to Fund for (IFAD), a UN smallholder specialised Global Environme agriculture development, agency nt Facility rural people in developing (GEF), are beneďŹ ting and the millions of countries.

The report titled: sustainableworld, “The IFAD-GEF Advantage â€?wasreleased According to attheSixthGEF II: partnering for a the for governmen report’s ďŹ ndings, IFAD currentlyAssemblyrecently. ts to facilitates access GEF funding 32 GEF-funde in 24 countries, focal area, and d projects with climate change amounting to utilising a budget as the dominant “This report shows that there of approximately US$161 When we work million. together with is a clear IFAD-GEF Advantage and ecosystem rural s are protected, communities, natural resources.

Director of and people’s IFAD’s Inclusion Division, Environment, Climate, lives improve,â€? the Gender and Margarita Astralaga An example of Social said. in Viet Nam, the synergies referenced where an IFAD-GEF- in the report was encouraged local found Government partnership for ecosystem communities to collaborate contribute to s services that oer them in devising payments clear beneďŹ ts reducing greenhous Another example and also in Peru illustrates e gas emissions. to work with how IFAD local management, communities in the High was using GEF funds Andes on better biodiversity agricultural water practices on conservation and more sustainabl over 20,000 e hectares.

Foundation Holds

The Bridge Leadership Youth Confer Foundation, ence with a commitme a not-for Goddy Egene announced an nt to building generation proďŹ t organisation array of notable s of young people conference. A statement by speakers for its upcoming has CAPITA L MARKE The continuou edition of the the foundation Company of Bridge T , stated that theyouth inflation rate s decline in Northern Nigeria conference which Leadership Foundation eight in Nigeria Plc has recorded on initiatives positive developm is a inflation Annual Career Future We Want,â€? is themed “Youths and that would per cent, while a growth of 173 boost rate of 11.6 Good Governanc Day making equities ent that is an investor is slated to per cent, that of Caverton their operations further According to e: The Offshore Support investors get can still . the foundation hold on July 14, 2018, in more value For instance, Group Plc has Calabar. programme. , the on their invest- return that is above boast of gained 76.7 C & I Leasing The organisers Career Day is an annual Plc recently ments. per 40 per cent.

According to would serve raised Plc has posted cent. Ikeja Hotel bond as one of many explained that the 2018agship a stockbroke The Consumer to expand its N7 billion a growth of Mr. in r, Ayo strategic edition responding per Oguntayo, 75.8 restructure business and Price Index cent, just as steps by the to the global (CPI), has maintained as an invesLearn tor foundation politics and governance its clamour a steady as in equities, getting returns Plc has recorded 71.5 Africa the Managingdebts. Specifically, decline, falling . “The decision for youth involvement in participation high as 40 per per cent. to 11.61 per Director /CEO Others to focus on increased in of C& I Leasing, at the end cent is a deliberate politics and governanc of May 2018. cent 30 per cent is very or even significant that have recorded Mr. Andrew e in an election youth Otike -Odibi eort to ensure capital appreciatio Capital market attractive compared to enshrine equity, season said the the that conscious n billion said this is positive operators investmen to other forms of that are well above the N7 raised good governance inclusiveness, participato eort is made inflation rate are: Beta ts. invested in would largely be investors, saying for equities ry democracy Glass Plc (68.2 “Although the Nigerian youths in our polity. “Above all, business expansion and cent); Eterna per as inflation it and is risk continues to to take pro-active intended to inspire Plc of capital restructuring depreciation they want “Distingui decline the Fidson Health (66.2 per cent); pan actionincre of the com is also hi h mo val ’ d ti h d h

CITYSTRINGS Close Shave with Death

CITYSTRING S Close Shave with Death T H I S D AY

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In a quiet backwater in the riverine village of Ilashe, off Ilade-Odo area of Atlas Cove, small wooden canoes litter a swampy part of a river blackened by decades of spillage of both refined and crude oil.

I Page 36

Chiemelie Ezeo bi writes on Cove, a notor her expe covert opera ious point for pipeline rience at the hands of vand tion against local security suspected vand alism, when she went turne with a Nigeriand thugs at Atlas als Navy unit on a

Enraged Tiamiyu Jeremiah

with his group

members at

Atlas Cove

n a quiet backwater in the village of Ilashe, off Ilade-Odo riverine Given the terrain, Atlas Cove, area of small wooden the fierce afternoon it was an arduous a swampy walk in part of a river canoes litter sun. It was to walk as The Federal decades of blackened really one's Government spillage of The naval men legs sunk in with difficult the contract had in 2014 both refined by crude oil. The each step. of securing pipelines awarded had no such area is notorious and pipeline vandalism were well NNPC to Topline, the cause of difficulty as belonging to kitted. It was their agitation, for oil the few minutes sabotage, blamed and other acts of they reached for this reason they and they in turn a private security we economic the site well on locals and sublet the contract company to withdrawof reprieve. But whenthankfully got from outside before we got that security who collaborators we attempted the to the local , they charged went there.

Navy recently communities. But the their close guns As the operation berserk.

Local ‘Security up again. Pointing at us and threatenin was an on-the-spot Men’ vices in the launched an operation Nigerian of the tonnes us with their While we were to stop the area, which g to assessment of recovered charms, we still struggling activities of sand, we heard all looked deathsmack petroleum products in the very face. artisanal fisheralso hosts significant through the at the site, which their loud cheers. right local fish markets. aerial was folks who feed captured, it At that point, was not surprisingsurveillance had many werethat the navy men postedOur first thought got they were We were on to the scene cheering the to divided whether when the navy to let us go. While and saw hundreds Commander, patrol the area 25 their experience of the mission to have a of the Nigerian should be litres jerry Commodore first-hand how the navy of stacked allowed to commander said we cans Navy Eno stuffed Ship the vandalism pass utility some was trying to However, when (NNS) BEECROF inside five vehicles (SUV). secure sports only of them refused and as neutral party, we came through T. be a dangerous black spot. But it turned path and got However th rushed to bl exit point W the b h to th fl ad o t k h th

INTERNATIONAL Trump Hails Supreme Court Ruling on Travel Ban as ‘Tremendous Victory’ US President DonaldTrump yesterday hailed a Supreme Court ruling upholding his travel ban, which covers people from several Muslim-majority countries. Lower courts had deemed the ban unconstitutional... Page 47

SPORTS Rojo Haunts Nigeria again as

27, 2018 Ëž T

H I S D AY

INTERNATIO NAL Trump

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Hails Suprem e Court Ruling ‘Tremendous on Travel Ban Victory’

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as

US President yesterday hailed Donald Trump decision was a “great ruling upholdinga Supreme Court the victory� for nation and constitution his travel Supreme Court which covers . “We have to people from ban, effect in December,allowed to take be tough several Muslim-majority “The Proclamatio has been widely countries. Lower have to be safe and we and we criticised by n is expressly courts had premised refugee and secure,� the Republicanhave to be rights deemed the Justice Ruth human preventingon legitimate purposes: groups. unconstitutional, ban said president joined Justice Bader Ginsburg and entry of nationals in Tuesday’s Chief Justice John Sonia Sotomayor court reversed but the US top lawmakers complete meeting cannot who . “The ruling with the opinion, which Roberts wrote inducingbe adequately vetted and in the dissenting opinion, Muslims enteringshutdown of 5-4 conservativ the decision in a that shows ban which States’ other all the United was “squarely said the travel their practices,� nations to improve argues the court failed to BBC reported. e majority ruling, and the attacks from the media because the uphold within the scope the religious the Democrat Roberts wrote. of Presidential liberty guaranteed masquerades behindpolicy now politicians were text says nothing At a White House “The by the authority�. He wrong, a facade first amendme rejected arguments of national-se also discuss the president’smeeting to very and they turned out to Shortly after the about religion.� US constitutio nt of the curity concerns,� that the ban be discriminat wrong.�

Sotomayor wrote. proposed n. border wall, he released its decision,Supreme Court ed against Muslims.

He added, “If “It leaves lauded the decision Trump shared The dissent as “a tremendou undisturbe the news from European Union, you look at the also states, his Twitter account. policy first advertised d a reasonable s success�. “A they’re meeting The court’s reversal observer would right now to openly and unequivoc conclude is viewed toughen up as a victory ally as a ‘total that [the ban] was motivated immigratio their n policies anti-Muslim by administration. for the Trump they’ve animus.� because been The ban prohibits been over-run. over-run, they’ve from Iran, Libya, most people “And frankly, Somalia, and Yemen from a lot of those Syria countries Trump said theentering the US. anymore.�are not the same places A UN report says 370 children support Supreme Court out of a total of 552 were of Yemen’s internationa The travel in killed 2017 ban, which lly for 83 the by the by air strikes carried out recognised government, children aiming to coalition. It said roll back advances wounded; the killed and 241 the the Saudiled coalition Houthis and pro-govern rebels after they made by Houthi Popular was responsible forces from the overran much more than half Resistance group ment Saudi-Emirati for the country in 2014. of casualties; coalition of recruiting of injuries in war-tornchild deaths and have Most other internationa for 41 842 cases of child since withdrawn countries fighting for Yemen last year, l forces as according to a Yemen’s governmen young as 11 soldiers - some A hotel in the from the US-backed their forces for new years old.

Russian soccer 19 casualties; t report exclusively United Nations only Most of the Cup host city World witnesses al-Qaeda Saudi Arabia coalition, with Arabian obtained by Jazeera.

Peninsula (AQAP) in the between 15 andchildren were aged and the United said.

Al Arab Emirates was evacuatedof Rostov-on-Don 17, and nearly for 10 thirds The hotel by police late conducting attacks casualties; and the The annual two Tuesday, staff in Yemen. on as a World is not listed by FIFA Forces, among Yemeni Armed in the of them (534) were fighting at the Topos Congress Armed Conflict�“Children and Cup hotel, and ranks of the other parties, hotel said. Reuters The UN report officials report, which Houthi militia no for group. was compiled four casualties.

Child soldiers scene said they witnesses at the during were due to stay there shines the spotlight on by the staff were also used Fifty-one per child of by the Yemeni that they had were told by police to a the tournament, according around the world, found victims Antonio GuterresSecretary-General 1,316 cent document published been casualties were of the total and the Securityarmed forces (105) and total that a the to a bomb threat. evacuated due Security Council submitted to air strikes, caused by

by FIFA. and of 1,316 children were The bomb threat killed a militia recruitedBelt Forces (142), on Monday the maimed in the was Police vehicles second leading report said. The Arab world’s night. It verified that out and ambulances less than a couple hours reported poorest country Child soldiers by the UAE. of the cause were seen children killed after in 2017. conclusion of were outside the (398 boys, 154 552 fighting, including was ground used to Saudi the Croatia-Ice the hotel, match guard checkpointmostly girls), shooting shelling and land several Arabia, together with the majority - 370 - were in Rostov-ongovernmen (136 killed, 334 injured), attributed other Arab nations, to the coalition, Don. t buildings, s and followed by launched blamed which a military campaign patrol, explosive remnants or for fetching for 300 child was also of war and in 2015 in and bringing food and water mines (27 killed, injuries.

The Houthis equipment 119 military were responsible injured). to positions. The The report also number of accused both combatants fighting for different parties was 76.

UN: Saudi-led Coalition behi Casualties nd Most Yem en Child

Hotel in Russi an World Cup City of Rosto v-on-Don EvacuHost ated

WEDNESDAY SPORTS Rojo Haunts N Argentina Be igeria again as rths in Last 16 ˜

Argentina Berths in Last 16 Just like it happened four years ago in Brazil, Marcos Rojo scored a late 86th minute dramatic goal against the Super Eagles for Argentina to progress into the Last 16 stage of the 2018 FIFAWorld Cup here at the St Petersburg Stadium in Russia.

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WORLD C UP 2018‌

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

Just like it years ago in happened four Rojo scored a Brazil, Marcos dramatic goal late 86th minute against the Super Eagles for Argentina to progress into the Last Omeruo the 16 stage of the needed support 2018 FIFA World and link up with (7) Ahmed the St Petersbur Cup here at a bit slow in attack but was g Stadium in He was the Musa his work-load Russia.

-5.5/10 star man of . the tourname After Victor nt for Nigeria at the tourname cancelled out Moses had nt here but (4) Wilfred could not Lionel Messi’s first half opener, He was Ndidi Argentine breakdown the Nigeria was on the verge discharging the excellent in the match defence. Like in duty of holding second ticketof grabbing the against Iceland, back Enzo Perez was Otamendi he with just four of Group D and Mercado’s passes to Messi to cut short tormentor on the right play with a minutes left of on side-6/10 made several the left side. He draw againstpossible one-all incursion to give Nigeria the lead champions but the two-time his (10) John Mikel play but was from counter to be as Rojo that was not his element. He displayed unlucky as The Trojan and Obi didn’t succeed. he Manchester who stars for up usual superb skill to set the Argentine forward. leader the He of himself team, playing the United in He did and out and was played deep in English Premiersh the France Albiceleste’s clash with not make any meaningfu in the Round l save silent kept veteran Higuain of the defence line, was front deep into injury substituted all thorough Nigeria the chance ip denied to neutralise the match-5/ able of 16. all time by What would to progress.

10 Unfortunathrough the match. passes the diagonal Simy-8/10 But the story have Messi’s been tely, in the middle (6) Leon Balogun a good one for would have be denied second goal was wanting in the he was found was in constant and (14) Kelechi closing He had a perfect link Turkish centre Nigeria if only Uzoho him when Francis combination after Marco Rojo sizzlerstage forward line- 7/10 with the He had a dull Iheanacho Cakir, had few referee, Cuneyt onto tipped his free-kick with William Troost the winning for day almost like the minutes earlier goal with less Ekong than (Oyinbo wall). post. it happened awarded a deserved (8) Oghenek The loss was against Iceland; failed of the match,In the early stage time four minutes from full second aro Etebo penalty resulting Nigeria’s to make much - 7/10 He had a impact from a hand World Cup defeat from fifth allowed Angel consequently, ball by same but unable to wonderful game in the and even had a chance di Maria meetings with five stop Banega from first half Argentine box Rojo inside the by Argentina, all Banega too much room and (22) Kenneth the perfect pass a solitary goal. to the three-time up by Argentineafter a mixed the left side from Omeruo to Messi African champion The last in of the field. defence but the three-man resulted in the opening that wasted the opportunit was in his true But VAR replay s. goal of were the match. His element as the defence line up, was HOW EAGLES showed the match not surprised y. Pundits work rate was United defender VERSUS ARGENTRATED Nigeria dragged on. He gave napping by Messi caught very high, as he that was also joined in substituted on resumptio clearly for the the defence handled the hope opening goal.

INA ball but Cakir second half-3/10 His best moment n for following thein the second half was denied Nigeria holding the right stage of the towards the final foul on him (23) Francis that lifeline Mascherano that match- 7/10 by forcing side and that would Uzoho Messi to He (9) Odion penalty which resulted in the the Eagles stay have stretched the was a bit nervous left side of switched to was converted (11) Victor in in beginning but He failed toIghalo A raucous Russia. regained by Victor Moses in the second the second half.the attack in bury the late He failed to Moses confidence raise his game chance he had one-on-one as the match half- 6.5/10 crowd roared and partisan progressed reason to attack For tactical as one with on the South . He had to contend Americans, down, he was after going to lift theof the main players the goal keeper to put Eagles with fate for Lionel with Messi (5) Troost-E an attacker in substituted for ground team. Closer to the up before Rojo’s winner. in after Omeruo Messi’s goal 3/10 Alex Iwobi-6/1 than The other part kong failed to stop 0 always falling with the ball, of the ‘Oyinbo (18) Alex Iwobi Wall’, had a on any challenge.

(2) Bryan Idowu wonderful game He scored from and Simy the penalty Nwankwo were late minutes He was supposed spot- 5/10 substitutes, and to give did not make much impact minutes added in the four time play-3/100

National Prid as Star Lage e Endures r Fans and GallCelebrates ant Eagles

Star Lager its support Beer continued the days ahead.� for the Nigerian National team Beyond Eagles Dome at the Super beloved football, the much squad faced in Lagos, as the attendeesDJ Neptune treated at the Super make or marArgentina in the Dome to an exotic Eagles game in Russiafinal Group D hit songs, mix of yesterday. with the audience The Dome singing of passionathosted thousands THE along while enjoying atmosphere ofe fans in an Star national favourite beer, Lager Pop exciting footb m i st Sk ll

WEDNESDAY JUNE 27, 2018 ˾ T H I S D AY

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NEWS

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

Oshiomhole Resumes Office, Wants Buhari to Recover $16bn Spent on Power by Obasanjo Promises to reposition APC Party denies dumping ‘change’ slogan Onyebuchi Ezigbo in Abuja The newly-elected National Chairman of the All Progressives Congress (APC), Mr. Adams Oshiomole, yesterday formally took over the mantle of leadership from Chief John Odigie-Oyegun with a charge to President Muhammadu Buhari to recover the $16 billion allegedly spent on the power sector by the administration of former President Olusegun Obasanjo if the power could not be found.

In May, Buhari said Obasanjo had questions to answer over the project.

“Where was the power after a former president claimed to have spent $16 billion on the project?,” Buhari had asked.

But the former president denied any wrong doing.

Speaking after Oyegun handed over to him, Oshiomhole said the APC should support Buhari in the fight against corruption.

“Opposition could not say he is not fighting corruption, they say it is selective and I have been reflecting

on that. How can it be that what the whole world can see, the local people cannot see it and as I was reflecting,” the former Edo State governor said.

“I watched our president recently asking questions – you have spent $16 billion – PDP under the former president – on power, our president said ‘where is power?’ For emphasis he repeated ‘where is the power?’

“Nigerians in their various homes that day with generator said ‘Mr President, we don’t have’. $16 billion spent on power? The more dollars spent, the more darkness. Maybe because the president has not yet proceeded to now ask the follow-up question, since we can’t find the power, you must produce the $16 billion spent.

“If he doesn’t do that, then the accusation of limited anti-corruption [fight] will begin to have some relevance. Our president needs to do the needful. He can proceed to recover the $16 billion back into the treasury from the man who superintended over the spending of that money.

Against the background of issues raised by opposition parties, the Peoples Democratic Party (PDP) and the Social Democratic Party (SDP), that APC has dumped its “change” slogan, Oshiomhole said: “We have not changed APC slogan.

I am not aware of any meeting of the organ of the party that decided on the change of our slogan. Progress is the outcome of change.”

Speaking yesterday during the hand-over ceremony at the party’s headquarters in Abuja, the former Edo State governor, said what would be uppermost in the agenda of the party would be how to fill the gap between promises made and delivered.

Oshiomhole spoke about the achievements recorded by the President Muhammadu Buhari-led APC administration in the area of tackling corruption and Boko Haram menace, saying a lot of progress have been made.

The new party chairman promised that henceforth, the party would hold convention

every year, which will be used as an opportunity to review performances of its administration with regard to the fulfillment of its manifesto.

“We will work to establish a Progressive Institute that will help train our people on the ideologies of progressive politics. We will create a situation where every year, we must have convention, not in the open like Eagle Square but in centres we choose. The agenda will not be election, but to look at our manifesto and our performance and see the gap, if there is, between what we promised and what is happening, and to explain that gap and get those elected to explain to us what they will do differently to avoid deficit between promise and reality.

I also believe that in a world that is ever changing, the manifesto you wrote in the morning might be obsolete in the evening,” he said.

Oshiomhole also responded to the charge of lack of sincerity in the anti-corruption war, saying the former ruling party had presided over a very corrupt administration.

“We have a duty to correct

people on this one. We are proud of our slogan, we are committed to it. Recently, I watched the president asked questions about power where $16 billion was spent. Maybe the president needs to now ask the follow-up question that since we cannot find the power, then, you must return the money that you spent. If he doesn’t do that, then the accusation of limited anti-corruption may begin to have come current.

So, to assist PDP to overcome their accusation, our president needs to do the needful. Courage should not fail him and he should recover the $16 billion back into the treasury from the man who presided over the spending,” he said.

On the forthcoming governorship election in Ekiti State, he said APC would play by the rules, adding that there would be no need to deploy the federal might the way previous PDP administration did to win the election.

“I am very confident that Ekiti State governorship election will be won on the basis of the superior performance of our party,” he said.

Oshiomhole said he would ensure that the welfare of APC staff would be made a priority.

He praised his predecessor, Oyegun, for his bold achievements.

Later at a meeting he had with staff of APC, the new chairman hinted that he might order the reduction in the number of staff working at the national secretariat so as to increase the welfare packages of the main staff.

In his brief speech, Oyegun wished Oshiomhole a successful tenure.

He also apologised for delaying the hand-over ceremony by 24 hours, adding that he was fagged out after attending the strenuous national convention of the party.

Oyegun expressed the hope that Oshiomhole’s tenure would be a successful one.

“I pray that your period will bring signal victory for the party.

I must apologise that I kept the programme by 24 hours. I needed some rest after the stress at the national convention,” he added.

Suspected Herdsmen Kill Two Soldiers in Benue An early morning ambush in Bakin-Korta, Mbadwem Council Ward of Guma Local Government area of Benue State and Keana in Nasarawa State by suspected herdsmen has led to the death of two soldiers attached to the ‘Operation Whirl Stroke’,a military operation in Benue,Nasarawa,Taraba and Zamfara The attack also left the Unit Commander of the troops and another with serious injuries while their operational truck was riddled with bullets.

Confirming the development, the Guma Local Government council Chairman, Anthony Shawon said the incident occurred at about 5am.

In his account, Mr. Shawon said, “the herdsmen came on.Monday and dug trenches around a new bridge the Governor Samuel Ortom administration built at Bakin-Korta linking Keana in Nasarawa State.

“I gathered they came in their numbers and dug the trenches on both sides of the bridge so that the army would not have easy access to the area in the event of an attack on Guma.

“When the soldiers got wind of the development, they mobilised the community to fill up the trenches.

The people of the community in my local government went and filled it up.

“At about 5am today( Tuesday) the soldiers also moved to Keana to find out those who carried out the act and why.

“On their way after passing a Police check point on their way to Ruga a Fulani camp, somehow the herdsmen probably heard of their coming and laid ambush for the soldiers.

“In the ensuing shootout two of the soldiers were killed on the spot, a Captain who is the Unit Commander was also shot but he has been moved to the hospital in Makurdi for treatment and surgery.

“We learnt that they were planing to repeat what they did in Plateau State in Guma but for the quick response of the soldiers.

I must commend the soldiers for taking a proactive measure to stop them but unfortunately they lost their personnel in the effort, it is regrettable,” Shawon added.

French President, Macron toVisit Lagos July 3 Vincent Obia Franch President, Emmanuel Macron, will be a guest of honour at a special event on July 3 in Lagos organised by TRACE, a leading entertainment brand in Africa.

The event is planned as part of the 2020 African Cultures Season, a release sent to THISDAY by Managing Director of TRACE, Jessica Hope, said.

According to the statement, the event, the first of its kind in Nigeria, aims to “change French society’s perception of the African continent through the promotion of African contemporary creation.”

It will take place at the New

Afrika Shrine, and feature a host of Nigerian cultural talents, including Femi Kuti, Banky W, and Yemi Alade, among other leading stars of music and Nollywood, fashion, food and visual arts, to celebrate the successful cultural collaboration between France and Africa.

TRACE is one of Africa’s leading entertainment brands and an example of how French and African talents can combine.

It has been building a strong Afro-centric presence across the continent for 15 years.

President Macron has previously lived and worked in Nigeria as a staff of the French embassy.

CHANGE OF BATON

Newly-elected National Chairman, of All Progressives Congress (APC), Mr. Adams Aliu Oshiomhole (right), receiving documents from the former National Chairman of the party, Chief John Odigie-Oyegun (middle); while Deputy National Chairman, North, Senator Shaibu Lawan looks on during the official handing over at the APC National Secretariat in Abuja... yesterday

Violations of Human Rights Unacceptable, Says AGF NHRC plans public hearing on SARS activities Alex Enumah in Abuja The Attorney General of the Federation and Minister of Justice (AGF) , Abubakar Malami, yesterday said the violations of human rights are unacceptable for whatever reasons in Nigeria.

Malami stated this at an event organised to mark this year’s United Nations International Day in Support of Victims of Torture held in Abuja.

The minister who was represented by the Solicitor General of the Federation (SGF) and Permanent Secretary, Ministry of Justice, Mr Dayo Apata, in an address, stated that “torture in particular is a clear assault on the

inherent dignity and fundamental freedoms of the human person.” “ It is wicked, dehumanising and has been criminalised in Nigeria with the enactment of the Anti-Torture Act 2017, signed into law same year by President Muhammadu Buhari,” he added.

He said the Act was in furtherance of the present administration’s commitment to the promotion and protection of the fundamental human rights of all Nigerians as enshrined in the constitution, adding that Nigeria is a state party to a range of international and regional human rights instruments expressly prohibiting torture and ill-treatment.

He said to achieve the intent and

purpose of the Act, current efforts aimed at reforming the institutional and legal framework of the criminal justice system would be intensified.

Also speaking, the Executive Secretary of the National Human Rights Commission, Tony Ojukwu, said following complaints by the public against the activities of the Special Anti-Robbery Squad (SARS), the commission had concluded plans to commence public hearing on the activities of SARS in the South-south and South-east geo-political zones of the country.

Ojukwu said the NHRC had already begun some interventions, like fact-finding visits to SARS’ detention facilities across the country

and interface on the operations of SARS. “This commenced with the FCT Police Command in December 2017 and will be replicated in other parts of the country, after which appropriate actions will be taken based on findings,” Ojukwu said.

He urged the public and the police authorities to assist the commission and cooperate to curb the practice of torture by SARS and other security agencies to reduce the incidence of torture in the polity.

Ojukwu said the NHRC has the mandate to investigate allegations against all human rights violations as well as seek appropriate redress for victims.

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WEDNESDAY JUNE 27, 2018 ˾ T H I S D AY

NEWSEXTRA

Afenifere Berates Buhari on Herdsmen Crisis Plateau PDP accuses Lalong of playing politics with security Police reverse CP redeployment Miyetti Allah denies report of retaliation James Sowole in Akure and Seriki Adinoyi in Jos The Pan-Yoruba socio-political group, Afenifere, for the umpteenth time, has berated President Muhammadu Buhari for his alleged non-chalant attitude in the handling of the killings in several parts of the country.

This is coming as the Peoples Democratic Party (PDP) in Plateau State has accused the state Governor, Simon Lalong, of playing politics with the security of lives and property of the Plateau people, urging him to resign over his alleged cluelessness.

Afenifere in a communique at the end of its meeting in Akure, Ondo State, described as infuriating the responses of Buhari and that of Miyetti Allah on the killings.

The group in the three-point communique entitled: ‘Enough Is Enough’ signed by its National Publicity Secretary, Yinka Odumakin, said the response of the Miyetti Allah and that of the president came from the same source.

Disturbed by the devastating killings and attendant destruction, Afenifere said Nigerians must do everything possible to reject the re-election bid of the president.

The group said: “These wanton killings and official irresponsibility portray Nigeria as a barbaric entity and that Yoruba people are pained living in the same space with the bestial elements who kill innocent people in cruel manner.

“Nigerians must now gird their loins and see the democratic

uprooting of this administration as a task that must be done in 2019 so as to save the country from utter destruction.

“There is no land where the blood of the innocent is being shed daily like Nigeria that can make progress in any area of human endeavor.” Afenifere said.

The group asked its people to have special prayers for the souls of all those killed and for God to have mercy on Nigeria in all our mosques on Friday June 29 and in our churches next Sunday July 1 for Him to see us through the last few months of this administration.

Afenifere also condemned Buhari on the calls for the restructuring of the country, particularly his statement when he met with Urhobo leaders.

The president was berated for saying that “every group asking for restructuring has got their own agenda and I hope it can be accommodated by the constitution.”

The Yoruba group said the call for restructuring was a selfless one to rescue the country.

“We say without any reservation to the president that the call for restructuring is a selfless call borne out of the need to retrieve Nigeria from the brink of collapse and put it back on track.

“If the president talks about people with personal agenda on restructuring, it can only be those who insert it in their manifestos to win elections and turn around to say they are getting different definitions of restructuring after they came to power.

“We insist that for the country to move forward and develop,

it has to be restructured into a proper federation,” the communique stated.

Afenifere also rejected the idea of public funded ranches in Yorubaland, describing the move as an imperialist agenda of cresting Federal Cattle Territories (FCT) across Nigeria.

It said: “We insist that cattle rearing is a private business and the government has no business getting involved if there was no sinister motive.

“No inch of Yorubaland will be available for such and no governor should cede any land for such.”

In a related development, the PDP in Plateau State has accused the state Governor, Simon Lalong, of playing politics with the security of lives and property of the Plateau people, urging him to resign over his allegedly cluelessness.

Addressing journalists yesterday, the state Chairman of the party, Chief Damishi Sango, said parts of the state such as Bassa, Riyom, Barakin Ladi, Bokkos in the past two years have remained under siege

without any abetment, adding that in spite of this, the Lalong-led administration has consistently been telling the world that there is peace in the state.

Sango said: “To confirm their position as a people with conscience deficit at times when they needed to cry out to their benefactors that all was and is not well, they had gone out singing peace that all is well where none exists.”

He said the administration was exposed last Saturday and Sunday when terrorists laid siege on communities in Gashshsi, Razak, Ruku, Soi, Ngar, GanaRopp all in Barakin Ladi Local Government Area, leaving on their trail over 200 dead persons and several persons injured.

“The saddest thing is that following the denial of access points where people were gruesomely murdered, human bodies are being left to rot in the bush. As I address you, corpses are still being recovered.”

He accused the state government of leadership failure for not arresting one

culprit in the aftermath of the crime, adding that Lalong’s appointees ought to have served as watchdog for the government in all parts of the state and report accordingly any suspicious moves to the government and security agencies.

He insisted that “Lalong’s government has failed in its constitutional responsibility to protect lives and property and should therefore step aside.”

Meanwhile, the Nigerian Police have, reversed the redeployment of the Plateau State Commissioner of Police, Mr. Undie Adie.

The Inspector General of Police, Ibrahim Idris, had yesterday morning directed the redeployment of Adie.

A statement issued by the Spokesperson of the state Police Command, Matthias Tyopev Terna, a Deputy Superintendent of Police, neither gave reasons for his deployment and the new posting of the CP. He was replaced by Yobe State-born Bala Ciroma, who was until his new position, the Deputy Commissioner of

Police, Criminal Investigation and Intelligence Department.

It was not sure if his redeployment has anything to do with his handling of the crisis in the state and the ‘huge’ casualty figure he released to the media in the aftermath of the crisis.

Meanwhile, the Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN) has denied complicity in the Plateau killings.

In a statement, signed by the state Chairman of MACBAN, Nuru Abdullah, the group said: “It is with dismay that I read the false media report that has gone viral against us alleging that we have admitted carrying out the violent attacks on some communities in Plateau State.

“The stories are mere falsehood against us by some media outfits.

“We make bold to say that Alhaji Danladi Chiroma never made such stupid statement. The report about the whole incident is unfounded and the media houses are only acting on the script of our enemies in order to tarnish our good reputation.”

ICPC Recovers 17Vehicles from Ex-FAAN Officials Chinedu Eze The Federal Airports Authority of Nigeria (FAAN) yesterday received 17 official vehicles recovered from the agency’s ex-officials by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

ICPC had disclosed that some of the ex-workers of FAAN wanted to take some of those vehicles as part of their retirement benefits but were stopped by the commission.

The keys to the vehicles were handed over to the Managing Director of FAAN, Saleh Dunoma, by the ICPC Zonal Commissioner, South- west, Shintema Binga, at the agency’s headquarters in Lagos.

Speaking shortly before the presentation of the vehicles, Binga, who was represented by the Chairman of ICPC, Musa Islam Abubakar, said ICPC was in FAAN in furtherance of its partnership and collaboration with the authority over the years, particularly in the instance of handing over the vehicles that were recovered.

Binga said the collaboration started when FAAN, which entered into partnership with ICPC to fight corruption, realised that whenever there were incidences of corrupt practices or things that could lead to corrupt practices, they called

ICPC’s attention.

“In this instance, we were informed that certain officials of the Authority, having completed their tenure of office or who being disengaged left with the authority’s vehicles that ordinarily they shouldn’t have gone with.

The outcome of that collaboration is why we are here today. It is not just the vehicles we are handing over today. Some of them were parked in our headquarters in Abuja while one of them was parked in our Lagos office. It is part of the ongoing process of the recovery”, the zonal commissioner said.

Although, Binga stated that not all the vehicles had been returned, ICPC felt it was necessary to bring them back so that they can be put to use instead of parking the vehicles and allowing them rot away. He, however, assured FAAN that ICPC will be able to deliver the remaining ones.

In his response, Dunoma who was represented by the Director of Engineering and Maintenance appreciated ICPC, Salisu Daura, for the vehicles recovery.

Daura said the vehicles were vital to FAAN’s operations, adding that what has transpired has debunked the prevalent notion that whenever ICPC seizes any item, that they don’t return it.

STOP THERE!

A former Minister of Education, Mrs. Oby Ezekwesili, being stopped by DSS personnel as she embarked on a one-man protest march against the unending killings in some parts of Nigeria to the Presidential Villa, Abuja…yesterday Godwin Omoigui

Buhari Inaugurates Rice Seedling Factory in Calabar President Muhammadu Buhari yesterday inaugurated the Cross River State seedlings and seed multiplication factory in Calabar, the state capital, which he described as people-oriented project.

