Monday 2nd July 2018

Nigeria’s Export Earnings Rise by 10% to $14.4bn in Q1 2018 Non-oil sector up by 12% to $967m Obinna Chima Nigeria’s total export earnings increased by 10.2 per cent to $14.394 billion in the first quarter (Q1) of 2018

compared with the $12.925 billion recorded in Q4 2017.

The Central Bank of Nigeria (CBN) disclosed this in its Q1 2018 ‘Brief on Balance of Payments Statistics,’ posted

Balance of trade moves up to $7.3bn surplus

on its website.

The growth in the country’s export earnings in the review period also indicated an increase of about 44.4 per cent when compared to Q1

2017.

But, earnings from crude oil and gas, which accounted for 93.3 per cent of total export earnings during the review period, increased by 10.1 per

cent to $13,426 billion in Q1 2018, when compared with the preceding quarter.

On the other hand, earnings from non-oil and electricity exports also increased by 12.3

per cent to $967.08 million in the review period, when compared with the preceding quarter.

Continued on page 8

NNPC Finalises $724m Oil Finance Deal with Schlumberger… Page 8 Monday 2 July, 2018 Vol 23. No 8474. Price: N250

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Lagos Restricts Tankers to Designated Route…

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Despite Curfew, Gunmen Kill Six in Fresh Plateau Attack Military arrests 4 suspects, relocates task force headquarters to troubled council Senate resumes, debates killings tomorrow Na'Abba, Kukah deplore FG, say Buhari working alone

Iyobosa Uwugiaren, Deji Elumoye, Paul Obi in Abuja and Seriki Adinoyi in Jos In spite of the dusk-to-dawn curfew imposed on Barkin Ladi Local Government Area of Plateau State, six persons

were in the early hours of yesterday reportedly killed in an early morning attack on Rahwol-Fwi village, a community in Fan District.

The fresh attack underscored Continued on page 8

Atiku Positions as Alternative to Buhari, Meets Babangida in Minna Laleye Dipo in Minna Former Vice President, Alhaji Atiku Abubakar, yesterday pressed ahead with his quest for the main opposition party, Peoples Democratic Party’s (PDP), nomination for the 2019 presidential election, with a meeting with former military president, Gen. Ibrahim Babangida (rtd), in Minna, capital of Niger State.

Atiku’s visit, which his campaign officials said was private, was part of

an elaborate strategy to position him as the most viable alternative to President Muhammadu Buhari, who is believed not only to have incumbency advantage but might also be helped to retain his seat by dearth of strong opposition to his stool.

The former vice president was accompanied by some members of his presidential nomination campaign organisation to the Hilltop Continued on page 10

Baraje: nPDP to Make Final Decisions on APC This Week… Page 48

IS LABOUR JOINING APC?…

L-R: National Chairman of All Progressives Congress (APC), Mr. Adams Oshiomhole; President of Nigeria Labour Congress, Mr. Ayuba Wabba; and former Deputy President of NLC, Mr. Isa Aremu, during the congress’ leadership visit to the new APC chairman in Abuja… yesterday

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NNPC Finalises $724m Oil Finance Deal with Schlumberger Accuses governors of inciting public against corporation Chineme Okafor in Abuja The Nigerian National Petroleum Corporation (NNPC) yesterday disclosed it had finalised a crude oil production financing deal it negotiated with Schlumberger for the Anyalu and Madu oil fields under Oil Mining Licences (OMLs) 83 and OML 85, offshore Nigeria.

It said the nod on the deal was given at the weekend in London with the execution of the final contractual agreement between it and the company under a joint venture agreement it has with First E&P. According to a statement sent to THISDAY in Abuja by the corporation’s Group General Manager Public Affairs, Mr. Ndu Ughamadu, the approval came one year after a tripartite term sheet for the financing and technical services arrangement was signed between the NNPC, First E&P and Schlumberger.

Under the agreement, Ughamadu said Schlumberger would provide $724.14 million out of the required project cost of $1.082 billion while the balance of $358.79 million would be funded with cash flows generated by the project.

He said the Anyala and Madu fields were projected to have 193 million barrels of crude oil and 0.637 trillion cubic feet of proven

gas reserves with production plateau of 50,000 barrels of oil per day (bpd) and 120 million standard cubic feet of gas per day (mmscuf/d).

Ughamadu quoted the Group Managing Director of NNPC, Dr. Maikanti Baru, to have said at the signing ceremony that in arriving at the innovative alternative funding package, the corporation was guided by the need to instil transparent and accountable processes.

Baru, he explained, added that NNPC also followed strict compliance with all extant laws, regulations and established governance protocols, as well as overriding national interest and drive to achieve competitive market pricing for such green field project.

Additionally, Baru, explained that the NNPC/First E&P joint venture project financing formula came as a creative approach to funding joint venture operations in response to the realities of the prevailing operating environment.

He said: “Apart from aligning wholly with government’s aspiration of increased crude oil and gas production, reserves growth and monetisation of the nation’s enormous gas resources, the model is in tandem with one of the corporation's 12 Business Focus Areas (BUFAs); ramping

up crude oil and gas reserves and production which also supports government’s 7 Big Wins aspirations.”

He said the Schlumberger financing package covers preFinal Investment Decision (FID) funding, 100 per cent of capital expenditure for three years and pre-production operating expenses.

He added that the package would enable the country to generate $5.60 billion in taxes and royalties and $1.32 billion in net cash flows after Schlumberger’s cost recovery and compensation in line with the terms of the agreement.

NNPC explained that the OMLs 83 and 85 were located in shallow waters 40 kilometres offshore in the Niger Delta, adding that it held 60 per cent interest in the licences while, First E&P, the operator of the joint venture, held the remaining 40 per cent interest.

Apart from providing funding for the development of the fields, NNPC also stated that Schlumberger would provide other oilfield services to the joint venture on a limited exclusive basis.

It explained that a joint project team would drive technology transfer whilst leveraging on the global technical expertise of Schlumberger and the extensive

local knowledge of the joint venture partners.

NNPC Accuses Governors of Inciting Nigerians against It Meanwhile, the NNPC yesterday took a swipe at the 36 state governors over their stance on oil revenue remittance to the Federation Accounts Allocation Committee (FAAC).

The state oil corporation said the governors were reluctant to pay the monthly salaries of their workers and so using the claim that it had not remitted enough funds to the FAAC to excuse themselves of their obligation to their workers.

It also explained that it was not the custodian of all crude oil revenues accruable to the country, but the Central Bank of Nigeria (CBN) which it claimed has an account where such sales proceeds are deposited.

Ughamadu, in a phone conversation with THISDAY in Abuja, said the corporation was disappointed with the governors whom he explained approved its plan to exit the joint oil venture cash call framework by paying off its outstanding obligations therein.

“The governors under the umbrella of the Nigeria Governors’ Forum (NGF), antics

of rushing to the press at the earliest opportunity of FAAC meeting is most unfortunate, using this as an unfortunate excuse not to pay salaries. It is a ploy to set the public against the NNPC,” said Ughamadu.

He further stated, “Yet, it is the same NGF that approved the cash call exit to restore investors’ confidence and boost crude oil production thereby generating more revenue for them to share,” adding, “All crude oil sales proceeds go straight into the CBN and not NNPC accounts.”

The governors recently claimed the NNPC had not remitted the amount of funds it was reportedly supposed to remit to the FAAC for sharing between the three tiers of government in the country. This, reportedly led to the postponement of the FAAC last week, with the Minister of Finance, Mrs. Kemi Adeosun, also stating that NNPC’s claims on cost of its operations were outrageous, unacceptable to FAAC and needed to be clarified.

However, the corporation in return alleged that the governors made requests on it to transfer an extra N40 billion for them to share in the FAAC, despite its remittance of N147 billion to the FAAC in the month under consideration for sharing by the three tiers of government.

NNPC equally noted that the

extra request by the governors was against the terms of an agreement it had with them on the matter.

Ughamadu, said in a statement in this regards that both parties reportedly reached an agreement that the NNPC would make a monthly remittance of N112 billion to FAAC subject to sufficient funds from sales of domestic crude oil allocation for the corresponding month after meeting cash call obligations on joint venture operations, as well as deductions of petrol-cost under recovery and pipeline maintenance.

He noted that for the remittance under contention, the NNPC was able to surpass the terms of its agreement with the governors, and paid the monthly funds over by N35 billion.

He nonetheless explained the corporation’s decision to make the excess payment above the agreed sum was based on the postures of the governors, adding that the extra N35 billion was sourced from the sum meant for settling its joint venture cash call obligations.

According to him, the corporation regretted the governors’ additional request of N40 billion, adding: “It was unfortunate, given the fact that NNPC is set to exit the cash call phenomenon.”

Enyinnaya Abaribe, is also expected to come under Order 13 of the Senate to intimate his colleagues about his experience in the hands of the operatives of the Department of State Services (DSS).

Abaribe was arrested on Thursday, June 21, by security operatives at Transcorp Hilton in Abuja and remained incommunicado for six days before he was granted administrative bail on Tuesday, June 26.

The Senate, it is learnt would also determine the senator representing Kogi East in the National Assembly.

A Federal High Court had June 13, nullified the nomination and election of Senator Atai Ali of the Peoples Democratic Party (PDP) as senator representing Kogi East senatorial district.

Justice Gabriel Kolawole

had ruled that Ali was not properly nominated by the PDP to stand for Kogi East senatorial election in March, 2015 and, therefore, directed the Clerk of the National Assembly to swear in Ali's challenger, Air Vice Marshal (AVM), Isaac Alfa, as the authentic Kogi East senator.

D E S P I T E C U R F E W, G U N M E N K I L L S I X I N FR ESH PLATEAU ATTACK the inability of the security forces to restrain the wanton killing of citizens, particularly in the Northern parts of the country by bandits, a situation that would attract a full scale debate in the Senate tomorrow even as former Speaker of the House of Representatives, Mr. Ghali Na’Abba, and Catholic Bishop of Sokoto Diocese, Archbishop Mathew Kukah, censored the federal government for its failure to contain the incessant mass slaughter.

The fresh attack, which an eyewitness said lasted for almost an hour before the intervention of the military, also had a Baptist Church, its pastorium, Government Hospital and 17 houses burnt.

Confirming the attack, the spokesman of the military Special Task Force (STF), Major Umar Adams,

however, said only four persons died, adding that more personnel had been deployed in the community.

Adams in a text message to THISDAY said four persons had been arrested in connection with the attack, adding that the military high command had ordered the STF to relocate its headquarters from Jos to the troubled local council.

The attackers reportedly swooped on the village in motorcycles at about 2:45a.m. while the victims were asleep and wreaked havoc, escaping before the arrival of security operatives.

Police confirmation of the incident could not be obtained as the state command’s Public Relations Officer, Tyopez Terna, did not pick calls to his phone yesterday.

But the spokesman of Berom Youth Moulders

(BYM), Solomon Mwantiyi, who condemned the attack, said Jol community of Riyom Local Government Area also came under heavy attacks the same night leading to destruction of farmlands.

Governor Simon Lalong had imposed a dusk-to-dawn curfew on the three councils ravaged by gunmen two weeks ago, leaving behind over 100 deaths and scores of property burnt.

Senate Resumes, Debates Killings, Others Issues The Senate will tomorrow resume sitting after a three-week break with the incessant killings across the country especially the recent massacre of over 100 people in Plateau State slated for discussion by senators.

Reliable sources told THISDAY that the upper

chamber of the National Assembly is seriously worried about the inability of the nation's security agencies to put an end to the spate of killings and cited series of meetings held by the Senate with the Chief of Defence Staff (CDS), Defence Minister and Service Chiefs shortly before going on recess in June, saying in spite of the parleys, another round of killings was recorded last week in some parts of Plateau State.

Tomorrow's plenary , THISDAY learnt, will review the security situation in the country after taking a brief from the Senate President, Dr. Bukola Saraki, who led a three- man Senate team on a condolence visit to the troubled state last week and take a definite decision on the way forward.

The senator representing Abia South, Senator

Na'Abba, Kukah Deplore FG, Say Buhari Working Alone Former Speaker of the House of Representatives, Ghali Umar Na'Abba, and the Catholic Bishop of Sokoto Diocese, Archbishop Matthew Kukah, yesterday deplored the federal government's handling of the killings across the country.

They expressed regret over the killings during the graduation ceremony Continued on page 10

N I GE R I A’S E X P O RT E A R N I N G S R I S E BY 10% TO $14 . 4 BN I N Q 1 2018 Also, available data showed that payments for import of goods (free on board) to the economy in the review period grew by 13.9 per cent to $8,642 billion above the level recorded in the preceding period.

This was attributed largely, to a 99.5 per cent increase in the imports of petroleum products.

According to the report, the provisional Balance of Payments (BOP) estimates for Nigeria in Q1 2018 showed a significant improvement in the country’s position as overall, it indicated a surplus of $7,322 billion, compared with a surplus of $6,180billion in the preceding quarter.

It also indicated an improved position, when compared to a surplus of $2.975 billion

recorded in the corresponding period of 2017.

The current account balance (CAB) also improved significantly from a surplus of $3.656billion in Q4 2017, to a surplus of $4.469 billion in Q1 2018.

“The financial account balance indicated a net acquisition of financial assets of $10.293 billion in the review period as against US$3.859 billion recorded in the preceding period.

“The current account witnessed a positive outcome during the review period, recording a higher surplus of $4.469 billion as against a surplus of US$3.656 billion and $3.418 billion in the previous quarter and corresponding period of 2017, respectively.

“This development was largely attributable to the increased export earnings and the net surplus in current transfers,” it added.

Additionally, the report showed that the surplus in the country’s Goods Account increased to $5.752 billion in Q1 2018 from a surplus of $5.473 billion in the preceding quarter and $2.271 billion recorded in the corresponding period of 2017.

However, net out-payments for services during the review period decreased by 5.1 per cent to a deficit of $4.445 billion when compared with the level recorded in Q4 2017.

But when compared with the level in the corresponding period of 2017, it indicated a significant increase of about 201.2 per cent.

The country’s income account (net) also worsened to a debit of $3.272 billion in the review period, from $2.983 billion recorded in the preceding period.

This was significantly different from the $2.278 billion recorded in the corresponding period of last year.

“Current transfers (net) increased by 9.9 and 31.3 per cent to a surplus of $6.434billion in Q1 2018 when compared with the levels in the preceding quarter of 2017 and corresponding period of 2017, respectively.

“Provisional Q1 2018 estimates for the Financial Account showed an increase in net acquisition of financial assets from $3.859 billion recorded in Q4 2017 to $10.293 billion

in the review period.

“It also indicated an improved position when compared to the net incurrence of financial liabilities recorded in the corresponding period of 2017.

“The stock of external reserves as at end March 2018 stood at $46.730 billion, indicating an accretion of 18.7 per cent when compared with the preceding quarter.

“When compared with the corresponding period of 2017, it recorded a higher accretion of 55.8 per cent. The reserves could finance approximately 16.2 months of imports, compared with 15.6 and 11.7 months of imports cover for the preceding quarter and corresponding period of 2017, respectively,” it added.

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Ex-Boko Haram Commander Offers to Persuade Shekau, Others to Surrender A 32-year-old former Boko Haram Commander, Rawana Goni, has appealed to the military authorities to allow him make a phone call to their leader, Abubakar Shekau, and at least 137 other terrorists to persuade them to surrender.

Goni, who is undergoing rehabilitation at a military detention camp in Maiduguri, said this in an interview with the News Agency of Nigeria (NAN).

The former Boko Haram commander is an indigene of Bama in Borno State.

He surrendered to the military in Cameroon after escaping from Sambisa Forest eight months ago.

He claimed to have held several positions in 10 different cells of Boko Haram in Sambisa.

He said the last position he held was as the chief officer of dispute resolution for the group.

Goni explained that many militants came to him to settle problems ranging from family matters.

He also reconciled Boko Haram factions.

He said, “I joined Boko Haram because of the

condition I found myself in the last five years. When the insurgents invaded Bama town, I ran with my family to Cameroon thinking I was in a safe destination. But on reaching Cameroon, I was shocked to realise that I brought myself into another Boko Haram camp. By that time, I knew I would not survive without joining the group. “Days after my induction, we opened a permanent camp at the Cameroon border and named the forest “Aluska.� It was in that camp that I learnt all types of trainings, including weapons handling.

According to him, “After the training, we embarked on our first mission.

We invaded a military formation in Cameroon, dislodged the soldiers and took many weapons from their armoury. We couldn’t take any vehicle because the area was surrounded by river. “We took the weapons we recovered to our leader Abubakar Shekau and briefed him on our success. He was happy that five of us could dislodge

Abubakar Shekau

a military formation.

After congratulating us, he appointed me to lead the group and returned our weapons to us. “Few days later, I recruited many fighters, because as a commander, you are expected to have

no fewer than 250 fighting troops. “With the new fighting force, we invaded Waza village, Damaga and Banki.

We also invaded Bama which is my hometown. “I was touched to see my people being tortured and

killed, while many women and children were living in excruciating hardship.

So I decided to pass a message to my fellow insurgents from Bama and we formed a group comprising of about 137 persons to help our people in prison to escape. “I was able to rescue about 300 hostages at the prison facility in Bama. I usually lied to the guards at the prison that I was going to kill the inmates.

But I would take them to a safe place in Konduga and ask them to run to a safer destination. “Many of the prisoners were exposed to hard labour while some were used as guinea-pigs at shooting range by new arms handlers among Boko Haram.�

On Shekau’s health status, Goni said the insurgents’ leader was healthy as against a report that he was ill. “Nothing happened to him. He broke his leg five years ago while riding on a horse. But he had since recovered. Any one saying Shekau is sick is

only deceiving himself.

We used to communicate through radiophone but not anymore,� he said.

Goni, who said he believed that the war was coming to an end, urged the military to let him tell Shekau and other insurgents that he is still alive. “My 137 boys are on standby to hear I am still alive and I can assure you they will run out of Sambisa Forest and surrender to the military. I once told them to surrender and they said we shall all get killed. But I told them that I will surrender and they said if nothing happened to me, they will all come out,� he said.

Goni commended the military for the special treatment given to inmates who surrendered. “They received us with joy and interact with us at all time. They feed us well and always want to know our problems. If other Boko Haram members knew how we are being treated, they will never want to remain where they are,� he said.

country, a former Minister of State for Education, Mr. Kenneth Gbagi, said the failure of the country’s security architecture was not the failure of Buhari, but that of the people who were not demanding their ‘’due and equitable rights’’ from the security agents, which were being funded by tax-payers money but ended being the richest individuals in the country today.

The Delta State born politician/businessman who stated this while speaking with journalists in Abuja, said the security agencies were not doing enough to stop the killings in the country. ''The greatest issue, which we have in Nigeria today

that is being contrived as security problem, is with the security agencies. When I say security agencies, I mean the Department of State Security (DSS), the Economic and Financial Crimes Commission (EFCC), the Nigerian Police Force, the Nigerian Army and all the apparatus that is synonymous or associated with security,’’ he stated.

He added, “Can you ever remember when the DG of DSS has been probed and money recovered from him?

Have you seen where the National Security Adviser or DG of Nigeria Intelligence Agency is probed? Have you seen where the IG is probed? The fact is that we have been dodging these issues.’’

the brain-box and face of the coalition, has been harping on the economic performances of the current administration, declaring them as appalling.

The insecurity challenge, especially the herdsmen attacks, also offers the coalition a massive outlet to bark at the administration.

Atiku, being a former vice president and a former para-military officer is said to be positioning himself a viable alternative to Buhari, flaunting his credentials not only as an associate of the former generals but also as a tested public officer who could be trusted to carry out the vision of the ex-generals given his background.

The former vice president had formerly told his party National Chairman, Prince

Uche Secondus, last week of his interest in the presidential slot of the party.

He had been doing the rounds, visiting governors elected on the party’s platform and telling them that the party stood a better chance to unseat Buhari with him as the PDP candidate.

The lingering quarrel with his former principal, Obasanjo, is however, said to be a major stumbling block to Atiku’s chance of leading the ex-generals’ charge against Buhari.

THISDAY, however learnt that some of the former generals are prevailing on Obasanjo to give Atiku a second chance. The conditions for this, it was learnt, were the main focus of the meeting yesterday.

D E S P I T E C U R F EW, G U N M E N K I L L S I X I N FR ESH PLATEAU ATTACK of Pace Setter Academy, Wuye, Abuja, stating that government approach to the killings had not been helpful.

They observed that the handling of the killings by the federal government and the presidency had not resulted to peace in the troubled areas.

Na'Abba said, "The issue of killing has not been properly handled. A long time ago communities would have been engaged more properly by the administration but I don't think that they have been engaged.

"These conflicts have been on before this administration came to power but we thought that they would have been well prepared

to curb the situation before coming into power but it doesn't seem they were.

"I feel the administration would have been prepared enough to meet with the communities where the killings are taking place with a view to engage them in a continuous basis. It is not happening."

The former speaker said the president could not handle the problem alone, suggesting that he should seek help.

Kukah said the federal government needed to take more proactive measures to stop the killings.

He said, "This is a wakeup call that there has to be a country and a comfortable platform for this young children to grow into and

we just continue to pray to God that very quickly we will be able to put this very ugly past behind us. I am sure that where Nigeria is today is not doing any good to anybody.

"Prayer is not enough because we need to see some practical actions. We are haemorrhaging very badly and everyone who lives in this country knows that. I know that those in power know what needs to be done.

"The reason why government exist is to secure the territorial space of Nigeria. There is no need to cast aspersion on anybody but we just need to know that where we are."

The Chairman of Pace Setter Academy, Mr Kenneth

Imansuangbon, decried the barbaric killings, stating, "I don’t see this as a Christian and Muslim war but the drums of war are beating. I still believe we can stop the drums of war by supporting Buhari in the best way we can to stop the killings and bring peace and get things work even if you don't want to vote for him in 2019.

"Every Nigerian has the constitutional right to make sure that the country works. It is a shame to our generation that we are now human killers. If we don't take time, whatever is happening now, it will take the next 100 years to get people to believe in our country.�

Also commenting on the security situation in the

AT I K U P O S I T I O N S AS A LT E R N AT I V E TO BU H A RI , MEETS BA BA N G I DA I N MI N N A residence of the gap-toothed former army general who is also an influential member of the PDP and is believed to be neck deep in a search for a viable alternative to the president.

Although officials of both Babangida and Atiku did not tell the outcome of the closed door meeting, which lasted for three hours, THISDAY learnt that the presidential ambition of the latter was discussed and preliminary observations made on the chances of Atiku.

Several supporters of the Waziri Adamawa had stormed Babangida’s residence, turning the place to a carnival of a sort, singing and dancing.

THISDAY gathered that they were however, disappointed when the

presidential hopeful did not brief them after the meeting.

"I am not happy at all because we have been waiting for him for the past four hours.

He could not even wave at us,� said Nabila Mohammed, an Atiku supporter who was at the Babangida residence venue of the meeting.

But Atiku’s media assistant, Paul Ibe, explained that there was no need for any briefing since the visit was a private one.

However, THISDAY learnt that the meeting discussed the plan of some former generals who were in power before and who are dissatisfied with the performance of the president, and are, therefore, looking for a replacement for him.

Among the former generals routing for the ousting of

Buhari are Chief Olusegun Obasanjo, who earlier in the year wrote to the president to perish the idea of a second term, having failed to perform above average in the last three years.

Other prominent ex-generals presently associated to the coalition, according to findings, include Lt. General Theophilus Danjuma, former Head of State Abdulsalami Abubakar, General Zamani Lekwot and General Joshua Dongoyaro.

It was learnt that because of their disagreements with some key policies of Buhari administration, the ex-generals had formed what a source called “a strong coalition against Buhari’s second term ambition in 2019.�

The plot, according to sources, is spearheaded by

Obasanjo, who had accused Buhari of non-performance.

It was gathered that the ex-generals, some of whom served under Obasanjo in the military, had been holding surreptitious meetings for over a year now on how to stop Buhari.

Investigations revealed several of the meetings held in Abuja while a few elements in the coalition have also met overseas to perfect strategies on how to stop Buhari at all costs.

Part of the plot, according to sources, is to mount a campaign of non-performance, highlighting the many weaknesses and drawbacks of the current administration with a view to discrediting it.

Obasanjo, who has accepted the daunting task of being

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COMMENT

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

TRUCK DRIVERS’IMPUNITY

The government should ensure that our railways begin to function properly without further delay, writes Adewale Kupoluyi

I

t was saddening to know a few days ago that the nation recorded another fatal casualty when nine persons died and more than 50 vehicles burnt when a tanker loaded with petrol was involved in an accident on the Otedola Bridge, Berger in Lagos. Similar accidents had severally claimed lives in the past including the one that occurred sometime in September 2015, whereby three members of the same family died in which their relations are still pursuing a huge compensation suit in court over the unfortunate case.

It is a known fact that trucks on Nigerian roads habitually indulge in over-loading, over-speeding, carrying of unsecured containers, lane indiscipline, using rickety vehicles, driving with worn-out tyres and lacking safety equipment, among other traffic offences. These acts of lawlessness do not end there. The drivers’ penchant for violating traffic rules and regulations is alarming. Their attitude to vehicle maintenance is scarcely anything cheering and commendable. Their hallmark is to compromise the integrity and road-worthiness of their vehicles with impunity and in the process; endanger the safety of other innocent road users. What we see on our highways are carcasses of countless tankers, trucks and articulated vehicles that remind us of the abuse to which our public utilities have been subjected to in terms of decrepit highways and poorly-maintained public infrastructure such as office equipment, telephone booths, buses, railings, electricity and bridges.

For their arrogance and non-challance, many people believe that most truck drivers are addicted to the consumption of alcohol and hard drugs. Apart from their unruly behaviour, they also give the impression that they are untouchable and can bribe their way out of any infraction if they are ever caught. In fact, I have come to realise that some Federal Roads Safety Commission (FRSC) officials, policemen and even military personnel often desert the roads whenever they see such trucks approaching the check-points manned by them, usually at full speed.

This over-confidence on the part of the truck drivers and total disrespect for our law enforcement agents could largely be responsible for why the articulated drivers continue to intimidate drivers of smaller vehicles and in the process, cause many avoidable accidents, deaths and destruction of properties.

Unfortunately, a majority of the truck drivers have been found to have little or no formal education, a factor that could, perhaps, be responsible for why they have become used to their many deviant ways, as many regard themselves as “terror� and “kings of the road�. The drivers, from what I have seen so far, are mostly very young people, who exhibit all the exuberance of their youthful ages and restlessness.

Therefore, the main issue to contend with has to do with attitudinal problems, on the part of the drivers, as well as the inability of road regulators to enforce the extant laws, so as to punish traffic offenders and violators.

Another attendant problem that should be addressed is due to the fact that, access to the nation’s major ports is virtually non-existent because of the existence of many trucks on the roads. My recent trip to Lagos was horrific. It took me almost two hours to drive through a

POOR STANDARDISATION OF RULES, WEAK AND COMPROMISED ENFORCEMENT, AS WELL AS DUBIOUS BENCHMARKS FOR CERTIFYING BOTH VEHICLES AND USERS, MADE POSSIBLE DUE TO CORRUPTION, CONSTITUTE A MAJOR OBSTACLE FOR OUR ROAD ADMINISTRATORS

portion of the Apapa road that should ordinarily take me just about 10 minutes. It was so obvious that rail and road transit to and from the Apapa port has remained paralysed while efforts to salvage the access road to the port through private sector initiative appear not to be achieving desired results. What this means is that commercial activities in the area have been crippled, as residents have been forced to abandon their homes and relocated to other areas, courtesy of truck drivers, as they have turned almost all the roads, bridges and highways into parking lots.

Motorists and other road users are forced to spend unbearable long hours on the traffic before they could reach their various destinations.

More importantly, the loss of productive man-hours is unduly fostered by craters and potholes on the roads during this season of rains. To say the least, the trucks and their drivers have become a nuisance. To justify their continued stance, the drivers went on strike to blackmail the government by creating simulated scarcity of petroleum products.

They continue to act as if they are above the law with much impunity.

They block the roads anytime and anywhere without having feelings for other road users and nothing would happen. At times, they had customarily used their vehicles to block bank entrances, making accessibility greatly reduced; customers are made to suffer while entering and exiting the banks for legitimate transactions.

There is need to beam more searchlight on the activities of the truck drivers. Traffic management organisations and FRSC should be better empowered to perform their statutory duties through adequate funding that would aid restoring sanity on our roads. Poor standardisation of rules, weak and compromised enforcement, as well as dubious benchmarks for certifying both vehicles and users, made possible due to corruption, constitute a major obstacle for our road administrators.

There should better transparency in road administration in the nation.

Tankers operating in the country should compulsorily use retroflective tapes to ensure better sighting and anticipation of long vehicles when light from other vehicles are beamed on them, most especially at night when they usually break down at dangerous spots when visibility is poor.

Other law enforcement agencies should be made to fully assist in ensuring safety, aside FRSC. They should command the respect of all road users, including the truck drivers, by shunning unnecessary familiarity, usually encouraged through corrupt practices and desist from collecting bribe money from the drivers, as being alleged. Furthermore, the ages of the vehicles in an economy such as ours may be an issue, but of greater concern is the maintenance and road-worthiness.

Relevant agencies should put in more efforts at engaging the various transport unions on the need for their members to be law-abiding and comply with traffic rules and regulations. They should ensure the speedy prosecution of offenders in mobile courts for reckless parking, dangerous driving, speed limit violation, among other traffic offences.

Kupoluyi wrote from Federal University of Agriculture, Abeokuta

PLATEAU KILLINGS AND GAME OF NUMBERS Jude Ndukwe urges government to be alive to its responsibilities

S

ince the unfortunate continued killings of fellow citizens by suspected Fulani herdsmen terrorists over the weekend in Plateau State, there has been outrage by men and women of goodwill from all walks of life especially as it concerns the federal government lackadaisical attitude towards apprehending the killers who have not only owned up to the killings as usual but have also boasted of inflicting more pain and sorrow upon Nigerians.

While officials of the Buhari-led administration including Buhari himself have continued to explain away these mindless and mind-boggling killings, they have also continued to make excuses for the killers for what Nigerians know is because the Fulani herdsmen terrorists suspected to be behind these mass murders are of the same kith and kin with President Muhammadu Buhari and almost all our security chiefs.

A situation where the president and Commander-in-Chief, his Minister of Defence, his Minister of Interior (the ministry in charge of Nigeria Immigration Service, the Prisons and the Nigeria Security and Civil Defence Corps), the Chief of Army Staff, the Chief of Air Staff, the InspectorGeneral of Police, the National Security Adviser, Director-General of Department of State Services, Comptroller-General of Nigeria Customs Services, Comptroller-General of Nigeria Immigration Service, Comptroller-General of Nigeria Prisons Service, Commandant-General of Nigeria Security and Civil Defence Corps and Director-General of Nigeria Intelligence Agency, covering almost all the fabric of our security architecture, are not only all northerners, mostly of the Fulani stock, but also all Muslims, in a multi ethnic, multi-religious and multi-cultural nation like ours, emboldens Fulani terrorists to commit ethno/religious cleansing,

publicly take responsibility even on national television, boast of it and even threaten more mayhem with unprecedented brazenness, over and over again, without either getting arrested and or prosecuted.

It is therefore not surprising when a “strong man� president who had earlier boasted of leading the war against insurgency from the front and churned out repeated messages of his willingness, readiness and undoubted ability to crush troublemakers, simply and lamely resort to asking Nigerians to pray over the security challenges we are facing. Blood, they say is thicker than water, and it is forbidden for the cock to eat the intestine of another cock. It is certain that our security architecture has been set up to favour criminals from certain parts of the country and descend rashly and brutally on peaceful agitators from other parts.

One is then not bewildered at Mr Femi Adesina, Aso Rock’s mathematician cum mortician who has unconscionably reduced the killings and even the corpses of the victims, under the care of his principal to a game of numbers.

For daring to mourn with those who mourn and asking Nigerians to show solidarity and support to the victims and their surviving loved ones, the Peoples Democratic Party (PDP) had asked that its flag be flown at half-mast in all its offices nationwide. What a compassionate and reasonable government would have done would have been to commend the PDP for its gesture and ask Nigerians to key into such a solemn moment to reflect on the sad and unfortunate events that have become the order of the day in recent times. But it is not so for those in All Progressives Congress (APC) and their principals. Even if Adesina was not happy with PDP’s call and even if he thinks it was all politics (according to him), restraint and

sensitivity to the plight of the people would have been displayed by holding on to his response until tension has simmered.

But because politics must be played even at the expense of the obvious incompetence, ineptitude and abdication of its government’s primary responsibility of protecting the people, Femi Adesina threw caution to the wind and reduced national mourning mood amidst mass murders of our fellow citizens to a game of numbers, irresponsibly comparing the number of those who died under PDP years to those who have died (and still counting) under APC. What Adesina did not tell us or deliberately chose not to tell us was that while the Buhari-led government has watched in absolute hopelessness the continued hacking down of Nigerians, explaining away the situation and making excuses for the killers instead of arresting and prosecuting them as a way of stemming the ugly tide, it is the same Buhari administration which under the seeming dubious guise of deradicalisation and other bogus terminologies have released and continued to release Boko Haram and other terrorism suspects handed over to them by the Goodluck Jonathan-led PDP administration. Even the police officer dismissed by the Goodluck Jonathan administration for aiding the escape of Boko Haram commander, Kabiru Sokoto, was reinstated into the Force shortly after Buhari took over.

So the signs of things to come have always been there. Unfortunately, it is here already! It was Femi Adesina’s principal who once said that the dogs and the baboons, for whatever reasons, would be soaked in blood. Today, the land is a river of blood under Buhari. The Fulani herdsmen terrorists must have read the handwriting on the wall. They got the cue and they are executing it perfectly.

Our Aso Rock tenants are now morticians since

they prefer to preside over the dead than the living. Instead of arresting and prosecuting mass murderers, they keep telling us that the murderers only wield stick and not the AK47 we all see them moving freely with. At a point they even said the killers are not Nigerians as if foreigners have the right to come into our country and keep killing our people without any form of resistance from government. At another time, they told us that it is the anti-open grazing laws in a state like Benue that is motivating the terrorists to unleash mayhem on the people, but then states like Plateau, Kogi, Nasarawa, Zamfara, Taraba, Kaduna, etc., do not have the anti-open grazing law, yet, fellow citizens have continued to be mowed down mindlessly and unrestrainedly by these herdsmen.

As it is, Femi Adesina and other morticians in Aso Rock have run out of lies and excuses for the killers. Buhari has, interestingly, like an Imam used to conducting funeral prayers for the dead, asked us to turn to God for help. I almost forgot the falsehood that environmental factors are responsible for the killings as if pig farmers, poultry farmers, snail farmers, grass cutter farmers and such other farmers of other livestock must also begin to kill people in order to get food for their livestock.

While we continue to mourn the departed, we urge those who have failed abysmally in their responsibility of protecting the citizens from common criminals to, at least, show some respect for the dead by not reducing these sad incidents to a mundane game of numbers. After all, the APC government has always said we cannot compare PDP’s 16 years to that of APC’s short three years to achieve results, but in this case, APC is very quick to compare numbers with PDP. Hypocrites!

jrndukwe@yahoo.co.uk

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T H I S D AY MONDAY, JUNE 2, 2018

EDITORIAL THE 2018 BUDGET CONTROVERSY Funds for constituency projects should be streamlined and justified

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n signing the 2018 Budget into law two weeks ago, President Muhammadu Buhari did rather grudgingly as he complained of serious alterations by the National Assembly. While we understand the predicament of the president, we do not subscribe to scapegoating the lawmakers. To the extent that the federal government is made up of three arms - the Executive, Legislature and Judiciary--it will be myopic to contend that only the executive has sole prerogative on the budgeting process.

All three have a role: the executive proposes and presents the estimates to the National Assembly which has the power to pass the budget into law, then goes on to oversight its implementation. The judiciary can be called upon to make judicial pronouncements when any ministry, department or agency (MDAs) or its officials is found to be in breach of the legislation.

Indeed, the presidential system of government that we practice in Nigeria today comes with a constitutional provision that no expenditure shall be incurred except in pursuance of an appropriation by the legislative arm. This provision also gives the lawmakers, in our present circumstance, the National Assembly, what is THE EXECUTIVE usually described SHOULD PUSH FOR as the power of the REFORMS AND PROPER purse. But that power MONITORING OF BUDGET is coming under inIMPLEMENTATION. creasing scrutiny due A WAY OUT WILL BE essentially to what many see as its abuse, TO STRENGTHEN THE and creates a picture BUREAU OF PUBLIC of an institution that PROCUREMENT TO is self-serving.

