Monday 23RD July 2018

Media Stakeholders Reject Nigerian Press Council Bill 2018 Say it's draconian, ask N’Assembly to drop it The Nigerian Press Organisation (NPO) comprising the Newspaper Proprietors' Association of Nigeria (NPAN), the Nigeria Guild of Editors and the

Nigerian Union of Journalists (NUJ), as well as other media stakeholders have rejected the Nigerian Press Council Bill 2018, describing it as draconian, unconstitutional

and against the rule of law. In a communiquĂŠ issued at the end of their meeting held on July 19, 2018 to deliberate on the bill, the stakeholders stated that they “painstakingly

studied the provisions of the proposed bill in the context of its implication for free speech, press freedom, media independence, safety of journalists and the right

to operate as a business in accordance with the laws of the Federal Republic of Nigeria.� They added that the meeting also took notice of the fact that

a law suit instituted by the Nigerian Press Organisation (NPO) on the same subject matter of the bill is pending Continued on page 10

Nigeria Loses 3,036MW as Six Power Plants Remain Shut‌ Page 72 Monday 23 July, 2018 Vol 23. No 8495. Price: N250

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Omokri’s Book on Leah Sharibu Blames Dapchi Girls’ Abduction on Sabotage Nseobong Okon-Ekong Information contained in a new book, ‘Leah Sharibu: The Girl Boko Haram Left Behind,’ suggests the abduction of 110 girls from Government Girls Science and Technical College, Dapchi in Yobe State by Boko

Haram, the radical Islamic insurgents, on February 19, 2018, might have been due to sabotage by some members of the military high command. According to the author of the book, Mr. Reno Omokri, a spokesperson to former President Goodluck Jonathan

and THISDAY columnist, circumstances around the kidnap clearly showed that the incidence could not have happened without the connivance of the military, which had the mandate to protect the town. "It is my belief, for instance,

that it is impossible that the Dapchi Girls, including Leah Sharibu, could have been abducted if their town and school was guarded by the officers and men of the Nigerian Army stationed in Dapchi,� Omokri said in the book billed for release

shortly and made available to THISDAY at the weekend, adding, “It is also impossible that those soldiers, who strangely withdrew from Dapchi a few hours to the kidnap, would have done so on their own volition without an order from above."

He added, "The truth becomes clear that whoever ordered the withdrawal of the troops in Dapchi, only hours before Boko Haram invaded the town and abducted Leah and her Continued on page 16

PDP Meets over Demand for Name Change by Allies Saraki denies juicy offer from Buhari Oshiomhole, seven govs meet Senate president Train has left station, rAPC tells APC Iyobosa Uwugiaren, Onyebuchi Ezigbo, in Abuja and Hammed Shittu in Ilorin The Peoples Democratic Party (PDP) yesterday pushed forward its agenda for retrieval of power from the All Progressives Congress (APC), holding a meeting of its National Caucus last night, preparatory to today’s National

Executive Committee (NEC) meeting, to consider a demand by its allies for a change of its name before ongoing realignment of political forces could be concluded. The APC, however, responded with a flurry of discussions with its aggrieved members, massed in the Continued on page 10

Sulu-Gambari Elevates Saraki to Waziri Garin of Ilorin ... Page 16

EIGHT HEARTY CHEERS... L-R: Consulate General of Federal Republic of Germany, Mr. Ingo Herbert; Mrs. Ibidun Ighodalo and her husband, Senior Pastor Ituah Ighodalo of Trinity House, during the 8th year anniversary of the church in Lagos... yesterday sunday adigun

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Declining Credit to Private Sector Tops MPC Agenda Today Obinna Chima La As members of the Central Bank of Nigeria's (CBN) Monetary Policy Committee (MPC) commence their twoday meeting in Abuja today, the sustained decline in the level of credit to private sector will be a major concern to the committee. Latest figures by the CBN showed that credit to the private sector fell once more in May 2018, to N22.207 trillion year-on-year as against the N22.254 trillion it was in April. The CPS had fallen in March. CBN report had shown that industry gross credit recorded a 3.63 per cent decrease in April 2018, the lowest since January 2017. At the last MPC meeting in May, the committee members expressed concern

that despite the decline in the level of non-performing loans (NPLs) in the industry, commercial banks remained apathetic about lending to the private sector. The expectation that with economic recession over in 2017 and with recovery signs, credit to the private sector would pick up in the early parts of 2018 is yet to happen. But speaking in a chat with THISDAY on the development yesterday, the chief executive of the Financial Derivatives Company Limited, Mr. Bismarck Rewane, explained that even if the MPC decides to bring down interest rate at the end of the meeting tomorrow, banks may still not lend because of their risk aversion, saying the banks are now much more cautious. At its meeting in May 2018, the MPC maintained

the Monetary Policy Rate (MPR) at 14 per cent, with the asymmetric corridor at +200 and -500 basis points around the MPR; it retained the Cash Reserve Ratio (CRR) and Liquidity Ratio (LR) at 22.50 per cent and 30 per cent respectively. Although National Bureau of Statistics was yet to release the consumer price index for June as well as second quarter Gross Domestic Product figures, the naira has remained stable, trading around N360 to a dollar. Also, the country’s external reserves have remained at about $48 billion. Commenting on the likely outcome of the MPC meeting, Rewane said, “Even though we don’t have last month’s inflation figure yet, everything shows that inflation is beginning to taper and any

change in monetary policy at this time, eight months to an election, could be misconstrued as politicallymotivated. The time to have lowered interest rate was at the last two meetings, which wasn’t done. “So, anything now could be belated and might have negative consequence. So, there is every likelihood that they would maintain the status quo.” Considering possible policy options open to the MPC, analysts at FSDH Merchant Bank Limited, held the view that members may vote to retain rates at the current levels. “However, FSDH believes if the MPC members’ fear about the impact of fiscal injections and rising rate in the international market on domestic price stability

does not materialise; policy easing may be required very soon. “Notwithstanding the hold decision, FSDH Research expects the yields on FGN Bonds to rise further from the current levels. The borrowing needs of the FGN and the rising yields in the international market will be the major drivers,” they added. Also, analysts at Afrinvest Securities Limited noted that as the MPC must keep a delicate balance between growth and price stability, the ccommittee might maintain status quo on all policy rates in order to avoid upsetting the current economic momentum. “Our position is on a balance of factors underscored by careful analysis of sustained positive conditions in global commodity

markets alongside emerging market risks and continued disinflation amid steady but weak growth momentum,” they stated. The Economic Intelligent Unit at Access Bank Plc also anticipated that the MPC would retain the MPR at 14 per cent. They hinged their expectation on the anticipated expansionary fiscal spending following the signing of the 2018 budget. “Furthermore, the ongoing policy normalisation by major central banks, namely the US Fed and the European Central Bank may dampen the appetite for a rate cut as the apex bank seeks to preserve the attractiveness of Nigerian financial assets and stem the reversal of capital flows presently experienced in the financial markets,” it added.

An insider in PDP told THISDAY in Abuja that the caucus and the NEC meetings would discuss issues and requests by all groups and parties willing to join PDP, including the proposed change of name, saying a committee would be set up to lead that process. THISDAY had reported yesterday that the party was considering a name change. ‘’Yes, there has been requests by some groups that we should change our name for strategic reasons, but I doubt if that will scale through now, considering the short period before the general election,’’ a caucus member of PDP stated, adding, ‘’Changing of party’s name requires long process, including holding another national convention to approve it, elect new executives in wards, local, state and national levels, and doubt if we can afford all these before the presidential primaries.” Added the source, ‘’However, in spite of my

personal view, the caucus and the NEC meetings will resolve all the issues between today (Sunday) and tomorrow (today); But there is strong commitment on the part of all of us to rescue the nation’s democracy from the hands of President Muhammadu Buhari and APC.’’ In a statement titled ‘’Dangling Juicy Carrots Won't Help’’, the rAPC said it finds it very amusing that those who boasted that they won't lose sleep over rAPC’s altruistic action, had been hopping from door to door pleading with its members not to leave by dangling juicy carrots and promising them heaven and earth. The group added that such level of double standard was the reason why the rAPC’s members were birthed in the first place, saying the leadership is not one that keeps promises and it's the reason why no one should take it serious. The rAPC added, “It is interesting to suddenly

see Mr. President holding meetings with the Senate President, Saraki, reportedly promising mouth-watering offers; the same leader who was ridiculed, scandalised, demonised, criminalised and called all sorts of names by agents of the presidency just to give the Senate president a bad name in order to hang him. ‘’As soon as the Supreme Court gave a resounding verdict on the trumped up and frivolous charges against the Senate President, Mr. President suddenly felt a need to praise the judiciary for standing on its own. Hmm, power as they truly say, must be a crazy aphrodisiac.’’ It said never a time had the number three citizen of Nigeria (Senate President) been so “dehumanised, criminalised and disgraced in such whimsical manner’’ while all the present people involved in reconciliatory measures kept conspiratorial

ensuring by law, Presidential and Governorship Election Debates before elections; complete transparency in election funding including public declaration of sources of election finance by all candidates and political parties and ensuring the integrity of our electoral process,” the communiqué added. The stakeholders expressed the commitment that as responsible members of the Nigerian society, the media would continue to “promote media ethics, professionalism, transparency, accountability and self-regulation, to ensure that the public interest is served at all times”. The communiqué was signed by the President, Newspaper Proprietors' Association of Nigeria/ President Nigerian Press Organisation, Prince Nduka Obaigbena; President, Nigeria Guild of Editors, Mrs. Funke Egbemode; President, Nigerian Union of Journalists, Mr. Waheed Odusile; and the Chairman, Broadcasting Organisation of Nigeria, Mr. John Momoh. Others who signed for the media stakeholders include Director, International Press

Centre, Mr. Lanre Arogundade; Executive Director, Institute for Media and Society, Dr. Akin Akingbulu; and the Director, Media Law Centre, Mr. Richard Akinnola.

PDP MEETS OVER DEMAND FOR NAME CHANGE BY ALLIES reformed All Progressives Congress (rAPC). President Muhammadu Buhari, who is the main target of the PDP’s deft political moves, was to lead the series of the discussions yesterday with a meeting last night with Senate President Bukola Saraki and Speaker Yakubu Dogara of the House of Representatives at the Presidential Villa, Abuja. APC National Chairman, Mr. Adams Oshiomhole, also reportedly met separately with Saraki and rAPC Chairman, Alhaji Buba Galadima, along with former governor of Kano State, Senator Rabiu Kwankwaso, in Abuja. The outcome of the meetings was not known but was believed to be centred on how to pull the party back from the precipice it appeared headed. Oshiomhole, according to a reliable THISDAY source, was escorted to last night’s meeting with Saraki by seven of the party’s governors, including Aminu Masari (Katsina), Senator Ibikunle Amosun (Ogun State) and

Kashim Shettima (Borno). But the rAPC’s mind seemed made up on leaving the APC as its National Publicity Secretary, Mr. Kassim Afegbua, said yesterday in a statement that the train had left the station, meaning that the fence-mending activities by Buhari and Oshiomhole were futile. He said no amount of carrots, intimidation and harassment can dissuade rAPC members in their shared commitment to rescue the nation’s democracy. Kassim’s position was boosted by another rAPC leader, Alhaji Abubakar Baraje, a close ally of Saraki, who said in Ilorin that they had decided to leave the APC. But Saraki in statement by his Special Adviser on Media, Alhaji Yusuph Olaniyonu, denied any juicy offer from Buhari or the APC party leadership, saying the discussions were not about him but the safeguarding of democracy in the country.

"I believe at this point, it is important for me to make some clarifications, end speculations and make my position clear. It is important for Nigerians to know that the discussions that I and many others of like minds are having with the presidency and the leadership of APC is not about me and what I want. It involves the future of our country and her democracy. It is about making things better for our people,” Olaniyonu quoted Saraki as saying. Buhari, Vice-President Yemi Osinbajo and Oshiomhole had in the past few days put suffocating pressure on Saraki, Dogara and some governors, not to leave APC, amidst speculations of mouth-watering offers to them, including automatic tickets for the general election. The PDP National Caucus meeting kicked off last night simultaneously with the Oshiomhole and Saraki meeting at press time.

Continued on page 16

MEDIA STAKEHOLDERS RE JECT NIGERIAN PRESS COUNCIL BILL 2018 at the Supreme Court. The stakeholders stated that the proposed bill is “unconstitutional as it runs against the principles and tenets of the rule of law and is actually subjudice given that a case on the subject matter is still pending in the highest court of the land – the Supreme Court - in view of which the bill should not have been drafted in the first instance.” According to them, “The bill is, for all intents and purposes, draconian and anti-press freedom being an amalgamation of the obnoxious Public Officers Protection Against False accusation Decree No. 4 of 1984 and the Newspapers Registration Decree 43 of 1993, both vestiges of the dark days of military rule and therefore incurably and irreparably bad, being also inconsistent with values of our democratic society.” The communiqué also noted that the bill “seeks to criminalise journalism practice despite the fact that the laws of the country already have enough provisions and avenues for seeking legal redress.”

The NPO and the other media stakeholders described the bill as an attempt at undue interference in the operations of the media in Nigeria as businesses registered under the relevant laws of the federation. They said the bill seeks for the Nigeria Press Council to usurp the powers of the courts by assuming extra-judicial powers. They said, “The bill seeks to incapacitate the media in the exercise of the duties and obligations imposed on it by section 22 of the constitution to monitor governance and hold government accountable to the people. The section states as follows, ‘The press, radio, television and other agencies of the mass media shall at all times be free to uphold the fundamental objectives contained in this Chapter and uphold the responsibility and accountability of the Government to the people’. The bill violates the provisions of section 39 of the 1999 constitution (as amended) sections 1 and 2 of which state as follows: "(1) Every person shall be entitled to freedom of expression, including freedom to hold opinions and to

receive and impart ideas and information without interference. (2) Without prejudice to the generality of subsection (1) of this section, every person shall be entitled to own, establish and operate any medium for the dissemination of information, ideas and opinions,” the communiqué stated. The Nigerian media stakeholders also argued that the bill violates Article 9 of the African Charter on Human and Peoples’ Rights (Ratification and Enforcement Act) No. 2 of 1983 to which Nigeria is a signatory and which is now part of the country’s laws. “The bill through some of its other obnoxious provisions seeks to indoctrinate Nigerians, THROUGH THE USE AND MISUSE of curricula in training of journalists and usurp the powers of the regulatory bodies in the educational sector affecting media training especially the National Universities Commission and the National Board for Technical Education. The bill seeks to create the impression that the Nigerian media community does not take

the issues of ethics and self regulation seriously whereas it is a well known fact that the mechanisms actually exist including the Code of Conduct of Journalists in Nigeria, the Ethics Committees of the NUJ and NGE and the recently launched Nigerian Media Code of Election Coverage endorsed by media stakeholders,” the communiqué explained. The communiqué urged the National Assembly to drop the bill until the determination of a similar case in the Supreme Court of Nigeria, stressing that the Nigerian Senate should borrow from best practices in other jurisdictions that has expressly provided for and guaranteed press freedom without any form of government interference. “The Senate and indeed The National Assembly should enable the media in the exercise of its constitutional obligations as spelt out in section 22 by passing laws that will promote transparency, accountability and open government such as mandatory delivery of the State of the Nation address by the President and State of The State Address by Governors on specified days of the year;

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COMMENT

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

BUHARI’S ASSET FORFEITURE ORDER Executive order six is good, but ill-timed, argues Sufuyan Ojeifo

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resident Muhammadu Buhari, who went into the 2015 presidential election on the crest of a countrywide approbation as a man of integrity, could not have come better recommended by Nigerians for the task of clearing the nation’s Augean stables. On the force of his antecedents and credentials, he was expected to hit the ground running in a comprehensive battle against corruption since that credibility motivated the national support for his candidature and forged, in the main, the crux of the social contract that has approximately exemplified his presidency of Nigeria. Sadly, no sooner had the administration commenced than its anti-graft machinery began to falter. Politics and other mundane considerations contoured the mandate. In the corollary, there has been a yearning gap between expectations and realities. The battle has been largely mismanaged and the initial gravitas has ebbed. The superintending administrative infrastructure of the Economic and Financial Crimes Commission (EFCC) has been largely indicted as selective in the execution of the war. The commission has been fumbling in its investigative and prosecutorial strategies, leading to serial losses or stalling of high-profile corruption cases filed under this administration. Certainly, there is a sense in which Buhari could be insulated from blame over the mismanagement of the anti-graft war by his agents. That good judgment will be in the context of his prompt disposition to whip them into line or re-jig their administrative infrastructure. But he has been reluctant to replace Ibrahim Magu despite his non-confirmation on two occasions by the Senate as substantive chair of the EFCC. The president must have his reasons for sticking with Magu. Whatever the reasons are; they must be far from pecuniary. Buhari is a principled man whose financial integrity is difficult to impeach. I voted for him in the 2003 presidential election because he came highly recommended to me by my late godfather, Chief Sunday Awoniyi, whose anecdotes about Buhari’s integrity were convincing. He told me how Buhari as federal commissioner of petroleum resources and he, as permanent secretary in the ministry, forced a foreign company to reduce drastically the sum of some critical contracts in the nation’s downstream sector. The real gist of the story by which I became enamoured of Buhari and Awoniyi was not the amount that was yanked off but the request by the company that they furnished it with some foreign accounts into which to pay in for them the amount negotiated off. According to him, they rejected the proposition with indignation. Those who knew Awoniyi would recall with confirmatory assertion his parsimonious and Spartan life style. He lived in his own world that bears similitude with Buhari’s. It is, perhaps, for the sustenance of that integrity exemplar that Buhari has been divinely enabled to be president at this time to prove that financial propriety and discipline in the management of public finance is possible. At the outset of the administration in 2015, Nigerians were ready to give the president the essential support to fight corruption; extraordinary measures would have been welcomed against the backdrop of the malaise of institutional corruption. But just like he vacillated as head of state in dealing with some cases of corruption in the highest echelon of his junta and paid dearly for it with a palace coup that ousted him, Buhari had vacillated on the current anti-graft war for too long before coming up with the much more pragmatic Executive Order No. 6 on assets forfeiture. That the order has continued to draw nationwide flaks, especially from the oppositions and lawyers on the grounds of its perceived

HIS ASSETS FORFEITURE ORDER SHOULD BE ENSCONCED IN THE HEARTS OF A VAST MAJORITY OF NIGERIANS WHO HAVE SUFFERED COLLECTIVE DEPRIVATION AS A RESULT OF THE THIEVERY BY SUCCESSIVE LEADERSHIP ACTING IN CAHOOTS WITH TOPLEVEL CIVIL SERVANTS

unconstitutionality, derives from its impolitic timing. The order came at a time that the anti-graft war has been largely compromised, bastardised and unravelled for what it, unfortunately, has become: a tool in the hands of the governing party to intimidate, harass and blackmail the oppositions. Had the order been signed in the first three months of the administration in 2015, the opposition and public disposition would have been different. Buhari would have benefitted from uncommon support to recover our commonwealth that had been plundered and privatised by some few individuals. There is, indeed, a national consensus that cumulative years of financial misappropriation by successive administrations have had far-reaching implications for our nation. Basic questions of provision of good roads, uninterrupted power supply, efficient health care delivery and other salutary development infrastructure remain unanswered. It is sardonic that our nation has suffered stunted growth over the past years despite the huge financial accretions from the sales of our crude oil. This is the parody of our reality as a suffering people in the midst of plenty. According to the recent Brookings report, Nigeria had just overtaken India as the global poverty capital. The argument that the narrative could have been different if we had been blessed with good leaders resonates well in the context of historical comparativeness of disciplined and revolutionary leaderships in some other climes with leadership offerings here. Lee Kuan Yew in Singapore would always serve as a good example of how the determination of one man to change the negative narrative of backwardness can change the course of history and institutionalise transformational leadership as articles of faith. Other post war leaders who wrought drastic social, economic or political change in their countries included, among others, Brazil’s Luiz Inacio Lula da Silva, South Korea’s Kim Dae-Jung, Colombia’s Alvaro Uribe Velez, Egypt’s Gamal Abdel Nasser, Poland’s Lech Walesa, China’s Deng Xiaoping and United Arab Emirates’ Sheik Zayed bin Sultan Al Nahyan. This is why it is somewhat painful that Buhari has allowed some renegades in his administration to cast a slur on his integrity capital. The contents of their characters are not in pari materia with the Buhari exemplar. While it can be argued that the president is not perfect, there are vices that even his most visceral critics cannot associate him with. In financial matters he is beyond reproach. It is in this context that he remains the nation’s undisputed anti-corruption poster child. His assets forfeiture order should be ensconced in the hearts of a vast majority of Nigerians who have suffered collective deprivation as a result of the thievery by successive leadership acting in cahoots with top-level civil servants. A presidential panel headed by the Special Assistant to the President on Prosecutions, Mr. Okoi Obono-Obla, recently disclosed that government was investigating over 400 names of past and present public servants linked to ownership of suspicious property in the highbrow Maitama district of Abuja. This is in apple-pie order. While it may be convenient for the opposition elements especially those whose hands have been caught in the cookie jar of crimes to harangue Buhari and his Executive Order No. 6, we should find it morally obligatory to support the administration on this voyage and task of tracking, identifying and temporarily attaching assets and items of property that are proceeds of corruption from dissipation pending the final forfeiture order(s) by the courts. They are our stolen commonwealth. Buhari is trustworthy to do this for posterity.