Speaking during the inauguration, the president said the project was in line with his administration’s zero-oil economic roadmap with the state Governor, Senator Ben Ayade, becoming a reference point in that vision.

“When we assumed the rein of leadership of our dear country, our administration launched a zero-oil economic roadmap as a way of making our country less dependent on oil, while encouraging investments in other sectors of the

economy, particularly agriculture.

“I am happy that Ayade keyed into that policy and has today become the reference point in our agricultural revolution effort,” he said.

While emphasising the significance of the event, Buhari said: “That we are gathered here today is no doubt a determination woven through to precision and a glowing testament to the fact that the policy is working.”

The president who lauded Ayade for the giant stride and for keying into his agricultural policy, further noted that the factory spoke loudly about his administration’s strides in agriculture, adding that its capacity to produce high yield

and disease-resistant seeds, will aid in job creation and earn revenue for the state.

“The factory, said to be the first in Africa, is an automated plant with a capacity to produce high yielding vitaminiSed and disease-resistant rice seedlings,” Buhari said.

On the impact of the seedlings factory on the economy, the President said: “Seedlings from this factory will improve rice yield from the current national average of 3 to 4 tons per hectare to about 9 to 10 tons per hectare, thus helping to ensure rice sufficiency in the country and doing away with import and saving foreign exchange for Nigeria.

“Besides creating employment opportunities for the unemployed, I have no doubt that this rice factory will also be a veritable platform for income generation for Cross River,” he said.

“I was further told that the factory has the capacity to meet both foreign and domestic demands. This will go a long way in placing Nigeria on the global rice production map,” he added.

He directed relevant federal parastatals to partner the state even as he hoped that the factory, alongside other agro-based industries being built by the state will inspire other leaders to key into his vision of ensuring food security for the country.

T H I S D AY ˾ WEDNESDAY JUNE 27, 2018

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

PAGANISM MOST HOLY

Paganism thrives on superstition, writes Sonnie Ekwowusi

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eligious expansion in Africa has continued to raise intriguing comparative questions on the nature and character of the Christian communities on the continent. In several hinterlands of Africa, Christianity has not only spread but has adopted the indigenous languages as necessary and effective channels of biblical revelation and Christian evangelisation.

In Sierra Leone, for instance, a missionary called Lady Kilham translated the first local languages spoken by the freed slaves in 1827. In the then Gold Coast, the Christian missionaries translated the Bible into Ga, Twi, Ewe and Fante. In Nigeria, Bishop Samuel Ajayi Crowther not only reduced the Yoruba language to writing but equally translated the Bible into Yoruba. The Christian missionaries equally reduced Igbo, Nupe, Hausa, Kanuri and Efik languages to writing and translated the Bible into the aforesaid languages. Rev. Townsend would in 1859 start the first newspaper in Nigeria called Iwe Irohin in Yoruba. Therefore Africans have utilised the vernacular both for self-understanding of divine revelation and for easy assimilation, acculturation and dissemination of the Christian faith. Literacy in mother tongue has provided the impetus and vehicle for self-expression and propagation of the rubrics of the Christian faith. I do not think there is any village in Africa where the seed of the Christian faith has not fallen.

But unfortunately, Christianity in Africa, arguably, is yet to permeate the reigning pagan culture. Human beings are incorrigibly religious.

They are not, however, incorrigibly Christian. Agreed, the coming of Christianity to Africa marked the beginning of a new coherence in the history of religious change and revival, a coherence that ought to do with the transition from paganism to a new transcendental Christian life. But as I earlier stated, Christianity, arguably, has not managed to permeate the reigning pagan culture - pagan attitudes, manners, thoughts and ways of behaviour - and Christianise it. Consequently, there are Christians who are at the time pagans or idol worshipers. They light one candle for Jesus in the church and go to a juju shrine and light another candle there for Amadioha. On Sundays they go to church with their Bibles to worship but on Mondays they go to the Okija juju shrine to dance naked with their cocks in their hands. Despite all the spirituallyuplifting sermons preached to the congregation on Sundays by the clergy, the belief in superstition, sorcery, vision-seeing, witchcraft, dreams, futurism, clairvoyance, and so forth holds sway. Without getting mired in the gobbledygook of sociology and anthropology of religion, whereas the old paganism thrived on divination, incantation, dreams, futurism, and vision-seeing, the new paganism of the 21st Century thrives on the same platforms but on a new panoply of modern technology, fine artistry, modern dancing, drama and even poetry. Undoubtedly the 21st Century futurists, vision-seers and fire-spitting gospelers offer the same services which the dibias, babalawos, futurists, clairvoyants, native doctors of the old offer. The only difference in form is that, armed with their bibles, the modern futurists, vision-seers and native doctors, the new gospelers offer their services in their own ‘holy’ way, amid rendition of moving Christian songs, bright colours and movements in modernised ways.

Like the dibias and babalawos, the modern gospelers claim to possess the powers to banish the devil, change ancestral curses into blessings, restore sight to the blind, destroy the enemies and restore trapped material wealth. In Edo cosmology, Olokun is worshiped by traditional Edo women because of his role in providing children to childless women.

Parents of young girls install a small shrine of Olokun in their houses for her protection and wellbeing and when the young marries this shrine is transferred to her husband’s house. Like the Edo Olokun, the fire-spitting

LIKE THE DIBIAS AND BABALAWOS, THE MODERN NEW GOSPELERS CLAIM TO POSSESS THE POWERS TO BANISH THE DEVIL, CHANGE ANCESTRAL CURSES INTO BLESSINGS, RESTORE SIGHT TO THE BLIND, DESTROY THE ENEMIES AND RESTORE TRAPPED MATERIAL WEALTH

new gospelers of nowadays claim to implant fruit of the womb in the womb of a woman. If a woman is in search of the fruit of the womb all she needs to do is to allow the new gospeler to lay his ‘holy’ hands on her head, chest and stomach and a child will be implanted in her womb immediately. If a lady is desperately looking for a husband all she needs do is to approach any of our fire-spitting new gospelers to cast out the prince of the devil disturbing the lady and immediately a husband made in heaven will come out from nowhere and ask the hand of the lady in marriage. Those having financial problems need not worry anymore. All they have to do is to attend the miracle crusade at the warehouse of the new gospeler and their locked financial destinies will be unlocked.

Like the paganism of the old, our ‘holy’ paganism thrives on superstition. For instance, any setback encountered by you is attributed to the handiwork of the devil or your wicked dead ancestors. The horror with which we entertain the thoughts of death or any future evil or the uncertainty associated with living in Nigeria can fill up a melancholy mind with innumerable apprehensions, fears and suspicions, and, consequently dispose it to revel in high superstition. Once I was in mixed assembly when suddenly a young lady claimed that she observed what looked like a rat running under one of the chairs at the place we were standing. This ‘observation’ caused panic among several of us who were present at the assembly, and, before I knew what was happening, everybody in the assembly had dispersed. The claim of the lady that she sighted a rat at the venue of our meeting was construed as a sign of a bad omen for the assembly. In most Nigerian cultures, an owl perching at midnight on the roof of a house is an announcement of the death of a very close person. Between 1873 to 1915 the Scottish missionary and White Queen of Calabar, Mary Slessor, stopped the killing and torture of twins in Calabar. Sadly enough, today in Akwa Ibo State and its environs some religious bigots are killing innocent twins and babies condemned as witches and wizards. You can see that there is no limit to religious superstition in Nigeria. If you are experiencing ‘bad market’ it is the water mermaid that is preventing customers from coming to your shop to buy something. If your never-do-well son fails his JAMB or WAEC Exam it is your wicked uncle that is against his success. If there is no money in your bank account quickly summon the fire-belching new gospeler to cast out the devil in your account that is preventing money from entering into it. If your daughter is sick it is your wicked grandmother in the village who is behind the illness.

The pig has predicted that the Super Eagles will get to the semi-final of the World Cup. Full stop. Therefore if the Super Eagles fails to achieve that feat we would sack coach Rohr because he has been doubting the prediction of the pig. We would hire an indigenous coach who understands the way we are and our traditional beliefs.

You can see how the old paganism is made latent in the adulterated modern Christian worship of today, or what has been dubbed ‘holy’ paganism. Anyway, whether we like or not, today’s ‘holy’ paganism must continue to thrive. The genteel poverty in the land is making it to thrive. Many Nigerians are sick, frustrated and hopeless. Therefore they cannot but continue to patronise the dibias, babalawos and the fire-spitting new gospelers for ‘protection’. More importantly, remember that we are so gullible in Nigeria. Having divorced faith from reason, detested philosophy and metaphysics, treated elementary knowledge of human anthropology with utter contempt, what remains is paganism most holy.

PLAYING TO WIN

Danladi Musa writes that Governor Darius Ishaku is making a difference in Taraba

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t was the rally before the rally, a prelude to what is expected at the beginning of the campaigns for the 2019 elections later this year in Taraba State where Governor Darius Ishaku will be seeking a renewal of his four-year mandate. The crowd was unprecedented. They came from all the 16 Local Government Areas of the state and beyond to be part of the celebration and the demonstration of support for Governor Ishaku whose administration turned three years on May 29, 2018.

Singing and dancing performed by cultural artistes from various parts of the state heralded the entry of the governor and his wife, Mrs Anna Ishaku into the main bowl of the Jolly Nyame Stadium in the central part of Jalingo for the grand finale of the third anniversary event. Time was 1 o’clock in the afternoon.

The event had actually started two hours earlier with the launching by Governor Ishaku of three out of the seven newly constructed roads in Jalingo metropolis. Time did not permit for all the seven road projects that had been completed to be inaugurated before the main events of the day.

At the launching of the roads, Governor Ishaku and his wife were besieged by a surging crowd in a rare show of appreciation for the good job the governor was doing for the state.

At every of the three stops during the inauguration ceremonies, leaders of the benefitting communities and their members chanted the popular solidarity slogan of “Daram Dam Dam� of Governor Ishaku to assure him of their support

in his re-election bid. Governor Ishaku assured them of the determination of his administration to do more for the state and noted that what they had seen in three years were just a tip of the iceberg. He urged them to prepare themselves for the elections by getting registered and to obtain the PVC that would enable them to vote for candidates of their choice.

The event at the Jolly Stadium was a carnival of sort - a lot of singing and dancing and a huge and excited crowd that was eager to demonstrate support for the governor. Speaker after speaker acknowledged the rare achievements of the Ishaku administration and assured the governor on behalf of the communities they represented not to bother even to campaign for re-election because his achievements in the past three years had done more than enough of the campaign for him already.

For Governor Ishaku, the event was an opportunity to talk about the road the administration had travelled in the past three years to attain the enviable records of achievements that were being appreciated by the people. It was a bumpy road, no doubt, but determination anchored on patriotic zeal to touch lives for the better, did the magic. Agriculture, a critical area of focus of the administration was cited as proof of the huge dividends from various areas of investments by the administration. Government’s agricultural programmes aimed at promoting the farmer to the rank of a rich entrepreneur have been very successful. Early purchases and distribution of

agricultural inputs such as fertiliser and pesticides as well as the provision of high-yielding seedlings of cassava, rice and sesame to farmers backed up by a well-managed tractors support services, dramatically increased farm yields.

The Green House project is a landmark achievement of the administration. Vice -President Yemi Osinbajo who launched the project in August last year described it as evidence of immense achievement in technology in the production of vegetables. The project has provided employment to more than 500 youths and women while its products are now sold daily in markets in the state and in major retail shops in Lagos, Abuja and Port Harcourt.

Education in Taraba State is a sweet story that is very well known and told by many with relish.

The Ishaku administration’s highly innovative policies in education have earned the state an enviable position on the performance index in the West African Examination Council (WAEC).

From a near zero score in WAEC at the time the administration assumed office, in 2015, the state’s performance jumped to 67.3 per cent in 2016 and in 2017, its performances catapulted it to the enviable position as the highest scorer in WAEC in the whole of Northern Nigeria and to the number 8th position in the entire country.

This aspect of the governor’s speech prompted a spontaneous standing ovation for the governor from audience.

Schools at all levels experienced the touch of positive changes. School infrastructure were

rebuilt and equipped with furniture to make the school environment more conducive while instructional materials were provided to enhance the quality of teaching and learning. The results eventually proved that these policies were well targeted and delivered.

Ishaku’s address also touched several critical areas like the health sector where key hospitals in the state have been renovated and re-equipped, the provision of water to all communities in urban and rural areas, the reconstruction of more than 30 urban and rural roads and the empowerment of over 2000 women and youths through government’s laudable skills acquisition programme. The audience roared in appreciation as the governor reeled out the long list of projects successfully completed by the administration in three years.

The event was a kind of endorsement rally for Governor Ishaku too. Representatives of the various groups in attendance all spoke in the same vein – that Ishaku should be returned as the unopposed governorship candidate of the Peoples Democratic Party for the 2019 election in the state.

The event which was attended by most of the critical political stakeholders in the state served as a means of internal self-assessment for the party, a kind of political barometer which gauged and confirmed a high level of unity in the Taraba State branch of the PDP. It was also proof of the determination of the people to go into the party’s primaries and election proper in the months ahead as one, united front.

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EDITORIAL IDPS AND THE BURATAI DIRECTIVE The security agencies should ensure that the communities are safe and secure

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he Chief of Army Staff, Lt. General Tukur Buratai last week added his voice to the growing calls on many of the internally displaced persons (IDPs) in the Northeast to return to their communities. Specifically, Buratai directed that displaced persons from eight local councils in the north of Borno should feel free to return home because their communities were now safe and secure. The army had reportedly cleared the farmlands and Lake Chad Islands, hitherto battleground of terrorists. “All roads linking communities within these areas have been cleared of insurgent activities,” said Buratai.

Ordinarily, this should be heartening news. Indeed, some internally displaced persons were more than delighted. Only last Friday, some 2000 displaced persons in the Federal Capital Territory, Abuja said they were getting set to return THE EMERGENCY IS to their communities NOT OVER. PART OF THE in the Northeast.

HESITANCY IS AS A RESULT Mrs Maryam Nuhu, OF THE FACT THAT MANY leader of the IDPs COMMUNITIES ARE STILL made up of mostly VOLATILE AND COULD BE women and children, EXPOSED TO LAWLESSNESS at the Unity Fountain AS MANY MEMBERS OF THE in Abuja, thanked INSURGENT GROUP COULD President Muhammadu Buhari for STILL STRIKE AT WILL making their return possible: “Our towns and villages have been cleared of these terrorists. We can now confidently return home and pick up our lives from the points where we meet them,” she said.

For almost a decade, many families and communities particularly in the Northeastern states of Borno, Yobe and Adamawa had been ravaged by the brutal insurgency of the Islamic militant group, Boko Haram. Many communities were laid waste and many members of same family separated from one another. The body count of the dead is in excess of 20,000. According to the International Committee of the Red Cross (ICRC) about two million Nigerians are displaced, with about 80 per cent of them from Borno, the birthplace of the insurgency. Nigeria, at

Letters to the Editor

present, holds the sixth largest IDPs population in the world and that has created emergencies for people to be heavily dependent on humanitarian aid for survival.

In the camps hurriedly created to accommodate the displaced, everyone is living in squalor. Suffering is unconscionable. Basic needs and amenities are overstretched. This is made worse by many officials who further exploit the conditions of the internal refugees by pinching on whatever is supplied to the camps. As a result, essential household items including food are in short supply. Access to water, sanitation and good hygiene, health care is perpetually a struggle. Outbreaks of diseases are commonplace. Many children are dying off as a result of malnutrition. Education for the children is a luxury.

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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

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TO OUR READERS Letters in response to specific publications in THISDAY should be brief (150-200 words) and straight to the point. Interested readers may send such letters along with their contact details to opinion@thisdaylive.com. We also welcome comments and opinions on topical local, national and international issues provided they are well-written and should also not be longer than (9501000 words). They should be sent to opinion@thisdaylive.com along with the email address and phone numbers of the writer.

PROSCRIBE THE PHRASE,‘FARMERS-HERDERS CLASHES’

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he first approach to solving a security problem is stripping it of all political pretences and nuances. The killings in Plateau, Benue, Zamfara and other places should be properly phrased.

The casual resort to tagging or reducing mass killings or massacres to “farmersherders clashes ” is sadism. It mocks the dead and drives a dagger deeper into the wounds of the bereaved. Nigeria is at present an island of blood.

Too many souls have been dispatched to the place yonder untimely. Framing the killings in the central part of the country as “herdsmen-farmers clashes” is skirting around a serious issue. What happened in Plateau at the weekend is pre-meditated massacre.

What happened in Benue, where Catholic priests and parishioners were killed, is a deliberate massacre not “herdsmen-farmers” clashes. What happened in Taraba, where a seminary was attacked, is intentioned criminality not “herdsmen-farmers” clashes and so is that of Zamfara.

As a matter of fact, I have always given this government the benefit of the doubt on matters of security. But there have been shards of inconsistencies in the excuses it gives for the killings in the north central region lately.

First, the government said the killers were not

he needs are particularly acute in remote camps.

And even though the government and other humanitarian agencies try as much to lessen their burden by the provision of some assistance, they are evidently not enough. Some criminals reportedly worsen these conditions by exploiting the inadequate security in the camps by raping some women and girls.

Under these appalling conditions, it is natural to expect many of the displaced to feel ill at ease and nostalgic about their homes and communities. But hundreds of thousands of the displaced are still wary of returning to their homes despite the claims by the military that their communities had been “liberated.” The emergency is not over. Part of the hesitancy is as a result of the fact that many communities are still volatile and could be exposed to lawlessness as many members of the insurgent group could still strike at will, causing enormous damage to human and material property. Can the returnees turf it out?

Only last week, a massive explosion triggered off by the rebels killed 32 people and many more wounded in Abbachari Damboa Local Government Area of Borno State. Suicide bombers are still on a free reign. Either way, some communities look increasingly likely to fall prey to the violent criminal gang. Thus in addition to the assurance by government of assisting in rebuilding their homes and livelihoods, it should also do more to ensure safety and security of the returnees.

Nigerians - that they were foreign invaders. Even President Muhammadu Buhari said the killers were aliens from Libya.

However, the government later changed its narrative and said anti-open grazing laws were the smoulders of the killings. Second, John Agim, defence spokesman, said the killers were political thugs hired by desperate politicians to cause disharmony in the area. But Dan-Ali, defence minister, said openly that for peace to reign in the north central region - that is, for the killings to stop - all anti-open grazing laws must be suspended, implying that the laws were the reason for the killings. Who then are the political thugs that will benefit from the suspension of the anti-open grazing laws? Is there an anti-open grazing law in Plateau? Too many inconsistencies. By the way, last week, the president visited communities in Bauchi where some residents were killed by a rainstorm. The visit was given copious publicity, perhaps to show the president still commands delirious followership. Will the president take deft action on the killings in Plateau State, and even pay a visit to the area? Or will he tag the killings “farmers-herders” clashes as he often does? Or is there no political profit in visiting Plateau?

Fredrick Nwabufo, fredricknwabufo@yahoo. com

SOKOTO BASIN AND CATTLE RANCHES

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henever a straight path to the solution of a problem can be taken and someone chooses a complicated route to this solution, then this is called the “Rube Goldberg approach.”

The recommendation by a federal government think-tank that cattle ranches be established in frontline states that have borne the brunt of killing

by Fulani cattlemen is a thoroughly misplaced priority. These Fulani tribesmen kill because they covet the lands of the Christian natives, and now the central government at Abuja has given them full carte blanche to settle these climes that they have purged of their inhabitants. This is a terrible travesty of justice. The straightforward solution to the Fulani menace is to corral their millions of herd of cattle onto ranches at the most appropriate location, viz: the geological province known as the Sokoto Basin.

The “basin” designator here, from a geological perspective, is a wide swath of similar-feature area that was a depression millions of years ago and presently has been filled up with loose earth materials that ensure that groundwater is available in large quantities for a long period of time for use

by inhabitants of this area. The strong argument that still can be made for the Sokoto Basin is that, because this area is generally shorned of overgrowth thickets and suchlike harsh vegetation and still because of its flat terrain coupled with not so heavy year-round precipitation, connecting road links to these ranches could be built and maintained for a long time plus the fact that the corralled cows herein would be less exposed to constant billowing elements of annoying precipitation and its attendant cold spells.

The states of Benue, Taraba, Nasarawa, Plateau, and Kogi would now be centres for the cultivation of fodder for hay-making and a market in transportation and distribution would then ensued between the Christian farmers of these states and the Muslim Fulani cattlemen who would be settled in the states of Sokoto, Zamfara, Katsina, etc.

Until this approach is adopted then every thinking person would continue to doubt the federal government’s pledge to ensure that lasting peace is restored in the Benue Valley and the states ringing this valley. This is the plain truth, believe it or not.

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

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

Era of Defaced Naira Notes Sunday Ehigiator looks at the implications of the large quantities of defaced, mutilated and filthy naira notes currently in circulation

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t’s lunch time in Lagos, Nigeria’s commercial capital, and the streets have come alive. Workers are enjoying midday meals and eateries are making cool business.

But at a popular fast food joint on Isaac John Street, Ikeja, an argument rages between a customer and the sales representative.

The bone of contention is a torn naira note the customer had been given as change after her purchases.

People intervened to settle the quarrel. But it was discovered that nearly all the lower denomination notes – particularly N100 and N200 – held by the restaurant owners were actually defaced and badly mutilated. From writings on the bills to torn and taped parts, the condition of the currency notes exposed a crisis many Nigerians are currently enduring with their country’s currency.

Health Implication Aside the destruction of the aesthetic beauty of the naira notes, health experts say most of the mutilated currency notes in circulation harbour pathogenic microorganisms hazardous to human health. These microorganisms harbour infectious bacteria and viruses that cause health issues, such as diarrhoea, food poisoning, and respiratory problems. These diseases have been proven to be spread through the notes.

The CBN spokesperson, Mr. Isaac Okorafor, blamed the banks for the mutilated naira notes currently in circulation via his Twitter handle on February 26. But the situation doesn’t look like it will end anytime soon.

Blame Game Okoroafor said, "Lower denomination notes have greater velocity of circulation, meaning they are frequently in use and get abused.

Several factors account for the existence of worn out notes and they include the abuse mentioned above and the attitude of banks who fail to return them for reissue."

The number of deformed naira notes in circulation in Nigeria, particularly in Lagos, is alarming.

THISDAY investigation revealed that the bad notes are given to customer in over the counter as well as Automated Teller Machine (ATM) transactions. They disburse dirty and unfit notes.

Meanwhile, as the notes circulate, the commercial banks and the Central Bank of Nigeria (CBN) have been trading blames over who is responsible, directly or indirectly, for the situation.

More worrisome to bank customers is the fact that currencies dispensed by the ATM’s are been mixed-up with filthy notes. And when they take it back/inside the bank to redeposit the notes, the banks reject them.

Complain Speaking with THISDAY, a customer of one of the popular commercial banks at FESTAC Town, who simply gave his name as Tunde, said, “ I had come here to withdraw some large amount of money, but on getting to my car, I realised that about three bundles of the entire money I received was totally damaged and unfit for use. I immediately went back to return it, but when I brought it back to them, they rejected the money and in fact, denied ever paying the money to me. But because I was in a hurry to travel down to Abeokuta same day, I avoided creating a scene in the banking hall and could not push further."

At the front of one of the branches of a bank along Isolo Road, another bank customer simply identified as Rodiat told THISDAY that she went to deposit money that she had just withdrawn from the bank’s ATM, but the teller rejected some notes and told her that if she collected them, the amount would be deducted from her salary.

Defaced naira notes... a worrisome trend

She said, “I withdrew N100,000 from the ATM just now, almost nine thousand naira from the money was very bad. So, I took

Lower denomination notes have greater velocity of circulation, meaning they are frequently in use and get abused. Several factors account for the existence of worn out notes and they include the abuse mentioned above and the attitude of banks who fail to return them for reissue

it back with the aim of re-depositing it and withdrawing again from another ATM, because the notes were too weak and some dirty. In fact, it wasn’t just me that had same complaint.

Another customer also had same experience with me but when we got to the bulk room, the lady I met rejected the notes. I even told her I just got it from their ATM but she refused to take it back."

THISDAY checks carried out on customers in 30 branches of 15 different banks in Lagos, which included the top five leading banks in Nigeria, showed that there were more dirty notes than clean ones in circulation.

Legal Consequence A bank customer and lawyer, who preferred anonymity, expressed serious worry about the alarming amount of dirty and mutilated currency notes in circulation, described it as a national embarrassment, adding that despite the arrest and subsequent prosecution of the

culprits, the trend seems to have no end.

He alleged, "There is still a cartel in CBN and commercial banks, which make brisk business recycling old naira notes meant for destruction. They enrich their bank accounts and acquire properties through these illegal proceeds by converting the equivalent of the mutilated notes into their accounts and selling printed mint, meant for customers, to touts and hawkers. “Section 21(4) of the CBN Act of 2007 makes it a punishable offence for any person to hawk, sell or trade in naira notes, coins or any other issued by the apex bank.

"Most of the bad notes are already torn beyond recognition and the amount CBN charges commercial banks is too small to warrant such national embarrassment. Some of these notes can be compared to paper only fit for trash. The fact that they are still been exchanged as legal tender is so surprising."

While calling on the apex bank to find

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ways of taking them off circulation, he said the shocking thing he discovered was that commercial bank’s tellers were using Sellotape to fix some of the bad naira notes. “Would you believe that I apply Sellotape every now and then before I can spend this money, and I thought it was just us until I saw some bank tellers doing same inside the bulk room of a banking hall. Just last Sunday, I still did it for a naira note that was spoilt beyond recognition which I received from a conductor but couldn’t spend it as I was embarrassed by a trader I tried spending it on. CBN should simply do something about this problem; it is simply making a bad statement about us as a country and painting our nation black,� he lamented.

CBN's Reaction There are allegations that the CBN charges banks for the unfit notes when returned for possible substitution. This is despite the fact the CBN spokesman has constantly debunked that the apex bank charges for exchange of defaced notes, he said banks have intentionally refused to sort the dirty and unfit notes and return them to CBN. He said the banks chose to mix them up along with better notes when returning it. He said the banks only get charged when they do not sort the currency notes before returning them to the CBN. Okoroafor said, “They are playing tricks. They will see unfit notes and re-issue them again, because they don’t want to make investments in sorting the money. It is their duty to return unfit notes to us and we will replace them with new ones. If banks sort the money before bringing to CBN, we don’t charge them, but if they don’t, we will sort and charge them.

It is only when they mix up the unfit and good ones together, which is what they do, that we charge them for sorting. But it is our duty to issue new notes in place of the unfit and that we have been doing."

He further added that the problem for rejection should not be based on the dirtiness of money, but its serial number. According to him, “If the numbers are complete, no bank has any right to reject the currency, no matter how dirty it is.� He likewise advised that anybody with such complaints to direct it to CBN’s consumer protection department through cpd@cbn.gov. ng, stating the name of the bank.�

Shortage of Small Denominations Beyond the issue of defaced notes, another boiling concern for the nation's legal tender is the shortage of small denominations. This shortage is said to be a fall out of the high rate of defaced notes in circulation. With these defaced notes in circulation, the good ones are often scarce and hard to come by. Expectedly, these shortages are said to be gradually affecting commercial activities and transactions in the country, thereby crippling the economic activities of the middle and low-income earners. Most of the times, the resultant effect is that it breeds disagreement between service providers and customers, most especially between transporters

More defaced notes

and passengers.

Austin Akele, a tricycle operator in Lagos explains that he usually charges his passengers according to their distance, but most operators of tricycle charge N50 for short trips, adding, “it is always a problem, especially, in the morning hours, to get passengers, who would pay you the exact fare. They will give you N500 or N200 for a short trip of N50, and you would be looking for change. Even petrol stations, which used to be our go to spot for change, don't have to give us these days.

"This usually causes delay in my work, as I would most times spend too much time searching for change, because passengers wouldn’t let go of the change and I can’t also carry them for free. The worst that sometimes happen so to avoid the delay is that I always insist and ensure that only those that has the exact fare I am charging enters, otherwise, I don’t allow them board my tricycle.

"Another option for me is to pair passengers

For the avoidance of doubt, spraying of, dancing or stepping on the naira or any note issued by CBN during social occasions or otherwise howsoever, shall constitute an abuse and defacing of the naira or such note shall be punishable under Sub-section (1) of Section 21

with a bigger denomination which totals the amount I owe them. I leave them to do calculations while I continue with my business for the day."

For Akintan Oloni, the issue with the shortage of small notes is its overlapping influence on the cost of food and transportation. She said, "Of recent, food spices we usually buy for N5 or N10 are no longer sold that way. If at all they sell, it now goes for three for N50 or sometimes five for N100. This is because they usually don’t have change to give to consumers that come to by little quantity, so they increased the price to a round figure.

They are not to blame but the unavailability of smaller notes.

"Before a customer buys something in the market these days, the seller will ask whether the customer has change. Very often, the customers, just like me, have to buy what I never intended to buy because of change. This is really affecting the cost of living, and the government must speedily do something about this."

Likewise, Salome Okon, who owns a grocery store stated that in the absence of smaller denomination currencies, the grocery shops in his vicinity realised a unique way to address the issue by offering chewing gums and sweets to balance-up consumers change, even though most times, it’s against the consumers will.

Money Vendors Another factor which has been blamed for the recent defaced naira notes in circulation and the subsequent shortage of lower denominations is the prevalence of money vendors. This group of people buy new naira notes and sell only at ceremonies and functions, thus making it difficult for new notes to circulate.

Recently, a joint raid carried out by the

State Criminal and Investigation Department (SCID), Panti, Yaba and the Central Bank of Nigeria, resulted in the arrest of 12 of such suspects and the recovery of their exhibits (currency for sale). The suspects, all female, were picked up at different parts of Lagos, for allegedly abusing the Naira by involving themselves in the buying and selling of new currencies.

According to CBN, the raid was one of the series of the clampdown on those who illegally obtain and sell new currencies, a criminal act, which contravenes Section 21 of the CBNAct, 2007. Some of the suspects were Fausat Jimoh, Bisoye Oyegbile, Balikis Ajadi, Bisola Amoru, Abidemi Oladejo and Ajoke Suraj, admitted that they sold mint naira currencies at social events.

The CBN team that led the raid stated, "We are clamping down on those abusing our currency.

It is an offence to sell Naira notes at weddings or any gathering. It contravenes the CBN Act. We are going to get to the root of it because the offence is punishable by N50,000 fine, or six months imprisonment or both. No good country would allow its currency to be abused in anyway. That's what we are guiding against.

The CBN is out to enforce the law and we would give them the necessary backings. We are the apex bank are targeting some of our workers and Deposit Money Banks (DMB), as those fueling the illegal trade."

During the recent clampdown in Lagos which was monitored by THISDAY, the CBN team said the naira merchants who hawk money at parties and ceremonies are not the real targets because if they don't get the mint notes, they won't be able to sell it.

About this issue, a CBN source who pleaded anonymity, explained that the concern now should be centered on preserving the currency and the law enforcement agencies being alert to their duty. Stressing that notes are being destroyed by the activities of money hawkers, who make quick trading of the currency at various party centers across the country.

The CBN Act 2007, Section 21, sub-section 3 and 4, says, “For the avoidance of doubt, spraying of, dancing or stepping on the naira or any note issued by CBN during social occasions or otherwise howsoever, shall constitute an abuse and defacing of the naira or such note and shall be punishable under Sub-section (1) of this section. “It shall also be an offence punishable under sub-section (1) of this section for any person to hawk, sell or otherwise trade in the naira notes, coins or any other note issued by the bank.�

Investigation reveals that clean naira notes, which are sold at parties in many Nigerian cities, attract as high as 25 per cent cost above the original value of the bills being exchanged.

For instance, N750 new notes can be sold for N1000 old notes.

Many believe the federal government needs to initiate proactive strategies for identifying and prosecuting those responsible for the scarcity of the lower denominations of the naira in accordance with the law.

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IMAGES

L-R: General Manager, Public Affairs FAAN, Mrs. Herietta Yakubu; General Manager, Public Affairs, NCAA, Mr. Sam Adurogboye; General Manager, Public Affairs, AIB, Mr. Tunji Oketumbi; Group Capt. John Ojikutu; (rtd), President, Aviation Safety Round Table Initiative (ASRTI), Mr. Gbenga Olowo; and Chairman of Moderator, Prof. Anthony Kila and at the back, Former Director General, NCAA, Mr. Fidelis Onyeyiri and Former Managing Director, NAL\V.P, ASRTI, Mr. Andrew Okunuga, during the 2018 second quarterly business breakfast meeting by ASRTI held at Golfview Hotel GRA Ikeja Lagos.

KOLAWOLE ALLI

L-R Partner/ Head, Tax Regulatory and People Services, KPMG Nigeria,Mr Wole Obayomi; Partner /Head, Transfer Pricing and Consumer and Industrial Market,Mr Tayo Ogungbenro; Head, Market Operations,Mrs Nike Oyewolu; Head, International Tax Department, FIRS, Mr Olusanya Gbonjubola; and Associate Director, KPMG Nigeria, Nike Yomi-Faseun,at the KPMG tax breakfast seminar and presentation of the 2018 transfer pricing awareness survey held in Lagos recently ETOP UKUTT

T H I S D AY • TUESDAY, JUNE 25, 2018

Photo Editor Abiodun Ajala Email abiodun.ajala@thisdaylive.com

L-R: Deputy Consul General of the German Embassy, Alexandra Herr; German Ambassador, Bernhard Schlagheck; Deputy President, Lagos Chamber of Commerce and Industry (LCCI) Knut Ulvmoen and Director General, LCCI, Muda Yusuf, during a courtesy visit of the German Ambassador to LCCI, recently in Lagos.