MONITOR CONSTITUENCY We believe PROJECTS the whole budget controversy is unfortunate as it has created confusion in the minds of many Nigerians about the power of the legislature to appropriate money for public expenditure. Although the 2018 appropriation bill (now act) may have caused the latest controversy, there has always been a contentious

issue that borders on the meaning and essence of separation of powers that is yet to be resolved. While the power of the legislature to initiate projects through appropriation has over the years been challenged by the executive, we believe the lawmakers indeed can. What the legislature cannot do is to be executing projects. But the real problem is that our lawmakers, in most cases, have also become contractors with “constituency projects,” now effectively another byword for corruption.

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

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

ndeed, the misconduct of many past and present legislators has tended to justify public resentment of their role in the budget process. Therefore, whilst there might have been nothing wrong with the appropriation of money for projects in their constituencies, the way and manner several of them harass the executive to award the contracts for such projects to their proxy companies is unethical.

Going forward, we believe the appropriation committees of the National Assembly should be armed with budget and economic experts who can make forecasts on key factors likely to influence spending in any fiscal year.

Part of the budget defence by revenue agencies should also include revision of their revenue targets, following which the appropriation committees could sit with the budget office to negotiate and arrive at estimates acceptable to both arms of government. Right now, what the legislature does is ad hoc and is tied to allocating more funds to constituency projects. But it can be streamlined and justified if the legislature knows what it is doing.

The executive should also push for reforms and proper monitoring of budget implementation. A way out will be to strengthen the Bureau of Public Procurement (BPP) to monitor constituency projects, or get the MDAs to use their procurement units to carry out this function in order to ensure that contracts for such projects are properly awarded and executed. Another measure is for the law enforcement agencies to prosecute officials of MDAs and legislators who collude to divert funds allocated to constituency projects. Making scapegoats of those guilty of diverting public funds would go a long way to ending the cyclical budget controversy.

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SELLING NIGERIAN CUSINES TO THE WORLD

I

am one of those that believe in the unique meaning of the transistor radio. Unlike the tedium of replaying a compact disk recording of one’s favourite renditions, you get to stumble on a song that leaves you with a dose of nostalgia and linger of melody in your heart, all day long. That is however provided they do not keep playing every song they know and not those you know. Nevertheless, I stay glued to the radio in my car Hifi system, in anticipation of fond long-ago memories and a rhythm for my soul. What is however disturbing is the quality of conversation in contemporary radio. As ideally an honest broker and neutral arbiter of national conscience, the press is supposed to lead public opinion and mirror a people’s cultural values. But a discerning listener would agree with me that fuller consideration is usually the casualty of over the air chit chats that would appear to have become the vogue.

This I think broadcasting authorities should be made to look into, for even more disturbing is that the issues usually range from the trivial to those with state security implications. It was about Nigerian delicacies the other day, on my favourite station.

Someone with a drolly voice was trying to soft-sell with gleeful approbation, to the one with a sonorous voice, the culinary excellence of Ekpang Nkwukwor, a staple meal of the Efik and Ibibio. That bit of chatter got a disappointing close-out, with the

conversant calling on anyone that can prepare the dish for them to sample in the studio. Now, if that was it, I felt that the topic was unfairly treated. To begin with, like every other meal, if 10 persons for instance, should make Ekpang Nkwukwor, with the same ingredients, you would likely end up with 10 different tastes of it. Quality assurance must then be the defining leit motif of world class recipes, such as the Italian Pizza or Chinese food. Such iconic dishes of distinct nativity would have been prepared in one way too many in Sicily or Venice in Italy or in Shangai or Beijing in China. But what has sold them out globally, is a certain minimum standard of ambience and flavour to expect whenever one walks into a Pizza hut or a Chinese restaurant. This should be in much the same way as two headache patients would take Paracetamol with equal and impartial degree of expectation from the palliative.

The discussants should as well have had regard of international culinary expertise as quasi commercial acts of nation states. It would not appear that many a faithful of Chinese restaurant would be that dedicated if they would consider a supposed spitting proclivity of Chinks, such that a sputumsand-pail is provided for a guest, as one of their norms of good manners and courtesy. In this sense, therefore, savoury Chinese meals must be a good ambassador of their country.

Willie Eleje Abili, Lagos

2018 BUDGETARY ALLOCATION TO EDUCATION

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he response that trailed the signing of the 2018 budget into law on Wednesday 20th June 2018, by President Muhammadu Buhari after a protracted wait by Nigerians has again demonstrated that efficiency of the government sector does not only affect the performance of the public sector but that of the whole country.

Interestingly, aside the concern expressed by Mr. President that some strategic projects were slashed by the National Assembly, the breakdown of the budget passed revealed that the present administration is committed to developing the nation’s infrastructure as the details explained that the Federal Ministry of Power, Works and Housing got a jumbo sum amounting to N682.309bn, followed by transportation which received N251.420bn; N157.715bn for defence; N149.198bn for agriculture and rural development; N147.200bn for water resources, among others. The above development to Nigerians with critical interest appears heartening because for the nation to function well, good public services are needed: roads and good transport networks so that goods can be transported, public infrastructure so that economic activity can flourish, and some types of basic regulation to prevent fraud and malfeasance. No doubt, the effort of the federal government must be commended but along the way lies an inherent challenge as a further analysis of the

budget revealed that a paltry sum of N102.907bn, like the previous years, the ‘customary’ seven per cent of the sum total of the annual budget was allocated to the education sector.

A decision that is marred by non-compliance to the international budgetary benchmark on educational funding and fears of possible inability to meet the nation’s educational sector’s primary mandate; and as an effect, heightened the apprehension among Nigerians that the already not too impressive educational sector may further deteriorate.

From the analyses of their action, the vast majority of Nigerians are of the view that however noble the initiatives that informed the government’s decision to place other sectors ahead of education may appear, it remains antithetical to national development and renders Mr. President’s comment that ‘the 2018 Budget is targeted at consolidating the achievements of previous budgets and deliver on Nigeria’s Economic Recovery and Growth Plan (ERGP) 2017-2020’’ as a body without a soul. This visible gap in my view may have stemmed from a confluence of silent reasons with the most radical being the government’s inability to remember that globally, there is no leftist or rightist principle for lifting a nation from poverty to prosperity but can only be achieved by the government’s disciplined attention to education/ human capital development sector.

Jerome-Mario Utomi, Jeromeutomi@yahoo.com

16

T H I S D AY ˾ Ͱ˜ ͰͮͯͶ

17

T H I S D AY ˾ MONDAY JULY 2, 2018

FOOTPRINTS OF AN EXCEPTIONAL PERFORMER R OA D S

L H EA TH

Delta is first State to launch

296

Universal Healthcare Coverage A total of

222,079

road projects …and still counting

persons are currently enrolled into the scheme

WO

R

R EN

M E NT

TE R P

OP

E D E V EL IS

R S’ W E L RE FA

KE

14,841

salaries

10,350

4,113

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

A

G

RIC

U LT U RE

youths trained in vocational skill training centres across the State

Agric sector transformed through

Cluster Farming

3,381

C ATI O N

E

scheme at very affordable rates for junior staff

Prompt payment of staff

persons trained and established in their choice enterprises

Additional

DU

Owner–Occupier housing

classrooms renovated/constructed... and still counting Establishment of Teacher Professional

T IO

NA

Six

Technical Colleges rehabilitated and fully equipped to produce self-reliant graduates as the emphasis shifts from certificate acquisition to skills acquisition

L H O N OU

NAL & I

ERNATIO NA

NT

RS

Development Centre

No 1

Delta ranked out of the 36 States and the FCT in Human Capital Development index by the National Competitiveness Council of Nigeria World Bank endorsed Delta State Job Creation Scheme for funding support Governor Ifeanyi Okowa voted as

Man of the Year 2017

by Daily Independent newspaper

Gov. Okowa – Working for a Stronger Delta ጥWebsite: deltastate.gov.ng

Facebook: @deltastate.gov

Twitter: @DeltaState_Ng

Instagram: deltastateonline

Youtube: Delta State Government

18

T H I S D AY • MONDAY, JULY 2, 2018

POLITICS

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

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

From Peaceful Throng to Panicked Herd Segun James and Shola Oyeyipo, write on the growing exasperation of Nigerians and the perceived aloofness of the Buhari administration.

President Buhari

S

hould Nigerians worry about the fears raised by General Theophilus Yakubu Danjuma, a former Minister of Defence, former Chief of Army Staff and respected elder statesman, that the country may be heading for tumultuous times as the nation races towards the 2019 general election? He insists that the nation is heading for a major crisis.

To the Nigerian civil war hero, President Muhammadu Buhari who he supported in 2015 should be held responsible for the growing dissension. Danjuma regrets his support for Buhari, whose policies he warned, is driving the nation towards the precipice.

Other leading personalities like former President Olusegun Obasanjo, former Vice President Atiku Abubakar and a host of others who believe that the All Progressives Congress (APC) led government of Buhari is leading the nation towards a point of no return have become very vociferous in their quest remove Buhari.

In the stormy world of Nigerian politics, Buhari’s handling of political issues has been anything but intellectual. Among politicians, President Buhari has been an unmitigated disaster. The country has been stumbling and fumbling from one crisis to the other without any intellectual response to solving it.

Today, one of the most perplexing questions in Nigerian politics is: can the nation afford another four years of Buhari? With a weak opposition – the Peoples Democratic Party (PDP), a successful election in the bag; and a buoyant approval from the people on his anti-corruption fight, you would think that Buhari will have little fight in 2019, but unfortunately, the reverse is the case. Nigerians are not only groaning under economic recession, corruption has actually doubled under his watch, according to Transparency International, a global anti-corruption watchdog.

Few political relationships are as volatile and important as that between Obasanjo

Chief Olusegun Obasanjo

and Buhari. Although they were a formidable combination when they teamed up against political enemies or forces, but they have clashed more often than most. And the fact is that they have always shared a cat and mouse relationship.

Though it seems there are not formidable opposition to President Buhari, but that is absolutely incorrect. Truth is, forces working against the incumbent Nigerian President are mounting daily and they are equally perfecting how best to oust his leadership.

There have been obvious alignments and realignments lately. The recent visits of former President Olusegun Obasanjo to the likes of his former friend-turned foe, Chief Olabode George and Afenifere leadership at the residence of Chief Ayo Adebanjo penultimate week were

Buhari’s handling of political issues has been anything but intellectual.

Among politicians, President Buhari has been an unmitigated disaster.

The country has been stumbling and fumbling from one crisis to the other without any intellectual response to solving it

Atiku Abubakar

pointers to a continued consolidation of his Nigeria Intervention Movement (NIM).

The visit became more interesting with the notable presence of staunch critics of the former Obasanjo like, Pastor Tunde Bakare, who was President Buhari’s running mate. He said he was ready to work with Obasanjo since the underlying interest is to move Nigeria forward.

Bakare said: “Being a critic is not an enemy of the state or the nation. The thinker is the enemy of the mob. If you say I have been a critic of Chief Obasanjo, look at him now being a critic of Muhammadu Buhari too, yet he facilitated his coming in. Critic is not the same thing as criticism - it is let us reason together, things are not going the right way.

That is all.”

According to him, the prayer of the concerned leaders at the meeting is that it will fashion ways to put Nigeria on the right path.

There were however indications that the meeting had a fruitful outcome. One of the participants told THISDAY that, “it was positive.

Prof Mabogunje song in Yoruba, “Why shouldn’t we be happy? It has gone exactly the way we want it to go,” was another indication f the frutitful outcome of the meeting.

While Obasanjo did not comment on the purpose of the meeting, his host, Adebanjo said the purpose was to foster peace and unity among Yoruba leaders to enable them take care of the interest of the nation.

According to him, the meeting is “Nothing more than the fact that Nigeria must move forward. All attempts to establish dictatorial tendencies in the country must be opposed.

There must be unity to destroy mediocrity and dictatorship.”

Though he agreed that the meeting was targeted at bringing about the objectives for which Afenifere and other Yoruba leaders stand for, he was not specific on whether the leaders have narrowed down on any candidate for the 2019 election.

“What is important is that we have our common goal. We don’t have a candidate yet.

We must agree first. Any difference among us must be settled. If you are not united you can’t fight the battle. The Yoruba man must put on their thinking cap,” he said.

It is instructive that Adebanjo again played host to the Convener, Northern Elders Forum, Prof. Ango Abdulahi. At the forum, leaders from the southern and northern Nigeria agreed to form a new Nigeria Elders’ Forum (NEF) that will comprise all the geopolitical regions in the country.

Though Abdulahi, who spoke after the over two-hour closed-door meeting with Southwest leaders at the Lekki home of Afenifere chieftain, Chief Adebanjo, restricted himself to the intention of the elders to work together to put the country on the path of development, the fact is that the Afenifere leadership has never shied away from articulating its negative disposition to the Buhari administration, especially because of his opposition to the efforts to restructured Nigeria.

The Afenifere leader, Adebanjo, who received Ango, had with in the meeting, Prof.

Banji Akintoye, Dr. Amos Akingba, Mr. Yinka Odumakin and the President, Arewa Youth Consultative Forum, Alhaji Yerima Shettima.

They all agreed with Abdulahi on the proposal for unity among the leaders, saying: “It is necessary for elders to find ways to work together in order to get Nigeria on the right path and to end the present condition in Nigeria.”

The Afenifere leadership has never pretended about its disapproval of the Buhari leadership.

For them, one of the most important factors that will determine who gets South-west support and shape the outcome of the 2019 general election is restructuring. They will only support a candidate ready to work for a restructured Nigeria.

This build-up from the series of consultative meetings geared towards removing Buhari in 2019 cannot be taken for granted, especially CONT’D ON NEXT PAGE

19

T H I S D AY • MONDAY, JULY 2, 2018

POLITICS

Middle Belt Announces Strategy for Presidential Race Nseobong Okon-Ekong, writes that consideration for a strong and articulate voice as a presidential hopeful from the Middle-belt may be the beginning of a powerful strategy to canvass its peculiar agenda

R

ising from a recent serious meeting to articulate the interest of its region, the influential Middle-Belt Forum has, in the first instance, shortlisted four presidential aspirants in an ongoing process to produce a consensus candidate for the 2019 Presidential election.

To many political pundits, the Middle-belt challenge for the presidency of Nigeria in 2019 goes beyond the sentimental and the perfunctory. The region is at the receiving end of dastardly killings allegedly perpetrated by Fulani herdsmen. Many of their leaders have been told in clear terms by the much traumatised people that they cannot continue to support a leadership that gives tacit support to these killings.

The tragedy of the Middle-belt is that it is home to the largest number of officers and men of the Nigerian armed forces; both serving and retired.

The question on many lips is what do the likes of Senator David Mark know that has forced him into silence? Gen. Theophilus Danjuma was in the news when he accused the Nigerian military of colluding with the killers, but his concern was considered as coming too late.

Consideration for a strong and articulate voice as a presidential hopeful from the region may be the beginning of a powerful strategy to canvass a Middle-belt agenda; that will guarantee it a secure and prosperous future in Nigeria. In recent years, the lot of the people has been characterised by brutal devastation and loss of lives. The ability to present a clear plan for the

Jerry Gana

To many political pundits, the Middle-belt challenge for the presidency of Nigeria in 2019 goes beyond the sentimental and the perfunctory. The region is at the receiving end of dastardly killings allegedly perpetrated by Fulani herdsmen

aspiration of the region was a major consideration for the likely presidential flag bearers from the Middle-belt.

The Middle-Belt region is an important section in the determination of the nation’s presidential politics, as it comprise notable states like Kwara, Kogi, Niger, FCT, Benue, Plateau, Adamawa, Borno (South), Bauchi (South), Kaduna, Kebbi, Taraba, and Nassarawa. The Middle-Belt invariably accounts for fourteen of the nineteen States in the North.

The favoured contenders include a prominent businessman, Mr. Gbenga Olawepo-Hashim.

Olawepo-Hashim was named alongside former Minister of Information, Prof. Jerry Gana, former Deputy Governor of the Central Bank, Dr. Obadiah Mailafia, and former Plateau State Governor, Senator Jonah Jang amongst a dozen candidates that went through the rigorous screening.

Chaired by Air Commodore Dan Suleiman, the panel reportedly shortlisted Olawepo-Hashim, the youngest amongst the four, for his deep knowledge of the economy arising from his successful business endeavors, spanning the

Olawepo-Hashim

breadth of oil and gas, power, communications, and marketing.

The other candidates from the Middle-Belt who made the list of four were noted for also being formidable, given their respective pedigrees as minister, and experienced politician (Prof. Jerry Gana); a former state chief executive (Senator Jang); and a former Deputy Governor of the central bank providing a good ground for understanding the economy, even though lesser known in politics (Dr. Mailafia). The four are to be presented to leaders in other geo-political regions including the South-east, the South-west amongst others for their inputs.

Apart from Commodore Dan Suleiman, who is former military administrator and one time Nigerian envoy to Russia, other personalities on the screening panel include former AdjutantGeneral of the Nigerian Army, Major-General Zamani Lekwot, former Chief of Army Staff, Lt. Gen Ishaya Bamaiyi, former Governor of old Gongola State, Mr. Wilberfore Juta, former Governor of old Kwara State, Chief Cornelius

Adebayo, Mr. Sam Ada Maagbe, and Chief John Odakun.

Olawepo-Hashim’s urbane and cerebral qualities partly reflected in his feats in the University of Lagos and the Buckingham University, where he won the MaxBerlof award for Global affairs gave him an advantage.

The first elected National Deputy Publicity Secretary of the People’s Democratic Party (PDP), Olawepo-Hashim, is seen as a potential force from the Middle-belt region, good enough to attract first time voters on the national voters register numbering over nine million apart from potential voters from the region, and elsewhere.

Other than this are his pro-democracy credentials beginning from his University of Lagos days, and growing into his real life experiences, leading to his recognition as Amnesty International Prisoner of Conscience in 1989.

Detribalised with strong bridge-building credentials, his international exposure additionally appealed to the 18-member screening committee, spread across the 14 Middle-belt states.

F R O M P E AC E F U L T H R O N G TO PA N I C K E D H E R D when the Southern and Northern leaders successfully collaborated and agreed on some burning issues, particularly the herdsmen killings and general state of insecurity, economy and poverty, restructuring and some other issues on the front burner, it will become an herculean task for the ruling APC and the handlers of the Buhari political machinery to wave the movement aside.

Truth be told; there is element of terror in our country and it is becoming most frightening and must be combated.

The moment when a peaceful throng of people turns into a panicked herd is difficult to predict, yet, once triggered, it is almost impossible to calm the hysteria. In the polity, it is better to avert panic than try to pacify it.

These types of hysteria took place in North Africa and the Middle-east where the 2011 Arab spring triggered by a self immolation by an angry man led to the fall of many leaders, destruction of many cities and is still raging in Syria.

A similar frenzy is gradually building-up in Nigeria, especially in the Middle-belt states of Plateau, Benue and Taraba where reports of rampant killings, supposedly by Fulani

herdsmen are recorded almost daily. A number of leaders, especially General Danjuma have openly accused the military of turning a blind eye to the killings and he has also called on the people to defend themselves.

Although the General stopped short at asking the people to take to arms, it is obvious that the only means to defend themselves from the raging AK47 totting herdsmen is to take to arms too.

The activities of the herdsmen has continued to confound the government and the president seems not to have the political will to end their murderous activities, a situation that has given rise to accusations of ethnic cleansing and religious bias against the president.

An astonishing number of people from the South-east are responsible for the economic diversity and development of the northern states; and the oil that is the mainstay of the nation’s economic well-being comes from the Niger Delta. Nigeria owes its continued existence to its chequered prosperity – wealth from oil money.

Nigerians are groaning under the heavy burden of economic recession. Against this background, it was revealing to learn

from the Asset Management Corporation of Nigeria (AMCON) that only 350 Nigerians are responsible for more than 80 per cent of the N5.4 trillion debt portfolio of the nation.

According to the Managing Director of AMCON, Ahmed Kuru, the 350 Nigerians or their businesses, owe a whopping N4.3 trillion of the N5.4 trillion debt profile of the company, an amount which is over 50 per cent of the 2018 Budget of Nigeria.

“We have 350 Nigerians that have obligations or control more than 80 per cent of all AMCONs debt portfolio.

“So, if you are talking about N5.4 trillion, only 350 Nigerians are supposed to pay more than 80 per cent of that amount, and they are normal people you see on the streets,” he said.

“I can tell you that today; our major challenge has to do with the judicial process.

In other climes, what they do is that they allow AMCON to own the assets ab-initio, which means I have paid for the loans from the commercial banks, I have taken over the loan and I will take it over with the assets so I can sell the assets from day one.

“But here, somebody can decide to take

you to court and he has to be heard. He can lock you up with judicial processes and technicalities for 10 years, 15 years or even 20 years.

“If we can have a system where rightly or wrongly we can conclude a case within three months, we can finish our assignments and go.

“The most fundamental thing is that this money must be recovered whether they like it or not.

“They can come to us and we negotiate, and have a payment plan, or we take over your asset that is what the law says, it has nothing to do with AMCON,” he said.

On the day of reckoning, history may assess President Buhari’s response to national integration, from the moment a battered nation desired a responsive leadership and he failed; a lapse that has triggered the drift that the nation is now experiencing.

Today, everybody is complaining about the dysfunction in the system, a government divided against itself; the APC, a party that is not coordinated and Nigerians, a people exasperated by a president that is totally distant from the reality of things in his government and the state of affairs in the country.

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

Regional Collaboration against Maritime Crimes in Gulf of Guinea The 62nd anniversary celebration of the Nigerian Navy afforded it an opportunity to brainstorm with other African countries on strategies for tackling maritime crimes, especially in the Gulf of Guinea. Chiemelie Ezeobi writes

L

ying across 19 coastal and island states, the Gulf of Guinea (GoG) coastline, which stretches from the waters off Senegal to the south of Angola, is a treasure trove of rich resources. Comprising 26 countries grouped into two Regional Economic Communities (RECs), namely Economic Community of Central African States (ECCAS, 11 states with the return of Rwanda) and Economic Community of West African States (ECOWAS, 15 states), the GoG countries’ total population is about 472 million, with 160 and 310 million inhabitants for ECCAS and ECOWAS, respectively.

Blessing Covering a surface area of 11,755,258 Km2, including a coastline of over 6000 kilometres from Senegal to Angola, the GoG countries have an estimated 24 billion barrels of crude oil reserves, that is five per cent of global reserves; five million barrels of crude oil per day; 40 per cent of Europe’s petroleum consumption, and 29 per cent of US petroleum consumption.

The GoG is also the primary conduit of international trade and is central to the economy of the associated regions. It is increasingly looked upon today as resource provider and critical contributor to national growth and prosperity of the several nations lining its coasts and even those landward and with no shared boundaries.

Challenges Despite its inherent potentials, the GoG currently faces what is, perhaps, the world’s most severe maritime security challenges. It is faced with countless threats. These include maritime terrorism, resource theft, and sabotage of supporting infrastructure, piracy and armed robbery, which targets maritime trade, and therefore the economies of the countries, human trafficking, narcotics and arms and smuggling.

But many note that this is expected as tremendous natural resources, proximity to onshore violent non-state actors, and limited maritime law enforcement capabilities leave countries vulnerable to piracy, Illegal unregulated and unreported fishing, crude oil related crimes, trafficking, smuggling and many others. These activities undermine good governance.

So in a bid to find lasting solutions to the myriad challenges bedevilling the GoG, naval chiefs from 38 countries recently gathered at the Admiralty Conference Centre, Naval Dockyard Limited, Victoria Island, Lagos, for the International Maritime Conference (IMC) at the behest of the Nigeria Navy (NN). For the navy, it was also its 62nd anniversary. ‘Exercise EKU KEGBE’ Prior to the IMC, there was a sea exercise and it was as part of moves to curb incidences of maritime crimes on the GoG waters, especially piracy and sea robbery. The NN collaborated with France, China, Portugal and three other African navies. The regional maritime exercise was codenamed Exercise EKU KEGBE, with 12 Nigerian Navy ships, alongside others from the participating countries, deployed.

The Chief of Naval Staff, Vice Admiral Ibok Ete-Ibas, and the Chief of Defence Staff, Gen. Abayomi Olonisakin, flagged off the exercise on board Nigerian Navy ship (NNS) OKPABANA at the Naval Dockyard Limited, Lagos.

While noting that the exercise was also aimed at promoting regional cooperation, Ibas said participating countries included Cameroon, Ghana and Togo.

He said, "This operation also enjoys the support of other friendly navies beyond the Economic Community of West African States and Economic Community of Central African States regions. Twelve navy ships and one each

Vice President Osibanjo and the CNS anked by other dignitaries

from Cameroon, Ghana, Togo, China, France and Portugal will participate in the maritime exercise. “The exercise is aimed at promoting regional cooperation and coordination for the enhancement of maritime security in the GOG as it is rich in both living and non-living resources, including oil and gas and fisheries. The GOG is also the primary conduits of international trade and is central to the economy of the associated regions and it is increasingly looked upon today as resource provider and critical contributor to national growth and prosperity of the several nations lining its coasts and even those landward and with no shared boundaries.�

Ibas lamented that the GoG was faced with myriad of threats, including maritime terrorism, resource theft and sabotage of their supporting infrastructure, piracy and armed robbery, which targets maritime trade, use of unregulated movements at sea for seaborne trafficking in humans, narcotics and arms, and the incidents of smuggling.

He said, “It is imperative that an environment conducive for the unhindered conduct of shipping, fishing and offshore exploration and other maritime interests that contribute vitally to economic growth and national development is established.�

The CNS said it was in keeping with this concept that the navy and indeed all of these contingents conduct frequent reinvention. According to him, “Lately, a lot of efforts have

The Gulf of Guinea hosts one of the most important regions for oil and gas production and transportation. It also contains some of the largest hydrocarbon deposits ever discovered. But in the past few years, the gulf has experienced security challenges that have made it one of the most problematic maritime spaces in the world

been committed to strengthening regional maritime security frameworks for the purpose of prosecuting the contemporary and future threats on a collaborative model. “This is expected to improve maritime order and governance in this part of the global commons, strengthen confidence of sea fearers and investors, and stimulate economic activities in safe environment. Thus EX EKU KEGBE is consolidating the advocated regional cooperation, which is increasingly the preferred approach to tackling threat migration across national borders.�

Present at the flag off ceremony were the Chief of Army Staff, Lieutenant General Tukur Buratai; the Flag Officers Commanding, Western Naval Command and Naval Training Command, Rear Admirals Sylvanus Abbah and Obi Ofodile, respectively, alongside other senior military officers both serving and retired.

International Maritime Conference The IMC was a conference organised for navies of different countries to brainstorm on the solutions to the criminalities in the maritime domain.

Themed, “Enhancing an Integrated Maritime Strategy for Security of the Gulf of Guinea�, the conference attracted over 350 participants including heads of navies and coastguards of Gulf of Guinea member states, top government functionaries, serving and retired military officers, captains of industry, international maritime partners as well as relevant local and international maritime stakeholders.

Presidential Advocacy As the special guest of honour at the event, President Muhammadu Buhari advocated regional collaboration in the fight against maritime crime, stressing that the recent security challenges in the GoG has made it one of the most problematic maritime spaces in the world.

Buhari, who was represented by Vice President Yemi Osinbajo, also commended Ibas for the many innovative and forward-looking ideas he has brought to the leadership of the service. He also added that the theme of the conference 'enhancing an integrated maritime strategy for security in the Gulf of Guinea', was quite apt given the presence of 38 nations of the world.

On the maritime issues bedevilling the GoG, Osinbajo revealed that in 2016, about 53 piracy attacks or attempted attacks and more than 50 per cent of global kidnappings for ransom were recorded in the region.

Quoting the International Maritime Bureau (IMB), Buhari said, "In 2016, the IMB recorded 53 piracy attacks or attempted attacks in the GoG, representing 28 per cent of worldwide

attacks.

"The GoG also accounted for more than 50 per cent of the global kidnappings for ransom, with 34 seafarers kidnapped out of a total of 62 worldwide. Besides, the trafficking of arms, drugs and persons, widespread unregulated and unreported fishing activities, severe environmental damage and pollution have remained constant challenges."

On the need for stronger collaboration among member states, the president said countries in the GoG have since recognised that security in the region was a challenge to maritime safety and significant threat to their economic prosperity.

He said, "The GoG is perhaps one of the most strategic maritime geographies in the world. On account of its proximity to the European and North American markets, the GoG has been an important route for container ships headed for Europe and America.

"Besides, the gulf hosts one of the most important regions for oil and gas production and transportation. It also contains some of the largest hydrocarbon deposits ever discovered. But in the past few years, the gulf has experienced security challenges that have made it one of the most problematic maritime spaces in the world.

"From the rise in maritime insurance premiums for vessels coming to the GoG to increased freight and reduced commercial traffic to the region, it has always been clear that it is in our national and regional interests to collaborate, to tackle the problems that we confront in the maritime domain of the region. The establishment of the Gulf of Guinea Commission (GGC) was an important initiative in this regard.

"In addition, member states of the Gulf of Guinea Commission have made individual efforts to improve the capacity and capability of their navies, and other relevant agencies to enable them perform their duties more effectively. This has been well complemented by the establishment of Regional Centres for Maritime Security by the Regional Economic Communities, ECOWAS and ECCAS. "This effort is itself capped by the establishment of the Inter-regional Coordination Centre based in Yaounde, Cameroon. The invaluable multifaceted collaboration of the US and the EU is worthy of mention. And these initiatives are commendable indeed.

"But the destination of our journey to safety and stability in the gulf is still a while away, which is why this conference is important. It is an opportunity to reopen the issues, to speak frankly on the governance issues in our states that conduce to some of the challenges we are experiencing; to explore the prospects of closer collaboration with friendly powers around the world, and to leave here with some concrete

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FEATURES

safety and security, a code of conduct relating to the prevention and repression of acts of piracy, armed robbery at sea against ships and illegal activities', creation of an Inter-regional coordination Centre

takeaways that would address the grave issues that confront us in the Gulf of Guinea."

Progress Ibas recounted the giant strides made by the Nigerian Navy under his watch in curbing maritime crime. He said the navy had arrested 69 vessels for various maritime crimes and succeeded in securing 13 convictions in the course of two years. He said a commendable stride has also been made in the Maritime Domain Awareness (MDA) project to enhance surveillance and interdiction efforts.

He said, "The twin but complimentary systems of the US Government assisted MDA project of Regional Maritime Awareness Capability facility and the FALCON EYE system have continued to be expanded, in view of their highly encouraging outputs. Furthermore, the aggregate capacity built over the course of this past two years seriously deterred other forms of illegalities in our domain, but for those that dared to brace the odds, about 96 vessels were arrested for various maritime illegalities, especially on charges of illegal dealing on petroleum products, crude oil theft, piracy and sea robbery, infringement of provisions of cabotage laws and immigration statutes. About 13 convictions have been secured, while many others are being prosecuted."

Ibas also noted that one of the successes recorded by the navy's transformation has been anchored on the provision of extensive upgrade to the fleet. He said, "With an unprecedented support of the Federal Government, the NN in line with its programme of general preparedness has inducted a good number of platforms, which include the injection of over 350 riverine crafts, procurement of six long endurance platforms, with three more under construction, additional to logistic and hydrographic vessels whose construction has also commenced."

Maritime Law The Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN), noted that maritime crimes occur across borders and sometimes in areas of the seas, oceans that appear largely unpoliced.

Malami said, "There is therefore, the need for collective efforts through collaboration and effective coordination among all stakeholders in the maritime industry at local, regional and global levels. It was in realisation of this that the government has remained committed to a policy of domesticating relevant conventions for expeditious adjudication of maritime crimes.

"In my capacity as the Chief law officer of the federation, I have come to appreciate the enormous challenges involved in the administration of justice involving maritime crimes. It was against this backdrop that the ministry, alongside other maritime law enforcement agencies participated actively in the formulation of the harmonised standard operating procedure on arrest, detention and prosecution of vessels, persons."

Stakeholders Minister of Transport Rotimi Amaechi lamented the adverse effects piracy, robbery and other maritime crimes have on the nation's revenue, adding "maritime security is essential in maintaining the flow of revenue for any nation."

Governor Akinwunmi Ambode, who was represented by the Commissioner for Special Duties, Seye Oladejo, praised the navy for achievements it had recorded particularly in

About 96 vessels were arrested for various maritime illegalities, especially on charges of illegal dealing on petroleum products, crude oil theft, piracy and sea robbery, infringement of provisions of cabotage laws and immigration statutes.

About 13 convictions have been secured, while many others are being prosecuted

Resolutions At the end of the brainstorming sections, the participants came up with resolutions that would be put to use in the region. These resolutions included that of GoG member states should institute and develop a funding scheme to support the navies of member states. The source of funds could be annual contributions by member states purposely for maritime security as well as grants from international organisations and major stakeholders.

They resolved that GoG member states should honour financial commitments made to community bodies and activate mechanisms to finance the strategy, even as they are to contribute platforms for a zonal fleet under a unified command which will exercise operational command and control within the maritime boundaries of member states.

Also expected are for RECs to harmonise all maritime security initiatives and legal frameworks through ratification in their national legislations.

The resolution also included that RECs should develop a joint maritime security operational procedure and establish a common mechanism for information sharing, while GoG member states should develop capacity for local ship building and it's navies to improve training through collaborative Gulf of Guinea navies should develop mutual trust and confidence amongst each other so as to confront common maritime security threats and efforts. GoG navies also resolved to develop awareness amongst the political class on the challenges in the maritime domain and the need to transmit political will to definite commitments, just as they noted that they would strive to implement resolutions taken during conferences. They said for the development of the region, a strategic approach was required as each country developed a national maritime strategy consistent with the YaoundĂŠ Code of Conduct. To curb maritime crimes, the need to build the capacity of member countries navies cannot be over emphasised, the conference noted.

A cross-section of foreign navies at the IMC

The participants at the IMC

The CNS and other dignitaries at the Ceremonial Sunset dinner

internal security within Lagos and the fight against militancy in the Niger Delta.

At the conference were the Minister of Defence, Mansur Dan Alli; Olonisakin; Chief of Army, Lt.-Gen. Tukur Buratai; Chief of Air of Staff, Air Marshal Sadique Abubakar; Chairman, Senate Committee on Navy, Issa Misau; and naval chiefs from 38 other countries.

Synergy In his presentation on “Synergy of maritime security efforts in the Gulf of Guinea: strides made in the ECCAS zone�, the Cameroonian Navy Chief of Staff, Rear Admiral Mendoua Jean, said the GoG region had several assets such as a great economic potential due to its mineral wealth and fish products, a high population growth, a blooming middle class and large port facilities under construction.

However, he lamented that the region also had weaknesses of which the main ones were: maritime insecurity due to attacks by pirates and other maritime thieves, uncontrolled population growth which is disproportionate to the economic growth, high unemployment rate, lack of infrastructures, poor maritime governance, instability in some countries as well as a low industrialisation level.

Jean said, "Given the general characteristics of the Gulf of Guinea as well as its strengths and weaknesses, the overall theme of this conference ‘towards an integrated maritime strategy between States of the Gulf of Guinea’ makes perfect sense.

"The maritime space of ECCAS, which is of particular interest to us, covers 3,307 km of the border between Angola and Namibia to the south up to the border between Cameroon and Nigeria, that is, a total surface area of about

1,250,000 km2.

"Faced with the deteriorating security situation in this area during the 2000-2010 decade, the initiative of Heads of State and Government of ECCAS countries led to the immediate operationalisation of a maritime security strategy to secure member states’ vital interests at sea.

Today, in the light of the relatively calm security situation in this area, there is no doubt that this security strategy continues to produce satisfactory results in spite of the obstacles and challenges it faces."

Developing Capacity The Deputy Chief of Regional Staff Maritime Component Central African Standby Force, Navy Captain Djorwe Koskreo, while quoting the December 2012 Report of the International Crisis Group Report said its analysis of the alarming frequency of acts of piracy and sea robbery in the GoG advocated a response at two levels which includes building a regional architecture in order to confront the maritime security problems and improving economic governance and security in member states of the region.