BRICS COMES TO AFRICA WITH HOPE The summit should ensure Africa is enriched, writes Okello Oculi

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he leaders of BRICS – an acronym for: Brazil. Russia, India, China and South Africa – will hold their 10th summit in Johannesburg from 25 July to 27 July, 2018. The meeting comes at a time of convulsions in field ranging from global sport to world trade. President Vladimir Putin will be coming from hosting World Cup 2018 which dished out shock defeats to high profile teams. The defending champion Germany was the first to fall at the lowest group level. Much acclaimed players were sent out at the second level, notably: Ronaldo in Portugal, Lionel Messi in Argentina and Neymar in Brazil. His own Russian team reached the quarter final stage and invented a new Russian nationalism. India, China and host country South Africa did not send teams while Brazil’s president, Michel Temer, will be hurting from his incumbency being associated with failure to redeem a thrashing in 2014 by the German team in front of their home crowd. Although Prime Minister Theresa May’s Cold War drums neither failed to sprout a boycott, nor hide England’s collapse against Croatia. Putin will bring to BRICS a story of success in global cultural diplomacy. South Africa had done it in 2010, Putin will also be wearing accusations of having manipulated American elections to ensure victory by Donald Trump against Hillary Clinton who was hostile to Russia. As a friend of Israel, she was also hostile to President Robert

Mugabe, seeing him as a toxic voice likely to arouse hatred against white capitalists. Jews in South Africa had been major contributors of Diaspora funds flowing into Israel’s economy. President Cyril Ramaphosa is being a disciple of Mugabe in pledging to retrieve land from white individual and corporate farmers for distribution to land hungry blacks. Countries in Asia, South America and Africa are thanking Putin under their breath for giving back to American politicians and security warriors the same pill of interfering in political affairs of their countries. President Dwight Eisenhower ordered the CIA’s terminating Prime Minister Patrice Lumumba less than six months after Congo’s independence on June 30, 1960. While Ramaphosa will be urging that Russian tourists must know that there are richer topography and wild life in Southern Africa including Table Mountain in Cape Town, Russian diplomats will be asking for assurances against anti-terrorism. A plane crash killed 200 Russian tourists as they flew out of Egypt’s Red Sea coast. A limited number of tourists from India and China are visiting South Africa. South Africa will ask for BRICS investment in the development of transport infrastructure to promote intra-African trade and tourism sectors. Russia has a strong tradition of high quality research and education including book production for free education at all levels. Following a terrible heritage of low access for non-whites

during racist rule in South Africa, Russia should promote reading cultures and capacity for book production for a developing mass human resources in Africa as a whole. President Donald Trump is in a trade war with China. With China integrating raw materials from Africa into her exports, increased prices stamped on goods with African genes will hurt earnings in African economies. Trump’s ‘’America First’’ dictum should be a warning to China that trade ‘’multilateralism’’ should mean abandoning the temptation of colonial practices of taking raw materials from Africa for manufacturing outside the continent and then flooding African markets with the products. Rather, emphasis should be put on massive development of human resource by training of skills for rural and urban industrial manufacture within Africa. Her Hawassa industrial park in Ethiopia is a good start. China and Brazil must also avoid following practices by multinational corporation, like United Fruit, grabbing land with violence against village communities for farming agricultural food crops for consumption outside Africa while local populations in rural and urban areas live in starvation due to lack of purchasing power. Michel Temer should be urged to review the imprisonment of former President Lula to prevent him from contesting the 2019 election; and uphold Lula’s policy legacy of providing weekly income to poor families so that their

children have balanced nutritional diets to enable them gain from lessons taught in classrooms. Brazilian multinational corporations surged into Africa on the back of Lula. Their investments in Africa should be matched by ending official racism against Afro-Brazilians; and ensuring their access to education up to university level. President Ramaphosa will be advertising the new African Free Trade space. This should decrease the domination of North-South trade with Europe and North America. This was followed by a meeting of the African Union to re-enforce an earlier decision to combat the lethal virus of corruption. South Africa has been rocked by viral corruption practices by India’s Gupta family and bank which exported their loot to India. BRICS must see corruption as a security threat. India’s pharmaceutical companies are in African markets. American pharmaceutical corporations offer inducements for doctors to prescribe their medical drugs. Such inducements include holidays abroad with all expenses paid. BRICS leaders owe the South countries ethical practices in this sector; and support for research and manufacture of drugs in Africa. They must also defend ownership of copyright by African countries of medicinal properties of indigenous herbs and plants. BRICS’ development bank must provide oxygen to African economies against toxic debt-slavery by the IMF/World Bank.

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T H I S D AY MONDAY, JULY 23, 2018

EDITORIAL A CONTROVERSIAL NATIONAL CARRIER…(1) The time for state police has come

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hen in January 2016 the idea to float a national carrier was being mooted, we warned the current administration against erecting another monument to waste in a period of lean resources. But last week, Minister of State for Aviation, Senator Hadi Sirika, unveiled in London ‘Nigeria Air’ which is expected to be launched in December. “The Nigerian government will support the launch of the new flag carrier with viability funding in a Public- Private Partnership (PPP) arrangement to deliver a national carrier guided by international ICAO standards that will stand the IOSA audit from the start and lead to a fast IATA membership for international operation”, said Sirika. For a government supposedly fighting corruption, it is a shame that President Muhammadu Buhari has institutionalised an unprecedented disdain for transparency and accountability when it comes to people close to him. Without going through any process, discussions IF THE GOVERNMENT IS are already being held LOOKING FOR HOW TO to buy aircraft with all manner of agreeSPEND $300 MILLION, ments being floated WOULD IT NOT MAKE on behalf of Nigeria MORE SENSE TO THROW in what appears SUCH MONEY AT SOCIAL a one-man show. There is nothing INVESTMENT IN THE HEALTH AND EDUCATION to suggest that the National Assembly SECTORS? has any input in this whole idea yet commitments are already being made on behalf of Nigeria. In case Sirika and his enablers are not aware, it is important we share with them the information that is out there if only they care to check: ‘Air France’ is just managing to stay in the air while ‘Air India’ is up for sale and no buyer is interested. We already know what befell ‘Alitalia’ and several other national airlines. The question then is: How competitive

Letters to the Editor

would a Nigerian national carrier be, especially when it will enter the crowded market with a brand identity of being ‘Nigerian’? In any case, who is missing a Nigerian national carrier?

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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 TO SEND EMAIL: first name.surname@thisdaylive.com

e have reiterated on this page, this administration is so enamoured of a ‘glorious’ past that it could go from national carrier to national shipping line to national supply company, etc., just to control an economy it does not understand! Besides, an investment of $300m for a five per cent equity in a venture that is unlikely to be profitable in the medium and long terms is foolish to say the least. It is difficult to fathom the reason behind this wasteful idea other than to conclude, as most people have, that the motivation is more about the personal interest of some people than the good of the nation. The pertinent questions are: Why is it an urgent priority to sink $300 million in a national airline for a stake of only five per cent at a time there are several critical but neglected areas? How, in the first place, was this figure arrived at? How will a national airline create the enabling environment for wealth creation or address vital areas of national need? If the government is looking for how to spend $300 million, would it not make more sense to throw such money at social investment in the health and education sectors? If the government has a strategic interest in the aviation sector, it should emulate the United States’ government. By law, the US government owns upwards of 20% equity in all US airlines but it never appoints board members nor interferes with their running. It only invokes its stake when it needs to commandeer air assets for emergency relief or military airlift. It was used to move military assets to the Gulf to meet operational deadlines for the two Gulf wars and the Afghanistan operation. That, from what has transpired in this matter, is not the case. Therefore, there is everything suspicious with the idea of investing almost N100 billion of public money to buy 5 per cent stake in an investment that has little or no chance of success. To be concluded tomorrow

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

NOW THAT EKITI ELECTION IS OVER

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here is no gainsaying that the election of Saturday 14 July is a vista to how Ekiti will be viewed among the comity of Nigerian states in the next four years. The much-talked about election has come and gone, but it will continue to resonate, teaching some lessons. Nerves were frayed, dusts were raised, but the election has been won and lost, results announced, certificate of return issued to the winner. What remains now is the memory of how the battle was fought. It has been said that there are two kinds of political candidates: those who run for office because they want to do something and those who run because they want to be something. But the incumbent Governor of Ekiti State, Peter Ayo Fayose, has even added the third: Those who run acrimoniously for nothing in particular, except from something grave. He ran the race as if the rest of his life depended on it, he forgot that he was statute-barred from being a candidate for a third term in office. He claimed to be supporting a candidate, his anointed deputy from his Peoples Democratic Party (PDP) Prof. Olusola Eleka, but he did not give that one any chance to show the stuff he was made of. Eventually, he became dazed and defeated and has since been grovelling. The simple reason someone like Fayose would have lost an election he did not contest and yet felt the loss the most, is because his whole ego was tied to it. Essentially, Fayose refused to grab the fact that the odds were against him and

has refused to acknowledge the will of the people and his opponent’s victory, one full week after. This is a far cry from what Dr. John Kayode Fayemi did in 2014. Despite losing to Fayose in a much more controversial circumstance, Fayemi recognised and congratulated Fayose in less than 24 hours of his being announced the winner. Rather, Fayose is feeling shortchanged by an external force and brooding. He has failed to highlight the differences in his style and that of the winner in order to reason that perhaps the people were just too tired of his own style. He must now rewire his thinking to the fact that elections are not about the candidates, but about the people who voted. Take away the people, it is useless talking about an election. In the build up to the election, Fayose did everything humanly possible to draw attention to himself and intimidated the real contestants to near submission. Even the candidate of his party was not spared his rod, as he made it crystal clear that he, Fayose, and no one else, was in charge. Those criticising the electorate tend to pretend that voting is a rational choice. They expect the electorate to be reasonable and behave in a couth manner. But voters are inherently irrational beings, who are moved by emotions, not facts. Their biases cause them to always make subjective political decisions. Politicians need to shape their political processes around the voters’ irrationality, and “manipulate” them to get them to make more rational choices. For instance, at a point that

poverty and hunger were ravaging the land, what would have appealed to the voters more than what they stand to gain in the immediate? They should therefore not be blamed for choosing to live in their now. That was the trap set by Fayose. He starved the people with the aim of using that as the bait to make them see him as a messiah. Unfortunately, he equally fell into the trap. Those who contested in the election may not be too happy with the results, but the people have spoken and the earlier the contestants accepted the fact that Dr. John Kayode Fayemi was the chosen one, the better. Probably, they had felt anger, despair, disappointment, dismay, embarrassment, fatigue, frustration, pain and regret, among many other things by the results, but here is hoping they will eventually know an even greater share of happiness, hope, surprise, pride, enthusiasm, satisfaction, pleasure, and fulfillment, including the real candidate of the Peoples Democratic Party, Prof. Olusola Eleka, who was buried in the ego of his boss Fayose throughout the campaign and election periods. The consequences are however graver for one person. As both the ayesayers and naysayers continue to pontificate on what ought to have been done but not done, or what ought not to have been done, but done, they are in consonance on one point that Fayose in his delusional state took the battle beyond where sanity could prevail and he is a lone victim. Segun Dipe, Ado Ekiti

MONDAY, ͺͻ˜ ͺ͸͹΀ ˾ T H I S D AY

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NEWS

Sulu-Gambari Elevates Saraki to Waziri Garin of Ilorin Hammed Shittu in Ilorin

A The Emir of Ilorin and Chairman, Kwara State Traditional Council, Alhaji Ibrahim Sulu -Gambari, yesterday elevated Senate President, Bukola Saraki, to the position of Waziri Garin of Ilorin, the traditional prime minister of the emirate. The elevation, which came as a surprise package to the Senate president was announced at the end of a special prayer organised by the emir over the recent victory of Saraki at the Supreme Court over the concealment of asset charge against him by the federal government. By the elevation, Saraki who is also Turakin Ilorin, becomes the fourth Waziri Garin, succeeding his father, the late Dr. Olusola Saraki, who held the title until his demise in 2012. Announcing the elevation, the emir said it was in

acknowledgement of the Senate president's passion for the development of not only the emirate but the whole of Kwara State as well as his political exploits that have brought fame to the state, particularly Ilorin Emirate. Sulu-Gambari said, "We are excited by your political exploits because of late you have become the beautiful bride whom politicians across the board are beckoning to be in their camps. This is a show of recognition of your worth and achievements as a politician. We are very proud of you. "It is from here that we prayed for you to become governor; it was here that we prayed for you to become senator; and it was from here that we prayed for you to become Senate president and all these came to reality. Today we are also praying from here that God will elevate you beyond your present position." The emir noted that

he was seated on a very special seat inherited from his forefathers and has their authority to conduct yesterday's programme. He also described the event as typical of Ilorin, saying unlike some communities that celebrate victories such as has come to Saraki with parties, the emirate believes in the efficacy of coming together to the inner chamber of the palace to offer such special prayers. The emir immediately decorated Saraki with the regalia of his new title and ordered him to wear it throughout the day. During the prayer, the Imam Imale of Ilorin, Sheikh Abdullahi Abdulhameed, had noted that Saraki survived his recent ordeal by the power of prayers offered from the emirate. He also led participants to offer prayers for divine guidance for Saraki as he makes vital decisions over his political future.

"We pray that his decision, which is being awaited and which has made him the beautiful bride today would be successful," he said. Responding to the elevation, an obviously elated Saraki, who was beaming with smiles, said the development took him by surprise. He noted that he had only come to the palace for the special prayers not knowing that something else was waiting for him. He promised to use the title to continue in his commitment to looking after the well-being of people in the emirate as well as the entire Kwara State. The prayer session was attended by first class traditional chiefs from the state as well as Senators Dino Melaye and Rafiu Ibrahim; Speaker of Kwara State House of Assembly, Dr. Ali Ahmad, and other notable politicians from the state.

Saraki

was the future of the country and its democracy and that it would be myopic for anybody to be talking about whether certain offers had been made to an individual or if such offers would be accepted or not. Saraki stated that he saw some reports talking about promise of money or oil block and nomination tickets but added that those viewing the ongoing development in that context were simply reducing a major national issue involving many key actors to that of personal benefits and preferences. He said, "Though there are many speculations being peddled in the media, let it be known these discussions are not about me. Whatever has happened to me in the past has passed. Now that God, in His infinite mercy has vindicated me, I have moved on, believing that we have all learnt our lessons. "As I said in my statement following the Supreme Court judgement on July 6, I cannot hold any grudge against any individual. I have forgiven all those who played any role in

my persecution and likewise, I have asked for forgiveness from all those that I wronged in the past. Our focus should now be about Nigeria. The major issue on the table for discussion is how to strengthen our democracy, rebuild our economy, stop the spate of insecurity, improve the conditions of living of our people and generally chart a course for the development of this great country. "We will be insulting Nigerians if, as the 2019 elections draw nearer, our deliberations is about personal benefits or how to pay compensation for wrongs done to an individual. "As for my political future, we just need to continue to engage with others, listen to advices and exchange ideas because the decision is not that of mine alone. It is for all our supporters and associates to deliberate upon and take a decision based on the overall interest of our people. It is my prayers that Almighty God will guide us right in all our decisions and make a positive turn-around in our country", he stated.

PDP Looking for Life after Death, Says APC

the government knowing and stopping them. From where did Boko Haram get planes? How do they land these planes? “On Monday, October 18, 2010, former President Goodluck Jonathan commissioned the Total Radar Coverage Nigerian Airspace (TRACON). By this project, Nigeria is fully covered by radar. Thus, how is it possible for Boko Haram to own or operate planes without the knowledge of the Nigerian government?” Capturing the emotion of Leah’s father, a serving Inspector in the Nigeria Police and her mother a teacher, Omokri criticised Buhari for hailing the rescue

of the 13 Thai youths who were trapped in a cave, but failing to do something about Leah who is held captive by Boko Haram for her refusal to denounce her Christian faith. Omokri asserted that the Dapchi girls’ abduction was a false flag intelligence operation to justify the request by the Buhari-led Nigerian administration to borrow one billion dollars for national security. According to him, such funds are disbursed as discretionary spending and not accounted for. He accused the president of seeking the funds for the purpose ensuring his re-election.

PDP MEETS OVER DEMAND FOR NAME CHANGE BY ALLIES silence, waiting for the sledge hammer to fall on the Senate president. The r-APC added, “They tried all tricks, mounted all manner of pressures, raised all dubious allegations, just to nail the Senate president. They were short of calling him a promoter of armed robbery; they linked his name to the Offa robbery and improvised all manners of things to rubbish the institution of the legislature. ‘’They striped him naked in the market place and now desperately trying to bath him with ornaments in the inner fortress of Aso Rock.” He explained that examples abound in the nation’s democracy and it is ringing bell in the consciousness of everybody, now and then, saying this government is never a promise keeper and some of the promises contained in the manifestos of the APC had been jettisoned. “The president who has held himself in the inner sanctuary of the Presidential Villa is all of a sudden, opening his doors to one

meeting or the other all in the name of re-election’’ he stated, adding, “Just to make the point that it is too late in the day; the train has left the station. Leopards cannot change their spots no matter how much one tries to tame them. We enjoin all our members to remain steadfast and resolute in defending their rights and taking the appropriate action in defence of democracy.”

Baraje: We have Decided to Leave In Ilorin, Baraje said empathically that all the overtures by Buhari and the APC leadership were too late to dissuade him from leaving the party. "As far as I know, there is no juicy position that can replace the kind of embarrassment , debasement and horrifying experiences many of us have suffered and gone through in the hands of some few mischievous members of the APC, it's quite unfortunate," he told reporters in Ilorin. Baraje disclosed that as far

as he and his supporters and followers were concerned, they had decided to leave the APC. According to him, "The followers of the Senate president particularly from Kwara State and across the country have already resolved to leave the APC with or without Saraki, so it is now left for the Senate president to take a decision more so that he is an experienced and a seasoned politician." He said further that the Senate president has the right to either take such juicy position or jettison it, but sounded a note of warning that what is clear is that his supporters and followers have taken a decision.

Story of Juicy Offers Not True, Says Saraki But Saraki said the speculations about juicy offers being made to him and his associates as part of the ongoing discussions with the Presidency and leadership of the APC was untrue. He said what was at stake

Meanwhile, the APC said yesterday that after three years in the wilderness, the PDP was excited with possibility of hiding its irredeemably bad image under the heap of a new coalition. It said like a vulture, PDP sees every altercation as a potential opportunity for a feast. In a statement by its National Publicity Secretary, Mallam Bolaji Abdullahi, the ruling party claimed, “If PDP is not alleging wild conspiracies, they are threatening to boycott elections or announcing fake defections. What is clear with all these is that no matter how long a leopard lives, it cannot change its spots. “What President Buhari and Oshiomhole, the National Chairman of our party are doing, persuading every aggrieved member not to leave the party, is what responsible and sensible party leaders would do.”