L-R; General Manager, Sales and Marketing, Skypower Aviation Handling Company (SAHCOL), Mr. Olaniyi Adigun; Acting Managing Director/CEO, SAHCOL, Mr. Basil Agboarumi; and Chairman, League of Airport and Aviation Correspondents (LAAC), Mr. Olusegun koiki, during LAAC Gateway forum /interactive session with acting managing director/CEO, SAHCOL at Murtala Mohammed International Airport Lagos.. recently.

KOLAWOLE ALLI

L-R: Professor of Lagos Business School (LBS), Prof. Olawale Ajai; Vice President, Sahel Capital, Mr Deji Adebusoye; Managing Director,SystemSpecs Ltd, John Obaro;winners, Chief Whip, Executive MBA23B,Closing Government, LBS, Olugbenga Olaoye; Member of Parliament, Kamil Bello,and Oluyemi Obadare,during LBS BGS Debate and Awards ceremony in Lagos,recently

L-R Managing Director/CEO, C&I Leasing plc, Andrew Otike- Odibi; Technical Director, Galooli, Kim Fraser; Head, Citracks Telematics Solutions, Frances Ogujawa;and Managing Director, Galooli, Nissim Moshe , at the Telematics conference in Nigeria hosted by Citracks and Galooli in Lagos recently

Cross Section of petitioners a long side with a comedian Bayegun Oluwatoyin, popularly known as Woli Arole, Champion, Zero maltreatment day, Dr. Felix King, and Pop star, Harrison Tare Okiri popularly known as Harry Song at the widows’ rights movement tagged Zero maltreatment day campaign held in UNILAG, Lagos recently

-R: Pastor, The Redeemed Christian Church of God (RCCG), Victory Chapel Magodo, Adekunle Taiwo; Special Guest/Managing Director, Bank of Industry, Olukayode Pitan; and President, LP 21 Redeemers Men’s Fellowship, Daniel Adebola, at the 2018 men’s convention held in RCCG Victory Chapel, Magodo,Lagos... recently

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BUSINESSWORLD R A T E S MONEY MARKET OBB OVERNIGHT

A S

A T

REPO 2.83 % 3.58 %

CALL 1-MONTH 3-MONTH

2.50% 9% 9.38%

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

J U N E 2 2 , 2 0 1 8 S & P INDEX INDEX LEVEL 1-DAY MONTH-TO-DATE

354.49 % ͎̋˛;ͯϹ -0.98%

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

2.46% ;˛ͳ͡Ϲ

EXCHANGE RATE N305.80/1US DOLLAR* *AS AT LAST FRIDAY

Quick Takes IFAD, GEF Support Rural Farmers

WOMEN EMPOWERMENT

L-R: Former Minister of Communication Technology, Omobola Johnson; Partner at Aelex and keynote Speaker, Mrs. Funke Adekoya; Host, Mrs. Siju Iluyomade; keynote speaker, Itunu Hotonu, and Finance Director, Cadbury, West Africa, Yimika Adeboye, during the Women Leadership Series held in Lagos‌recently

By balancing higher yields and incomes with healthy ecosystems, a new report has revealed how the International Fund for Agricultural Development (IFAD), a UN specialised agency dedicated to smallholder agriculture development, and the Global Environment Facility (GEF), are beneďŹ ting millions of rural people in developing countries.

The report titled: “The IFAD-GEF Advantage II: partnering for a sustainableworld,�wasreleasedattheSixthGEFAssemblyrecently.

According to the report’s ďŹ ndings, IFAD currently facilitates access for governments to GEF funding in 24 countries, amounting to 32 GEF-funded projects with climate change as the dominant focal area, and utilising a budget of approximately US$161 million. “This report shows that there is a clear IFAD-GEF Advantage.

When we work together with rural communities, natural resources and ecosystems are protected, and people’s lives improve,� the Director of IFAD’s Environment, Climate, Gender and Social Inclusion Division, Margarita Astralaga said.

An example of the synergies referenced in the report was found in Viet Nam, where an IFAD-GEF-Government partnership encouraged local communities to collaborate in devising payments for ecosystems services that oer them clear beneďŹ ts and also contribute to reducing greenhouse gas emissions.

Another example in Peru illustrates how IFAD was using GEF funds to work with local communities in the High Andes on better water management, biodiversity conservation and more sustainable agricultural practices on over 20,000 hectares.

Foundation Holds Youth Conference

Equities Investors Enjoy More Value on Declining Inflation Rate Goddy Egene The continuous decline in inflation rate in Nigeria is a positive development that is making equities investors get more value on their investments.

The Consumer Price Index (CPI), has maintained a steady decline, falling to 11.61 per cent at the end of May 2018.

Capital market operators said this is positive for equities investors, saying as inflation continues to decline, the more value they would get in terms of returns on investments.

While fixed income securities offer returns below 20 per cent, some stocks have recorded capital growth as high as 60 per cent so far this year. This means that after discounting the

CAPITAL MARKET inflation rate of 11.6 per cent, an investor can still boast of return that is above 40 per cent.

According to a stockbroker, Mr. Ayo Oguntayo, as an investor in equities, getting returns as high as 40 per cent or even 30 per cent is very attractive compared to other forms of investments. “Although the risk of capital depreciation is also high considering the fact prices of equities are exposed to high level of volatility, generally, the declining inflation is highly favourable to investors in equities market,�

Oguntayo said.

THISDAY checks showed that as at the close of trading on Monday, stock of Cement

Company of Northern Nigeria Plc has recorded a growth of 173 per cent, while that of Caverton Offshore Support Group Plc has gained 76.7 per cent. Ikeja Hotel Plc has posted a growth of 75.8 per cent, just as Learn Africa Plc has recorded 71.5 per cent.

Others that have recorded significant capital appreciation that are well above the inflation rate are: Beta Glass Plc (68.2 per cent); Eterna Plc (66.2 per cent); Fidson Healthcare Plc (62 per cent); C & I Leasing Plc (57.3 per cent); Cutix Plc (56.2 per cent); NPF Microfinance Bank Plc (44 per cent); FCMB Group Plc (42.5 per cent);and Okomu Oil Palm Plc. Market operators said the high demand that lifted the share prices will be sustained as some the firms have embarked

on initiatives that would further boost their operations.

For instance, C & I Leasing Plc recently raised N7 billion bond to expand its business and restructure its debts. Specifically, the Managing Director /CEO of C& I Leasing, Mr. Andrew Otike -Odibi said the the N7 billion raised would largely be invested in business expansion and restructuring of the company’s debts over a period of five years, therefore relieving the current debt profile on the group’s balance sheet while increasing profit margins and returns for shareholders. “The success of the bond is indicative of the market’s confidence in our business, Continued on page 24

Report: Fertilizer Consumption Soared by 63% in 2017 Jonathan Eze The International Fertilizer Development Centre (IFDC) has revealed that fertilizer uptake

by Nigerian farmers increased by 63 per cent in 2017, rising from 959,364 metric tonnes in 2016 to 1,564,816 metric tonnes last year.

According to a report released by the IFDC in collaboration with the Food and Agricultural Organisation (FAO) and other international agencies, they also predicted an exponential increase in fertilizer consumption in 2018 by Nigerian farmers as

ECONOMY a result of what they described as the remarkable improvement in the local blending of the agricultural input under the Presidential Fertilizer Initiative of the Federal Government.

In contrast, Ghana, Nigeria’s English-speaking West African neighbour recorded an 82 per cent increase in fertilizer consumption. Although, unlike Nigeria that has totally eliminated subsidy from the system, Ghana’s increased statistics was driven by a

spike in government subsidy programmes, the report stated.

The report, which also noted the increase in the exportation of Urea by Nigeria said exports in this area increased from 329,630 metric tonnes in 2016 to 659,603mt in 2017, with over 50 per cent of the exports going to Brazil.

The document also highlighted some of the achievements being recorded in agriculture through the PFI programme and hinged the fertilizer growth enablers on the revival of blending plants with the active support of the

Central Bank of Nigeria and other agencies of the Nigerian government.

It also quoted a member of the Fertilizer Producers and Suppliers Association of Nigeria, Mr. Gideon Negedu, as saying the industry in Nigeria targets to produce more than one million metric tonnes of blended NPK fertilizer in 2018, adding that with increases in crop yield in mind, players have agreed to the introduction of more critical micro nutrients in fertilizer blending for the 2018 Continued on page 24

The Bridge Leadership Foundation, a not-for proďŹ t organisation with a commitment to building generations of young people has announced an array of notable speakers for its upcoming youth conference. A statement by the foundation, stated that the eight edition of the Bridge Leadership Foundation Annual Career Day conference which is themed “Youths and Good Governance: The Future We Want,â€? is slated to hold on July 14, 2018, in Calabar.

According to the foundation, the Career Day is an annual agship programme. The organisers explained that the 2018 edition would serve as one of many strategic steps by the foundation in responding to the global clamour for youth involvement in politics and governance. “The decision to focus on increased youth participation in politics and governance in an election season is a deliberate eort to ensure that conscious eort is made to enshrine equity, inclusiveness, participatory democracy and good governance in our polity. “Above all, it is intended to inspire Nigerian youths to take pro-active action in creating the future they want. “Distinguished personalities and notable experts in good governance, citizen engagement, youth and enterprise development will participate and lead the discussions that will drive the 2018 Career Day Conference.

Marriott to Expand to Cape Town

One of the world’s leading hotel company, Marriott International , Inc. has announced plans for the construction of three new hotel properties in Cape Town, in partnership with the Amdec Group.

These will be three new hotels in the city: one under the company’s signature brand, Marriott Hotels, which will be the ďŹ rst Marriott Hotel in Cape Town; the second under the upscale extended stay brand, Residence Inn by Marriott, the ďŹ rst for South Africa; and the third the upper-moderate tier lifestyle brand, AC Hotels by Marriott, which is the ďŹ rst hotel under this brand for the Middle East & Africa (MEA) region.These three planned developments will add over 500 rooms to Cape Town’s hotel accommodation oering. Bringing 189 additional rooms to CapeTown, the AC Hotel Cape Town waterfront will be located at The Yacht Club in the Roggebaai precinct at the gateway to Cape Town’s waterfront, while at Harbour Arch (the current Culemborg node), currently the location of several major construction projects, will be the site of the 200-room Cape Town Marriott Hotel Foreshore and the 150-room Residence Inn by Marriott Cape Town Foreshore.

“Our security agencies must rise up to the task of securing lives of citizens of this country�

Speaker, House of Representatives

Yakubu Dogara

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EQUITIES INVESTORS ENJOY MORE VALUE ON DECLINING INFLATION RATE they have seen our structure, focus and consistency with corporate governance in 27 years of operations and they can tell we have a good story unfolding. “There is a niche market for Nigerian businesses in the maritime sector to serve oil and gas companies, but it is not enough to be a Nigerian company. Proper structure is also very critical, and this is one of our strengths at C & I Leasing,� he said The latest National Bureau of Statistics report had shown that the all items inflation on year on year basis was highest in Kebbi (14.65 per cent), Yobe (13.68 per cent) Jigawa (13.62 per cent), while Kwara (8.87 per cent), Kogi (9.07 per cent) and Delta (9.22 per cent) recorded the slowest rise in headline year- on -year inflation.

Month-on-month basis however, May 2018 all items inflation was highest in Adamawa (1.98 per cent), Kwara (1.79), and Kaduna (1.70 per cent), while Kogi (0.02 per cent), Lagos and Ogun (0.52 per cent) and Cross River (0.56 per cent) recorded slowest rise on a month- on-month all item basis in May 2018.

REPORT: FERTILIZER CONSUMPTION SOARED BY 63% IN 2017 PFI programme.

The Presidential Fertilizer Initiative is a programme of the Federal Government of Nigeria designed to ensure an increase in the local manufacturing of fertilizer through the revival of moribund blending plants and possible establishment of new ones in Nigeria.

Since government began its implementation in 2017 in partnership with the Fertilizer Producers and Suppliers Association of Nigeria, fertilizer blends have become available and affordable all year round, with prices at N5,500, down from N11,000 and above in previous years.

The Nigerian government is targeting to explore the Programme to achieve the twin goal of improving food production and generating employment.

Group Business Editor

Obinna Chima

Capital Market Editor

‘Trust Vital in Building Sustainable Financial Services Industry’ Peter Uzoho When trust is placed at the core of professionalism, it results to better outcomes to investors, the financial industry, and the society at large, a report has stated. In addition, the report noted that if players in their respective institutions succeed in building trust with their clients, it can help build a sustainable industry.

This was part of the highlights of a survey entitled: “The Next Generation of Trust: A global survey on the state of the investor trust,� conducted by the CFA Institute and presented in Lagos on Monday, at the Corporate Governance and Financial Reporting Quality Conference organised by the CFA Society Nigeria in conjunction with the IoD’s Centre for Corporate Governance.

According to the report presented by the President/ Chief Executive Officer, CFA Institute, Mr. Paul Smith, the future of the financial industry would be promising if professionals chart a cause that better fulfils the industry’s purpose.

It pointed out that the investment industry was competitive and changing rapidly, saying that investor trust remained a foundational element for success.

The report said: “By knowing investors’ goals and fears, investment professionals can serve them better and provide more customised products and solutions. “Firms can address the components of trust equation –credibility and professionalism, and they should use technology to enhance trust. “In turn, these actions will

create a more professional industry – one that is worthy of greater trust from current and future investors and that has the capacity to build greater wealth and well-being as a result.�

Smith who later joined at others on panel session on the topic: Why Trust Matters, said: “The baseline is that our financial services industry is sort of in the middle of the pack.

I think corporate governance lapses make a huge difference. “If we’re to change the industry we have to think a lot more about the people that we bring

into the industry. We have this huge disconnect between the staff and the business module.�

In his contribution, the Chief Executive Officer, ARM Holdings, Jumoke Ogundare, described investment management business as a long-term business, advising operators in the industry not to be in a hurry to make money. “The interest of the client must be at the forefront.

Clients give the operators in the industry funds to meet their life goals, and that’s a very significant responsibility that

operators have to take home. “Going forward, operators must not only have the expertise but must also have moral compass to ensure that they take that responsibility seriously. “The second is how the industry itself has done a disservice to the business, so the industry measures performance based on benchmarking whereas the achievement of the operator ought to be when it achieves the goals of the client.�

Also speaking, the Chief Executive Officer, Citibank Nigeria Limited, Mr. Akin

Dawodu, who posited that trust matters a great deal for the growth and sustainability of the financial services industry, noted that the industry globally, has an image problem.

He, however, blamed operators for being responsible for the industry’s reputational dent, adding that they are also responsible for fixing it.

He said: “I think it’s beyond question that financial services industry has an image problem worldwide, especially the case in Nigeria and it’s something we all are responsible for fixing.

INVESTMENT OPPORTUNITY

L-R: Managing Director, Cordros Asset Management Limited (CAML), Mr. Leye Adekeye; Special Guest of honour, Mrs. Barbara Akomolafe; Group Managing Director, Cordros Capital Limited, Mr. Wale Agbeyangi; Chairman, CAML, Mr. Emeka Ndu, during the breakfast information session for Cordros Milestone Funds 2023 and 2028 in Lagos‌recently

FRC Highlights Benefits of National Corporate Governance Code Ugo Aliogo The Chief Executive Officer, Financial Reporting Council of Nigeria (FRCN), Mr. Daniel Asapokhai, has stated that there would be great benefits for stakeholders who comply and achieve standards set in the new National Code of Corporate Governance (NCCG).

Asapokhai, disclosed this recently in Lagos at the Institute of Directors (IoD) new members’ induction with the theme: “The New National Code of Corporate Governance- a Framework

for Good Practice,� that took place in Lagos.

He stated that in 2016, the code was suspended by government because of certain issues raised by stakeholders.

However, Asapokhai said the issues raised have been dealt with, saying the new code should therefore be acceptable by members of the public.

The FRC CEO explained that in the new code, the primary sanctions for people that fall short of the standards within the code would be market-

based penalties.

Asapokhai remarked that stakeholders might fall short for different reasons and the market would reward those that comply the best, adding that there is a market based incentive system, “there will be greater benefit to those who comply the most and achieve the standard.�

According to him, “Therefore, there are market-based penalties and market-based incentives. To get to the level where a regulator will chase after a stakeholder with the

big stick to impose a penalty, it will be that the stakeholder has done the wrong thing as against making an honest effort at meeting well defined standards. “So people might fall short for different reasons and the market will reward those who comply the best. Therefore, there is a market-based incentive system.

There will be greater benefit to those who comply the most and achieve the standard will have greater benefit from the market. “The new code is targeted primarily at the private sec-

tor. In terms of the suspended code, it was released in three parts: the private, public and non-profit sector. “In terms of the approach the board adopted, we decided to do a phased implementation, where we deal first with the private sector code which will cover about 80-90 per cent of the economic base of the country. “ Therefore, when we are done with this, in the next couple of months we will look at the public and non-profit sector.�

Nigerian Content: Aveon Offshore Delivers Egina’s OLT Buoy

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AgriBusiness/Industry Editor

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Comms/e-Business Editor

Ă—Ă—Ă‹ Ă•Ă™Ă˜Ă”Ă“ Senior Correspondent

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Ernest Chinwo in Port Harcourt The Nigerian Content Development and Monitoring Board (NCDMB) has expressed satisfaction with Aveon Offshore Limited for the successful fabrication of an Offshore Loading Terminal (OLT) Buoy, the first ever to be made in Nigeria and the first to be delivered ahead of schedule and launched on a dedicated slid way.

The Executive Secretary of

NCDMB, Mr. Simbi Wabote, said at the inauguration ceremony of the buoy at Aveon Fabrication Yard, Rumuolumeni, Port Harcourt that the company had recorded a new Nigerian Content feat with its performance.

He noted that the buoy would be used to offload crude oil from the Egina’s Floating Production Storage and Offloading vessel.

He commended Aveon Offshore for another sterling execution of a project. “With an assemblage of over 1,300 tonnes

of steel for this buoy, I am happy you did not cave in under the weight of the challenges but you have once again proved your mettle.�

He noted that many other Nigerian service companies performed creditably on different scopes of the Egina Deepwater project.

He added: “The strategy helped to ensure that Nigerians got maximum Nigerian content scope and compel the EPCI contractors to seek out local

service companies with capacities to execute scopes, which were embarked for completion within the country. “The Board is delighted at the completion of this package by a Nigerian service company; Aveon Offshore. It is another proof of the effectiveness of the strategy we adopted to develop local capacities and capabilities under the Egina project. “What excites me is the success story of some of the

things we pushed for. I agree that some bit of problems in certain areas where people have not seen the challenges as opportunity and they fall out. “But I can tell you that on Egina project, all the trials we have done in terms of pushing the boundaries have been extremely successful. “The completion of the OLT buoy is another feather to the cap of Aveon Offshore and I urge you to please keep the flag flying.�

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Moody’s Rates Sterling Bank Moody’s Investors Service has assigned a Counterparty Risk Assessment of B2 (CR) /Not Prime (CR) to Sterling Bank Plc for the month of June 2018.

The upgraded rating, according to a statement from the bank, also affirmed the bank’s improved risk management process and IT infrastructure. It was an uplift from the bank’s b3 baseline credit assessment (BCA) in May. “Equally, it upholds Fitch Ratings’ February 2018, update on the lender’s standalone creditworthiness, coherent strategy, business transformation initiatives, and strong management team,� the statement added.

Moody’s based the credit rating on Sterling Bank’s resilient deposit-based funding profile

and fair local currency liquidity buffers, improvements to its IT infrastructure and risk management processes and a growing retail product suite as well as high probability of support in case of need.

Commenting on the updated rating, the Chief Executive Officer, Sterling Bank, Abubakar Suleiman said: “We will continue to execute the plans to drive efficiency across the business under the three pillars of agility, digitisation and specialisation. “These pillars will propel us toward sustainable growth by enhancing our ability to innovate; solidify our retail funding base; strengthen our enterprise-wide risk management framework and drive excellent service delivery

across all channels to enhance customer experience.�

Analysts at Moody’s also assigned national scale rating on Sterling Bank, noting that the bank’s national scale ratings of A2.ng/NG-1 for local currency deposits and A3.ng/NG-2 for foreign currency deposits are generated from the bank’s global scale ratings through maps specific to each country.

On the outlook for the bank, the report noted that, “All the long-term ratings assigned to Sterling carry a stable outlook, reflecting our expectation that the bank’s pre-provision income will withstand credit costs and the bank’s credit fundamentals will remain in line with similarly rated banks.�

PIGB: PENGASSAN Commends N’Assembly Ugo Aliogo The President, Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Francis Johnson has commended members of the National Assembly for their commitment to the passage of the Petroleum Industry Governance Bill (PIGB).

Johnson also urged the lawmakers to expedite action on the remaining parts of the PIGB for executive assent.

Johnson who disclosed this recently in a statement made available to THISDAY, called on government agencies such as Nigerian Content Development and Monitoring Board (NCDMB), Department of Petroleum Resources (DPR) and National Petroleum Investment Management Services (NAPIMS) to ensure the provision of jobs to Nigerians instead of foreigners.

This, he said would help reduce unemployment in the country.

“We are calling on the government and its agencies, including the NCDMB, DPR and NAPIMS to stop IOCs from offshoring of jobs to other countries which is taking a very negative dimension in the Government efforts of job creation. “This is one of the ways to reduce the growing unemployment in Nigeria. We are also using this forum to inform government agencies of the clandestine move by the Petrobras management to sell off the Company,� he noted.

The PENGASSAN president noted that the impact of the union’s new industrial relations approach, saying it has helped addressing some industrial issues that lingered for a long time.

He explained that to ensure organisational development and growth, labour and management must always find a way to collaborate, respect the rights and

obligations of both parties, observe international labour standards, guard against abuse of Nigerian trade union laws; honour collective bargaining agreements and other harmonious industrial relations processes.

Speaking on the union’s activities, he stated that apart from the ongoing rehabilitation of the National Secretariat and the proposed face-lift of the Zonal Secretariats, the oil workers’ union was also perfecting plans for the establishment of income generating ventures.

He added: “The Constitution Review Committee has been set up to holistically review all aspects of our constitution that will dissect areas of frictions for a stronger, united and cohesive PENGASSAN. Adherence to constitutional provisions and best practices in labour engagement is crucial to the maintenance of cohesion, discipline and industrial harmony.�

FG Lauds Techno Oil’s LPG Cylinder Manufacturing Project Peter Uzoho The federal government has restated its position to support industries desirous of helping to develop the country’s economy through their impactful drives.

This is at it lauded Techno Oil Limited for setting up an automated multi-billion naira Liquefied Petroleum Gas (LPG) cylinder manufacturing plant at Kajola area of Lagos which is expected to produce no less than 1,000 pieces of gas cylinders per hour to meet its target of five million pieces yearly.

Speaking recently during an inspection visit to the plant, the DeputyDirector, Industrial Development, Federal Ministry of Industry, Tradeand Investment, Dr. Francis Alaneme, who led a three-man delegationfrom the ministry, said one of the mandates of the ministry was to encourage and develop such value creation industries.

He stated that one of the ways the ministry lends support to industries with investments of such magnitude was by

way of incentives, waivers and concessions, noting that a huge investment had been committed in the sector through the facility. “It is something that anyone coming here will appreciate, and coming here, we are ready to support them based on our mandate, and our mandate is to encourage them, to develop them, to expand them,�

Alaneme said. He further said: “And where they’ve started operating we ensure that it is sustained even it entails doing it by incentive, by waivers or concessions because these are the little ways we can assist industries to grow. “Besides, we have policies; we have discussed about our Industrial Revolution Plan; we also have the Economic Recovery and Growth Plan (ERGP). All these things are to support industries and to grow industries. So this kind of facility, what will hinder one from ensuring that they start operation and then employ as many as 50, even it employs

five people out of the labour market it means much to this country,� Alaneme added.

However, barring any unforeseen bottlenecks, the company said the plant which is being constructed by engineers from Turkey would begin mass production of LPG cylinders by July ending. “Our plan is to be able to produce at least 1000 pieces of cylinders per hour and at least five million cylinders per year, that’s the target and it’s in line with the design capacity of the plant; and we’re expecting to roll out by July ending,� Vice President, Techno Oil Limited, Mrs Nkechi Obi said. “We’re looking at creating about 6000 direct jobs and about 20, 000 indirect jobs from this facility. And in addition to this, all we’re trying to do is in alignment with the government’s plan to reduce the use of kerosene and we’re so passionate about achieving this,� Obi said.

She explained that the company also wants to introduce backward integration into their operation plan to improve efficiency across the industrial line.

ELEVATING TO THE NEXT LEVEL Marie-Therese Phido

Time to Brand Nigeria Something I am very passionate about is the fact that we need to urgently brand Nigeria and change the narrative about the country. The majority of us know the bad perception Nigeria connotes in the minds of foreigners. We have heard of the security flags that go up when expatriates are billed to come into the country. Many of them have to go through stringent measures to be given clearance by the security personnel within their organizations.

One country I admire in the way they have rebranded their image is South Africa. We see their adverts on CNN always ending with “Proudly South African�. Those of us who have travelled on South Africa Airways hear the welcome on board in a local South African language and good bye message, in the same language. Though also translated into English, but the first message is in a local dialect. This portrays pride and nationalism, critical to country branding.

The question I have been asking for some time now is why we do not have a message to the world that brands Nigeria positively?

Why can we not change the negative or indifference to the perception of the country’s brand with our messaging? It is possible it’s been done and I missed it? If I missed it, in my view, it means the messaging was not impactful.

Branding is all about perception and Nigeria’s is not where it should be by a long stretch. We can no longer afford to leave Nigeria’s branding in the hands of anybody with an opinion on the country.

Is it that the government does not know we should brand the country? Do we not know that it has been proven that having a strong country brand, will enhance our respect in the political arena, give us more clout globally, give us a seat at the table to express our opinion on matters we feel strongly about and can enable us influence the implementation of these issues?

Economically, branding the country will attract tourism, foreign direct investments and grow our economy now in the doldrums.

I know the country is currently looking at overhauling the Enabling Business Environment Indices across various enabling business touch points, which should improve its brand perception. Especially, as Nigeria is rated 169 out of 189 in the World Bank Enabling Business Environment ranking. The country is behind countries like Rwanda, Botswana, Kenya and others which is worrying in view of the fact that some were war torn in recent times. We really need to see improvements in the country’s position compared to other

Nigeria’s story can change positively too.

We need to take a lesson from countries that have succeeded in transforming their brands positively.

Many countries in Africa are more socially, economically and security challenged but nobody remembers these issues when they talk about the countries because of their branding

countries in Africa, because some of these ratings are perception driven. Today, Nigeria’s ranking in the Country Brand Index 2014-2016

by FutureBrand ranks us as 75 out of 118 countries, which some will say is not bad, but why can’t it be good or excellent. You know as a people we like to “manage.�

We have to stop accepting mediocrity and change this perception and ranking. We must start to manage Nigeria’s brand with the best branding tools and put in the same amount of focus on the country the same way organizations manage their branding and messaging.

A good example by an organization, is Union Bank’s brand story. Its story is not new to many of us. My father banked with the bank throughout his career in the Army and started the relationship with the bank when it was known as Barclays. The bank went through a metamorphosis that in the last few years, I could not identify any individual in my generation with an account in the bank or wishing to open one, except those who wanted to tap into real estate opportunities in Union Homes or Youth Corpers, who compulsorily had to use the bank for their stipends. But when the new management took over, this reality and apathy to the brand changed and many of us noticed this change when the new brand was rolled out.

The First time I saw the refreshed brand image, I felt a connection to the message and contemporary images, which was very pleasant. The management succeeded in making the old new and fresh. You could relate to its history of being bold and strong with the new visual image. The bank has also succeeded in branding its customer touch points. These can be seen from the branding of their branches, channels and social media platforms. In fact their social media engagement is one I am actively following and can see how their followership is growing.

A few weeks ago, they returned a profit, which shows how branding can also have an impact on the bottom line. This was a bank that did not have many professionals saying they would open an account in the bank but has managed to change its story through its brand messaging and positioning.

Nigeria’s story can change positively too.

We need to take a lesson from countries that have succeeded in transforming their brands positively. Many countries in Africa are more socially, economically and security challenged but nobody remembers these issues when they talk about the countries because of their branding.

For us to continue to be able to attract investments, tourism, events and skills to drive exports in an increasingly competitive world we need to upgrade our ranking. To do this, it must be done through consistent and coordinated effort, communication and reputation management locally and globally.

Australia was able to transform itself from a penal country to the most popular property market with a successful economy. South Korea, a poor rural society before World War II, emerged as a rich economy and became identified with efficiency and quality. The same has happened with Rwanda, Kenya, Botswana and many other African countries.

Why can it not happen in Nigeria?

It is imperative that as a nation we all work together and work with the various stakeholders to determine a visionary strategy to upgrade and improve Nigeria’s brand perception everywhere. .

Marie-Therese Phido is Sales & Market Strategist and Business Coach Email: mphido@elevato.com.ng tweeter handle @osat2012 TeL: 08090158156 (text only)

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Folikwe: Government Should Review Manufacturing Policies Managing Director/Chief Executive Officer of Berger Paints Nigeria Plc, Mr. Peter Folikwe spoke to journalists about challenges facing manufacturing companies, survival strategy of the company among others issues. Goddy Egene presents the excerpt: As an operator, what would you regard as the major problems affecting manufacturers in Nigeria?

The Purchasing Managers Index (PMI) recently shows that some sectors of the economy had recovered from the recession. Recall that Nigeria ran into recession in 2016 and by now, only the agricultural sector and one other sector but certainly not manufacturing has recovered from the recession. There is no gainsaying that the manufacturing sector is the major employer of labour in the country. I praise investors in this sector for their selfless service to humanity.

Unfortunately, government seems to be a bit insensitive to their plights. Government promise for forex availability to manufacturers has not been fulfilled as most depend on importation of raw materials. The official CBN forex rate of N305/$ has remained an illusion. Since 2015 up until now, Berger Paints has never bought dollar at N305 for its letters of credit (LC) transactions. I don’t really see it happening for now. Even when you bid through the forex windows, it will take the grace of God to be allocated in a bid. This invariably affects our operations as local suppliers who buy forex at the parallel market, offer the raw material at premium, yet cannot pass the excess cost to the customer.

What would you advise the government on how to create the much-needed enabling environment for the manufacturing sector?

My advice to government is to do a rethink of its policies as they affect the manufacturing sector. This is the sector that would actually grow the economy if the potential within are properly harnessed. The government must have clear understanding that it is not the portfolio investors that grows an economy because the government keep saying, “we are trying to encourage investors that grow economies.� It is the government’s ability to create enabling environment that can make companies to operate optimally, make profits and ultimately become attractive to both indigenous and foreign investors. The Ghanaian government made a deliberate decision to grow its manufacturing sector in regions by deliberately enacting policies that will achieve that purpose. Nigeria needs to take a cue from them. Government can give land free and grant tax holiday among others in order to encourage investors. The second thing which I think the government should address as a matter of urgency is to evolve a policy that would help create a value chain for crude oil instead of exporting only in its primary state to the developed world who then process and sell back to us as raw materials/petrochemicals. The question is what stops Nigeria from getting there? Even the refining of petrol, diesel has been subjugated for importation. It doesn’t make sense. Thank God for the likes of Alhaji Aliko Dangote that is coming up with building a private refinery.

These are some of the things that government should encourage rather than just selling our solid minerals, in crude state.

Government should create an environment where people can actually be engaged as part of the process of translating raw materials to finished products. Yes, it requires a lot investment and knowledge in science and technology, but I tell you we have Nigerian locally and in the Diaspora making great strides in science and technology. All they need is the enabling environment. Nigeria is blessed with abundant human and material resources that can drive the whole processes, given the government’s unfettered support. We need to act fast if Nigeria should keep pace with the global development in economic transformation.

In view of the challenges facing manufacturers in Nigeria, is Berger Paints considering capital injection by leveraging on the opportunities in the capital market?

For Berger Paints, we are careful about how we source for fund to do business.

The cheapest fund is obviously through the capital market. We were the first paints company to be quoted on the Nigerian Stock Exchange(NSE). It shows that we understand the nitty-gritty of the market and quickly took the advantage of the opportunities then. But, it’s increasingly becoming difficult nowadays to get these cheap funds. Investors are more than ever cautiously looking at the market indicators that will encourage them to invest in a company. Considering all the challenges

Folikwe

facing the manufacturing sector, many high net worth investors are apprehensive of putting their money where returns will not come quickly in view of the state of economy. As for Berger Paints, we efficiently manage our working capital to ensure that we minimise our exposure or avoid borrowing as much as possible, except for our capital projects.

We, however, recently took some money from the Bank of Industry (BOI) for purpose of completing our new factory project currently at completion stage. This is a project that will transform our operations and reinforce our position as an industry leader. We are mindful of the inherent dangers of borrowing.

You don’t take short term borrowing for long term projects. It will be a mismatch. We are capital market friendly and the shareholders

My advice to government is to do a rethink of its policies as they affect the manufacturing sector.

This is the sector that would actually grow the economy if the potential within are properly harnessed

are always ready to support our initiatives.

Having existed for over 58 years, our pedigree and brand positioning are very solid. If you take a critical look at Oba Akran, Ikeja today, only few companies that started at about our time then are still existing till today.

Our pedigree shows that investors will have confidence in our stocks.