Speaking on “Developing capacity for regional maritime protection; challenges and prospects for GoG countries - ECCAS perspective,â€? Koskreo said supported by Resolutions 2018 and 2039 of the United Nations Security Council, an interregional initiative was taken at the YaoundĂŠ Summit of 24 -25 June 2013 by the countries of the Gulf of Guinea comprising ECOWAS, ECCAS and GGC. He said the heads of states in the course of the summit adopted the following resolutions: a memorandum of cooperation on maritime

Ceremonial Sunset To crown the event, there was a ceremonial sunset where navy colours were observed and the flag saluted as it was brought down at sundown. After the sunset, the navy hosted all participants to a sumptuous buffet. At the dinner, Speaker, House of Representatives, Yakubu Dogara, commended the navy for attaining at least 80 per cent of its capital budget in 2017, which he said impacted positively in their overall efficiency. The speaker also said with the successful passage of the 2018 appropriation bill and implementation of the budget, it will further reposition the service to better fulfil their very essential obligations to the nation.

Represented by Chairman, House of Representatives Committee on Navy, Abdussamad Dasuki, the speaker commended the navy for their doggedness in the face of scarce resources.

He said, "With sustained commitment on the part of the Armed Forces, we will soon win the war against insurgency.

"The navy attained over 80 per cent capital budget performance in 2017. This achievement has impacted positively in their level of achievement and other enhanced operational efficiency. The successful passage of the 2018 appropriation bill and implementation of the budget will further reposition the service to better fulfil their very essential obligations to the nation.

"The National Assembly is aware of the constraints facing our Armed Forces like inadequate equipment due to limited resources. However, we have always done our best to ensure that reasonable provisions are made for our security agencies and we will continue to afford you the necessary consultations."

Dogara stated, "I rejoice with you in your successes and the growth you have enjoyed over the years. The Armed Forces have a crucial role to play in the survival of our country as a sovereign nation. I commend you for living up to expectations. As you police our territorial waters, you also have the unique responsibility of safeguarding our installations in our oil and gas industry. Your diligence and success in this regard is therefore crucial to the economic wellbeing of the country. I urge you to sustain your commendable efforts."

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IMAGES

L-R: Managing Director, ARM Pensions, Mr. Wale Odutola; Director General, Lagos State Pension Commission, Mrs. Folashade Onanuga; Zonal Coordinator, South West, National Pension Commission, Mr. Lanre Ogedegbe; and Head, Business Development, ARM Pensions, Mr. Abisola Onigbogi, during the 2018 ARM Pensions retiree forum in Lagos‌ recently.

T H I S D AY Ëž Ëœ Í°Ëœ Í°ÍŽÍŻÍś

Photo Editor ĂŒĂ“Ă™ĂŽĂ&#x;Ă˜ ÔËÖË Email Ă‹ĂŒĂ“Ă™ĂŽĂ&#x;Ă˜Ë›Ă‹Ă”Ă‹Ă–Ă‹ĚśĂžĂ’Ă“Ă?ĂŽĂ‹ĂŁĂ–Ă“Ă Ă?Ë›Ă?Ù×

L-R: General Manager, Special Projects, Middle East & Africa, Embraer Commercial Aviation, Hussein Dabbas; Chief Executive, Stanbic IBTC Bank, Dr Demola Sogunle; and Chief Executive OďŹƒcer, African Aviation Services, Nick Fadugba, at the aviation industry breakfast session organized by Stanbic IBTC in Lagos recently

L-R: Senator Kahirat Abdulrazaq-Gwadabe; Chairman of the Occasion, Alhaji Abdulsamad Rabiu; and Executive Director, Bridge House College Ikoyi, Mrs. Foluke Abdulrazaq, during the 14th annual graduation ceremony of the School in Ikoyi, Lagos.....recently kola olasupo

L-R:Sales Director, Fueltrax, Mr. James Slaughter;West Africa Manager, Mr. Bene Okorie; Sales/ Marketing Manager, Votoria Cantu;Business Head, Marine Services, C&I Leasing Plc, Mr. Wisdom Nwagwu; and Global Operations Director, Fueltrax, Mr. John Donovan, at the electronic fuel monitoring symposium hosted by Fueltrax in Lagos recently.

Top Ukutt

L-R; Wife of the Minister of Power, Works, and Housing, Dame Emmanuella Fashola, her Husband/Celebrant, Mr. Babatunde Raji Fashola; Senator Representing Lagos East Senatorial District, Senator Gbenga Ashafa; Keynote Speaker, Mrs. Ibukun Awosika; and former Lagos State Deputy Governor, Mrs. Sarah Adebisi Sosan at the BRF Gabfest 2018 in Lagos recently

L-R: First runner-up LG OLED Gaming Challenge, Bankole-Fujah Olarenwaju; Winner of LG OLED Gaming Challenge, Oti Precious; and Second runner-up, Andre Oddiri, during the maiden edition of LG OLED Gaming Challenge held recently in Lago

L-R: Former NBA National General Secretary, Mazi Afam Osigwe; a lawyer, Mr.Uyi Ayela; and Mr. Isah Abubakar, during a media parley with Maxi Afam Osigwe in Lagos. ..recently. kolawole alli

L-R: Head, Consumer Products, Ecobank Nigeria Ltd, Aderemi Sanusi; Head, Retail Mass Market, Old Mutual Nigeria Life Assurance Company Ltd, Kayode Odetola; Head, Personal Banking, Ecobank Nigeria Ltd, Ayo Osolake; Managing Director, Old Mutual Nigeria Life Assurance Ltd, Keith Alford; and Chief Transformation OďŹƒcer, Ecobank Nigeria Ltd, Unwana Esang, during the press conference on Old Mutual/Ecobank Bancassurance partnership announcement in Lagos ...recently. kolawole alli

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Group Business Editor Obinna Chima

BUSINESSWORLD R A T E S MONEY MARKET OBB OVERNIGHT

A S

A T

REPO 13.7 % 14.08 %

CALL 1-MONTH 3-MONTH

9% 14.83 % 15.67%

Email obinna.chima@thisdaylive.com 08024557078, 08091152219

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EXCHANGE RATE N305.75/1US DOLLAR* ĚŠ

Quick Takes Rack Centre Wins Datacloud Awards

Rack Centre has announced that it was recently honoured with the Datacloud award for regional excellence in the Data Centre Geographical Location category. The Datacloud Europe award is globally regarded as one of the world’s deďŹ ning accolade for data centre and cloud industry.

The awards recognises the leading individuals and companies shaping the global data economy and honour innovation, service excellence, and diversity. Chairman of Broadgroup, parent company of Data Economy Magazine and organiser of the award ceremony, Mr. Phillip Low, said: “Globally relevant, the Datacloud Awards have yet again both delighted and surprised reecting the incredible dynamism, talent and spirit that exists in the industry. “All of this year’s winners are disrupting and innovating in ways we had neverimaginedandhelpingtodeďŹ neneweraintheITinfrastructuremarket.’ TheDatacloudEuropeawardwinnersareselectedbyindependentpanel of judges and Rack Centre was selected ahead of three other European ďŹ nalists due to its success metrics. Managing Director, Rack Centre, Ayotunde Coker, said: “We are truly proud of this award to Rack Centre representing Nigeria and West Africa. Last year we were ďŹ nalist in one category, and this year, ďŹ nalist in two categories and selected as winner by an august panel of judges.â€?

INVESTITURE

L-R: Commissioner for Insurance, National Insurance Commission, Mohammed Kari; Chairman, Nigerian Insurers Association (NIA), Tope Smart; Immediate Past Chairman, Mr. Eddie Efekoha; Group Managing Director/CEO, Custodian & Allied Insurance Plc, Mr. Wole Oshin,and Managing Director/CEO, Leadway Assurance Company Ltd, Mr. Oye Hassan-Odukale, at the 47th Annual General Meeting of NIA and conferment of Smart as new Chairman of the association in Lagos‌ recently etop ukutt

Manufacturing Index Expands for 15th Consecutive Month CBN intervenes with fresh $318.73m

r

Obinna Chima The Manufacturing Purchasing Managers’ Index (PMI) for June stood at 57.0 index points, indicating expansion in the manufacturing sector for the 15th consecutive month.

The Central Bank of Nigeria (CBN) revealed this in its PMI report for June that was posted on its website at the weekend.

The report showed that the index however grew at a faster rate when compared to the index in the previous month.

Of the 14 sub-sectors surveyed, 10 reported growth in the review month in the following order: paper products; furniture and related products; printing and related support activities; food, beverage and tobacco products; plastics and rubber products; electrical equipment; textile,

ECONOMY apparel, leather and footwear; chemical and pharmaceutical products; petroleum and coal products and non-metallic mineral products.

On the other hand, the transportation equipment; fabricated metal products; primary metal; and cement subsectors declined in the review month.

Similarly, at 59.2 points, the production level index for the manufacturing sector grew for the 16th consecutive month in June 2018.

The index indicated a faster growth in the current month, when compared to its level in the preceding month.

In all, 10 of the 14 manufacturing sub-sectors recorded increase in production level, one remained unchanged, while the

remaining three recorded declines in production level during the review month.

Also, at 56.2 points, the new orders index grew for the fifteenth consecutive month, indicating increase in new orders in June 2018. Eight sub-sectors reported growth, two remained unchanged while four contracted in the review month. “The manufacturing supplier delivery time index stood at 56.5 points in June 2018, indicating slower supplier delivery time for the thirteenth consecutive month. “Eight sub-sectors recorded improved suppliers’ delivery time, while six remained unchanged. The employment level index in June 2018 stood at 55.4 points, indicating growth in employment level for the 14th consecutive month.

“Of the 14 sub-sectors, seven reported increased employment level, four remained unchanged while three reported reduced employment level in the review month,� it showed.

In the same vein, the manufacturing sector inventories index grew for the 15th consecutive month in June 2018.

At 57.7 points, the index grew at a slower rate when compared to its level in the previous month. Eleven of the 14 sub-sectors recorded growth, two remained unchanged while one recorded decline in raw material inventories. “The composite PMI for the non-manufacturing sector stood at 57.5 points in June 2018, indicating expansion in the non-manufacturing PMI for

The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Dr Dakuku Peterside, has said the Maritime Silk Road initiative promoted by China to develop international shipping connectivity across South East Asia, Africa, Oceania, Indian ocean will create a new opening for Africa to advance its economic partnership for the benefit of the continent.

This is just as he charged African governments to protect their economic interest to ensure that the people of Africa benefits from the wealth in the continent.

Peterside who was speaking as the chairman of the 29th annual

MARITIME session of club of ports of the Crans Montana forum currently ongoing in Brussels, Belgium said the maritime silk roads comes with a lot of benefits for the continent.

He, however, charged African countries to be strategic in decision making in order to reap the rewards and avert perceived risks inherent in the initiative.

According to him, “Whereas China is pursuing new transportation linkages throughout the Eurasia region and Africa to boost trade and enhance her economic status; Africa must key in to develop her port infrastructure, maritime assets

financing and create jobs for her people.�

Speaking further, the NIMASA boss listed potential threats such as likelihood of ports being taken over by the Chinese to the detriment of Africans, noting that the maritime Silk Road initiative will create opening for African markets to be flooded with Chinese goods.

Peterside also said that as a result of the China-driven initiative, Chinese policy may also affect port calls and hub decisions. He warned that the oil tanker and gas markets will be affected by the construction of new pipelines that will connect Africa to China which will engender Chinese political dominance in Africa if not carefully managed.

The Chartered Institute of Bankers of Nigeria (CIBN) has said it plans to collaborate with stakeholders to sensitise members of the public on the eminent threats surrounding the ďŹ ntech space.

In a statement, the Chairman, CIBN Lagos branch, Mr. Kola Abdul, said: “As relevant and transformative as ďŹ nancial technology is to the ďŹ nancial service providers globally, the threat it poses to the traditional banking industry is huge and must not be overlooked.â€?

The chairman stated further that CIBN, in collaboration with its parent organisation,waswillingtocollaboratewithrelevantstakeholderstoembark on sensitisation of banking industry on the real threats posed by FintechS. The statement also quoted the Publicity Secretary, CIBN Lagos branch, Mr. Jide Iyanda, as noting that the ďŹ nancial innovation brought by the emergence of Fintechs also came with opportunities and challenges.

According to Iyanda, the development informed the reason the Lagos branch of the CIBN , in its forthcoming “2018 Bankers and Stakeholders night is focusing on Fintech.

According to the statement, the one-day event which has the theme, ‘Big data, Fintech and the future of banking,’ will hold in Lagos in July. “The annual Lagos Bankers and stakeholders’ event has become a veritable platform where topical national issues bothering on economy, banking industry and enterprise risk management are being thrashed out by experts in the ďŹ elds,â€? the statement added.

Winner Emerges in Gbam Lotto

A recent graduate from Ahmadu Bello University, Zaria, Muhammed Fatimah Binta got her bank account credited with the sum of N500, 000 after playing Gbam’s instant- win lottery with just N200.

Gbam Nigeria is an instant-win lottery company with a unique scratchand-winpropositionprimarilyfocusedontransformingthelivesofNigerians by gathering a pool of money through its dierent games types.

ThegamesweredesignedaroundlifestyleinterestofNigerians:Sports, Fashion, Food, Music,Tourism, StreetVibes, Politics, among others. Each game contains a statement or question with the instruction to scratch the panel area to reveal the matching answer. Players cannot adjust or predict the answer, but can only scratch to become a lucky winner.

AccordingtotheChiefSalesOďŹƒceratGbamLottoNigeria,Oluwasegun Continued on page 24 Marculay, “Fatima took a few simple steps such as registering on www. gbam.ng, logged in using a unique login identiďŹ cation and transferring moneyfromheraccounttothePlayBoxbeforeshecouldwintheN500,00.â€? “The moment she won, the money was transferred to her bank account automatically. Gbam does not interact with it and it’s a good thing that she believed in us by playing because we have shown genuinety in our operations,â€? Marculay added.

The NIMASA boss further Gbam’s instant win lottery is built on an automated technology that advocated the support of the only notiďŹ es the ďŹ rm through its website backend without interfering China-led maritime Silk Road the gaming process. initiative, but charged Africa to do the needful to ensure her economic interests is fully protected.

Other speakers at the Club of Ports annual meeting were “As a matter of urgent national Jose Gonclaves of Cape Verde, emergency, Nigeria must reMohamed Ibrahim of Mali , invigorate efforts to reform public Abass AlNaqi of Organisation procurement policies, especially of Arab PETROLUEM exporting the Public Procurement Act, which regulates public procurement countries, Sergey Sidorsky of and aim to minimise the abuse of Eurasian Economic Commission, processes, rules and standards in Mircea Ciopraga of TRCECA, the awards and execution of public Deniz Beten of NATO, Jean sector contracts�

Osso of Congo, Pierre Ndiaye Former President Olusegun of Gabon, Farshad Shahbaz Obasanjo of Iran , Erwin Cootjans of

Peterside Highlights Benefits of Maritime Silk Road Eromosele Abiodun

CIBN to Highlight Threats of Fintechs

Continued on page 24

T H I S D AY Ëž Ëœ Í°Ëœ Í°ÍŽÍŻÍś

24

BUSINESSWORLD MANUFACTURING INDEX EXPANDS FOR 15TH CONSECUTIVE MONTH

the 14th consecutive month. “The index grew at a faster rate when compared to that in May 2018. Fourteen of the 17 subsectors recorded growth in the following order: repair, maintenance/ washing of motor vehicles; agriculture; information and communication; professional, scientific and technical services; finance and insurance; utilities; water supply, sewage and waste management; health care and social assistance; real estate rental and leasing; electricity, gas, steam and air conditioning supply; wholesale/retail trade; construction; management of companies; and transportation & warehousing,� it added.

Meanwhile, the CBN intervened in the retail segment of the interbank foreign exchange market with a total of $318.73 million last Friday.

Data obtained from the CBN indicated that the deals in the retail window represented requests from the various sectors in the Secondary Market Intervention Sales (SMIS), thereby providing a boost to the respective sectors.

PETERSIDE HIGHLIGHTS BENEFITS OF MARITIME SILK ROAD

NERTHERLAND, Salou Oumarou of BELGIUM, Paul Altena of Belgium.

The Maritime Silk Road refers to the maritime section of historic Silk Road that connects China to Southeast Asia, Indonesian archipelago, Indian subcontinent, Arabian Peninsula, Somalia and all the way to Egypt and finally Europe, that flourished between 2nd-century BCE and 15th-century CE. The trade route encompassed numbers of seas and ocean; including South China Sea, Strait of Malacca, Indian Ocean, Gulf of Bengal, Arabian Sea, Persian Gulf and the Red Sea. The maritime route overlaps with historic Southeast Asian maritime trade, Spice trade, Indian Ocean trade and after 8th century—the Arabian naval trade network. The network also extends eastward to East China Sea and Yellow Sea to connect China with Korean Peninsula and Japanese archipelago.

NEWS

Insurance Sector Records N363bn Premium in OneYear Ebere Nwoji The volume of businesses written by insurance companies grew from N315.96 billion in 2016 to an estimated N363 billion in 2017.

This was revealed by the immediate past Chairman, Nigeria Insurers Association (NIA), Mr Eddie Efekoha, while speaking on the insurance industry’s financial performance for the year ended December 31st, 2017.

Efekoha, who stated this at the 47th Annual General Meeting of the association held in Lagos recently, where he presented his two years score card as the helmsman of the NIA, said the above premium was raked in by the operating firms within the period despite the prevailing challenges facing the entire global financial markets.

In Nigeria, Efekoha, said in the year 2017, insurance firms had to grapple with challenges of epileptic power supply and dilapidated infrastructure such as roads and other public facilities, all which according to him, exposed the industry to increased cost of operations. “This coupled with a suffocating tax regime impacted the bottom line of insurance companies,� Efekoha said.

He said despite these challenges, the insurance industry, during the period under review continued to

perform its role of financial intermediation and business restoration in line with its mandate. “The volume of business written by the market grew from N315.96 billion in 2016 to an estimated N363 billion in 2017, representing an expected increase of 15 percent over 2016 figure,� he said.

Efekoha, said to ensure a more robust performance in the current business year, the industry operators in

collaboration with the National Insurance commission (NAICOM) embarked on various initiatives to deepen insurance penetration.

These initiatives according to him, included, the insurance industry roadmap; financial inclusion; micro insurance; bancassurance and the insurance industry rebranding project.

He noted that the association’s Unstructured Supplementary Service Data (USSD) initiative and other

strategic efforts would increase insurance uptake by the public.

Meanwhile, at the meeting, the association’s leadership baton was transferred from Efekoha t o M r To p e S m a r t , t h e M a n a g i n g D i re c t o r a n d C h i e f E x e c u t i v e O ff i c e r NEM Insurance Plc. In the year 1995, Smart joined Vigilant Insurance Company Limited as the General Manager/Chief Executive Officer. He was responsible for the overall

growth and development of the organisation. In view of the outstanding results posted in two years, the Board in 1997 approved his elevation to the position of Managing Director/ Chief Executive Officer with shareholding in the company.

In 2007, he successfully spearheaded the merger arrangement between Vigilant Insurance Company Limited and NEM Insurance Plc. After the merger, Smart was appointed the Managing Director of the merged entity.

PROMOTING AGRICULTURE

L-R: MD/CEO, First Bank of Nigeria Limited and Subsidiaries, Dr. Adesola Adeduntan; Minister of Agriculture and Rural Development, Chief Audu Ogbeh; Chairman, First Bank of Nigeria Limited, Mrs. Ibukun Awosika, and Minister of Trade and Investment, Dr. Okechukwu Enelamah, at the 2018 FirstBank Agric expo held in Lagos‌recently etop ukutt

Food Security Key to Sustaining Agric Sector, Says Bagudu Olawale Ajimotokan in Abuja Kebbi State Governor, Alhaji Atiku Bagudu has stressed the need to promote food security in the nation’s agricultural sector.

He made the observation at the ALP Seminar Series organised by Akindelano Legal Practitioners, tagged: ‘Transforming Nigeria’s Agricultural and Agro-Allied Sector: Financing Opportunities and Challenges.’ In his keynote address, Bagudu said by ensuring food security at all times, the country would know

where the food needs of the populace would come from. “I think our quest should be that of national food security and conscious efforts should be made in that regard to ensure we energise domestic production in a competitive manner which is harmonious with our obligations both regionally and internationally. “I think what is even more compelling if one realises that for an increasingly growing population, what might be self sufficient today might not be self sufficient in the next ten years. “So the ability to figure

out how to produce competitively and to maintain production competitively is a more legitimate question which would be consistent with objective of providing the maximum employment possible and generating the maximum produce of agriculture as an economic activity, Bagudu said.�

He also stated that there was need for the financial sector to start recognising the farmers as a proper entrepreneurship unit as they have been ignored for too long by the formal sector.

He commended the Central Bank of Nigeria (CBN) for

sponsoring the Anchor Borrowers’ Scheme, which supports local farmers to get the much-needed funds for their agricultural practices, adding that the scheme in Kebbi has become so efficient to the extent that the state government no longer has any role to play.

The Vice President, Corporate and Government Relations, OLAM, Ade Adefeko, said the rice producing Mills was not all about competition, but to drive and pursue solutions in rice production.

Also speaking at the event, the Executive Direc-

tor/ CEO of the Nigerian Export Promotion Council (NEPC), Olusegun Awolowo, emphasised the importance of the agricultural sector in the economy, stressing the need to begin to look at products that have higher value at the international market which is well traded. “If we can increase production to a level, we will get good quality products which would meet international standards and we would export agricultural products which would compete favourably with the export of crude oil, “ Awolowo said.

Oando Favoured as NSE Reviews Market Indices Group Business Editor

Obinna Chima

Goddy Egene

Capital Market Editor

Goddy Egene

AgriBusiness/Industry Editor

Jonathan Eze

Comms/e-Business Editor

Emma Okonji

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

Nume Ekeghe (Money Market) Nosa Alekhuogie (Maritime)

The renewed high demand for Oando Plc shares has been reflected in the result of the mid-year review of the Nigerian Stock Exchange indices as the indigenous energy group returned to two indices.

The NSE reviewed the NSE-30, and the seven sectoral indices of the exchange. They are NSE Consumer Goods, NSE Banking, NSE Insurance, NSE Industrial, NSE Oil & Gas, NSE Pension and the NSE Lotus Islamic Indices.

According to result of the

review made available last Friday by the NSE, Oando Plc and Beta Glass Plc entered the NSE-30 Index, while Diamond Bank Plc and Julius Berger Nigeria Plc were removed.

There were no changes in the NSE Banking, NSE Consumer Goods, NSE Industrial Goods recorded no changes.

Again, Oando Plc was added to the NSE Oil/Gas Index, while MRS Oil Nigeria Plc was removed.

The NSE Insurance Index saw the entry of Consolidated Hallmark Insurance Plc, Sovereign Trust Insurance Plc and

Veritas Kapital Assurance Plc. On the other hand, Cornerstone Insurance Plc, Staco Insurance and Alliance Insurance Plc exited.

African Prudential Plc and Continental Reinsurance were added to the NSE Pension Index, just as Julius Berger Nigeria Plc and Beta Glass Plc were removed.

Nigerian Aviation Handling Company Plc joined Lotus Islamic Index, while Lafarge Africa Plc exited .

The NSE-30 and NSE Industrial Indices are modified market capitalisation index

with the numbers of included stocks fixed at 30 and 10, respectively. The stocks are selected based on their market capitalisation from the most liquid sectors. The liquidity is based on the number of times the stock is traded during the preceding two quarters. To be included, the stock must have traded for at least 70 percent of the number of times the market opened for business.

The Nigerian bourse began publishing the NSE 30 Index in February 2009 with index values available from January 1, 2007. On July 1, 2008, the

NSE developed four sectoral indices and developed the NSE Pension Index in 2013, with a base value of 1,000 points, designed to provide investable benchmarks to capture the performance of specific sectors. The sectoral indices comprise the top 15 most capitalised and liquid companies in the Insurance and Consumer Goods sectors, top 10 most capitalised and liquid companies in the Banking and Industrial Goods sector and the top seven most capitalised and liquid companies in the Oil & Gas sector.

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T H I S D AY ˾ MONDAY JULY 2, 2018

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

Ohiwerei: Banks Collaborating with Fintechs to Boost Customer Satisfaction Chief Executive Officer, Keystone Bank Limited, Mr. Obeahon Ohiwerei, speaks on digital revolution in the banking industry, Keystone Bankâ&#x20AC;&#x2122;s collaboration with financial technology firms, and various initiatives he has introduced into the bank since he took over as chief executive, in this interview. Obinna Chima provides the excerpts: How do you think the Nigerian banking industry would evolve over the next few years?

Over the next few years, I expect to see increased competition for customersâ&#x20AC;&#x2122; confidence and share-of-mind. I expect to see banks compete more aggressively on such subtle yet potentially profitable indicators as increased account activity; customersâ&#x20AC;&#x2122; ease of transaction across touch points; scale of digital spread and partnerships (as against number of physical branches); incentives for repeat business and greater customer life-time value; and overall business efficiency. I also expect to see banks increasingly leveraging data analytics to better-predict customer behaviour for effective marketing and retail loans creation. Finally, while the retail and MSME sectors should remain the main focus for banks, I expect to see this drive replicated strongly in the corporate banking space with unique offerings to tap their down lines and value-chains.

on driving an all-inclusive retail growth structure from the underbanked through High Net Worth Individuals. We are currently deploying a range of solutions to serve the unbanked population which include the deployment of ATMs to locations with little or no access to financial services; deployment of our Agency Banking solution under our direct plan called KeyServ Agency Banking and in partnership with the CBN and other federal government agencies, and co-locating with NIPOST (the Nigerian Postal Service) to reach both rural and semi-urban dwellers at minimal cost. Other are partnering with other strategic organisations to ensure our agent network is spread across Nigeria in the next 12 months, leveraging digital platforms for account opening and other financial services and our USSD Banking service *7111# re-launched recently, allowing customers to perform basic money transfers and airtime purchase among other things.

What is your view on artiďŹ cial intelligence?

Do you think such technologies will play a major role in Keystoneâ&#x20AC;&#x2122;s operations during the coming years?

Artificial Intelligence (AI) strategy is already playing a critical role in driving Keystoneâ&#x20AC;&#x2122;s operations via the adoption of Chatbot functionality, named Oxygen both on Facebook and Telegram.

The AI technology allows us to improve customer experience by turning several transaction steps on internet Banking and the Mobile App to simple conversations in a chat environment, achieving huge time-saving and convenience for busy customers who are already frequent users of social media.

A major component of your corporatebanking business model seems to involve trade ďŹ nance. Given that trade ďŹ nance is among the most hotly anticipated businesses to be transformed by blockchain, do you envisage utilising this technology in the future for such a purposeâ&#x20AC;&#x201D;or indeed, for any other parts of your business?

Blockchain with its mechanism of distributed and secure validation, has the capacity to subject every party to a high degree of accountability, forestalling missed transactions, human or machine errors, or transactions occurring without the consent of relevant parties. Nevertheless, the peculiar demands of banking transactions require that we implement a measured approach to adoption.

The Central Bank of Nigeria (CBN) has advised financial institutions in the country to stay action on the use of this technology for now and this prudential safeguard is not unconnected with the risks currently associated with it. We shall follow the lead of the CBN regarding integration into our operations.

With Nigeria exiting economic recession, what should the government be focusing on?

Do you think Keystone is well-positioned to capitalise on the recovery?

Despite fragile growth quarter-on-quarter and subsisting vulnerability to global shocks in commodity prices, I believe it is safe to say that the recession is past and barring any major socio-politic upheavals it is unlikely to recur, at least not to the scale witnessed in 2016 through 2017. Moreover, the federal government has taken active steps towards reinforcing growth and widening its revenue base, particularly from the standpoint of driving increased tax compliance and plugging any identified areas of income leakage. Other fiscal and structural factors that should strengthen economic growth include: The Presidential Enabling Business Environment Council (PEBEC) set up in July 2017, to remove bureaucratic constraints to doing business in Nigeria; increased diversification of the countryâ&#x20AC;&#x2122;s economy through multiple intervention programmes in the non-oil sectors; accretion of external reserves on the back of increasing oil revenue; and steady moderation in inflation. As a bank we are well poised to capitalise on this recovery and on our assumption of office in the third quarter of 2017, my executive team and I embarked on an extensive restructuring process aimed at achieving greater operational efficiency, extensive process improvement and the re-alignment of skills and competencies to areas of best fit, both at senior and middle management levels. We have also remodelled our digital platforms for collections and payments, to provide increased convenience and value-addition to our customersâ&#x20AC;&#x2122; lifestyles and business. So far the market response has been positive and our customer deposits have grown in excess of 40 per cent over the last three quarters.

Given the growth in the global regtech sector, to what extent is the bank utilising innovative technology in order to more effectively deal with regulatory challenges?

Yes, we are indeed leveraging technology to enhance regulatory compliance and our solutions cut across Fraud Management, Anti-Money Laundering (AML) Tracking, Customer KYC and

Ohiwerei

due diligence. Essentially, they detect and deter non-compliant conduct as well as retroactively investigate and create audit trails as may be required. The bank has also invested in solutions that screen customers at the point of account opening against designated terrorist lists such as those of the Central Bank of Nigeria (CBN), US Office of Foreign Asset Control (OFAC), UK (HM Treasury/Bank of England), the EU and the UN. While these solutions also screen transactions and transfers against such lists, our other solutions monitor and report suspicious transactions and activities on customersâ&#x20AC;&#x2122; accounts.

How has Keystone Bank been supporting SMEs in the country?

The proliferation of digital banking in the retail space has made branchless banking a strategic and compelling proposition especially in the retail valuechain. Keystone Mobile Banking App has introduced a new level of Banking with exciting offerings and features most of which were hitherto nonexistent across the entire banking industry

Globally, SMEs are established drivers of even the strongest economies and Nigeria cannot be an exception. With over 15 million SMEs dotting the Nigerian landscape, we are poised to ensure our customers in this segment actively grow their businesses through our partnerships and focused initiatives in the segment. We shall continue to partner with the government and other developmental agencies in making intervention funds available to the segment. Our SME proposition is the â&#x20AC;&#x153;Growbiz Accountâ&#x20AC;? with three variants that address their cycles of growth from infancy through maturity and stability. We are also empowering SMEs through our Agency Banking initiative by signing them up as agents for basic off-site cash-in/cash-out services.

Part of your retail-banking strategy appears to be focused on the countryâ&#x20AC;&#x2122;s under-banked and unbanked populations. How do you think access to ďŹ nance can be improved for the under-banked and unbanked in Nigeria and what speciďŹ c measures are you taking to attract these groups?

Financial Institutions, Fintech companies, government and other developmental partners need to sustain the momentum by continually driving and funding research into relevant behavioural dynamics of the unbanked and under-banked segments; creating incentives for the unbanked to see value in being part of the formal sector; developing suitable savings propositions and appropriately-priced micro-loan products that realistically address their needs, and leveraging the extensive geographical spread of government agencies to co-locate and in the process bring financial services within reach of the populace.

How is the bank supporting SMEs? Nigeria currently has about 96.4million adults (EFInA) and Keystone Bank is focused

We learnt the bank was in the process of launching a new digital ďŹ nancial-services platform. What are some of the platformâ&#x20AC;&#x2122;s key features that differentiate it from this what the customers currently have?

The proliferation of digital banking in the retail space has made branchless banking a strategic and compelling proposition especially in the retail value-chain. Keystone Mobile Banking App has introduced a new level of Banking with exciting offerings and features most of which were hitherto non-existent across the entire banking industry.

These include: Zero-Data Banking â&#x20AC;&#x201C; which allows customers to transact using our mobile app even without data on their phones; Chat Banking service â&#x20AC;&#x201C; which allows customers to transact while they chat via Telegram and Facebook; the â&#x20AC;&#x153;Meet Account Officerâ&#x20AC;? feature â&#x20AC;&#x201C; which introduces customers to their assigned account officers and allows them to interact directly on the platform, and Foreign Currency (FCY) Transfers â&#x20AC;&#x201C; where customers are able to make transfers to banks across the globe right from the mobile app. Others include Movie Tickets â&#x20AC;&#x201C; which allows customers view available movies and book tickets; Standing Instructions â&#x20AC;&#x201C; which allows scheduling of recurrent payments and transfers; Self-booking and liquidation of Fixed Deposits, and the Enabling and Disabling of cards - which can be a useful safeguard in the event that a customer loses any of our electronic cards. Our new USSD code also allows customers to transact from just about any type of mobile phone, offering such exciting features as bills payment, airtime top up, account opening, account reactivation.

As part of the bankâ&#x20AC;&#x2122;s digital strategy, how much of your existing IT infrastructure do CONTINUED ON PAGE 29

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Agenda for All Round National Development Gbenga Olawepo It is a happy homecoming for me 30 years after I spoke at Oduduwa hall as a guest of the OAU Students Union. It was at the height of the advocacy for mass action by Nigerian students who were being galvanized against the Structural Adjustment Programme (SAP) of the military administration. The National Association of Nigerian Students (NANS), Academic Staff Union of Universities (ASUU), and other mass organizations were up in arms against the Structural Adjustment Programme (SAP) as a development path for the Nigerian Economy and State. Naira was just exchanging for 7 Naira to a Dollar, which we found most unacceptable, little did we know that the Naira would exchange for N360 to a Dollar someday.

Though slight progress has been made since the advent of democracy in Nigeria in between 1999-2015; Nigeria in all intents and purpose still remains a country classified as â&#x20AC;&#x153;Underdevelopedâ&#x20AC;? making the question of an â&#x20AC;&#x153;Agenda for all round National Developmentâ&#x20AC;? topical and germain.

With 62% of the population living below 2USD a day, and considered poor, with life expectancy of 51 years, and over 40% illiterate population, bedevilled with a parlous infrastructure such as poor electricity distribution, poor road networks, and dilapidated health infrastructure, the underdevelopment profile is in bold relief.

Though by the sheer nature of superiority of democracy over autocracy, Nigeria made some little gains between 1999-2015. Such gains where almost completely wiped off by 2015 July-2016 when the nationâ&#x20AC;&#x2122;s economy started contracting leading to her worst economic recession in 25 years -2.4%.

Just for the records, some of the remarkable gains between 1999-2015, were average life expectancy in Nigeria was increased from 46years as at 1990 to 51 years, telephone use increased from 400,000 to 100,000,000 million lines, the economy posted an average annual growth rate of 6% consistently for 15 years leading to the expansion of the GDP to 510 billion USD in 2013. The Nigerian economy thus became the largest economy in Africa over taking the economy of South Africa. However the above gains especially in the economy fronts was so little to match the rate of poverty and underdevelopment of the country, fragile and unsustainable. In 2016 the bubble busted and the economy moved to a negative growth only to be reflated by massive external borrowings.

The massive loans taken could only achieve a sluggish growth of 1.5% compared to a huge external debt which quickly grew to about 18 billion dollars in 2 years from a low figure of below 2 billion USD as at May 2015.

We are still waiting for outcome of various studies to show us the impact of what has so far happened to the Nigerian economy and society, since the economic recession of 2016. Current data from the Federal Bureau of statistics are horrifying and the indicators horrendous. FBS statistics reveals that unemployment picked from 6.3% in 2015 to 18.6% by 2017 an increase of 300%. Worst still among the youths, it is a record high of 36% little wonder why there is so much upheavals in the land. Therefore a platform to interrogate the Agenda for all round development of Nigeria, to fashion out a sustainable strategy for growth and development so that the country can live in peace, stability and prosperity cannot be more relevant than now.

Once again, Great Ife has proved truly great for creating the platform for this important discourse.

What is Development?

Development has been defined in multifarious ways by scholars of different shades. In the 70s a tribe of scholars of African Sociology and Economics led by the Guyanist scholar of Africa descent Walter Rodney were pre-occupied with this subject matter; they were known as Development and Underdevelopment theorists.

Walter Rodney in his seminar work â&#x20AC;&#x153;How Europe Underdeveloped Africaâ&#x20AC;? examined development at the individual level as â&#x20AC;&#x153;increased skills and capacity, greater freedom, creativity, selfdiscipline, responsibility and material wellbeingâ&#x20AC;?.

Walter Rodney like his later disciples, Samar Amin, Bade Onimode, Nzogola Ntalaja et al, applied their interrogation of the subject-matter of development beyond the individual to society, and the economy and also adopted models of

Olawepo interpretation of history and characterization of different epochs of development. In the Economic realm, Rodney opines that â&#x20AC;&#x153;A society develops economically as its members increase jointly their capacity for dealing with the environment. This capacity for dealing with the environment is dependent on the extent to which they understand the laws of nature (science) and the extent and manner in which work is organisedâ&#x20AC;?.