OMOKRI’S BOOK ON LEAH SHARIBU BLAMES DAPCHI GIRLS’ ABDUCTION ON SABOTAGE colleagues, must have been aware of Boko Haram’s plans, especially as we will show that the Nigerian government received an intelligence tip a day before the abduction of the Dapchi girls of Boko Haram’s intentions." Although 104 of the Dapchi girls were released on March 21, 2018, Leah Sharibu was held back by Boko Haram for refusing to denounce her Christian faith. He accused the President Muhammadu Buhari administration of slacking in its duty to rescue Sharibu, quoting a widely known journalist and Boko Haram source, Mr. Ahmad Salkida, who said that there

was unwillingness on the part of the administration to secure the school girl’s release from Boko Haram. “Nothing has ever seemed tricky to me like the case of Leah. I get any kind of updates, as my records have shown, but when it is the case of Leah they (Boko Haram leadership) try to avoid my queries,” he quoted Salkida as saying. He was of the view that Sharibu was not made an international cause by those who might have been interested in her safety. In his seven-chapter book, Omokri insisted that it was impossible that the Dapchi girls could not have been abducted if their town and

school were guarded by the officers and men of the Nigerian Army stationed in Dapchi. He wrote that it was also impossible that soldiers, who withdrew from Dapchi a few hours to the kidnap, would have done so on their own volition without an order from above. He concluded that whoever ordered the withdrawal of the troops in Dapchi, only hours before Boko Haram invaded the town and abducted Leah and her colleagues, must have been aware of Boko Haram’s plans. Accusing elements of the Nigerian government of collusion with the radical

Islam terror group, Boko Haram in the Dapchi incident, Omokri raised some questions about the saga. He queried, “What is the extent of the collusion between the current Nigerian government of President Buhari and Boko Haram? Who gave the fateful order to the military to withdraw from their stations in Dapchi hours before the girls were abducted? Why was Boko Haram allowed to stroll in and out of Dapchi on March 21, 2018, without any attempt by the Nigerian authorities to stop them? How is Boko Haram able to fly its planes and land them in Nigeria’s territorial airspace without

MONDAY JULY 23, 2018 ˾ T H I S D AY

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NEWS

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

2016 Audit Report: Presidency Illegally Moved N14bn to Establish Army Barracks DPR, FIRS overpaid N837.082bn 324 MDAs fail to submit their accounts for audit Ndubuisi Francis in Abuja The audited report of the federal government for the 2016 financial statement from the Office of the Auditor-General for the Federation (OAuGF), Mr. Anthony Mkpe Ayine, has revealed that the presidency illegally withdrew N14 billion from the Stabilisation Fund for the establishment of an Army barracks. The report, which is posted on the OAuGF’s website also indicated that one of the flaws among the agencies of government pointed was poor book keeping practices, especially in the oil mineral sector, in the management of revenue generation and expenditure, and described it as a major challenge in the anti-graft war in public finance expenditure. The audit report cited one case of discrepancy by the relevant government agencies, which culminated in the over-payment of two revenue generating agencies, including the Department of Petroleum Resources ( DPR) and the Federal Inland Revenue Service ( FIRS). According to the report, the overpayment stood at N837.082 billion as cost of revenue collection by the two bodies. It said: “Our examination of the Accountant-General’s Transcript and FAAC figures revealed that the FIRS and DPR were over paid cost of collection in the month of August 2016 in the amounts of N305,922,200.48 and N531,160,436.78

respectively totaling N837,082,637.24. “ It was observed that what was captured in the AccountantGeneral’s Transcript as payments for the month of August for FIRS and DPR as cost of collection differs from what FAAC approved in the FAAC file. It is expected that only figures approved by FAAC are to be paid by the Accountant-General of the Federation. The difference resulted in overpayments of N837,082,637.24 by the Accountant-General to the two collecting agencies.” Also contained in the report was the fact that joint venture (J V) cash calls ( funds injected into JVs by the NNPC on behalf of the Federation could not be accounted for in the books of the OAGF and the FAAC. “These funds are obtained out of revenues accruing to the Federation that would otherwise have been paid onto the Federation Account for allocation to the three tiers of government. Firstly, it is unclear how and where the asset values of these investments in Joint Ventures on behalf of the Federation are determined and reported. “Secondly, from the analysis and review of the Revenue and Account documents presented by the Crude Oil Marketing Department (COMD) of the NNPC in respect of Sales of crude oil and gas and payment of JV Cash Call funding, it was observed that only a marginal sum was returned as revenue from Export of Crude Oil and Gas revenue inflows to the Federation Account for January to December,

2016,” the report said. “From the total receipts by NNPC of $2,399,642,012.90 (N569,143,803,033.21 from export sales of crude oil and gas for the year, a total amount of $2,348,880,056.93(N517,354, 153,159.77) was paid out to fund JV Cash Calls, leaving only $72,875,099.00 (N22,423,859,671.82) which was paid to the Federation Account. “It should be noted, that the above JV Cash Calls deducted from the proceeds from export oil and gas sales did not include an amount of N355,173,305,887.21 also paid from the receipts from Domestic Crude oil sales as JV cash calls,” the report stated. It also pointed out is that the “examination of records and documents presented to the Audit Team in respect of the Excess Crude Account (ECA), revealed that a sum of N361,230,422,517.15 summarised below and classified as

PPT/Royalty was deducted from total oil and gas revenue collected before the balance was paid to the Federation Account. “These deductions would appear to contravene the provisions of Section 162 (1) of the Constitution of the Federal Republic of Nigeria, 1999 which states as amended,” it stressed. There was also the issue of zero collection of oil revenue for some period. According to the report, “ It was observed from the CBN Components Statements that no collections were reported into the Federation Revenue Account by some revenue collecting Agencies for certain months of the year. It was not clear from available records why these months recorded no revenue collections and no explanation was provided for this. “The Accountant-General has been requested to obtain an explanation from the Group

Managing Director of NNPC and Director DPR for the non-collection of revenue during these relevant months,” as well as “ensure that any revenue found due for these months is remitted to the Federation Account, and evidence forwarded for audit verification.” Meanwhile, no fewer than 324 Ministries Departments and Agencies (MDAs) of the federal government failed to submit their accounts for audit in 2016, according to the report. This figure contrasts with the 215 MDAs which did not submit their accounts in 2015. There are over 900 MDAs at the federal level. The Auditor-General pointed out that the extensive violation of statutory financial reporting obligations by parastatals is of great concern. According to the report, as at April 2018, 109 MDAs had not submitted their accounts beyond 2013, while 76 agencies submitted last for the 2010

financial year even as 65 others never submitted any account since inception. The report was however silent on culpable agencies. “The extensive violation of statutory financial reporting obligations by Parastatals is of great concern. Only 51 audited financial statements for 2016 and 149 for 2015 were submitted to the office of the Auditor-General as at December 27, 2017. The report noted that the development runs foul of the Financial Regulation 3210 (v), which mandates the chief executives of agencies to submit audited accounts to the Office of the Auditor-General of the Federation, OAuGF “not later than 31st May of the following year of Account.” Section 85 (5) of the Constitution of the Federal Republic of Nigeria 1999 (as amended), empowers the Auditor-General to submit a report on the audit of the Accountant-

Cont’d on page 75

Many Killed as Soldiers Repel Boko Haram Ambush The Nigerian Army yesterday said its troops successfully repelled an attack on a military patrol team coordinated by Boko Haram insurgents at Sasawa community in Yobe State. The Director, Army Public Relations, Brigadier General Texas Chukwu, said this in a statement issued in Maiduguri, the Borno State capital. According to Chukwu, the gallant troops at the weekend repelled an ambush by the insurgents and killed many of them in gun battles at Sasawa in Babbangida Local Government Area (LGA) of Yobe State. He said the insurgents were planning to attack the Babbangida market to steal food items and laid ambush for the troops on patrol. “Troops of 233 Battalion deployed in Operation Lafiya Dole have neutralised scores of Boko Haram terrorists today, July 21, along Sasawa Road in Babangida Local Government Area of Yobe State, while countering an ambush staged by element terrorists. “The troops encountered the

ambush during a fighting patrol to clear the general area of the fleeing elements of Boko Haram terrorists who have been on rampage for food and logistics. “The gallant troops overpowered and neutralised the insurgents in the fierce fight that ensued and successfully extricated themselves from the ambush,” he said. He added that the insurgents, whose original plan was to attack and loot Babangida market, aborted the mission and laid ambush for the troops on patrol. He, however, disclosed that the troops recorded some casualties but that the situation was under control. The army spokesman added that additional men had been deployed to reinforce the patrol troops, while the Air Task Force was on aerial surveillance to track the fleeing terrorists. Chukwu called on the people of the affected communities not to panic over the development which is under control.

CORRIGENDUM In our Sunday publication yesterday, we omitted to attribute the story on pages 22/23 under the banner, VIEW FROM ABROAD, titled; From Elephants to Eagles: The Evolving Brands of Nigeria’s Unsuccessful National Airlines to the appropriate source. The story was culled from QUARTZ AFRICA magazine. The omission is deeply regretted -Editor

NEW WAZIRI GARIN

Emir of Ilorin, Alhaji Ibrahim Sulu-Gambari, after conferring a higher title of Waziri Garin of Ilorin on the President of the Senate, Dr. Abubakar Bukola Saraki, in Ilorin….yesterday

UK to Assist INEC Deliver Credible, Free and Fair Polls in 2019 Ugo Aliogo United Kingdom International Development Secretary, Penny Mordaunt, has promised that the country would continue to work with Nigeria through the Independent National Electoral Commission (INEC) to ensure that the 2019 general elections are successful. The minister made the remarks during a meeting with the Chairman of INEC, Mahmoud

Yakubu in Abuja at the weekend. The minister urged the electoral umpire to remain firm and dispassionate in the discharge of its crucial assignment given the importance of Nigeria to Africa and the international community. Mordaunt said, “Nigeria is Africa’s biggest, and one of its most vibrant democracies. It has made huge progress in recent years ensuring credible, free, fair and peaceful elections. It is vital to Nigeria, her people and to the

confidence of the international community that this continues as the country heads towards elections in 2019. “We are proud of our unwavering support to INEC and civil society, which has ensured that they have been able to make important improvements to the election process. “We strongly support INEC to carry out its constitutional role, free from political pressure and intimidation, and encourage it to demonstrate neutrality and

impartiality in its application of the electoral laws, to build voter trust and confidence. It’s a tough job, but I commend INEC for their efforts to deliver truly free, fair, credible and peaceful elections, that Nigerians can be proud of. “During this visit, I had the opportunity to meet with civil society groups and hear about their efforts to ensure that women, persons with disabilities and young people are able to embrace politics, and to feel that have a voice and a choice.“

Buhari Condoles WithVictims of Jos Market worried Firethat the latest fire disaster working and ordinary Nigerians disaster.”

President Muhammadu Buhari at the weekend commiserated with the victims of the Jos market fire, which destroyed more than 200 shops. The president said in a statement by the presidential spokesman, Malam Garba Shehu, that he was “devastated by the scale of economic losses suffered by hard

who believe in self-reliance to support themselves.” According to the statement, the president added that “trading and agriculture remain the mainstay of these hard working businessmen and women and every democratic leader would genuinely feel the pains of the victims of this fire

Shehu further quoted him as saying, “With profound sense of empathy, I am touched by the large scale economic losses suffered by the victims of this fire disaster. The role of these enterprising Nigerians in the economy of our country cannot be underestimated.” Shehu also said Buhari was

at the Jos market was the third in less than 10 years. “As you count your losses, I send you my heartfelt commiserations over this devastating disaster. I am confident that your enterprising spirit would help you rebuild your lives. May God replenish you with more prosperity,” he said.

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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

Making An Order Of The Day Nseobong Okon-Ekong and Segun James write that the signing of the Executive Order No. 6 by President Muhammadu Buhari has raised a storm

Buhari

I

t caught the legislators of Nigerian National Assembly flatfooted. To them, it is a coup carried out by to render them useless and make them toothless bull dogs that can only bark but cannot bite. Allowing this will make a mess of the check and balances among the three tiers of government in the political system we have adopted. They are ready to fight the action of the President to a standstill. A battle front has opened. For the federal government, corruption has been running riot in the country without control. The fight against it is the primary agenda of the President Muhammadu Buhari’s administration, but unfortunately, the legislature has been an hindrance in this battle; hence the need to issue an executive order to sidestep the obstacles caused by the National Assembly. The cause of the rift is the Presidential Executive Order (PEO) N0 6 of 2018 which according to its provision sets out to address “the Preservation of Suspicious Assets Connected with Corruption and Other Relevant Offences.” In the presidential system of government, Executive orders are presidential prerogative used as a last resort by the president to bypass the national assembly, when the president is pushed to the wall he uses it. Though Vice President Yemi Osinbajo signed some Executive Orders when President Muhammadu Buhari was away on sick leave, Executive Order No. 6 that is now generating much furor between the executive and the legislative arms of government. On May 18, 2017, he signed three Eos. The three executive orders were meant to significantly change some of the ways government business and operations were conducted in the country. The executive orders also stipulate sanctions and punitive measures meant to address violations where necessary. Specifically, Prof. Osinbajo signed

Osinbajo

Mohammed

executive orders giving specific instructions on a number of policy issues affecting: *the promotion of transparency and efficiency in the business environment designed to facilitate the ease of doing business in the country, *support for local contents in public procurement by the Federal Government, and *timely submission of annual budgetary estimates by all statutory and non-statutory agencies, including companies owned by the Federal Government.

and services; and b. be conspicuously pasted on the premises of the relevant MDA and published on its website within 21 days from the date of issuance of this Order. 2. It shall be the responsibility of the head of the relevant MDA to ensure that the list is verified and kept up-to-date at all times. If there is any conflict between a published and an unpublished list of requirements, the published list shall prevail.

Transparency in MDAs 1. Every Ministry, Department and Agency (MDA) of the FGN shall publish a complete list of all requirements or conditions for obtaining products and services within the MDA’s scope of responsibility, including permits, licenses, waivers, tax related processes, filings and approvals. The list shall – a. include all fees and timelines required for the processing of applications for the products

Default Approvals 3. Where the relevant agency or official fails to communicate approval or rejection of an application within the time stipulated in the published list, all applications for business registrations, certification, waivers, licenses or permits not concluded within the stipulated timeline shall be deemed approved and granted. 4. The mode of communication of official decisions to applicants shall be stated in the published requirements. 5. Where applications are rejected within the stipulated timeline, all rejections shall be given with reasons. Rejections of applications shall be tracked and accurate records kept at all times for each MDA and shall be submitted to the head of the MDA on a weekly basis. 6. There shall be at least two (2) modes of communication of acceptance or rejection of applications to the applicants by the relevant MDAs before the expiration of the stipulated time, including letters, emails and publications on MDA websites. 7. The applicant’s acknowledgement copy of the application, including electronic submission acknowledgements, shall serve as proof of the date of submission of the application for purposes of determination of the commencement of the application timeline. 8. An Applicant whose application is deemed granted under this Directive may apply to the

Mohammed said the President hoped the new law would help the country’s anti-corruption agencies carry out their duties better. He views the vehement opposition to EO No. 6, as corruption fighting back.

Minister for the time being in charge of the application for the issuance of any document or certificate in evidence of the grant within 14 days of lapse of the MDA’s stipulated timeline for the application. 9. Failure of the appropriate officer to act on any application within the timeline stipulated, without lawful excuse, shall amount to misconduct and be subject to appropriate disciplinary proceedings in accordance with the law and regulations applicable to the civil or public service. One Government Directive 10. An MDA that requires input documentation, requirements or conditions from another MDA in order to deliver products and services on applications within the originating MDA’s remit or mandate, including permits, licenses, waivers, tax documentation, filings and approvals shall only request a photocopy or other prima facie proof from the applicant. It shall be the responsibility of the originating MDA to seek verification or certification directly from the issuing MDA. 11. Service Level Agreements shall be binding on MDAs and shall be relied upon by MDAs in the issuance of published stipulated timelines for processing of applications for the products and services. 12. It shall be the responsibility of the head of the relevant MDA to ensure that the agreed terms of the Service Level Agreements are adhered to. 13. Failure of the appropriate officer to act within the timeline stipulated in the Service Level Agreement, without lawful excuse, shall amount to misconduct and be subject to appropriate disciplinary proceedings in accordance with the law and regulations applicable to the civil or public service.

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T H I S D AY • MONDAY, JULY 23, 2018

POLITICS

Onnoghen

Entry Experience of Visitors and Travellers 14. Ordinary tourist and business entry visas to Nigeria shall henceforth be issued or rejected with reason by the Consular Office of Nigerian Embassies and High Commissions within 48 hours of receipt of valid application. The timeline shall be notified to the public by pasting a notice conspicuously at every Consular Office and by publication on every website of Nigerian Embassies and High Commissions. 15. A comprehensive and up to date list of requirements, conditions and procedures for obtaining visa on arrival, including estimated timeframe, shall be published on all immigrationrelated websites in Nigeria and abroad, including Embassies and High Commissions, and all ports of entry into Nigeria. 16. The processing of issuance of visas on arrival shall be carried out in a transparent manner. Visas on arrival shall be granted at all Nigerian ports of entry once applicants have met all the published requirements. Port Operations 17. There shall be no touting whatsoever by official or unofficial persons at any port in Nigeria. On duty staff shall be properly identified by uniform and official cards. Off duty staff shall stay away from the ports except with the express approval of the agency head. The FAAN Aviation Security (AVSEC) and Nigeria Ports Authority (NPA) Security shall enforce this order. 18. All non-official staff shall be removed from the secured areas of airports. No official of FAAN, Immigration, security agency or Ministry of Foreign Affairs (MoFA) or any other agency is to meet any non-designated dignitary at any secure areas of the airport. The official approved list of dignitaries that have been pre-approved to be received by protocol officers shall be made available to AVSEC and other relevant agencies ahead of their arrival at the airport. 19. Any official caught soliciting or receiving bribes from passengers or other port users shall be subject to immediate removal from post and disciplinary as well as criminal proceedings in line with extant laws and regulations. 20. All relevant MDAs at the airports shall within 30 days of the issuance of this Order merge their respective departure and arrival interfaces into a single customer interface, without prejudice to necessary backend procedures. 21. All agencies currently physically present in Nigerian Ports shall within 60 days harmonise their operations into one single interface station domiciled in one location in the port and implemented by a single joint task force at all times, without prejudice to necessary backend procedures. 22. The new single interface station at each Port shall capture, track and record information on all goods arriving and departing from Nigeria and remit captured information to the head of the MDA and the head of the National Bureau of Statistics on a weekly basis.

Saraki

23. Each Port in Nigeria shall assign an existing export terminal to be dedicated to the exportation of agriculture produce within 30 days of the issuance of this Order. 24. The Apapa Port shall resume 24-hour operations within 30 days of the issuance of this Order. Registration of Businesses 25. The Registrar-General of the Corporate Affairs Commission (CAC) shall within 14 days of the issuance of this Order ensure that all registration processes at the CAC are fully automated through the CAC website from the start of an application process to completion, including ensuring the availability of an online payment platform where necessary. What is the order all about and why is the legislature suddenly up in arms against the executive? More importantly, what is it that makes the PEO No. 6 so peculiar to the point that the national assembly is ready to do battle with the executive? These are some of the questions begging for answers as the faceoff between the two arms continues. According to the former chairman of the National Human Rights Commission, Prof. Anselm Odinkalu, “Its contents fall into two categories: those things in it which are not needless or are manifestly outside the powers of the President. At best, it’s an own goal. At worst, it’s an awful advertisement of presidential hubris and overreach.” Presidential Executive Order No. 6 comprises a preamble, seven sections, two schedules and five essential features. First, it begins with an acknowledgement that, “corruption constitutes an unusual and extraordinary threat to the well-being, national security and stability of the country’s political and economic systems.” The PEO also purports, “without prejudice to any laws or existing suits” to “protect from dissipation” the “assets of any Nigerian citizen within the territory of the Federal Republic of

To most critics of the order, the president overreached himself by giving such orders which practically gives him unlimited powers, a situation which will make almost every Nigerian open to blackmail and the process subject to abuse.

Dogara

Nigeria…. known to be a current or former government official” or a politically exposed person, who is or has been “complicit in or has… engaged in corrupt practices.” Third, PEO No. 6 designates in the first schedule to the Order, specific cases and persons to whom it applies. In particular, the PEO takes 10 pages to list 155 pending court cases covered by it. The named cases cover such persons as former Inspector-General of Police, Sunday Ehindero; ex-Abia State Governor, Orji Kalu; ex-Adamawa State Governor, Murtala Nyako; ex-Benue State Governor, Gabriel Suswam; ex-Zamfara State Governor, Sani Yarima; ex-Katsina State Governor, Ibrahim Shema; ex-Sokoto State Governor, Attahiru Bafarawa; ex-Jigawa States Governors, Saminu Turaki and Sule Lamido; ex-Niger State Governor, Babangida Aliyu; ex-Oyo State Governors, Rasheed Ladoja and Alao-Akala; ex-Ogun State Governor, Gbenga Daniel; ex-Enugu State Governor, Chimaroke Nnamani, ex-Kebbi State Governor, Dakingari and former National Security Adviser, Sambo Dasuki. Also listed are cases involving some dead persons such as former Nassarawa State Governor, Aliyu Akwe Doma and the recently deceased former Chief Judge of Enugu State, Innocent Umezulike. In effect, the President seeks through this Order to direct judges on what to do in cases before them. Fourth, PEO No. 6 confers on the AttorneyGeneral of the Federation, the “power to coordinate the implementation of this Order”. Additionally enforcement agencies named in the Order are required to communicate the outcomes of their investigations to the Attorney-General so that he can “immediately commence or direct the commencement of appropriate process(es) either administratively or judicially as the case may be.” The powers of enforcement agencies, such as the Economic and Financial Crimes Commission (EFCC) or the Independent Corrupt Practices Commission (ICPC) are clearly spelt out in the laws. Under the constitution, the Attorney-General clearly has powers to take over or terminate prosecutions but there is nothing that requires the agencies to wait on him for initiative. Fifth, PEO No. 6 purports to wield a big stick and provides that heads of 20 agencies named in the second schedule to the Order, “shall take personal responsibility and be subject to appropriate sanctions for any failure to comply with this order.” The threat of sanctions in this way cannot, however, cure the underlying unlawfulness in the powers that the President seeks to assert. This threat is empty. Finally, the PEO extends the scope of corruption to cover “other relevant offences”, including “terrorism, financing of terrorism, kidnapping and sponsorship of ethnic or religious violence, economic sabotage, cases of economic and financial crimes”, and to a very nebulous category of “acts contributing to the economic adversity of the Federal Republic of Nigeria.”