Looking at the factors that drive a company’s share price, what efforts is Berger Paints making to attract more patronage to its shares on the Nigerian Stock Exchange ?

We have put in place a number of marketing initiatives that will soon start yielding positive results. It will also create more visibility for our brand. Marketing is not just about advertising.

There are other legs of marketing such as public relations, media management, and investor relation etc. We are also working round the clock to make our products visible in the market place. Our products are on high demand because of its superior quality and competitive pricing. We really need to make our products available within the reach of our teeming consumers. Berger Paints is a strong brand and we need to ensure that those who represent us at every level of the value chain propagate our brand culture and values. If the reputation of a brand is tainted, it stands the high risk of negative market response, and every business must manage this. Our focus therefore is on the topline and bottom-line figures without taken our eyes off excellent customer service for repeat purchase. At Berger Paints, we have always come up with innovative marketing ideas, new products development and ensuring

the we continuously improve on our quality standards. For instance, Berger Colour World has been one of our flagships in the past. We have deployed POS machines (for customising paint colour with JIT delivery) and majority of our colour world stores in the trade. We are deploying that to a very large extent to get the market closer to us or get us closer to the market. Equally, our colour charts where you have all the colours schemes are readily available to specifiers - painters, architect, quantity surveyors and builders who now have access to our colour charts as at when due. Part of what we are also doing is to make sure that we create visibility about our outlets. For instance, we are installing “the directional signs� along major roads where our stores are located for better visibility and identification of our colour Worlds. These are some of the initiatives in collaborating with our partners to achieve the overall corporate objectives. We value our business partners as they represent us in the trade. We are educating our team in the area of Customer Relationship Management (CRM) so that customer chain is unbroken.

Some of your competitors have a policy of annual colour thatpeople look out for every year. Are you thinking along that line?

We don’t do colour of the year at Berger Paints as we believe that customer preferences keep changing by the day. We only observe colour of the month. This promotes an array of colours annually. For instance, our colour for this month is lemon–yellow. If you are observant you will notice this at the entrance gate! It is also visible on all our online platforms – website, facebook etc.

Continued on page 27

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Global Trade Wars and the Nigerian Economy Nume Ekeghe examines the likely impact of the ongoing global trade wars on the Nigerian economy

Trump

The escalation of trade tensions has sent investors scurrying for the sidelines, amid growing fears of an all out global trade war.

Reports by the UK Guardian that the United States President, Donald Trump planned to block Chinese companies investing in US tech companies and could also restrict tech exports to China has also heightened concerns over the expansion of the trade dispute.

President Trump last week threatened a 20 per cent tariff on cars imported from the European Union (EU) unless the bloc removes import duties and other barriers to US goods and the EU planned to retaliate, even as the union imposed tariffs on about $3.3 billion of American products in response to the US President’s barriers to imported aluminum and steel.

Cleatly, Trump’s latest salvo against the European auto industry further widened a trade war that he started with China early this year, raising concerns that the development could affect Nigeria.

Barely 10 years ago, a housing crisis in the US had raptured into what many economists labelled as the worst financial crisis since the Great Depression of the 1930s and it later hit the Nigerian economy causing a massive scale of destruction in almost every sector of the Nigerian economy.

Analysts React Speaking with THISDAY, the Head of Research at Agusto & Co, Mr. Jimi Ogbobine said: “Firstly, in reviewing the current trade wars, we need to reflect on the words of Liam Fox (UK Trade Secretary) when he says that ‘nobody wins in a trade war, there are only casualties’. “Nigeria is involved with trade with major actors of the current trade wars which include the US, China, EU and Canada. The current protectionist stance being pushed by the US will lead to higher costs of goods in the affected countries as these states impose retaliatory tariffs on each other. “Thus, goods coming into Nigeria from the trade war states which might be affected by the tariffs, could become more expensive in Nigeria.�

On his part, the Managing Director/Chief Executive Officer, Cowry Asset Management Limited, Mr. Johnson Chukwu, said: “It is now a multiple trade war between the United States

Buhari

and several other countries. Now, the European union has imposed tariff on goods worth â‚Ź2.8 billion, Canada is imposing tariff on goods worth 16.6 billion Canadian dollars, India is doing $3.4 billion and in all it is going to be about $50 billion.

Chukwu added: “What has happened is that the US president has actually triggered a trade war and on how it would affect Nigeria, firstly what would happen is that the economy is going to contrast or slow down as a result of this barriers, you could see a slow demand for crude oil.�

However, the analysts predicted more downsides of the development to the Nigerian economy.

Chukwu explained how it could slow down the global economy which might also hurt crude oil price.

He added: “It is basically oil that we export and if the trade war gets to the point where the global economy slows down, then the demand for energy resources would also decline and then that would affect the price of crude oil. “Of course, anything that affects the price of crude affects our foreign reserves, our foreign exchange rates and possible, if it gets very bad it affects even inflation and other factors in the economy.�

He added: “The other aspect of this is in terms of the cost of goods and services produced globally.

When tariffs are imposed on goods, the cost of those goods increase and that could also affect the cost of imported products into the country. “So, we should also expect increase in a number of commodities we import. Items like vehicles, aircraft maintenance because these are largely

We must industrialise to ďŹ ght what is happening between the US and China. We cannot continue to depend on the export of crude oil.

We import virtually everything and don’t add value to anything

composed of aluminium and steel.�

Continuing, he said: “We are already seeing a negative flow. “A couple of weeks ago, until last week, we saw for three consecutive weeks that the reserve declined while the central bank was making efforts to meet the demand for foreign portfolio investors exceeding the country. We expect that to continue in the immediate. “Another factor that the trade war could lead to is if it gets to the point where china decides to adopt the nuclear option; the nuclear option between China and the US could be a situation where china decides to sell down their holding of US treasury instruments then you are going to see a sharp increase of treasury bills or another government securities in the US that would lead to massive reversal of flow from emerging markets to the western countries,� he added.

But Ogbobine however, highlighted some of its advantages to the economy.

Ogbobine said: “There is also an upside for Nigeria. For instance, as China imposes retaliatory tariffs on US’s agricultural commodities, the Chinese will seek new markets for some of these products it imports from the US. “Thus, states that are deemed to be more emollient towards trade with China could benefit from the search for new trade partners. This could lead to a boost in trade between China and such states. “The Chinese will need to seek new markets for agricultural commodities like soybeans which imply there are significant upsides for Nigeria.�

Nevertheless, he noted that the trade wars “could stoke geo-political risks across the world.�

He added: “Countries like Nigeria which tend towards statist economic models and favour protectionist policies will view the current US stance as a stamp of approval on their conservative policy outlook. “This could further reinforce the stance of the hawks opposed to the African Continental Free Trade Agreement (AfCTA). However, we must note that the world has become a more prosperous place in the last five decades due to free trade and globalisation.�

But the Director General of West African Institute for Financial and Economic Management

(WAIFEM), Professor Akpan Ekpo noted that the ongoing trade tension, if allowed to continue, would affect Nigeria negatively. Ekpo said the development clearly has implication for trade in Nigeria.

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

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

He added: “We must industrialise to fight what is happening between the US and China.

We cannot continue to depend on the export of crude oil. “We import virtually everything and don’t add value to anything. Granted we don’t have to manufacture the entire things we need, we can add value to some of our produce. “So, from what is happening between the US and China, we should start to strategise on how to deal with this matter because Donald Trump is taking it very serious and same thing with China.�

According to the WAIFEM boss, what the US president did in terms of the trade tension “was to challenge liberalism.�

CBN Allays Fears However, addressing concerns of likely capital flight, the Director, Banking Supervision Department, CBN Mr. Ahmad Abdullahi, the CBN is in a good shape to curtail any foreseen circumstances.

Abdullahi added: “The CBN understands the rise in US interest rate and its impact on the Nigerian economy, the trade wars and its impact also on the Nigerian economy, the tax cut in the United States and what it means for capital outflow for emerging economies like Nigeria.�

Continuing, Abdullahi said: “The CBN has enough arsenals. So, despite the mixed signals from the global economy and any likelihood of capital outflow, the CBN is prepared to deal with this situation and ensure stability.�

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Adeleye: Govts Must Create Conducive Environment for Entrepreneurs The Founder and Chief Executive Officer of Optiweb Communications, Timothy Adeleye, was one of the 25 young Nigerian entrepreneurs who made the Forbes Africa’s 30 Under 30 list for 2018. In this interview, he spoke about issues in the ICT sector. Ugo Aliogo provides the excerpts: instead of those guys coming from outside Africa to come and solve the problem. So, I think they (upcoming entrepreneurs) should put more focus around challenges that are affecting us as a continent.

Did your nomination as one of Forbes’ Africa’ 30 under 30 come to you as a surprise?

Honestly, it did not come to me as a surprise because at the pace at which my team and I are moving we already know that there is so much coming to us. However, whenever as a team or me as an individual gets any form of recognition, we remind one another of the goal by reaffirming that with every award or accolade, comes the need to do so much more. For instance, if you are named ‘the most innovative brand of the year,’ the onus is on you to prove that you earned that title. So now that we have been listed on Forbes, we are hereby obliged to prove that we are deserving of the recognition.

And we are ready to take up the challenge.

Can you shed some light on your off shore operations?

We have operations in Kenya, we recently launched in Tanzania. For the first time we launched micro lending service in Tanzania.

It was the first of its kind in that country. We offer a non-collateral loan service. Financial inclusion is a bit difficult in Tanzania and the only way start-ups get loans is by bringing collateral. You will be surprised to hear that people have to use their phones as collateral to get small loans. But we went into the market and let them know that they can get funds.

So, for us, it is about Africa. As an African, I want to come into different countries on the continent, see the problems and find solutions.

So many times, I come up with great ideas, solutions and I call some of my friends and say look, there is great opportunity here. I cannot do everything. So, it has been about Africa for me, we have been able to start operations four countries in Africa. We are not yet there; I want to have operations in at least 20 African countries. I want to be in every part of Africa solving different problems.

But what does the award tell you?

It tells me that we are doing some right things and also that we still have more to do. That is the way I see it. At this level, I don’t see myself restricted to the African continent. I already see myself going out to compete on a global scale. I feel honoured about the recognition, but I refuse to rest on my oars. If I am not solving a problem for everybody in this room right now, I feel that I have not done enough and that I still have a lot to do.

What would you say has been key to the growth of your ďŹ rm and your success?

I would say the people; the people with whom I work to develop solutions. The organisation is not about the team but about the team working together. I would say that is very key if you have a team that shares the vision, it is easy for you to work together and achieve set goals.

Did you have any help from the banks?

So far we have not received any support from any bank or any organisation in or outside Nigeria except our great clients that believe so much in our innovations.

We have always been doing our business privately; no support from anywhere but thanks to Sterling Bank’s innovation team now showing great interest in our solutions.

In which areas do you think the ICT sector requires government’s support?

So many areas need government support in ICT. From training to providing infrastructure and finance. I believe these three areas are basically the areas we really wish government would get involved. We don’t have a lot of training opportunities for upcoming entrepreneurs. A lot of guys that are doing great stuff in Nigeria these days, a lot of them had to travel out of the country for training.

If you go to a university in Nigeria, what kind of training will you get on ICT? We need to come up with great training facilities.

We also need to come up with infrastructure.

At this level as a nation, with our population, with the kind of challenges we have, I don’t see the reason internet should not be cheaper by at least 80 per cent compared to what we have now. I should be able to get free internet access when I am using public infrastructure. These are the things that will help innovation to thrive. People will have access to resources to test solutions.

But now if you develop any solution, it is difficult for people to even take a risk to come and test what you have done because the person is considering things like, the N1,000 worth of data that he bought and how he will be able to spread it for like one month! So, government needs to get involved, providing infrastructure. There is also the issue of finance. If you go to banks in Nigeria and tell them that you have great

Adeleye

ICT innovations. solutions, nobody would want to actually give you money. I doubt if any bank in Nigeria has a portfolio for innovation.

They are likely to ask questions such as have you done a business for five years, do you have assets(collateral ) to give us? They cannot bank on solutions just like that. So, government needs to create portfolios. Take the Bank of Industry for example, I once looked up their portfolio and I could not find anything around my start-up; I doubt if they have anything that is tailored towards

I don’t see the reason internet should not be cheaper by at least 80 per cent compared to what we have now. I should be able to get free internet access when I am using public infrastructure.

These are the things that will help innovation to thrive

Which areas do you think upcoming Nigerian entrepreneurs in the ICT sector can make the most impact compared with their counterparts outside the country?

Personally, I have been pushing and I have been talking over a period of time, telling guys, especially the young start-up operators, that they should not come out and announce that they want to build the next Facebook ; the next Instagram. We have our own problems and challenges in Africa.

If Africa is difficult for you, wake up early in the morning, check your neighbourhood, you will see a lot of challenges crying out for solutions. You can use ICT to solve any problem. For instance, we complain that we are losing our culture. Growing up some of us had the opportunity of seeing our local masquerades, but I am not sure my kids will have such an opportunity; they can always read about it in books. So why can’t you have applications to give them that same experience. The kind of video/computer games they produce these days, these are things that happen in Europe, America every day. They computerise them into a game and all of us get involved in the character. So, we can also come up and develop things around our own continent. We don’t have to be focusing on what is happening in America and the UK; we have a lot of challenges in Africa that are affecting us. These challenges show us that we have so much in terms of opportunity.

Again, what has been happening over time, you see that guys from developed nations are developing solutions to solve our problems while we are cracking our heads to solve their problems. Why don’t we solve our problems

What would you consider your key challenges so far?

I would say government. The government is trying but I think they need to create a platform through which they can listen to the grassroots. If you are sitting in Abuja, you have escorts and all of those things, trust me you may have good intentions, but you won’t know what we are going through at the bottom of the line, until you have opportunity to come down to our level. From experience, whenever I want to develop a solution, before launching out, I try to experience that challenge. So, the government needs to come in, understand our problem. Infrastructure is a major issue in Nigeria. Again, we need to support private organisations to give all sorts of opportunities to Nigerians. What happens now is that if there is a big project, the first thing that they do is to call in the Indian guys or the guys from Germany. But we have guys in Nigeria that can do those things as well, so we need acceptance from the multinationals here in Nigeria. But for us to achieve all of this the Government has to get involved.

Thank God, the Ministry of Communications is doing some great things. But these things they are doing, are they actually getting to the right hands? That is a question I may not be able to answer right now. Again, start-ups that we have in Nigeria, how much support are we giving to them as government and even the banks? I have listened to a lot of young start-ups coming to discuss how to grow their business and they are looking for capital to do that. We do not have much venture capital in Nigeria. The reason why Facebook is Facebook is because of where Facebook started from. It is not because of the solution. We have solutions that we can actually come up with and if we have the kind of platform that they have over there, we will beat Facebook today. And I will bet that if they started Facebook here in Nigeria it will not become what it is today. So many things will kill it, from government policies, financing and even from the people around us.

So, I think those are the challenges. But first things first, the government has the ultimate power, to change anything, government has to get involved and proffer solutions.

Proffering solutions means that we have to use a consultative approach; going to the grassroots to talk to the people.

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Olasoko: Writing Will is Imperative, Beneficial Managing Director and Chief Executive Officer, Meristem Registras and Probate Services Limited, Mubo Olasoko, In this interview with Ebere Nwoji, she spoke on the relevance of professional probate services firms in addressing challenges arising from sharing, transferring and collecting deceased pensioners’ assets determine what is right and to uphold the law of the land. Hence, Will writing is very important.

You are the MD /CEO of Meristem Registrars and Probate Services Limited, could you please throw light on your operations.

Like our name suggests, Meristem Registrars & Probate Services Limited engages in share registration and probate services. We are registrars to both private companies and companies listed on the Nigerian Stock Exchange(NSE) as well as corporate and government bonds. Also, we render a one-stop shop delivering probate services to the members of the public and what does that entail? It is the process of helping beneficiaries of a deceased estate take possession of what has been left for them as a legacy whether the deceased died with or without a will. These services include: asset gathering; obtaining letters of administration or grant of probate; amendment of letters of administration; procurement of certificate of additional asset and transmission of the assets to the beneficiaries. This is essentially what the service is all about.

In other words, you help people to get letters of administration and others?

Yes, we do that. Going by the Administration Laws of all States in Nigeria, it is important for the family of the deceased that have died testate – where there is a will or intestate – where there is no Will to procure a legal document called Grant of Probate or Letters of Administration so as to administer the assets left behind by the deceased person. Therefore, what our organisation does is to take the brief of these categories of people to help them take possession of asset left behind by their late loved ones.

Why is getting this letter of administration very difficult in Nigeria and it denies people the right to claim the benefits left behind by their bread winners. For instance, in claiming pension benefits of deceased pensioners, the inability of their dependents to get the letters of administration has deprived many the opportunity of claiming such benefits, the result being that in the pension sub sector today, you have a lot of unclaimed benefits mainly from deceased pensioners. How can people easily get this letters of administration?

A number of factors are responsible, one main factor is that there are no companies set up to engage in probate services. Lawyers render the service as add-ons to their main business and so may not give the required attention to complete the process in record time. Secondly, the Probate Court has statutory number of days that you need to wait to get certain things done. For instance, if you are applying for letters of administration, there is a statutory period that the Probate Court needs to publicise the names of the deceased and the administrators for public knowledge in a national daily or gazette before making a decision as to confirming the suitability of the proposed administrators where there is no citation before they come up with the grant.

At best, if every factor is well taken care of, it would take about six months to complete the process which is hardly achieved.But at Meristem Registrars and Probate Services Limited, we have developed efficiency in ensuring good turnaround time for our clients and to ensure that benefits due to beneficiaries are not left hanging. Furthermore, delay in gathering the deceased assets across board, coming up with the estate fee payable to the government and meeting up with surety condition are some of the problems mitigating against swift delivery of Probate services which we have put machineries in place to combat these problems and deliver the service in record time.

You said there are no companies set up to do probate services, why are people not venturing into the business?

Well, probably because of the rigours of the business and also the knowledge gap, that may be why people don’t engage in the business since it may be cumbersome sometimes.

Still on accessing beneďŹ ts of the deceased by his dependents, some people have huge money in their account but at death accessing these beneďŹ ts by their dependants is usually difďŹ cult for instance to access the person’s pension beneďŹ ts the law says the employer, be it government or private employer should contribute to the person’s Retirement Savings Account, but at death some deceased person’s beneďŹ ts are hanged because of difďŹ cult conditions attached to its collection. What can a company like yours do to help such dependants access this money hanging in the deceased’ or employer’s account?

Olasoko

Is the industry regulated?

No, there is no regulator other than the requirement from the court and the law regulating the administration of estate as laid down in various states of the federation.

Let us talk about Will writing and people’s assets.Many Nigerians think writing a Will is like signing a death warrant. Could you please use this medium to educate people on the relevance of Will writing and guidelines on how to go about it.?

One major advantage of Will writing is the fact that it is the voice of the person after his death. It is like letter of wishes saying this is what I want to be done after I am out of the scene. The reason you have problem in most cases is that the person did not write a Will or set up a living trust. That means he did not leave a wish as to what should happen to his assets after his demise. So what do you see after

One major advantage of Will writing is the fact that it is the voice of the person after his death.

It is like letter of wishes saying this is what I want to be done after I am out of the scene. The reason you have problem in most cases is that the person did not write a Will or set up a living trust

the man has died, there is a lot of rancour, a lot of fighting within the family because wealth is involved and every family member wants a piece of the cake. But with a Will, family will mostly respect the wishes of the deceased. I say ‘mostly’ because Wills are sometimes contested.

More often than not, problems arise where the intention of a deceased person was not spelt out in a Will. Writing a Will helps to remove doubt as to how the deceased wants his assets shared. But where he fails to write his Will, he has created an opportunity for another person to decide how his assets will be shared which may not be favorable to him. I must add that there is no one too young to write a Will if the person possess assets of value and writing a Will does not mean a death wish. Wills can be updated using a codicil (an addendum to a Will) or can be rewritten entirely in the lifetime of the testator (the person writing the Will) and it is advisable that a professional is consulted to draft the Will in line with accepted practice.

There are some instances cases people write Will, yet when they die, their children will refuse to honour it. This happens even among the educated class. What causes this?

Is it that the Will is not clearly stated or that the children refused to honour their father’s wish?

Yes, it happens. This could be because there are some clauses that are not clearly stated or the clauses in the Will are interpreted differently by the beneficiaries of the estate or some dependants are not well taken care of in the Will. Therefore, it depends on how the Will itself is constructed.

The other thing that can also cause this to happen is where different versions of a Will is discovered for example a person writes a Will but needs to update it, rather than writing a codicil, another Will is written without discarding the first one and upon the death of the testator, there is confusion over which one is valid because there are two Wills. But generally, 80 per cent of the time, the family will respect the wish of the dead in as much as the Will pass the validity test and even if the Will is contested, the court is there to

I think we all have a responsibility of ensuring that what benefit that is accruable to us we get it. One way to get it is if I am working in a government establishment’s and my pension is being deducted and government is also to add something, I should know whether that remittance is being done for me. If it is not being done for me then I have the responsibility to make sure that the money gets to me. What you are saying is practical, some people will come around with the belief that their parents or relatives have so much. Unfortunately, those monies are not with PFA’s. If it is with PFAs, it is easy to collect but unfortunately the employers have been deducting the money but they are not remitting and PFAs cannot pay what they do not have. Employees in such a situation should form pressure groups to ensure that what is due to them gets to them or they resort to legal redress. Given the kind of service you render, assuming I contracted you now to manage my estate and of course you know that the huge money in my pension account is part of my estate you are managing, don’t you think that you also handling my Will should pay attention to see if this huge money is in my pension account. Definitely, there is no how you have a professional portfolio manager and that kind of thing will happen because questions will be asked. Okay, you have this huge money in your pension account where it is being managed by PFA. So a professional person will help you to make sure the money gets into your account. But the problem is with our people, because of the little money they have to pay for agency service, they refuse to do what they need to do without thinking that what they stand to lose is much more than the agency fee they will pay. In Nigeria, we don’t use so much of professionals. We want to do it by ourselves. Even with the procurement of this letter of administration, tell families of the deceased to pay a certain amount of money to get professional service to be able to get their deceased asset worth millions of Naira that is hanging, they will refuse and will go round for years before they come back to a professional. It is very important to use professionals, considering the pros and cons coupled with cost benefit a professional will offer.

So what message do you have for pensioners now that they are alive?

In the course rendering probate services, we have come to see challenges people pass through especially with PFAs in getting their money and that is why one of our subsidiaries, Meristem Trustees Limited came up with service of preparing a simple Will that will transfer the deceased pensioner money in bank and fund with the PFA to the beneficiaries in the Will once the account holder is late. This makes the transfer seamless and stress- free. Against the background, we advise the pensioners to subscribe to this product so that they can properly plan their estate when they are alive and a seamless transmission of their asset to the beneficiaries of their choice can be achieved by professionals in a timely manner.

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EDUCATION Finland Ambassador: Education, a Central Building Block for Social Mobility, Equal Opportunities Renowned for its quality education, the Finland Ambassador to Nigeria, Ms. Pirjo SuomelaChordhury has reiterated the unarguable place of education as a key element for individual and societal development. Peace Obi reports Finland as a country sees and treats education as a national priority. Education is valued by the Finnish Government that it offers every citizen equal opportunity and access to quality education, thereby eliminating barriers like social and financial status.

Speaking at the 10th Total School Support Seminar/Exhibition (TOSSE) in Lagos recently, the Finland Ambassador to Nigeria, Ms. Pirjo Suomela-Chordhury said Finland’s success story hinges on its quality education and citizens’ equal access to it.

She said in Finland’s 100 years of independence, education has been the most important element in building the country, adding that it has been a powerful instrument of social mobility that has transformed the lives of the Finns.

According to her, the country believes that everyone deserves an equal start in life. “Education is what built my country. It is indeed a very central building block of the equality - gender and otherwise that characterises Finland. We believe that everyone deserves an equal start in life. Education is of course the way for an individual to realise his/her full potential in the world of work and to have a fulfilling career. Equality of opportunity is ultimately what brings the best out of people and that is what best serves our society.�

She highlighted some of the defining elements of Finnish education to include availability of good schools for all in every corner of the country, highly motivated teachers, quality teacher training, among others.

Suomela-Chordhury said in Finland, “it does not matter where you go to school. You will receive the same standard of education and your results will be just appreciated whether you graduated from a small school in the northernmost corner of Finland or somewhere else. There is a very strong appreciation of the notion of education and learning. Highly qualified and motivated teachers are essential element of any school system. Teacher training in Finland is taken very seriously. “All teachers have master’s degree; the teaching profession is popular and well appreciated.

Teachers are respected professionals who have strong autonomy in their work. Qualified professionals are also responsible for early childhood education.�

She added that the country has also tried to avoid ‘dead ends’, noting that it is possible for one to enrol for a higher education after vocational school.

According to the ambassador, the good results in Finnish education are produced by a system that is based on equal opportunity, flexibility of the educational path, a student-centred approach, appreciation of vocational education, highly qualified teaching staff, and a strong appreciation of education and learning. “Education is what built my country. When you do not have many people or abundant natural resources, you have to make the most of the human resources that you have. And of course, this applies to every society. No country can afford to waste its human capital.�

Also speaking, a member of the Finland’s Education Delegation to Nigeria for the 10th TOSSE, Riikka Halikka, said the secret of the country’s excellence in education lies in its continuous capacity building and ability to learn and innovate its educational system to serve as a natural resource to create the top-notch education it now offers.

The International Business Development Manager of the University of Helsinki Centre for Continuing Education aka HYplus said the institution has been a contributing factor to Finland becoming a leader in education. “We are often described as ‘education superpower’ because of the quality of our teachers and our

L-R: Chairman of the occasion, Prof. Taiwo Osipitan; Principal Consultant, Edumark Consult, Mrs. Yinka Ogunde; Finland Ambassador to Nigeria, Ms. Pirjo Suomela-Chowdhury; Nassarawa State Commissioner for Education, Alhaji Aliyu Tijjani Ahmed; Mr. Wemimo Ogunde; and Head, One Education, Sterling Bank Plc, Mrs. Ibironke Akinmade, during the 10th Total School Support Seminar and Exhibition in Lagos‌ recently well-functioning system.�

She stressed that the institution and the country attained their current status of education superpower through endless research. “We are able to tap into knowledge that was never available to us before and this takes us to the next level of learning and teaching towards a better and more rewarding professional improvement through our endless researching process to make our education work better than now. “HYplus has a long experience of providing support education and school reforms in international collaboration. And we investigate innovations in teaching capacity from teaching made-easy to have extremely safe learning society and enjoy a good balance between teaching work and home life.�

She added that HYplus offers continuing education in Finland and globally in teacher capacity building and professional development, learning methods such as phenomenon-based learning, innovative methods in STEM education.

Speaking on her experience in Nigeria, Halikka, who described Nigerians as wonderful people, said HYplus is open and ready to provide professional development services for organisations in the field of education that would bring about better teaching and learning experiences for Nigerians.

She said in addition to helping to provide its services, the institution is also inviting Nigerian organisations, especially those in the field of education to come to Finland to learn more about the Finnish educational system.

According to her, HYplus’ services include but not limited to Finnish innovative teaching methods, leadership development programme, and customised in-service teacher training programme which meets the needs of the 21st century with state-of-the-art learning and teaching skills enhanced by teacher training. “The proven success of the Finnish education

system and its excellence in teacher training provide an excellent basis for the University of Helsinki’s customised in-service teacher training programmes and helps educators confront pedagogical challenges.�

In her presentation titled ‘Finnish Early Childhood Education and Care’, the Chief of Development of Finhow, Minna Bjorkman, stressed that long-life learning, high standards, trust and responsibility are just a few reasons why the Finnish education system is praised around the world.

According to the representative of the Finlandbased company that specialises in Finnish early childhood education, the company came to share the Finnish approach to early childhood education with Nigerians. She stated that the Finnish model is basically about play and using play actively in learning, adding that it is more about starting with the need of the child, instead of a fully planned curriculum from teacher-centred way of doing things. “Our goal is to offer a complete Finnish early childhood education tailored to your local customs and cultural needs. Our pedagogical model stems from neuroscience, child psychology, positive education and early attachment theories. It is used, developed and evaluated in our own nursery schools in close cooperation with several academic scholars, and of course, parents. “We came to share some of the Finnish success tips in education. We brought to Nigeria our model of early childhood education, teacher training, teachers consultancy to operators, investors and everybody who is interested in building an early childhood education centre or that already has one but wants to operate it with the Finnish world model,� Bjorkman said.

According to the coordinator of the delegation and Managing Director, Appleblossom M.I. Limited, Mr. Abayomi Magbagbeola, the visit

was one of the numerous interactions the two countries will have in the areas of education and human capital development. He said as a professional human capital development, project management and consulting company that specialises in Finland and Nordic countries, it believes in the power of human mind and capacity to maximize its potential in a conducive environment.

He said Appleblossom provides an extensive co-operation network and know-how to operational environment, language and cultural communication to accelerate business development and partnership with Finland and the Nordic countries.

Earlier in her remarks, the Managing Director, Edumark Consult, Mrs. Yinka Ogunde said the journey that began some 10 years ago, felt like it was just yesterday when the first edition took off. “It feels like yesterday when we all stood in Sheraton Hotel, taking our first steps towards a challenge we saw in the sector: that of helping schools find credible suppliers of innovative educational solutions. What a journey it has been. We now occupy the biggest event centre in the mainland and we are very pressed for space; from that one day event with about three seminars to a two-day event with close to 20 free seminars.�

She said the annual event now attracts educators from over 20 states in Nigeria and from other countries. “As at last count, we have had participants from the US, UK, United Arab Emirates, India, Poland, Uganda, Togo and others we may not have captured. This year, Finland is ably represented and we know that Finland is the current poster child for sound education system. We have truly come a long way, long enough for TOSSE to birth its own projects such as TOSSE Tech. Now we are taking it out of our shores beginning with TOSSE Ghana in 2019.�

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EDUCATION

Girls Need at Least 12 Years of Education, Says British High Commissioner Ernest Chinwo in Port Harcourt The British High Commissioner to Nigeria, Mr. Paul Awkright has said that for any country to develop, girls must be given access to education, insisting that they need at least 12 years of education.

This came as he commended Rivers State Governor, Nyesom Wike for investing in girl-child education.

Speaking while inaugurating Government Girls Secondary School, Rumuokwuta, Port Harcourt, which Wike reconstructed as part of activities marking his administration’s third

anniversary, Awkright called for greater investments in girl-child education. “There is no reason why we should neglect half of our population who can help ensure the prosperity of the country. That is why girlchild education is important.

Without girl-child education, this country cannot thrive.�

While thanking the people of Rivers State for their warm reception, he said he is genuinely pleased to be in the state which is the heart of the Niger Delta Region. “I am particularly pleased that I am here for the commissioning of a girls’ school.

I have a daughter; I know how important it is to see girls educated: that they receive a minimum of 12 years of quality education. “When they are educated, they marry later. When they marry later, they have fewer children. They can contribute to the economy. They can fulfil themselves.�

The joy in the air was contagious. Hundreds of students and old girls of the school celebrated Wike’s “golden touch� to their school. They sang pro-Wike songs, danced and urged the governor to sustain the delivery of quality education for all students.

In his remarks, Wike said his administration is committed to quality education, hence the transformation of selected schools. He noted that critical investments have been made to improve the quality of teaching and learning in the interest of the state’s development.

He announced that the school would return to its old uniform, while the primary school would be fenced off from the secondary section. “We will contract the maintenance of this school to members of the host communities; they will cut the grass and clean the environment of the school. We shall provide security in the

school. Beginning Monday, nobody is allowed to trek across the school premises.

This is a girls’ school and their security is paramount.�

The governor warned the principal of the school against hiring out its facilities for conferences, saying that boys would no longer be allowed to play football in the school.

In a project description, the Commissioner for Education, Dr, Tamunosisi Gogo-Jaja said the school, which was established in 1972, was allowed to decay beyond measures by previous administrations.

He said all the structures in the school were dilapidated,

pointing out that the Wike administration demolished them and built new ones.

He said the school has four new hostels, a major 960-seater assembly hall, sick bay, several science and other laboratories, sports facilities and new internal roads.

In a welcome address, the Chairman, Obio/ Akpor Local Government Area, Prince Solomon Eke, said the people are proud of the transformation of the school with modern facilities, newly equipped laboratories, modern teaching and learning aids.

IEDUMAN Seeks Review of National Education Policy Mary Nnah The need for a holistic review of the country’s educational policies was one of the highlights of the discussion by stakeholders at the 2018 Eduskill Fair, organised by the International Educational Management Network (IEDUMAN).

In his paper, Prof. Adams Onuka of the Institute of Education, University of Ibadan, emphasised the need to review the country’s educational policies and if necessary, adopt and adapt some of the best modules from around the world. “We can get policies, for instance, from Korea, Finland or England, from any other place, put a team together to work on them and subsequently bring the outcome to the public domain for discussion. By the time we work through these and add what they lack from our own contents into it, we have a formidable, sustainable, non-somersault policy that will move our education forward.�

The event, which held recently at the Lagos NUT Pavilion, Ikeja, attracted participants from

various sectors of the society, including leading academics, government functionaries, students, parents and exhibitors.