We must however inform that apart from the development theories other Schools of thoughts such as modernist school, also at one point or the other examined these same concept of development and constructed their own modules.

For the purpose of this lecture, we shall stick to a safe zone by looking out for what is now universally acceptable for measuring development. â&#x20AC;&#x201C; The tables of indices developed by the United Nations Development Project (UNDP) as indicators to measure development, this is the Human Development Index (HDI).

Apart from economic growth the United Nations developed a number of indices through which development can be measured from country to country. According to the UNDP the Human Development Index (HDI) was created to emphasize that people and their capacities should be the ultimate source of accessing the development of a country not just economic growth.

The HDI indices therefore include GNI per capital, Health (Life expectancy), Knowledge, (Education, School enrolment etc.).

HOW DOES NIGERIAN FARE UNDER THE HDI? GNI per Capital: Nigerian per capital income as at 2016 was 5,438.9 USD 1/3 of the worlds average per capital income. In comparative terms to Asian countries and other middle-income nations who were perhaps at the same level of development with Nigerian at independence in 1960. Nigerian per capital income is disappointing. Here are a few example. Thailand 17,786 USD Chile 24,584 USD, Turkey 26,453 USD, Iran 20,030 USD and Mauritius 21,628 USD. Any reasonable development plan for Nigerian must therefore hope to increase GNI per capital by 7 folds within the next 10-15years in other to achieve a level considered at per with middle income countries.

HEALTH AND LIFE EXPECTANCY Though we have earlier observed some important improvements in life expectancy in Nigeria from 46.1 years in 1990 â&#x20AC;&#x201C; 53.1 years in 2015, the countryâ&#x20AC;&#x2122;s life expectancy record is still depressing compared to Liberia 61 years, Niger 61.8 years, Sudan 64.1 years, and Rwanda 66.1 years and far apart from Cubaâ&#x20AC;&#x2122;s 79.1 years, Norwayâ&#x20AC;&#x2122;s 81 years and 79.2 years in United States. All the African countries mentioned have gone through sustained civil wars, some pogroms, some civil wars combined with outbreak of epidemics, but still have better life expectancy figure compared

to Nigeria.

EDUCATION While Nigerians in diaspora remains the most educated set of immigrants in percentage terms compared to their various host communities, at home illiteracy level is still as high as 46%.

HDI Ranking Based on all indices measured in 2016, Nigerian ranked 152 of 188 countries measured in UNDP 2016 Human Development Index (HDI). It fell below Kenya and some other African countries in the West African Sub-Region.

The data from Federal Bureau of Statistics have been equally as damning on the performance indicators on Sustainable Development goals in Nigeria just as the UNDP HDI report. As they â&#x20AC;&#x153;say figures do not lieâ&#x20AC;?.

In the Sustainable Development Goals (SDGâ&#x20AC;&#x2122;S) baseline report 2016 Published by the Federal Bureau of Statistics (FBS) most of the indicators are woeful, particularly as it affects the young and the youths. Current data indicate that Nigeria has never so ignored her young people as much as itâ&#x20AC;&#x2122;s currently doing.

Let us review some few data here: 36% of Nigerian youths are currently unemployed. 20% of youths are currently not in any employment, education or training. They are completely hopeless.

For children too, even though not so much is done for them through public policy or family; the adult in the world extract so much from them in terms of forced labour. The FBS study indicates that 47.1% percent of children between ages 5 - 17 are engaged in some form of unpaid labour or the other. It is tragic that our country has become less caring and more vicious in the abuse of her younger population.

WE CAN CHANGE THE NIGERIAN STORY. Distinguished Guest, Ladies and Gentlemen despite the above negative indicators in Human Development Index (HDI), I remain optimistic about Nigerian development trajectory when we tap and build on the energy, creativity, imagination and the industry of everyday Nigerian which is the most important asset that Nigeria possess beyond her Oil wealth and Natural resources.

As we pointed out at Imperial college London in November 2015 â&#x20AC;&#x153;It is due to the hard work and industry of the ordinary Nigerians the nationâ&#x20AC;&#x2122;s greatest asset that Nigeria attained a GDP rebased of 510 billion USD in 2013 exceeding that of South Africa to become the biggest African Economy even in the face of her Parlous infrastructure.

The fit was a result of the toiling of small scale entrepreneurs who continue to create value without adequate electricity, cottage food processor, without affordable financing, farmers with the scantest of state support artisans, bold and imaginative business men and women, dynamic financial managers, young innovators, creative artist, hardworking professionals and intellectuals.

Credible international consulting groups such as Price Water Cooper share in our optimism.

According to Price Water and Cooper Nigerian economy will grow to be the 9th largest economy in the world in 2050 based on very dynamic key drivers of the economy that has to do with the strength of Nigerians people, the size of her market and less with excellence in governance.

Below are some of the key drivers that offers possibilities for rapid investment and growth of Nigeria.

I. Nigeria has a robust middle class which according to Standard bank reportedly grew 6 folds between 2000-2010 II. Nigeria has a large market of potential consumers of modern goods and services. This consumers have an attractive profile for investors and manufacturers they already have acquired the discipline to pay for consumption through savings and earnings and have low household debts.

III. The infrastructure deficit of the country is both a challenge as well as an opportunity for investment. Out there in the global market according to Oxford economist and PricewaterCooper, there is about 78 Trillion USD globally to spend within Ten (10) years looking for infrastructure market to domicile.

Nigeriaâ&#x20AC;&#x2122;s hunger for infrastructure investment and with a high record of IRR (above 18%) makes it a natural destination for massive investment if simple bureaucratic hurdles that have continuously impeded investments can be dismantled.

To be added to the above strength of the Nigerian nation is the nationâ&#x20AC;&#x2122;s resourceful diaspora community these community of scientist, intelligentsia, innovators, professionals, footballers and Entrepreneurs are adding golden pages to the Nigeria rising story. In 2013 foreign remittances picked as much as 21 billion dollars to Nigeria, mostly coming from the Nigeria diaspora. The diaspora community will continue to form a major pillar in the architecture of Nigerian Socio-economic development. Even in the face of many other negative stories all over the world educated Nigerians are doing well and making the nation proud. The Imafidon twins Paula and Peter broke the world record in mathematics by passing the Cambridge exams at age 8, being the youngest ever to do so. Dr Victor Olalusi who scored 5.0 GPA in the faculty of clinical sciences at the Russian national medical university in 2013 is arguably the first in the world to do so. There are numbers of Americans of Nigerian decent such as Emeka Echeruo founder of hopstop.com purchased by apple at a price of 1 billion USD, who are doing the nation proud in the ICT world.

Young Nigerians at home and abroad are proving their exceptional brilliance; 24years old Oluwatobi Olasukanmi won the Williams Charleny prize for the best first class law at the University of Cambridge. Nigerian youths are not just strong and energetic they are bright and brilliant and they compete well anywhere in the world.

The crisis of Nigeria underdevelopment as we have highlighted above can only be confronted and resolved with a bold agenda and plan aimed at changing the present economy structure of dependence, it must be revolutionary massive and contain the following elements: i).

It must aim within 10 to 15 years to expand the GDP by seven fold in order to be able to provide the needed resources to end poverty and underdevelopment on a sustainable basis. ii). The New Nigeria Economic Development Plan must aim to encourage Domestic Capital Formation as a source of financing development rather than dependent on revenue from primary products such as oil and solid minerals. Giving present structure of international trade, the more developing countries export primary products, the less value they get. The revenue from exports proceed is usually so little that sometimes, they compete with revenue of just one corporation from advanced countries of Europe and America.

Sample-for all the fuse about the high oil receipts in 2013 in Nigeria, about US$50 billion, it compares only with the revenue of Disney world, which was US$47billion.

Olawepo, an oil industry business player, gave this lecture at the College of PostGraduate Studies, OAU, Ile-Ife, recently NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

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Customs Intercepts Another Truck of Rice in Oyo Eromosele Abiodun One week after the Zonal Commander of the Comptroller General of the Nigeria Customs Service (NCS) Strike Force intercepted 3000 bags of rice at Ijebu-Ode, the, the team has made another seizure of 420 bags.

This was disclosed by the National Coordinator of the

strike force, Deputy Comptroller Abdullahi Kirawa who said the rice were concealed in a truck carrying gravel stones in Shaki, Oyo state.

Speaking at a media briefing in Lagos, the National Coordinator stated that since the zonal commander of the task force AC Salisu Asaba Bullah, made the Ogun axis un-accessible,

smugglers had started moving towards the Oyo axis.

He however promised that the zonal commander would make all routes in the South -west â&#x20AC;&#x153;hot and un-accessible for smugglers.â&#x20AC;?

He said, â&#x20AC;&#x153;Less than a week after the zonal coordinator in Ogun Axis intercepted 3000 bags of rice, they were able to

arrest another truck load of rice concealed inside gravel sand. â&#x20AC;&#x153;We know the smugglers are desperate and smart but we are many steps ahead of them, the interception we made was based on intelligence because we can all see how desperate they are to smuggle these contraband into the country.â&#x20AC;?

But he said Customs are

always ahead of them hence the seizure Specifically he said, â&#x20AC;&#x153;The seizure is attributed to the intelligence provided by the Customs Intelligence Unit and my team and we have vowed to make the southwest zone a no go area for smugglers and make sure they count their loses no matter their antics.â&#x20AC;?

Kirawa also expressed gratitude to the Comptroller General of Customs, Col. Hameed Ali (rtd) over his recent appointment as the zonal coordinator.

He added, â&#x20AC;&#x153;I thank the CGC and his management team for believing in me and appointing me as the new national Coordinator of the strike force

EFInA, CcHub Move to Boost Nigeriaâ&#x20AC;&#x2122;s Financial Inclusion Strategy

â&#x20AC;&#x2DC;No Prophecy on Impending Accidents in Nigeriaâ&#x20AC;&#x2122;

Emma Okonji

Chinedu Eze

Enhancing Financial Innovation and Access (EFInA) and CcHub, a technology hub, recently hosted a FinTech roundtable session with Lord Mayor of the City of London, Alderman Charles Bowman; Financial sector regulators; Financial Technology (FinTech) companies and other stakeholders to enhance financial inclusion in Nigeria.

In his welcome address, EFInA Board Chair, Segun Akerele, emphasised the importance of the companyâ&#x20AC;&#x2122;s partnership with the Department for International Development (DFID) and Bill & MelindaGates Foundation while identifying foreign collaborations and regulatory principles that can accelerate growth in the financial service sector.

He further stated that the difficulties associated with access to financial services led to a large population of

unbanked adults and urged FinTechs and financial service providers to develop more innovative financial inclusive products.

He also appealed to regulators to take lessons from the United Kingdomâ&#x20AC;&#x2122;s regulatory principles.

Speaking at the event, Bowman highlighted the need to promote bilateral ties between Nigeria and the United Kingdom and also established a business of trust between the two countries. â&#x20AC;&#x153;This roundtable session will help to work out different modes of collaboration, provide reassurance for Nigeria as an international FinTech hub of the future, and also identifying the opportunities for growth in our countries. â&#x20AC;&#x153;In addition, we intend to build on this opportunity to support and promote innovation in financial and professional services,â&#x20AC;? the Lord Mayor said.

During a paper presentation

on â&#x20AC;&#x2DC;Financial Inclusion, The Regulatory Landscape and Opportunities for FinTechsto promote Financial Inclusion in Nigeria,â&#x20AC;&#x2122; the e-Payment Specialist for EFInA, Folasade Agbejule, said: â&#x20AC;&#x153;EFInAâ&#x20AC;&#x2122;s mission is to spur growth in the financial development sector by providing grants to financial services operators through the Innovation Fund. â&#x20AC;&#x153;EFInA targets the economically deprived population by sharing risks with Financial Service Providers (FSPs) through its Technical Assistance Grant and the Innovation Grant subsidies to the amount of $250,000 and $2,000,000 respectively.â&#x20AC;?

Managing Partner, CcHub Growth Capital Fund, Tunji Elesho, said: â&#x20AC;&#x153;Our goal today is to explore the immense opportunities for growth in Nigeriaâ&#x20AC;&#x2122;s FinTech ecosystem and that way, allow users improve their lives and take control of their financial situation.â&#x20AC;?

Promoters of Mamba Energy Drink Targets Local Production Raheem Akingbolu A new energy drink, Mamba, has officially been launched into the Nigerian energy drinks market, with the promise that the manufacturers would soon commence local production. The launch comes about two years after the premium energy drink brand was first introduced to the Nigerian consumers.

Speaking at the media unveiling in Lagos, the chairman of Mamba Drinks Limited, Mr. Ayo Ojuroye, stated that one of the aspirations of the company for its newly-launched energy drink, Mamba Energy Drink, is to begin to produce the energy drink in Nigeria, very soon.

Ojuroye, explained that

though the idea of the drink was conceived about four years ago, the company wanted to ensure it deliver quality drinks to the Nigerian consumers; hence its decision to wait that long before making its debut into the nationâ&#x20AC;&#x2122;s market.

While expressing the companyâ&#x20AC;&#x2122;s commitment to the nationâ&#x20AC;&#x2122;s business environment, Ojuroye stated that the product was being introduced to fill in some noticeable gaps in the market and, at the same time, create a pan-African brand that can effectively compete with the top foreign brands, in that category. Also speaking at the event, the companyâ&#x20AC;&#x2122;s General Manager, Mrs. Titilola Adedeji, stated that one of the uniqueness

of the new product is that, while other energy drinks brands in the market are manufactured with bias for foreign consumers, the new product is specially designed for the Nigerian consumers.

She added that the new drink has been produced with reduced caffeine and taurine content, with increased Vitamin B, to make it healthier for consumption.

Speaking further, Adedeji stressed that the energy drink is a high-quality product that leaves a lasting impression on consumerâ&#x20AC;&#x2122;s palate because of its unique and distinctive taste.

She added that Mamba connects with the key emotion points of consumers as it connotes power, elegance, formality, strength and authority.

FMN Ascribes Business Growth to Distributors Jonathan Eze Flour Mills Nigeria (Plc) has rewarded its key customers noting that 80 per cent of its growth performance was driven by its key distributors. The Group Managing Director, Paul Miyonmide Gbededo, disclosed this to THISDAY on the sidelines of the 2017/18 FMN customersâ&#x20AC;&#x2122; forum and awards night in Lagos where the companyâ&#x20AC;&#x2122;s key customers and distributors were rewarded with valuable gifts. He explained that the customers and distributors have distinguished themselves in the distribution of the companyâ&#x20AC;&#x2122;s food products range nationwide by making sure that its products are a house

hold name in Nigeria.

Also, the Head of Sales, Business-to-Business (B2B) of the company, Paul Udochi, also alluded to this. He said, â&#x20AC;&#x153;We are a major player in the food sector and agro-allied section in the country with a broad product portfolio and a robust pan Nigerian distribution network where we have grown into a truly diversified food and agro-allied group. â&#x20AC;&#x153;But the key distributors have continued to drive our business significantly in the country. At FMN, we have been able to identify the fact that our key distributors are actually our major drivers in this business. â&#x20AC;&#x153;Eighty per cent of our business is actually driven by our key

distributors. So, they matter so much to us, and it is important to us to know who they are, where they are, what they do.

Interestingly, we are number one in the market,â&#x20AC;? he added.

Udochi added that FMN had set-aside about 17 medium size trucks to be given to about 17 customers in different category in order to support them in their logistics distribution network and enhance their business.

He said the winners of the give-away vehicles had contributed immensely to the companyâ&#x20AC;&#x2122;s revenue, adding that FMN was extremely grateful for their contribution in driving the growth and development of the group.

Air Peace and Omega Fire Ministries have dismissed a recorded voice message trending on Whatsapp and other social media channels, warning members of the public of unpleasant consequences if they patronised some transport companies, including the airline, Air Peace, on certain days.

A statement issued by Air Peace Corporate Communications Manager, Mr. Chris Iwarah said the voice message was the handiwork of fraudsters disguising as the renowned leader of Omega Fire Ministries to spread fear and de-market the airline.

He confirmed that the airline contacted the church allegedly behind the recorded voice message and the latter dismissed

the warning as a product of fraudsters and impostors seeking to deceive unsuspecting members of the public. â&#x20AC;&#x153;Our attention has been drawn to a recorded voice message currently trending on social media warning members of the public not to patronise some land and air transport companies, including Air Peace. â&#x20AC;&#x153;While we would have loved to ignore the message so as not to dignify those behind the voice message, we are compelled by the greater need to assure members of the public and our esteemed guests that it is a fake warning put out in the public space by criminal elements and people who do not mean well for Nigeria to spread fear and de-market Air Peace. â&#x20AC;&#x153;The recorded warning has become a recurring but futile

and unproductive strategy by these unpatriotic individuals to dissuade members of the flying public from patronising Air Peace. â&#x20AC;&#x153;Indeed, three years ago, the same faceless individuals recorded a similar message and started contacting us through fronts to make available huge amounts to them to avert the claimed looming danger. Of course, we refused to yield to their threats and the dates they mentioned came without a single incident or accident,â&#x20AC;?

Iwarah said.

He said the airline contacted the Omega Fire Ministries, which vehemently â&#x20AC;&#x153;denied that the leader of the renowned ministry said anything of such, let alone recorded any message where Air Peace was mentioned or the warning was issued.â&#x20AC;?

29

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BUSINESSWORLD

MONDAY INTERVIEW

OHIWEREI: BANKS COLLABORATING WITH FINTECHS TO BOOST CUSTOMER SATISFACTION you expect will be overhauled in order to make way for new systems and technologies?

Our digital transformation journey is for us a key strategic initiative and as such we are undertaking a holistic and far-reaching overhaul of our current IT infrastructure to drive this effectively. Our goal is to be the â&#x20AC;&#x153;youth friendly and upwardly mobile bankâ&#x20AC;? that is constantly responsive to the needs and demands of the millennials of today. That is the reason we design our digital platforms with them in mind. For example, our mobile banking app has lots of exciting features that appeal to their desires, such as movie-ticket purchase and the ability to use the app even when they run out of internet data. That way they have unrestricted banking access even when on-the-go. Furthermore, Chat Apps are rapidly replacing emails and other media for customer engagement and at Keystone Bank we introduced the Chat Banking (OXYGEN) also targeted at the youths and millennials. In terms of design, we offer a uniform experience to customers across all touch points, leveraging our Omni-Channel platform. We recently launched our Keystone mobile-banking app and overall, feedbacks from customers across all touch-points have been quite impressive both on our VOC (voice of customer)

surveys and app store reviews while our current rating on the Google play store is 4.2 on a scale of one to five.

Are you thinking of forming strategic partnerships with the ďŹ ntech sector? If so, in which area of banking would such collaboration most likely end up taking place?

Partnerships form a major part of our strategic growth imperatives, especially with FinTechs in Nigeria and this has introduced new dynamics that are fast replacing traditional payment structures.

These new frameworks ensure transactions and payments are done efficiently and transparently.

To date, we have collaborated with FinTechs in different areas ranging from agency banking, online payments, mobile platforms, loyalty schemes to retail loan creation using data analytics. Our focus is to collaborate more with fintech companies in ways that can further boost our propositions and better serve our customers.

How much focus are you placing on growing the bankâ&#x20AC;&#x2122;s social-media presence? What do you think can be achieved by having a well-planned social-media strategy?

As part of our efforts towards building a

DATE OF FUND PURCHASE

EXCHANGE RATE

S/N

CUSTOMER

ITEM OF IMPORT

USD AMOUNT

1

CARAWAY AFRICA

CARAMEL POWDER COLOUR INDIA

26-Jun-18

315.50

7,857.00

2

CARAWAY AFRICA

VITAMIN PREMIX INDIA MAKER. DSM NUTRITION, INDIA 25 KGS CARTON

26-Jun-18

315.50

36,709.36

3

CARAWAY AFRICA

CLOSURES (HDPE)

26-Jun-18

315.50

12,468.46

4

CARAWAY AFRICA

PACKAGING MATERIAL - FRESHYO STRAWBERRY,

26-Jun-18

315.50

714,074.18

5

CARAWAY AFRICA

MONOSODIUM GLUTAMATE 'VEDAN' MEDIUM CRYSTAL

26-Jun-18

315.50

191,700.00

6

CARAWAY AFRICA

RAW MATERIAL FOR INDUSTRIAL USE MONOSODIUM GLUTAMATE 'VEDAN' EXTRA LARGE CRYSTAL

26-Jun-18

315.50

1,913,300.00

7

CARAWAY AFRICA

CLOSURES (HDPE)

26-Jun-18

315.50

12,785.58

8

CARAWAY AFRICA

BEVERAGE PLANT-DELIVERY BICYCLE MODEL YT-LC CKD

26-Jun-18

315.50

106,700.00

26-Jun-18

9

CARAWAY AFRICA

SPARE PARTS (TOMATO PASTE PLANT)

315.50

50,000.00

10

CARAWAY AFRICA

MALTODEXTRINE 10-13 CHINA WINDWILL

11

JEBBA PAPER MILLS LIMITED

INDUSTRIAL RAW MATERIAL

26-Jun-18

315.50

10,864.00

29-Jun-18

337.50

12

SUMO STEEL MILLS

SPARE PARTS - WIRE ROPE DIAMETER-24MM

6,000.00

29-Jun-18

337.50

4,000.00

13

DASCO ENGINEERING INDUSTRIES NIGERIA LIMITED

RAW MATERIALS FOR MANUFACTURE OF BUCKET HANDLES

29-Jun-18

336.50

35,000.00

14

SHIVLILA POLYMERS LIMITED

PLASTIC RAW MATERIAL: LINEAR LOW DENSITY POLYETHYLENE EXXONMOBIL EXCEED 1018KB

29-Jun-18

336.50

100,000.00

SHIVLILA POLYMERS LIMITED

PLASTIC RAW MATERIAL: PP HOMOPOLYMER HNR100 25KG BAGS

29-Jun-18

336.50

239,580.00

16

SUNLIGHT RESOURCES LTD

CORN CURLS FOOD FLAVOUR X117 (25KG)

29-Jun-18

336.50

63,000.00

17

FAREAST MERCANTILE (NEW HOME PRODUCTS INDUSTRIES LIMITED)

SCANFROST BRAND REFRIGERATOR IN CKD

29-Jun-18

335.50

18,369.88

18

FAREAST MERCANTILE (NEW HOME PRODUCTS INDUSTRIES LIMITED)

SCANFROST BRAND REFRIGERATOR IN CKD FORMAT

29-Jun-18

335.50

30,472.88

19

FAREAST MERCANTILE (NEW HOME PRODUCTS INDUSTRIES LIMITED)

SCANFROST BRAND FREEZERS IN CKD FORMAT

29-Jun-18

335.50

63,816.00

20

FAREAST MERCANTILE (NEW HOME PRODUCTS INDUSTRIES LIMITED)

3100 UNITS OF SCANFROST BRAND COOKERS IN CKD FORMAT

29-Jun-18

335.50

80,000.00

21

FAREAST MERCANTILE (NEW HOME PRODUCTS INDUSTRIES LIMITED)

SCANFROST BRAND FREEZERS IN CKD FORMAT

29-Jun-18

335.50

185,544.00

22

FAREAST MERCANTILE (NEW HOME PRODUCTS INDUSTRIES LIMITED)

SCANFROST BRAND FREEZERS IN CKD FORMAT

29-Jun-18

335.50

23

NIGERIAN CARTON & PACKAGING MANUFACTURING

INDUSTRIAL RAW MATERIAL

29-Jun-18

24

A B VEE INDUSTRIES LTD

ADHESIVES (ADCOTE 775A & 775C).

25

ARVEE INDUSTRIES LIMITED,

26 27 28

15

digitally-driven bank, we are focused not only on growing our social media presence, but on integrating our digital services into social media in order to make product access and support available to our customers online. We believe that a social media strategy which sits at the heart of business strategy will drive customer engagement and increase uptake of products by customers & non-customers alike.

What aspect of the bankâ&#x20AC;&#x2122;s digital revolution do you think will be most well-received by your customers?

Mobile Banking naturally comes first as a significant portion of our active customer base are millennials. This Generation X upwardly mobile and digital citizens also constitute a sizeable percentage of the mass and affluent markets. The ability to attract and keep them is hinged on seamless services delivered via mobile platforms. Furthermore, statistics show that there are a lot more mobile phones than there are personal computers across board. It therefore follows that a lot more market share would be captured using mobile platforms.

The bankâ&#x20AC;&#x2122;s Pink Account is an account

S/N

CUSTOMER

for women. What made you believe that such a service was needed?

In its Financial Inclusion Overview updated April 20, 2018, the World Bank noted that â&#x20AC;&#x153;around 2 billion people donâ&#x20AC;&#x2122;t use formal financial services and more than 50 per cent of adults in the poorest households are unbanked.â&#x20AC;? In Nigeria, multiple surveys by EFInA Access to Financial Services confirm that about 36.9 million adults are financially excluded, of which 57.9 per cent are female while 42.1 per cent are male. Against this backdrop, the Central Bank of Nigeria has in recent years actively pursued a holistic financial inclusion strategy across the country. On our part, the Pink Account is designed to meet the needs of our female working class and SME customers and provides such benefits as access to attractive loans, customised electronic debit cards and access to discounts from partner stores while the pink network is an online forum that empowers our female entrepreneurs with free mentorship and capacity building sessions. Women from different walks of life can network, share ideas, inspire each other and develop mentor/ mentee relationships, while the Pink Marketplace provides an e-marketplace where they can buy, sell and advertise for free.

ITEM OF IMPORT

DATE OF FUND PURCHASE

EXCHANGE RATE

USD AMOUNT

50

SUNRISE PRODUCTS LIMITED

RAW MATERIAL FOR ASSEMBLY OF MIDEA FREEZERS AND REFRIGERATORS

29-Jun-18

332.50

130,000.00

51

T.G.ARLA DAIRY PRODUCTS LIMITED

DANO COOL COW INSTANT FILLED MILK POWDER

29-Jun-18

332.50

50,000.00

52

WANDEL INTERNATIONAL (NIG) LTD

MACHINERY FOR STORAGE AND REPRODUCTION OF ELECTRIC CURRENT (STATIC CONVERTER) LUMINOUS BRAND

29-Jun-18

332.50

70,000.00

53

WANDEL INTERNATIONAL (NIG) LTD

BMX BICYCLES IN CKD - SIMBA BRAND

29-Jun-18

332.50

101,911.44

54

YINKA OBA FAOM NIG LTD

CONFORT P0010 COPOLYMERIC POLYOL 10%

29-Jun-18

332.50

24,000.00

55

SONNEX PACKAGING (NIGERIA) LIMITED

PET RESIN

29-Jun-18

332.50

32,000.00 60,000.00

56

CROWN FLOUR MILLS LIMITED

WHEAT LITHUANIAN MILLING WHEAT, PROTEIN (N X 5.7 DRY BASIS) MIN 14%

29-Jun-18

333.50

57

WACOT LIMITED

AGROCHEMICAL HERBICIDES - ARROW

29-Jun-18

333.50

68,000.00

58

CROWN FLOUR MILLS LIMITED

WHEAT UKRAINIAN MILLING WHEAT, PROTEIN MIN

29-Jun-18

333.50

1,000,000.00

59

CROWN FLOUR MILLS LIMITED

WHEAT UKRAINIAN MILLING WHEAT, PROTEIN MIN

29-Jun-18

333.50

600,000.00

60

GMT NIGERIA LTD (INTAFACT BEVERAGES LTD)

LABORATORY EQUIPMENT

29-Jun-18

331.50

50,000.00

61

SAHARA ENERGY RESOURCE NIGERIA LTD

5,000 METRIC TONS(+/-10%) OF GASOIL

29-Jun-18

332.00

1,000,000.00

62

ABUJA STEEL MILLS LIMITED

INDUSTRIAL MATERIAL

29-Jun-18

330.50

11,425.01

63

AFRICAN FOUNDRIES LIMITED

INDUSTRIAL MATERIAL - COOLING WATER BOOSTER SYSTEM

29-Jun-18

330.50

67,285.20

64

AFRICAN STEEL MILLS NIG LTD

INDUSTRIAL RAW MATERIAL

29-Jun-18

330.50

3,000.00

65

DE-UNITED FOODS IND LIMITED

CZECH MILLING WHEAT

29-Jun-18

330.50

110,000.00

66

DE-UNITED FOODS IND LIMITED

FLAVOR CHICKEN (KAD)

29-Jun-18

330.50

350,000.00

67

EXIM SATELLITE VENTURES LTD

BOARD

29-Jun-18

330.50

55,000.00

68

LUCKY FIBRES LIMITED

SYNTHETIC FILAMENT TOW

29-Jun-18

330.50

43,000.00

69

NATURAL PRIME RESOURCES NIGERIA LIMITED

SODA ASH LIGHT

29-Jun-18

330.50

142,000.00 1,780.00

70

CORONATION MERCHANT BANK

PAYMENT FOR SERVICE CARD

27-Jun-18

345.27

71

CORONATION MERCHANT BANK

PAYMENT FOR SERVICE CARD

27-Jun-18

345.27

240.00

256,196.00

72

CORONATION MERCHANT BANK

PAYMENT FOR SERVICE CARD

27-Jun-18

345.27

1,780.00

73

CORONATION MERCHANT BANK

PAYMENT FOR SERVICE CARD

27-Jun-18

345.27

7,275.00

335.50

7,000.00

74

CORONATION MERCHANT BANK

PAYMENT FOR SERVICE CARD

27-Jun-18

345.27

8,000.00

29-Jun-18

332.50

1,200.00

TOLUENE

29-Jun-18

332.50

5,154.16

BHUMEE INKS & REGINS LIMITED

METHYL ETHYL KETONE (MEK).

29-Jun-18

332.50

10,000.00

DANA MOTORS LIMITED

KIA BRAND VEHICLES IN SEMI KNOCKED DOWN 1 (SKD 1)

29-Jun-18

332.50

110,000.00

EKO SUPREME RESOURCES NIGERIA LIMITED

LINEAR ALKYL BENZENE

29-Jun-18

332.50

125,000.00

29

FLOUR MILLS NIG. PLC.

737M/TONS OF HARD WHITE WINTER WHEAT WITH MINIMUM PROTEIN OF 12% IN BULK

29-Jun-18

333.50

2,993.00

30

FLOUR MILLS NIG. PLC.

LDPE VARIOUS GRADES

29-Jun-18

333.50

10,000.00

31

FLOUR MILLS OF NIGERIA PLC.

BOPP FILMS

29-Jun-18

333.50

69,957.00

32

FLOUR MILLS OF NIGERIA PLC.

CPP FILMS

29-Jun-18

333.50

55,602.90

75

CORONATION MERCHANT BANK

PAYMENT FOR SERVICE CARD

27-Jun-18

345.27

9,000.00

76

CORONATION MERCHANT BANK

PAYMENT FOR SERVICE CARD

27-Jun-18

345.27

3,000.00

77

MULTIPRO CONSUMER

KELLOGG READY TO EAT CEREALS

27-Jun-18

345.27

67,018.21

78

FIRST HARVEST

AGRICULTURAL MACHINERY AND PARTS GRINDING MILLS WITH PRIME MOVERS 8HP IMEX BRAND

27-Jun-18

345.27

25,000.00

79

MASSILIA MOTORS

20 UNITS NEW MITSUBISHI L200

27-Jun-18

345.27

37,500.00

80

MASSILIA MOTORS

20 UNITS NEW MITSUBISHI L200

27-Jun-18

345.27

25,000.00

81

SUNRISE

RAW MATERIAL FOR INDUSTRY - BOPP TRANSPARENT FILM NON-PRINTED

27-Jun-18

345.27

11,269.52

82

GMT

MALT-EUROPE;2R/6R PALE BLEND BULK

27-Jun-18

345.27

34,212.27

83

CBN

WHOLESALE RETURNS

27-Jun-18

344.77

18,925.00

84

FIRST HARVEST

AGRICULTURAL MACHINERY AND PARTS GRINDING MILLS WITH PRIME MOVERS 8HP IMEX BRAND

27-Jun-18

345.27

25,000.00

33

FLOUR MILLS OF NIGERIA PLC.

INGREDIENTS FOR NOODLES PRODUCTION PURPOSES

29-Jun-18

333.50

67,863.40

34

G. T. AND IMPORTS NIGERIA LTD

Caustic Soda Pearls

29-Jun-18

332.50

42,000.00

85

MASSILIA MOTORS

20 UNITS NEW MITSUBISHI L200

27-Jun-18

345.27

37,500.00

35

INFINITY TYRES LIMITED

NEW MANATEC BRAND SKD MACHINERY FOR WHEEL ALIGNMENT / BALANCER / TYRE CHANGER

29-Jun-18

333.50

4,000.00

86

MULTIPRO CONSUMER

KELLOGG READY TO EAT CEREALS

27-Jun-18

345.27

37,500.00

36

OLAM SANYO FOODS LIMITED

SEASONING FOR NOODLE FLAVOUR-PEPPER CHICKEN SOUP FLAVOUR (120GM)

29-Jun-18

333.50

20,306.00

37

RELIANCE CHEMICAL PRODUCTS LIMITED

SULPHUR GRANULAR

29-Jun-18

332.50

4,000.00

38

SAMKING CHEMICALS NIGERIA LIMITED

ESSENTIAL INDUSTRIAL RAW MATERIALS ORGANIC SOLVENT FOR PAINT (EXXSOL DSP 100/40)

29-Jun-18

332.50

5,000.00

39

SAMKING CHEMICALS NIGERIA LIMITED

ESSENTIAL INDUSTRIAL RAW MATERIALS - WHITE OIL

29-Jun-18

332.50

10,000.00

40

SAMKING CHEMICALS NIGERIA LIMITED

ESSENTIAL INDUSTRIAL RAW MATERIALS N-BUTANOL

29-Jun-18

332.50

39,747.20

41

SAMKING CHEMICALS NIGERIA LIMITED

ESSENTIAL INDUSTRIAL RAW MATERIALS TIOXIDE TR-92 TITANIUM DIOXIDE

29-Jun-18

332.50

136,800.00

42

SAMKING CHEMICALS NIGERIA LIMITED

ESSENTIAL INDUSTRIAL RAW MATERIALS - MIBK AND MEK

29-Jun-18

332.50

6,000.00

43

SAMKING CHEMICALS NIGERIA LIMITED

ESSENTIAL INDUSTRIAL RAW MATERIALS - LIGHT LIQUID PARAFFIN

29-Jun-18

332.50

99,425.60

44

SEVEN UP BOTTLING CO. PLC

PEPSI COLA - MIXTURE OF ODORIFEROUS SUBSTANCES

29-Jun-18

332.50

5,000.00

45

SEVEN UP BOTTLING CO. PLC

AMORPHOUS PET CHIPS (AMORPHOUS BC3020)

29-Jun-18

332.50

540,000.00

46

SIL CHEMICALS LTD

PLANT AND INDUSTRIAL MACHINERY FOR INDUSTRIAL FURNACE

29-Jun-18

332.50

6,000.00

47

SOLLATEK ELECTRONICS LIMITED

SURGE PROTECTOR - SOLLATEK BRAND - FGUK FRIDGE GUARD 6A 230V Isense

29-Jun-18

332.50

48

SUNRISE PRODUCTS LIMITED

RAW MATERIAL FOR INDUSTRY ARTIFICIAL RESINS - POLYVINYL CHLORIDE INOVYN PVC 267RC

29-Jun-18

332.50

49

SUNRISE PRODUCTS LIMITED

PVC GRADE: SE1000

29-Jun-18

332.50

87

FAREAST

SCANFROST BRAND FREEZERS IN CKD FORMAT

27-Jun-18

345.27

100,000.00

88

CBN

WHOLESALE RETURNS

27-Jun-18

344.77

50,000.00

DATE OF FUND PURCHASE

EXCHANGE RATE

USD AMOUNT

S/N

CUSTOMER

1

OTHER SOURCES 1

25-Jun-18

315.00

3,056,459.00

2

CBN

27-Jun-18

344.77

250,000.00

3

CBN

29-Jun-18

337.00

10,000.00

4

CBN

29-Jun-18

336.00

437,580.00

5

CBN

29-Jun-18

335.00

641,398.76

6

CBN

29-Jun-18

333.00

1,958,722.30

7

CBN

29-Jun-18

332.00

1,782,458.40

8

CBN

29-Jun-18

331.50

1,000,000.00

9

CBN

29-Jun-18

331.00

50,000.00

10

CBN

29-Jun-18

330.00

191,710.21

15,000.00

11

CBN

29-Jun-18

330.00

590,000.00

89,100.00

1

TOTAL AMOUNT

125,120.00

2

AVERAGE AMOUNT

9,968,328.67 906,211.70

30

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

Bello: Co-Operatives an Effective Tool for Economic Development Eromosele Abiodun The Executive Secretary of the Nigerian Shippers Council (NSC), Hassan Bello has stressed the need for Nigerian workers to embrace co-operative societies as a means of saving for the raining day.