To most critics of the order, the president overreached himself by giving such orders which practically gives him unlimited powers, a situation which will make almost every Nigerian open to blackmail and the process subject to abuse. Odinkalu insisted that the problem is that the determination whether or not a person is complicit in corrupt practices is the business of judges not of presidents. “It follows evidence not fantasy. The judiciary also has powers to easily protect from dissipation any assets covered by pending prosecution. When President Buhari ventures into this territory, he clearly forgets he can no longer rule by military decree. “Again, whoever advised President Buhari that it is within his powers to issue such an order served him very poorly indeed. If he so advised himself, then he suffers from terrible misapprehensions about both his station, the scope of his powers and about his constitutional literacy.” But the Federal Government has said that the Executive Order No. 6 signed by President Muhammadu Buhari is not only constitutional but in accordance with the powers vested in the President under Section 5 of the 1999 Constitution. Minister of Information and Culture, Alhaji Lai Mohammed, insisted there was nothing ambiguous about the Executive Order No. 6 except that the corrupt persons and their allies are mortally afraid because it will ensure that justice is done, and done expeditiously. Mohammed said the President hoped the new law would help the country’s anti-corruption agencies carry out their duties better. He views the vehement opposition to EO No. 6, as corruption fighting back. In simple tense, he thinks that if there is a contention concerning how one acquired wealth, government simply wants to hold on to it, until it is conclusively proven then the embargo is removed and the party can access his money. One of the pillars of this administration is the fight against corruption. Remember that the President said some time ago that he knows over 300 Nigerians who are richer that Africa’s acknowledged richest man, Dr. Aliko Dangote, but whose source of wealth is suspect. These people are not into manufacturing or service industry. These are the kind of people who should worry about the EO. “The Executive Order 6 restricts dealings in suspicious assets subject to investigation or inquiries bordering on corruption in order to preserve such assets from dissipation, and to deprive alleged criminals of the proceeds of their illicit activities, which can otherwise be employed to allure, pervert and/or intimidate the investigative and judicial processes.” He advised those opposed to the order to save their energy and go to court, adding that the Federal Government cannot and will not be intimidated by the antics of opposition to its anti-graft war.

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FEATURES

Group Features Editor: Chiemelie Ezeobi Email chiemelie.ezeobi@thisdaylive.com, 07010510430

Seeking Affirmative Action against Road Carnage Following last month’s disaster on Otedola Bridge in Lagos, which involved a petrol-laden truck that spilled its contents, exploded, and caught fire, resulting in several deaths and destruction of about 54 vehicles, stakeholders recently gathered to consider options for safer roads in the country. Tobi Soniyi writes

The SGF (second left) with others special guests at the stakeholders' meeting

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reed, ignorance, lawlessness and opaque demarcation of duties for regulatory agencies have often combined to provide a space for commotion in the haulage and heavy duty transportation sector. This was the position of stakeholders, who gathered in Abuja recently to brainstorm on how to solve the problem of incessant carnage on Nigerian roads, especially those involving articulated lorries. When the unforeseen occurred on Tuesday, June 28, the country was jolted by a disaster foretold. On the Otedola Bridge, going out of Lagos, a petrol-laden tanker had rolled over, spilling its contents. The resultant inferno killed 12 people, consumed 54 vehicles and a tricycle. Road crashes, especially those involving articulated vehicles, cannot be wished away soon, but this particular incident was gruesome enough to send policy makers and operators back to the drawing board. Records indicate that articulated vehicles, trailers and tankers, account for about 50 per cent of road traffic crashes and fatalities in the country. The day-long session hosted by the Secretary to the Government of the Federation, Boss Mustapha, was an eye-opener for a country that derives so much revenue from the oil and gas sector, yet reaps great agony owing to bad policies, half-hearted implementation of programmes and outright circumvention of procedure by unscrupulous elements in the value chain system.

Records

The biggest sore point, perhaps, is the continued transportation of flammable petroleum products on dilapidated roads, across long distances by unskilled and reckless drivers. Statistics from the Nigerian National Petroleum Corporation (NNPC) indicate that no fewer than 1,255 trailers ply Nigerian roads daily, ferrying 41 million litres of petroleum products. Perhaps, no

Statistics from the Nigerian National Petroleum Corporation indicate that no fewer than 1,255 trailers ply Nigerian roads daily, ferrying 41 million litres of petroleum products. Perhaps, no other country in the world matches this record

other country in the world matches this record. Indeed, records indicate that articulated lorries are causing enormous drain on the economy. In the first quarter of 2018 alone, 1,120 tankers were involved in road crashes, costing the nation about N7.157 billion, beside loss of lives, injuries to persons, damage to the roads, farmlands and the environment.

Negative Indicators

Providing the statistics, Corps Marshall, Federal Road Safety Corps (FRSC), Boboye Oyeyemi, who was widely praised for doing a good job, listed a litany of reasons for this trend. The government, regulatory agencies and truck owners/ operators were all fingered as complicit in allowing the menace of road carnage to fester. The negative indicators include nonadherence to road traffic safety practices, inadequate drivers’ training/certification and re-training leading to drivers’ errors, inadequate provision of tanker/trailer parks across the country, non-adherence to safety practices and standards by stakeholders; non-functional weighbridges to assist in enforcement of axle load compliance, including overload with sundry goods like tomatoes, and firewood. Boboye also listed ageing trucks and lack of fleet renewal programmes, non-cooperative attitude of drivers and other stakeholders, non-adherence to standards by operators and by tank builders including alteration of original design value of truck heads and trailers. Also to blame are bad roads, parking on unauthorised locations along the road,

failure to install speed limiting device as well as lack of cooperation of private tank farm owners on the Safe-To-Load programme. Participants nonetheless agreed that a functional rail system would have reduced the pressure on the roads and minimised the carnage cause by tanker drivers.

FG's Concern

Although the FRSC had organised several advocacy sessions to address this worrisome issues, Mustapha emphasised that the federal government felt a “deep concern on the rising spate of road traffic crashes involving articulated vehicles in recent times and the consequential high casualty rate in both human and material resources.� Specifically, he said the forum was conceived as a platform for stakeholders to exchange ideas, share information and chart a new course for safer road environment in the country. He recalled that the FRSC, in 2015, convened a National Summit on Tankers and Trailers Haulage Operations to deliberate with key stakeholders in the haulage business and proffer lasting solutions. That effort threw up a Plan of Action predicated on four platforms, namely: Standards, Enforcement, Institutional Capacity and Legal. Mustapha noted that efforts were made to ensure effective implementation of the resolutions and these include the FRSC Safe-To-Load programme; building partnership with relevant stakeholders; training and re-certification of tanker drivers by the petroleum tankers division of the National Union of Petroleum and Natural

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FEATURES

Participants at the stakeholders’ meeting

Gas Workers. However, despite the implementation of these safety measures and the initial success recorded, the nation has not been spared the agony of road crashes induced by articulated vehicles.

Stakeholders

Participants blamed apathy among stakeholders in keeping to safety standards and the flagrant abuse of traffic safety rules by operators. Goodwill messages were received from relevant committees of the National Assembly while technical presentations were made by National Association of Road Transport Owners, National Union of Petroleum and Natural Gas Workers, National Union of Road Transport Workers, Road Transport Employers’ Association of Nigeria, Freight Owners, Total Nigeria Plc and Dangote Group among others. The forum was quite engaging and revealing. While many participants blamed road traffic crashes on non-adherence to standards and flagrant abuse of regulations, the Director General of the Standard Organisation of Nigeria (SON), Dr. Osita Aboloma, debunked insinuations on absence of national standards. He said there are specifications for Bulk Road vehicles, open body, closed body and flat deck vehicles as well as code of practice for cargo securing for road transport. “There are specifications for the design and construction of mobile horizontal tanks for the transportation of bulk petroleum tanks, including specification for the storage of tanks and the basic requirements for the semi-trailer. "The NIS 529:2017 also specified requirements for the tank, fittings such as manhole, semi-trailer and accident damage protection which includes rear end, under carriage and roll over protection. Furthermore, there are specifications for speed limits for haulage vehicles as contained in NIS 775-1, 2: 2014. “Compliance to standard has been a major issue with the fabrication of these vehicles starting from material specification to construction and fittings and accessories,� said Aboloma. He went on to suggest compliance monitoring of fabricating process, especially ensuring requisite fittings such as manholes and valves to prevent leaks when vehicles roll over as experienced on Otedola Bridge. Mr. Salam Taiwo, the permanent secretary at the Lagos Transport Ministry, bemoaned

A stakeholder elucidating on the gains of safety on the roads

the culture of conspiracy among regulators and operators which manifests in haulage vehicles carrying loads beyond their pulling

The federal government feels a deep concern on the rising spate of road trafďŹ c crashes involving articulated vehicles in recent times and the consequential high casualty rate in both human and material resources

capacity; possession of fake documents by truck drivers; overstaying of vehicles at the ports and on overhead bridges and non-adherence to vehicle maintenance requirements. But the SGF said government now feels uncomfortable with the situation. “This situation is unacceptable to government and therefore calls for affirmative action to reverse the trend�, he emphasised even as he promised that an Inter-Ministerial Committee will be raised to ensure faithful implementation of the outcome of the summit. “Similarly, the Federal Executive Council will be briefed on a monthly basis on the status of implementation in order to speedily address policy issues,� the government scribe promised. Participants who deliberated for about six hours drew a new plan of action and expressed optimism on the assurances given by the SGF that their suggestions would not be locked in one dusty archive. “It is a continuing dialogue among stakeholders towards ensuring an efficient, effective and beneficial haulage transport system in Nigeria,� Mustapha assured.

Action Plan

At the end of deliberations, the forum agreed on an 18-point Plan of Action to be monitored by the office of the SGF. The radical improvements on the previous action plan include mandatory certification of all haulage vehicles to be carried out twice in a year; ban on importation of haulage vehicles older than 10 years effective January, 2020; compulsory installation of speed limiters, safety valves and required number plates in all haulage vehicles; enforcement of Federal Highways (Control of Dimensions, Weights and Axle Load of Heavy Duty Goods Transport Vehicles) regulations (2018) and the establishment of a Fleet Acquisition Renewal Scheme for haulage operators. The forum also endorsed the convocation of bi-annual meetings to sustain government engagement with stakeholders in exchanging ideas and sharing information for the sustenance of safer road management in the country. Meanwhile, an Inter-Ministerial Stakeholders Committee will be saddled with the effective implementation of the Plan of Action.

MONDAY JULY 23, 2018 ˾ T H I S D AY

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PERSPECTIVE

Wike’s Golden Era for Rivers Simeon Nwakaudu

For over six weeks, Rivers State held the entire country spell-bound. The third year anniversary celebration of the Nyesom Wike administration brought to the fore, the fundamentals of good governance in the face of governance failure in majority of the states of the federation. The superlative performance of Governor Wike brought into focus the extreme and disheartening failure of the All Progressives Congress (APC) federal government. Therefore, everyone, including well-meaning leaders of all persuasions gravitated towards Rivers State to identify with a people’s leader. In the course of the third year anniversary of the governor, which was marked by the commissioning of key projects and the flagging off of new ones, several leaders described him in different glowing terms. But one strand of description stood out as it featured at different commissioning ceremonies in the health sector. It came from the leader of the medical professionals who could not hide their joy. This beneficiary-assessment was not induced. It came from a pure heart. Rivers State Chairman of the Nigerian Medical Association, Dr. Datonye Alasia, in a burst of inspiration declared that under Wike, Rivers State has entered a golden era in healthcare delivery. Though, Alasia viewed his assessment purely from the lenses of the profits that accrued to his profession, his assessment applied to the entire state and other key sectors. From road infrastructure to education to judiciary through to empowerment and workers welfare, Wike reached out to the people of Rivers State in the course of the first three years of his first term. He proved the relevance of having a prepared leader in Government House.

Road Infrastructure

All through the three years of the Wike administration, all the three senatorial districts have benefited from key road projects. Several of these roads have helped to connect agricultural centres to Port Harcourt and other parts of the country. In the course of the third year anniversary, another set of roads were completed, while others were flagged off. These roads provided the right linkages and helped to boost the economy of the state. The Garrison-Trans-Amadi-Slaughter-Woji-Elelenwo Road is one of the major highlights of the anniversary. Abandoned at about 30per cent by the immediate past failed Amaechi administration, Governor Wike completed this road through diligent supervision and funding. Another road thrown up during the third year anniversary of Governor Wike is the Woji-Elelenwo Dual Carriageway and Bridge. The failed Amaechi administration ran away from this road because of the sheer funding requirement. Governor Wike dutifully funded and supervised this road for two years and delivered it to the people of Rivers State. The road has cut travel time between Eleme and Port Harcourt. The 22.3 kilometer Airport–Ipo-Omademe -Ozuoha Road in Ikwerre Local Government Area was an economic gift to the people of the area who are predominantly farmers. This road was commissioned during the governor’s third year anniversary. Wike rolled out about 100 neighbourhood roads across the state to boost the living standard of the people. In Elele-Alimini, the Rivers State Governor constructed and commissioned 19 roads to lift the area. For the people of Ogba/ Egbema/Ndoni (ONELGA), the Wike administration completed 11 beautiful roads. In Okrika Local Government Area, 15 roads were constructed for the good people of Okochiri Kingdom. In Port Harcourt Township, Governor Wike used the Third Year Anniversary Celebration to bless the communities with key roads. They include: Bishop Johnson Street, Creek Road, Bishop Fubara Street, Captain Amangala Street, Tourist Beach Street and Abacha Road. The icing on the cake for road infrastructure was the completion and commissioning of the Obiri-Ikwerre Airport Road. This road is a beauty to behold and a wonderful example of good governance. The Third Year Anniversary Celebration of the Wike administration also witnessed the flag off of the construction of Bolo Internal Roads and Eteo-Sire-Bariyira-Nonwa-Kira Road. The implication is that the delivery of projects will continue unabated.

Health Sector Development

The health sector featured prominently during the third anniversary of Wike’s administration. The quality of projects commissioned showed clearly that healthcare delivery will improve in the state. The Deima Denni-Fiberesima Doctors’ Quarters at the Braithwaite Memorial Specialist Hospital was flagged off by Vice President Yemi Osinbajo and delivered by the administration of Governor Wike in record time. This residential facility will serve as morale booster to doctors as it will encourage them to serve the people faithfully. As part of the third anniversary, Wike completed and delivered the Mgbuosimini Health Centre and the Primary Health Building in Port Harcourt. These two projects are targeted at developing the Primary Healthcare of the people. The Training of qualified medical doctors and other health professionals to promote quality healthcare received attention as the Wike administration completed and commissioned the Medical College at the Rivers State University. The growth of this sector is guaranteed as Wike is still developing key projects across the state.

Great Educational Projects

This is one sector that proved to the world that Wike believes in the future of Rivers State. Project after project came to the fore as Rivers people celebrated the beauty of performance. These were projects that defined the very essence of visionary leadership. Three pilot projects for the introduction of Boarding Education were unveiled. Government Girls Secondary School, Rumuokwuta, Nyemoni Grammar School, Abonnema and Birabi Memorial Grammar School, Bori highlighted the success of the education policies of

Wike Governor Wike. At Onne, the Rivers State Government rolled out Government Secondary School, Onne, while Model Primary School, Mgbuosimini was commissioned. The Faculty of Science and Technical Education Building at the Rivers State University came on stream while Governor Wike flagged off the construction of the Student Union Government Secretariat at the Rivers State University. Educational advancement constitutes a major plank of the New Rivers Vision. Governor Wike sees education as a fundament route towards the empowerment of the next generation.

Administration of Justice

Through consistent investments, Wike has elevated Rivers State into the Judicial Hub of the South-South. From a state with a negative image that the Former Rivers State Governor, Rotimi Amaechi closed the courts for two years, Governor Wike has improved access to justice. In the course of the Third Year Anniversary Celebration of the Wike administration, the National Industrial Court flagged off by the President of the National Industrial, Justice Adejumo was commissioned by the Chief Justice Of Nigeria, Justice Onoghen. The construction of the National Industrial Court has addressed the challenges of litigants going to Bayelsa, Imo and Enugu for their labour matters. The Court of Appeal, Port Harcourt Division was in a mess. It was on this premise that Wike offered to intervene. Today, that intervention, the first of its kind has led to the delivery of a brand new Court of Appeal with enhanced facilities.

Civil Servants Welfare

The welfare of Rivers workers has always been prioritised by Wike. The love for workers was exhibited during the third anniversary of Wike. The administration unveiled 24-number 3-bedroom flats for civil servants in Port Harcourt. To ensure the sustenance of this project, the Rivers State Governor organised a facility manager for the civil servants residential quarters. As part of the third year anniversary Celebration of the Wike administration, the National President of NLC, Comrade Ayuba Wabba was invited by the Rivers State Governor to lay the foundation for the construction of the Rivers State NLC Secretariat.

Special Projects

Certain critical projects that touch the lives of the people were inaugurated by the Wike administration as part of the third anniversary. These projects are vital to the development of the economy of the state. They include: The Emmanuel Aguma House formerly known as Produce House, which was allocated to agencies of the United Nations and other international organisations. This structure was remodelled by the Wike administration. This building was revived from the dead. The Rex Lawson Cultural Centre was inherited by Governor Wike at 30 per cent completion. In 120 days, Wike financed and supervised it to completion. The Rivers State Traditional Rulers Secretariat was flagged off and completed during the Wike administration. Sultan of Sokoto, Alhaji Sa-ad Abubakar performed these two major functions. This is the best Traditional Rulers Secretariat in the country, with special facilities. It was in the course of the Third Year Anniversary Celebration of the Wike administration that the construction of the Real Madrid Football Academy was flagged off by the President of Confederation of African Football, Ahmad Ahmad. This event attracted the global sporting press and football family. It was a defining moment for football as a business.

Integration/Politics Without Bitterness

Beyond the practical gains of showcasing Nigeria’s best performing governor for close to two months, the Third Year Anniversary Celebration of the Wike administration was used to foster national integration and national unity. As a statesman, Wike carefully selected leaders from all divides and international community to commission projects executed for the good of Rivers people. There were the ingredients of peer review, friendship, international cooperation and regional integration. Every community was given a sense of belonging. The European Union Ambassador to Nigeria, Mr Ketil Karlson commissioned the Emmanuel Aguma House formerly known as Produce House, the British High Commissioner to Nigeria, Paul Awkright commissioned the Government Girls Secondary School, Rumuokwuta, the Chief Justice of Nigeria, Justice Walter Onoghen commissioned National Industrial Court and Appeal Court Complex, General Abdulsalami Abubakar commissioned the Garrison-Trans-AmadiSlaughter-Woji-Elelenwo road while Former Vice President Atiku Abubakar commissioned the Isiokpo Internal Roads. Delta State Governor, Senator Ifeanyi Okowa commissioned Mgbuosimini Health Centre/Primary School, Former President Goodluck Jonathan commissioned the Ozuoha-Ipo-Omademe Road , Former PDP Acting National Chairman, Senator Ahmed Makarfi commissioned Nyemoni Grammar School, Abonnema while Senate Minority Leader, Senator Godswill Akpabio commissioned Omoku Internal Roads. Ekiti State Governor, Ayo Fayose commissioned Elele-Alimini Internal Roads, PDP National Chairman, Prince Uche Secondus commissioned Creek Road and 24-number 3bedroom Flats for Civil Servants was commissioned by Former Plateau State Governor , Senator Jonah David Jang. Sultan of Sokoto, Alhaji Sa-ad Abubakar commissioned the Traditional Rulers Secretariat, Ooni of Ife, Oba Adeyeye Enitan Ogunwusi commissioned the Rex Lawson Cultural Centre while the Obi of Onitsha, Igwe Nnaemeka Achebe commissioned Abacha Road . Politically, Wike used the third anniversary to emphasise the relevance of politics without bitterness. Political leaders may be from different political parties, but there must be meeting points to foster development. On that note, Senate President Bukola Saraki commissioned the Obiri-Ikwerre Airport Road, Speaker of the House of Representatives, Rt Hon Yakubu Dogara commissioned the Woji-Elelenwo Dual Carriageway and Bridge while Sokoto State Governor, Aminu Tambuwal commissioned the MedicalCollege at the Rivers State University and the Birabi Memorial Grammar School, Bori. These three leaders are members of the APC.