Stressing the need to accord education a priority in the country, another speaker, Bunmi Omeke, a lawyer, noted that majority of Nigerians are in agreement that “we need strict policies to get it right in the education sector.�

She said the only way to do this is an “inclusive participation� whereby every sector of the economy is obliged to contribute to the debate. “It is education that will still take us far as a country,� Omeke, whose presentation focused on how to lay a solid foundation for businesses in the private sector, especially with regard to the business of education, underscored the need to get it right. “We blame the government all the time, but even the private educator has a case to answer: how far have we impacted the education industry positively and what is our primary motivation, is it just making profits?

Education has to do with life and they need to do more.

Windstorm: ATBU Seeks FG’s Intervention on Destroyed Structures Segun Awofadeji in Bauchi The Vice-Chancellor of Abubakar Tafawa Balewa University (ATBU), Bauchi, Professor Saminu Ibrahim has appealed to the federal government to come to its aid in rebuilding and renovating some of the structures destroyed by windstorm. The windstorm cost the state many lives and hundreds of houses, schools and property worth several millions of naira in several parts of the state.

The government had confirmed eight people killed during the windstorm, while over 120 people sustained injury and over 1,500 homes were destroyed, as well as over 349 schools including ATBU, churches and mosques and 3,000 electricity poles destroyed in Bauchi metropolis during the incident Briefing journalists, the vicechancellor said, “the structures

need to be fixed so that the purpose for which the university was set will be achieved.

Therefore, we are appealing to the federal government to come and take stock of the damages and come up with relief measures. “Specifically the central library of the university which was seriously damaged needs urgent attention of government, we all know the importance of library in the university, it stores all the information and research work conducted. “We cannot do it from our lean resources that is why we are seeking government’s intervention. The wind storm affected badly the building and structures of two campuses of Yelwa and Gubi.�

He said 26 of the structures on the campuses were severely damaged by the storm, disrupting the ongoing second semester examinations which is about to end.

L-R: Former Minister of Power, Prof. Chinedu Nebo; the CEO, Tricontinental Group, Prof.Toyin Ashiru; Executive Vice-Chairman, National Communication Commission, Prof. Umar Dambatta; and Prof. Obakpolor at the Investiture of Prof. Fola Lasisi as the 10th President of the Nigerian Academy of Engineering and the induction of Nebo, Ashiru and Dambatta as fellows‌ recently

IBBVarsity to Graduate 6,348, Industrialisation:Varsity Don Canvasses Partnership between Inaugurate N7bn Projects Maiturari said for the first Academia, Govt, Industry Laleye Dipo in Minna Funmi Ogundare A Professor of Agricultural and Environmental Engineering and former Vice-Chancellor, Obafemi Awolowo University, Ile-Ife, Michael Faborode has stressed the need for partnership between the academia, industry and government to revive industrial production for the country.

Faborode, who made this known recently while delivering the 2018 academy technology dinner lecture of the Nigerian Academy of Engineering (NAE) in Lagos, said partnerships between research institutes including universities and industries are crucial to encouraging increased research and promoting innovations.

He said government’s response through the economic recovery and growth framework has not been well-conceived to douse and subsume the public outcry. “It is now widely accepted that research and innovation are key drivers of competitiveness and economic growth. The leap from the industrial revolution to the digital revolution has largely been anchored on innovation. Several times in recent

decades, modern technology movements have unleashed immense creativity and entrepreneurship that resulted in economic transformations for select regions. “Recent efforts in China to reform national innovation systems serve to demonstrate the importance of motivating universities and research institutes, building up the innovative capacities of enterprises, and promoting industrial linkages.�

In his paper ‘Cracking the Code of Industry-Academia Partnership in Nigeria: Challenge to Knowledge Academies’, the former Secretary General, Committee of Vice-Chancellors of Nigeria (CVCN), described closeness to a university as an asset in terms of its innovation ecosystem, adding that this is what makes them different from businesses and governments. “Universities are built for collaboration, for learning and discovery, and for unlocking the imagination. They are powerful incubators for start-ups and technology transfer. When encouraged, their spill overs literally make their ways into innovation ecosystems.�

The Ibrahim Badamasi Babangida University, Lapai, Niger State will graduate 6,348 students at a combined convocation on June 30 during which developmental projects executed on the campus valued at N7 billion would also be inaugurated.

The Vice-Chancellor, Professor Nasir Maiturari, who disclosed this at a news conference in Minna, said the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr. Maikanti Baru would be conferred with the honorary fellowship award of the institution even as a internationally acclaimed Islamic scholar, Sheikh Ahmed Lemu would receive the honorary doctorate degree of letters of the university at the convocation.

Out of the graduands, the vice-chancellor said 29 made first class; 1,281 made second class upper; 3,290 made second class lower; and 1,613 would receive third class certificates just as 138 would get pass degree certificates and 118 pass certificates.

time, the university would be graduating 118 postgraduate students with 36 of them receiving master’s degrees and 82 postgraduate diploma certificates.

He said the former ViceChancellor of the University of Ibadan, Professor Olufemi Adebisi would deliver the convocation lecture with the title ‘State University Funding in a Depressed Economy’.

Among the projects to be inaugurated he said is the senate building constructed at over N1.5 billion; the School of Postgraduate Studies also completed at N1.6 billion; a 500 bed space female hostel executed at N550 million and a 500-capacity twin lecture theatre constructed at N400 million.

He said the state Governor, Abubakar Sani Bello would as part of activities for the combined convocation ceremony, unveil the newly constructed research centre.

Maiturari added that the construction of the first phase of the College of Medicine project has commenced even as efforts are being made to get accreditation for other courses in the institution.

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Pace Setter Academy: Promoting Cultural Diversity through Education As a top notch educational institution in Nigeria, Pace Setter Academy, Abuja has continued to champion the revival of the country’s culture through education to foster peaceful co-existence and bequeath the Tips for Managing ‘Angry’ knowledge of cultural heritage to the youths. Paul Obi writes on such Teenagers efforts as witnessed during the school’s recent cultural day Ă? Ă‹Ă–Ă– Ă•Ă˜Ă™ĂĄ ÞÒËÞ ĂĄĂ’Ă?ĂœĂ? Ă‹Ă˜Ă‘Ă?Ăœ Ă“Ă? Ă˜Ă™Ăž Ă?Ă™Ă˜ĂžĂœĂ™Ă–Ă–Ă?ĂŽËœ Ă“Ăž Ă?Ă‹Ă˜ ĂŽĂ‹Ă—Ă‹Ă‘Ă? Ă‹ ÖÙÞ Ă“Ă˜

L-R: The First Secretary, Embassy of Japan, Cultural Section, Mr. Hiroki Ogawa; the Chairman, Pace Setters College, Mr. Kenneth Imansuangbon; Third Secretary, Information and Social-Cultural Aairs, Embassy of Indonesia, Mr. Rizqi Muhammad; Director, Pace Setters College, Mrs. Kate Imansuangbon; and Principal, Pace Setters Academy, Wuse, Mrs. Vivian Akukwe, during the school’s International Cultural Festival in Abuja‌ recently Julius Atoi

ÞÒĂ? Ă–Ă“Ă?Ă? Ă™Ă? ÞÒĂ? Ă“Ă˜ĂŽĂ“Ă Ă“ĂŽĂ&#x;Ă‹Ă– Ă‹ĘĽĂ?Ă?ĂžĂ?ĂŽË› Ă?Ă?Ă˜Ă‹Ă‘Ă?ĂœĂ? åÓÞÒ ĂžĂ?Ă˜ĂŽĂ?Ă˜Ă?Ă“Ă?Ă? ÞÙ Ă?Ă™Ăœ Ă“Ă˜Ă?ĂžĂ‹Ă˜Ă?Ă?Ë? ĂŁĂ?Ă–Ă– Ă‹Ă˜ĂŽ Ă?Ă?ĂœĂ?Ă‹Ă—Ëœ Ă–Ă‹Ă&#x;Ă˜Ă?Ă’ Ă Ă?ĂœĂŒĂ‹Ă– Ă‹ĂŒĂ&#x;Ă?Ă?Ă?Ëœ ĂŽĂ‹Ă—Ă‹Ă‘Ă? ĂšĂœĂ™ĂšĂ?ĂœĂžĂ“Ă?Ă?Ëœ ĂšĂ&#x;Ă?Ă’ ÙÞÒĂ?Ăœ ĂšĂ?ÙÚÖĂ? Ă‹ĂœĂ™Ă&#x;Ă˜ĂŽËœ ÚÒãĂ?Ă“Ă?Ă‹Ă–Ă–ĂŁ ËʾËĂ?Ă• ÙÞÒĂ?ĂœĂ?Ëœ Ă—Ă‹ĂŁ Ă?Ă Ă?Ă˜ Ă‘Ă™ Ă™Ă˜ ÞÙ Ă?Ă‹ĂœĂœĂŁ Ă™Ă&#x;Ăž Ă?Ă?Ă–Ă?Ě‹Ă“Ă˜Ă”Ă&#x;ĂœĂ“Ă™Ă&#x;Ă? ĂŒĂ?Ă’Ă‹Ă Ă“Ă™Ă&#x;ĂœË›

Ăž Ă“Ă? Ă“Ă—ĂšĂ™ĂœĂžĂ‹Ă˜Ăž Ă‹Ăž ĂœĂ?Ă‘Ă&#x;Ă–Ă‹Ăœ ĂšĂ™Ă“Ă˜ĂžĂ? ÞÙ ĂœĂ?Ă‹Ă?Ă?Ă&#x;ĂœĂ? ĂžĂœĂ™Ă&#x;ĂŒĂ–Ă?ĂŽ ĂžĂ?Ă?Ă˜Ă‹Ă‘Ă?ĂœĂ? ÞÒËÞ Ă?Ă Ă?ĂœĂŁĂ™Ă˜Ă? Ă?Ă‹Ă˜ Ă?Ă’Ă‹Ă˜Ă‘Ă? Ă‹Ă˜ĂŽ ÞÒËÞ ÞÒĂ?ĂŁ Ă?Ă‹Ă˜ ĂŒĂ? Ă‹ Ă?Ă&#x;Ă?Ă?Ă?Ă?Ă?Ë› Ă?Ăž ÞÒĂ?Ă— Ă•Ă˜Ă™ĂĄ ÞÒËÞ ÞÒĂ?ĂŁ Ă?Ă‹Ă˜ Ă—Ă‹Ă•Ă? ÚÙĂ?ÓÞÓà Ă? Ă?Ă’Ă‹Ă˜Ă‘Ă?Ă? Ă“Ă˜ ÞÒĂ?Ă“Ăœ Ă–Ă“Ă Ă?Ă? ĂĄĂ’Ă“Ă?Ă’ ĂĄĂ™Ă&#x;Ă–ĂŽ Ă&#x;ÖÞÓ×ËÞĂ?Ă–ĂŁ Ă—Ă‹Ă•Ă? ÞÒĂ?Ă“Ăœ Ă–Ă“Ă?Ă? Ă?Ă‹Ă?Ă“Ă?Ăœ Ă‹Ă˜ĂŽ Ă—Ă™ĂœĂ? Ă?Ă˜Ă”Ă™ĂŁĂ‹ĂŒĂ–Ă?Ë› Ă™ Ă?Ă&#x;ĂšĂšĂ™ĂœĂžĂ“Ă˜Ă‘ ÞÒĂ?Ă— ÞÙ Ă?Ă™Ă˜ĂžĂœĂ™Ă– ÞÒĂ?Ă“Ăœ Ă™ĂĄĂ˜ Ă‹Ă˜Ă‘Ă?Ăœ ĂĄĂ™Ă&#x;Ă–ĂŽ ĂŽĂ?Ę¨Ă˜Ă“ĂžĂ?Ă–ĂŁ ĂŒĂ? Ă‹ ÚÙĂ?ÓÞÓà Ă? ×Ùà Ă?Ë› Ă™Ă&#x;Ăœ Ă‹Ă˜Ă‘Ă?Ăœ Ă—Ă‹Ă˜Ă‹Ă‘Ă?Ă—Ă?Ă˜Ăž Ă?Ă™Ăœ ĂŁĂ™Ă&#x;Ăœ ĂžĂ?Ă?Ă˜Ă‹Ă‘Ă?Ăœ Ă—Ă&#x;Ă?Ăž Ę¨ĂœĂ?ÞÖã Ă?Ă&#x;ĂšĂšĂ™ĂœĂž ÞÒĂ?Ă— ÞÙ ĂŒĂ? Ă?Ă?Ă–Ă?Ě‹Ă‹ĂĄĂ‹ĂœĂ?Ë› Ă™Ă&#x; ĂĄĂ™Ă&#x;Ă–ĂŽ Ă˜Ă?Ă?ĂŽ ÞÙ Ă‘Ă&#x;Ă“ĂŽĂ? ÞÒĂ?Ă— ÞÙ Ă?Ă Ă‹Ă–Ă&#x;Ă‹ĂžĂ? ÞÒĂ?Ă“Ăœ Ă™ĂĄĂ˜ Ă?Ă?Ă?Ă–Ă“Ă˜Ă‘Ă? Ă‹Ă˜ĂŽ ÞÙ Ă&#x;Ă˜ĂŽĂ?ĂœĂ?ĂžĂ‹Ă˜ĂŽ ÞÒĂ? ĂœĂ?Ă‹Ă?Ă™Ă˜Ă? Ă?Ă™Ăœ ÞÒĂ?Ă“Ăœ Ă‹Ă˜Ă‘Ă?ĂœË› Ă™Ă&#x;Ăœ ĂžĂ?Ă?Ă˜Ă‹Ă‘Ă? Ă‹Ă˜Ă‘Ă?Ăœ Ă—Ă‹Ă˜Ă‹Ă‘Ă?Ă—Ă?Ă˜Ăž ĂšĂ–Ă‹Ă˜Ă? Ă?Ă’Ă™Ă&#x;Ă–ĂŽ Ă“Ă˜Ă?Ă™ĂœĂšĂ™ĂœĂ‹ĂžĂ? Ă‹Ă?ÞÓà ÓÞÓĂ?Ă? Ă–Ă“Ă•Ă? ÞÒĂ? Ă?Ă™Ă–Ă–Ă™ĂĄĂ“Ă˜Ă‘Ë? Ëž Ă˜ Ă‹Ă‘ĂœĂ?Ă?ĂŽ ĂšĂ–Ă‹Ă˜ Ă™Ă? Ă‹Ă?ĂžĂ“Ă™Ă˜ Ă“Ă˜ ÞÒĂ? Ă?Ă Ă?Ă˜Ăž Ă™Ă? Ă‹Ă˜ Ă™Ă&#x;ĂžĂŒĂ&#x;ĂœĂ?Ăž Ëž ĂœĂ‹Ă?ÞÓĂ?Ă“Ă˜Ă‘ Ă?Ă?Ă–Ă?Ě‹Ă?Ă™Ă˜ĂžĂœĂ™Ă– Ëž Ă‹Ă&#x;Ă?Ă“Ă˜Ă‘ Ă‹ Ă?Ă?ĂĄ Ă?Ă?Ă?Ă™Ă˜ĂŽĂ? ÞÙ ĂžĂ’Ă“Ă˜Ă• Ă‹ĂŒĂ™Ă&#x;Ăž ÞÒĂ? Ă?ĘĽĂ?Ă?ĂžĂ? Ă™Ă? ÞÒĂ?Ă“Ăœ ĂœĂ?Ă‹Ă?ĂžĂ“Ă™Ă˜Ă? ÞÙ Ă?Ă“ĂžĂ&#x;Ă‹ĂžĂ“Ă™Ă˜Ă?Ë› Ëž Ă—Ă‹Ă•Ă“Ă˜Ă‘ Ă‹ Ă?ÒÙÓĂ?Ă?Ëœ ÚÓĂ?Ă•Ă“Ă˜Ă‘ Ă‹Ă˜ Ă™ĂšĂžĂ“Ă™Ă˜ ĂĄĂ’Ă“Ă?Ă’ ĂĄĂ™Ă&#x;Ă–ĂŽ ĂŒĂœĂ“Ă˜Ă‘ Ă‹ĂŒĂ™Ă&#x;Ăž Ă?Ă?Ě‹ Ă?Ă?Ă?ÞÓà Ă? ĂœĂ?Ă?Ă&#x;Ă–ĂžĂ? Ëž Ă?Ă Ă“Ă?ĂĄĂ“Ă˜Ă‘ ÞÒĂ?Ă“Ăœ Ă™ĂĄĂ˜ ĂšĂœĂ™Ă‘ĂœĂ?Ă?Ă? Ëž Ă?Ă?Ă“Ă˜Ă‘ ĂĄĂ’Ă‹Ăž ÞÒĂ? Ă™Ă&#x;ĂžĂ?Ù×Ă? Ă™Ă? ÞÒĂ?Ă“Ăœ Ă?ÒÙÓĂ?Ă?Ă? Ă“Ă?Ë› ĂŁ Ă&#x;Ă?Ă“Ă˜Ă‘ ÞÒÓĂ? ĂšĂ–Ă‹Ă˜ Ă?Ă‹Ă?Ă’ ÞÓ×Ă? ÞÒĂ?ĂŁ Ă‹ĂœĂ? Ă?Ă™Ă˜Ă?ĂœĂ™Ă˜ĂžĂ?ĂŽ åÓÞÒ Ă“ĂœĂœĂ“ĂžĂ‹ĂžĂ“Ă˜Ă‘ Ă?Ă“ĂžĂ&#x;Ă‹ĂžĂ“Ă™Ă˜Ă?Ëœ Ă?Ă Ă?Ă˜ĂžĂ&#x;Ă‹Ă–Ă–ĂŁ ÞÒĂ? ĂžĂ?Ă?Ă˜Ă‹Ă‘Ă?Ăœ Ă?Ă’Ă™Ă&#x;Ă–ĂŽ ĂŒĂ? Ă?Ă‹ĂšĂ‹ĂŒĂ–Ă? Ă™Ă? ĂŽĂ?Ă‹Ă–Ă“Ă˜Ă‘ åÓÞÒ Ă?Ă™Ă˜Ă?ĂœĂ™Ă˜ĂžĂ‹ĂžĂ“Ă™Ă˜Ă? Ă—Ă&#x;Ă?Ă’ ĂŒĂ?ĘľĂ?ĂœË› Ă?Ă?Ă˜Ă‹Ă‘Ă?ĂœĂ? Ă’Ă‹Ă Ă? ÞÒĂ?Ă“Ăœ Ă™ĂĄĂ˜ Ă—Ă“Ă˜ĂŽĂ? åÓÞÒ ÞÒĂ?Ă“Ăœ Ă–Ă“Ă•Ă?Ă? Ă‹Ă˜ĂŽ ĂŽĂ“Ă?Ă–Ă“Ă•Ă?Ă?Ë› Ă&#x;Ă‘Ě‹ Ă‘Ă?Ă?ĂžĂ“Ă˜Ă‘ ĂžĂ?Ă?Ă’Ă˜Ă“Ă›Ă&#x;Ă?Ă? Ă–Ă“Ă•Ă? Ă?âĂ?ĂœĂ?Ă“Ă?Ă“Ă˜Ă‘ Ă™Ăœ Ă–Ă“Ă?ĂžĂ?Ă˜Ă“Ă˜Ă‘ ÞÙ Ă—Ă&#x;Ă?Ă“Ă? Ă—Ă“Ă‘Ă’Ăž Ă˜Ă™Ăž ĂŒĂ? Ă?ĘĽĂ?Ă?ÞÓà Ă? Ă‹Ă˜Ă‘Ă?Ăœ Ă—Ă‹Ă˜Ă‹Ă‘Ă?Ă—Ă?Ă˜Ăž Ă?Ă™Ăœ Ă—Ă‹Ă˜ĂŁ Ă“Ă‘Ă?ĂœĂ“Ă‹Ă˜ ĂžĂ?Ă?Ă˜Ă‹Ă‘Ă?ĂœĂ?Ë› Ă?Ă“Ă˜Ă‘ ÞÒĂ?Ă“Ăœ Ă™ĂĄĂ˜ Ă–Ă“Ă•Ă?Ă?Ëœ Ă‹Ă? ĂŽĂ“Ă?ĂžĂœĂ‹Ă?ĂžĂ“Ă™Ă˜Ă?Ëœ ĂĄĂ™Ă&#x;Ă–ĂŽ ĂŒĂ? Ă‹ ĂŒĂ?ĘľĂ?Ăœ ÞÙÙÖ ÞÙ Ă‹Ă?Ă’Ă“Ă?Ă Ă? ÞÒĂ? ĂŽĂ?Ă?Ă“ĂœĂ?ĂŽ ĂŒĂ?Ă’Ă‹Ă Ă“Ă™Ă&#x;ĂœË› Ă’Ă?Ă?Ă? Ă?Ă’Ă™Ă&#x;Ă–ĂŽ ĂŒĂ? ĂžĂ?Ă?Ă’Ă˜Ă“Ă›Ă&#x;Ă?Ă? ĂĄĂ’Ă“Ă?Ă’ ÞÒĂ?ĂŁ Ă‹ĂœĂ? ĂĄĂ“Ă–Ă–Ă“Ă˜Ă‘ ÞÙ ĂžĂœĂŁ ĂĄĂ’Ă?Ă˜ ÞÒĂ?ĂŁ Ă?Ă?Ă?Ă– Ă‹Ă˜Ă‘ĂœĂŁ Ă™Ăœ ĂžĂ’ĂœĂ?Ă‹ĂžĂ?Ă˜Ă?ĂŽË› Ă?Ă–ĂšĂ“Ă˜Ă‘ Ă‹ ĂžĂ?Ă?Ă˜Ă‹Ă‘Ă?Ăœ ĂŒĂ? Ă?Ă&#x;Ă?Ă?Ă?Ă?Ă?Ă?Ă&#x;Ă– Ă“Ă˜ Ă‹Ă˜Ă‘Ă?Ăœ Ă—Ă‹Ă˜Ă‹Ă‘Ă?Ă—Ă?Ă˜Ăž Ă—Ă‹ĂŁ ĂœĂ?Ă›Ă&#x;Ă“ĂœĂ? Ă’Ă™Ă&#x;ĂœĂ? Ă™Ăœ Ă—Ă™Ă˜ĂžĂ’Ă? Ă™Ăœ Ă?Ă Ă?Ă˜ ĂŁĂ?Ă‹ĂœĂ? Ă™Ă? Ă’Ă‹ĂœĂŽ ĂĄĂ™ĂœĂ• Ă‹Ă˜ĂŽ ĂžĂ?Ă‹ĂœĂ?Ë› ÙåĂ?Ă Ă?ĂœËœ ĂœĂ?Ă‹Ă–Ă“Ă?Ă“Ă˜Ă‘ ÞÒËÞ ĂŁĂ™Ă&#x;Ăœ ĂŁĂ™Ă&#x;Ă˜Ă‘Ă?ĂžĂ?Ăœ Ă“Ă? ĂŒĂ?Ă“Ă˜Ă‘ Ă?ĂšĂ‹ĂœĂ?ĂŽ Ă?ĂœĂ™Ă— Ă‹ Ă?Ă&#x;ĂžĂ&#x;ĂœĂ? Ă™Ă? ĂœĂ?Ă?Ă•Ă–Ă?Ă?Ă?Ě‹ Ă˜Ă?Ă?Ă? Ă“Ă? ĂĄĂ™ĂœĂžĂ’ Ă?Ă Ă?ĂœĂŁ Ă?ĘĽĂ™ĂœĂžË› Ă&#x;Ă?Ă?Ă?Ă?Ă? ĂĄĂ™Ă&#x;Ă–ĂŽ Ă™Ă˜Ă–ĂŁ ĂŒĂ? Ă‹Ă?Ă’Ă“Ă?Ă Ă?ĂŽ ĂĄĂ’Ă?Ă˜ ÞÒĂ? ĂžĂ?Ă?Ă˜Ă‹Ă‘Ă?Ăœ Ă“Ă? Ă‹ĂŒĂ–Ă? ÞÙ Ă‹Ă?Ă?Ă?ÚÞ ĂœĂ?Ă?ĂšĂ™Ă˜Ă?Ă“ĂŒĂ“Ă–Ă“ĂžĂŁ Ă?Ă™Ăœ ÞÒĂ?Ă“Ăœ Ă™ĂĄĂ˜ Ă‹Ă?ĂžĂ“Ă™Ă˜Ă? Ă‹Ă˜ĂŽ ĂœĂ?Ă‹Ă–Ă“Ă?Ă? ÞÒĂ?ĂŁ Ă˜Ă?Ă?ĂŽ ÞÙ Ă—Ă‹Ă•Ă? Ă?Ă’Ă‹Ă˜Ă‘Ă?Ă?Ë› Ě‹ Omoru writes from the UK

Some students of Pace Setters Academy, Wuse with the chairman and director during the International Cultural Festival in Abuja... recently

With Nigerians embracing more diversity, it has become to sustain the country’s cultural aesthetics. The best way to attain such feat is through educating the young ones about their respective cultures. Catching them young while in school is also another means of ensuring that the children are in tune with their cultures and history effectively.

It is in that light that the Pace Setter Academy, Abuja is collaborating with UNESCO to deepen the knowledge of cultural diversity among its students. With several branches spread across the Federal Capital Territory (FCT) Abuja, the school intends to reach many young Nigerians to showcase the beauty of culture in schools and through education.

To put that to action, Pace Setter Academy recently organised a cultural day for its pupils at its premises in Zone 7, Abuja.

Speaking at the event, the Chairman, Mr. Kenneth Imasuangbon explained that there is so much culture can do to the Nigerian society, adding that there are several multiplier effects culture could bring to the society. “The development of Nigeria will be located in character and behavioural pattern of our people, we are one people under God, though we are divided, we are stronger together. From Kano through Port Harcourt, Benin, Lagos, Ibadan, you can see that we are interwoven; the culture of Nigeria is saved. “The motivation to me in Pace Setter Academy is that we can inculcate the unity of our people, the greatness of our country and the strength of Nigeria through culture into our children early in life. This will trigger oneness, peace and development.

This is a country so endowed by God. So, we are loving people, we are a people with good heart. “Through our cultural day, we are driv-

ing culture into these children so that our tomorrow is seen today. We are building these children in the next 50 years. You can see the Ibibio child, you can see the Hausa child, you can see the Delta child, you can see the Igbo, Yoruba and Calabari children here, it is not for today, but for generations to come,� Imasuagbon maintained.

Also speaking, the Principal, Pacesetters Academy, Wuse, Mrs. Vivian Akukwe said “it is good that we celebrate our individual culture while knowing that we need to come together and be integrated to have a viable society. We can’t have development if we don’t recognise the differences in the different groups we have and the different countries and their cultures.�

Akukwe added: “If you look at all these cultures, we all have something that unites us. When we look away from those things that seem to separate us and concentrate on the things that unite us, we will have a viable society. Nigeria will really be great as well as Africa and the entire world. It will make our economy better and there will be development and our kids will have a bright future.�

According to UNESCO National Professional Officer on Culture, Ifeanyi Ajaegbo, culture plays an essential role in education and peaceful co-existence. Ajaegbo observed that the essence is “to celebrate cultural diversity as a way of inculcating culture into young people and ensuring that Nigeria has a peaceful coexistence. When we recognise that we are from diverse cultures right, it will be easy to tolerate each other and accept that we are different human beings but living together, basically unity in diversity.�

On the contributions of the UN body, he said “UNESCO is actually a technical agency of the United Nations furthering education, science, culture, communication and information. When I talk about our

culture and schools, they all fall within what UNESCO is meant to do for the UN. We have programmes in education and we have for culture that deal with schools at all levels.

For instance, UNESCO is working with the National Institute for Cultures Orientation (NICO) to set up cultural clubs in schools and we have convention that guides what we do. What is happening here today is part of UNESCO’s mandate and we have been supporting schools technically and with our presence.

Speaking further on UNESCO’s collaboration with Pace Setter Academy, Ajaegbo said: “Pace Setter is one school in Abuja that I see that has this kind of day at this level. Our presence shows that UNESCO is partnering the school in trying to get our younger generation to accept our culture as it is. What they can do is get cultural activities included in their curriculum either attached to another subject or a stand-alone course and UNESCO can support them in developing such curriculum.�

For some guests at the event, cutting across Liberia, Japan, Indonesia and China, teaching Nigerian students about the cultures of other countries was the right thing to do.

Speaking to THISDAY, the Secretary of Information and Social-Cultural Affairs, Indonesian Embassy, Rizqi Adri Muhammad explained that “the importance of the event is for the children to become exposed to international culture. I am happy we are invited and the kids are being told about the diversity in cultures which are the various people, the foods and costumes. “We are here to introduce to them the culture of Indonesia and we have been here for long. We came to showcase lots of things about Indonesia. At this early age, it is important to expose them to these cultures now and it won’t leave them,� he said.

Ogun, Rivers Top QualiďŹ ers’ Chart for Cowbellpedia Exam Results With a total of 15 candidates, Ogun State has emerged the state with the highest number of qualifiers for the second stage of the Cowbellpedia Secondary Schools Mathematics TV Quiz Show following the release of the results of the first stage examination conducted by the National Examinations Council (NECO).

It was followed closely by Rivers State with 10 candidates, while Osun State and the Federal Capital Territory, Abuja had five candidates each In all, 41,735 students sat for the qualifying examination, held on February 17, 2018 to participate in the competition, which is sponsored by Cowbell, the flagship brand of Promasidor Nigeria Limited.

The junior category had 21,585 candidates, while the remaining 20,150 were senior secondary school students.

Further breakdown of the results shows that Ambassadors College, Ota, Ogun State, which produced champions in both categories in 2016, topped the chart with nine students in the second stage, while Graceland International School, Port Harcourt, Rivers State came second with seven students.

Also, there were three perfect scores in the junior

category from two schools.

The students with 100 per cent scores are Favour Okarike and Benny Sampson-Uche from Graceland International School, Port Harcourt, and Chiedozie Uzochukwu of Nigerian Tulip International College, Abuja.

The results have since been posted on the Cowbellpedia portal: www.cowbellpedia. ng. The 108 qualifiers for the second round are in two categories -54 each for the junior and senior categories -and will all proceed to the television quiz Show.

The second stage, which is in quiz format, will take the candidates through the preliminary, semi-final and final rounds. The show will be broadcast in 13 weekly episodes on major television stations across the country.

The Managing Director of Promasidor, Mr. Anders Einarsson acknowledged the support of NECO, state ministries of education, school principals, teachers, the media and partner agencies on the initiative over the years.

He said the company has demonstrated its unwavering commitment to the project by significantly increasing the prize money for winning students and their teachers.

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BUSINESS/MONEYGUIDE

Moody’s Assigns First-time Ratings to FCMB, Fidelity, Diamond Obinna Chima Moody’s Investors Service yesterday assigned its firsttime long-term global scale local-currency bank deposit ratings to First City Monument Bank Limited (FCMB), Fidelity Bank Plc and Diamond Bank Plc. Specifically, the rating agency assigned its issuer ratings of B2 to FCMB and Fidelity Bank and long-term B3 global scale local-currency bank deposit and issuer ratings to Diamond Bank Plc. According to a statement from Moody’s, the three midtier Nigerian banks account for approximately 12 per cent of the country’s banking assets.

Moody’s also assigned local currency bank deposit national scale ratings (NSRs) of A2.ng to FCMB and Fidelity and A3.ng to Diamond.

“The primary drivers of our assessment of the banks’ standalone credit profiles are their robust loss-absorbing buffers, above our global average for similarly rated peers, and

their resilient local currency liquidity buffers. These strengths, however, are moderated by the challenging operating environment in Nigeria, as the oil and gas dependent economy slowly recovers from its 2016 recession,” the rating agency stated.

“Moody’s also incorporates one notch of rating uplift, based on a high probability of government support, from the banks’ Baseline Credit Assessments (BCA) of b3 for FCMB and Fidelity and caa1 for Diamond.

“The B2 local-currency deposit and issuer ratings assigned to FCMB and Fidelity are aligned with the ratings of the Nigerian government,” it explained.

For FCMB and Fidelity, Moody’s assigned a stable outlook on their long-term global scale bank deposit and issuer ratings.

According to the agency, the stable outlooks reflect its expectations that over the next 18 months credit costs associated with the banks’ loan portfolio would be absorbed

by pre-provision profits and that overall, the banks’ credit fundamentals would continue to remain in line with peers at the B2 rating level.

“For Diamond, Moody’s has assigned a positive outlook on its long-term global scale bank deposit and issuer ratings. Diamond’s positive outlook reflects our expectation that elevated asset risks will decline this year on account of the resolution of some of its past due loans that have not been impaired.

“It also reflects our view that the ongoing deleveraging of the bank will improve the bank’s funding profile and support capital,” the statement added.

It pointed out that the stable outlooks for FCMB and Fidelity reflected its expectations that over the next 18 months credit costs associated with the banks’ loan portfolio would be absorbed by pre-provision profits and that overall, the banks’ credit fundamentals would continue to remain in line with peers at the B2 rating level.

L-R: Founder and Managing Director, JNC International Limited, Clare Omatseye; Founder and CEO, HealthPlus Limited, Bukky George; Head of Operations, HealthPlus, Deji Faniyan, at the Nigeria Healthcare Excellence Awards in Lagos…recently

MARKET INDICATORS

CBN,NERDC Set to Commence Financial Education Curriculum in Schools Nume Ekeghe The Central Bank of Nigeria (CBN), in collaboration with the Nigeria Educational Research and Development Council (NERDC) yesterday disclosed that plans to commence the financial education curriculum (FEC) next session for Basic and Senior Secondary Education levels across Nigeria have gotten to advanced stage.

The Acting Director of Consumer Protection Department, CBN, Mr. Yinka Ahmed said this at a workshop for the implementation of the FEC in Lagos.