He stated this while delivering his goodwill message at the 22nd Annual General Meeting (AGM) of the NSC Staff Multipurpose

Cooperative Society Limited.

Represented by the Director, Special Duties, Mr Ignatius Nweke he described co-operative societies as effective tools for economic development through intervention in specific market place in the sustainable interest of members.

He enjoined executives of the NSC co-operative society to search for investments that can guarantee returns on investments

for the benefit of members.

According to him, â&#x20AC;&#x153;I urge the executive to continue he good work they have started that has made most member to retain trust in the co-operative society. As co-operators, we are required to operate and abide strictly by the bye-laws guiding the society. â&#x20AC;&#x153;We are expected to follow the criteria for loan disbursement in order to ensure that the

Nigerian Society of Engineers Holds Training The Nigerian Society of Engineers (NSE) Victoria Island branch in conjunction with T&R Energy Consultants Limited and Simply Exponential Consult Limited, have concluded plan to organise a one-day leadership workshop tagged â&#x20AC;&#x2DC;Strategic Leadership as a Tool for Business Stability and Career Development,â&#x20AC;? on Wednesday, July 18th, 2018 Colonnades Hotel, Lagos.

This programme is to enable their engineers, other professionals and business owners learn unpublished practical lessons from seasoned industry

practitioners.

In a statement, the Managing Consultant of Simply Exponential Consult Limited, Mrs. Fayo Williams, who jointly initiated the Leadership Toolkit Series in March, 2018; stated that, â&#x20AC;&#x153;While there is a need to train women to be effective leaders and break the glass ceiling thereby moving up the career ladder, 21st century leaders in general should be equipped with strategic leadership skills in order to be placed in positions where they can lead their organisations innovatively and achieve better

results.â&#x20AC;?

She further explained that the workshop was designed to provide participants with techniques that are guaranteed to increase productivity and growth in their role as professionals or individual contributors within the organisation.

Oil and Gas Consultant at T&R Energy, Engr. Prisca Kanebi, corroborated this by saying participants at the workshop would be equipped with tools on the imperatives of compliance, mentorship and creative leadership.

savings of members are well utilised and secured. This will give assurance that the motto of the co-operative society, which is, â&#x20AC;&#x153;Unity Power and Progress,â&#x20AC;? is achieved.â&#x20AC;?

Bello stressed that the purpose and objectives of any co-operative society are to amongst other things, to provide goods and services, and eliminate the unnecessary profits of middlemen in trade

and commerce.

Other objectives he stated are, aim to protect the rights of its members both as producers and customers, seek to prevent the exploitation of the weaker members of the co-operative society and promote mutual understanding and education among members and people in general.

In his speech, the Chairman of the co-operative society and

Director, Corporate Services, NSC, Bashir Sumaila, said the NSC management had sanitised the co-operative society to ensure that it is ran professionally.

He said, â&#x20AC;&#x153;it is beneficial for staff to set part of their salary aside for the raining day, I have been a member of this organisation for over 20 years and everything I have achieved has been through this co-operative society.â&#x20AC;?

Adopt Counter-cultural Mindset, Minister Urges Entrepreneurs Emma Okonji The Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah has charged Nigerian entrepreneurs to adopt a countercultural mindset in order to become successful business gladiators.

Enelamah who gave the advice during an interactive session with the delegates of the 2nd Ausso Leadership Academy (ALA) masterclass at the entrepreneursâ&#x20AC;&#x2122; hub in Lagos recently, said the counter-cultural mindset was call to excellence

despite any seeming culture of mediocrity within the Nigerian business clime. He encouraged the delegates to adopt an olympic mindset and prepares to play on the global stage as well as cultivate a deep understanding of their local space. Speaking at the event, Founder, Ausso Leadership Academy, and Entrepreneur-inResidence, Columbia Business School, Mr. Austin Okere, thanked the minister for honouring the call to mentor the entrepreneurs and business leaders at the academy.

He noted that the session had been instrumental in providing

insightful details about the activities of the government. â&#x20AC;&#x153;Honourable Minister, we are pleased that you have honoured the invitation to share your experience to motivate the delegates to aspire to greater heights. Today, you have reinforced the recurring mantra from other champions at ALA that you can be excellent and successful,â&#x20AC;? Okere said. The minister also commended the Founder for providing a world class facility as a veritable medium to mentor entrepreneurs to optimize job creation and enable shared prosperity.

T H I S D AY ˾ MONDAY JULY 2, 2018

31

T H I S D AY Ëž Ë&#x153; JULY 2, 2018

32

BUSINESS/MONEYGUIDE

FMDQ OTC, S&P Dow Jones Indices Brand Nigeriaâ&#x20AC;&#x2122;s Sovereign Bond Index Goddy Egene The FMDQ OTC Securities Exchange and S&P Dow Jones Indices, a global provider of financial market indices have commenced co-branding of indices.

Both organizations had in 2017 signed a cooperation agreement to create and launch co-branded fixed income indices. The activation of that co-branding indices began last Friday with branding of S&P/ FMDQ Nigeria Sovereign Bond Index.

According to the exchange, the S&P/FMDQ Nigeria Sovereign Bond Index, formerly branded as S&P Nigeria Sovereign Bond Index, tracks the performance of local currency denominated sovereign debt publicly issued

by the government of Nigeria in its domestic market.

The Chief Executive Officer of S&P Dow Jones Indices, Alex Matturri said, â&#x20AC;&#x153;We are pleased to collaborate with FMDQ to create benchmarks for Nigeriaâ&#x20AC;&#x2122;s domestic fixed income markets.

This is S&P Dow Jones Indicesâ&#x20AC;&#x2122; first-ever agreement with an Africa-based securities exchange to offer fixed income indices.

The successful transition of the S&P/FMDQ Nigeria Sovereign Bond Index marks the beginning of our joint efforts to establish a more transparent environment for market participants to gain insights into the Nigerian capital markets.â&#x20AC;?

Also speaking, the Managing Director/CEO, FMDQ OTC Securities Exchange, Mr. Bola Onadele. Koko said,

â&#x20AC;&#x153;FMDQ, as part of its Global Competitiveness, Operational Excellence, Liquid & Diverse (GOLD) agenda for the Nigerian financial markets, is committed to developing and increasing the market accessibility for all stakeholders including the investors. â&#x20AC;&#x153;We are delighted to collaborate with S&P Dow Jones Indices to further deepen the markets through these indexbased solutions and measures.

As we see more domestic and global demand, for diverse and innovative investment products, the S&P/FMDQ index family will critically serve to raise the global exposure of the Nigeria fixed income assets and represent an opportunity to increase trading flows to the Nigerian financial markets.â&#x20AC;?

Ecobank MD Urges Auditors to Enforce Corporate Governance Nume Ekeghe The Managing Director, Ecobank Nigeria, Mr. Charles Kie has called on audit executives of banks to the take advantage of their independence and unfettered access to their respective boards, management and regulators to entrench a sound governance environment in banks and stem potential bank failure.

The auditors, he said, has a strategic role in instituting sound corporate governance culture in the banks.

Kie, who gave this advice recently while presenting a paper titled, â&#x20AC;&#x2DC;The Role of Audit in Promoting Good Corporate Governance in the Financial

Services Industry,â&#x20AC;&#x2122; at the 39th quarterly general meeting of the association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), observed that the recent warning by Nigeria Deposit Insurance Corporation (NDIC) that another bank failure was imminent in the country, on the back of weak corporate governance culture and weak internal control must be taken seriously. He pointed out that the last two decades have been eventful in terms of changes in the corporate governance landscape.

He stressed that abuses by executives and governance failures had led to unprecedented changes in regulatory frameworks and how businesses

are controlled and directed locally and globally.

He said, â&#x20AC;&#x153;My dear auditors, the expectations are high and you must justify the confidence reposed on you by investors and other stakeholders. â&#x20AC;&#x153;The social cost of banking crisis is difficult to estimate, but the public funds used to bail out distressed banks run into billions of naira. The time to act is now.â&#x20AC;?

Furthermore, the Ecobank boss observed that internal auditors were increasingly being criticised for their effectiveness in instilling a proper control and governance environment, urging them to stand up and be counted on the side of integrity and professionalism.

Union Bank LaunchesYouth Mentorship Project Union Bank of Nigeria Plc has announced the launch of the â&#x20AC;&#x2DC;We Lead Mentorship Project,â&#x20AC;&#x2122; (WLMP), an 8-month youth mentorship programme, in Igbodo, Delta State, as part of its corporate social responsibility (CSR) initiatives.

The programme being implemented by the Rural Development and Reformation Foundation (RUDERF), in conjunction with the Igbodo Development Union (IDU), is a community-based mentorship programme that utilises local human resources and trained mentors to build and strengthen community youths using a structured curriculum.

The project was designed to address societal issues ranging from illegal migration to violence, extremism and other

vices. Another key part of the project is the establishment of a book club in the community to encourage a reading culture among Igbodo youths. At the end of the extensive project, the participants are expected to have benefitted from mentorship, economic empowerment and leadership development opportunities.

Speaking at the official launch of the project, Union Bankâ&#x20AC;&#x2122;s Head of Transformation, Joe Mbulu stated the need to harness the power of community-based mentors to raise young and purposeful leaders for global impact informed the initiative. â&#x20AC;&#x153;Union Bank remains deeply committed to improving the lives of the youths of Nigeria.

This is why we are investing in

education, financial inclusion and talent development, all of which are important pillars of our CSR strategy. â&#x20AC;&#x153;We believe that the WLMP and others such as this that we are investing in, will go a long way in making the lives of the youths in our communities better as they strive for a brighter future,â&#x20AC;? he said.

According to a statement by RUDERF, â&#x20AC;&#x153;The goal of the project is to enlighten and groom young people from Igbodo community to shun the appeal of illegal migration and channel their talents and focus towards self-development for leadership through mentorship and orientation initiatives specially designed to reduce the prevalent trend in several Nigerian communities.â&#x20AC;?

Unity Bank Unveils Promo Unity Bank Plc has unveiled the â&#x20AC;&#x2DC;Season 2 Unity Verve for Valueâ&#x20AC;&#x2122; promo offer to give out cash prizes and other material rewards to customers and verve card holders of the Bank.

A statement from the bank quoted its Managing Director/ CEO, Mrs. Tomi Somefun, to have said that the promo offer was aimed at spreading out the benefits of the scheme to bring more verve card holders into the reward net.

She stated that from July

to December, 2018, scheduled for the duration of the promo, as much as 300 Unity Bank verve cards holders (that is 50 winners monthly), would receive cash gifts while 3,000 customers (i.e 500 card holders monthly) will receive airtime top-up.

To qualify for the promo, Verve Card holders are required to transact on POS and Web channels to accumulate transaction counts, volume and value.

At the end of every month, 50 customers with highest number of transactions will enjoy reward of N5, 000 worth of cash, while another 500 will be rewarded with airtime top up.

Also speaking on the initiative, the General Manager, Product and Channels, Unity Bank Plc, Mr. Bonaventure Okhaimo urged customers, old and new, to take advantage of the offer and participate actively.

L-R: Chief Executive OďŹ&#x192;cer, Euro Mega Atlantic Nigeria Limited, Manuel UY; Managing Director of Baban Abu Shehu and Sons, Kamalu Musa Al-Hassan; Director E-Mekar Nigeria Resources, Ifeyinwa Arinze, and Head, Marketing, SoKlin, Mrs Abimbola Alabi, during the send forth ceremony for distributors who won all expense paid trip to Russia in the â&#x20AC;&#x2DC;So Klin Russia 2018â&#x20AC;&#x2122; campaign, in Lagos...recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

MARCH 2018 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 Ëž Ă&#x2122;Ă&#x;Ă&#x153;Ă?Ă? Ě&#x2039;

Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

15.16

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

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

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

OPEC DAILY BASKET PRICE AS AT WEDNESDAY JUNE 27, 2018

The price of OPEC basket of fourteen crudes stood at $74.31 a barrel on Wednesday, compared with $72.69 the previous day, according to OPEC Secretariat calculations.

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

33

T H I S D AY ˾ ˜ Ͱ˜ ͰͮͯͶ

MARKET NEWS

FBN Quest Capital Remains Bullish on Equities Market, Projects 10% Growth Goddy Egene The Nigerian equities market ended the first half of 2018 with a marginal growth of 0.09 per cent as indicated by the Nigerian Stock Exchange (NSE) All-Share Index that closed at 38,278.55, compared with 38,243.62 at the beginning of the year.

But despite the marginal close in the first half of the year, FBN Quest Capital, a subsidiary of FBN Holdings Plc, is optimistic

that the market would end year with a gain of about 10 per cent.

After recovering from a two-year loss to gain 43.2 per cent in 2017, the market was projected to maintain the positive performance in 2018. Although it started the year, maintaining a bull run that lasted in the first quarter, persistent profit taking in the second quarter eroded the gains recorded the in Q1 to end the H1 flat. However, the Head, Equities, Head, FBNQuest

P R I C E S MAIN BOARD

F O R DEALS

Capital said Bunmi Asaolu, the index would recover the lost ground and end the year with a minimum growth of 10 per cent at the end of the year. According to him, the macro economic outlook was still supportive with all prices remaining firm.

Asaolu said: “Our view is that the macro outlook is still supportive, with oil prices remaining firm, and that this should offset potential uncertainty stemming from political risk going into H2

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

QUANTITY TRADED

VALUE TRADED ( N )

2018. Although we do not expect consensus earnings estimates to see significant upwards revisions through the rest of the year, valuations are yet to fully capture earnings outlook expectations, especially among the Tier 1 banks. As such, we expect the index to recover lost ground, with a minimum of 10 per cent gain by the end of the year.”

Meanwhile, Ashaolu has restated the commitment of

T R A D E D MAIN BOARD

A S

FBN Quest to continue to assist clients in navigating through the rapidly changing financial environment by providing clear guidance through in-depth and qualitative research.

“We deliver reliable, independent, quality research to aid investment decision-making and strategy development to existing and prospective investors.

“Our in-depth and qualitative research covers macroeconomics, fixed income and equities, offer-

O F

ing timely market commentary and detailed analysis of the local economy, major sectors listed on the NSE and the fixed income and foreign exchange markets,” he said.bAccording to him, they are bold about their recommendations as they are made from thorough and objective study of the relevant companies within the context of their respective industries, the local market and international peer set.

3 0 / 0 6 / 2 0 1 8 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

34

˜ ͺ˜ ͺ͸͹Ͷ ˾ T H I S D AY

Nigeria Daily Stock Market Report:

d,/^ z &Z/Es ^d ϰϬ > ^ d, E^ ^/ Θ E^ ϯϬ /E y dŚĞ dŚŝƐ ĂLJ ĨƌŝŶǀĞƐƚ ϰϬ ŝŶĚĞdž ǁĂƐ ĐƌĞĂƚĞĚ Ă LJĞĂƌ ĂŐŽ ;:ƵŶĞ ϱƚŚ ϮϬϭϳͿ ĐŽŶƐŝƐƟŶŐ ŽĨ ϰϬ ƐƚŽĐŬƐ ǁŚŝĐŚ ĐƵƚ ĂĐƌŽƐƐ ƚŚĞ ǀĂƌŝŽƵƐ ƐĞĐƚŽƌƐ ŽŶ ƚŚĞ EŝŐĞƌŝĂŶ ^ƚŽĐŬ džĐŚĂŶŐĞ͘ dŚĞƐĞ ƐƚŽĐŬƐ ǁĞƌĞ ƐĞůĞĐƚĞĚ ďĂƐĞĚ ŽŶ ƚŚĞŝƌ ůŝƋƵŝĚŝƚLJ͕ ƚƌĂĚĂďŝůŝƚLJ ;ŇŽĂƚͿ ĂŶĚ ƐŝnjĞ ;ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝnjĂƟŽŶͿ͘ ŽůůĞĐƟǀĞůLJ͕ ƚŚĞƐĞ ƐƚŽĐŬƐ ĂĐĐŽƵŶƚ ĨŽƌ ϵϰ͘Ϭй ŽĨ ƚŽƚĂů ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝnjĂƟŽŶ ĂŶĚ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϰϮ͘Ϭй ŽĨ ƚƌĂĚĂďůĞ ŇŽĂƚ͘

THISDAY AFRINVEST 40 INDEX Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

THISDAY AFRINVEST 40

dŚĞ ďĞĂƌŝƐŚ ƐĞŶƟŵĞŶƚ ŝŶ ƚŚĞ EŝŐĞƌŝĂŶ ĞƋƵŝƟĞƐ ŵĂƌŬĞƚ ǁĂƐ ŚĂůƚĞĚ ƚŚŝƐ ǁĞĞŬ ĂƐ ƚŚĞ ďĞŶĐŚŵĂƌŬ ŝŶĚĞdž ƚƌĞŶĚĞĚ ŶŽƌƚŚǁĂƌĚƐ ŽŶ Ϯ ŽĨ ϱ ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶƐ͘ ,ĞŶĐĞ͕ ƚŚĞ ůů ^ŚĂƌĞ /ŶĚĞdž ; ^/Ϳ ƌŽƐĞ ϭ͘ϭй tͲŽͲt ƚŽ ƐĞƩůĞ Ăƚ ϯϴ͕Ϯϳϴ͘ϱϱ ƉŽŝŶƚƐ ǁŚŝůĞ zd ƌĞƚƵƌŶ ŝŵƉƌŽǀĞĚ ƚŽ Ϭ͘ϭй͘ Ɛ Ă ƌĞƐƵůƚ͕ ŝŶǀĞƐƚŽƌƐ ŐĂŝŶĞĚ EϭϱϬ͘ϳďŶ ĂƐ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝnjĂƟŽŶ ĐůŝŵďĞĚ ŚŝŐŚĞƌ ƚŽ Eϭϯ͘ϰϵƚŶ͘

E' D ;нϭ͘ϴйͿ͕ E ^d> ;нϱ͘ϰйͿ͕ E/' Z/ E Z t Z/ ^ ;нϯ͘ϯйͿ ĂŶĚ ^d E / ;нϲ͘ϳйͿ ǁĞƌĞ ƚŚĞ ŵĂũŽƌ ĚƌŝǀĞƌƐ ŽĨ ƚŚĞ ďƵůůŝƐŚ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ŵĂƌŬĞƚ ƚŚŝƐ ǁĞĞŬ ĂƐ ŝŶǀĞƐƚŽƌƐ ƐŽƵŐŚƚ ĨŽƌ ďĂƌŐĂŝŶ ŚƵŶƟŶŐ ŽƉƉŽƌƚƵŶŝƟĞƐ͘ ĐƟǀŝƚLJ ůĞǀĞů ǁĂƐ ƐƚƌĞŶŐƚŚĞŶĞĚ ĂƐ ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ ŽĨ ƐƚŽĐŬƐ ƚƌĂĚĞĚ ĂĚǀĂŶĐĞĚ Ϯϱ͘ϲй ĂŶĚ ϯ͘ϲй ƚŽ ϯϰϰ͘ϱŵ ƵŶŝƚƐ ĂŶĚ Eϰ͘ϬďŶ ƌĞƐƉĞĐƟǀĞůLJ͘ ^d Z>/E' ;Ϯϯϲ͘ϲŵͿ͕ , DW/KE ;ϭϱϬ͘ϲŵͿ ĂŶĚ &/ >/dz ;ϵϴ͘ϵŵͿ ǁĞƌĞ ƚŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďLJ ǀŽůƵŵĞ ǁŚŝůĞ E/d, ;EϮ͘ϰďŶͿ͕ E' D ;EϮ͘ϬďŶͿ ĂŶĚ 'h Z Edz ;Eϭ͘ϴďŶͿ ǁĞƌĞ ƚŚĞ ƚŽƉ ƚƌĂĚĞĚ ďLJ ǀĂůƵĞ͘

ƚ ƚŚĞ ƐƚĂƌƚ ŽĨ ƚŚĞ ǁĞĞŬ͕ ďĂƌŐĂŝŶ ŚƵŶƟŶŐ ŝŶ E' D ďƵŽLJĞĚ ƚŚĞ ďĞŶĐŚŵĂƌŬ ŝŶĚĞdž͕ ƵƉ Ϭ͘ϯй͘ ,ŽǁĞǀĞƌ͕ ƐĞůůŽīƐ ŝŶ ŵĂƌŬĞƚ ďĞůůǁĞƚŚĞƌƐ ĂŶĚ ďĂŶŬŝŶŐ ƐƚŽĐŬƐ ʹ /Ed Z t͕ E/d, ĂŶĚ 'h Z Edz Ͳ ŽŶ dƵĞƐĚĂLJ͕ tĞĚŶĞƐĚĂLJ ĂŶĚ dŚƵƌƐĚĂLJ͕ ůĞĚ ƚŽ Ă ĐƵŵƵůĂƟǀĞ ůŽƐƐ ŽĨ ϳϭďƉƐ ǁŚŝůĞ ƚŚĞ ůů ^ŚĂƌĞ /ŶĚĞdž ƐĞƩůĞĚ Ăƚ ϯϳ͕ϳϯϯ͘ϰϰ ƉŽŝŶƚƐ͘ LJ &ƌŝĚĂLJ ŚŽǁĞǀĞƌ͕ ďĂƌŐĂŝŶ ŚƵŶƟŶŐ ŝŶ ŵĂƌŬĞƚ ďĞůůǁĞƚŚĞƌƐ ŽǀĞƌƚƵƌŶĞĚ ůŽƐƐĞƐ ƚŽ ĐůŽƐĞ ϭ͘ϰй ŚŝŐŚĞƌ͘

WĞƌĨŽƌŵĂŶĐĞ ĂĐƌŽƐƐ ƐĞĐƚŽƌƐ ǁĂƐ ŵŝdžĞĚ ĂƐ ϯ ŽĨ ϱ ŝŶĚŝĐĞƐ ĂĚǀĂŶĐĞĚ tͲŽͲt͘ dŚĞ /ŶĚƵƐƚƌŝĂů ĂŶĚ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ŝŶĚŝĐĞƐ ǁĞƌĞ ƚŚĞ ďĞƐƚ ƉĞƌĨŽƌŵŝŶŐ͕ ƚƌĞŶĚŝŶŐ Ϯ͘ϳй ŚŝŐŚĞƌ tͲŽͲt ĂƉŝĞĐĞ ĂƐ ŐĂŝŶƐ ŝŶ E' D ;нϭ͘ϴйͿ͕ E ^d> ;нϱ͘ϰйͿ͕ E/' Z/ E Z t Z/ ^ ;нϯ͘ϯйͿ ĂŶĚ W ;нϯ͘ϴйͿ ďŽůƐƚĞƌĞĚ ƚŚĞ ŝŶĚĞdž͘ dŚĞ /ŶƐƵƌĂŶĐĞ ŝŶĚĞdž ĨŽůůŽǁĞĚ ĐůŽƐĞůLJ͕ ĂƉƉƌĞĐŝĂƟŶŐ Ϭ͘ϳй tͲŽͲt͕ ĚƌŝǀĞŶ ďLJ ƌĞŶĞǁĞĚ ŝŶǀĞƐƚŽƌ ŝŶƚĞƌĞƐƚ ŝŶ D E^ Z ;нϬ͘ϳйͿ͕ > ^ K ;нϱ͘ϵйͿ͕ ĂŶĚ E D ;нϱ͘ϯйͿ͘ KŶ ƚŚĞ ŇŝƉƐŝĚĞ͕ ƚŚĞ ĂŶŬŝŶŐ ĂŶĚ Kŝů Θ 'ĂƐ ŝŶĚŝĐĞƐ ĐůŽƐĞĚ Ϯ͘ϰй ĂŶĚ ϭ͘Ϯй ůŽǁĞƌ ƌĞƐƉĞĐƟǀĞůLJ tͲŽͲt͕ ƉƵůůĞĚ ďLJ ůŽƐƐĞƐ ŝŶ 'h Z Edz ;ͲϬ͘ϱйͿ͕ E/d, ;Ͳϯ͘ϱйͿ ĂŶĚ ^ W> d ;Ͳϱ͘ϭйͿ͘

/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ĂƐ ŵĞĂƐƵƌĞĚ ďLJ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ ƐƚƌĞŶŐƚŚĞŶĞĚ ƚŽ Ϭ͘ϴdž ĨƌŽŵ Ϭ͘ϲdž ƌĞĐŽƌĚĞĚ ůĂƐƚ ǁĞĞŬ ĂƐ ϯϭ ƐƚŽĐŬƐ ĂĚǀĂŶĐĞĚ ĂŐĂŝŶƐƚ ϯϴ ĚĞĐůŝŶĞƌƐ͘ dŚĞ ƚŽƉ ƉĞƌĨŽƌŵŝŶŐ ƐƚŽĐŬƐ ĨŽƌ ƚŚĞ ǁĞĞŬ ǁĞƌĞ ,KEz&>KhZ ;нϵ͘ϲйͿ͕ > thE/KE ;нϵ͘ϯйͿ ĂŶĚ E D ;нϱ͘ϯйͿ ǁŚŝůĞ : W h>K/> ;ͲϮϯ͘ϰйͿ͕ WZ ^d/' ;Ͳϭϲ͘ϳйͿ ĂŶĚ Yh/dz ^^hZ ;Ͳ ϴ͘ϳйͿ ǁĞƌĞ ƚŚĞ ǁŽƌƐƚ ƉĞƌĨŽƌŵĞƌƐ͘ dŚĞ ƌĞǀĞƌƐĂů ŝŶ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŝŶ ƚŚĞ ĞƋƵŝƟĞƐ ŵĂƌŬĞƚ ƚŚŝƐ ǁĞĞŬ ŝƐ ůĂƌŐĞůLJ ŝŶ ůŝŶĞ ǁŝƚŚ ŽƵƌ ĞdžƉĞĐƚĂƟŽŶ ŽĨ Ă ƌĞďŽƵŶĚ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ŐĂŝŶƐ ŝŶ ďĞůůǁĞƚŚĞƌƐ͘ /Ŷ ƚŚĞ ĐŽŵŝŶŐ ǁĞĞŬ͕ ǁĞ ĞdžƉĞĐƚ Ă ĨƵƌƚŚĞƌ ƌĂůůLJ ďLJ ŝŶǀĞƐƚŽƌƐ ƐĞĞŬŝŶŐ ƚŽ ƚĂŬĞ ƉŽƐŝƟŽŶƐ ŝŶ ƐƚŽĐŬƐ ƚƌĂĚŝŶŐ Ăƚ ĂƩƌĂĐƟǀĞ ƉƌŝĐĞƐ͘

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

1,592.13

1.08%

3.2%

59.2%

19.4%

7.0%

7.6x

0.9x

5.2%

1

Guaranty Trust Bank PLC

40.50

1.1%

20.6%

-0.6%

-0.1%

32.6%

5.2%

6.6x

2.3x

6.8%

15.2%

2

Zenith Bank PLC

25.00

0.4%

12.3%

-2.5%

-3.6%

26.3%

3.6%

4.2x

1.1x

10.8%

23.9%

3

Nigerian Brew eries PLC

4

Nestle Nigeria PLC

10.7%

114.20

2.9%

7.4%

-15.3%

-15.4%

17.4%

n

28.6x

4.8x

3.6%

3.5%

1,575.00

4.9%

7.9%

1.2%

1.2%

73.3%

18.9%

36.8x

23.4x

2.7%

2.7%

Dangote Cement PLC

229.00

1.8%

6.0%

-0.4%

-0.4%

22.7%

12.0%

19.8x

4.6x

4.6%

5.1%

10.60

-0.9%

6.4%

20.5%

20.6%

6.7%

0.8%

7.6x

0.6x

2.4%

13.1%

FBN Holdings Plc

9

ĂƌŐĂŝŶ ,ƵŶƟŶŐ ŝŶ ĞůůǁĞƚŚĞƌƐ hƉůŝŌ DĂƌŬĞƚ WĞƌĨŽƌŵĂŶĐĞ͘​͘​͘ E^ ^/ ƵƉ ϭ͘ϭй tͲŽͲt

Current Price

Ticker

Ɛ Ăƚ &ƌŝĚĂLJ͕ ϮϵƚŚ ŽĨ :ƵŶĞ ϮϬϭϴ͕ ƚŚĞ ĨƌŝŶǀĞƐƚ ϰϬ ŝŶĚĞdž ƌĞĐŽƌĚĞĚ Ă ŐĂŝŶ ŽĨ ϭ͘Ϭϴй ƚŽ ƐĞƩůĞ Ăƚ ϭ͕ϱϵϮ͘ϭϯ ƉŽŝŶƚƐ ǁŚŝůĞ ŝƚƐ zd ƌĞƚƵƌŶ ƌŽƐĞ 5 6 ƚŽ ϯ͘Ϯй͘ dŚĞ zd ƌĞƚƵƌŶ ŽĨ ƚŚĞ dŚŝƐ ĂLJ ĨƌŝŶǀĞƐƚ ϰϬ ƐƵƌƉĂƐƐĞƐ ƚŚĞ 7 zd ƌĞƚƵƌŶ ŽĨ ƚŚĞ E^ Ͳ ůů ^ŚĂƌĞ /ŶĚĞdž ǁŚŝĐŚ ŝƐ ʹϬ͘ϰй ĂŶĚ ƚŚĂƚ ŽĨ 8 ƚŚĞ E^ ϯϬ͕ ǁŚŝĐŚ ŝƐ Ͳ Ϭ͘ϭй͘ zĞƐƚĞƌĚĂLJ͛Ɛ ƉŽƐŝƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ ŝŶ ƚŚĞ dŚŝƐĚĂLJ ĨƌŝŶǀĞƐƚ ϰϬ ǁĂƐ ĚƵĞ ƚŽ ŝŶĐƌĞĂƐĞ ŝŶ 'h Z Edz ;ϭ͘ϭйͿ͕ E/d, ;Ϭ͘ϰйͿ ĂŶĚ E/' Z/ E Z t Z/ ^ ;Ϯ͘ϵͿ ǁŚŝĐŚ ĐƵŵƵůĂƟǀĞůLJ ĂĐĐŽƵŶƚƐ ĨŽƌ ϰϬ͘ϯй ŽĨ ƚŚĞ ŝŶĚĞdž͘

Monday, July 2, 2018

Access Bank PLC

10.35

0.5%

4.3%

-1.0%

-2.4%

12.7%

1.5%

5.1x

0.7x

6.3%

19.6%

United Bank for Africa PLC

10.50

-0.5%

4.3%

1.9%

0.9%

15.9%

1.9%

4.6x

0.7x

8.1%

21.6%

2.8%

30.0% 10.1%

20.00

0.0%

3.8%

17.6%

22.9%

12.9%

1.0%

6.6x

0.9x

650.00

0.0%

3.1%

3.8%

3.8%

22.3%

13.2%

3.3x

0.7x

Ecobank Transnational Inc

15.1%

10

SEPLAT Petroleum Development C

11

Stanbic IBTC Holdings PLC

52.00

4.0%

3.5%

25.3%

27.1%

30.8%

4.1%

9.9x

2.7x

1.0%

12

Unilever Nigeria PLC

52.50

0.5%

3.2%

28.0%

30.6%

19.2%

8.0%

28.1x

3.8x

1.0%

3.6%

13

Guinness Nigeria PLC

97.75

0.7%

2.3%

4.0%

4.0%

15.4%

6.1%

18.6x

2.5x

0.7%

5.4%

14

Lafarge Africa PLC

40.95

-2.5%

1.5%

-8.8%

-8.8%

-36.8%

-7.7%

2.3x

3.7%

-15.1%

15

Fidelity Bank PLC

2.30

0.9%

1.1%

-6.5%

-10.9%

10.4%

1.4%

1.8x

0.4x

4.8%

55.3%

6.40

-1.5%

1.4%

6.8%

6.8%

10.3%

1.5%

7.9x

0.4x

19.00

0.0%

1.1%

-5.0%

-6.7%

45.0%

20.0%

5.7x

2.1x

13.2%

17.7%

3.3%

10.9%

2.9%

15.0% 11.7%

16

Oando PLC

17

Dangote Sugar Refinery PLC

18

Okomu Oil Palm PLC

92.00

2.2%

1.4%

35.9%

35.9%

39.7%

29.4%

9.2x

3.1x

19

International Brew eries PLC

42.35

0.0%

0.6%

-22.3%

-23.0%

24.6%

7.4%

44.3x

10.1x

20

Flour Mills of Nigeria PLC

32.00

-0.6%

0.7%

10.3%

10.3%

13.1%

3.0%

6.7x

0.8x

21

Transnational Corp of Nigeria

1.40

1.4%

0.5%

-4.1%

-5.4%

11.2%

2.5%

8.6x

0.9x

1.4%

22

UAC of Nigeria PLC

14.00

0.0%

0.5%

-17.2%

-17.2%

1.5%

0.6%

22.8x

0.6x

4.6%

23

Diamond Bank PLC

1.43

4.4%

0.5%

-4.7%

-8.9%

-5.8%

-0.7%

-8.7%

24

Total Nigeria PLC

25

FCMB Group Plc

26

11 PLC

210.00

4.7%

0.5%

2.18

-4.8%

0.7%

183.00

1.1%

0.5%

-3.5%

0.4%

4.3%

0.4%

12.6%

2.3%

0.1x

4.4% -51.2%

-8.7%

25.0%

5.3%

10.2x

2.4x

8.1%

9.8%

38.0%

5.8%

0.9%

4.2x

0.2x

4.6%

24.0%

-6.0%

-6.0%

38.8%

15.7%

6.6x

2.2x

4.4%

15.2%

-24.4%

-21.8%

17.6%

1.6%

17.7x

2.8x

0.5%

-2.1%

10.7%

5.0%

19.6x

2.0x

2.5%

5.1%

27

Forte Oil PLC

32.85

28

PZ Cussons Nigeria PLC

20.70

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

0.0%

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%

5.6%

33

Union Bank of Nigeria PLC

6.10

-0.8%

0.3%

-21.8%

-18.8%

5.3%

1.1%

8.8x

0.6x

34

Julius Berger Nigeria PLC

27.50

0.0%

0.3%

-1.8%

-1.8%

17.3%

1.8%

7.6x

1.2x

3.6%

13.1%

35

Sterling Bank PLC

10.7%

1.0%

4.2x

0.4x

1.4%

23.8%

1.3x

2.0%

1.40

0.7%

0.3%

29.6%

23.9%

10.00

0.0%

0.2%

-17.7%

-17.7%

11.4%

36

Dangote Flour Mills Plc

37

GlaxoSmithKline Consumer Niger

19.00

0.0%

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%

7.45

0.0%

0.1%

3.3%

3.3%

5.3%

2.9%

19.5x

1.0x

1.8%

5.1%

40

Transcorp Hotels Plc

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 %

6.73

5.0%

T ra de s

T ic k er

ET ER N A UP L

2.33

N EST LE

Vo lum e

P ric e C hg %

WEM A B A N K

1 71 .3

4.3%

GUA R A N T Y

75.1

1 .1 %

M ULT IVER SE

71 .4

0.0%

Z EN IT H B A N K

50.5

0.4%

F ID ELIT YB K

20.9

0.9%

FB NH

5.3

-0.9%

5.0%

1575.00

T OT A L

by V o lum e

4.9%

210.00

4.7%

J A IZ B A N K

0.70

4.5%

D IA M ON D B N K

1.43

4.4%

UN IT YB N K

0.97

4.3%

T R A N SC OR P

5.0

1 .4%

WEM A B A N K

0.73

4.3%

FCM B

4.8

-4.8%

PZ

20.70

4.3%

H ON YF LOUR

4.6

-5.0%

ST A N B IC

52.00

4.0%

OA N D O

4.3

-1 .5%

T o p 10 L o s e r s T ic k er H ON YF LOUR UA C -P R OP

T o p 10

P ric e

P ric e C hg %

2.29

-5.0%

1.91

-5.0%

FCM B

2.18

-4.8%

SKYEB A N K

0.69

-4.2%

LIVEST OC K

0.76

-3.8%

FO

T ra de s

by V a lue

T ic k er

Value

GUA R A N T Y

301 2.8

P ric e C hg % 1 .1 %

Z EN IT H B A N K

1 261 .5

0.4% 2.9%

NB

375.1

N EST LE

322.2

4.9%

WEM A B A N K

1 20.0

4.3%

32.85

-3.5%

FO

89.5

-3.5%

VER IT A SKA P

0.29

-3.3%

UN ILEVER

68.4

0.5%

A IIC O

0.61

-3.2%

GUIN N ESS

58.7

0.7%

C A VER T ON

2.18

-3.1%

FB NH

57.1

-0.9%

J A P A ULOIL

0.36

-2.7%

UA C N

49.9

0.0%

Investment Research

Brokerage Ayodeji Ebo | aebo@afrinvest.com

Robert Omotunde | romotunde@afrinvest.com

Bolaji Fajenyo | bfajenyo@afrinvest.com

Eronmosele Aziba | eaziba@afrinvest.com

35

T H I S D AY Ëž Ë&#x153; ÍşË&#x153; ͺ͸͚͜

MARKET NEWS

Fund Managers Association of Nigeria Holds Annual General Meeting The

Fund Managers Association of Nigeria (FMAN) will on Thursday, July 5, 2018, hold its annual general meeting (AGM) at the auditorium of the Securities and Exchange Commission (SEC), Idejo, Victoria Island, Lagos.