Blessed By God

It was a celebration that started and ended with God. A dedication and Thanksgiving Service was held at Winners Chapel D/Line. All through the programmes, there was no casualty or untoward story, despite visitors coming from across the globe. At the end, another Thanksgiving Service was held at Cathedral Anglican Church of Saint Paul in Port Harcourt. The Blessing of God placed Rivers State on top and made it an international reference point. While others struggled to survive, Rivers State under the leadership of Governor Wike has become Nigeria’s centre of development and international recognition. For three years, Wike has deepened the process of propeople governance. r/XBLBVEV 4FOJPS 4QFDJBM "TTJTUBOU UP UIF 3JWFST 4UBUF (PWFSOPS XSPUF GSPN 1PSU )BSDPVSU

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T H I S D AY ˞ ˜ JULY 23, 2018

Group Business Editor Obinna Chima

BUSINESSWORLD R A T E S MONEY MARKET OBB OVERNIGHT

A S

A T

REPO 15.67 % 15 %

CALL 1-MONTH 3-MONTH

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Email obinna.chima@thisdaylive.com 08024557078, 08091152219

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EXCHANGE RATE N305.851US DOLLAR* *AS AT LAST FRIDAY

Quick Takes NIPR Holds Conference

OFFER FOR SUBSCRIPTION

L-R: Group MD/CEO of Growth and Development Limited (GDL), Kola Ayeye; Chairperson, GDL, Dr. Nadu Denloye and Representative of the Issuing House, Chinedu Dike, at the signing ceremony of GDL Money Market Fund in Lagos‌recently ETOP UKUTT

Expert Forecasts Inflationary Pressure on Rising Govt Borrowing Nume Ekeghe A renowned economist and faculty member at the Lagos Business School, Mr. Adedoyin Salami has warned that the increased foreign borrowing by the federal government may lead to inflationary pressure and exchange rate instability. Salami said this while giving his keynote address at the maiden edition of Sigma Pensions business roundtable with the themes, ‘Opportunities and pitfalls of alternative investing in Nigeria’ and ‘Nigeria under a rising oil price picture and increasing political risk,’ that

ECONOMY took place in Lagos. Speaking on a likely spike in inflation before the end of the year, Salami said “We are seeing a higher level of spending and the challenge is that in 2017, the budget was N5.08 trillion while he actual revenue receipt was about N2.7 trillion. “So, quite a lot of borrowing that had to be done. Now the government is borrowing more internationally and that is the only way interest rate can be properly managed. “If interest rate has to go

down, demand has to be reduced and for you to reduce demand, the biggest demand is from the government side. So, they are borrowing less domestically and have moved to borrowing internationally. “Please be careful, a lot of money being spent means potentially higher levels of inflation, it means potentially a challenge to the exchange rate. “That we are seeing inflation come down, but at the pace at which it is coming down is slowing. “Focusing on the federal government alone is an understatement of the country’s

spending. The combined states and federal budget has risen from N14 trillion to N18 trillion and that money would be spent. Inflation is potentially a challenge.� On his part, the Managing Director/ Chief Executive Officer, Sigma Pensions, Mr. Dave Uduanu, said the conference was to highlight the macroeconomic risks that the country was facing as the 2019 elections draw nearer. He added, “The main thing holding back corporate bonds in Nigeria is corporate Continued on page 24

Court Sets Aside Kano Consumption Tax Law Says law amounts to double taxation

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Davidson Iriekpen Justice John Tsoho of the Federal High Court in Abuja has set aside the provisions of Sections 96 and 97 of the Kano State Revenue Administration (Amendment) Law, No. 3 of 2017 which empowers the state government to collect consumption tax in the state. Delivering judgment in the suit filed by the Nigeria Employers Consultative Association (NECA) and Retail Supermarkets Nigeria Limited, operators of Shoprite, against the Attorney-General of the Federation, Kano State AttorneyGeneral and Kano State Inland Revenue Service, Justice Tsoho also set aside Section 7 (b) Item 13 of the Schedule to the Taxes and Levies (Approved List for Collection) Act (Amendment) Order No. 77, 2015. He declared that the imposition of consumption tax vide Sections 96 and 97 of the state

TAXATION law over the same goods and services which are already subject to Value Added Tax amounted to double taxation. By Order No. 77, 2015, Dr. Ngozi Okonjo-Iweala in her capacity as the Minister of Finance, added item 13 to the Schedule of the Taxes and Levies (Approved List for Collection) Act (Amendment). Consequent upon this, the Kano State government enacted the Revenue Administration (Amendment) Law, No. 3 of 2017. Sensing that it was unfair, unjust and prejudicial to their businesses and fortunes of the plaintiffs and it members NECA and Retail Supermarkets Nigeria Limited, through their lawyers, Joseph Nwobike & Co, commenced an action against defendants They asked the court to

determine whether having regard to the provisions of the Value Added Tax (VAT) Act, Cap VI, Laws of the Federation of Nigeria, 2004, which are already being implemented by the federal government as a consumption tax for the benefit of both the federal and states governments, the provisions of Sections 96 and 97 of the Kano State Revenue Administration (Amendment) Law, No. 3 of 2017, did not amount to double and multiple taxation. The plaintiffs asked whether in view of the provisions of items 7, 8 and 9 of Part II of the Second Schedule to the 1999 Constitution, the provisions of Section 7 (b) Item 13 of Schedule to the Taxes and Levies (approval List for Collection) Act (Amendment) Order No. 77, 2015 is unconstitutional. They also asked whether, having regard to the provisions of the VAT Act, Cap VI, Laws of the Federation of Nigeria,

2004, which are already being implemented by the federal, Section 96 and 97 of the Kano State Revenue Administration (Amendment) Law 2007 ought not to be set aside. The plaintiffs contended that Sections 96 and 97 of the Kano State Revenue Administration (Amendment) Law, No. 3 of 2017 are inconsistent with items 7 and 8 of Part II of the Second Schedule to the Constitution. They argued that the imposition of consumption tax vide Sections 96 and 97 of the Kano State Law over the same goods and services which are already subject to VAT amount to double taxation. The defendants in their preliminary objection argued that the court did not have jurisdiction to hear the suit. They also asked the court to dismiss the suit. But Justice Tsoho in his judgContinued on page 24

The Lagos State Chapter of the Nigerian Institute of Public Relations (NIPR) has announced that the ďŹ fth Lagos Public Relations stakeholders’ conferencewilladdressthecommunicationandreputationchallengesfaced by Made-in-Nigeria goods.According to the organisers, the conference is a bridge-building initiative to interact and proer solution to the social, political and economic challenges plaguing the nation. The theme of the conference is, ‘Addressing Communication and Reputation Challenges of Made in Nigeria.’ The event will feature speakers such as the President of the Senate, Senator Bukola Saraki and the Chief Executive OďŹƒcer, Nigeria Export Promotion Council, Mr. Olusegun Awolowo.The Governor of Lagos State, Mr. Akinwunmi Ambode will be the chief host. The conference is expected to engage key stakeholders, including decision makers in government, state, regulators, corporate organisations, manufacturers, major chambers of commerce and industries in Nigeria, the media and communication practitioners for better perspectives and strategies to address the communication & reputation challenges facing Made-in-Nigeria.Speaking on the conference, the Chairman, Lagos NIPR, Mr.OlusegunMcMedalexplainedthat,theoverdependenceonimportation has had adverse eect on the Nigerian economy. “Thiseditionoftheconferenceistosetthestagetoengagestakeholders to discuss and aggregate collective intelligence to change the negative narratives plaguing made in Nigeria, and develop a new framework using communication as the core to boost positive perception,â€? he said.

EY Organises Knowledge Sharing Session

Ernst &Young Nigeria (EY) has concluded plan to organise a forum that seeks to address concerns of multinationals on their reporting obligations to the Federal Inland Revenue Service (FIRS) with regards to country-by-country reporting. This is on the back of the income tax (Country-by-Country Reporting) regulations that was released by the federal government and commenced in January 2018. Theregulationssettheframeworkfor automaticexchangeofcountry-bycountry reports in accordance with the Multilateral Competent Authority Agreement (MCAA) signed by Nigeria in January 2016 and ratiďŹ ed by the Federal Executive Council in August 2016. Owingtothisdevelopment,thePartner&TaxServicesLeader(EYWest Africa), Akinbiyi Abudu, stated that the professional services company has concluded arrangement to organise a knowledge sharing session. The event is aimed at addressing all enquiries pertaining to the regulations and the implications for taxpayers. “The knowledge-sharing session is being organised as part of EY’s commitmentinsupportingmultinationalenterprisestobetterunderstandtheir compliance obligations in Nigeria and avoid penalties for non-complianceâ€?, Akinbiyi noted. The event is slated forWednesday, 25 July 2018, in Lagos. EYisagloballeaderinassurance,tax,transactionandadvisoryservices. The insights and quality services it delivers help build trust and conďŹ dence in the capital markets and in economies the world over. In so doing, it plays a critical role in building a better working world for the people, clients and for communities.

Loeries Appoints Jury

The Loeries the international advertising festival for Africa and the Middle East is here again. As the highest honors for creativity and innovation across the region, the Loeries recognises, reward, inspire and foster creative excellence in the advertising industry.It has entries from over 20 countries and judges from across the regions are selected on the panel. Among the international heavyweights this year is Nigeria’s Sinmisola Hughes-Obisesan, Africa’s ďŹ rst female Creative Director of the global Leo Burnett Advertising network.Hughes-Obisesan was also the ďŹ rst female and millennial Creative Director at Insight Publicis and also stands as the second female Creative Director in the history of advertising in Nigeria. She has had a thriving career in advertising spanning over 13 years. Some of her work include the Pepsi ‘Naija All the Way’ campaign, the famousPepsiLongThroatcampaign,Pepsi‘NoShakinCarryGo’campaign, NestleMaggi,Gulder,BankPHB,andtheaward-winningHeinekenCampaign featuring Jidenna.Hughes-Obisesan understands the importance of the creative vision of placing people at the heart of advertising storytelling, a philosophy driven by Leo Burnett’s ‘Humankind’ culture.

“As an organisation, we are not under any obligation to keep anybody’s exposure in secret. The only way we can keep it secret is if you come and negotiate with us, otherwise, we are going to publish it�

CEO, AMCON,

Ahmed Kuru

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BUSINESSWORLD EXPERT FORECASTS INFLATIONARY PRESSURE ON RISING GOVT BORROWING

governance. So, a lot of the companies are not interested in opening their books to investors to scrutinise and until we address the issue of corporate governance transparency we would not see the instruments that will create diversification opportunities for pension funds. “But more importantly, is the fact that we have started a conversation between the pension fund and the private equity that will lead to more investment of pension fund in private equity and more investment of private equity in SME and growing companies.� On his part, the chief executive, Rand Marchant Bank, Mr. Michael Larbie urged the government to adopt a long-term approach to fixing infrastructure in the country.

COURT SETS ASIDE KANO CONSUMPTION TAX LAW

ment, dismissed the preliminary objection. The court said it had jurisdiction pursuant to Section 251 (1), (b), (q) and (r) of the 199 Constitution (as amended), citing the case of AttorneyGeneral of Lagos State vs. Eko Hotels Ltd (Pt. 1619) 518 SC. He resolved the three issues raised by the plaintiffs for determination in their favour: That Sections 96 and 97 of the Kano State Revenue Administration (Amendment) Law, No. 3 of 2017 are inconsistent with items 7 and 8 of Part II of the Second Schedule to the Constitution; that the imposition of consumption tax vide Sections 96 and 97 of the Kano State Law over the same goods and services which are already subject to VAT amounted to double taxation. The court granted reliefs 1, 2, 3, 4 and 5 sought in the originating summons in favour of the plaintiffs The court consequently perpetually restrained the 2nd and 3rd defendants and their agents from further implementing the provisions of Sections 96 and 97 of the Kano State Revenue Administration (Amendment) Law 2017.Send

NEWS

ANAN Harps onVeritable Budgetary System for Nigeria Nosa Alekhuogie The President/Chairman of Council, Association of National Accountants of Nigeria (ANAN), Alhaji Shehu Ladan has advised the federal government and members of the National Assembly to develop a veritable budgetary system for the country. Ladan, made the recommendation in a statement obtained at the weekend. He said that a veritable budgetary system would properly address the perennial challenges in the budgetary process, particularly the delays in budget formulation and appropriation. The ANAN president said that such delays remained major constraints in governance. “In order to checkmate the incessant delays in budget approval, the executive and the legislature should agree to enact a law that would prescribe the maximum period for the passage of the annual budgetary Appropriation Bill as practised in many countries, such as the UK and USA. “It is important to increase stakeholders’ participation in the preparation and implementation of budget in order to foster greater understanding of the budgetary system as well as cooperation in the implementation of the approved budget. “Government should re-energise the Budget Implementation Monitoring Team (at all tiers of government) composed of experts from both the public and private sector to ensure effective and speedy implementation of priority projects contained in the 2018

budget,� he added. Continuing, he noted that professionals such as accountants would help the government, especially in the area of value for money audit towards efficient budget implementation. According to him, since the unprecedented delay in passing the budget this year would result in uncertainties and heavy cost overrun during implementation, there was the need for timely release of funds to finance the approved capital projects by minimising bureaucracy in the disbursement process. He advised that the benchmarks used in the formulation of the 2018 budget should be constantly analysed, where necessary revised, through the

implementation period. According to Ladan, looking at the total expenditure vis-a-vis the expected revenue of the federal government, it was obvious that the country needs to mobilise resources from borrowing sources. He explained that possibly, the federal government would have to sell some assets to finance the huge budgetary deficit, which represents nearly a quarter of the expected expenditure. The ANAN president suggested that the federal government should also harness other sources of revenue to finance the budget deficit and future budgets. “These should include the utilisation of the recovered stolen

monies, unclaimed financial assets and others. “The unclaimed financial assets include: shares, bank deposits, insurance, dividends and other assets that have been untouched for several years (e.g. over 10 years) and those assets whose ownership cannot be established; worth trillions of naira. “Government could channel a large proportion of the proceeds from these unclaimed financial assets in financing the national budget. “In terms of revenue generation, ANAN appreciates that there is an expected increase in the contribution of non-oil revenue to 46.8 per cent, which is in line with the desired need

to reduce the country’s overdependence on the oil revenue. “The Central Bank of Nigeria (CBN) should strengthen the drive to lower the demand for Forex by solidifying the currency swap agreement entered into with China,� Ladan said. He advised that government should constantly explore innovative ways to enhance the living conditions of the citizens, particularly by implementing more pro-poor policies. The ANAN president said that these might include policies that would foster the growth of micro, small and medium scale enterprises (MSMEs), aimed at poverty alleviation and sustainable development.

OUR SCORECARD

L-R: Director NIPCO Plc, Ramesh Kasangra; Group Executive Director, Abdulkadir Aminu; Chairman, Bestman Anekwe; Company Secretary, Paul Obi and Managing Director, Sanjay Teotia at the company’s 14th Annual General Meeting in Abuja‌recently

VAT Waiver will Reduce Air Fares, Says CPC Boss Chinedu Eze The Director General of the Consumer Protection Council (CPC), Babatunde Irukera said at the weekend that the removal of Value Added Tax (VAT) for domestic airlines would reduce the cost of air fares. Irukera, who made this known during the 22nd Annual Seminar & Awards of the League of Airport and Aviation Correspondents (LAAC) in Lagos, said he was in support of the VAT waivers given to the airline. “I don’t look at things from

a tax stand point that is more from a business stand point. But if that trickles all the way to benefit to consumers, both from a service stand point and a pricing stand point then I think it is an excellent idea,� he said. On CPC’s efforts to enhance service delivery and customer relations, Irukera said there has been some improvement but there are still a lot of challenges, most of which are on soft infrastructural issues. He noted that regardless of all these challenges, the airlines have to measure their responsiveness

and sensitivity indexes with respect to their consumers. “One thing is that they don’t even have the appropriate mechanism for people to call in and have complaints resolves. Airport and the airside or the terminal side they experience are vital to consumer experiences also, even if you have the best airports but there is poor responsiveness, then consumers will still be displeased. “Airline industry is one place where you can easily satisfy consumers. Nobody wants to fly when it is unsafe to fly, so if

there is a delay for a legitimate safety reasons, consumers will actually appreciate that. But what needs to happen is that first, those delays have to be for legitimate reasons and your responsiveness and sensitivity to the issues must be such that you are upfront, you provide the information and then you provide options or find a way to mitigate whatever the inconveniences that consumers will be experiencing,� he explained. The CPC boss also noted that with potential of huge passenger traffic as the nation’s economy

grows, Lagos could become operational hub because these two cities are the seat of the nation’s economy. “We have a choice in Nigeria between Abuja and Lagos, but the economic hub is definitely Lagos because that is where the economic activity is, which generates air traffic. So, what we need to do is to completely radically improve the infrastructure at Murtala Muhammed airport. It is a great airport, but it is not coping with the current challenges of growth.

Resolve Oando-Ansbury Controversy to Restore Investor ConďŹ dence, SEC Urged Group Business Editor

Obinna Chima

Capital Market Editor

Goddy Egene

AgriBusiness/Industry Editor

Jonathan Eze

Comms/e-Business Editor

Emma Okonji

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

Nume Ekeghe (Money Market) Nosa Alekhuogie (Maritime)

Some market operators have called on the Securities and Exchange Commission (SEC) to resolve all issues surrounding Oando Plc and Ansbury Investment Limited controversy, saying the delay was affecting investors’ interest in Oando Plc shares in particular and the market generally. The calls came on the heels of a ruling delivered by London Court of International Arbitration (LCIA) on July 6, 2018, where it issued an award against Ocean and Oil Development Partners (OODP) BVI (who through their holding company Ocean and Oil Development Partners (OODP) Nigeria Limited own 55.96 per

cent equity in Oando Plc and Whitmore Asset Management Limited (owned by Wale Tinubu and Mofe Boyo) to jointly pay a total sum of US$680 million to Ansbury Investments Limited (owned by Mr. Gabriele Volpi). The above judgement arose out of a dispute as to whether there was a legally binding agreement for Ansbury to transfer 20 per cent share of its equity in the venture to Whitmore, such that OODP BVI equity would change to 60 per cent for Whitmore and 40 per cent for Ansbury and also whether the parties made a legally binding agreement to convert an outstanding loan of

$150 million (plus interest) into shares in Oando E&P Holdings Limited. The court, however, ruled that the draft amended loan agreement as well as the draft “Put and Call Option Agreements� never became effective. Market operators said the ruling once more raised the unresolved issues that led to Alhaji Dahiru Mangal and Ansbury Investments Limited, to petition the Securities and Exchange Commission (SEC) in May 2, 2017. They had alleged amongst other things, financial mismanagement, related party transactions, insider trading,

huge indebtedness and falsification of financial statements. Following the petitions SEC set up a technical team to review the petitions and its report raised the issue of gross breaches of the provisions of the Investments and Securities (ISA) Act against the company. The SEC engaged the services of five independent professional parties to immediately commence a forensic audit on the activities of Oando Plc. However, according to the suspended Director General of, SEC, Mounir Gwarzo, the Minister of Finance, Mrs. Kemi Adeosun ordered him to stop the forensic audit and

his refusal to do so eventually led to his suspension. Adeosun had, at a public hearing before the House of Representatives Committee on Capital Markets in January 2018, said that the independent parties had commenced the forensic audit and their findings would soon be submitted and the said findings would be released to the public. However, it has now been almost six months and the report is still yet to be submitted and released. A stockbroker told THISDAY that the non-release of the forensic report as promised by the minister has caused adverse impact on market confidence.

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Stock Market’s Year-to-date Decline Worsens to 4.2% Goddy Egene

FBN Holdings, Nestle, International Breweries, and Zenith Bank were mainly responsible for the bearish session. In all, 27 stocks depreciated while 20 appreciated. Etranzact Plc led the price losers with 9.8 per cent, followed by Livestock Feeds Plc with 9.3 per cent. Tantalizer Plc shed 8.7 per cent, while Unity Bank Plc closed 7.4 per cent lower. On the positive side, Wema Bank Plc led the price gainers, chalking up 9.6 per cent, trailed by Oando Plc with 9.4 per cent. Linkage Assurance Plc and Niger Insurance Plc garnered 8.2 per cent and 8.0 per cent in that order. On a sectoral basis, performance was mixed. The NSE Oil & Gas Index emerged top performer, gaining 1.2 per cent on the back of buy interest in Oando Plc(+9.5 per cent) and Eterna Plc (+6.2 per cent). The NSE Banking Index and NSE Insurance Index also rose by 0.2 per cent apiece. On the flip side, the NSE Industrial Goods Index closed flat, while the Consumer Goods index closed in the red losing 2.5 per cent. However, the market rebounded on Friday with an appreciation of 0.37 per cent to close the week at 36,603.44.