He said the initiative, which commenced two years ago, was aimed at creating awareness on the issue of financial management; develop entrepreneurial skills among the teeming youth of Nigeria as well the importance of managing resources.

Ahmed said: “I am aware

that in other climes it takes years to develop a financial education curriculum, some running into double digits.

The project only commenced in 2016 and today we are already commencing the pilot phase and hope to launch during the next academic calendar.”

Ahmed, who was represented

by Mr. Oludamola Atanda of the Consumer Education Division, Consumer Protection Department, CBN, said he was confident that the financial education curriculum would be a reference point for many others to learn from.

“I am also optimistic that the depth of knowledge and skills required by consumers to understand financial concept and manage their personal financial matters to enhance their economic wellbeing and also engender trust among them in the financial system which has bedevilled our country over

the years would be addressed through the implementation of this curriculum.

“It is indeed interesting and gratifying to know that these issues are even being addressed by the FEC in advance as it is catching them young as we did not enjoy this during our childhood, our children are going to enjoy.

“I am confident that the completion of this project and implementation of the FEC would prepare Nigerian youths for the challenges of contributing towards sustainable economic development of Nigeria,” he explained.

On his part, the Executive Secretary, NERDC Prof. Ismail Junaidu said: “Financial Literacy is the set of skills and knowledge that allows an individual to make informed and effective decisions in matters that relate to finance and financial resources.

Again, CBN Intervenes in FX Market with $210m The Central Bank of Nigeria (CBN) has made available the sum of $210million, to meet customers’ requests in various segments of the foreign exchange (FX) market. The CBN, in its quest to meet demands in the various segments of the market offered $100 million to authorised dealers in the wholesale segment of the

market, while the small and medium enterprises (SMEs) segment got boosted with the sum of $55 million.

According to figures made available by the bank, customers requesting FX for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of

$55 million.

The CBN had last Thursday intervened to the tune of $210 million to cater for requests in the wholesale segment of the forex market.

Meanwhile, the naira continued its stability as it exchanged at an average of N360/$1 in the BDC segment of the market yesterday.

‘Custodian Investment Unaffected by Abraaj Bankruptcy’ Nigeria’s Custodian Investment Plc has said it is not affected by the bankruptcy that was filed by Abraaj Holdings – a Dubai-based investment firm with operations in Africa, Asia, Latin America, Middle East and Turkey.

Aureos Africa Fund, which is managed by Abraaj Investment Management Limited (AIML), holds minority shares of Custodian Investment Plc.

A court order on June 18, 2018, had appointed executives from PwC and Deloitte as joint provisional liquidators of Abraaj Holdings. In a statement made by Abraaj Holdings, “the court-supervised restructuring of Abraaj Holdings would have “minimum impact” on the day-to-day operations of the management of the funds and their portfolio companies.”

In response to the liquidation,

Group Managing Director of Custodian Investment Plc, Mr. Wole Oshin, said: “Abraaj are just managers not shareholders.

They manage Aureos Africa fund who has some shares in Custodian.

“Our stock market prices have remained steady, and the strength of our company will not be deterred regardless of this event.”

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, MONDAY, 25 JUNE , 2018 The price of OPEC basket of fourteen crudes stood at $72.15 a barrel on Monday, compared with $71.89 the previous Friday, 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

T H I S D AY • WEDNESDAY, JUNE 27, 2018

39

MARKET NEWS

Nigerian Stock Exchange to Launch Initiative to Grow Small Businesses Goddy Egene and Nosa Alekhuogie

exchange in Lagos yesterday.

According to him, the NSE is at the advanced stages of launching the Growth Board which is going to have over a 100 companies.

“The rules are currently undergoing our rule making process and is presently waiting for stakeholders’ comments.

After the collation of the comments, what would happen is that we would go back to

The Nigerian Stock Exchange (NSE) is set to launch an initiative called the Growth Board, which is aimed at raising funding for Nigerian high-growth potential businesses.

Head, Primary Markets, NSE, Tony Ibeziako made this disclosure at an executive roundtable discussion held at

present some of those comments where necessary and present it our national council. Once that is approved, then we would have a Growth Board.

We are also in partnership with the public sector and other institutions such as The World Bank, Bank of Industry, Bank of Agriculture amongst others,” he said. He noted that the exchange WAs looking at the Small and Medium-sized

next level with the necessary corporate governance that is required in place and begin to expose them to the public market. “It requires a lot of discipline, disclosures and the management or owners of the business having a paradigm shift in the way they see the business.

We hope this engagement would begin to throw more light on our expectations,” Ibeziako said. Also speaking, Partner,

Enterprises (SMEs) eco-system to understand the importance role it plays.

“Many people that are employed are employed in that space but we haven’t seen that traction when it comes to that eco system being able to access capital, and we are beginning to ask ourselves what can we do as capital market operators to begin to help businesses to move their businesses to the

PRICES FOR SECURITIES TRADED AS OF

AO2 Law, Bidemi Olumide said: “ The Growth Board is an initiative of the NSE. We came in contact with it at a point where we were trying to raise funds for one of our businesses and also, a client of the firm and we appreciated the initiative of the exchange and decided to work with them in terms of promoting it more than what the current conception is.”

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

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

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

MARKET CAP(Nm) 299,404.51

PRICE

%CHANGE

TRADES

VOLUME

10.35

1.97

108

3,226,537

359,093.92

10.50

-0.94

198

10,349,972

800,610.59

25.50

-1.73

356

20,228,778

662

33,805,287

PRICE

%CHANGE

TRADES

VOLUME

10.85

1.40

269 269 931

24,390,022 24,390,022 58,195,309

BANKING S/N 4 OTHER FINANCIAL INSTITUTIONS FINANCIAL SERVICES INDUSTRIAL GOODS S/N 5 6 BUILDING MATERIALS INDUSTRIAL GOODS OIL AND GAS S/N 7

OTHER FINANCIAL INSTITUTIONS FBN HOLDINGS PLC

MARKET CAP(Nm) 389,463.93

MARKET CAP(Nm) DANGOTE CEMENT PLC 3,919,316.70 LAFARGE AFRICA PLC. 338,697.37

BUILDING MATERIALS

EXPLORATION AND PRODUCTION SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD

PRICE

%CHANGE

TRADES

VOLUME

230.00 39.05

2.49

31 75 106 106

915,186 1,715,388 2,630,574 2,630,574

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

383,077.41

651.00

0.03

71

581,686

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

71 71 1,108

CROP PRODUCTION

MARKET CAP(Nm)

PRICE

%CHANGE

22 23 24 REAL ESTATE INVESTMENT TRUSTS (REITS) CONSTRUCTION/REAL ESTATE CONSUMER GOODS S/N 25 AUTOMOBILES/AUTO PARTS S/N 26 27 28 29 30 BEVERAGES--BREWERS/DISTILLERS

VOLUME

FTN COCOA PROCESSORS PLC OKOMU OIL PALM PLC. PRESCO PLC

440.00

0.20

-

0

0

89,858.32 75,000.00

94.20 75.00

2.04

41 24 65

81,190 414,269 495,459

FISHING/HUNTING/ TRAPPING ELLAH LAKES PLC.

MARKET CAP(Nm) 511.20

PRICE

%CHANGE

TRADES

VOLUME

4.26

-

0 0

0 0

LIVESTOCK/ANIMAL SPECIALTIES LIVESTOCK FEEDS PLC.

MARKET CAP(Nm) 2,370.00

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

%CHANGE

TRADES

VOLUME

0.79

-

2

10,050 10,050

67

505,509

PRICE

%CHANGE

TRADES

VOLUME

1,297.17

0.49

-

0

0

221.82 2,111.93

0.57 3.25

-

2 0

100,000 0

55,687.75

1.37

-4.86

155

26,710,591

40,338.15

14.00

-

58 215 215

1,910,635 28,721,226 28,721,226

MARKET CAP(Nm) 711.32

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

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

2

MARKET CAP(Nm)

BUILDING CONSTRUCTION ARBICO PLC.

REAL ESTATE DEVELOPMENT UACN PROPERTY DEVELOPMENT CO. LIMITED

PRICE

PRICE

%CHANGE

TRADES

VOLUME

4.79

-

0 0

0 0

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

36,300.00

27.50

-

14

40,430

165.00

6.60

-

0

0

14

40,430

MARKET CAP(Nm)

PRICE

5,222.78

2.01

%CHANGE -

REAL ESTATE DEVELOPMENT S/N

TRADES

581,686 581,686 61,407,569

TRADES 22

VOLUME 428,967

22

428,967

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

1,900.00

95.00

-

1

10

11,300.89

45.20

-

0

0

26,682.70

10.00

-

0

0

AUTOMOBILES/AUTO PARTS DN TYRE & RUBBER PLC

MARKET CAP(Nm) 1,431.80

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

MARKET CAP(Nm) 15,032.63

1

10

37

469,407

PRICE

%CHANGE

TRADES

VOLUME

0.30

-

0 0

0 0

PRICE

%CHANGE

TRADES

VOLUME

1.92

-4.00

5

242.22

0.89

-

0

10,000,500 0

212,467.13

97.00

-

37

37,915

355,009.10

41.30

-6.14

27

2,135,056

883,657.68

110.50

0.45

93

575,990

162

12,749,461

S/N 31 32 33 34 35 36 37 38 FOOD PRODUCTS

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

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME 350,161

52,500.00

10.50

1.45

55

228,000.00

19.00

-

60

522,435

127,316.79

31.05

-

54

573,502

17,763.64

2.24

4.67

172

9,556,702

1,489.00

0.40

-

0

0

1,167.21

6.55

-

1

100

60,274.72

22.75

-

28

144,580

3,676.41

13.45

-

1 371

728 11,148,208

PRICE

%CHANGE

TRADES

VOLUME

13.00 1,500.00

0.67

28 45 73

189,391 177,194 366,585

PRICE

%CHANGE

TRADES

VOLUME

FOOD PRODUCTSMARKET S/N -DIVERSIFIED CAP(Nm) 39 CADBURY NIGERIA PLC. 24,416.63 40 NESTLE NIGERIA PLC. 1,188,984.38 FOOD PRODUCTS--DIVERSIFIED HOUSEHOLD DUMARKET S/N RABLES CAP(Nm) NIGERIAN ENAMEL41 1,680.31 WARE PLC. 42 VITAFOAM NIG PLC. 3,283.47 HOUSEHOLD DURABLES PERSONAL/HOUSEMARKET S/N HOLD PRODUCTS CAP(Nm) P Z CUSSONS NIGERIA 43 79,211.02 PLC. 44 UNILEVER NIGERIA PLC. 292,995.28 PERSONAL/HOUSEHOLD PRODUCTS CONSUMER GOODS FINANCIAL SERVICES MARKET S/N BANKING CAP(Nm) 45 DIAMOND BANK PLC 33,582.56 ECOBANK TRANSNATION46 366,991.02 AL INCORPORATED 47 FIDELITY BANK PLC 67,511.28 GUARANTY TRUST BANK 48 1,206,678.35 PLC. 49 JAIZ BANK PLC 19,741.05 50 SKYE BANK PLC 9,716.21 51 STERLING BANK PLC. 39,730.78 52 UNION BANK NIG.PLC. 171,812.44 53 UNITY BANK PLC 10,403.51 54 WEMA BANK PLC. 28,159.36 BANKING INSURANCE CARRIERS, MARKET S/N BROKERS AND SERVICES CAP(Nm) AFRICAN ALLIANCE IN55 4,117.00 SURANCE COMPANY PLC 56 AIICO INSURANCE PLC. 4,227.42 AXAMANSARD INSUR57 29,400.00 ANCE PLC CONSOLIDATED HALL58 2,030.00 MARK INSURANCE PLC CONTINENTAL REINSUR59 15,144.21 ANCE PLC CORNERSTONE INSUR60 5,155.33 ANCE COMPANY PLC. 61 EQUITY ASSURANCE PLC. 3,220.00 GOLDLINK INSURANCE 62 2,411.47 PLC GREAT NIGERIAN INSUR63 1,913.74 ANCE PLC 64 GUINEA INSURANCE PLC. 2,333.20 INTERNATIONAL ENERGY 65 INSURANCE COMPANY 539.32 PLC 66 LASACO ASSURANCE PLC. 2,709.67 LAW UNION AND ROCK 67 3,694.84 INS. PLC. LINKAGE ASSURANCE 68 6,400.00 PLC MUTUAL BENEFITS 69 2,960.00 ASSURANCE PLC. N.E.M INSURANCE CO 70 17,636.88 (NIG) PLC. NIGER INSURANCE 71 2,012.26 CO. PLC. PRESTIGE ASSURANCE 72 2,290.45 CO. PLC. REGENCY ALLIANCE 73 INSURANCE COMPANY 1,667.19 PLC SOVEREIGN TRUST 74 2,585.66 INSURANCE PLC STANDARD ALLIANCE 75 5,422.63 INSURANCE PLC. STANDARD TRUST AS76 4,483.72 SURANCE PLC UNIC DIVERSIFIED HOLD77 516.46 INGS PLC. UNIVERSAL INSUR78 8,000.00 ANCE COMPANY PLC VERITAS KAPITAL AS79 4,160.00 SURANCE PLC 80 WAPIC INSURANCE PLC 6,691.37 INSURANCE CARRIERS, BROKERS AND SERVICES MARKET S/N MICRO-FINANCE BANKS CAP(Nm) FORTIS MICROFINANCE 81 11,799.67 BANK PLC 82

NPF MICROFINANCE BANK PLC

4,115.95

22.10

-

0

0

3.15

-

12 12

54,219 54,219

PRICE

%CHANGE

TRADES

VOLUME

19.95

-

7

39,077

51.00

-

24

56,413

31

95,490

649

24,413,963

PRICE

%CHANGE

TRADES

VOLUME

1.45

-2.03

98

6,607,254

20.00

-

58

3,487,767

2.33

4.95

286

61,917,641

41.00

-0.12

290

10,644,615

0.67 0.70 1.38 5.90 0.89 0.73

4.69 -1.41 -1.43 0.85 1.14 2.74

34 54 16 41 11 33 921

1,959,709 3,067,370 4,875,370 281,546,942 516,815 2,872,309 377,495,792

PRICE

%CHANGE

TRADES

VOLUME

0.20

-

1

80,000

0.61

-1.64

24

1,575,500

2.80

-

8

175,474

0.29

-

2

1,666

1.46

2.10

4

200,000

0.35

-

1

2,000

0.23

-

6

130,796

0.53

-

0

0

0.50

-

0

0

0.38

-

3

300

0.42

-

1

597 1,426,398

0.37

2.78

7

0.86

-

3

48,193

0.80

-3.61

22

5,684,126

0.37

2.78

8

257,050

3.34

9.87

28

3,754,543

0.26

4.00

2

350,833

0.60

-4.76

6

476,000

0.25

-3.85

13

815,400

0.31

3.23

19

1,048,404

0.42

-

0

0

0.48

-

2

5,200

0.20

-

1

1,000

0.50

-

0

0

0.30

-3.23

7

260,741

0.50

-

PRICE

%CHANGE

26

2,472,095

194

18,766,316

TRADES

VOLUME

2.58

-

0

0

1.80

-

26

626,757

˾ WEDNESDAY, JUNE 27, 2018

40

Nigeria Daily Stock Market Report: Wednesday, June 27, 2018

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THISDAY AFRINVEST 40 INDEX Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

Ticker

Afrinvest Securities Limited (RC 603 315) (A Dealing Member of the Nigerian Stock Exchange)

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

ROE

ROA

P/E

P/BV

Divinden Earnings d Yield Yield

THISDAY AFRINVEST 40 1,588.06

0.11%

2.9%

58.8%

19.4%

7.0%

7.6x

0.9x

5.2%

1

Guaranty Trust Bank PLC

41.00

-0.1%

20.9%

0.6%

1.1%

32.6%

5.2%

6.7x

2.3x

6.6%

15.0%

2

Zenith Bank PLC

25.50

-1.7%

12.6%

-0.5%

-1.7%

26.3%

3.6%

4.3x

1.1x

10.6%

23.4%

3

Nigerian Brew eries PLC

110.50

0.5%

7.2%

-18.1%

-18.2%

17.4%

8.3%

27.7x

4.7x

3.7%

3.6%

1,500.00

0.7%

7.5%

-3.6%

-3.6%

73.3%

18.9%

35.0x

22.2x

2.8%

2.9%

230.00

0.0%

6.0%

0.0%

0.0%

22.7%

12.0%

19.9x

4.6x

4.6%

5.0%

1.4%

6.6%

23.3%

23.4%

6.7%

0.8%

7.8x

0.6x

2.3%

12.8%

4

Nestle Nigeria PLC

5

Dangote Cement PLC

10.7%

6

FBN Holdings Plc

10.85

7

Access Bank PLC

10.35

2.0%

4.3%

-1.0%

-2.4%

12.7%

1.5%

5.1x

0.7x

6.3%

19.6%

8

United Bank for Africa PLC

10.50

-0.9%

4.3%

1.9%

0.9%

15.9%

1.9%

4.6x

0.7x

8.1%

21.6%

9

Ecobank Transnational Inc

17.6%

22.9%

12.9%

1.0%

6.6x

0.9x

20.00

0.0%

3.8%

651.00

0.0%

15.1%

10

SEPLAT Petroleum Development C

3.1%

4.0%

4.0%

22.3%

13.2%

3.3x

0.7x

2.8%

30.0%

11

Stanbic IBTC Holdings PLC

49.00

0.0%

3.3%

18.1%

19.8%

30.8%

4.1%

9.3x

2.6x

1.0%

10.8%

12

Unilever Nigeria PLC

51.00

0.0%

3.1%

24.4%

26.8%

19.2%

8.0%

27.3x

3.7x

1.0%

3.7%

13

Guinness Nigeria PLC

97.00

0.0%

2.3%

3.2%

3.2%

15.4%

6.1%

18.5x

2.5x

0.7%

5.4%

14

Lafarge Africa PLC

39.05

2.5%

1.4%

-13.0%

-13.0%

-36.8%

-7.7%

2.2x

3.8%

-15.8%

4.7%

15

Fidelity Bank PLC

2.33

5.0%

1.2%

-5.3%

-9.7%

10.4%

1.4%

1.8x

0.4x

16

Oando PLC

6.65

4.7%

1.4%

11.0%

11.0%

10.3%

1.5%

8.3x

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

0.0%

1.5%

39.2%

39.2%

39.7%

29.4%

9.4x

3.2x

3.2%

10.6%

19

International Brew eries PLC

41.30

-6.1%

0.6%

-24.2%

-24.9%

24.6%

7.4%

43.2x

9.8x

20

Flour Mills of Nigeria PLC

31.05

0.0%

0.7%

7.1%

7.1%

13.1%

3.0%

6.5x

0.8x

2.9%

15.4%

21

Transnational Corp of Nigeria

11.9%

0.5%

-6.2%

-7.4%

11.2%

2.5%

8.4x

0.9x

1.5%

0.0%

0.5%

-17.2%

-17.2%

1.5%

0.6%

22.8x

0.6x

4.6%

-2.0%

0.5%

-3.3%

-7.6%

-5.8%

-0.7%

-15.9%

-15.9%

25.0%

5.3%

9.3x

2.2x

8.4%

10.7%

45.6%

5.8%

0.9%

4.4x

0.3x

4.3%

22.8%

4.4%

15.3%

UAC of Nigeria PLC

23

Diamond Bank PLC

1.45

24

Total Nigeria PLC FCMB Group Plc

2.3%

-4.9%

22

25

54.6% 12.1%

1.37 14.00

193.30

0.0%

0.4%

2.30

9.0%

0.7%

182.00

-0.5%

0.2x

4.4% -50.4%

26

11 PLC

0.5%

-6.5%

-6.5%

38.8%

15.7%

6.5x

2.2x

27

Forte Oil PLC

34.05

0.0%

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

2.6%

5.3%

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%

30

Presco PLC

75.00

2.0%

0.4%

9.5%

9.5%

35.8%

24.8%

3.1x

1.0x

2.7%

32.1%

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

0.9%

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%

1.38

-1.4%

0.3%

27.8%

22.1%

10.7%

1.0%

4.1x

0.4x

1.4%

24.2%

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

1.4%

0.2%

-13.6%

-13.6%

1.3x

1.9%

37

GlaxoSmithKline Consumer Niger

19.00

-1.0%

0.2%

-12.1%

-12.1%

4.4%

2.8%

30.0x

1.3x

39.5%

3.3%

38

Chemical and Allied Products P

35.00

0.0%

0.2%

2.9%

-2.0%

66.2%

30.2%

16.4x

10.9x

5.9%

6.1%

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

T o p 10

P ric e

P ric e C hg %

3.34

9.9%

T ra de s

T ic k er

N EM FCM B

2.30

by V o lum e

Vo lum e

P ric e C hg %

F ID ELIT YB K

61 .9

5.0%

T R A N SC OR P

26.7

-4.9%

FB NH

24.4

1 .4%

Z EN IT H B A N K

20.2

-1 .7%

GUA R A N T Y

1 0.6

-0.1 %

UB A

1 0.3

-0.9%

1 0.0

-4.0%

9.0%

F ID ELIT YB K

2.33

5.0%

OA N D O

6.65

4.7%

J A IZ B A N K

0.67

4.7%

H ON YF LOUR

2.24

4.7%

N IGER IN S

0.26

4.0%

C H A M P ION

LEA R N A F R C A

1.57

4.0%

H ON YF LOUR

9.6

4.7%

M B EN EF IT

0.37

2.8%

D IA M ON D B N K

6.6

-2.0%

0.37

2.8%

LIN KA SSUR E

5.7

-3.6%

LA SA C O

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

P ric e

T o p 10

T ra de s

by V a lue

P ric e C hg % T ic k er

J A P A ULOIL

0.41

Value

P ric e C hg %

-8.9%

IN T B R EW

41.30

-6.1%

UP L

2.29

-5.0%

A F R IP R UD

3.85

-4.9%

C ILEA SIN G

1.93

-4.9%

T R A N SC OR P

1.37

-4.9%

CCNN

Current Price

Z EN IT H B A N K

51 8.5

-1 .7%

GUA R A N T Y

435.5

-0.1 %

SEP LA T

378.6

0.0%

N EST LE

265.6

0.7%

FB NH

262.3

1 .4%

D A N GC EM

21 0.5

0.0%

24.70

-4.8%

ST A N B IC

1 62.7

0.0%

P R EST IGE

0.60

-4.8%

F ID ELIT YB K

1 42.4

5.0%

C UT IX

3.00

-4.5%

UB A

1 1 0.3

-0.9%

C H A M P ION

1.92

-4.0%

IN T B R EW

88.2

-6.1 %

Investment Research

Brokerage Ayodeji Ebo | aebo@afrinvest.com

Robert Omotunde | romotunde@afrinvest.com

Bolaji Fajenyo | bfajenyo@afrinvest.com

Eronmosele Aziba | eaziba@afrinvest.com

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˾ WEDNESDAY, JUNE 27, 2018

MARKET NEWS

Tripple Gee Grows Profit by 129% to N23m, Declares Dividend Goddy Egene Tripple Gee & Company Plc, a security documents and financial instruments printing firm listed on the Nigerian Stock Exchange (NSE) yesterday reported a growth of 129 per cent in profit after tax(PAT) for the year ended March 31, 2018. The audited results showed that the company posted a revenue of N742.56 million in 2018, up 23 per cent from N601.72 million in 2017. Cost of sale rose

from N428 million to N545 million, while gross profit stood at N197.531 million, compared with N173 million in 2017. The high cost of doing business in the country due to poor infrastructure pushed the company’s distribution and administrative expenses to N145.92 million from N123.92 million the previous year.

However, the company was able to reduce its cost of finance from N34 million to N14.8 million.

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

Consequently, it ended the year with a profit before tax of N37.804 million, up from N15.589 million, while PAT jumped from N10.239 million to N23.450 million.

The board of directors has recommended a dividend of N14.8 million for the shareholders, which translates into three kobo per share.

Tripple Gee is the only Central Bank of Nigeria (CBN)’s licensed security documents firm listed on the NSE. The Executive Vice

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 25Jun-2018, unless otherwise stated.

Chairman of the company, Chief Gbade Giwa recently assured stakeholders of better days ahead, saying the initiatives embarked upon which were already yielding results, would propel the firm to greater heights.

One of the initiatives is the introduction of an anti-identity theft product after 12 years of development. The product is called tru-DATA. According to Giwa, what tru-DATA does is that it encrypts the

true information on the instrument or those it intends to carry particularly the critical ones.

“What Tripple Gee has done is to take the important data in the documents which are often subjects of attacks to higher level by encrypting this critical data on the sensitive documents. Such that if Mr. A. steals or fraudulently attacks the document of Mr. B, which is encrypted with tru-DATA software, Mr. A will be shamed at

the point he wants to take value, when the encryption is now decrypted by truDATA, which will clearly show the face of Mr. B. In other words, if all issuers of sensitive documents such as universities, tertiary institutions, NYSC, or even national identity cards are encrypted with tru-DATA software, it will be impossible for identity thieves to get value as the true owners of the instrument will be revealed on the spot,” 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: DDenotes 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 N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A 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 0.84 1.37% ACAP Income Funds 0.65 0.65 7.19% 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 13.14% 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 19.36 19.95 5.98% ARM Discovery Fund 409.28 421.62 5.20% ARM Ethical Fund 29.32 30.20 7.30% ARM Money Market Fund 1.00 1.00 13.09% 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 149.11 150.16 -1.70% AXA Mansard Money Market Fund 1.00 1.00 12.74% 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 12.98% 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 12.34% 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 1,165.25 1,165.94 7.79% FBN Heritage Fund 148.07 149.34 6.17% FBN Money Market Fund 100.00 100.00 12.85% FBN Nigeria Eurobond (USD) Fund - Institutional $112.04 $112.37 1.68% FBN Nigeria Eurobond (USD) Fund - Retail $111.88 $112.37 1.64% FBN Nigeria Smart Beta Equity Fund 176.35 179.03 9.70% 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 1.38 1.40 5.59% Legacy Debt Fund 3.07 3.07 6.33% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Growth Fund 3,160.44 3,193.37 5.86% Coral Income Fund 2,642.25 2,642.25 7.96% 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 12.39% Nigeria Entertainment Fund 103.29 104.37 3.36% 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 N/A N/A N/A Vantage Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Kedari Investment Fund (KIF) N/A N/A N/A

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 1.22 4.27% Lotus Halal Fixed Income Fund 1,075.53 1,075.53 6.64% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund N/A N/A N/A Meristem Money Market Fund N/A N/A N/A PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.35 1.37 12.93% PACAM Fixed Income Fund 11.78 11.85 6.74% PACAM Money Market Fund 10.00 10.00 11.82% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 132.19 134.31 2.56% 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 1.60 1.60 7.55% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 2,385.65 2,404.92 6.35% Stanbic IBTC Bond Fund 186.04 186.04 5.43% Stanbic IBTC Ethical Fund 1.05 1.06 4.46% Stanbic IBTC Guaranteed Investment Fund 239.23 239.29 8.63% Stanbic IBTC Iman Fund 183.90 185.87 2.66% Stanbic IBTC Money Market Fund 100.00 100.00 12.30% Stanbic IBTC Nigerian Equity Fund 9,834.89 9,968.75 1.71% Stanbic IBTC Dollar Fund (USD) 1.10 1.10 3.56% 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 N/A N/A N/A United Capital Bond Fund N/A N/A N/A United Capital Equity Fund N/A N/A N/A United Capital Money Market Fund N/A N/A N/A United Capital Eurobond Fund N/A N/A N/A United Capital Wealth for Women Fund N/A N/A N/A 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 13.11 13.31 4.75% Zenith Ethical Fund 13.78 13.93 4.82% Zenith Income Fund 20.41 20.41 7.73% Zenith Money Market Fund 1.00 1.00 12.48%

REITS NAV Per Share

Yield / T-Rtn

11.41 136.22 103.70 51.30

1.01% 2.84%

Bid Price

Offer Price

Yield / T-Rtn

12.30 150.87 111.90

12.40 154.00 113.93

1.46% 5.60% 2.40%

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

4.79 8.97 17.79 19.44 145.46

4.83 9.05 17.89 19.64 147.46

1.06% -6.19% 1.60% -1.19% 6.28%

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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WEDNESDAY JUNE 27, 2018 ˾ T H I S D AY

INTERNATIONAL

email:foreigndesk@thisdaylive.com

Trump Hails Supreme Court Ruling on Travel Ban as ‘Tremendous Victory’ US President Donald Trump yesterday hailed a Supreme Court ruling upholding his travel ban, which covers people from several Muslim-majority countries. Lower courts had deemed the ban unconstitutional, but the US top court reversed the decision in a 5-4 conservative majority ruling, BBC reported.

At a White House meeting to discuss the president’s proposed border wall, he lauded the decision as “a tremendous success”.

The court’s reversal is viewed as a victory for the Trump administration.

The ban prohibits most people from Iran, Libya, Somalia, Syria and Yemen from entering the US. Trump said the Supreme Court

decision was a “great victory” for the nation and constitution.

“We have to be tough and we have to be safe and we have to be secure,” the Republican president said in Tuesday’s meeting with lawmakers. “The ruling shows that all the attacks from the media and the Democrat politicians were wrong, and they turned out to be very wrong.”

He added, “If you look at the European Union, they’re meeting right now to toughen up their immigration policies because they’ve been over-run, they’ve been over-run.

“And frankly, a lot of those countries are not the same places anymore.”

The travel ban, which the

Hotel in Russian World Cup Host City of Rostov-on-Don Evacuated A hotel in the Russian soccer World Cup host city of Rostov-on-Don was evacuated by police late on Tuesday, staff at the Topos Congress hotel said. Reuters witnesses at the scene said they were told by police that they had been evacuated due to a bomb threat.

Police vehicles and ambulances were seen outside the hotel,

witnesses said.

The hotel is not listed by FIFA as a World Cup hotel, and no officials were due to stay there during the tournament, according to a document published by FIFA. The bomb threat was reported less than a couple hours after the conclusion of the Croatia-Iceland match in Rostov-on-Don.

Supreme Court allowed to take effect in December, has been widely criticised by refugee and human rights groups.

Chief Justice John Roberts wrote the opinion, which said the travel ban was “squarely within the scope of Presidential authority”. He also rejected arguments that the ban discriminated against Muslims.

“The Proclamation is expressly premised on legitimate purposes: preventing entry of nationals who cannot be adequately vetted and inducing other nations to improve their practices,” Roberts wrote. “The text says nothing about religion.”

Shortly after the Supreme Court released its decision, Trump shared the news from his Twitter account.

Justice Ruth Bader Ginsburg joined Justice Sonia Sotomayor in the dissenting opinion, which argues the court failed to uphold the religious liberty guaranteed by the first amendment of the US constitution.

“It leaves undisturbed a policy first advertised openly and unequivocally as a ‘total

and complete shutdown of Muslims entering the United States’ because the policy now masquerades behind a facade of national-security concerns,” Sotomayor wrote.

The dissent also states, “A reasonable observer would conclude that [the ban] was motivated by anti-Muslim animus.”

UN: Saudi-led Coalition behind Most Yemen Child Casualties A UN report says 370 children out of a total of 552 were killed in 2017 by air strikes carried out by the coalition. It said the Saudiled coalition was responsible for more than half of child deaths and injuries in war-torn Yemen last year, according to a new United Nations report exclusively obtained by Al Jazeera.

The annual “Children and Armed Conflict” report, which shines the spotlight on child victims around the world, found that a total of 1,316 children were killed and maimed in the Arab world’s poorest country in 2017.

Saudi Arabia, together with several other Arab nations, launched a military campaign in 2015 in

support of Yemen’s internationally recognised government, aiming to roll back advances made by Houthi rebels after they overran much of the country in 2014. Most countries have since withdrawn their forces from the US-backed coalition, with only Saudi Arabia and the United Arab Emirates conducting attacks in Yemen.

The UN report was compiled by the staff of Secretary-General Antonio Guterres and submitted to the Security Council on Monday night. It verified that out of the 552 children killed (398 boys, 154 girls), the majority - 370 - were attributed to the coalition, which was also blamed for 300 child injuries.

The Houthis were responsible

for 83 children killed and 241 wounded; the pro-government Popular Resistance group for 41 casualties; other international forces fighting for Yemen’s government for 19 casualties; al-Qaeda in the Arabian Peninsula (AQAP) for 10 casualties; and the Yemeni Armed Forces, among other parties, for four casualties.

Fifty-one per cent of the total 1,316 casualties were caused by air strikes, the report said. The second leading cause was ground fighting, including shelling and shooting (136 killed, 334 injured), followed by explosive remnants of war and mines (27 killed, 119 injured).

The report also accused both

the Houthis and forces from the Saudi-Emirati coalition of recruiting 842 cases of child soldiers - some as young as 11 years old.

Most of the children were aged between 15 and 17, and nearly two thirds of them (534) were fighting in the ranks of the Houthi militia group. Child soldiers were also used by the Yemeni armed forces (105) and the Security Belt Forces (142), a militia recruited by the UAE. Child soldiers were mostly used to guard checkpoints and government buildings, patrol, or for fetching food and water and bringing equipment to military positions. The number of combatants fighting for different parties was 76.