In a notice of the AGM, FMAN said the meeting would hold at 11.00 a.m to receive the audited accounts of the association and report of the executive committee for the year ended December 31, 2017. Also at the meeting,

the association will conduct election of a new president, nominate additional trustees and any other business.

FMAN is an independent, non-governmental, non-political and non-profit making established in August, 2009 to promote the operations of fund managers registered with the Securities and Exchange Commission in Nigeria (SEC), provide for self-regulation and supervision of SEC registered fund managers and ensure the observance of global

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 â&#x20AC;&#x2DC;sharesâ&#x20AC;&#x2122; on the

best practices relating to the operations of such fund managers.

The association addresses all the issues affecting the industryâ&#x20AC;&#x2122;s development and represent its members at national and international levels in ongoing discussion about the future regulatory framework for the industry. â&#x20AC;&#x153;The associationâ&#x20AC;&#x2122;s focus is on education, regulation, policy development and international best practices for the benefit of its members, institutional

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 28-June-2018, unless otherwise stated.

investors, policy makers and other stake holders,â&#x20AC;? FMAN said.

The association has always collective schemes investors to always invest their funds through fund managers that are registered by the SEC. Although investing through collective investment schemes in the nationâ&#x20AC;&#x2122;s capital market has many advantages, some investors are still discouraged due to their past experiences of losing their funds to fund managers.

However, the immediate past President of FMAN, Dr. Ore Sofekun had told THISDAY that situation had improved significantly given the efforts

by SEC and operators to reposition and develop the industry. â&#x20AC;&#x153;In recent past we do admit that some fund managers were not abiding by the ethics of the profession. But now FMAN, being a self-regulatory organisation and SEC making sure that everybody is filing their returns and looking

at things more correctly, we believe that now you can definitely entrust your money to SEC-registered fund managers. The mistake a lot of investor make is that they do not ensure that who they give their money to is registered by SEC. The list of all registered fund managers is available by looking at SEC website and very soon the list of registered fund managers will also be available on FMAN website, which is www.fman.com.ng,â&#x20AC;? she said.

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

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

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 1 270 1680 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 184.59 186.31 4.14% Nigeria International Debt Fund 245.95 247.71 6.68% ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund 0.84 0.85 1.64% ACAP Income Funds 0.64 0.64 6.81% 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 13.25% 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 19.21 19.79 5.16% ARM Discovery Fund 407.45 419.73 4.73% ARM Ethical Fund 29.32 30.20 7.31% ARM Money Market Fund 1.00 1.00 13.10% 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 149.03 150.08 -1.75% AXA Mansard Money Market Fund 1.00 1.00 12.53% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 13.13% Paramount Equity Fund 12.09 12.40 9.04% Women's Investment Fund 104.48 107.16 3.83% 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 12.84% 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 12.11% Coronation Balanced Fund 1.15 1.18 9.82% Coronation Fixed Income Fund 1.13 1.16 8.91% 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 1,167.38 1,168.10 7.73% FBN Heritage Fund 100.00 100.00 5.61% FBN Money Market Fund 100.00 100.00 12.60% FBN Nigeria Eurobond (USD) Fund - Institutional 112.22 112.64 1.84% FBN Nigeria Eurobond (USD) Fund - Retail 112.06 112.48 1.80% FBN Nigeria Smart Beta Equity Fund 176.09 178.76 9.55% FIRST CITY ASSET MANAGEMENT LTD fcamhelpdesk@fcmb.com Web: www.fcamltd.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Equity Fund 1.37 1.40 5.24% Legacy Debt Fund 3.07 3.07 6.43% 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 3,161.32 3,194.26 5.89% Coral Income Fund 2,643.10 2,643.10 8.00% 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 12.82% Nigeria Entertainment Fund 103.42 104.52 3.50% INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 1.00 1.00 12.81% Vantage Balanced Fund 2.16 2.19 2.57% Vantage Guaranteed Income Fund 1.00 1.00 14.20% Kedari Investment Fund (KIF) 120.65 121.00 4.89%

LOTUS CAPITAL LTD ďŹ ncon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.19 1.21 4.03% Lotus Halal Fixed Income Fund 1,076.93 1,076.93 6.78% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 13.56 13.67 3.21% Meristem Money Market Fund 10.00 10.00 11.73% 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 13.31% PACAM Fixed Income Fund 11.82 11.87 7.01% PACAM Money Market Fund 10.00 10.00 11.56% 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 2,381.73 2,401.78 6.19% Stanbic IBTC Bond Fund 186.84 186.84 5.89% Stanbic IBTC Ethical Fund 1.04 1.05 3.47% Stanbic IBTC Guaranteed Investment Fund 239.52 239.58 8.76% Stanbic IBTC Iman Fund 184.92 186.90 3.23% Stanbic IBTC Money Market Fund 100.00 100.00 12.30% Stanbic IBTC Nigerian Equity Fund 9,803.43 9,936.64 1.38% Stanbic IBTC Dollar Fund (USD) 1.10 1.10 3.61% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.32 1.33 -1.59% United Capital Bond Fund 1.66 1.66 5.74% United Capital Equity Fund 0.96 0.98 4.43% United Capital Money Market Fund 1.00 1.00 12.51% United Capital Eurobond Fund 106.42 106.42 3.42% United Capital Wealth for Women Fund 1.14 1.15 5.05% ZENITH ASSETS MANAGEMENT LTD info@zenith-funds.com Web: www.zenith-funds.com; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Equity Fund 13.10 13.31 4.67% Zenith Ethical Fund 13.86 14.01 5.19% Zenith Income Fund 20.43 20.43 7.91% Zenith Money Market Fund 1.00 1.00 12.86%

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

12.34 150.89 111.10

12.44 154.03 113.12

1.79% 5.62% 1.67%

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 GrifďŹ n 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

4.71 8.98 17.70 20.07 145.33

4.75 9.06 17.80 20.27 147.33

-0.53% -6.12% 1.05% 2.05% 6.19%

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 managerâ&#x20AC;&#x2122;s website and FMANâ&#x20AC;&#x2122;s website at www.fman.com.ng. Fund prices are supplied by the operator of the relevant fund and are published for information purposes only.

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

36

CITYSTRINGS

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

A Sustainable Environmental Sanitation Drive Ugo Aliogo writes on the new waste management strategy being implemented by Visionscape Sanitation Solution in Lagos

W

aste generation has become a global issue which countries are making frantic efforts to address. According to the World Bank, with rapid population growth and urbanisation, municipal waste generation is expected to rise to 2.2 billion tonnes by 2025.

Thus, to build sustainable and liveable cities, proper waste management is essential.

To this end, Visionscape Sanitation Solution has developed an environmentally sustainable waste management strategy that it is implementing in Lagos. After operating for four months in the state, the company discovered that the state needed 15 million black bags yearly, among other waste management related supplies. Therefore, they have launched a plan to convert plastic bottles to black bio-degradable bags in order to use the bags to convey waste. This closed-loop strategy is part of the commitment of the company to innovation in waste management practice in the country.

Partnership The mandate of Visionscape under the Cleaner Lagos Initiative (CLI) management reforms is to provide the backbone infrastructure to aid effective handling of waste to reduce the large volume of waste in Lagos State. From Visionscapeâ&#x20AC;&#x2122;s discovery, over 70 per cent of the waste that litter the streets of Lagos is commercial waste. As part of the demands of the partnership, the company is making efforts to clear the waste through the collection of large tonnes of waste daily.

The partnership ensures that there is no element of residential waste that is not picked up efficiently since it is being mixed with commercial waste, and confused for household waste. However, there is a misconception that lies in the issue of residential waste collection, which the company is trying to address.

Due to the fast-tracking of its infrastructure programme and investment, Visionscape has reached out to the Waste Collection Operators (WCOs), who would supervise the old Private Sector Participants (PSPs) and in partnership with them, execute the mandate for the CLI. â&#x20AC;&#x153;While we concentrate on spending the investment to fast track the infrastructure because of the fire in the Olushosun dumpsite, we have decided to concentrate on years three and four of our 10-year mandate.

However, we realised that it is a big gap and risk to the lives of Lagosians, so we decided to approach the government to fast-track what is known as element three of our core business mandate, which is infrastructure investment, and bring to the fore of our project,â&#x20AC;? Chief Executive Officer, Visionscape, John Irvine, said.

In 2017, it was decided that on a concessionary agreement, they would take over the existing facilities from the state and invest money in the project.

Upgraded Facilities In January 2018, Visionscape launched the transfer loading station systems. The renovated facilities are in Agege, Lagos Island, and Oshodi, with smaller facilities in Mushin and Ogudu. They have upgraded and invested in these facilities in order for them to deliver 21st century services. The new facility located in Lagos Island would serve as one of many hubs strategically located throughout the state, that would enable Visionscape and other WCOs temporarily deposit collected waste from within city limits, to be transported in bulk to the landfills for processing and disposal.

Irvine stated that the investment they

Cleaning of illegal dumpsite at Glover Street, Lagos

were making in infrastructure was not for the next nine and half years of the CLI, but for the next 15, 20, and 25 years.

In the previous system, the government along with old PSPs â&#x20AC;&#x201C; which was managed under the Lagos State Management Authority (LAWMA) â&#x20AC;&#x201C; was carrying out the waste management service and took it to Olusosun, Badagry and Epe dumpsites.

According to Irvine, â&#x20AC;&#x153;Evacuating the waste from the point of generation, there has to be a transferable system which will take it to the Transfer Loading Stations (TLS), and the Epe Eco Park. We are building a multi-purpose Eco Park, with engineered landfill cells, a Materials Recovery Facility (MRF), recycling facilities and an Anaerobic Digestion (AD) plant for organic waste, tyre recycling, and more. This will allow the converting of large amount of waste to resources. Our ambition is to develop a closed loop system, converting approximately 50 per cent of waste into a product to go

Over 70 per cent of the waste that litter the streets of Lagos is commercial waste. As part of the demands of the partnership, the company is making efforts to clear the waste through the collection of large tonnes of waste daily

back into the CLI.â&#x20AC;?

He remarked that they were very pragmatic in their approach, therefore the strategies they are deploying for first cycle of the investment is one that would surpass this generation and lay a foundation for the next generation.

He added that their brief was for 10 years, after which they would hand over the investment to government, noting that it is a commercial risk involved. Irvine argued that the CLI was a government-led service; therefore whatever happens at the end of the 10 years would be second cycle, and whether Visionscape retains the cycle or not, is a commercial risk.

The task before Irvine is to ensure that the money given to him is well spent and recouped within the 10-year period. What the company has adopted is a strategy which ensures that they depreciate its investment over the 10-year period; therefore the money spent is zero on their balance sheet, because the factor of depreciation has set in. However, at the end of the 10 years, there is still value in what Visionscape will have implemented, as the infrastructure set will not lose its value if it is being maintained and can last for over 20 years.

Strategic Approach The partnership, according to the Visionscape CEO, is performance-based and as long as they perform within the guidelines of the project awarded to them, they would be able to make profit. However, the misconception in the market place is that the funds the company is investing for the CLI is coming from government or taxpayers. Irvine disagreed with this view expressed by some section of the public, and noted that the money invested is from Visionscape investors.

Irvine said, â&#x20AC;&#x153;This is private money

invested in an infrastructure project on a concession basis. What I mean here is that over a certain period of time, we invest in the infrastructure. â&#x20AC;&#x153;We get the money by performing on a performance basis. Therefore, the better I perform, the more projects we get. In this project, there is something called the risk and reward system. The risk is that I perform underneath my scope in the initiative, and the reward is that is I get my profit margin to ensure that I cover the initial cost of my investment in the period of the 10 years. The cost includes manpower investment, vehicle investment and infrastructure investment. â&#x20AC;&#x153;A lot of the waste has a value, but it only has a value if there is an outlet at the end of collection process. Many people have asked why we waste resources to make electricity, instead of just burning the waste collected. I cannot sell back electricity back to the federal and State government for two reasons. The federal government cannot pay me money for power generation.

Secondly, the infrastructure to carry the power which has been generated is not in the country presently.â&#x20AC;?

Irvineâ&#x20AC;&#x2122;s viewpoint regarding power generation is that the power generated in the Visionscape Epe Eco Park cannot sufficiently power the metropolis, because the infrastructure has not been upgraded.

Therefore, he noted that the idea for the solid waste conversion and waste-to-wealth is for the landfill miners (scavengers), who will also be compensated and brought into the Visionscape family. The opportunity will allow them to become the companyâ&#x20AC;&#x2122;s official employees; they will be pensioned and be provided with healthcare.

The company also has plans of building a MRF. They will embark on diversion of the commodity (a waste that has a value), such

37

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

CITYSTRINGS

as plastic. The company are also currently building an AD plant.

According to him, â&#x20AC;&#x153;The solid waste in the state has value. But to extract that value takes infrastructural investment. Without infrastructural investments, none of this can be possible. This is not about waste collection â&#x20AC;&#x201C; that is only a small element â&#x20AC;&#x201C; it is what we do with the waste that matters, such as processing, conversion and diversion to the landfill site for final disposal. â&#x20AC;&#x153;The MRF, AD plant and the necessary infrastructure are not built yet because we just started this project (waste conversion) in January. We have only taken ownership of the residential door-to-door collection in January; people often forget that, thinking we have been here for over 10 years. We have been in the state since 2016. â&#x20AC;&#x153;In 2017, we began surveying, putting the bits, and litter black spots cleaning, which was also when the pre-residential contract took off. If you go to the Epe Eco Park, you will find the best weighbridge in the world with the state of the arts; it is fully automated. The weighbridge would have taken me four to five months to build, but it took 10 months. To lay the foundation, we had to dig three times the required depth because of the way the waste was indiscriminately dumped; and we had to do remediation work there, because there were all kinds of wastes there such as medical, hazardous and leachate waste. â&#x20AC;&#x153;We took over and cleaned the area, then started to build the control dam. Now when you come to Epe to dump your waste, it is well managed and treated. We have remediation and we will build engineered landfilling area, which will house a leachate control system to take away all the bad contaminated water, so there is no environmental danger to the water table. â&#x20AC;&#x153;We will manage the emitting gases, encapsulate it and use the fuel for vehicles.

I get frustrated when people think it is not working, what you are seeing here happens all over the world. Lagos is not as dirty as people think; there is a process and system which is currently working.

Before now, the infrastructure that was here was not able to handle the waste that was been generated. â&#x20AC;&#x153;The conversion of the waste on our landfill site, we are probably two months ahead because of our landfill infrastructure.

It is going to take us six months to do the remediation work, therefore what this implies is that all the waste there has to go to one area, so we can start laying down the lining and the pipes for the emitting gas and leachate capture, which will take a long time. â&#x20AC;&#x153;The ideal infrastructure will never be in place because it is an evolving process.

While I complete the Lagos TLSs in three months, I hope to start working in there to begin to add new technologies and changing the systems. The timeline for an easy journey from waste generation to the final disposal will take between six to nine months, but the evolution of the infrastructure is a 10-year period. It will take six to nine months to build the plant and begin the conversion of these solid wastes to useable products.â&#x20AC;?

The fully operaional Visioncape Lagos Island Transfer Loading Station

Visionscape Monitoring and Intervention team working at Omoyele-Ilaje street, Majidun, Ikorodu

Perception According to the company, during their nine months of survey, they discovered over 5,000 litter black spots and illegal dumpsites in Lagos, and within seven

Lagos is not as dirty as people think; there is a process and system which is currently working. Before now, the infrastructure that was here was not able to handle the waste that was been generated

The Chief Executive OďŹ&#x192;cer, Visionscape Sanitation Solution, John Irvine

months period, they cleaned an excess of 3,500 spots taking away thousands tonnes of wastes in the state.

He explained that they have cleaned up these litter black spots and they are trying to concentrate on the other 1,500,

adding that they often receive calls after the exercise that half of the black spots they cleaned are now back again, due to the activities of individuals. To remedy this he said, â&#x20AC;&#x153;we have a team monitoring the indiscriminate dumping of waste. They are known as the Monitoring and Intervention (MNI). When MNI identify black spots, they go clean it.â&#x20AC;?

Irvine further argued that the second perception was that LAWMA was doing a better job, and they cleaned the street quicker. He alleged that the wastes collected

by LAWMA were deposited at dumpsites that endangered the lives of people.

He stated, â&#x20AC;&#x153;There is a misconception that much attention is given to the Island than the Mainland. It is not correct we are addressing the waste collection challenges in both the Mainland and Island.

As a Lagosians, if you find an area with large amount of waste, you call the CLI helpline and the waste will be collected

by Visionscape MNI team. â&#x20AC;&#x153;We have had feedback from the government office that they are impressed with what we are doing. Though there are still some areas that needs tightening up. The reason why these areas are waiting to catch up is because there is no infrastructure in place. This is why the TLSs and the depots have to be fast-tracked. It is why we have invested over 3 million dollars in procuring the trucks and vehicles needed to convey tonnes of wastes, and that is why the Eco Park is paramount.â&#x20AC;?

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FOREIGN/DIPLOMATIC AFFAIRS

Foreign/Diplomatic Editor: VINCENT OBIA vincent.obia@thisdaylive.com 0805 468 1757

In Brief Paris Helicopter Jail Break A notorious gangster, Redoine Faid, escaped by helicopter from a prison in the Paris region, the French authorities said Sunday. BBC reported that Faid was helped by three heavily armed men who created a diversion at the prison entrance while the helicopter landed in the courtyard.

The helicopter flew to the nearby Gonesse area, where it was found by local police. Faid, 46, had been serving a 25-year sentence for a failed robbery during which a police officer was killed. That was his second prison escape: in 2013, he escaped after seizing four guards as human shields and blowing several doors off with dynamite.

Iran to Thwart Efforts to Block its Oil Exports

Macron,Trump

Nuclear Non-proliferation Treaty at 50 Optimism about the capacity of the treaty to prevent the spread of nuclear weapons has continued to fade, writes Vincent Obia

0

n July 1, 1968, the Treaty on the NonProliferation of Nuclear Weapons (NPT) opened for signature in London, Moscow, and Washington. The treaty entered into force in 1970, and on May 11, 1995, it was extended indefinitely. A total of 191 states have joined the treaty, including the five nuclear-weapon states, which are also the five permanent members of the United Nations – Russia, United States, Britain, China, and France.

After 50 years, the NPT has remained the world’s most pre-eminent multilaterally negotiated nuclear arms control treaty. Except for the UN Charter, no other international instrument has had more ratifications than the NPT. The landmark treaty covers topics, such as nuclear non-proliferation; international cooperation in promoting the peaceful uses of nuclear energy under safeguards and verification in conformity with the treaty; and nuclear disarmament efforts leading to the elimination of all nuclear weapons.

As the world marks the 50th anniversary of the NPT, questions remain about the future of the treaty and the commitment of the parties.

In a joint statement on June 28 ahead of the July 1 anniversary of the NPT, the depository governments of Russia, UK, and U.S. said the treaty had built confidence in peaceful nuclear programmes and made immeasurable contributions to the security and prosperity of the world.

“The NPT has provided the essential foundation for international efforts to stem the looming threat – then and now – that nuclear weapons would proliferate across the globe. In so doing, it has served the interests of all its Parties and has limited the risk that the vast devastation of nuclear war would be unleashed,” the statement signed by U.S. Secretary of State Michael Pompeo, UK Foreign Secretary Boris Johnson, and Russian Minister of Foreign Affairs Sergey Lavrov said. “We also celebrate the astonishingly diverse benefits of the peaceful uses of the atom, whether for electricity, medicine, agriculture, or industry. This boon to humanity thrives because the NPT, and the

nuclear non-proliferation regime built around the Treaty, has helped provide confidence that nuclear programs are and will remain entirely peaceful.”

The statement also hailed the International Atomic Energy Agency (IAEA) as playing “a critical role in NPT implementation, both to promote the fullest possible cooperation on the peaceful uses of nuclear energy, and to apply safeguards and verify that nuclear programs are entirely peaceful.

An IAEA comprehensive safeguards agreement together with an Additional Protocol provide credible assurances of the absence of undeclared nuclear activities and should become the universal standard for verifying the fulfilment of NPT obligations.

“We pledge our full and continued support to the IAEA and urge others to do the same.”

But in the real world, things are somewhat different from what the three nuclear powers claim in their joint statement. They have remained at variance on many issues relating to a nuclear free world and have very often elected unilateral, rather than multilateral, actions.

NPT review conferences are convened every five years. But since the treaty entered into force in 1970, the parties have failed to reach a consensus at four – 1980, 1990, 2005, and 2015 – out of nine review conferences.

Tensions have grown between the nuclear powers, especially Russia and the U.S., which have continued to modernise their nuclear weapons.

The collapse of the bipolar world order in the 1990s following the dissolution of the Warsaw Pact – a defence treaty between the former Soviet Union and its satellite countries – on July 1, 1991 has given rise to a dangerous multipolar world system under which the world has seen nuclear weapons tests by India, Pakistan, and North Korea. Israel is also believed to possess nuclear weapons NPT has failed in its original goal of limiting the spread of atomic weapons beyond the five already in possession at the time of its inception – U.S., Russia, Britain, France, and China. And there are no considerable grounds for optimism

that the proliferation would stop.

Only in May, U.S. President Donald Trump announced the withdrawal of his country from the Iran nuclear deal signed by his predecessor, Barack Obama, saying it is defective.

“I made clear that if the deal could not be fixed, the United States would no longer be a party to the agreement.” Trump said on May 8 after his European allies failed to convince him otherwise. “The Iran deal is defective at its core.

If we do nothing, we will know what exactly will happen. Therefore, I am announcing today, that the United States will withdraw from the Iran nuclear deal.”

Under the deal signed in Vienna between Iran and six world powers – the US, UK, France, Germany, Russia, China, and the European Union – Iran scaled back its uranium enrichment programme and undertook not to pursue the acquisition of nuclear weapons. In return, international sanctions were lifted, which allowed it to sell its oil and gas worldwide.

The IAEA has repeatedly confirmed that Tehran has fully met its nuclear commitments. But Trump thinks otherwise.

Iran has said it will restart its uranium enrichment if it cannot salvage the 2015 nuclear deal with the European Union after the United States pulled out.

“If our interests are not preserved, we will pull out of the deal and will resume our enrichment to 20 per cent, or any level that we desire to,” Iranian government spokesman Mohammad Bagher Nobakht was quoted as saying.

Iran is allowed to enrich uranium only to about four per cent under the nuclear deal.

The world has not witnessed another nuclear combat after the U.S. detonated two nuclear weapons over the Japanese cities of Hiroshima and Nagasaki on August 6 and 9, 1945, respectively, during the final stage of World War II. But there is considerable apprehension that the increasing lack of consensus among the nuclear powers on the implementation of the NPT objectives leaves humanity with an ever-present threat of nuclear war.

Tehran said it will export crude oil through private companies to counter Washington’s bid to block its exports. Iran’s first vice president, Eshaq Jahangiri, also warned rival OPEC producer, Saudi Arabia, that it would never take Tehran’s “place” on the international oil market. “We will surely do something to thwart the US rallying cry that Iranian oil must be stemmed,” Jahangiri said in a speech during an economic event broadcast on state television. “The government has a plan ... and God willing we are certain that we will be able to sell as much oil as we want.”

Mexico’s Largest Election

Millions of voters went to the polls in Mexico on Sunday, in the largest election in the country’s history. More than 3,400 posts were up for grabs, including the presidency and all the seats in the two houses of congress. Polling stations opened at 13:00 GMT. The last voting centres were set to close at 01:00 GMT on Monday. Results are expected later on Monday.

Red Cross Says Myanmar Not Ready for Rohingyas

The head of the International Committee of Red Cross said on Sunday after a visit to the region that conditions in Myanmar’s northern Rakhine state were not conducive yet for the return of hundreds of thousands of Rohingya who fled a military crackdown. Myanmar had said it was ready to take back the more than 700,000 Rohingya refugees who fled Bangladesh since last August, and set up two reception centres and a temporary camp near the border in Rakhine to receive the first arrivals. But Red Cross President Peter Maurer said he did not believe returns should start any time soon based on what he saw during his visit. “I think there is still a lot of work to do till large scale repatriation is a realistic possibility,” Maurer said. “Much more has to happen in terms of reception structure, preparations, also preparation of the communities to receive again those who came (to Bangladesh) from Myanmar.”

Maurer comments, made at the refugee camps on Bangladesh’s south-eastern coast, followed his visit to Myanmar, where he said he saw abandoned villages and destroyed houses.

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NEWS

Ă&#x153;Ă&#x2122;Ă&#x;Ă&#x161; Ă?ĂĄĂ? Ă&#x17D;Ă&#x201C;Ă&#x17E;Ă&#x2122;Ă&#x153; Ejiofor Alike Ă&#x2014;Ă&#x2039;Ă&#x201C;Ă&#x2013; Ejiofor.Alike@thisdaylive.com, 08066066268

N5.4tn Debt: AMCON Goes Tough, to Seize Assets of Debtors To go after directors of debtor companies Ugo Aliogo ĂĄĂ&#x201C;Ă&#x17E;Ă&#x2019; Ă&#x2039;Ă&#x2018;Ă?Ă&#x2DC;Ă?ĂŁ Ă&#x153;Ă?Ă&#x161;Ă&#x2122;Ă&#x153;Ă&#x17E; The Asset Management Corporation of Nigeria (AMCON) has said there will be no more room for negotiation with its debtors, declaring that it is set for a new stage.

This new stage, according to AMCON, would involve complete take-over of the assets of its chronic debtors.

The Managing Director and Chief Executive Officer of AMCON, Mr. Ahmed Kuru, who disclosed in an interview with the News Agency of Nigeria (NAN) in Abuja yesterday, said the N5.4 trillion debt owed the corporation had lingered for too long.

He also disclosed that in cases where the registered assets of a company that is indebted to the corporation are not enough to clear their obligation, AMCON will go after the directors and their private companies.

Kuru said AMCON had gotten tired of obligors (debtors), coming to its office to tell lies about planing to embark on staggered payments which they end up never complying with.

He said part of the N5.4 trillion had been with the banks for five years before AMCON bought over the bad loans, adding that after seven years of the companiesâ&#x20AC;&#x2122; operations, the obligors were yet to pay. â&#x20AC;&#x153;Resolutions through staggered plans have never worked. Let us not forget

that before those loans were transferred to AMCON, they have been with the banks for over five years. â&#x20AC;&#x153;Now, AMCON is almost seven years, so the facility has been running badly for 12 years. It is not easy to recover those kinds of facilities. â&#x20AC;&#x153;So, now we have changed our strategy from sitting down and drinking tea and the obligors telling us lies and we pretend that we donâ&#x20AC;&#x2122;t know you are telling us lies. â&#x20AC;&#x153;There is no more time for lies because we have a sunset period. So, now our focus is on recovery. We do not want to hear anything; you cannot come and tell me you are going to pay me in the next six years, I do not have that time. â&#x20AC;&#x153;If you cannot pay me the money now then give me my assets because the assets belong to AMCON so that we can sell it.â&#x20AC;?

He said as part of the new strategy of AMCON, directors of companies would now be sought after so that they would be forced to take part in repaying the loans. â&#x20AC;&#x153;We are training our people more to see that they become more efficient. â&#x20AC;&#x153;Most fundamentally we have changed our strategy.

Before now, our strategy had been only resolution: you come, you give us a payment plan and we respect it. â&#x20AC;&#x153;But we have realised that more than 80 per cent of AMCONâ&#x20AC;&#x2122;s recoveries are as a result of either forfeiture

Baraje: nPDP to Make Final Decisions on APC This Week Hammed Shittu Ă&#x201C;Ă&#x2DC; Ă&#x2013;Ă&#x2122;Ă&#x153;Ă&#x201C;Ă&#x2DC; Baring any last minute change, the leaders and members of the New Peoples Democratic Party (nPDP) bloc within the ruling All Progressives Congress (APC) will make their final decision on their membership of the APC known this week.

The leader of the bloc, Mr. Abubakar Kawu Baraje, dropped the hint in Ilorin, the Kwara State capital yesterday, while speaking with journalists on the state of the country.

He said the gesture would assist them to let Nigerians know their position within the ruling APC. The Vice President, Prof. Yemi Osinbajo, met recently with the bloc to resolve the matter but no other meeting has been held since the first meeting.

Baraje and his group have been making frantic efforts to ensure that the leadership of the party and presidency address th Despite the alleged noncommitment of the presidency and leadership of APC to address their grievances, the

nPDP bloc of the APC fully attended and participated in the recently concluded APC convention held in Abuja where Baraje declared that they demonstrated to the Nigerian people and the leadership of the APC that they are loyal members of the ruling party.

However, Baraje said the members of the bloc would inform Nigerians on their next line of action this week.

According to him, â&#x20AC;&#x153;members of the group would have concluded their consultations and come out with their stand on all they stood for, which is not for personal gains but rather in the general interest of the down trodden masses. â&#x20AC;&#x153;Members of the group have been meeting regularly and that the time is now ripe to make their positions known to all well meaning Nigerians,â&#x20AC;? he added. â&#x20AC;&#x153;The corporate interest of the citizens of this country and a united Nigeria where no man is oppressed is paramount and very dear to their hearts,â&#x20AC;? he added.

or taking over of businesses or outright cash payment. â&#x20AC;&#x153;My law allows me to not only go after the assets that are served as collateral but I can also go after the directors of companies. I can go after the assets that have not been served as collateral. â&#x20AC;&#x153;This is where we are now heading to because the law had anticipated this situation that we are now in,â&#x20AC;? he said.

Speaking further on the way forward for AMCON, Kuru said there was need for some sections of the law to be amended, adding that

the company was working with the National Assembly to amend relevant laws.

For him, the National Assembly had been very good so far and had been working hard to close the gaps.

THISDAY had reported that the total amount of recovered debt by AMCON as at the end of 2017 was N740 billion.

Kuru had pointed out that the corporation was in possession of a lot of real estate and some other forms of assets.

He said: â&#x20AC;&#x153;We have disposed some financial assets, which

also included three banks.

We are in the process of divesting our interest in Peugeot Automobile Nigeria (PAN). â&#x20AC;&#x153;This is in addition to quite a number of small businesses that we had intervened and disposed.â&#x20AC;?

He put the value of AMCONâ&#x20AC;&#x2122;s intervention in the agriculture sector at about N1.7 trillion. â&#x20AC;&#x153;The structure of AMCON at conception was that, there was the assumption that those loans that were purchased would be restructured and liquidity provided so that new

life would be given to some of those businesses. â&#x20AC;&#x153;Unfortunately, a substantial part of businesses that were restructured and funds injected in the past, the performance level is less than 10 per cent. â&#x20AC;&#x153;Like I said earlier, there was the assumption that if you transfer the loans from the banks to an asset management corporation, you will be able to restructure. â&#x20AC;&#x153;But again, we forgot that some of those facilities were bad in the books of some of those financial institutions,â&#x20AC;? he had explained.

THEIR EXCELLENCIES

R-L: President Muhammadu Buhari; Chadian President, Mr. Idriss Deby; and Niger President, Mr. Mahamadou Issoufou, during the official opening of the 31st Session of African Union (AU) meeting in Nouakchott, Mauritaniaâ&#x20AC;Śyesterday

PDP Sets 2019 Agenda, Promises Single Digit Lending Rate Says APC canâ&#x20AC;&#x2122;t win in Taraba, Delta Onyebuchi Ezigbo Ă&#x201C;Ă&#x2DC; Ă&#x152;Ă&#x;Ă&#x201D;Ă&#x2039; The Peoples Democratic Party (PDP) has identified deliberate policies that will guarantee single-digit commercial lending rate across all productive sectors, as one of its economic blueprint, immediately it is re-elected into office in 2019.

The main opposition party has also asked the National Chairman of APC, Adams Oshiomhole, to stop thinking that his party can win elections in Taraba and Delta States in 2019 In what seemed like a policy agenda for the 2019 electioneering campaign, the PDP said its economic blueprint would make a turnaround of the prevailing double digit being operated by the APCcontrolled government.

In a statement issued yesterday by the partyâ&#x20AC;&#x2122;s National Publicity Secretary, Kola Ologbondiyan, the

party also said it plans to push policies that engender increased local content in all critical sectors.

The statement quoted the partyâ&#x20AC;&#x2122;s spokesman as having stated this when a delegation from a coalition of small and medium enterprise owners paid him a visit in his office in Abuja.

Ologbondiyan said the initiative was targeted at providing the much needed interventions in key sectors, including power, agriculture, manufacturing, construction, real estate, transport, solid mineral mining, oil and gas, education, retailing, among others, without which the economy cannot rebound.

According to Ologbondiyan, â&#x20AC;&#x153; there is no way economic activities can rebound unless we put our people back to work. Over 20 million Nigerians have been put out of work by the APC and many

more are underemployed.

Families are under stress and citizens have been subjected to abject poverty by the Buhariâ&#x20AC;&#x2122;s administration. â&#x20AC;&#x153;Our recovery plan involves a concerted effort to reopen the market and encourage economic environment that will grant our investors and entrepreneurs affordable credit facilities to favourably compete and thrive,â&#x20AC;? he said.

He said the blueprint includes the formulation and implementation of policies that will guarantee single digit commercial lending rates as well as increased local content in all critical sectors. â&#x20AC;&#x153;This will involve an immediate review of all tight monetary policies of the APC, including obnoxious foreign exchange and import regulations, multiple taxation, exorbitant tariffs on essential services, particularly in power and communication,

as well as other unnecessary economic bottlenecks that are currently stifling small scale entrepreneurship, industrial activities and general economic growth. â&#x20AC;&#x153;Unlike the APCâ&#x20AC;&#x2122;s exclusionist style, the PDP will run an all-inclusive economic system that guarantees an open market operation and return a people-focused pricing regime. This was part of the policy thrust with which the PDP grew our economy to become one of the fastest growing in the world before the unfortunate incursion of the APC. â&#x20AC;&#x153;Come 2019, the PDP will revamp our economy and put our citizens back to the path of prosperityâ&#x20AC;?, he said.

In his speech, the leader of the delegation, Tosin Olaoye, commended the PDP for its rebuilding effort, adding that

Contâ&#x20AC;&#x2122;d on Pg .49

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We Have No Powers to Declare Seats of Dead, Jailed Lawmakers Vacant, Says INEC Chairman To release full report on Kano underage voting Alleges plot to clone, sell PVCs Chiemelie Ezeobi The Independent National Electoral Commission (INEC) has said it has no powers to declare the seats of the dead or jailed National Assembly members vacant, unless it receives formal communication from the presiding officers of the National Assembly on such vacancies.

The electoral body has also said it will soon release the full report of its investigation into the alleged under-aged voting in the Kano local government election held on February 10, 2018.

INEC has also said it had received reports on attempts to clone Permanent Voter’s Cards (PVCs) and to sell them online.

INEC Chairman, Prof.

Mahmood Yakubu, made these revelations during an interactive session with journalists on Saturday in Lagos.

Yakubu, who was responding to the issue of Senator Joshua Dariye, who was recently sentenced to prison by a Federal High Court, also identified some of the dead National Assembly members to include, Senators Ali Wakili (APC, Bauchi South), Mustapha Bukar (APC, Daura zone) and a member of the House of Representatives, Hon. Buba Jibrin (APC, Lokoja Federal Constituency).

According to him, the Senate President, Bukola Saraki and Speaker House of Representatives, Yakubu Dogara, have to declare such seats vacant before INEC can conduct by-elections in those constituencies.