Despite the announcement of corporate earnings by some companies for the half year (H1) ended June 30, 2018, the Nigerian bourse closed last week in the red as the bears maintained their dominance. The market has remained downbeat since the beginning of the second half (H2) of the year as investors continued to trade cautiously putting into consideration political risk into consideration. It was hoped that improved earnings may stimulate some bargain hunting and reverse the negative trend. However, that was not to be as the market fell further. Consequently, the Nigerian Stock Exchange (NSE) All-Share Index (NSE ASI) went down by 2.1 per cent to close at 36,603.44, while market capitalisation fell to N13.26 trillion. The year-to-date(YTD) decline thus hit 4.2 per cent last week. Similarly, all other indices finished lower with the exception of the NSE Insurance Index that appreciated by 0.08 per cent. “In our view, sell-offs are likely to persist in the short to medium term, in the absence of a positive one-off catalyst. However, likelihood of gains in the long term remain supported by still-positive macroeconomic fundamentals,� market analysts said. Daily Performance The equities market remained bearish as the new week commenced last Monday NSE ASI shedding 0.34 per cent to 37,266.86. Bellwether tickers such as GTBank, Zenith Bank, Access Bank and UBA were among the price losers. Although the earnings season for companies to release their half year (H1) is here, investors remained cautious in trading. However, analysts at Meristem Securities Limited said: “We envisage the bearish run of the market will ease over the coming days as results are being released and the low prices stir bargain hunting activities on the counters.� The price losers was led by LearnAfrica Plc, Multitrex Plc, PZ Cussons Nigeria Plc and Wema Bank Plc with 10 per cent drop apiece. Custodian Investment Plc shed 9.9 per cent, while Neimeth International Pharmaceuticals Plc went down 9.6 per cent. Oando Plc and ABC Transport Plc went down by 9.3 per cent and 8.7 per cent in that order. Other top price losers were: Equity Assurance Plc (8.3 per cent); Regency Alliance Assurance Plc 7.6 per cent); Tantalizer Plc (7.4 per cent); Unity Bank Plc (6.8 per cent); CAP Plc (6.7 per cent) and Forte Oil Plc (6.5 per cent). On the other hand, NAHCO Plc led the seven stocks that recorded price gainers with 9.9 per cent, trailed by Sovereign Trust Insurance Plc (8.7 per cent, while LASACO Assurance Plc chalked up 5.8 per cent. UAC of Nigeria Plc and Flour Mills of Nigeria Plc garnered 5.2 per cent and 3.1 per cent in that order. However, the market hit a new low falling below the 37,000 threshold to 36,963.70 as stocks maintained downward trend on Tuesday. The bear run pulled the NSE ASI by 0.81 per cent while market capitalisation sheds N109.8 billion to close at N13.4 trillion following price losses by 33 stocks. Although heavy weights such as Zenith Bank Plc, GTBank Plc, Lafarge Africa Plc, United Bank Africa Plc were among the price losers, Capital Oil Plc led the advancers’ and Julius Berger Nigeria Plc with 10 per cent apiece. Glaxosmithkline Consumer Nigeria Plc and PZ Cussons Nigeria Plc shed 9.9 per cent each and Consolidated Hallmark Insurance Plc went down by 9.6 per cent. On the positive side, Sovereign Trust

Insurance Plc led the price gainers with 8.0 per cent, trailed by Wema Bank Plc with 7.9 per cent. Japaul Oil and Maritime Services Plc and Mutual Benefits Assurance Plc chalked up 5.8 per cent. Bearish sentiments persisted last Wednesday as the NSE ASI fell further down by lower by 0.58 per cent to 36,748.18. That was the lowest since November 2017. Selling pressure in banking and insurance stocks were highly instrumental to the negative session recorded at the equities market. Out of the 23 price losers, 13 counters were from banking and insurance sectors. This development led to a 2.0 per cent depreciation in the NSE Banking Index. In all, FBN Holdings Plc led the losers’ table with 9.7 per cent to close

at N9.25, trailed by Oando Plc. Wema Bank Plc shed 8.8 per cent, while Caverton Offshore Support Group Plc and Consolidated Hallmark Insurance Plc went down by 7.1 per cent apiece. On the other hand, Continental Reinsurance Plc led the price gainers with 10 per cent to be at N1.65. PZ Cussons Nigeria Plc followed with 9.7 per cent, just as International Breweries Plc advanced by 9.3 per cent. Japaul Oil & Maritime Services Plc garnered 9.1 per cent. In line with the bearish trend, volume and value of trading fell 11 per cent and 31.3 per cent to 181.2 million shares and N1.6 billion respectively. The most traded stocks by volume were Transcorp Plc (16.8 million), Zenith Bank Plc(15.2 million shares) and Fidelity Bank Plc (14.9 million

shares ) while Zenith Bank Plc (N361.7 million), GTBank (N225.8 million) and Nestle Nigeria Plc (N117.4 million) were the most traded stocks by value. The market continued with its losing streak last Thursday recording the fourth consecutive decline following persistent bearish sentiments. Consequently, the NSE ASI fell 0.76 per cent to close lower at 36,470.05 its lowest level since October 2017. Investors lost N100.8 billion as market capitalisation fell to N13.2 trillion. However, amidst the bearish trading, the level of activity improved as volume and value traded rose 63.6 per cent and 196.4 per cent to 296.3 million shares and N4.9 billion respectively. The depreciation recorded in the share prices of some highly capitalised companies such as Nigerian Breweries,

Market Turnover Meanwhile, investors traded 1.665 billion shares worth N14.834 billion in 18,795 deals last week in contrast to a total of 1.219 billion shares valued at N17.333 billion that exchanged hands in 17,362 deals the previous week. The Financial Services Industry led the activity chart with 1.056 billion shares valued at N10.224 billion traded in 10,056 deals, thus contributing 63.4 per cent and 68.9 per cent to the total equity turnover volume and value respectively. The Services Industry followed with 264.289 million shares worth N549.693 million in 592 deals, while the third place was occupied by Conglomerates Industry with a turnover of 134.374 million shares worth N199.566 million in 1,286 deals. Trading in the top three equities namely – Sterlng Bank Plc, Medview Airline Plc and Zenith Bank Plc accounted for 719.386 million shares worth N4.209 billion in 1,961 deals, contributing 43.2 per cent and 28.4 per cent to the total equity turnover volume and value respectively. Price Gainers and Losers A look at the price movement chart showed that 16 equities appreciated in price during the week, lower than 21 in the previous week, while 59 equities depreciated in price, higher than 55 equities of the previous week. Linkage Assurance Plc led the price gainers with 9.7 per cent, trailed by Sovereign Trust Insurance Plc with 8.7 per cent. Cement Company of Northern Nigeria Plc and Nigerian Aviation Handling Company Plc chalked up 8.2 per cent and 7.8 per cent respectively. Other top price gainers for the week included: Law Union& Rock Insurance Plc(6.3 per cent); NPF Microfinance Bank Plc (5.8 per cent); Niger Insurance Plc (3.8 per cent); African Prudential Plc (3.7 per cent); Continental Reinsurance Plc (3.4 per cent) and Dangote Cement Plc (3.3 per cent). Conversely, Union Diagnostic & Clinical Services Plc led the price losers with 34.2 per cent, trailed by Capital Oil Plc that shed 23.3 per cent. Tantalizers Plc and Neimeth International Pharmaceuticals Plc went down by 22.2 per cent and 17.3 per cent respectively. Other top price losers were: Sunu Assurance Plc (16.6 per cent); Lafarge Africa Plc(13.3 per cent); Oando Plc (13.2 per cent); FBN Holdings Plc (12.9 per cent); PZ Cussons Nigeria Plc (11.5 per cent); Multitrex Integrated Foods Plc (10.0 per cent).

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Isa: Demand for Energy in Nigeria Rising as Population Grows The Africa Finance Corporation (AFC) recently signed a $35 million debt facility agreement with Waltersmith Refining and Petrochemical Company Limited for a proposed 5,000 barrel per day refinery project to be situated in Imo state. The agreement is expected to produce 5,000bpd by first quarter of 2020 and would contribute 271 million litres of refined products annually. It would cater to states in the eastern region. In this interview, the Chairman/Chief Executive Officer of Waltersmith Refining and Petrochemical Company, Mr.Abdulrazaq Isa speaks about the benefits of the investment to the economy. Nume Ekeghe provides the excerpts What does this investment mean to your company? For us, firstly it means a diversification process because we think we needed to add value to crude oil production because we have been producing oil in the last 10 years and we thought it was time to go on to the next stage of adding value to that process, especially because Nigeria is import-dependent in terms of refined products. So, it didn’t make sense for us to continue what we were doing the way we were doing it. So, we thought this was a natural process to proceed to. Secondly, it is a mitigation infrastructure for our upstream business because we suffer a lot of vandalisation of our pipelines, which then disrupts our export activities. And by putting this infrastructure in place right in the oil filed, we eliminate that risk completely. And that risk has deep financial implications for us in terms of transportation cost to Bonny, crude theft and then disruptions in the operations of our company. So, this is really a big value addition to our operations as a company.

So, when you take a long-term view of this country, you have to keep developing power projects because our population is growing. And as our population grows, the demand also grows and if we provide more power, it would generate more demand as well petrol and gasoline diesel and aviation fuel. So that is going to be treated as a different project by itself and so we would raise the finances specifically for that project while this one is running. So, they are going to be running side by side. Some of the products from this would also serve as feedstock into the expansion project

How long would it take to ďŹ nish the reďŹ nery and produce? Eighteen months. It is a turnkey project and we have started counting because the work has already started and we are expecting to have the refinery commissioned sometimes in January or February 2020. How do you decipher the opinion that modular reďŹ neries are not cost effective? I have heard that argument and I don’t think anyone has operated in this environment, a modular refinery that is located close to the wellhead. The biggest issue with refining business generally is that the margins are very thin, and it is a volume business. In our own case, our refinery is located on the oil field where the oil is produced. So, we have zero transportation cost and transportation cost is a huge element of the refining margin because you have to transport crude from wherever it is and then you have to transport the products from the refinery to the final destination. We have located our refinery right at the wellhead, so we are using the existing oil production infrastructure to support the refinery itself and we are very close to our market. So, we don’t have transportation cost which is very significant to refining margins and we are taking our products right into the market which is about 30 kilometres from where we are. We are a local refinery not a national refinery, so our aspiration is to meet domestic demands in our area of operation. So, by eliminating that cost, our economy significantly changes. What products would you reďŹ ne at the initial stage? In the first phase, our project is in two modules and what we have signed (with AFC) is for the first module and that module is going to do 5,000 barrels per day (bpd). That is going to produce diesel, kerosene which we would modify to aviation fuel, liquefied petroleum gas (LPG), Naphtha and heavy fuel oil. What is going to happen is that some of the feed stock and the residuals from this first phase we would then form

When would you pay off this $35 million loan? This $35 million loan is a seven-year loan.

Isa

feedstock into the proposed expansion. Because we want to go from 5,000 now, to add another 25,000 bpd and that we would be able to do premium motor spirit and in addition, automotive gas oil and aviation fuel which is a significant demand domestically. So, by looking at all of that, we know we are supporting the import substitution initiative of the government. For a country that produces oil and exports oil to import products, if you do what we are doing, you would begin to take a bite at some of the oil that is being imported into the country. Most importantly, this project would have an impact on the environment because what happens today is that when we are producing and exporting oil, people are hacking the lines and damaging the environment. All that is now eliminated with this infrastructure in place and we would also begin to have an economic impact in our immediate area of operations. On a daily basis, this plant is going to have about 22 trucks coming in to take products every day. So, imagine the impact in operations.

What is total cost of both the immediate and expansion project? The immediate one is about $50 million in all. For the expansion it is going to be about $150 million to $200 million. We are still doing the development work. So, when we are going to do the design, we can determine the actual cost. But what we are looking at $150-200 million What stage are you in for this project? We have started construction. If you go to our oil field, we have our contractors on site and they have already started working. In terms of expanding the project, you mentioned earlier that your plan is to increase your production from 5,000 bpd to 25,000 bpd in four years, will you pay off this loan before you take the next loan for the expansion? They are in two modules. The expansion is going to be another project by itself with a different revenue stream. This revenue stream is here essentially for diesel, kerosene and HFO. The next module is going to be

You spoke in the past of a power project, are you going to be the consumer of the 300 megawatts? Our growth strategy is premised on what I call 20/40 scheme. Twenty refers to the radius of 20 kilometres around where we operate. That radius, we are aware there is over 300 million barrels of oil and about 5 Trillion cubic feet (tcf) of gas within 20 kilometres radios of where we are operating. Now, all that oil is looking to go from Imo state to Bonny for export. Fifteen per cent of that oil is stolen and the transportation cost from where we are to Bonny is $5.20 per barrel and you would suffer at least 90 days of production disruptions annually. When you do the numbers, your cost would go up significantly and then you would probably add about $8 per barrel in terms of cost just to take crude from where we are in Imo state to Bonny based on all of these three factors I have mentioned. If we build this infrastructure, we would trap that oil and eliminate all these costs. It is big, we are developing a 300 megawatts power project and it is being developed for the national grid. We plan to sell that to the grid despite all the challenges. We believe that over the long-term Nigeria has to find a solution to this power issue because if you look at the demand for the power and the capacity of power in Nigeria today, the power capacity available is not more than 20,000 megawatts while the demand given our population should be somewhere close to 40,000 megawatts. And then if you take all of the aggregate power projects today it is not more than 30,000 megawatts, so it is still a big shortfall. So, when you take a long-term view of this country, you have to keep developing power projects because our population is growing. And as our population grows, the demand also grows and if we provide more power, it would generate more demand as well. So, there is no stopping we just need to keep investing in power.

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Nova Merchant Bank Unveils New Digital Banking Platform As part of efforts to boost customer satisfaction and enhance its operations, Nova Merchant Bank Limited has adopted the Intellect Digital Core banking platform. The Intellect Digital Core was developed to help banks to accelerate their digital banking and channel transformation journey. It comes with a digital 360 proposition with inbuilt design for both Digital Outside and Digital Inside. While the Digital Outside

ensures true omni channel and consistency of customer experience at all touch points, the Digital Inside drives operational excellence. Speaking about the new platform in an interview in Lagos, the chief executive officer of Nova Merchant Bank, Mr. Chinedu Ikwudinma, explained that the bank has since gone live on the system. According to Ikwudinma, the bank commenced operation this year with a system called IBS in terms of its core banking system.

“But we have now transited to a system called intellect. We are the first bank in this country to use the intellect banking platform. “There was a reason we chose that. Our aim was to identify a solution provider that is geared for the future. If you look at the banking system today, there are lots of developments in terms of digital banking and the customer experience now drive banking activities. “And many banks are chasing that destination. They are trying to transform themselves

along that line. So, we were very keen as a new bank to identify a provider who is already aligned to that from their services,� he explained. Ikwudinma further explained that the bank adopted the platform for the entire suit of our banking applications. “The system is flexible and has capacity to scale our services because the Intellect platform is built around the customer experience. “It is about what the customer seeks and the way

the customer behaves. Again, because of the open architecture of this platform, it allows you to latch on to different solutions. “Our aim is a digital solution for our customers end-to-end and we are trying to use our platforms for things like data analytics, machine learning, etc, to be able to serve our customers better,� he added. The Intellect Digital Core was developed by a 25-year old company with operations in 40 countries serving more than

240 clients, including entities such as Citibank, JP Morgan, and the Reserve Bank of India. “I also will like to say to you that the bank is doing well and is profitable. You may have seen our figures for last year, which we published. We have maintained that track record. Our indices in terms of liquidity ratio, capital adequacy ratio are excellent, way ahead the industry standards and regulatory requirements. Our customer base is growing and we are happy to say that.�

Abia Secures Investors for Enyimba Economic City Emmanuel Ugwu in Umuahia Investors are now ready to stake their funds in the Enyimba Economic City having certified the viability of the project designed to create a huge industrial zone on a 9, 800 hectares of land straddling Ukwa East, Ukwa West and Ugwunagbo local governments, the Abia State government has disclosed. Both Abia state government and the federal government have joined hands to create the enabling environment for

the take-off of the industrial project, which is expected to help propel the industrialisation of the South-east zone and the country in general. A member of the Abia State Economic Enhancement Team, Mr. Chinenye Nwaogu told journalists in Umuahia that a Chinese conglomerate, the Ruyi Group has agreed to invest $2.5 billion in the project. He said that the memorandum of understanding (MoU) was signed with the Ruyi Group, representatives of Abia govern-

ment and the federal government at a ceremony in China recently. “Ruyi is coming with its subsidiaries of over 20 companies,� Nwaogu said, adding that with the coming of the Chinese industrial giant, many other big investors now have the needed confidence to key into the Enyimba Economic City project. Aside from the establishment of a chain of industries, including a big textile industry, Ruyi Group has also planned to invest in the power sector to provide stable power supply to the Enyimba

Economic City. According to Nwaogu, Ruyi Group has earmarked $12.5 million for investment in the Geometric Power Limited, which has been licensed to generate and distribute electricity to the commercial city of Aba to enhance the growth of the SMEs the city is noted for. Though the federal and Abia state governments are excited about the project and have been facilitating its take-off with the issuing of appropriate licences to investors and enacting the

enabling laws, respectively, the investors are in the private sector with Crown Realities having the controlling shares. “We have given so many free hands to private sector to drive this project,� he said, adding that millions of jobs would spring up from the Enyimba Economic City project when it comes on stream. Nwaogu, said the controlling shares are held by Crown Realities, which has already invested $1.3 billion into the industrial project. On the compensation for the communi-

ties that donated their lands for the project, the governor’s special adviser said the 30 communities have been taken care of by the investors, explaining that part of the compensation was that they would be made part owners of the project. Abia state commissioner for information, Chief John Okiyi Kalu said the state government was committed to the realisation of the Enyimba Economic City project, describing it as an economic legacy that would be beneficial to the present and future generations of Abians.

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Survey: US Companies Contributed N2.6trn to Nigeria in 2017 Peter Uzoho The federal government earned over N2.6 trillion as revenue from United States companies operating in Nigeria in 2017, compared with about N1 trillion the government realised last year, a survey has shown. Also, the country recorded Foreign Direct Investment (FDI) of about $1.3 billion from US last year. This was contained in the 2018 report of the US Economic Impact Survey, an annual assessment of companies’ impact on the Nigerian economy, through gross value added

to the energy future, economic outlook, investment, jobs, and communities, presented at an interactive session in Lagos recently. Presenting the survey carried out by the American Business Council (ABC), in collaboration with Accenture, KPMG, PWC and the US Embassy, Vice President, ABC, Mr. Darrell McGraw, explained that the report reflected the contribution of over 74 US companies operating in Nigeria, saying that their responses reinforced the role the US played in the economic well-being of

Nigeria. McGraw said such roles were in the areas of job creation, investments in training and development, tax contribution, and corporate social responsibility, noting that the surveyed companies contributed N111 billion in tax revenue to both the federal and state governments, created approximately 11,200 indirect jobs and over 9,000 full time jobs in the year under review. According to him, the surveyed companies spent over N1.6 billion on training and development in 2017 from N340 million in 2016, stressing

that it showed US companies’ commitment in capacity building in order to correct the deficit in labour skills. He said: “N1.5 billion was spent by the companies on corporate social responsibility (CSR), from N217 million spent in 2016. “The focus areas are education, health, infrastructure and social intervention, which are key area of focus for US companies in Nigeria. About 52 per cent of these companies identify Nigeria as a regional hub for their operations in West Africa. “Sixty-four per cent of US

companies have local content target reflecting an inclination towards localisation in areas such as products, people and supply chain. Critical issues that impact the business operations of surveyed US companies in Nigeria include labour, specific industry regulations, local content and crime and security. “Security of lives as well as Intellectual Property has been a crucial issue for US companies as this impacts investment and derails trust.� However, McGraw added that Nigeria had improved its performance on the Ease of Do-

ing business, but that businesses continued to face dire challenges in the country, adding, “In spite of the challenges, this survey shows renewed focus of US companies operating in Nigeria committing in human capacity as well as financial investment.� Earlier in his remarks, the President of ABC, Mr Lazarus Angbazo, stated that US was a natural business partner of Nigeria and one with a long-standing commitment to the country, noting that some American firms had been in existence, partnered and invested in Nigeria since Independence.

‘Executive Order Five to Drive Local Capacity’ Ugo Aliogo The President, Nigeria Society of Engineers (NSE), Engr. Adekunle Mokuolu, has stated that the Executive Order five recently signed into law by President Muhammadu Buhari would drive local capacity both intellectual and material. Mokuolu, who stated this weekend in Lagos at the 10th anniversary of the NSE Victoria Island branch with the theme, ‘NSE VI at 10: Diligently Creating Nigeria’s Engineering Hub,’ noted that the policy was aimed at focusing on the intellectual property and development especially in the area of local content and how to improve engineering infrastructure. He also stated that the policy would re-awaken the need to establish more industries in the country, adding that government would take the revival of Ajeokuta Steel Company very serious. “You cannot have a meaningful development without steel. There is need for reinforcement in the industry, in order to improve steel production in the country,� he added. He noted that the president requires the collective effort of everyone to drive the

policy, adding that it was aimed at providing many opportunities for engineers and non-engineers. He commended the Minister of Science and Technology, Dr. Ogbonnaya Onu and the Minister of Water Resources, Engr. Suleiman Adamu, for their efforts in facilitating the signing of the Executive Order. According to him, engineers should be put in the various ministries that are engineering-based, adding that infrastructural deficit was very huge. The NSE President lauded the NSE Victoria Island branch for the enthusiasm it has shown in the discharge of its activities aimed at building the capacities of members and promoting the growth of engineering practice. “This branch has been going to schools to re-ignite interests of students in engineering and technology which is the only thing that can develop a country. According to him, “This executive order five which President Muhammadu Buhari has signed into law is aimed at focusing on the intellectual property and development in the sense that when we start using Nigeria content to carry out many activities.