WEDNESDAY JUNE 27, 2018 ˾ T H I S D AY

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NEWSEXTRA

Tinubu, Akande Condemn Court Action against Fayemi Oni denies filing suit Ugo Aliogo The leaders of the All Progressives Congress (APC) in the South-west have restated their support for the party’s gubernatorial candidate in the July 14 Ekiti State governorship election, Dr. Kayode Fayemi, and condemned a court case allegedly instituted by one of the defeated aspirants of the party in the state, Chief Segun Oni. This is coming as Oni has denied filing a suit to challenge the emergence of Fayemi, as the party’s flagbearer for the July 14 governorship poll, contrary to reports.

The APC leaders said the decision to support Fayemi was reached through a combination

of persuasion, reconciliation, consensusbuilding and understanding on the part of all the stakeholders, pointing out that they as leaders held several intervention meetings in Abuja, Lagos and Ekiti with all the APC gubernatorial aspirants where they resolved to support whoever emerged from the party’s primaries.

Condemning the court case which they described as spurious, the leaders asked those behind the court action to withdraw their case immediately “if they are within our party and not agents of PDP”.

They also called on Oni to come out publicly to condemn the case and play active role in the APC campaign.

The statement was signed

by APC National Leader, Bola Tinubu, former Interim Chairman of the party, Chief Bisi Akande, the newly-elected APC Deputy National Chairman (South), Otunba Niyi Adebayo and the party’s former National Vice Chairman, South-West, Chief Pius Akinyelure.

Titled: “We Stand Behind Kayode Fayemi,” the statement stated that “the decision to support Fayemi was reached through a combination of persuasion, reconciliation, consensus- building and understanding on the part of all the stakeholders”.

“We led several intervention meetings that held in Abuja, Lagos and Ekiti with all the APC Ekiti gubernatorial aspirants where we resolved to support whoever

emerges from the May primaries.

“We have stood behind Fayemi’s candidacy since he won the governorship primaries and when we all gathered in Ekiti for the Mega Rally on June 19, it was an emphatic declaration of support for his candidacy. Again on the night of June 19, we as leaders met with all stakeholders including all former aspirants and commended them for not defecting from the party. They all emphasized their commitment and suggested that Fayemi run an effective and inclusive campaign that will ultimately lead to an all-inclusive government,” the statement said..

“For the avoidance of doubt, we the undersigned leaders remain

solidly behind the candidacy of Fayemi knowing full well he has fulfilled all necessary requirements for the election as the candidate of our party. We have forged a common front even as we are irrevocably committed to our party’s victory come July 14, 2018.

Nothing should be allowed to undermine our party’s victory in the upcoming election.

“We therefore demand that the sponsors of the court action withdraw their case immediately if they are within our party and not agents of PDP. We also request that Oni should also come out publicly to dissociate himself from and condemn the case and play active role in the APC campaign,” the statement explained.

Meanwhile, Oni has denied filing a court action to challenge the emergence of Fayemi, as the party’s flagbearer for the July 14 governorship poll.

The “originating summons” according to TheCable have now been traced to agents of the PDP in Ekiti State.

Fayemi, who polled a total of 941 votes at the primary which held on May 12, defeated Oni, his closest rival, by a margin of over 460 votes.

But in the “originating summons”, the applicants asked the court to determine if it was proper for his opponent to contest the primary without resigning as a member of the federal cabinet.

AfDB President, Adesina Bags Togo’s Highest Civilian Honour Vincent Obia President of the African Development Bank (AfDB) Akinwumi Adesina was yesterday in Lome,Togo, awarded the Commander of the Order of Mono, the country’s highest civil honour, by the Head of State of Togo, Faure Essozimna Gnassingbé.

A statement by AfDB’s head of communication, Olivia Ndong Obiang, said the national honour, bestowed on personalities who have shown exceptional merit, was given to Adesina during his visit to the country for the launch of the Mécanisme Indicatif de Financement Agricole (MIFA), a programme designed for improving farmers’ access to finance.

The initiative, based on Nigeria’s incentive-focused, risk-sharing agricultural leading model, aims to provide one million farmers with access to credit and reduce the risk of lending to agriculture.

In his address at the occasion, Adesina said, “Transforming agriculture is the key to reviving rural economies and turning them into new zones of economic prosperity. The MIFA initiative you are launching today is another building block in Togo’s agricultural transformation strategy

jointly developed by the African Development Bank and the Government of Togo, with the support of the Nigeria IncentiveBased Risk Sharing system for Agricultural Lending (NIRSAL).”

He said, “When fully implemented, it is expected to rapidly increase bank lending to the agricultural sector, reduce interest rates, and reach 1 million farmers with access to credit in the next three to five years.”

In attendance at the event were members of Gnassingbé’s cabinet, including Prime Minister Komi Selom Klassou, members of the diplomatic corps, President of the International Fund for Agricultural Development (IFAD), Gilbert Fossoun Houngbo, NIRSAL CEO, Aliyu Hameed, as well as representatives from the private sector.

MIFA is based on Nigeria’s successful experiences with NIRSAL, where it helped de-risk lending by commercial banks to agriculture.

IFAD President Houngbo said, “Innovation is critical to boost the agricultural sector which remains a cornerstone for achieving the Sustainable Development Goals.

MIFA is an innovative financial mechanism which will help support smallholders technically and financially.”

Union Seeks Buhari’s Intervention as Another Nigerian Killed in South Africa The Nigerian Union in South Africa (NUSA) has called on President Muhammadu Buhari, to intervene in last Friday’s killing of another Nigerian in South Africa.

The Publicity Secretary of the union in South Africa, Habib Salihu, made the appeal yesterday in an interview with the News Agency of Nigeria (NAN) on telephone from Pretoria, South Africa.

He said the victim, James Ekeh, 36, an indigene of Imo, was killed at Mabopane Station near Pretoria by unknown assailants.

“Since Ebuka (another victim) was killed in Rustenburg more than two months ago without any arrest or prosecution, no fewer than six Nigerians have been brutally murdered.

“These killings came without any meaningful intervention to bring the perpetrators to book irrespective of their nationality,’’

he said.

Salihu said Ekeh, a tomato trader at Mabopane market in Pretoria, was shot several times by unknown gunmen.

He said the victim was killed at the same spot where another Nigerian, Victor Onazi, was shot dead less than three weeks ago.

“Four other Nigerians were also shot dead in Johannesburg area less than two months ago.

“This means that an average of one Nigerian is gunned down every week,’’ he added.

Salihu said that rage and animosity by Nigerians toward South Africans might become uncontrollable if nothing was done to stop the killings.

The latest killing of Ekeh brings the number of Nigerians killed in the former apartheid enclave since February 2016 to 119.

No fewer than 800,000 Nigerians, mostly young people, reside in South Africa.

ROAD CONSTRUCTION

Minister of Power, Works and Housing, Mr. Babatunde Fashola (fourth right); Deputy Governor of Kano State, Prof. Hafizu Abubakar (second right); Minister of State, Hon. Mustapha Baba Shehuri (right), Permanent Secretary, Works and Housing, Mr. Bukar Mohammed (fourth left), Chairman, Senate Committee on Works, Senator Kabiru Gaya (third left), Managing Director, Julius Berger Nigeria Plc, Mr. Wolfgang Goetsch (second left), and others, during the flag -off of the reconstruction of the Abuja -Kaduna-Zaria-Kano Dual Carriageway in Chiromawa Toll Plaza, near Kano State...yesterday

Atiku, Okowa Restate Commitment to Restructuring Former Vice President Atiku Abubakar and the Governor of Delta State, Dr. Ifeanyi Okowa, have said there must be restructuring for Nigeria to make progress.

Atiku and Okowa spoke yesterday in Asaba.

The former vice president was in the state to consult the people on his aspiration for the presidential ticket of the Peoples Democratic Party (PDP) ahead of the 2019 general election.

While Atiku disclosed that he has been in the fore front for the restructuring of the country since 2004 as it will bring out the best among Nigerians, Okowa stated that “I strongly believe that the way out of the challenges of the country is to have stronger states and stronger federating units.”

The governor commended

the former vice president for engaging in consultation visit, assuring him that delegates to the presidential primaries of the PDP will make their decisions based on acceptability, reach, experience and level of intelligence of the individual aspirants. He urged the aspirant not to relent in moving to different states of the country, stating that more efforts should be made for the PDP to be in control of more states of the country to enable it clinch the presidential position in 2019.

Atiku had said his aspiration to be Nigeria’s president was borne out of his passion to ensure that the country make progress, disclosing that “the security architecture of the country must be reviewed and decentralised.”

He decried situation where security agencies do not take orders

from the state governors, asserting: “as an individual, I don’t think this is true federalism, we must restructure the security architecture.”

The former vice president also listed ways to tackle unemployment in the country observing that “to create jobs, you must liberalise the economy, support the private sector, create incentives to make the private sector boom and open up the economy to foreign direct investment.

“I will have a very small federal government with powers and resources devolved to the states to manage the affairs while they pay tax to the federal government; with this, each zone can survive on its own without leaning on crude oil money.”

Earlier at a courtesy call on Okowa, Atiku had said he was in

the state to consult the people and seek their support to enable him emerge as the presidential standard bearer of the PDP. While noting that Delta State was home to the PDP,Atiku commended the developmental strides of Okowa in the development of the state.

“Delta State has been a PDP state, each successive government continues from where the previous one stopped in terms of infrastructure development.

You (Okowa) have continued to develop infrastructure, especially roads; your efforts in executing your programmes and policies, especially in the creeks, are highly commendable as they will reduce agitations, it requires wise leadership for communities to live in peace and have sense of belongings, and I must commend you for doing this in the state,” he stated.

Onnoghen Swears in Seven New Judges of FCT High Court Tasks them to redeem image of judiciary Alex Enumah in Abuja The Chief Justice of Nigeria (CJN), Justice Walter Onnoghen, yesterday swore in seven newly appointed judges of the Federal Capital Territory (FCT) High Court, charging them to redeem the image of the judiciary.

According to Onnoghen, the country’s judiciary had been on the eye of the storm and the public had bad perception about its working.

He disclosed that he had already

initiated far reaching reforms to reverse the situation and urged judicial officers to ensure the reforms succeed.

The CJN appealed to judges not to forget the spirits and words of the oath they have taken, and ensure that they are guided in arriving at their decision by laws, Constitution of the Federal Republic of Nigeria 1999 (as amended) and precedence.

“Don’t get emotionally involved in matters before you.

Hear both side of the story (that is the case) before you and master the pleadings. Justice Onnoghen reiterated earlier admonition to judges to be courageous because on their shoulders rest the hope of every Nigerians who may have cause to come before them to resolve conflicts.

He also admonished the new judges to be in charge of their courts and on top of the game by been in control of proceedings, adding that as judges they should, not turn

themselves into political instruments in the hands of politicians who may wish to use them in achieving their selfish ends.

“Don’t allow yourself to be a victim of political wrangling,” he stated.

The seven newly inaugurated FCT High Court judges are Binta Mohammed, Modupe OshoAdebiyi, Gaba Venchak Simon, Babangida Hassan, Akobi Iyabeni Anna, Samirah Umar Bature and Asmau Akanbi Yusuf.

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BudgIT Decries Lack of Transparency in States’ Budgets Nume Ekeghe BudgIT, a civic tech transparency organisation, has criticised the lack of transparency of 21 states across Nigeria for failing to publish their state’s budget.

The states who had detailed budgets published are Borno, Delta, Edo, Ekiti, Gombe, Kaduna, Kano, Katsina, Kogi, Kwara, Lagos, Nasarawa, Ondo, Plateau and Yobe.

It added that only 13 States -Borno, Delta, Edo, Ekiti, Gombe, Kaduna, Kano, Katsina, Kogi, Nasarawa, Ondo, Plateau and Yobe are sufficiently detailed, while Lagos and Kwara States provided a summary of their budgets on the government websites.

Further commenting on Lagos and Kwara States, Mrs. Abiola Afolabi, in a report made available

to THISDAY yesterday stated: “The document provided lacks actionable detail with which citizens can hold their elected officials to account. Our organisation would like to state explicitly that Lagos and Kwara States have a history of opacity over the years and are notorious for resisting attempts by citizens to pry into the affairs of the state.”

BudgIT is currently conducting its #StateofStates campaign which examines the level of transparency in the 36 Nigerian States. In its online assessment on the availability of public finance documents in state government domains, it observed that as at June 20, 2018, only 15 States in the country had published their budget documents online. BudgIT, working on holding government accountable and creating an active

citizenry to improve governance, is following the non-availability of states fiscal plan and urging Nigerians to demand their states’ budgets collectively.

Afolabi further assured that shrouding public finance information in secrecy encourages corruption and mediocre performance in the states adding that lack of transparency in the states contributes to the downward swing as governments persist in denying citizens the access to relevant information.

Afolabi added “It is commendable that the states released full budget documents to the public, but it must be published within a reasonable timeframe. The

proposed budget details presented to the State House of Assembly should be made available to the public to enable them engage their legislators during the budget debate. Any state keen on citizen participation in governance should publish full details of the proposal with 48 hours of submission to the legislature.”

Also, BudgIT Project Manager, Mr. Abayomi Akinbo, observed that the fundamental requirement of good governance is transparency, and the least form of transparency is the availability of public finance information.

He said: “Information on government spending from the public purse should be provided

to the people by the government through various communication channels; one of which is the official state website. However, this is not the case with state governments in Nigeria.”

“Beyond the release of pictures and stories of projects executed, it is vital that citizens are informed of project cost to enable them to decide if the project delivered optimum value for money spent. Nigeria battles the current scourge of corruption due to the prevailing practice of opacity at federal, state and local levels. No country achieves transparency and accountability without the active participation of citizens in the management of its resources.

Taxpayers must hold government accountable to enable them enjoy the dividends of democracy.”

“We call on the people of the states of Abia, Akwa Ibom, Adamawa, Anambra, Bauchi, Bayelsa, Benue, Cross River, Enugu, Gombe, Imo, Jigawa, Kebbi, Niger, Ogun, Osun, Oyo, Rivers, Sokoto, Taraba, and Zamfara ) to demand their budgets be made open and accessible to ensure the society works in their interest. We equally call on all Nigerian citizens to keep an eye on the funds and follow the money. States with partially detailed budgets documents in public domains must provide details of capital projects being executed for the fiscal year,” Akinbo added.

Abaribe Regains Freedom Kanu’s surety asks court to order IPOB leader’s arrest Nseobong Okon-Ekong in Lagos and Deji Elumoye in Abuja The Chairman of the South-east Caucus in the Senate, Senator Enyinnaya Abaribe, regained his freedom yesterday after spending six days in the custody of the Department of State Security (DSS), in Abuja.

This is coming as the Federal High Court in Abuja presided over by Justice Binta Nyako has deferred hearing to November 14 in an application brought by Tochukwu Unchendu, one of the sureties to the leader of the proscribed Indigenous Peoples of Biafra (IPOB), Nnamdi Kanu, seeking among other prayers, an order directing the Nigerian Police to arrest and produce Kanu before the court and a suspension of his obligation on the bond until the whereabouts of Kanu is established.

Abaribe breathed the air of freedom at about 6.37p.m. when he left the premises of the DSS in Abuja in the company of his lawyer, Chukwuma-Machukwu Ume, a Senior Advocate of Nigeria (SAN).

Ume in a two- paragraph statement he issued on behalf of Abaribe shortly after his client’s release stated that “ at this 6.37pm I am excited to inform you that I am leaving the gate of SSS Head Office with Senator Abaribe”.

He thanked the wonderful people of Nigeria for their pronounced concerns and demand for the immediate release of Abaribe.

“Nigerians in unison showed that suppression of political opponents is frontal attack on our democracy.

Though worn out, yet Senator Abaribe has asked me to extend his gratitude to all Nigerians”, the statement added In a related development, one of Kanu’s sureties, Uchendu, has asked a Federal High Court for an order directing the Nigerian Police to arrest and produce Kanu before the court and a suspension of his obligation on the bond until the whereabouts of Kanu is established.

Uchendu, a chartered accountant and two others- Abaribe and Emmanuel Shallom Ben, a Jewish High Priest-stood surety for Kanu when the court granted him bail on April 25, 2017.

Each surety signed a N100 million bond for the bail granted the IPOB chieftain.

The court had ordered Abaribe, and two others to produce Kanu, in court on June 26.

Kanu, who has pending charges of treasonable felony against him before the court, has not been seen since September 22, 2017.

Kanu’s lawyers and family declared him missing after soldiers allegedly invaded his home in Isiama Afaraukwu, Abia State during a military operation by the Nigerian Army to contain the activities of IPOB. Counsel to Uchendu, Mr. Frank Ike Chude, who made a 32-point deposition to support his application, said that due to Kanu’s persistent absence from court, some of the issues for determination include, whether a supervising occurrence does not discharge and/or suspend the applicant’s obligation to produce Kanu for whom he stood surety.

Former Enugu CJ, Umezulike Passes on Christopher Isiguzo in Enugu A former Chief Judge of Enugu State, Justice Innocent Azubike Umezulike has reportedly passed on.

Umezulike was the Chief Judge of the state for over 13 years, remarkably the longest serving Chief Judge in South-eastern and the second longest serving Chief Judge in Nigeria.

Details of his death were, however, not clear as at press time but social media was awash with the unfortunate development.

Umezulike was an acclaimed legal luminary on conveyancing, adverse possession, land and Property Law. He single-handedly authored and published over 23 books in these fields. Umezulike passed away at a private hospital in London, United Kingdom.

INAUGURATING NEW OFFICE

L-R: President, Dow Sub-Saharan Africa; Craig Arnold, Chief Inclusion Officer, The Dow Chemical Company; Karen S. Carter, President of Dow Europe, Middle East, Africa and India (EMEAI); Heinz Haller, United States Consul General (Lagos), F. John Bray, and General Manager, Dow Chemical West Africa, Tony Groosman, at the launch of Dow’s new office in Lagos ...recently

Police Raid Alleged OPC Shrine in Lagos, Arrest Three Chiemelie Ezeobi The Lagos State Police Command yesterday raided a shrine allegedly belonging to Oodua People’s Congress (OPC) and arrested three of their members for running an illegal trial and judgement room for suspects arrested.

The state Commissioner of Police, Imohimi Edgal, who led detectives to the shrine under the Opebi link bridge, said the OPC members had appointed themselves judge and jury over arrested suspects.

According to him, going by the items found in the shrine, some of the victims were often tortured to force them to own up to the crime they were arrested for.

During the raid, he said three

persons were arrested for their alleged involvement in the activities around the shrine, while three POS machine allegedly being used to extort money from victims were recovered.

Aside the three POS machines, other items found at the shrine were mobile telephone sets and ATM cards belonging to some victims.

Addressing journalists at the scene, Edgal said some officials of the Lagos State Neighbourhood Security and Safety Corp (LSNSC) had informed the command of the suspicious movement of people in and out of the shrine.

He said based on the strength of the information, he directed the divisional police officer in charge of Ikeja Division to investigate it.

According to him, “Based on the directive, a team of undercover policemen led by the DPO mounted surveillance in the area. So yesterday, officials of the Neighbourhood Security Safely Corps saw a man who was being dragged into the shrine.

“They were attracted to the place by the screaming they heard coming from the victim.

They quickly informed the DPO who moved his men to the scene where three persons were arrested and the victim rescued.

“In as much as we believe in community policing and community partnership, let me sound a note of warning to any group of persons who may want to take laws into their hands. The

command will deal decisively with members of such groups.

“Members of OPC have been helpful to the command in the past. We see them as partners, but as you can see, some group of persons under the guise of OPC has erected an office under the Opebi link bridge where they take people for trial “They also have a shrine here where they take victims to. I believe that they force their victims to take oath. We will not tolerate this in any part of the state.

“Three persons have been arrested. One of the victims was freed. We are investigating and all those behind this barbaric act will soon be rounded up and be made to face the wrath of the law.”

Two Nigerians, Six Others Arrested for Stealing $15m from US Firms Authorities said eight people have been arrested for their alleged roles in an Africa-based cyber conspiracy that US law enforcement officials say defrauded companies and citizens of millions of dollars.

Five of the defendants – a Mexican, two Americans, a Ghanaian and a Nigerian – were arrested in the US, the Justice Department said.

The other three – two Ghanaians and a Nigerian, were arrested outside the US and were being held pending extradition.

The arrests were made as part of the department’s efforts to fight schemes to intercept wire transfers from businesses and individuals.

“The defendants allegedly unleashed a barrage of international fraud schemes that targeted US businesses and individuals, robbing them to the tune of approximately 15 million dollars,” said Acting Assistant Attorney-General John Cronan. The indictments are part of Operation Keyboard Warrior, a recently announced effort

coordinated by US and international law enforcement to disrupt online frauds perpetrated from Africa.

The Africa-based co-conspirators committed a series of intrusions into the servers and email systems of a Memphis-based real estate company in 2017, according to the indictment.

The defendants were able to use spoofed email addresses and other anonymisation techniques to identify large financial transactions and initiated fraudulent email

correspondence with relevant business parties. They then redirected closing funds for real estate transactions to destinations in Africa.

The indictment includes charges related to wire fraud, money laundering, computer fraud and identity fraud. Some of the Africa-based defendants are also charged with operating romance scams, fraudulent-check scams, gold-buying scams and credit card scams.

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Osinbajo: FG Committed to End Perennial Power Failures Ademola Babalola in Ibadan The Vice President, Prof. Yemi Osinbajo, yesterday in Ibadan, Oyo State capital, said the federal government was committed to ending the perennial power failures

in the country by decentralising sources of power generation and distribution.

Osinbajo revealed that the federal government would improve availability of power supply in the country to attract foreign investors

Fayemi Accuses Fayose, INEC of Colluding to Rig Ekiti Poll Allegations untrue, says electoral body Victor Ogunje in Ado Ekiti Former Governor of Ekiti State and All Progressives Congress(APC) governorship candidate for the July 14 election, Dr. Kayode Fayemi, has accused some top officials of the Independent National Electoral Commission(INEC) of conniving with Governor Ayodele Fayose, to rig the coming election.

The former minister accused three top INEC functionaries from Abuja of holding a secret meeting with Fayose in the Government House, Ado Ekiti, some days back under the guise of being in the state for official duty.

Fayemi urged the Inspector General of Police, Mr. Ibrahim Idris and the Director General of the Department State Services (DSS), Mr. Lawan Daura, to investigate the allegation and bring the culprit to book.

But INEC’s Public Relations Officer in Ekiti, Taiwo Gbadegesin, said the electoral body did not receive any official from Abuja, saying none of their officers visited the governor on any scheduled or emergency invitation.

Gbadegesin assured the people that INEC would conduct free, fair and credible election in the state, saying the technology that had been put in place will make rigging difficult and unachievable.

Briefing journalists in Ado Ekiti yesterday, the Deputy Director General(Ekiti South), Kayode Fayemi campaign Council, Hon.

Bamidele Faparusi , pointedly accused these three electoral officials namely: Egharevba John, Festus Aisien, Igidiogu Kelechi and one Ishaku Abbo, a former INEC staff of conspiring to vitiate and compromise the process.

Fayemi said one Ishaku from the northern part of the country, allegedly brokered the deal on Fayose’s behalf.

According to him, the said Ishaku, has allegedly been living in the government house in Ekiti in the last six months.

“We have it on good authority that an election expert, one Ishaku, a former INEC official, has been living with the governor in the Government House since January this year. After these illegal activities in the Government House, there was a secret meeting held with three top officials of INEC from the national headquarters in the Government House,” he said.

“Curiously, these three top officials hold strategic positions in election management. One is from the administration, one is from Stores and Distribution Department, while the other is ICT top official.

“For the reasons best known to them, only the Government House was their exclusive port of call; APC was never in the picture. After this evil agenda, Fayose stormed the media to raise allegations the APC was in Ondo State Government House to manipulate the ballot to give APC an edge in the July 14 election,” he said.

Open Banking ApproachYielding Results, Says OpenVector Sunday Okobi As the effort to establish open banking API standards in Nigeria intensifies, Open Vector, one of the world’s most competent Open API consulting companies, has released a detailed report on Open Banking Nigeria.

The report written by Open Vector for Open Banking Nigeria analyses the current situation in Nigeria with respect to open banking and what might be learnt from other open banking initiatives notably in the United Kingdom and other European countries.

The report highlights a key finding that Open Banking Nigeria’s ‘bottom up’ practical approach is yielding benefits and emphasises on the need to maintain its current momentum through clear policy support from the Central Bank of Nigeria (CBN) especially in areas of data sharing, as it is evident that this is the main area of benefit from open banking, even more than payments.

Leveraging on open banking experiences in the UK and Europe, Open Vector in the report, suggests

ways in which Open Banking Nigeria can move forward with its intended plans aimed at financial inclusion, benefiting consumers and driving Nigeria’s economic growth, through improvements in the flexibility of Nigeria’s financial system.

In addition, Open Vector report will help provide insights, especially from UK and Europe as the front-runners in open banking that might help Open Banking Nigeria’s development. This would also be updated for other open banking initiatives, such as Australia, as more details become available.

Open Vector - Open Banking consulting and implementation service provider formed an alliance with Open Banking Nigeria (OBN) in 2018 to jointly develop the OBN API standards.

The company is led by Carlos Figueredo, CEO, who, together with his team of directors, have conducted senior advisory roles to the Competition & Market Authority (CMA), the United Kingdom regulatory authority behind the Open Banking UK regulation and implementation.

and grow the economy. The vice president spoke at a town hall meeting with youths, at an event held at the Theophilus Ogunlesi, University Teaching Hospital (UCH) Ibadan.

He said he was in Ibadan to ensure fixing of solar power in Gbagi market, just as he had done in other parts of the country.

“One of the reasons I am here in Ibadan is to have off-grid power

generation and distribution in Gbagi market. We want to embark on solar power generation in the entire Gbagi market and we are going to have that in all the markets across Nigeria.

“For those of you who are following our activities, you will know that we have done it in Sabongeri in Kano State and in some markets in the East and in Ondo State too. We are doing this

not to rely on the traditional sources of power generation again.

“We also have something we called Illegible Customer Declaration (ICD) which means that industrial areas and big estates can have their own power without relying on the traditional grid. So there are companies that we are lincencing to buy power and sell to their customers. This country is too big to have same power source for the whole country

and that is why we are trying to decentralise the sources of power generation,” he explained.

“Then, we will be able to supply what is left for residential areas that require power in the country. We have a systematic approach to solving power generation in the country. We are having the power problems because the privatisation was done badly,” he added.

CONGRATULATIONS

President of the Senate, Dr. Abubakar Bukola Saraki, (right), assisted by his Special Adviser on Security and Intelligence, Gen. Maina Saleh (rtd), decorating his Aide-de Camp (ADC), Usman Dungunza Na’abu (middle), with his new rank of Chief Superintendent of Police (CSP), in Abuja ...yesterday

2019: We Demand Transparent, Credible Polls in Rivers, Says Irish Ambassador Ernest Chinwo in Port Harcourt The Ambassador of Ireland to Nigeria, Mr. Sean Hoy, has declared that he would encourage ambassadors of the European Union countries to closely monitor elections in Rivers and other Niger Delta States to promote transparent and credible polls in 2019.

This is as the Rivers State Governor, Nyesom Wike, stated that in 2019, the votes of the people must count, insisting that the Independent National Electoral Commission (INEC) must conduct the elections in line with

the Electoral Act and guidelines.

Addressing journalists after a closed-door meeting, with Rivers State Governor, at the Government House in Port Harcourt yesterday, Hoy noted that his country is interested in violence-free polls in the region.

He said: “I will be encouraging my colleagues that we should be on ground, supporting democracy, transparent, free and fair elections “The Rivers State governor and I agreed that with transparency, free, fair and credible elections, the risk of violence will reduce.”

He congratulated the governor for his developmental

strides and efforts in dealing with insecurity in the area, which has led to the growth in oil production and revenue.

Hoy said: “I congratulated the governor on his efforts and the efforts of the local authorities in the state in dealing with insecurity in the Niger Delta.

Now, we have seen an increase in oil production for Nigeria and this is benefiting all Nigerians.”

The ambassador added that he discussed the development of the agriculture sector with the Rivers State Governor.

“Nigeria is blessed with wonderful resources. I have spoken

several times about the potential for agricultural development.

Agriculture is important, industry is important and processing industries are important. In order to advance all these, peace and security are key.

With peace and security in Nigeria, everything is possible,” he said.

Responding, Wike, said if INEC and security agencies play by the rules, it would reduce the level of violence in 2019.

He said the government and people of the state were ready to support any process that would lead to credible, free and fair elections.

N950m Fraud: Kano Court Adjourns Shekarau, Others’ Case to October 18 Ibrahim Shuaibu in Kano A Federal High Court sitting in Kano, yesterday adjourned the N950 million fraud suit, involving the former Governor of Kano state, Ibrahim Shekarau, former Minister of Foreign Affairs, Ambassador Aminu Wali and a former Director General Goodluck Jonathan Campaign Organisation, Mr. Mansur Ahmed till October 18, 2018.

In his submission, the prosecuting counsel, Mr. Johnson Ojogbane informed the court that the Economic and Financial Crimes Commission (EFCC) had already applied for the transfer of the matter, through the Chief Judge of the

Federal High Court in Abuja, from Kano to another judicial division due to security threat.

Ojogbone sought the adjournment of the suit to enable them conclude the process of the transfer.

“I wish to inform the court that, after we left here on the last date, due to the difficult situation, we find ourselves same day at our Kano office, it is practically impossible for us to continue to prosecute this case in this judicial division. Consequently, we wrote a letter to the Chief Judge of the Federal High Court in Abuja on June 1, 2018, seeking for his gracious intervention, to transfer this case from this

division to another division, which is safer to all concerned.

“We also further wrote an application, dated June 25, 2018, for the adjournment of this case to enable us complete the process of the transfer based on the provision of Section 98 sub-section (1)(2) of the Administration of Criminal Justice Act.2015, where it stated clearly that, the Chief Judge has the power to transfer a case from one court to another, we wish to apply that this case is adjourned to another day,” he explained.

The presiding Judge, Justice Zainab Abubakar interjected midway and insisted that the

prosecution counsel cannot request for such application for an adjournment without specifically mentioning a date that will be convenient and acceptable to both parties.

On his part, counsel to the first defendant Jibrin S. Okutepa (SAN), who vehemently opposed the application on transfer of the case from Kano, insisted that the transfer was a sign that the prosecution was not prepared to continue with the suit.

Okutepa argued that the prosecution has no excuse to apply for such application on the basis of security threat.

According to him, all the security apparatus are in its disposal.

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Court Commences Hearing on Sacked NIA Acting DG’s Suit, July 17 Alex Enumah in Abuja The National Industrial Court, Abuja, will from July 17, commence

hearing in a suit filed by the sacked Acting Director General of the National Intelligence Agency (NIA), Ambassador Mohammed Duada,

AfCFTA: MAN Seeks Future Date for Effective Take-off Agreement Jonathan Eze Manufacturers Association of Nigeria (MAN) has urged African Heads of States and stakeholders to relax the whole processes for the take -off of the African Continental Free Trade Area (AfCFTA) Agreement and move to a future date, the August to September 2018 deadlines for tariff concessions, services offer and further negotiations on the protocols on investment, intellectual property and competition policy.

It added that there should be a pause in the pace of the AfCFTA agenda for stock-taking noting that the ambitious pace set by Heads of State and Government in 2012 to achieve AfCFTA by the indicative date of 2017 has already produced a number of hasty and inconsistent decisions.

In a press conference held in Lagos on Tuesday, MAN President, Frank Jacobs, said it is important that before the next stages of the finalisation of the protocols, the trade policy measures in Africa at national, regional and continental levels should be assessed.

According to MAN, this will ensure that the emergent AfCFTA would be properly aligned with Africa’s structural economic transformation.

It also urged Nigeria to take the lead in ensuring that its recommendations are met and implemented.

The statement reads in parts: “It is evident that Nigeria is not alone in the call for circumspection and consideration for due diligence before signing-on to the AfCFTA. Nigeria should lead the process of ensuring that the above recommendations are implemented. Nigeria should further demonstrate leadership in

the continent by ensuring that those relating to the sub-region and the continent and equally elevated to the level of the African Union for necessary implementation “ AfCFTA is a good project that will benefit Nigeria if properly negotiated; as it would expand market access for export of Nigerian products and improve the competitiveness of the manufacturing sector.

“However, the starting point of an effective AfCTFA negotiation is the recommended studies, robust consultations and proper representation of manufacturing and the private sectors at all National and Continental AfCFTAnegotiation meetings. This we believe would equip members of the Nigerian negotiating team with requisite data for the negotiations ahead.”

An enhanced role for the Regional Economic Commissions (RECs) in further negotiations of the protocols on Goods and Services as well as the proposed negotiations on other issues should be pursued. Additionally, national level consultations should be better structured and further strengthen for more effective input into role of the RECs; Part of the suggestions and recommendations made earlier includes; the proper sequencing of the decisions on tariff concessions, and in particular the implementation, with national and regional policies and strategies so as to enable optimum benefits to African Countries and the citizens that drive the economies; “An audit of the policies in place, especially in the area of services as well as the profile of service providers, national and foreign, African and non-African.”

Public Affairs Analyst, Sowunmi Unveiled as Atiku Campaign Spokesman A public affairs analyst, Segun Showunmi, has been appointed as the official spokesperson of the Atiku Abubakar Presidential Campaign Organisation.

Showunmi who was Special Assistant and Deputy Chief Press Secretary to the former Governor of Ogun State, Otunba Gbenga Daniel, had served in various political capacities including the Jonathan/Sambo Campaign in 2011.

A statement by the organisation

said by his appointment, the new spokesman is expected to bring his experience to bear, especially having also worked as Director of Organisation of the Peoples Democratic Party (PDP) in Ogun State.