“We have no any power to declare the seat of any lawmaker vacant. The moment the returning officers make announcement declaring a candidate winner, only the court of law can reverse it.

We cannot declare vacancy and conduct bye-election unless there is a formal communication from the presiding officers of that Assembly. So this is not a matter under the control of the commission.

“However, we have byeelections to conduct in five outstanding constituencies caused by death and they are in Taraba, Bauchi, Katsina, Lokoja and Cross River States,” he said.

Stressing that the forthcoming elections will consolidate the 2015 elections as an affirmation of maturity of democracy in the country, he also disclosed that the commission had slightly redesigned its voter register.

On this new design, he said INEC has added the incidence forms to the voter register to take care of situations where the smart card readers are unable to read fingerprints of a voter.

He added that he met seven million uncollected PVCs from the 2015 elections with Lagos having the highest number of 1.4million, adding that by June 14 of this year, not much progress had been recorded as only 500,000 persons were collected.

For the 2019 elections, he said the commission has put strategic plans in place, adding that since April 2017 when the ongoing Continuous Voter Registration (CVR) exercise started, about 9,700,999 new voters have been registered as at June 14, 2018.

On the issue of the alleged underage voting in Kano, Yakubu recalled that the commission had earlier in Abuja disclosed that its voter register was not used by the state Independent Electoral Commission (KANSIEC) for the February local government poll.

He, however, said based on the demand by some stakeholders, the commission would soon release the report submitted by the committee set up to investigate the allegations.

“INEC committee conducted investigation, submitted its report and we addressed the press on the matter that there was no connection between INEC voter register and the incidence of underage voting in Kano.

“In fact in many voting units they did not even use voter register to accredit anyone.

“Having said so, there is a demand that we should release the report of our investigation.

I assure you we will soon release the full report of that investigation,” he said.

Speaking on the clean-up of the voter register, he said the commission would continue to strengthen the register.

He said while the commission had been working on the clean-up of the register, no

Macron’s Visit: Lagos Announces Traffic Diversion in Alausa, African Shrine Axis Ahead of the historic visit of the President of France, Emmanuel Macron to Lagos, the state government yesterday announced traffic diversion and restricted movement from 12noon to 12 midnight on Tuesday, July 3, 2018 around the Alausa, African Shrine/ Agidingbi axis.

The Permanent Secretary in the Ministry of Transportation, Dr. Taiwo Salaam, in a statement appealed for the understanding of residents,

urging motorists to make use of alternative routes provided.

“While we regret the inconvenience that this might cause the public, especially those who live and work in the area, we appeal that you kindly bear with us during this period and make use of the alternative routes provided,” Salaam said.

Macron is expected to be hosted by the state government at the African Shrine on Tuesday.

single Nigerian had officially complained to INEC about the inclusion of ineligible persons.

“As we speak, the commission has not officially received any complain of the registration of ineligible persons.

“Only last week in Ekiti, we made it available to 35 political parties contesting in the state elections, we have not also receive a single complaint.’’

Yakubu said that when the Kano investigation was conducted, the commission agreed to give the register to civil society organisations and the media.

He said that would be done without infringing on the right of Nigerians to apply for the register once they paid to the commission the relevant fee

stipulated by the law.

“I want to assure you that we will continue to do whatever we can to improve the voter register as we approach 2019 general election.’’

In a related development, the commission in a statement issued by its Director, Voter Education and Publicity, Oluwole Osaze Uzzi, said it was taking the matter seriously and would engage the government and security agencies, as well as the promoters of the platform in order to get to the root of the allegation.

The INEC statement read: “We wish to assure the public that the commission had anticipated these and proactively taken measures to preserve and further secure

our electoral materials. Several security features and secret source codes are contained in the Smart Card Readers which enable them to read only PVCs duly issued by the commission.

“The advertisement shows photographs of blank cards which have not been personalised and which do not contain any details.

“This notwithstanding, the commission wishes to state that it takes these reports seriously and will engage the government and security agencies as well as the promoters of the platform in order to get to the root of it and take all necessary action to take down the advertisement forthwith,” it said.

INEC said that in addition

to the existing features, the commission is already working to further secure the PVCs and the Smart Card Readers and will continue to protect them from unauthorised and malicious access.

“It is for this reason that, beginning from next week, we are commencing the systematic hardware and software upgrade of all the Smart Card Readers nationwide. It is worthy of note that this enhancement had already been successfully done in Ekiti and Osun States, preparatory to the upcoming governorship elections in both states.

“We wish to reassure the public that our systems are robust even as we continue to fortify them ahead of the 2019 general election,” it said.

EYEING FUNDING

R-L: Managing Director/ CEO, United Bank for Africa (UBA), Mr. Kennedy Uzoka; Cross River State Governor, Professor Ben Ayade, and Executive Director, UBA, Mr. Olawuba Oliver, during a visit to the state’s rice seedling factory and other projects in Calabar... recently

PDP SETS 2019 AGENDA, PROMISES SINGLE DIGIT LENDING RATE Nigerians are eager for the return of the party to governance in 2019.

He said Nigeria as a country fared better under the PDP due to its economic initiatives and people-oriented policies, all of which, he emphasized, are lacking under the APC. Olaoye said the APC has shown that it has no capacity and competence to run an economy as resilient as Nigerian but thrives on false promises, deceit and propaganda, which has brought the country to its knees in the last three years.

Meanwhile, the PDP has asked Oshiomhole, to stop thinking that APC can win elections in Taraba and Delta States in 2019.

The party said Oshiomhole should concentrate his energies on saving his APC from imminent collapse rather than attempting to bully and

override the people of the two states, ahead of 2019 elections.

In a statement by its National Publicity Secretary, Kola Ologbondiyan, PDP said it was an assault on the sensibilities of the people of the two states for Oshiomhole to think that they will vote for the same APC, which has failed to protect their lives “Perhaps Oshiomhole mistook Delta and Taraba states 2019 elections for the APC 2018 National Convention where President Buhari bullied and intimidated delegates to foist him as National Chairman, without proper election,” PDP said.

PDP said Nigerians knew that the two states are major strongholds of the PDP for which the party clearly won the 2015 governorship and presidential elections.

According to the statement, PDP, in 2015, enjoyed

overwhelming followership, which has now tripled in the last three years, signposting the party’s inevitable victory in 2019, particularly due to the sterling performance of Governors Ifeanyi Okowa and Darius Ishaku in delivering good governance and development to the people.

“We are, however, not unaware of Oshiomhole’s pattern of deploying false assertions, propaganda and instigating confusion, but we assure him that such cannot work in Delta and Taraba states, no matter the machination, as the people are solidly behind the PDP in our quest with majority of Nigerians to rescue our nation from the clutches of the APC,” PDP said.

“Instead of wasting his time fixating on PDP states, we advice Oshiomhole to direct his energy on how

to save his crumbling party from the misfortune of being stuck with an unpopular candidate in President Buhari, who has become the fixed omen of inescapable electoral humiliation of the APC in 2019.

“Even Oshiomhole, who by now ought to have surrendered himself to the Economic and Financial Crimes Commission (EFCC) over allegations of humongous corruption and stealing of public funds hanging on his neck, knows that he is a derelict salesman of a very bad product, but had to believably take up the job to save himself from prosecution,” PDP added.

The PDP asked the APC to perish the thoughts of muzzling the electoral process at any level in 2019, as such will be stiffly resisted by Nigerians.

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Court Clears Obigwe of Wrongdoing in Union Bank’s Capital Market Infractions Davidson Iriekpen The Court of Appeal in Lagos has cleared a former Executive Director of Union Bank of Nigeria, Mr. Austen Obigwe, of any wrongdoing in the transaction between the bank, Union Trustees Limited and Falcon Securities’ capital market infractions.

The Investment and Securities Tribunal (IST) had in 2012 found all the board members

of the bank guilty of oversight weakness and liable for the infraction in share buy-back, for which the former Managing Director of Union Bank, Mr. Bart Ebong and another director of the bank, Mr. Samuel Idowu Aiyininuola were charged at the Federal High Court in 2009.

They were accused of buying back Union Bank’s shares on the equity market, thereby creating artificial price increase that gave wrong impression about the

Buhari Commiserates with Victims of Kaduna Gas Explosion Omololu Ogunmade ÓØ ÌßÔË President Muhammadu Buhari at the weekend expressed his sympathy with victims of Kaduna gas explosion, saying his heart is with them in this hour of distress.

In a statement, presidential spokesman, Malam Garba Shehu, said Buhari was touched by the loss of human lives and economic ruin suffered by these “hard working Nigerians striving to make a living through

honest labour.”

He quoted the president as saying “as a human being, I fully understand the economic impact of this accident on the lives of these hard working Nigerians.”

He added that Buhari advised Nigerians to pay greater attention to safety procedures and precautionary measures in their business places, observing that precautionary measures can help to avert disasters.

stock market growth.

The IST, in its ruling, said the five former directors engaged in an improper conduct by participating in a scheme that saw union bank buying back its own shares directly or indirectly against the provisions of the Investments and Securities Act, 2007.

IST said the act undermined the fair and orderly conduct of the securities market and breached the integrity of the market.

But dissatisfied with the IST ruling, Obigwe approached the Court of Appeal where he stated that he was not part of the decision to use the $250 million loans sourced from Merrill Lynch ($150m) and HSBC ($100m), which he raised for the bank to purchase UBN shares.

He argued that the issue was never discussed at any management or board meetings, neither was it brought to his knowledge in any way.

Moreover, Obigwe said he was out of the country when

the decision to buy UBN shares was made, adding that in the statements to the Economic and Financial Crime Commission (EFCC), Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC), both Ebong, and former Executive Directive, Risk Management and Control, Aiyininuola, confirmed that it was never presented or discussed at any board meeting.

He stated that while both men and two Managing Directors of UBN subsidiaries were arraigned at the Federal High Court in Lagos, the CBN gave him and other executive directors letter of clearance.

However, in its judgment, the Court of Appeal in a unanimous decision, set aside the judgment of the IST. It also dismissed the IST case as it relates to him.

In absolving Obigwe of any wrongdoing in the transaction, Justice Jummai Hannatu Sankey who read the lead judgment, resolved issues one and two in his favour, and found the

appeal meritorious.

He said the tribunal was in error when it held the appellant liable for a corporate wrong for which didn’t participate in.

Justice Sankey further held that the tribunal erred when it found the appellant responsible for the infraction of failing to object or to act as a ‘whistleblower’ by reporting when he was entirely oblivious of the transaction between Union Bank, Union Trustees Limited and Falcon Securities.

He said where a director is not aware of or has no knowledge of the conduct or action of the bank or some of the bank’s directors by reason of the fact that no board meeting was convened and information was not presented to a board meeting for deliberation or ratification, constructive knowledge cannot be imputed to him and he cannot be held liable for the malfeasance of the bank.

The judgment read: “I am therefore bound to find that the tribunal was in error when it

held the appellant liable for a corporate wrong for which he was not shown to have participated. By the same token, the tribunal erred when it found him responsible for the infraction of failing to object or to act as a ‘whistle-blower by reporting when he was entirely oblivious of the transaction between Union Bank, Union Trustees Limited and Falcon Securities at all material times.

“Having however resolved the issues 1 and 2 in favour of the appellant, I find merit in the appeal. It succeeds and is allowed.

“Accordingly, the judgment of the Investment and Securities Tribunal in the case number IST/OA/20/2010 delivered on November 26, 2012, only so far as it relates to the appellant herein Austen Obigwe (4th respondent before the tribunal), is set aside.

“In its place, I dismiss the case against the appellant Austen Obigwe (as 4th respondent before the tribunal).”

32 Boko Haram Terrorists Surrender, Says Army The Nigerian Army has stated that 32 Boko Haram terrorists have willingly surrendered to it at different locations in Borno State.

Director of Army Public Relations, Brigadier General Texas Chukwu identified one Mallam Ibrahim Lawal who surrendered and also handed over one AK-47 rifle with two magazines containing 59 rounds of 7.62mm (special) ammunition, as one of the terrorists.

Chukwu, announced this yesterday via the verified Twitter handle of the Nigerian Army @HQNigerianArmy.

Chukwu said the surrendered terrorists are currently undergoing interrogation and

will be handed over to the appropriate authority.

“Items recovered include: one AK-47 rifle, one magazine, four rounds of 7.62mm (special) ammunition, and four Dane guns.

“Similarly, troops repelled an attack by Boko Haram terrorists at Banki in Bama Local Government Area of Borno State.

“Troops of 112 Task Force Battalion deployed in operation LAFIYA DOLE on 30 June 2018 while on clearance patrol to Anadawa village of Borno State neutralised five Boko Haram terrorists following a tip off,” Chukwu said.

Bode George Visits Obasanjo’s Abeokuta Residence Femi Ogbonnikan ÓØ ÌÏÙÕßÞË A former National Deputy Chairman, South-west, of the Peoples Democratic Party (PDP), Chief Olabode George, has declared that the rift between him and former President Olusegun Obasanjo has ended and expressed happiness and satisfaction that he reconciled with his former boss.

He attributed the rift to the the devil, which according to him “has been put to shame.”

He made the disclosure yesterday when he led 10 of his loyal associates on “a thank-you” visit to Obasanjo in Abeokuta.

He said he had put the past behind him, stressing that “Baba will remain my leader forever”.

According to a statement by Obasanjo’s Media Aide, Kehinde Akinyemi, George was also quoted as saying: “I have come to say

‘thank you’ after visiting me last week.

“Only a few can do that, mind you. What happened between us is the work of the devil and the devil has been shamed. It is a solid reunion and I am very happy about it,” George said.

He was accompanied by Chief Okanlawon Shoboyede, Elder Wole Oyelese, Dr. Remi Akitoye, Dr. Ademola Dominic, Mr. Emmanuel Da-Silva, Hon. Dare Adeleke, Capt.

Tunji Shelle, Mr. Abiodun Ejamai and Mr. Adriano.

Obasanjo, Chief Joju Fadairo, Dr. Femi Majekodunmi and Mr. Tony Ojesina and the Ogun State Chairman of the African Democratic Congress (ADC), Dr. Gbolade Osinowo welcomed George and the 10 others.

However, the delegation later had a closed door meeting with Obasanjo.

ROAD PROJECT

R-L: Rivers State Governor, Nyesom Ezenwo Wike; his Deputy, Ipalibo Harry Banigo; Senate Minority Leader, Senator Godswill Akpabio; PDP chieftain, Emma Anyanwu and former Minister of Transport, Dr. Abiye Sekibo, during the flag-off of the construction of Kira-NonwaBarayira-Sime-Eteo Road, in Tai Local Government Area…recently

You Will Lose Election in Your Ward, Ganduje Replies Kwankwaso Ibrahim Shuaibu ÓØ ËØÙ Kano State Governor, Dr. Abdullahi Umar Ganduje has declared that his predecessor, Senator Rabiu Musa Kwankwaso will not win election in his own village in 2019, let alone defeating President Muhammad Buhari.

Ganduje who was reacting to Kwankwaso’s claim that he can defeat President Buhari, should the Peoples Democratic Party (PDP) give him the presidential ticket in 2019, said Kwankwaso’s political structure has been squarely dismantled in the state to the extent that he has lost the grip of the realities of the politics in the state.

In a statement signed by the state Commissioner for Information, Malam Muhammad

Garba, and made available to journalists yesterday, Ganduje described Kwankwaso as “a political fugitive who does not have the platform, the intellectual capability and mental ability to manage the affairs of Nigeria.”

The statement added that “Senator Kwankwaso’s latest utterances have confirmed the fact that he is now a confused politician who is grabbing every opportunity to re-“launch himself back to relevance.

“For over three years, he has been sleeping at the Senate without sponsoring even a bill that will positively impact on the lives of Nigerians. This is a clear indication that he has nothing to offer. He is just being boastful. For over three years, Kwankwaso has been at the Senate, he has not visited

Kano Central, his senatorial district. He has not executed any tangible constituency project for his people. Since then, he has not been around and we have been here in Kano playing the game of politics the way it should be done. The good people of Kano are appreciating our modest achievements and they have expressed confidence in us,” the governor explained.

“Senator Kwankwaso dream to get the PDP presidential ticket remains a tall one that can never see the light of the day because those he is going to meet there are familiar with his antics. They have not forgotten in a hurry, the role he played in destroying the same PDP,” he added.

“I am surprised that Kwankwaso is now talking

about people like Malam Ibrahim Shekarau, a man he persecuted and betrayed on many occasions. I am surprised he is talking about the PDP, a party he destroyed and betrayed many of the chieftains who are still there today to pay him back with his own coin,” he said.

Ganduje insisted that Kwankwaso is no longer relevant in Kano politics, pointing out that “all his political structure has been completely dismantled. Those who know him will understand that he is overrating himself and cannot be seen as a major contender in the 2019 presidential election. He is the man who wants power by all means. Here in Kano, the support for President Buhari and the APC is nonnegotiable.”

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FG: Report on Nigeriaâ&#x20AC;&#x2122;s Poverty Rating Not Based on Recent Survey The Federal Ministry of Budget and National Planning has faulted Nigeriaâ&#x20AC;&#x2122;s recent poverty rating on the World Poverty Clock by World Data Lab in Vienna, Austria, which indicated that Nigeriaâ&#x20AC;&#x2122;s poverty rating was getting worse.

The Special Adviser to the budget minister in charge of Media, Mr. Akpanmdem James said in a statement at the weekend that the ministry had reviewed this report and assured Nigerians that the report was not based on any recent surveys of the poverty levels in the country and cannot be relied upon as a factual indication of recent trends .

According to the statement, the Poverty Clock does did not, directly rely on household survey data as national statistical

offices in most countries do. â&#x20AC;&#x153;Instead, as stated in their methodology, they rely on models to estimate poverty rates across countries using data provided by national governments to international agencies. The models make assumptions on expected future changes in income, IMF medium-term growth forecasts and long-term projections and analysis developed by the OECD, all of which are significantly influenced by uncertainty. It is, in essence, just a model based on a lot of assumptions which cannot substitute for field work involving actual data collected from households in a consistent and representative way,â&#x20AC;? James said.

He argued that in the specific

case of Nigeria, the Poverty Clock used as baseline the General Household Survey of 2012/13 which was not designed to measure poverty indicators accurately, adding that it also follows a methodology that can be misleading if relied upon for poverty estimates. â&#x20AC;&#x153;In line with extant laws, the National Bureau of Statistics (NBS) remains the statutory agency of government with responsibility for producing Nigeriaâ&#x20AC;&#x2122;s official statistics, including poverty estimates.

Like several other countries, Nigeriaâ&#x20AC;&#x2122;s poverty estimates are obtained from the National Living Standard Survey (NLSS) undertaken every five years, and which was last conducted in 2010,â&#x20AC;? he said.

NAMA Deploys Stand-alone VHF Radios in Lagos Airspace Chinedu Eze The Nigerian Airspace Management Agency (NAMA) has deployed two Jotron high-powered very high frequency (VHF) long-range communication radios, installed in Lagos West and Lagos East Area Control Centres (ACCs) respectively.

NAMA said in  statement yesterday that the facility would address the controller-pilot communication challenges in the airspace.

The agency explained that the installation of equipment, which began a few weeks ago, culminated in the successful Site Acceptance Test (SAT) carried out by NAMA engineers in conjunction with their counterparts from the Jotron AS, Norway, the company that provided the equipment.

Speaking during the site acceptance test, NAMA Managing Director, Capt. Fola Akinkuotu said, â&#x20AC;&#x153;In accordance with International Civil Aviation Organisation (ICAO)

regulations, it is incumbent on Air Navigation Service Providers (ANSPs) like NAMA to facilitate safe airways, safe separations and also provide critical fall-back plans for airspace users and that is the essence of this project.â&#x20AC;?

He described the stand-alone radios as a robust solution for emergency/backup coverage in unexpected circumstances like when there are technical failures or during routine maintenance of the main RCAG system. â&#x20AC;&#x153;Test transmission has been conducted on the system by air traffic control officers with aircraft flying at different flight levels just as contacts have been established for a distance of up to 220 nautical miles at different flying levels of the upper airspace and this conforms with the VHF propagation predictions submitted for scrutiny during the design phase of the project,â&#x20AC;? the NAMA boss explained.

Akinkuotu said the highpowered VHF radios were designed to provide cover for Lagos en-route East using 127.3MHZ and Lagos en-route

West using 120.9MHZ. He added that the radios would provide VHF backup for Kano en-route-East (124.1MHZ) and Kano en-route West (128.5MHZ).

The stand-alone facility, according to the NAMA boss, is fully self- sufficient, independent of existing VSAT, local voice switch (VCCS) and is inclusive of its own integrated power supplies to cover an eight-hour emergency communication window should a total power outage occur. â&#x20AC;&#x153;Basically, the stand-alone VHF radio ensures 24/7 Air Traffic Control (ATC) availability in the event of either a VSAT link failure or some other significant VHF communication loss,â&#x20AC;? he said.

Akinkuotu also noted that the  installation work for that of Kano West and Kano East ACCs is ongoing, as the agency plans to install repeater stations in strategic locations to extend the range of the radio systems under the second phase of the project. Â

Lokpobiri Tasks Fish Farmers on New Technology The Minister of State for Agriculture, Senator Heineken Lokpobiri, has asked fish farmers in the country to embrace new technology in order to increase their yields.

He said the only way fish farmers in the country can improve their yield is for them to change their traditional farming method and embrace new technology like their counterparts from other parts of the world.

The minister noted that with over 200 different fish species that abound in the nationâ&#x20AC;&#x2122;s coastal waters, Nigerian fish farmers should take advantage of the huge local and foreign markets, as well as government support to bridge the gap in fish production in the country.

Lokpobiri insisted that it is only by embracing new technology that fish farmers can end fish importation into the country, as well as be competitive with

their counterparts globally.

The Special Adviser on Media to the Minister, George Oji in a statement, said Lokpobiri gave this task to fish farmers when he (minister) received a technical team from Olam Grains who came to show-case some investment opportunities and new application of technology in the mariculture sub-sector of our economy in his office at the weekend in Abuja.

The minister, according to the statement, used the opportunity to assure fish farmers in the country of his ministryâ&#x20AC;&#x2122;s readiness to do everything legally possible to collaborate and partner with them in order to grow the aqua culture business in the country, with huge potential. â&#x20AC;&#x153;The ministry will do everything legally possible to collaborate with you, including in the area of policy support to ensure that the huge gap in

fish production in the country is bridged. â&#x20AC;&#x153;If we partner you, you will be able to upscale your production and bridge the huge gap in local fish consumption as well as the large export potentials that abound in the country,â&#x20AC;? the minister said.

Currently, the nationâ&#x20AC;&#x2122;s total annual fish demands stands at 3.5 million tonnes, out of which Nigeria farmers only produce 1.1million tons from all sources (aquaculture, artisanal and Industrial sectors including shrimps) leaving a deficit of about 2.4million tonnes to be supplemented by importation.

In his lead presentation at the occasion, leader of the technical team, Professor Mathew Tan from the James Cook university Australia, also urged Nigerian fish farmers to embrace the new innovations that abound in fish farming across the globe now to grow their yields.

NOTICE FOR THE ANNUAL GENERAL MEETING OF THE FUND MANAGERS ASSOCIATION OF NIGERIA (FMAN) Notice is hereby given to all members that the Annual General Meeting of the FUND MANAGERS ASSOCIATION OF NIGERIA will hold on Thursday, 5 July 2018, at 11:00AM at the SEC Auditorium, 3, Idejo Street, Opposite ICON House, Off Adeola Odeku Street, V.I. Lagos to conduct the following business.

1. To receive the audited accounts of the association and the report of the Executive Committee for the year ended 31 December 2017 2. To conduct election of a new President 3. To nominate additional trustees 4. Any Other Business $FFRUGLQJ WR $UWLFOH RI WKH $VVRFLDWLRQ¡V &RQVWLWXWLRQ ´7KH TXRUXP at all general meetings of the Association shall be two-thirds of the members of the Association or 10 members (whichever is less)â&#x20AC;?.

By Order of the Executive Committee FUND MANAGERS ASSOCIATION OF NIGERIA (FMAN) c/o 16 Amodu Ojikutu Street, Victoria Island, Lagos.

FUND MANAGERS ASSOCIATION OF NIGERIA ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2017

STATEMENT OF FINANCIAL POSITION 2017

2016

N

N

223,387

74,541

36,808,810

33,748,444

Trade Receivables

8,500,000

4,500,000

Other receivables

135,000

90,000

45,443,810

38,338,444

45,667,197

38,412,985

Trade Payables

500,000

250,000

Other Payables

6,729,485

8,611,145

TOTAL CURRENT LIABILITIES

7,229,485

8,861,145

38,437,712

29,551,840

38,437,712

29,551,840

NON-CURRENT ASSETS Property, Plant and Equipment CURRENT ASSETS Cash and Cash Equivalent

TOTAL ASSET CURRENT LIABILITIES

NET ASSET Financed by: Accumulated fund ADEDOTUN SULAIMAN CHAIRMAN, BOARD OF TRUSTEES

BISMARCK REWANE SECRETARY, BOARD OF TRUSTEES

FRC/2013/ICAN/00000002885

FRC/2014/CIBN/00000006624

STATEMENT OF COMPREHENSIVE INCOME INCOME Membership Dues/Subscription Other Income

Administrative expenses Surplus for the year Other Comprehensive income Total Comprehensive income

31/12 2017

31/12 2016

N

N

17,174,926

13,196,343

4,629,946

2,558,445

21,804,873

15,754,788

(12,919,001)

(6,441,371)

8,885,872

9,313,416

â&#x20AC;&#x201C;

â&#x20AC;&#x201C;

8,885,872

9,313,416

MONDAY, JULY 2, 2018˾ T H I S D AY

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Buhari Calls for Release of Looted Funds Without Technicalities Omololu Ogunmade ÓØ ÌßÔË President Muhammadu Buhari at the weekend in Nouakchott, Mauritania, challenged countries hosting illicit funds to release them without observing long technicalities that hinder repatriation process.

A statement by his spokesman, Mr. Femi Adesina, last night, said the president made the call while making introductory remarks on the theme of the ongoing African Union (AU) summit, “Winning the Fight against Corruption, A Sustainable Path to Africa’s Transformation,” shortly before the commencement of debate on the “African Anti-Corruption Year.”

Buhari was quoted as saying, “We must all collectively work to place high on the agenda the need for open and participatory government, as well as the repatriation of stolen assets without procedural technicalities and legal obstacles.”

Adesina also said the president appraised the anti-corruption efforts so far, pointing out that, “During the last 6 months, we

have engaged in multi-sectoral dialogue with a broad range of actors including parliamentarians, national anti-corruption agencies, civil society, media, youth and women groups and development partners.

“We have convened three different regional Consultative Workshops in line with my campaign programme in an effort to sensitise our people on the evil effects of corruption on our societies. These workshops will be extended to other regional blocs as we continue the fight against corruption in a bid to transform our continent.”

He said the president also informed the gathering of his intention to partner with the AU Chairman and Rwandan President, Paul Kagame, in pushing the frontiers of the anti-corruption battle.

“I plan to convene the African Youth Congress in Abuja within the next quarter, and we will be working with the Chairman of the African Union, Paul Kagame and the Chairperson of the African Union Commission, to organise an interactive dialogue on the

theme at the next session of the United Nations General Assembly in New York during the high level segment,” he was further quoted.

The statement added that Buhari used the opportunity of the summit to call on all other member states that are yet to ratify the African Union Convention on Preventing and Combating Corruption to take all necessary measures to sign and ratify it with a view to achieving its universal ratification during this calendar

year as the Republic of Mauritius had done and thus becoming the 40th state party to the convention.

The statement added: “The President thanked African Heads of State and Government ‘for the continued support provided to me in driving and amplifying the African Union anti-corruption agenda. Your unwavering support remains a strong source of strength and encouragement as we look forward to an even more vigorous second half of this year.’

“The AU theme of the year leader recalled that the meeting of the African Union Peace and Security Council held under the chairmanship of Nigeria in April 2018 highlighted the corrosive effect that corruption can have on societies, considered the link between corruption and conflict and its implications for peace and security in Africa and concluded by emphasizing the need to utilise South-south cooperation mechanisms through voluntary information exchange,

mutual legal assistance and sharing of best practices among national anti-corruption agencies, audit agencies and investigative bodies.

“President Buhari stressed that, ‘the scourge of illicit financial flows continues to bite, eating back the gains and militating against the attainment of our aspirations under Agenda 2063 and the Sustainable Development Goals of the United Nations 2030 Agenda.’ He reiterated Nigeria’s abiding commitment to the fight against corruption.”

Ex-Minister: Nigerians Should Hold Security Chiefs Accountable over Killings Sack your security chiefs now, Melaye tells Buhari Iyobosa Uwugiaren ÓØ ÌßÔË ËØÎ Yekini Jimoh ÓØ ÙÕÙÔË A former Minister of State for Education, Olorogun Kenneth Gbagi has said President Muhammadu Buhari should not be blamed for the failure of the security architecture in the country, but the people who are not demanding their ‘’due and equitable rights’’ from the security agents, which are being funded by tax-payers money.

The Senator representing Kogi West senatorial district of Kogi State, Dino Melaye has also called on President Buhari to sack his security chiefs.

Speaking to journalists in Abuja, Gbagi said the security agencies were not doing enough to stop the killings in the country. ‘’The greatest issue, which we have in Nigeria today that is being contrived as security problem, is with the security agencies. When I say security agencies, I mean the Department of State Security (DSS), the Economic and Financial Crimes Commission (EFCC), the Nigerian Police Force, the Nigerian Army and all the apparatus that is synonymous or associated with security’’, he said. ‘’Can you ever remember when the Director General (DG) of DSS has been probed and money recovered from him? Have you seen where the National Security Adviser or DG of Nigeria Intelligence Agency is probed? Have you seen where the IGP is probed?

The fact is that we have been dodging these issues,” he said.

He accused the former

Military Head of State, Gen. Abdulsalam Abubakar of making a grievous error, for setting free everybody that was detained by his predecessor, adding that today criminals have hijacked the country because they have so much money at their disposal. ‘’We have a serious task in our hands. We are toying with our lives, and unless we collectively deal with these issues we are just joking with the future of our country. Security agencies and their personnel must be held accountable in this country. It is getting late by the day but something can be done.

While admitting that the President has not done well enough on security issue, Olorogun Gbagi stated the persons that had been appointed have the responsibility to justify their being in those positions, insisting that it is for Nigerians to demand that these security chiefs live up to their mandates.

Following the wanton killings of innocent souls across the country by some herdsmen, Melaye has also called on President Buhari to sack his security chiefs.

Melaye said the recent report of another round of killings of about 100 persons of Birom descent in three local governments areas in Plateau State assailed him like a jolt of lightening.

He noted that this could still happen in spite of the billions of Naira being invested in security yearly, and despite all admonitions that security chiefs take their responsibilities seriously.

THANKSGIVING SERVICE R-L: Osun State Governor, Rauf Aregbesola; Member, House of Representatives, Hon. Yinka Ajayi; Special Adviser on Commerce to Ogun State Governor, Hon. Funmi Ajayi, and Mrs. Funke Akinyemi; during the thanksgiving service in honour of late Prince James Ayandele, at First Baptist Church, Ada, Osun State...yesterday

NJC: Anti-corruption Courts Deliver 324 Judgments in Six Months Alex Elumanh ÓØ ÌßÔË The National Judicial Council, NJC, said yesterday that a total of 324 judgements were delivered by the Special Courts that were designated in 2017 to try graft and financial crime cases within the past six months.

Giving its progress report on some of the on-going highprofile corruption cases in the country, the legal body, stated in a statement signed by its Director of Information, Mr. Soji Oye, observed that 12 cases were struck out on various grounds, while 62 pending cases were reserved for judgement.

NJC stated that the breakdown was contained in a report card that was submitted by the Corruption and Financial Crime Cases Trials Monitoring Committee (COTRIMCO).

The Chief Justice of Nigeria (CJN0, Justice Walter Onnoghen, who is also Chairman of the NJC, had last year, constituted the COTRIMCO with a mandate to tour the six geo-political zones of the country to dig out reasons why trial of some high-profile cases have been held up for years.

NJC’s finding shows that over 30 of such pending cases involved former governors, ministers and lawmakers who allegedly looted public funds running into billions of Naira.

Two former governors of Taraba and Plateau states, Reverend Jolly Nyame and Joshua Dariye, were recently convicted and sentenced to 14 years imprisonment by a Federal High Court, sitting in Abuja for stealing and misappropriation of public funds.

The NJC, said its corruption trial monitoring committee which is

headed by a retired Justice of the Supreme Court, Justice Suleiman Galadima, had in the last six months, crisscrossed the country to monitor and ensure compliance with the directive of the CJN to ensure speedy dispensation of such cases.

He added that before the formation of the Committee, the Chief Justice, during a Special Session of the Supreme Court to mark the commencement of the 2017/2018 Legal Year, directed all the Heads of Court in the country to designate Special Courts solely for the purpose of expediting hearing on such pending cases.

The CJN further ordered that a list of such cases should be compiled and handed over to the COTRIMCO, saying upon receipt of the lists, the committee divided itself into three sub-committees to

cater for the easy monitoring and evaluation of the said cases in the different zones of the country as follows: Zone A: Abuja and the Federal Capital Territory (FCT), Zone B: Northern Zone and Zone C: Southern Zone.

Giving a breakdown of how the courts in each zone carried out their duties, the NJC said: “Of the total number of 324 judgements delivered, the Supreme Court, in Zone A, delivered 52 judgements and reserved seven cases for judgement from the list of 125 cases pending before it, leaving an outstanding number of 73 cases.

According to NJC, “The Court of Appeal, Abuja Division, within the period, also disposed of 74 appeals and reserved 11 for judgement from the list of 137 cases in its docket.

Oando to Speak on Role of Independent Producers at NOG Following a successful outing at the recently concluded OPEC Seminar, Oando is set to lead conversations at West Africa’s largest oil and gas gathering, the Nigeria Oil and Gas Conference (NOG) in Abuja from today, July 2 – 5 themed: ‘Driving the Nigeria Oil & Gas Industry Toward

Sustainable Development & Growth’.

The Group Chief Executive (GCE) of the company, Adewale Tinubu will be speaking on the topic ‘Investing in the Future of Nigeria for Sustained Economic Development and Growth.’ .

The event is set to host dignitaries including the Vice

President, Yemi Osibanjo who will officially open the conference and the Secretary General, OPEC, Mohammad Sanusi Barkindo who will give a keynote address at the event.

Also in attendance will be Dr. Emmanuel Kachikwu, Minister of State for Petroleum Resources; according to Kachikwu: “The

Nigerian Oil and Gas Conference & Exhibition is an important event in the Nigeria oil and gas industry calendar. As such, I am delighted to participate in discussing the current state of our industry and discuss the roadmap for moving the industry forward.”

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Lagos Restricts Tankers to Designated Route Wants road worthiness certificates for articulated vehicles Gboyega Akinsanmi The Lagos State Government yesterday restricted the operation of fuel tankers to designated trailer route due to an explosion that claimed nine lives on Otedola Bridge along the Lagos-Ibadan expressway last Thursday.

Also, the government said it was now mandatory for all articulated trucks coming into the state to obtain the Ministry of Transportationâ&#x20AC;&#x2122;s Road Worthiness Certificate at any of the designated centres within the next 30 days.

The directive was issued at an inter-ministerial news conference, which the Commissioner for Transportation, Mr. Ladi Lawanson and his Special Duties and Intergovernmental Relations counterpart, Mr. Oluseye Oladejo addressed at the Bagauda Kaltho Press Centre, Alausa yesterday.

They addressed the conference after a meeting with all relevant stakeholders including Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), Association of Maritime Truck Owners (AMATO), Petroleum Tanker Drivers (PTD), National Association of Transport Operators (NATO), Container Truck Owners Association of Nigeria, among others.

At the conference, Lawanson specifically disclosed that the

decision became necessary following preliminary investigation into the incident, which he said, revealed a combination of vehicular defect and human errors.

Lawanson said: â&#x20AC;&#x153;As an immediate response to the latest incident, the Lagos State Government hereby announces the following measures: Fuel tankers are hereby directed to ply the designated trailer route, that is, Apapa-Oworonshoki Expressway via Ogudu to Lagos-Ibadan Expressway. â&#x20AC;&#x153;All tankers and containers coming into the state are directed to obtain the Ministry of Transportation Certificate of Road Worthiness at any of or centres within the next 30 days, while new centres along the Lagos-Ibadan Expressway will be established to quickly to cope with the expected demand for this service.â&#x20AC;?