FirstBank Seeks Improved Nigeria-China Trade Relationship As part of its strategic drive to strengthen business partnership between Nigeria and China, First Bank of Nigeria Limited recently organised the FirstBank-Chinese Business forum. The event themed, ‘Deepening Sino-Nigerian Cooperation,’ took place in Lagos. Speaking at the event, the MD/CEO, First Bank of Nigeria Limited & Subsidiaries, Adesola Adeduntan, was quoted in a statement from the bank to have said, “The business relationship between China and Nigeria is of great importance to us hence the establishment of our Representative Office in Beijing, China in 2010, to cater to the growing needs of Sino-Nigeria businesses, and to provide support in channelling trade flows between the two countries. “Our promise is that we will always deliver the ultimate gold standard of value and financial excellence as we put customers at the heart of our business,� he added. The statement explained that

the forum was part of the bank’s strategy to promote economic partnership between Nigeria and China. The Central Bank of Nigeria recently signed a currency swap agreement with the Peoples Bank of China in order to ease the burden of the liquidity issues faced by Nigerian business owners and Chinese manufacturers. Notably, FirstBank was among the four banks appointed as settlement banks in the deal. With the establishment of its representative office in China, FirstBank became the first Nigerian bank to record its presence in the Asian country and has since been a financial gateway in promoting business between China and Nigeria, a recognition that earned the Bank an invitation as a member of the Forum on China-Africa Cooperation (FOCAC) to promote the strategic advancement of the China Belt and Road Initiative, the United Nations 2030 agenda and the African Union 2063 development strategies for African economies.

DISCUSSING OIL AND GAS

L-R: Former Minister of Foreign Aairs, Mr. Odein Ajumogobia; First Vice President, Nigerian Gas Association (NGA) and Co-founder/ Executive Director, Falcon Corporation Limited, Mrs. Audrey Joe-Ezigbo; President, NGA and Managing Director, Frontier Oil Limited, Dada Thomas; and Republic of Trinidad and Tobago High Commissioner to Nigeria, Mr. Wendell De Landro, at the NGA business forum and Annual General Meeting in Lagos...recently

CeBIH Pledges to Strengthen Financial Inclusion The Committee of e-Business Industry Heads (CeBIH) has promised to promote digital banking solutions targeted at the bottom of the pyramid in its bid to expedite access to financial services across the country. The newly elected Chairman of CeBIH, Mr. Stanley Jacob stated this in his acceptance speech at the election of new executives held in Lagos recently. Jacob, who is also the Head of Consumer Distribution at Ecobank Nigeria, said the new executive would pursue three broad agenda namely: financial inclusion, digital security and strengthened collaboration amongst industry stakeholders. He stressed that CeBIH, under his leadership, would work with other stakeholders to reduce financial exclusion which currently is over 40 percent in Nigeria as well as bridge the wide digital divide in the country. “As CeBIH we will actively collaborate with industry to provide the needed financial services at the right pricing to the bottom of the pyramid. We will also ensure adequate capacity building for all stakeholders to equip them in tackling the exclusion challenge “CeBlH will pull industry resources and work with the regulators to promote an industry approach for combating cybersecurity and payment frauds.

Financial literacy campaigns and robust customer education will also be a key tool to achieving this. “This new Executive Council will strengthen collaboration by promoting the Shared Agency Network Facility (SANEF) with a view to ensuring that the expected benefits are delivered to consumers; partnerships with other financial institutions (OFIs) and FinTechs to deliver improved financial services; Research and case studies to drive emerging payments,� he said. Also elected along with Jacob was Kayode Olubiyi, Vice-Chairman; Yemi Atanda, Secretary-Industry Shared Services; Bidemi Asunmo, Secretary-Other Financial Institutions (OFIs) & Fintech Relations; Mike Onwu, Secretary-Emerging Payments & Technologies; Celestina Appeal, Secretary- Product Pricing & Revenue Assurance; Mike Ogba, Secretary- Finance & Treasury; Gloria Eruemegbe, Secretary-Publicity & Advocacy; Nmutaka Chikwendu, Internal Auditor and Oluremi Tinuolu, Assistant Secretary - Finance & Treasury. The immediate past Chairman, CeBIH, Dele Adeyinka charged the new executives to continue with the mission and vision of the group, which is using collaboration with drive financial inclusion and adoption of electronic payment, which are what CeBIH stands for today.

Medview Acquires Aircraft for Hajj, London Service Ahead of the commencement of 2018 hajj operations and recommencement of its London services, Medview airline recently took delivery of its newly acquired B777-200ER to boost its fleet. The Chief Executive Officer of the airline, Alhaji Muneer Bankole made this known in Lagos. He said the aircraft was purchased through lease with a facility from FirstBank of Nigeria Limited. He explained that the aircraft would be used during the hajj operations which commences on July 25, adding that it may then be deployed to London route afterwards, while it awaits return of the one of the airline’s aircraft undergoing reconfiguration. “First of all, we have to give thanks to God, it’s like a dream come true, I use this opportunity to thank all my colleagues that have worked tirelessly to get this dream to light. “This is one of our plans; over the years, we have been leasing aircraft for hajj/ international operations which have consumed much of our foreign reserves; so, at the beginning of this year, it was one of our dreams that it will be the end of leasing for international operations. “The cost is high when you lease, you invest so much

money, both the capital and the equipment, and you don’t get something in return because the money goes out of the economy.� He said the airline presented its situation to the bank, which gave it 10 per cent interest rate window, “which empowered us to get this airplane. This airplane is a leased-purchase aircraft from Atmax, our partner in Canada. Also speaking, the Executive Director, Business Development of the airline, Ishaq Na’Allah said the airline would commence airlifting pilgrims to Mecca and Medina by July 25, adding that it will airlift 10,000 people from six airports including: Lagos; Kaduna; Kano; Ilorin; Port-Harcourt and Maiduguri. “The aircraft is has a capacity of 323 passengers, with 25 being Business Class. Medview Airline has Boeing B777-200ER, B767-300ER, three B737-400 and 500 in its fleet, and two more aircraft are expected to join the fleet by the end of August,� Na’Allah said. Continuing, Bankole said the airline would resume its London operations by Winter. “We will return to London by this winter after the completion of the aircraft reconfiguration, we have got the slot already, we are reapplying, and we are returning to the route�, he added.

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Winners Emerge in NBC’s Campaign In furtherance of its commitment to enriching lives and rewarding loyalty of its trade partners, the non-alcoholic beverage giant, Nigerian Bottling Company Limited (NBC) has presented N1 million seed capital in the form of beverage products and other gifts to 16 lucky winners in its ongoing empowerment campaign tagged ‘My Million Don Land’. The 16 winners comprising local retailers and hub owners, emerged after a series of open market activations and mystery shopping conducted in major markets across Lagos. Speaking on the campaign, the Legal, Public Affairs and Communication Director, Nigerian Bottling Company Limited (NBC), Mrs. Sade Morgan described the new initiative as part of the company’s commitment towards the empowerment of its trade partners. The campaign also afforded the winners the platform to nominate a school within their

communities that would be provided with five computers as a contribution towards educational development. She further revealed that the initiative would provide business support for trade partners performing above board and an opportunity to jointly contribute to sustainable development goal one and four which address poverty and education in their respective communities. “Nigerian Bottling Company Limited (NBC), values and appreciates all its trade partners particularly because their efforts enable us fulfil our corporate promise of enriching the lives of Nigerians. “At NBC, we believe we must consistently provide necessary support to all component parts of our external business, especially our trade partners, helping them grow�, She said. Speaking on the mechanism of the initiative, the Acting Commercial Manager (Ikeja Commercial Territory), Nigerian

Bottling Company Limited (NBC), Diana Otisi, explained that mystery shoppers were assigned to visit open markets across Lagos State to select the lucky winners (small scale retailers) who meet the set criteria. “To stand the chance of being selected in any of the locations, mystery shoppers are expected to go out in search of retailers with three particular SKUs- Coke Zero, Limca, and Fanta Apple in its stock. “Once the retailer is identified, he takes the mystery shopper to the hub owner or distributor supplying the three variants or SKUs� she stated. One of the winners, Chinedu Nwoye appreciated Nigerian Bottling Company Limited for the initiative explaining that the empowerment would help transform his business for the better. “This is really a business upgrade for me. Now, I can expand my business as I have always dreamed,� he said.

Stanbic IBTC Wins HR Awards Stanbic IBTC has disclosed that it recently won five out of nine awards at the HR People Magazine Awards 2018 held recently in Lagos. The five awards won by the bank included: Best Training, Learning & Development Strategy 2017; Outstanding Employee Engagement Strategy 2017; Employer of Choice 2017 (large corporates category); HR Manager of the Year 2017; and HR Champion of the Year 2017 (awarded to the Group Chief Executive for outstanding commitment to growing people at the organisation). According to the organisers, among other things, the awards were evidence-based, and the criteria used to select winners included a demonstrable and effective strategy to drive the HR touchpoints in all the award categories. The Chief Executive, Stanbic IBTC Holdings Plc, Mr Yinka

Sanni, while commenting on the award, stated that the feat was a proof of Stanbic IBTC’s strategy of growing a responsible, disciplined, and highly productive workforce. He said it also reinforces the company’s strong management, systems and its leadership in the financial services industry. According to Sanni, the awards were also a testament to Stanbic IBTC’s continuous investments in its human capital and the establishment of people-friendly procedures and practices, as well as a professional but friendly work environment and a support structure that helps to motivate the employees to give their best while exhibiting their talents. “We are delighted to be recognised in five different categories out of nine for our strong human capital strategies and deliberate and consistent investments in our people.

“For us, a highly motivated workforce, one that can deliver better services, is a function of the level of investment in the human capital for professional and personal development that helps to create a productive workforce whilst fulfilling individual career aspirations. “These awards will energise us to continue to fine-tune our strategies and provide our people with the right environment, the right tools and adequate incentives to win their commitment as well as grow our people,� Sanni added. Speaking on the rationale for the awards, Editor-in-Chief of HR People Magazine, Dapo Saheed, said the awards were instituted to celebrate individuals and organisations that had invested in their workforces and are committed to strategies that help to engender best practices in HR and efficient business outcomes.

Galaxy Backbone Rewarded for Digital Innovation The Nigeria Internet Registration Association (NIRA), which is an Industry-led stakeholder organisation, recently concluded its annual .ng awards ceremony, where it awarded Galaxy Backbone for its digital innovation in the federal government circle. Through the .ng awards, the NIRA seeks to recognise and acknowledge those who are contributing to the growth of the .ng domain name registration and promotion of the DNS Industry. The awards celebrate achievements and innovation of Nigerian Internet initiatives. At the 2018 Awards, Galaxy Backbone won the award for the organisation leading the pack in ‘Digital Innovation in the Federal Government.’ This award, according to a statement, confirmed Galaxy Backbone’s

status as the digital infrastructure and shared services provider to federal government agencies. “In the last five years, Galaxy Backbone has continued to drive digital innovation and inclusion amongst government agencies through the delivery of digital services that improve the way agencies engage and communicate with other agencies and the citizenry,� it added. The 2018 .ng awards serve to promote and commend the excellent achievements of members, stakeholders and the general public, who contribute towards building a sustainable economy using technology, uplift the image of .ng locally and internationally and stimulating the development of local content on the Internet space. CEO, Galaxy Backbone, Mr. Yusuf Kazaure, had said that

Galaxy Backbone was committed to driving digital growth in the nation. According to Kazaure, “We are fully conscious of the need to be in the vanguard of Nigeria’s digital growth especially within the public sector. Over the years, we have made significant investments in human and technological resources based on our vision to be the leading enabler of digital inclusion in Africa. “With the award, we are further challenged to deliver world class digital services to agencies and parastatals in government and we will continue to operate, improve and upgrade our common services platform to meet international standards and deliver excellence in service to our clients and stakeholder community,� Kazaure said.

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T H I S D AY ˾ MONDAY JULY 23, 2018

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ANNOUNCING THE AIG SCHOLARSHIP AWARDS - 2018/19 MASTER OF PUBLIC POLICY BLAVATNIK SCHOOL OF GOVERNMENT, UNIVERSITY OF OXFORD

Adetola Adegbite, Nigeria Business Administration - Energy Sector

Blessing Ajimoti, Nigeria International Relations - Social Enterprise

Louisa Chinedu-Okeke, Nigeria Pharmacy – Public Sector Consulting

Prosper Amuquandoh, Ghana Computer Science - Public Sector

Tobechukwu Nneli, Nigeria Political Science – Research & Academics

“We are pleased to announce our second cohort of AIG Scholars. With AIG’s continuing support, these young, high-calibre women and men will acquire the skills and experience to drive best practice standards of public service and governance across Africa�. Aigboje Aig-Imoukhuede CON Founder & Chairman, Africa Initiative for Governance (AIG)

Applications for the 2019-2020 AIG Scholarships at the Blavatnik School of Government, University of Oxford, open Tuesday, July 17, 2018 and close Friday, September 14, 2018.

For more information, please visit: www.aigafrica.org

T H I S D AY ˾ MONDAY JULY 23, 2018

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T H I S D AY ˾ MONDAY JULY 23, 2018

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T H I S D AY ˞ ˜ JULY 23, 2018

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BUSINESS/MONEYGUIDE

FG to Issue Another Green Bond to Fund 2018 Budget Goddy Egene The federal government will fund part of the 2018 budget through green bond issuance. This followed the successful issuance of the debut N10.69billion, 5-year, Federal Government Sovereign Green Bond at coupon rate of 13.48 per cent by the country last year. The Minister of State for Environment, Ibrahim Usman Jubril stated this while speaking in Lagos, during the listing of the bond on the Nigerian Stock Exchange (NSE). Green bonds are fixed income, liquid financial instruments used to raise funds dedicated to climate mitigation, adaptation and other environment-friendly projects. This provides investors with an attractive investment proposition and an opportunity to support environmentally and socially sound projects. Nigeria in 2017 became the first nation to issue a climate bonds certified sovereign green bond, the first African nation to

issue a sovereign green bond and the fourth nation in the world to issue after Poland, France and Fiji. Speaking at the listing on the debt instrument, Jubril said it was in fulfilment of a key goal of Programme 47 of the Economic Recovery and Growth Plan (ERGP). “The federal government through the Ministry of Environment and the Ministry of Finance is proud to be a champion of this initiative. The NSE reached out to the Ministry of Environment in 2016 with a proposal for the issuance of a green bond. “The consultation which emerged created a platform for mutual learning for the ministry and capital market community. Our collective effort has created a product that is not just novel but premier. There is plenty to celebrate even as we work towards another issuance on the back of the recently signed 2018 budget,� the minister said. Also speaking, the Chief

Executive Officer of the NSE Mr. Oscar Onyema hailed the Debt Management Bond (DMO) for its commitment to deepening and developing the Nigerian capital market. “I thank Her Excellency, the Deputy Secretary General of the United Nations, Ms. Amina Mohammed, who was central and immensely instrumental to the success of this landmark initiative, as well as all members of the Green Bond Advisory Group who worked earnestly to actualise this issuance,� Onyema added. In her comments, the Director General of DMO, Mrs. Patience Oniha, said the green bond listing was an opportunity to enable Nigeria tap into the growing global market for green bonds, which as of end of 2016 comprised of $576 billion of unlabelled climate-aligned bonds and $118billion of labelled green bonds according to Climate Bonds Initiative in London.

L-R: Chief Executive Officer, Teach for Nigeria, Folawe Omikunle; Head, One Education, Ibironke Akinmade and Former Minister of Education, Oby Ezekwesili, at the Teach For Nigeria inaugural lecture and cocktail sponsored by Sterling Bank in Lagos‌recently

MARKET INDICATORS

GDL, Others Seal Deal on N1bn Money Market Fund The Growth and Development Asset Management Limited (GDL) has entered into an agreement with some organisations to float a N1 billion GDL Money Market Fund. The fund will be on offer for subscription to willing investors. Parties to the money market fund include: GDL which is the fund manager; Goldbanc Management Associates Limited, the issuing house; United Bank for Africa (Global Investor Services Division), the custodian; Ernst & Young, the reporting accountant; Ijewere & Co, the auditor to the fund; and First Registrars & Services Limited as the registrar. Other parties include Augusto & Co, the rating agency; STL Trustees Limited and UTL Trust Management Services Limited as joint trustees to the fund; Greenwich Securities Limited, which is the stockbroker to the issue; Matrix Solicitors as solicitors to the fund and Sterling

Bank Plc as the receiving bank. The fund is an open-ended fund that was constituted under a trust deed to invest in money market instruments and it will be opened to investors through the fund manager, GDL. This, would, however be after the full subscription of initial 100, 000, 000 units issued. However, the fund manager will as authorised, issue additional units when required, with the consent of the trustees, subject to the registration and approval of the units to be offered by the Securities and Exchange Commission. According to the promoters, the fund seeks to maximise return on invested capital in a coordinated and risk averse manner consistent with the preservation of capital and maintenance of liquidity by investing exclusively in investment grade money market instruments introduced duly approved by the Central Bank

of Nigeria (CBN) from time to time as permissible under SEC Rule 47. Speaking at the signing ceremony in Lagos, the Managing Director of GDL, Mr. Kolawole Ayeye, said the investment instrument would be of immense advantage to retail and high net-worth investors. He said: “The other thing is that if you’re going to put your money in one bank you have an exposure to that one bank. But a fund being in a larger pool, even a portion of that portfolio that is allocated to banks can be spread among a few banks. “You have the opportunity of funds which are under professional management; you have the opportunity of diversification; and the professionals managing the fund have an eye on where interest rates are going. So, it allows one to make informed choices.

MONEY AND CREDIT STATISTICS Broad Money (M2)

24,303,049.86

-- Narrow Money (M1)

10,912,604.10

---- Currency Outside Banks

1,668,378.21

---- Demand Deposits

9,244,225.90

-- Quasi Money

13,390,445.76

Net Foreign Assets (NFA)

15,619,134.18

Net Domestic Assets(NDA)

8,683,915.68

-- Net Domestic Credit (NDC)

First City Monument Bank (FCMB) has put together a programme to guide Nigerians who wish to study abroad on how to prepare and get necessary support from the bank as well as technical partners of the financial institution. The scheme known as Education Advisory Service (EAS), also includes overseas admission information services, school fees remittance, school living allowances and travel fares, loans to support school fees payments, visa process, travels and examination preparation. The bank disclosed in a statement that customers and intending candidates for the EAS can access its website for additional information. Also, the bank revealed that it has designated some of its branches nationwide, with specialised desks and highly

professional staff, to effectively respond to inquiries. Commenting on the initiative, the statement quoted the bank’s Executive Director, Retail Banking, Mr. Olu Akanmu, to have revealed that the bank at the weekend organised a schools’ exhibition fair in Port-Harcourt, River State. It will also take place in Abuja today and Kano on Wednesday. In the same vein, the fair would hold in Lagos on Friday, July 27, and Saturday July 28, 2018, respectively, adding that it would afford prospective students the opportunity to interact with international delegates from Ireland, United Kingdom(UK), Canada, Australia and United States of America under the EAS. Akanmu said, “at FCMB, we walk and work with our customers to fulfil their life aspirations, their families and

their businesses, including the provision of the best education. “The FCMB Education Advisory Services in partnership with MOD Services and international partners also cover school admission process, visa processing, travel and examination Preparation. “We recognise that knowledge of what to do and how to do it matters in securing good overseas education. FCMB will also be providing prompt school fees and living allowances remittance, loans to support school fees payment and international cards to support living overseas for Nigerian students.� Akanmu added that, “We have Lufthansa Airline, beside other partner airlines on board to offer students, discounted fares under this scheme. This also covers their guardians accompanying them.

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™Ă&#x;ĂœĂ?Ă? Ě‹

Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

FCMB Unveils Initiative to Support Oversea Study

(MILLION NAIRA)

MARCH 2018

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™Ă˜Ă?ĂžĂ‹ĂœĂŁ ÙÖÓĂ?ĂŁ Ă‹ĂžĂ? Ě‹ ͯ͹Ϲ

OPEC DAILY BASKET PRICE AS AT THURSDAY JULY 19, 2018

The price of OPEC basket of ďŹ fteen crudes stood at $70.91 a barrel on Thursday, compared with $69.98 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), Djeno (Congo), Oriente (Ecuador), ZaďŹ ro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). SOURCE: OPEC headquarters, Vienna

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MARKET NEWS

Great Nigeria Insurance to Delist Shares over Free Float DeďŹ ciency Goddy Egene The board of directors of Great Nigeria Insurance (GNI) Plc has opted to delist the shares of the company from the Nigerian Stock Exchange (NSE). According to the board, the voluntary delisting was as a result of inability to meet the 20 per cent free float requirement of the NSE. Explaining the factors that informed the decision, GNI said

over the last five years, there had been little or no trading activity on the shares held by the minority shareholders. “There has also been a considerable fall in trading volumes over the last 12 months with an average daily volume of 1, 200 units during the period March 2017 to March 2018. “Shareholders are not benefiting from the continued listing as shareholders are not getting any exit opportunity and their

P R I C E S MAIN BOARD

F O R DEALS

investments have been locked up and they find it difficult to dispose of their shareholding. “Neither the company has benefitted as the company’s shares continue to trade at a significant discount to the intrinsic value,� the company added. Also, GNI’s free float currently stands at 16.03 per cent, significantly below the NSE’s minimum free float of 20 per cent. With this Free Float

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

deficiency, the NSE could take enforcement action even though The Quotations Committee of the National Council of The Exchange has extended the curing period to May 2020. We do not expect that this deficiency will be cured during that period and we expect the NSE to initiate a regulatory delisting,� it said. GNI noted that through the voluntary delisting, the directors would be exercising

T R A D E D MAIN BOARD

A S

a regulatory provision that will shield the company from any enforcement action that the exchange may effect, which may arise as a result of the outstanding free float deficiency. “Furthermore, through the voluntary delisting process, the company will be providing an exit consideration to minority shareholders who do not wish to remain in an unlisted company,� it added. GNI added that the delisting will afford the

O F

company to carry an imminent corporate restructuring exercise to take advantage of emerging opportunities and may consider re-listing the company in the future if the market conditions are favourable. “The voluntary delisting will not occasion loss of business opportunities as there are similar unlisted insurance companies who are commanding significant share of the insurance market.