The statement added that official account of the spokesperson, Atiku Abubakar Presidential Campaign Organisation are: Twitter: @SpokesmanAtiku; Facebook: @SpokesmanAtiku; and Instagram: @SpokesmanAtiku.

Egbarin Passes on Mrs. Esther Justina Egbarin is dead. She died at the age of 81 after a brief illness. Until her death, she worked as a Nursing Sister at United Africa Company of Nigeria (UACN) and VONO for more than 25 years. She was also a prominent member of the

Warri Ladies Vanguard. According to a statement by the family, she is survived by three children, including Mrs. Joko Abebe, Obi Egbarin and Nneka Egbarin and many grandchildren. The statement also said burial arrangements would be announced by the family.

challenging his purported dismissal from office.

Dauda, in an originating summons filed through his counsel, Kanu Agabi, a Senior Advocate of Nigeria (SAN) and marked NICN/ABJ/136/2018, joined the DG, NIA and the NIA as first and second defendants respectively.

The claimant, in the suit wants the court to quash his purported sack and consequently order his reinstatement at the NIA. Counsel to the claimant, Peter Erivmode, at the resumed hearing yesterday, informed the court that the defendants just served him their reply to the originating summons.

The defendants had filed a preliminary objection challenging the suit and further prayed the court for permission to regularise their papers.

The trial judge, Justice Olufunke Anuwee granted the defendants prayer seeking for

regularisation of their papers.

In the Originating Summons, the claimant is asking the court to determine whether the procedure adopted by the defendants in the process leading to his purported dismissal is compliance with Article 8(1) and (2) of the National Securities Agency Act (CAPS 278) 1986.

He also want the court to determine whether in view of the extant provisions of Article 8(1) and (2) of the National Securities Ac (CAPS 278) 1986, retired Directors of NIA are competent to sit as members in the Senior Staff Disciplinary Committee (SSDC) and if not, whether the failure of the Defendants to set up a competent Senior Staff Disciplinary Committee SSDC to look into the allegation levied against him constitutes a violation of his constitutional right to fair hearing?

The claimant equally asks the court to determine whether the

purported letter dismissing him issued by the defendants on March 6, 2018 is not unlawful, null and void and of no effect whatsoever.

He however, prays the court that in the circumstance of affirmative answers to his questions, whether he is not entittled to be reinstated as Director of NIA. He therefore prays the court for a declaration that the procedure adopted by the defendants in the process leading to his dismissal falls short of the provisions of Articles 8(1) and (2) of the National Securities Agency Act (Cap 278 LFN) 1986 and is null and void.

He also prays the court for a declaration that by th virtue of the provisions of Articles 8(1) and (2) of the National Securities Agency Act (Cap 278 LFN) 1986, retired Directors and former members of the NIA are not competent to sit as members in the Senior Staff

Disciplinary Committee.

The claimant further asks the court to declare that the failure of the defendants to set up a competent Senior Staff Disciplinary Committee to look into the allegations levied against him is a violation of his constitutional right to fair hearing.

Also, he wants the court to declare that the purported letter of his dismissal issued by the defendants on March 6,2018 is unlawful, null and void and of no effect whatsoever.

He therefore prays for an order of court reinstating him as a Director and the Acting Director General of the NIA. He is also praying the court for an order for the payment of his salaries and entitlements from the period of his unlawful dismissal to the point of his reinstatement.

The matter has been adjourned till July 17, for commencement of hearing.

PROMOTING ENTREPRENEURSHIP

L-R: Pro-Chancellor and Chairman of Council, University of Lagos (UNILAG), Dr. Wale Babalakin (SAN); Vice-President Yemi Osinbajo and UNILAG’s Vice-Chancellor, Prof. Oluwatoyin Ogundipe, at an event organised for student entrepreneurs in the university... recently

NDLEA Arrest 443 Illicit drug Traffickers, Seizes 2,553 Litres of Codeine in Katsina Ugwuanyi, a reference point in our success story, says agency Francis Sardauna in Katsina The Katsina State Command of the National Drug Law Enforcement Agency (NDLEA) has nabbed 443 drug suspects with no fewer than 336.4043 kilogrammes of illicit drugs and 2,553.06 litres of cough syrup suspected to be codeine within six months.

The agency has lauded Governor Ifeanyi Ugwuanyi of Enugu State for what it described as uncommon affection and remarkable contributions towards its success story in tackling drug abuse and illicit trafficking in Enugu State.

This is even as the command said it has successfully prosecuted 23 suspects, who have been convicted, while 110 cases were at different stages of trial at Federal High Court, Katsina.

ThestateCommanderoftheagency, Maryam Gambo Sani, who disclosed this, while briefing journalists in an event to mark the United Nations (UN)AntidrugDay,said24,000bottlesofcondeine, 51 kilogrammes of cannabis sativa and

53kg of tramadol tablets were seized in Funtua, Sandamu and Katsina.

She reaffirmed that the agency in the state also apprehended 21 students and children under the age of 13 across Katsina State with 128 bottles of cough syrup with codeine.

While lamenting the high rate of drug abuse and other harmful substances in Katsina, the state NDLEA boss, charged parents and heads of schools to admonish children on the dangers of drug abuse and trafficking in order to avert the ugly trends in the society.

She reiterated the command’s quest towards achieving the motives of the National Drug Control Master Plan (NDCMP) in resuscitating the state drug control committee at state and local government levels.

“The NDLEA will continue to join hand with the state government, members of the community, civil society, NGOs and well-meaning Nigerians so that the theme of this year’s anti-drug day

is widely given publicity to achieve the best result”, she said.

In another development, the agency has lauded Governor Ugwuanyi’s uncommon affection and remarkable contributions towards its success story.

The agency said Ugwuanyi’s disposition had been a source of motivation, adding that the gesture was responsible for the various “unimaginable” arrests of drug traffickers and seizures of illicit drugs it has made in the state in recent times.

Speaking at the event commemorating the 2018 International Day against Drug Abuse and Illicit Trafficking, held at the headquarters of the NDLEA in Enugu, the state Commander, Dr. Anthony Nkem Ohanyere, stated that “it has never been so good since Ugwuanyi became the governor of this state”.

The international event also coincided with the inauguration of the command’s auditorium, which was newly refurbished by

the state government and named after Ugwuanyi.

Ohanyere disclosed that the governor has been “very supportive” of the agency, adding that his administration “rebuilt this edifice for us and made us to become a national pride, a reference point in the NDLEA”.

The state commander noted that Ugwuanyi’s supportive role was also “because of the love he has for the youth of this state and the interest he has in their future and proper upbringing and wellbeing”, assuring the governor that his investment in the command “will never be in vain in Jesus Name, Amen.”

Ohanyere further disclosed that the governor’s motivation led to the discovery of “a clandestine laboratory in Udi Local Government Area last year”, where “20kg of Amphetamine was recovered”, which he described as “the most dangerous and expensive illicit drug in the world”.

T H I S D AY ˾ WEDNESDAY JUNE 27, 2018

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WEDNESDAYSPORTS Rojo Haunts Nigeria again as Argentina Berths in Last 16

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

WORLD CUP 2018‌

Just like it happened four years ago in Brazil, Marcos Rojo scored a late 86th minute dramatic goal against the Super Eagles for Argentina to progress into the Last 16 stage of the 2018 FIFA World Cup here at the St Petersburg Stadium in Russia.

After Victor Moses had cancelled out Lionel Messi’s first half opener, Nigeria was on the verge of grabbing the second ticket of Group D with just four minutes left of play with a possible one-all draw against the two-time champions but that was not to be as Rojo who stars for Manchester United in the English Premiership denied Nigeria the chance to progress.

But the story would have be a good one for Nigeria if only Turkish centre referee, Cuneyt Cakir, had few minutes earlier awarded a deserved second penalty resulting from a hand ball by same Rojo inside the Argentine box to the three-time African champions.

VAR replay showed the United defender clearly handled the ball but Cakir denied Nigeria that lifeline that would have stretched Eagles stay in Russia.

A raucous and partisan crowd roared on the South Americans, with Messi in

JUNE 14 TO JULY 15

Omeruo the needed support and link up with attack but was a bit slow in his work-load.

-5.5/10 (4) Wilfred Ndidi He was excellent in discharging the duty of holding back Enzo Perez to cut short passes to Messi on the right side-6/10

his element. He displayed his usual superb skill to set up the Albiceleste’s clash with France in the Round of 16.

What would have been Messi’s second goal was denied him when Francis Uzoho tipped his free-kick onto the post.

The loss was Nigeria’s fifth World Cup defeat from five meetings with Argentina, all by a solitary goal.

HOW EAGLES RATED VERSUS ARGENTINA (23) Francis Uzoho He was a bit nervous in the beginning but regained confidence as the match progressed. He had to contend with fate for Lionel Messi’s goal after Omeruo failed to stop

the Argentine forward. He did not make any meaningful save all thorough the match-5/10 (6) Leon Balogun He had a perfect combination with William Troost Ekong (Oyinbo wall). In the early stage of the match, consequently, allowed Angel di Maria and Banega too much room from the left side of the field. But was in his true element as the match dragged on. He gave Nigeria hope in the second half following the foul on him by Mascherano that resulted in the penalty which was converted

by Victor Moses in the second half- 6.5/10 (5) Troost-Ekong The other part of the ‘Oyinbo Wall’, had a wonderful game

and kept veteran Higuain silent all through the match.

Unfortunately, he was found wanting in the closing stage after Marco Rojo sizzler for the winning goal with less than four minutes from full time - 7/10 (22) Kenneth Omeruo The last in the three-man defence line up, was caught napping by Messi for the opening goal. His best moment was holding the right side and forcing Messi to switched to the left side of the attack in the second half. For tactical reason to attack after going down, he was substituted for an attacker in Alex Iwobi-6/10 (2) Bryan Idowu He was supposed to give

(10) John Mikel Obi The Trojan and leader of the team, playing deep in front of the defence line, was able to neutralise the diagonal passes in the middle and was in constant link with the forward line- 7/10 (8) Oghenekaro Etebo He had a wonderful game but unable to stop Banega from the perfect pass to Messi that resulted in the opening goal of the match. His work rate was very high, as he also joined in the defence towards the final stage of the match- 7/10 (11) Victor Moses He failed to raise his game as one of the main players to lift the team. Closer to the ground than with the ball, always falling on any challenge.

He scored from the penalty spot- 5/10

(7) Ahmed Musa He was the star man of the tournament for Nigeria at the tournament here but could not breakdown the Argentine defence. Like in the match against Iceland, he was Otamendi and Mercado’s tormentor on the left side. He made several incursion to give Nigeria the lead from counter play but was unlucky as he didn’t succeed. He played himself out and was substituted deep into injury time by Simy-8/10 (14) Kelechi Iheanacho He had a dull day almost like it happened against Iceland; failed to make much impact and even had a chance in the first half after a mixed up by Argentine defence but wasted the opportunity. Pundits were not surprised that was substituted on resumption for second half-3/10 (9) Odion Ighalo He failed to bury the late chance he had one-on-one with the goal keeper to put Eagles up before Rojo’s winner. 3/10 (18) Alex Iwobi and Simy Nwankwo were late minutes substitutes, and did not make much impact in the four minutes added time play-3/100

National Pride Endures as Star Lager Celebrates Fans and Gallant Eagles Star Lager Beer continued its support for the Nigerian National team at the Super Eagles Dome in Lagos, as the squad faced Argentina in the make or mar final Group D game in Russia yesterday.

The Dome hosted thousands of passionate fans in an atmosphere of exciting football, music and games as they cheered the team all night, hoping for a positive result.

Even though the game ended in a victory for the Argentines who ended up joining Croatia from Group D in the Round of 16, viewers all over the world acknowledged the Nigerian team’s resilience, paying homage to their bravery and exciting style of play.

Speaking after the game, Abayomi Abidakun, Senior Brand Manager Star Lager Beer, Nigerian Breweries Plc, said, “The whole of Nigeria is proud tonight because our Super Eagles put up a good fight and played with their hearts. Fans have gathered here at the Super Eagles Dome to witness this great match and Star Lager is proud to be a supporter of the team and the number one supporter of millions of Nigerian football fans. We will continue to support this great team and keep rewarding the fans with amazing experiences even in

the days ahead.�

Beyond football, the much beloved DJ Neptune treated attendees at the Super Eagles Dome to an exotic mix of hit songs, with the audience singing along while enjoying THE national favourite beer, Star Lager. Pop star Skales, alongside the fast rising Slimcase entertained music lovers with live performances which was much needed to lift spirits of fans who had come out on the evening expectant of a victory.

The Super Eagles Dome, a special football viewing and music experience centre at the heart of Lagos in Surulere, boasts interesting features such as a history tunnel showcasing the glorious past of the Super Eagles on LED, along with multimedia technology in the interior which gives a 360-degree experience. The venue also comes complete with a VIP lounge and a mini studio which features analysis and commentary from Nigerian football legends and pundits.

Star Lager, an iconic national premium product, brewed by Nigerian Breweries Plc, will continue to host passionate football fans at the Super Eagles Dome as the experience is scheduled to continue throughout the competition in Russia.

Before the fall at St.Petersburg yesterday, Super Eagles players celebrating the equaliser before Argentina scored a late winner to reach the next round abiodun ajala

Late Goals Bane of African Teams in Russia World Cup Kunle Adewale, reporting from St. Petersburg, courtesy StarTimes From Egypt to Morocco it has been the same song for Afican teams yo the 2018 World Cup in Russia.

In their first game against Uruguay, the Pharaohs of Egypt ere almost running away with a goalless draw when they conceded a goal in the last minute of the game.

Next came Morocco against Iran.After putting up a good fight against the Iraniansholding them for more than

90 minutes, an own goal in aded time cost them a point.

At that point the chances of African teams progressing to the knock out stages of the Mundial hanged in the balace.

At the end of the second round matches, only two African teams-Senegal and Nigeria had a chance to qualify for the second round, with Egypt, Morocco and Tunisia mathematically out of the competion.

Nogeria with three points needed just a draw against Lionel Messi led Argentina, who needed a win to progress

after just one point from their draw against Iceland.

Inspired by the five times World Footballer of the Year, Messi, the Argentines dominated the early stages of the encounter and it came as a little surprise when the FC Barcelona man shot the South Americans into the lead midway into the game and the half ended 1-0 in favour of the Argentines.

Nigeria however leveled up qiuckly in the second half through a well taken penalty

by Victor Moses.

Poor marksmanship denied the Argies in thier quest to

regain their lead.

With time ticking out and Nigerian fans now finding their voices in a crowd dominated by more than 90 per cent by the Argentine fans And with the scoreboad reading 86 minutes and Nigerian now believing a second round ticket is in the offing, like decimal,which keeps occiring, another African teamNigeria conceded a late goal.

With Nigeria out of the 2018 World Cup, the whole continent is wishing that another own goal would not be the lot of Senegal.

T H I S D AY ˾ WEDNESDAY, JUNE 27, 2018

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WEDNESDAYSPORTS

W O R L D C U P 2 0 1 8 … JUNE 14 TO JULY 15

WORLD CUP 2018…

Adidas Unveils New Match Ball with Chip for Knockout Stage Duro Ikhazuagbe in St Petersburg As the group stage matches of the 2018 FIFA World Cup here in Russia are about to be rounded up tomorrow in the various cities, Adidas Football yesterday unveiled the Official Match Ball for the knockout stage.

According to the sportswear manufacturing giant, the Telstar Mechta ball comes with a new vivid red design inspired by the colours of the host nation, as well as the rising heat of the knockout-stage.

The name Mechta translates as ‘dream’ or ‘ambition’ in Russian and is constructed with the same design elements as the Telstar 18, the ball used throughout the group stage, but adapted to reflect the added intensity and opportunity the knockout stage brings.

The ball has a brand-new carcass that retains the best of the Brazuca, the Official Match Ball of the 2014 FIFA World Cup in Brazil, while building in new technology to maximise performance.

“It went through extensive testing to ensure it suits the needs of the best players in the world. Some of the leading national and club sides have been involved in the testing process,” observed adidas in a statement yesterday.

A progression from Official Match Balls of the past, a brandnew panel design features a metallic print execution and texture graphic effect, engineered to provide performance and

durability both in the stadium and on the street. Sustainability has been a key focus of the Telstar 18 and Telstar Mechta, with elements including recycled backing material and packaging.

The Telstar 18 and Telstar Mechta feature an embedded NFC chip – the first time it is ever been used in an Official Match Ball – making it the most innovative FIFA World Cup ball to date. The chip enables consumers to interact with the ball using a smartphone.

Upon interaction, each ball

generates a unique identifier, unlocking exclusive content and information for the user.

The personalised and locationaware experience displays specific details of each ball and provides access to challenges, which users can enter in the run-up to the FIFA World Cup. Dean Lokes, Vice-president, Product from adidas, said: “The Telstar 18 was a huge step forward technically when it came to Official Match Balls.

With the Telstar Mechta we have taken that same innovative design and re-imagined it,

creating a ball that perfectly suits the pressures and opportunities of the FIFA World Cup knockout stage.

Director Marketing Services at FIFA, Jean-Francois Pathy, also commented on the launch: “adidas and FIFA have enjoyed a long history of successful Official Match Balls over the past FIFA World Cup tournaments. This year, adidas delivers yet another beautifully designed ball, the Telstar Mechta, putting innovation and performance at the core of the game.”

GROUP A

Team Uruguay Russia Saudi Arabia Egypt

GROUP B

Team Spain Portugal Iran Morocco

GROUP C

Team France Denmark Peru Australia

GROUP D

Team Croatia Argentina Nigeria Iceland

TODAY’S FIXTURES Mexico Vs Sweden 3pm S’Korea Vs Germany 3pm Serbia Vs Brazil 7pm Switzerland Vs Costa Rica

P 3 3 3 3

W 3 2 1 0

D 0 0 0 0

L 0 1 2 3

GF 5 8 2 2

GA 0 4 7 6

GD 5 4 -5 -4

Pts 9 6 3 0

P 3 3 3 3

W 1 1 1 0

D 2 2 1 1

L 0 0 1 2

GF 6 5 2 2

GA 5 4 2 4

GD 1 1 0 -2

Pts 5 5 4 1

P 3 3 3 3

W 2 1 1 0

D 1 2 0 1

L 0 0 2 2

GF 3 2 2 2

GA 1 1 2 5

GD 2 1 0 -3

Pts 6 4 3 1

P 3 3 3 3

W 3 1 1 0

D 0 1 0 1

L 0 1 2 2

GF 7 3 3 2

GA 1 5 4 5

GD 6 -2 -1 -3

Pts 9 4 3 1

Babalola, Imeh Hit 3rd Round of CBN Tennis Argentine captain, Lionel Messi, attempts to outwit Super Eagles defender, Idowu to the ball in the 2-1 defeat of Nigeria yesterday at Saint Pertersburg ƼƽDŽNJƿǐlj ƼDžƼLJƼ

Mikel Praises Eagles even in Defeat Even in Nigeria’s fifth defeat to Argentina at the World Cup, Captain of the Super Eagles, John Mikel Obi, yesterday praised his colleagues for putting up brave fight against the two-time champions.

Rather than be sad that Nigeria exited the Russia 2018 in the group stage here in St Petersburg last night, the former Chelsea midfielder said at the post match conference that Super Eagles that was the youngest team at this edition deserves praises for battling Argentina with her superstars to standstill before bowing out.

“It’s a shame we couldn’t continue the amazing journey

RESULTS France 0-0 Denmark Peru 2-0 Australia Nigeria 1-2 Argentina Croatia 2-1 Iceland

we had. This is a great team of young players. I believe in the next four years, they are going to turn out a fantastic team to look forward to, “ stressed the Tianjin Teda of China player.

Nigeria lost qualifying for the Round of 16 of the Russia 2018 to a late Marco Rojo winner after Victor Moses had canceled out Lionel Messi’s lead through a penalty. Javier Mascherano’s

foul on Leon Balogun in the box was expertly converted by the Chelsea wingback.

“It’s a fantastic team that will be ready for the next World Cup in four years. We have a group of boys who listen and want to improve and we have had a great time since the coach (Gernot Rohr) took charge.”

Asked if he was still going to be around for the 2019 Africa Cup of Nations, Mikel said time will tell as he was going to study the situation and take things one at a time.

Argentina will now face France in Kazan in a Round of 16 clash next week.

The defending Champion of the men’s singles event of the on-going 40th Central Bank of Nigeria Senior men and women Open Tennis Championship, Abdumumuni Babalola was on to a good start yesterday after his first two matches and advanced to the 3rd round of the competition.

Putting the disappointment of the heavy rain that disrupted his first game on Monday behind him, Babalola stopped John Henry in 6-1, 6-2, in his first round match before gaining another victory over Abayomi Philip whom defeated 6-1, 6-1 cruise into the round of 16.

Also in the 3rd round is tournament, top seed, Joseph Imeh who won 6-2, 6-1 against Taiwo Owolabi in his first match and beat John Otu 6-1, 6-4 in the second round. He will

come up against old war horse, Shehu Lawal in one of today’s 3rd round pairings while Clifford Enosoregbe beat Martins Abamu in yesterday’s 2nd round will battle former Champion Thomas Otu to decide who plays in tomorrow’s quarter finals.

In the women category, the ladies singles, defending Champion and tournament top seed, Sarah Adegoke, wasted no time in her first round game when she dismissed Akosile Afolarin 6-0, 6-0 , while third seed Christy Agugbom subdued Favour Moses in 6-1, 6-2.

The final in all categories of play will come up on Friday with the sum of N700,000 cash prizes set aside for all the winners. Over 300 players including special athletes are participating in the competition which is in its 40th edition this year.

DURO’S RUSSIAN NOTES… A DAY AFTER THE BATTLE OF ST PETERSBURG Before yesterday’s bruising battle between Nigeria and Argentina in St Petersburg, the Super Eagles and the Albiceleste have met at the World Cup stage on four different occasions.

Of course, as expected, those past encounters have often been dominated by hypes and tensions amongst fans of both countries. Four years ago in Porto Alegre, Brazil, Albiceleste fans dominated every space available in that city. Majority of them didn’t need to cough out huge sums to buy air tickets to arrive the Brazilian city. Several of them came by land transport. The Argentines outnumbered hosts Brazilians in pubs and bars 24 hours before that final group stage game. At a point, most of the inhabitants of the city began to openly

complain of the nuisance some of them have constituted themselves.

Match day was not different. Several hours before the kick off of that memorable match, they literarily seized the arena and environ. For every national heading towards the stadium, the Argies tripled them! The Nigerian cheer party known around the world for its beautiful soul lifting songs was dwarfed by the noise and hollas from the Argentines.

Exactly four years and one day after that epic battle in Brazil, the Argentines were back again in their perennial struggle with Nigeria.

Having drawn its first game against Iceland and lost the second to Croatia, Lionel Messi and his teammates were home bound until Nigeria’s 2-0 defeat brought them back to life.

It was this scenario that was playing out before the evening game that created buzz all around

the beautiful city.

Never has the city seen such an unending influx of Nigerians and Argentines before.

Large contingents of nationals of both countries poured into the city through the Pulkovo Airport and by other entry points to be part of the much-talked about game.

Several Nigerians who particularly have their minds on the Nigeria/Argentina match poured into St Petersburg in their hundreds from several parts of the world.

Hotels in the city all were bursting at the seams as football-loving Nigerians and Argentines swooped on Russia’s second largest city.

Amongst top Nigerian bigwigs to be part of the game include but not limited to Senate President Bukola Saraki who led the cheers for the Super Eagles, alongside Ambassador

Steve Davies Ugbah. Youth and Sports Minister Solomon Dalung who returned to Abuja for the NEC Meting and APC Convention returned to the city 24 hours before the clash.

Members of the National Assembly (Senators and House Members), NFF Executive Committee Members, Members of the NFF Congress and former NFF Presidents and General Secretaries were also at the venue.

Ex internationals like Segun Odegbami, Nwankwo Kanu, Emmanuel Amuneke, Wilson Oruma, Edema Fuludu and several other football stakeholders too numerous to mention were all tensed before John Mikel Obi led Eagles out of the dug out.

However, late strike from Marcos Rojo dashed Super Eagles’ hope of a second round ticket and assured Argentina a ticket into the next round and will face France next week.

TR

Wednesday June 27, 2018

UT H

& RE A SO

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Price: N250

MISSILE

Turaki to FG “I am proud to say, as a member of the PDP, the only two cases of corruption in this country that have gone to conviction stage were those that were initiated by the PDP federal government. These were the cases of Joshua Dariye and Jolly Nyame. These were PDP governors. They were investigated by the PDP government� – A former Minister of Special Duties, Alhaji Tanimu Turaki (SAN), faulting the federal government’s anti-corruption war.

DAVIDMBA GUEST COLUMNIST

A Ticking Time Bomb T

he future of Nigeria looks bright as it is predicted to be the first African nation to reach $1trillion in GDP by 2030. The continent’s most populous country with its biggest economy is blessed with abundant human resources. With a current population of approximately 200 million, of which over 60% are under the age of 25, the availability of a buoyant workforce cannot be questioned. More so, given the population of this age group is projected to exceed 250 million by 2050. It is important to realise that this projection is just over 30 years away. Children in primary school today will be in their mid-thirties by the time the nation has such a large population under the age of 25.

It is easy to assume that given this economic projected growth and available human resource the future of Nigeria’s next generation will indeed be bright; but will it?

Critical to the development of our nation’s economy is a workforce encompassing a range of vocational and technical skills that will cater for numerous industrial sectors, including the built environment, technology, manufacturing, engineering, creative arts, media, finance, etc. These skills are acquired in technical colleges, colleges of education, polytechnics and universities, but underpinning all these institutions is a basic level of literacy and numeracy delivered via primary schools. It has recently been reported that 8.7m Nigerian children are not being educated in primary school, the highest level of non-participation globally. Even more worrying is that about 25% of children aged between 7 to 14 years are child labourers (over 11m children). Reasons for such high levels of non-participation include several socio-economic factors and accessibility.

Today, the current number of public primary schools and teachers available for basic education remain inadequate for the eligible number of children. This is exacerbated by the poor facilities at these primary schools. Noting that in the next 30 years the number of pupils will double, the levels of infrastructure and resource to support such a population will put unprecedented pressure on the government to meet its Universal Basic Education (UBE) programme. The urgency for action has been highlighted in one of the United Nation’s Sustainable Development Goals (SDG 4). The federal and state governments allocated only 7.5% (N1.32 trillion) of the 2018 budget for education, far below recommended UNESCO benchmark of 26% for developing countries. The majority of this funding will go to support the education ministries, teacher salaries and other recurrent expenditure, significantly affecting the ability to invest in new schools, facilities or improve current teaching practice. Whilst the budget allocation is complemented by an education tax, of which 30% is earmarked for primary schools, these low levels of investment barely offer the opportunity to sustain the current infrastructure. Irrespective of these low levels, is the Nigerian government getting good value for money? The answer may not be welcomed and I offer two examples of why this is not the case.

First, pupils at primary school have substantial amounts of their learning time lost because classroom time is spent on other activities or because teachers are absent. A World Bank survey of 435 private and public primary schools in Nigeria, covering 2968 teachers showed that a teacher is absent from class for approximately 25% of the scheduled teaching time, and actual teaching time is on average 33% less than timetabled. That would

Minister of Education, Adamu Adamu imply that in an average day where teaching time is approximately 4hrs and 45mins, pupils actually get just over three hours of teaching.

This is clearly not value for money, costing the government hundreds of millions of Naira of unproductive time.

Second, the lost time in primary school is compounded by the quality of our teachers.

The same survey on the knowledge of Nigerian primary school teachers showed that 50% of maths teachers could not achieve 80% or more on the test they assigned pupils in their classrooms. This is made even more appalling when the statistics show that 60% of maths teachers in grade-4 could not subtract double digits. The same poor teacher quality is noted in English language where only 26% of English teachers scored over 80% in tests of their grade-4 pupils. This begs the question, how can these teachers support the learning of pupils? The consequence of this is reflected in the numeracy and literacy levels in Nigeria at primary school, with only 20% of pupils that completed primary school being able to read a three-sentence passage fluently or with little help.

It is well know that early learning deficits are magnified over time, so ultimately the consequence of poor teaching is a significant delay to the skills development of the workforce needed to drive the government’s economic ambitions.

The question that quickly comes to mind is:

It is time to think seriously about increasing the education tax, alongside improving administration of its collection with further scrutiny on the return for investment

surely we can catch up with minimum standards of literacy and numeracy if we put our mind to it?

A global comparative survey to evaluate education by testing the skills and knowledge of 15-yearold students (The Programme for International Student Assessment - PISA) recently published results that showed it would take Tunisia over 180 years to reach today’s international average level for maths and Brazil over 260 years to reach the average level for reading. It is very probable that the situation for Nigeria is no better.

Let us be clear, current levels of basic education at primary school are poor, non-participation is the highest globally, infrastructure and facilities are lacking, teacher quality is questionable and it will probably take us over 100 years to reach international average levels of literacy and numeracy.

These facts, coupled with the doubling of the population of primary school level pupils in the next 30 years forms the nucleus of what I have described as a ticking ‘time bomb’. The ultimate consequences of inaction will just not be limited to social unrest, economic under-development, mass migration, radicalisation, and unprecedented levels of crime. We must think differently and act now.

What’s the solution?

Some have argued that the abolition of teacher training colleges has in some way contributed to the rapid decline in the quality of primary school education. In any event, what must be explored is further training and support for current teachers with the National Certificate of Education. Clearly the Nigerian regulatory institutions covering primary education, at both Federal and State level, have failed in their ability to deliver value for the government’s investment in education. The recent action by a state governor that resulted in suspension of over 20,000 of its primary school teachers is a clear call on the nation’s education regulatory institutions to wake up to the crisis.

What role do regulatory institutions play in support of the pedagogic development of teachers? The introduction of recertification will encourage professional development but only if it is supported by new regulation. The platitudes of authorities and institutions involved with basic education in Nigeria will not offer a focused approach to addressing these problems.

It is time for a new regulatory framework and governance for primary school education with policies that address the poor quality of teaching, wastage of public funds by the poor attendance and most importantly a real commitment to the next generation of Nigerians by measuring and evidencing improvements to the basic standards of literacy and numeracy.

Whilst the focus of primary school education has been on literacy and numeracy, digital skills are going to be fundamental in the future global economy. Yes, economically Nigeria needs to develop self-subsistence, basic infrastructure (power, water, housing, etc.) and so on, but without a digitally skilled workforce for the future, it will be subservient to a digitally developed global world. Taking a strategic decision to make digital skills a national basic requirement, starting at primary schools, will certainly ensure its future workforce will play a part in the digital global economy of the future.

The stark reality today is that Nigeria cannot reach average primary school levels of literacy and numeracy within the next 100 years, and given we will need to cater for twice as many pupils in the next 30 years, innovative thinking is required.

This is where I believe technology can play a major role. It has been shown that it is possible to have a step change in development without the need to go through what is considered ‘normal’ evolution; I make reference to the step change from telephones to mobile telecommunications in Nigeria and China’s leapfrogging of bank checks and cards, going from cash to cashless (mobile) forms of exchange. The latter has caused a disruptive effect in the western economies.

Nigerian banks have moved transactions onto mobile platforms; so could such a step change be explored in the nation’s education system to support basic skill levels? Is this an avenue to accelerate improvements in literacy and numeracy levels while also developing and fostering digital skills? I propose investment and development of mobile solutions that complement classroom lessons, reaching every pupil and providing learning support that is world-leading, tailored to specific learning requirements and universally accessible. Such a system is not a substitute for the teacher but complements the teacher’s work. In 2017, UNESCO published its findings following a project in four African countries, including Nigeria, which explored the use of mobile technology to enhance the capacities of primary school English language teachers. The outcome was encouraging and certainly a step forward in exploring the use of mobile solutions to improve teaching of basic skill levels.

My last point is the most obvious: an increase in investment in education. Current levels of investment are inadequate for the population of primary school children. Noting that this will double in the next 30 years, Nigeria needs to start building the infrastructure to cater for this expansion. Similarly, it must create the pipeline of future teachers while ensuring significant improvements in the levels of literacy, numeracy, and digital skills. Perhaps it is time to think seriously about increasing the education tax, alongside improving administration of its collection with further scrutiny on the return for investment.

The government should revisit its value of the teaching profession, giving them the status that is commensurate with their contribution to society.

There are several ways in which the government can drive an increase in teacher numbers, foster improvements in retention and quality, one of which may be to offer incentives (tax cuts, etc.) and a review of teacher salaries, noting the Ghanaian government recently increased teacher salaries by 11%. Similarly, teacher attendance may be quickly addressed by relating payment of salaries to a minimum threshold of attendance. The call for more investment and funding is easier said than done given the strain on the nation’s finance for security, infrastructure, agriculture, health, etc. However, the cost of not increasing investment, which will ultimately result in social unrest, political instability and economic ruin, is far short of the future costs that will be required to undo the catastrophic consequences of this ticking ‘time bomb’, an unstoppable explosion of social unrest.

I will end with my Nigerian version of an apt Chinese quote from the 7th Century BC (Kuan Chung), “If your plan is for one year, sell oil.

If your plan is for ten years, build a refinery.

If your plan is for one hundred years, educate your children.� t1SPGFTTPS .CB B 'FMMPX /JHFSJBO "DBEFNZ PG 4DJFODF JT UIF 1SP 7JDF $IBODFMMPS %F .POUGPSU 6OJWFSTJUZ 6,

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