He listed the 10 centres currently available to process the applications to include Berger, Ojodu; Odogunyan, Ikorodu; Agric/Ishawo Road, Ikorodu; Worksyard, PWD, Shogunle; NCI, Gbagada; VIS Yard, Oko-Afo, Badagry; VIS Yard, Ayobo-Ipaja; Test Centre, Badagry; VIS Yard, Epe; and VIS Yard, Oko-Oba Abattoir.

He said preliminary investigation showed the affected tanker which exploded was

registered in Nasarawa Local Government, Kano State with registration number NSR 888 YC, and had changed ownership 13 times since purchase. â&#x20AC;&#x153;The tanker was manufactured in 1999 by Mack Trucks Inc at its assembly plant in Winnsboro, United States.

This truck was designed as a 14,959kg (approximately 15 tonnes) drilling rig with low bed, but it was converted in

Nigeria from a drilling rig to fuel tank carrier to carry 30 tonnes. â&#x20AC;&#x153;From our investigation, the tanker should not have been loaded to the weight of 30 tonnes, which is twice its pulling capacity. Investigation into the current ownership of the tanker and other related details is progressing.â&#x20AC;?

He said the state government did not entirely restrict the operation of tankers to certain

hours, noting that any restriction of such would undermine supplies and threaten the wellbeing of the Nigerian economy since there is high demand for petroleum products across Nigeria.

He explained that imported petroleum products could no longer be pumped from import jetties at Atlas Cove through pipelines to Ejigbo Depots in Lagos, Mosimi in Ogun, Ibadan

in Oyo, Ilorin in Kwara and Ore in Ondo due to pipeline vandalism He, however, said the state government was already exploring alternative modes of transportation of petroleum products to separate passenger traffic from cargo movements within the metropolis in the interest of the public safety and order.

We Have Paid June Salaries Without Federal Allocation, Says Ugwuanyi Governor Ifeanyi Ugwuanyi of Enugu State has disclosed that his administration has paid the salaries of workers for the month of June, without receiving allocation from the federal government.

Ugwuanyi added that despite the fact that he assumed office at the time the countryâ&#x20AC;&#x2122;s economy was in severe recession, his administration has been regular in payment of workersâ&#x20AC;&#x2122; salaries, even when 27 states could not pay.

Speaking during an endorsement rally for his re-election in 2019 by the people of the â&#x20AC;&#x153;Ancient Opi

Nâ&#x20AC;&#x2122;Ato Kingdomâ&#x20AC;? in Opi, Nsukka Local Government Area (LGA), the governor attributed the successes recorded by his administration to Godâ&#x20AC;&#x2122;s grace and the state governmentâ&#x20AC;&#x2122;s commitment to the welfare of the people of the state. The monthly meeting of Federation Account Allocation Committee (FAAC) on Wednesday, where allocations for the month of June 2018 was to be shared among the federal, states and local governments, had ended in deadlock. Ugwuanyi, who was overwhelmed by the large turnout of people at the

colourful rally, reassured that his administration will under all circumstances continue to cater for the people of the state and initiate programmes that would address their needs, saying: â&#x20AC;&#x153;since we handed Enugu State into the hands of God, we can see His hands in all we doâ&#x20AC;?. He thanked the people of the area for their support, solidarity and endorsement, urging them to embrace peace and unity for rapid development.

He stressed that â&#x20AC;&#x153;what is paramount to us is good governance and development of the rural areasâ&#x20AC;?.

Earlier in his welcome address, the President-General of Federated Opi Town Union, Dr. Sam Ugwuoti, commended the governor  for his good works across the state, especially â&#x20AC;&#x153;the beautification and rehabilitation of the Opi - Nsukka road to a modern and beautiful dual-carriageway with street lightsâ&#x20AC;?.

Ugwuoti assured the governor that the people of Opi â&#x20AC;&#x153;will continue to support youâ&#x20AC;? and â&#x20AC;&#x153;assure you unreservedly that come 2019 God will still keep you there in your seat as the Governor of Enugu State to continue to shepherd the people of Godâ&#x20AC;?.Â

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54

MONDAYSPORTS Russia Shocks Spain Out of World Cup

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

WORLD CUP 2018â&#x20AC;Ś

Host nation, Russia secured a major upset at the ongoing World Cup final following perfect resistance as they see off former champions, Spain, out of the tournament yesterday night in Moscow.

It was Igor Akinfeev saved two spot-kicks that gave the host Russia, a 4-3 dramatic penalty shootout to reach the World Cup quarter-finals after their last-16 tie had ended 1-1 after 120 minutes.

The result also means that Spain has failed again to win against host nations on global stage with the loss to South Korea in 2002 quarter final match still fresh to football followers. It was also the first time in 48 years that Russia will reach the quarter finals of the tournament.

Match winner, Akinfeev  kept out efforts by Koke and Iago Aspas as the 2010 champions - unbeaten in their previous 23 games - became the latest big-name casualty to exit the tournament after Germany, Argentina and Portugal.

His opposite number, David de Gea, got a hand to the first spot-kick he faced - from Fedor Smolov - but that was the closest he came to making a save as the Russians converted their remaining penalties in clinical fashion.

Spain had taken the lead when Marco Asensioâ&#x20AC;&#x2122;s curling free-kick into the six-yard area hit the ankle of Sergei Ignashevich, who was marking Sergio Ramos, and flew into the net.

Spain dominated possession but were unable to make it count and were punished when Russia were awarded a penalty.

Gerard Pique handled Artem Dzyubaâ&#x20AC;&#x2122;s header and the Zenit St Petersburg forward sent David de Gea the wrong way for his third goal of the tournament.

Stanislav Cherchesovâ&#x20AC;&#x2122;s side, at 70 the lowest ranked team in the competition and 60 places below Spain, now face Croatia or Denmark in the last eight in Sochi on Saturday.

Their unlikely progress is a reward for their resolute defending for most of the 120 minutes of play and should reflect the part played by their thousands of fans who roared them on throughout their defensive masterclass.

Admittedly there were few signs of the Spanish struggles to come when Sergey Ignashevich inadvertently gave Fernando Hierroâ&#x20AC;&#x2122;s side a a 12th-minute lead.

The veteran Russian defender, who turns 39 later this month, put through his own net as he tried to stop Sergio Ramos reaching Marco Asensioâ&#x20AC;&#x2122;s free-kick at the far post.

But Spain failed to turn their overwhelming dominance of possession into further chances and paid the price before half-time, when Artem Dzyubaâ&#x20AC;&#x2122;s header from a corner hit Gerard Piqueâ&#x20AC;&#x2122;s outstretched arm.

Dzyuba stepped up himself to send De Gea the wrong way from the spot and the stadium went wild, not for the last time on a tumultuous evening.

The pattern of play did not change after the break, with Spain trying to pass their way through the ranks of Russiaâ&#x20AC;&#x2122;s packed defence, but lacking the imagination to fashion a serious shooting chance.

Only Andres Iniesta threatened to break the deadlock for Spain when he was belatedly summoned from the bench and the volume inside the Luzhniki increased as the Russian fans sensed their side could cling on.

When Spain did manage a sight of goal, at the start of the second period of extra-time, Akinfeev denied Rodrigo to ensure the game would go to penalties, where he would have the final say.

Russia were seen as no-hopers by most observers when this tournament began, when even getting out of their group for the first time since the end of the Soviet era had been seen as beyond them.

Many of their supporters outside the stadium were still writing them off before this game started, but instead they saw the hosts become the first Russian side to reach the quarter-finals of a World Cup since Mexico 1970.

That was the era of the legendary Lev Yashin, so it was fitting that another goalkeeper, Akinfeev, should play the biggest part here in this memorable triumph.

Russiaâ&#x20AC;&#x2122;s captain is 32 and was winning his 111th cap but this was his greatest performance of all, and on the biggest stage.

His sideâ&#x20AC;&#x2122;s determined defending meant he was tested by few of Spainâ&#x20AC;&#x2122;s 24 shots but he showed brilliant reactions to keep out Jordi Albaâ&#x20AC;&#x2122;s effort, got down smartly to save Iniestaâ&#x20AC;&#x2122;s first-time shot and then blocked Rodrigo when he danced through.

Free Scoring Belgium in Battle for Qâ&#x20AC;&#x2122;ďŹ nal Ticket against Japan The leading goal scorers in the group phase take on Asiaâ&#x20AC;&#x2122;s last remaining representatives as Belgium meet Japan in the final 2018 FIFA World Cup Russia match to be hosted at Rostov Arena today.

The Red Devils are aiming to reach their third World Cup quarter-final (after Mexico 1986 and Brazil 2014) and equal their world finals record of four consecutive wins, set four years ago. Their unbeaten 22-match run â&#x20AC;&#x201C; the longest in Belgiumâ&#x20AC;&#x2122;s history â&#x20AC;&#x201C; reflects the quality of a hugely talented side.

Japan advanced from the group phase on fair play points and are intent on winning a last-16 tie for the first time ever. They have the experience to do just that: Eiji Kawashima, Makoto Hasebe, Yuto Nagatomo and Shinji Okazaki are each set

to play their 11th world finals matches, a national record. Along with Keizuke Honda, they will be looking to make up for the defeat to Paraguay at South Africa 2010, the last time that the Japanese featured in the knockout rounds.

Roberto Martinez left most of his first-choice players on the bench for the England match so they could rest and avoid suspensions. Even with a weakened side, the Belgians still recorded a fine win that buoyed morale even further and has put some pressure on the squadâ&#x20AC;&#x2122;s habitual starters.

The Red Devils are expected to play a dynamic, offensive game against the Japanese.

Should the Asians adopt the same mindset, it should make for an open, entertaining game.

JUNE 14 TO JULY 15

In the shootout too, he produced saves when it mattered - first by plunging to his right to push away Kokeâ&#x20AC;&#x2122;s tame effort, then sealing victory with his trailing leg when Aspas fired his penalty straight down the middle.

Spain simply ran out of ideas, joining as other giants to make ignominious early exits, and leaving England, Colombia, Sweden and Switzerland as other potential benefactors in what appears a wide open half of the draw.

Russia players celebrate after Aspas (not pictured) missed his penalty during the shootout after 1-1 draw after extra time

Last Batch of Nigeria Football â&#x20AC;&#x2DC;Stakeholdersâ&#x20AC;&#x2122; Depart Russia The last batch of Nigerian Football Federation (NFF) officials and football stakeholders left St Petersburg last night for Nigeria via Dubai, one week after Super Eagles crashed out of the ongoing 2018 FIFA World Cup here in Russia.

Eagles players had earlier left their Essentuki camp base in batches for their respective clubs to either join their teammates in preseason camps or holiday.

At the Hilton Hotel and adjoining Haempton in St Petersburg yesterday, most of the Nigerians football stakeholders who boarded the midnight flight from the Pulkovo Airport were mostly NPFL football administrators and NFF secretariat staff.

Most of the NPFL administrators were seen discussing the restart of the

domestic topflight this weekend. Rangers International FC of Enugu Administrator, Davidson Owumi, Rivers Unitedâ&#x20AC;&#x2122;s Okey Kpalukwu and several others were amongst those who boarded the

Emirates flight out of the Pulkovo Airport for Lagos last night.

Eagles crashed out of the Russia 2018 tournament with just one victory in three Group D games.  Nigeria lost opening

Collina Reveals New Orders for World Cup Refs after Penalty Protests Aleksandar Mitrovic and Harry Kane, if early matches of Serbia and England were replayed, would benefit from penalty claims turned down in their respective games against Switzerland and Tunisia.

World Cup referees were enabled, by the introduction of video assistance, to hit a 99.3pc â&#x20AC;&#x2DC;perfection rateâ&#x20AC;&#x2122; according to FIFA refereeing Chairman Pierluigi Collina. But Collina has also

indicated one particular flaw in officialsâ&#x20AC;&#x2122; initial orders, reports AIPS News.

This was not so much an issue of VAR but about what should, and should not, be permitted in terms of physical contact.

Mitrovic and Kane were both manhandled by defenders in those games without any support from referees Felix Brych of Germany and Colombian Wilmar Roldan.

England, happily, did defeat

Over 300 Millionaires to Emerge in Star Lager Promo Nigerian Breweries Plc, makers of Star Lager Beer, has announced the launch of the Star Lager Millionaires Promo, a national consumer exercise designed to reward football fans and lovers of Nigeriaâ&#x20AC;&#x2122;s premium beer brand.

The mega promo, expected to be the companyâ&#x20AC;&#x2122;s biggest ever, is billed to give out over N400 million naira in cash between June 15 and August 15, 2018.

Speaking on the Millionaires Promo, which is part of Star Lagerâ&#x20AC;&#x2122;s â&#x20AC;&#x2DC;Nigeria United We Shineâ&#x20AC;&#x2122; campaign which commenced a

game 2-0 to Croatia and defeated Iceland 2-1 but lost the bruising battle with perennial group rival Argentina by the same 2-1 to leave the tournament with dream unfulfilled.

few weeks ago, Mr. Olayinka Bakare, Portfolio Manager National Premium, Nigerian Breweries Plc, declared: â&#x20AC;&#x153;Since 1949 when the first Star bottle was produced, the brand has always been about celebrating the unity of Nigeria, rewarding and enabling the passion of Nigerians, and supporting the team we love no matter what. It is because of this common desire for success and love for the country that we have launched the Star Lager Millionaires Promo across the entire country.â&#x20AC;?

Thousands of consumers from across the country are expected to win instant airtime, plus whooping cash prizes of N1 million, N2 million, N5 million and the mega dream cash of N10 million naira. These are in addition to millions of free drinks and other items up for grabs.

The announcement of Starâ&#x20AC;&#x2122;s Millionaires Promo also comes on the heels of its launch of special edition bottles, which were released in honour of Nigeriaâ&#x20AC;&#x2122;s national football team, the Super Eagles.

Tunisia 2-1 eventually but Serbia were left furious: the score in their game against Switzerland was 1-1 at the time of the incident and they ultimately lost 2-1 to a last-minute goal.

England and Serbia both raised queries about the incidents and Collina told a media briefing: â&#x20AC;&#x153;At a certain point of the group phase there were some incidents which disappeared. â&#x20AC;&#x153;We had some holdings (of players) but in the following matches they either disappeared or, if they continued, were punished by the appropriate decisions and, if in the penalty area, a penalty kick. â&#x20AC;&#x153;We noticed, intervened and fine-tuned. You were able to appreciate that something had changed.â&#x20AC;?

The issue of penalty box manmarking was the only note of negativity conceded by Collina among his paean of praise for VAR. Collina reported the 3.4 average of cards per game as equal to major club competitions at domestic and international level and noted with satisfaction that only three red cards had been shown, two of those for double-yellows.

55

T H I S D AY ˾ MONDAY, JULY 2, 2018

MONDAYSPORTS

W O R L D C U P 2 0 1 8 … JUNE 14 TO JULY 15

WORLD CUP 2018…

Nigerian Fans to Win Big with Betway’s Cup Challenge Spain players looking dejected after the penalty shoot out which they lost 3-4 to host, Russia last night at Luzhiki stadium in Moscow ABIODUN AJALA

Brazil on Redemption Mission against Mexico FACT: In their four previous World Cup matches with Mexico, Brazil has never conceded a goal against El Tri, outscoring them 11-0 in those encounters.

Brazil’s mission to rectify their disappointing 2014 FIFA World Cup campaign is still on course after they navigated their way to the summit of Group E at Russia 2018. Brazil’s journey to the Round of 16 has been anything but smooth: After drawing 1-1 with Switzerland in their opener and leaving it late to claim a 2-0 win over Costa Rica, they beat Serbia 2-0 to ultimately move on as expected group winners.

One of the questions that Mexico will need to answer is: has their momentum gone?

After starting their Russia 2018 journey off with two solid wins, most notably a 1-0 victory over 2014 champions Germany, they followed that up with a 3-0 defeat to Sweden. El Tri may take confidence from their most recent World Cup meeting with Brazil in 2014, a goalless draw in Fortaleza on 17 June, the only of the four encounters between the two sides that did not end in a Brazil victory.

Brazil has been gradually improving, following the coaching staff’s plans. The team enters the

knockout stage with plenty of confidence, and it feels like those first 180 minutes of tension are way behind them. The expectation around the players is that Mexico will go for a full-pitch press. This may put pressure on the defensive line to make plays, but could also open up spaces for A Seleção’s stars to shine.

Mexico on the other hand will try to break their Round of 16 hoodoo by defeating the most difficult team possible, but one whom they have fared pretty well against in recent times. The team will also have the motivation of bouncing back from their disappointing performance in

the last group match against Sweden, and will have to do so without suspended central defender Hector Moreno, one of its most important players.

POSSIBLE LINE-UPS BRAZIL: Alisson; Fagner, Thiago Silva, Miranda, Filipe Luis; Casemiro, Paulinho; Willian, Philippe Coutinho, Neymar, Gabriel Jesus MEXICO: Guillermo Ochoa; Miguel Layun, Hugo Ayala, Carlos Salcedo, Jesus Gallardo; Hector Herrera, Jonathan Dos Santos, Andres Guardado; Carlos Vela, Javier Hernandez, Hirving Lozano

As the football action heats up in Russia, Nigeria’s premier sports betting provider is rewarding fans with daily deals. The Cup Calendar Challenge promotion offers a unique giveaway or promotional offer every day during the tournament from the first game to the final.

Fresh off its Passport to Russia giveaway, which saw a lucky customer win an all-expenses paid trip for two to watch Nigeria play, Betway is at it again with its latest promotion.

During the 32 days of football action in Russia, Betway’s daily Cup Calendar Challenge deals will include chances to win TV sets, smartphones and Free Bets among other fantastic giveaways.

“Betway is all about rewarding the passion of football fans,” said Lere Awokoya, Betway’s Country Manager in Nigeria. “We want to make the month of football action in Russia special for our customers across Nigeria. These daily giveaways allow us to reward our most loyal customers, offering us a chance to thank them for their continued support.”

The Cup Calendar Challenge

promotion was launched on 14 June. During the 5-week promotion, customers will be rewarded for being active on the website. The more active a customer, the more they’ll be rewarded. The last Cup Calendar Challenge daily deal will be unlocked on 15 July, the date of the final in Russia.

Founded in Malta, Betway has grown into one of the world’s largest betting companies. In addition to sponsoring a number of international football teams, Betway also sponsors international tournaments such as the Premier League Dart, Chaster Cup, and the prestigious UK horse race Queen Mother Champion Chase at the Cheltenham Festival.

RESULTS Spain 1-1 Russia *Russia wins 4-3 penalties Croatia 1-1 Denmark *Croatia wins 3-2 penalties

TODAY’S FIXTURES Brazil Vs Mexico 3pm Belgium Vs Japan 7pm

Casemiro: A Selecao’s Steadying Man in the Middle Murray Out of

Can it be said that behind every great attack there is a great midfielder? While that may not be a hard and fast rule, Casemiro is doing everything he can to prove that, in the case of this Brazil side at least, the answer to the question is: yes.

The midfielder is the first to say that he is not playing a lone hand. Yet there can be no doubting that he is a steadying presence for A Seleção, just as he is for Real Madrid.

“I’m ready and willing. I always say that the boss (Tite) asks me to do more or less the same thing I do for my club,” he told FIFA. “If there’s a reason why I’m here then it’s because I’ve done a good job there and because he has faith in me. Obviously, he changes a thing or two but he always tries to get us doing what we usually do. I have to give him credit for that.”

With an enterprising Mexico side providing the opposition in Samara today, Casemiro will have an even more important role to perform than he usually does.

The kind of player who seems to be everywhere at once, he offers vital support to the team’s star acts up front.

“He has an amazing command of his role. I admire the way he occupies space and his level of concentration,” said an approving Tite. “Even in the dressing room he’s got peripheral vision.”

Casemiro is not at all bothered by the fact that in football it is the

front men who usually attract all the headlines. The midfielder has gifts that usually go unnoticed by the fans but which arouse nothing but admiration from a very specific audience: coaches.

“When it comes to Real Madrid’s balance, he’s their most important player,” said Atletico Madrid Coach Diego Simeone on analysing their great rivals.

“The team has changed a lot

since he won a starting place,” said another high-profile coach, Massimiliano Allegri of Juventus.

If Casemiro can draw those kind of comments from opposing coaches, it is not hard to imagine what Zinedine Zidane, one of those responsible for his rise at the Bernabeu, has to say about him: “He provides balance between defence and attack. That shouldn’t come as a surprise to anyone.

He’s full of confidence and he’s improving with every passing year.”

Casemiro admitted to being too embarrassed to even speak to Zidane at the start of his working relationship. His rapid development ended up bringing that barrier down, and though the player might be shy off the pitch, when the conversation turns to football and tactics, he loosens up.

Tite has even said that his conversations with the midfielder gave him some ideas that proved valuable in the qualifying wins over Uruguay and Colombia.

D U R O ’S R U S S I A N OT E . . .

BLUES FOR MY ARGENTINA FRIENDS Now, the men have been separated from the boys. The real gladiators have taken over the battlefields here in Russia with majority of the pretenders either home already or on the way to their various destinations.

Most cities where the group matches were played are now witnessing quiet moments, with rancorous atmospheres witnessed in pubs and eateries gradually simmering to their usually acceptable levels.

But Moscow and St Petersburg, the two major bubbling cities of in Russia remain in top tempo as they are stiff full of actions with matches lined up till semi finals, Third Place and final in the two respective cities.

In most hotels in St Petersburg for instance, the sky-blue and white colours of Argentina that used to be the dominant jerseys in sight have

started to fade following the exit of the Albiceleste against France Sunday night.

The boisterous fans of the South American nation were seen in solemn moods at most bars Sunday night, wondering why they have to leave at this stage.

A group of five that have become close to this reporter failed to show up at our usual rendezvous. Franco, who appears as the top dog of the traveling Argentine party in St Petersburg was seen at breakfast table this morning not his usual self. “Amigo, I am not happy today,” he muttered in his heavily accented Spanish guttural intonation.

“Why, Messi, Why?” he continued to stress over Argentina’s loss to a Kylian Mbappe inspired Les Bleus in that Round of 16 seven-goal thriller at the Kazan Arena.

I could not hide my happiness that the Argentines were going home like the Super Eagles, not after that insulting, ‘f-ck you’ finger gesture from Maradona, when camera picked him out from the crowd during that last Group D game against Nigeria.

Though I feel sad losing the company of these noisy, football crazy Argentine fans, I said in my heart that the injustice of Turkish centre referee, Neyt Cakir, not awarding a second penalty to Nigeria has been taken care of by my ‘African brothers’ playing for France here at this Mundial.

BAD MARKET FOR LATE ARRIVALS

The exit of African teams at the group stage is not only been felt by

those of us that came here all the way from home but also turning out bad business for those selling jerseys of the five teams here. Our ‘Aso Ebi’ that was the ‘hottest cake’ here exchanging for as high as three hundred Dollars for the original stuff from Nike has dropped in value. Racketeers who were selling the ‘China-made’ for equivalent of between 50 and 30 Dollars are now at a loss. Customers have thinned out due to the loss.

The same applies to jerseys of other African teams already gone home.

Even in the face of bad business, one lady who came in early with her stuff from Nigeria is smiling away, having sold off her wares while the market was ‘hot.’ She certainly must have learnt her lesson from previous outings to make hay while the sun shines.v

Wimbledon Tennis Two-time champion Andy Murray has withdrawn from Wimbledon on the eve of the tournament with a “heavy heart”.

The 31-year-old Briton said it was “too soon” to play five-set matches after his comeback from hip surgery.

Murray returned at Queen’s last month after almost a year out, losing to Nick Kyrgios, then played at Eastbourne, where he was beaten by Kyle Edmund.

In a statement, the Scot said he was “looking forward” to the US hard-court season, which starts in August.

Murray, who won Wimbledon in 2013 and 2016, had been drawn against Frenchman Benoit Paire in the first round of the Championships, which start on Monday.

The former world number one said he had made “significant

progress” over the past 10 days and did “everything he could” to be ready.

“It is with a heavy heart that I’m announcing that I’ll be withdrawing from Wimbledon this year,” the three-time Grand Slam champion said.

“We’ve decided that playing best-of-five-set matches might be a bit too soon in the recovery process.

“I will start practising on the hard courts from tomorrow and continuing with my rehab and recovery and I’m looking forward to the US hard-court season.”

This will be the first time since 2007, when he withdrew with a wrist injury, that Murray, who is now world number 156, has not played at the All England Club.

Lucky loser Jason Jung from Chinese Taipei will replace him in the draw.

Emmanuel, Adegoke Win CBN Tennis Sylvester Emmanuel on saturday emerged as the new champion of the Central bank of Nigeria Senior Tennis championship by dethroning the defending champion, Abdulmumuni Babalola with a score of 3-6,7-6 on 3, 6-4 in the final match.

The 40th edition of the event, which was held at the package ‘B’ of the Abuja National stadium also saw the women defending champion, Sarah Adegoke came from one game down to beat Christy Agugbom 4-6, 7-6, 6-0 and retained her tittle.

Both champions smiled home with N700,000 each and the giant singles’ trophy that goes with the cash prize.

What Agugbom lost in the singles final was gained in the doubles as she combined effectively wth her semi-final

victim, Blessing Samuel to win the women’s doubles title by beating the duo of Rose Abu and Bukola Olowu 6-3, 6-1.

The men’s doubles title went to the duo of Babalola and Shehu Lawal that defeated Philip Abayomi and Michael Osewa whom they outscored 6-2, 6-1.

In his key note address during the clossing ceremony of the grand finale, on saturday, the Governor of the Central Bank of Nigeria, Godwin Emefiele, who was represented by the CBN Deputy Governor Corporate Services, Edward Adamu, said the bank has since 1979, been supporting tennis in the country and has produced champions that have represented the nation in various international competitions and won laurels.

Monday July 2, 2018

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Price: N250

MISSILE US to FG “The Nigerian military continued to inappropriately detain, arrest, and interrogate female and child trafficking victims for alleged association with the insurgencies and did not provide trafficking victims protection. Therefore, Nigeria remained on the Tier 2 Watchlist for the second consecutive year.” – The United States Government accusing the federal government of condoning human trafficking leveled against senior government officials and soldiers as revealed in the 2018 trafficking in persons report.

ALEXOTTI OUTSIDE THE BOX

alex.otti@thisdaylive.com

Budget 2018: Naming Our Puppy A Lion “The government pretends it is paying us, and we pretend we are working” –An old Soviet era joke “Dear Government... I’m going to have a serious talk with you if I ever find anyone to talk to.” –Stieg Larsson, The Girl Who Played with Fire

S

ome people have come to see the budget as an annual ritual, some sort of formality which must be done every year. As Shakespeare would put it; it is something ‘full of sound and fury , but signifying nothing’. Most people in this category do not see how they connect with the annual budgets and care less about the numbers, the direction, the approval process, its implementation or lack thereof. You cannot blame such people as they are truly insulated from the budget environment. And it is actually possible to exist in this country from year to year without feeling the impact of the budget as we shall soon demonstrate.

The 2018 budget, in my opinion, is the most controversial budget in recent times. The controversy stems not just from the fact that it took over six months for the National Assembly to approve it, but also that what came out of the National Assembly, according to the Presidency, had little or no semblance to what was sent to it. The Presidency contends that the National Assembly “mutilated” the budget such that the proposal sent on November 7, 2017 which was N8.26 trillion was jerked up by N508 billion by the time it returned to the Presidency. The National Assembly also allegedly cut N347 billion in the allocations for 4,700 projects and introduced 6,403 projects of its own amounting to N578 billion. The Presidency also observed that the National Assembly increased its own budget by N14.5 billion from N125 billion to N139.5 billion. Some other instances cited by the Presidency includes that funds meant for Lagos-Ibadan Expressway, Mambilla Power Plant, Second Niger Bridge/Ancillary roads, the East-West Road, Bonny-Bodo Road and Itakpe-Ajaokuta Rail Project were cut by an aggregate sum of N11.5 billion. Again, allocation for the completion of the terminal building for the Enugu Airport was reduced from N2 billion to N500 million while about seventy new road projects found their way into the budget of the Federal Ministry of Power, Works and Housing, courtesy of the National Assembly, according to the Presidency.

The jury is still out on whether the National Assembly has powers to do what it did with the budget. While some opinions hold that the National Assembly has no powers to alter a document it did not originate, some others argue that the National Assembly should not function as a mere rubber stamp. This school of thought holds that the fact that the document has to be approved by the National Assembly in the first place, makes it imperative that the Assembly can approve, decline, reduce and add figures to the document at will. It is not the intention of this column to wade into that debate here, but it is our belief that the correct position lies somewhere between these two extreme views. We also believe that it would be helpful to seek judicial interpretation of the relevant sections of the law that have to do with this matter. The earlier it is done, the better we can lay it to rest. From a layman’s perspective, if it will cost N1million to build a house and same has been provided for in the budget, any attempt to cut the budget say by 50% simply means that either the house will not be built or it will not be completed, all things being equal. Again, if in the opinion of lawmakers,

Minister of Finance, Kemi Adeosun the house could actually be completed with N500,000.00, it will amount to irresponsibility to pass the budget of N1million just because it was sent by the executive. I am aware that this analogy could be too simplistic as the reality of budget adjustments by the National Assembly could be much more complex than this. Another dilemma that arises from tampering with the budget numbers, particularly increasing overall expenditure like was done in the 2018 budget is that the funding of the budget may become a challenge as the Assembly may not be adequately equipped to ensure that every kobo on the expense side of the budget is provided for on the revenue side. Be that as it may, the major and obviously perennial issue with our budgets is implementation. It is one thing to draw up and approve a budget. It is an entirely different thing to implement it eventually. As we shall see shortly, our budgets are such that even when they are fully implemented, they have little or no impact on ordinary Nigerians.

On June 21, President Buhari signed the 2018 budget into law. The budget size of N9.12 trillion represents a 23.6% increase in the size of the 2017 budget of N7.44 trillion. The budget has an in-built deficit of N1.95 trillion which is just 1.74% of GDP. On the face of it, this should be nothing to lose sleep over, given that according to the Finance Minister, Mrs. Kemi Adeosun, we are still the lowest amongst African Nations in terms of deficit to GDP ratio. While this ratio is useful for comparative purposes, we shall continue to contend that measurements like these mask the real issues as absolute GDP numbers say nothing about relative numbers like GDP per Capita which divides the GDP with the number of people in the economy. When this factor is brought into the equation, the conclusions will begin to tilt towards sobering reality.

Out of the deficit, borrowing of N1.643 trillion is envisaged. The borrowing is broken down into domestic debt of N793 billion and foreign component of N849 billion. According to the Debt Management Office, the foreign component would be funded by $2.8 billion, (circa N899 billion) Eurobond issuance within the year which would ramp up our external debt stock from $22 billion as at end of March 2018 to close to $25 billion when this bond would have been successfully issued. While this seems to be the only option open to us to fund the budget at this time, it is pertinent that we focus our attention on the debt service implications of piling up more debts and how it affects the country’s future. Besides, it had always been argued that foreign borrowing is cheaper than domestic borrowing. While

this may be true, we should also be mindful that as the US begins to raise her interest rates, all other rates across the world would begin to move in the same direction. This is particularly the case in the Eurobonds market.

Of significance also is the foreign exchange risk as local currency depreciation remains an imminent possibility.

About 21% of the budget or N2.2 trillion is set aside for debt service. Since projected total revenue projection is N7.1 trillion, it also means that 31% of revenue will go into debt service within the fiscal year. This is actually a matter that should be of major concern to us.

It stands without contradiction that if for some reason, we borrow more than we envisaged to fund the budget, this number will go up.

It is a big drag on the budget and a threat to the economy. This speaks more to the issue of debt sustainability rather than the misleading argument about debt to GDP ratio. Like we had argued in the past, you cannot service debt with GDP. Debt can only be serviced with revenues. We must rein in this expense head if we must make progress with our much-desired economic transformation. Tied to this is the issue of recurrent versus capital expenditure. We seem to be stuck on the 70:30 rule. No matter how much we sermonise against this, we end up returning to it. Even though in the budget some progress was made, the actual result remains very minuscule. Capital expenditure of N2.87 trillion is 31.5% of the budget. That leaves recurrent expenditure at 68.5%. The level of infrastructural decay, which by the way, we have lived with for decades now, requires quantum leap adjustment from the 70:30 rule. A cosmetic 1.5% movement in the budget proportion will not cut it. We had argued in previous interventions that according to published numbers, this country requires about $3 trillion in the next 3 decades to address her existing infrastructural deficit.

Granted that the whole money may not come from federal budgets, it remains the responsibility of government to fund most of the infrastructural requirements or show the path towards bridging this gap. It goes without saying that this massive challenge cannot be solved by the rather timid approach we had chosen to adopt. The reality, therefore, is that the solution to this intractable problem is not in sight any time soon. So, dilapidated roads, moribund rail system, poor airport facilities, darkness, poor healthcare facilities will remain our companions for a while.

This year’s budget has been described as the largest that the country has passed. The figure of N9.12 trillion appears very large on the face of it. Again, there has not been any budget that was of that magnitude in the history of the country. However, if we factor in inflation at an average rate of 15% for last year, it would mean that the budget, which is nominally 23.6% higher than the 2017 budget would just be about 8% over that of last year.

The most important factor that needs to be used to discount the budget, which analysts mostly ignore, is the population growth factor.

This brings us back to Per Capita numbers. For instance, the budget estimates that the GDP would grow from N108 trillion in 2017 to N113 trillion ($371 billion) in 2018, representing a 5% growth rate. These numbers do not mean much if they are not related to the population.

So with the assumption of N113 trillion GDP for 2018, what it means is that the GDP per head would be N570,000.00 or $1,870.00. Do not forget that according to the National Population Commission, our population has

been officially put at 198 million people with an annual growth rate of about 6.5%. So, if we factor in annual population growth, then the so called increase in the budget numbers would disappear. Assuming for some reason, we decide to share the budget for 2018 equally and ask everyone to go and spend his own share, each Nigerian would get a little above N46,000.00 or $150.00. By our own admission of GDP Per Capita of $1,870.00, our position in the global ranking of GDP Per Capita for 2018 would be No. 147 out of 191 countries, just below Côte d’Ivoire at $1880. Herein lies the reason why many Nigerians feel unconcerned about the budget, putting it in its basic simplistic form.

Sometimes, it helps to compare apples with apples and not with oranges. The table below will paint the picture in sharper relief.

COUNTRY NIGERIA EGYPT ANGOLA ALGERIA SOUTH AFRICA

CURRENT BUDGET $30 Billion $55 Billion $45 Billion $71 Billion $116 Billion

POPULATION BUDGET PER HEAD 198 Million $150 90.2 Million $610 27.3 Million $1,648 40.8 Million $1,740 55 Million $2,110

From the numbers above, it is clear who is working and who is rather making claims.

As we were grappling with these numbers, the World Poverty Clock of the World Data Laboratory in Vienna, Austria, came up with its current publication which surprises no keen analyst of the economy. It stated that Nigeria has overtaken India as the country with the largest number of people living in extreme poverty in the world.

According to the World Poverty Clock, over 44% of Nigeria’s population (about 87 million people) live in extreme poverty or more directly, below poverty line of less than $1.90 per day.

India, the country we displaced which used to have about 218 million people living below poverty line, has reduced the number to about 71.4 million people (5.3% of its population), pulling out close to 174 million people out of poverty. No matter what we say and I am sure some of us would like to engage the World Poverty Clock in an argument, recall our recent column titled “ I am Not Overweight, the Scale is Faulty”, India needs not only commendation, but emulation.

This analysis would not be complete if we do not look at two other areas of the budget that concerns the people- Education and Health Care.

According to the United Nations Educational and Scientific Commission (UNESCO) the minimum allocation to education for developing countries should be 26% of budget. In the 2018 budget, Education was allotted N542b representing 6% of the budget, meaning a shortfall of 20% of the recommendation. Health got N356b repressing a meager 4% of the budget, a far cry from the recommendation of the Honorable Minister of Health to states to ensure minimum allocation of 15% of budget to the healthcare sector in State budgets. These appalling numbers complicate and exacerbate the already bad situation.

My thought is that we need to sit down, stop making claims, stop boasting and tell ourselves some home truths about the fragility and shallowness of our economy. I believe we have enough honest people who understand these issues. It is only when we have admitted that we have a big problem that we can begin to think of solutions. The way we are going, we may just have a failed economy in our hands. And it can happen sooner than we are willing to admit.

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