2 0 / 0 7 / 2 0 1 8 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

˾ MONDAY, JULY 23, 2018

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Investment Research

Brokerage Ayodeji Ebo | aebo@afrinvest.com

Robert Omotunde | romotunde@afrinvest.com

Bolaji Fajenyo | bfajenyo@afrinvest.com

Eronmosele Aziba | eaziba@afrinvest.com

T H I S D AY Ëž

39

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MARKET NEWS

Dangote Cement Invests $3bn, Lists N50bn Security on FMDQ OTC Goddy Egene Group Chief Executive Officer of Dangote Cement, Joe Makoju has said the company has invested $3 billion to build manufacturing plants and import/grinding terminals across Africa. The companyâ&#x20AC;&#x2122;s operations, according to Makoju are in Cameroon (1.5 metric tonnes per annum(Mta) clinker grinding; Congo (1.5Mta); Ghana (1.5Mta import); Ethiopia (2.5Mta); Senegal

(1.5Mta); Sierra Leone (0.7Mta import); South Africa (2.8Mta); Tanzania (3.0Mta), Zambia (1.5Mta). The company recorded a revenue of N482 billion for the half year ended June 30, 2018, up from N413 billion in 2017, while profit after tax stood at N113 billion, up from N109 billion in 2017. Makoju said: â&#x20AC;&#x153;Our first-half performance was very strong and driven by an excellent recovery in Nigeria, where our sales volumes increased

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

by nearly 14 per cent and revenues rose by more than 18 per cent. Pan-African operations saw a slight fall in volumes but both revenues and EBITDA increased because of better pricing and currency conversion effects. In addition, we achieved the largest-ever issuance of Commercial Paper (CP) by a Nigerian company when we issued N50 billion Series 1 & 2 Notes at the end of June, with a discount rate that reflected the strength of our

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 18Jul-2018, unless otherwise stated.

Company and its excellent credit ratings. Of course, our strong performance has been overshadowed by the tragic and heartbreaking events in Ethiopia. I would like to pay tribute to my colleagues Deep Kamra, Beakal Alelign and Tsegaye Gidey and offer our sincere condolences to their families.â&#x20AC;? The N50 billion of DCP was listed on the FMDQ OTC Securities Exchange last Thursday. Commenting on the listing of the CP, Makoju

said: â&#x20AC;&#x153;W e are delighted to list it on FMDQ, which has significantly contributed to the development of the domestic debt capital market in Nigeria. By promoting transparency, governance, integrity and efficiency in the CP market, FMDQ is encouraging issuers like ourselves to explore alternative funding sources in the Nigerian capital markets.â&#x20AC;? Directorate Head, Capital Markets, FMDQ, Ms. Tumi Sekoni, said that

the quotation of the CP would undoubtedly pave the way for the establishment of a globally recognised non-financial corporate benchmark for the Nigerian CP market, owing to the associated rating and reputation garnered by the Dangote conglomerate and encouraged the issuer to continue to tap the debt markets to ensure the actualisation of the desire for a corporate benchmark in the Nigerian debt markets.

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 181.21 181.34 1.80% Nigeria International Debt Fund 246.89 247.02 6.73% ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund 0.84 0.84 1.54% ACAP Income Funds 0.62 0.62 3.92% 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 12.58% 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 N/A N/A N/A ARM Discovery Fund N/A N/A N/A ARM Ethical Fund N/A N/A N/A ARM Money Market Fund N/A N/A N/A 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 146.56 147.59 -3.38% AXA Mansard Money Market Fund 1.00 1.00 12.27% 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 10.62% Paramount Equity Fund 11.92 12.23 7.52% Women's Investment Fund 103.96 106.62 3.31% NAV Per Share Fund Name Nigeria Infrastructure Debt Fund 105.44 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 12.61% 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 12.29% Coronation Balanced Fund 1.16 1.19 11.09% Coronation Fixed Income Fund 1.14 1.17 9.69% 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 1,169.79 1,170.50 8.19% FBN Heritage Fund 143.99 145.10 3.16% FBN Money Market Fund 100.00 100.00 12.09% FBN Nigeria Eurobond (USD) Fund - Institutional $113.35 $113.74 2.84% FBN Nigeria Eurobond (USD) Fund - Retail $113.17 $113.55 2.78% FBN Nigeria Smart Beta Equity Fund 166.53 168.88 3.95% 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 1.32 1.34 1.40% Legacy Debt Fund 3.09 3.09 7.09% 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 N/A N/A N/A Coral Income Fund N/A N/A N/A 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 12.49% Nigeria Entertainment Fund 102.27 103.61 2.48% 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 12.50% Vantage Balanced Fund 2.14 2.16 1.29%

Vantage Guaranteed Income Fund 1.00 1.00 0.00% Kedari Investment Fund (KIF) 120.72 121.04 4.94% 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 3.93% Lotus Halal Fixed Income Fund 1,060.18 1,060.18 5.20% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund N/A N/A N/A Meristem Money Market Fund N/A N/A N/A PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.33 1.35 11.77% PACAM Fixed Income Fund 11.71 11.77 6.08% PACAM Money Market Fund 10.00 10.00 12.11% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 130.07 132.12 0.90% 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 1.61 1.61 8.37% 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 2,341.85 2,361.07 4.40% Stanbic IBTC Bond Fund 187.08 187.08 6.02% Stanbic IBTC Ethical Fund 1.02 1.03 1.49% Stanbic IBTC Guaranteed Investment Fund 241.14 241.19 9.50% Stanbic IBTC Iman Fund 179.20 181.22 0.06% Stanbic IBTC Money Market Fund 100.00 100.00 11.93% Stanbic IBTC Nigerian Equity Fund 9,503.94 9,632.22 -1.72% Stanbic IBTC Dollar Fund (USD) 1.10 1.10 4.02% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund N/A N/A N/A United Capital Bond Fund N/A N/A N/A United Capital Equity Fund N/A N/A N/A United Capital Money Market Fund N/A N/A N/A United Capital Eurobond Fund N/A N/A N/A United Capital Wealth for Women Fund N/A N/A N/A ZENITH ASSETS MANAGEMENT LTD info@zenith-funds.com Web: www.zenith-funds.com; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Equity Fund 12.66 12.86 1.94% Zenith Ethical Fund 13.55 13.69 2.84% Zenith Income Fund 20.56 20.56 8.67% Zenith Money Market Fund 1.00 1.00 11.16%

REITS NAV Per Share

Yield / T-Rtn

11.41 136.66 51.39

1.01% 3.17% 1.10%

Bid Price

Offer Price

Yield / T-Rtn

11.81 141.54 106.33

12.01 144.49 108.27

-2.12% -0.92% -2.69%

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

EXCHANGE TRADED FUNDS Fund Name Lotus Halal Equity Exchange Traded Fund SIAML Pension ETF 40 Stanbic IBTC ETF 30 Fund

VETIVA FUND MANAGERS LTD Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Vetiva Banking Exchange Traded Fund Vetiva Consumer Goods Exchange Traded Fund Vetiva 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

4.48 8.63 17.01 18.59 144.90

4.52 8.71 17.11 18.79 146.90

-5.49% -9.80% -2.83% -5.48% 5.91%

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.

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Group Features Editor: Chiemelie Ezeobi 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;Ë&#x153; Í&#x2018;Í&#x2DC;Í&#x2018;Í&#x2019;Í&#x2018;Í&#x2013;Í&#x2019;Í&#x2018;Í&#x2022;Í&#x201D;Í&#x2018;

A Unifying Festival The Ogidi community in Ijumu Local Government Area of Kogi State recently celebrated its New Yam Festival, which serves as a unifying cord for all and sundry. Yekini Jimoh reports

Traditional dancers ushering in the New Yam Festival. (Insert) tuber of yams, symbolising the celebration

F

rom time immemorial, the people of Ogidi community in Ijumu Local Government Council of Kogi State, celebrate the New Yam Festival at the beginning of the harvest season, specifically June 15, every year. Usually, the traditional ruler, the Ologidi of Ogidi, holds his own festival seven days ahead of the community. Until then, tradition forbids any member of the community to eat the new yam, bring it to the town from the farm or put it on sale in the market. Expectedly, with the way the tradition is revered, yam takes the prime position among all crops in this community of great farmers. So its coming is marked with feasting and exchange of bowls of pounded yam, which is the staple food among them. In 2011, it was decided to shift the Ogidi Day, which used to hold on December 26, every year to the middle of June, while Boxing Day was reserved for the Annual General Meeting (AGM) of the communityâ&#x20AC;&#x2122;s umbrella body, the Ogidi Development Union (ODU). Thus, it was decided that Ogidi Day would hold on June 15, each year if it falls on Saturday and if not, on the Saturday following it. Every year since the festival commenced, local and foreign tourists have made it part of their yearly summer itinerary to stop over in Ogidi and join the people to relish the display of the best of their culture.

The nitty gritty of Ogidi Festival Ogidi Day revolves around the traditional

ruler more than anything else. It is an occasion for one of the rare outings of the Oba who usually would be decked in ancient robes and the full paraphernalia of his office. Members of the Ologidi-in-Council and other chiefs begin to assemble at the palace early in the morning, and are soon joined by visiting traditional rulers and other dignitaries. The Oba fetes them with pounded yam (the meal of the day) and assorted drinks. The entire courtyard of the palace is in the meantime agog with performances by various cultural troupes. Soon the Oba begins the symbolic walk from his palace to the Community Hall Grounds not more than 500 meters to his palace. As short as that distance may appear to be, it takes no less than 45 minutes to cover. It is a walk at which the living and the dead represented by ancient masquerades of various

The new yam festival is a time of celebration and thanksgiving to the Creator for the miracle of creation as seen in the turning of slices of yam buried in mounds of earth, which soon sprouts and become whole

Photos: Yekini Jimoh

descriptions are united in ecstasy. Surrounded by his wives (Oloris), visiting traditional rulers, chiefs and prominent guests, the trip to the area is indeed more of an artistic performance than a walk. The hunters guild take the lead with their scary manoeuvres, followed by the Olaga troupe (the maidens dance), the Agbo Olode (the beloved raffia draped masquerade of Ogidi) and various groups. The arrival of the Oba at the arena is heralded by the beating of the split-drum (ogidigbo), firing of guns by hunters and the singing of both the national and the Ogidi anthems. Following that is a parade of the members of the various chieftaincy grades, social clubs and groups, male and female age grades, trade groups and other associations who come before the Oba and prostrate (men) or kneel down(women) in obeisance to their traditional ruler who in return pronounces royal blessings on them. Performances by cultural troupes follow with various Ogidi groups such as the Olaga, Agbo Olode, Are Iyawo, huntersâ&#x20AC;&#x2122; troupe and others taking the lead. They are soon followed by visiting troupes. Such troupes have in the past included Adunni and Nefertiti, Nigeriaâ&#x20AC;&#x2122;s leading all women folk singers, the Nike Cultural Troupe of the world renowned home girl and icon of art and culture, Chief (Mrs.) Nike Okundaye, the Yeyeoba of Ogidi. Other prominent groups include the Ondo State Cultural Troupe, Ekiti troupe, Epa Masquerade from Iyah-Gbedde, the Swanghe group from Benue State, the Efik and Bini troupes. The climax of the day was

the presentation of the new yam by Nike Okundaye. Nike emerges from the rear with the yam which is wrapped in beautiful attire and was joined by all the cultural troupes in attendance as she make her way in dance and music to the dais where the Oba and the dignitaries are seated in high expectation of that moment. For the community, kudos must go to Nike Okundaye for her efforts in internationalizing the festival. Thus, her friends and associates nationwide and around the world, by her influence, consider Ogidi a must place to be during the festival. The presentation was greeted by ululation among the women. The Oba receives it and begins to pray for his people for long life, prosperity and general wellness. He then proclaims that the people could now begin to consume the new yam as well as bring it to the market for sale. The raising of funds for identified development projects then follows. The projects identified for this year are the supply of an ambulance and power generating set for the Cottage Hospital, completion of water reticulation in the town and the relocation of the Community Hall to make room for its expansion. The community relied on its friends to assist in raising the N250 million budgeted for the projects. For this year's celebration, help came from a Lagos based company; IHS Nigeria, who ahead of Ogidi Day, delivered a 45KVA generator to the hospital as part of its corporate social responsibility project for the year. The traditional ruler also used the occasion to

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The Ologidi of Ogidi and his wives

present chieftaincy titles, mostly to friends of the community who are deemed to be deserving of such honour. On its part, the ODU gave out different categories of awards to deserving sons and daughters of Ogidi as well as non-members of the community. Among those honoured with chieftaincy titles this year were the Managing Director, Explicit Communications Ltd, Lagos, Mr. Tunde Thanni, who was the Chairman of the festival; top executive of Zenith Bank, Mr. Victor Adoji and the Administrator, Ijumu Local Government and Chairman of the Association of Local Governments of Nigeria, Kogi State branch, Alhaji Taufiq Isah. Also a long standing friend of the community and National Publicity Secretary of the Peopleâ&#x20AC;&#x2122;s Democratic Party (PDP) Chief Kola Ologbodiyan was honoured with an Excellence in Service Award by the Ogidi community. Ologbondiyon was the most Honoured Guest at gathering while one of the nationâ&#x20AC;&#x2122;s most seasoned diplomats and immediate past Permanent Secretary, Ministry of Foreign Affairs, Ambassador Sola Enikanolaiye was the special guest of honour. It is also the practice to appoint a Father of the Day for Ogidi Day each year, who embodies the best values of the festival. The Father of the Day this year was the Oliha of Ogidi and Baale of Idawero, Chief Abiodun Ehindero, a retired General Manager with the West African Portland Cement Company Limited (now Lafarge), who has an enviable record of philanthropy and contribution to development efforts in the community. Ehindero, who arrived with his wife, Ibilola from their United States base for the event last week. They did not spare any effort to make the day a great outing. Meanwhile, the reigning Ologidi of Ogidi, Oba Rabiu Oladimeji Sule in an interview with THISDAY said the new yam festival was a time of celebration and thanksgiving to the Creator for the miracle of creation as seen in the turning of slices of yam buried in mounds of earth but which soon sprouts and became whole. According to Oba Sule, the arrival of the new yam signifies a renewal of the covenant of life and its sustenance by the creator. The traditional ruler added that farming involved dangerous encounters with nature and other members of the animal kingdom, many of which are quite unfriendly to man.

The decision to begin the Ogidi Day Festival was taken to draw attention to positive attributes of the town, its vast arable land, rich culture, accommodating nature of the people and the achievements of its sons and daughters in all ďŹ elds of human endeavour

Therefore, ending a farming season successfully with rich harvests of yams, he said, called for celebration and thanksgiving. In the olden days when Ogidi people were idol worshipers and Oluwo was their deity, the Ologidi said all the implements of farm work such as hoes and cutlasses were at the onset of the harvest season, washed, brought home and assembled in a well-appointed corner of the house where they are served with all the food that is prepared on emidin (new yam) day. However, with most of the people now adherents of Christianity and Islam, Oba Oladimeji, himself a Muslim, said such practices had stopped and people now offer their thanks to God according to the established traditions of their different religious faiths. That was the basis on which the Ogidi Day Festival was founded. In addition to celebrating the arrival of the new yam and offering thanks to God for the yield and for preserving their lives, the event has now been expanded to include the promotion the rich culture of the community as well as the mobilization of indigenes and their friends for development activities. The Director-General of the Ogidi Day Festival, Mr. Tunde Ipinmisho, who was the President of the Ogidi Development Union from 2006-2015, while speaking with THISDAY also stated that Ogidi had just emerged from a bitter dispute over succession to the Ologidi stool following the demise of the late Oba Adeyemi Are Jegede. He said the dispute created some wrong impressions about the community and that the decision to begin the Ogidi Day Festival was taken to draw attention to positive attributes of the town, such vast arable land, rich culture, accommodating nature of the people and the achievements of its sons and daughters in all fields of human endeavor. According to him, Ogidi has many sons and daughters to be proud of among them are the late Olympic gold medalist, Sunday Bada; world renowned batik artist, Nike Okundaye; the serving Yobe State Commisioner of Police, Mr. Sumonu Abdulmaliki Adeyemi; the nationâ&#x20AC;&#x2122;s Deputy Commissioner of Insurance, Mr. Olorundare Sunday Thomas; retired Executive Director, Nigerian Breweries Plc Chief Gabriel Bayode Mesaiyete; Mr. Gabriel Obando, a General Manager with the Nigerian National Petroleum Corpration and the Director, Technical Services, National Drug Law Enforcement Agency (NDLEA), Mr. Femi Oloruntoba among others. In addition, Ipinmisho said the community was once strategically located along what used to be the Trunk â&#x20AC;&#x153;Aâ&#x20AC;? Kabba-Owo road, which gave it many advantages in terms of access, trade and commerce. However, with the construction of the new Ipele-Kabba Road which bypassed the town, he said the community had for long been largely isolated. The Ogidi Day Festival, he said was to draw attention to the infrastructure deficit in the town and to get people, who otherwise would not come to Ogidi to visit the community. Also speaking, the National President of the ODU, Mr. Kayode Eniolorunda said the Ogidi Day Festival has played positive roles in the lives of his people. Eniolorunda, who is the Comptroller of Immigration in Edo State,

Mr. Kola Ologbodiyan, the National Publicity Secretary of PDP, being honoured

said the event, apart from drawing national and international attention to Ogidi had also helped in attracting development to the town. Particularly, he said Ogidi Day was helpful in attracting government participation in the construction of the Cottage Hospital in the town and in the completion of a water project initiated in the community over 40 years ago by a Canadian Catholic priest. Eniolorunda said many other projects were already underway in the town which he said would frontally tackle youth unemployment in the town. Such projects, he said include the Ripples Integrated Farm Project for which about 100 hectares of land have been acquired. Others are Mills and Nuts Industry and VV Four Industries, wood and cashew processing concerns for which the Chinese promoter had acquired about 12 hectares of land and in which the installation of machines is progressing. He added that there was also an American group which has acquired vast tracts of land for agriculture, health and educational facilities.

Sidelines of the festival According to him, Ogidi Day usually opens with prayers in all churches and mosques in the community for peace in the land and successful celebration. This is followed by football matches among the youths of the various quarters in the town culminating in the finals of the Ologidi Cup. The eve of Ogidi Day itself begins with a medical outreach which commences at 7am at the Cottage Hospital in the community. For many of the townâ&#x20AC;&#x2122;s folk, Ogidi Day begins and ends with the medical outreach which includes free basic medical tests and the dispensing of over the counter drugs. Tests for blood sugar, hypertension and other diseases are conducted during the programme. The outreach, a collaborative effort between the ODU and a United States based charity, Ripples Foundation, has grown in leaps and bounds since it was first held seven years ago. With Ms. Anne Toba as Global Chief Executive and Mrs. Olufunke Owonubi as head of its

Nigerian operation, Ripples Foundation has since expanded its engagements with the community. For example, the organisation single-handedly provided world class medical equipment for the Ogidi Cottage Hospital at a cost of several millions of Naira. Also, the success of the outreach has attracted further intervention from friends of Ogidi. Last year, Chief Michael Ajayi, the retired General Manager, Public Relations at the Nigerian Ports Authority (NPA) sent a team of ophthalmologists to conduct eye tests in the community following which free eye glasses were given to members of the community. Similar tests have again been conducted this year at the behest of Ajayi, now the General Manager of Agura Hotel, Abujaâ&#x20AC;&#x2122;s pioneer 5-star hospitality facility. The eye glasses were again distributed to the beneficiaries. The expedition to the peak of the Oroke Oda, an imposing mountain overlooking the community like a guardian angel also holds on the eve of Ogidi Day after the medical outreach. This event is particularly popular among the youths and tourists. Ogidi people hold the Oroke Oda in awe and virtually all of them have sentimental attachment to it. It was the observatory from which members of the community watch out for the Nupe invaders during the bitter wars between Ogidi and the Nupe in the 19th century. On sighting the approaching Nupe cavalry, Ogidi watchmen would pass secret signals to their folks who would then take shelter on the many hills and mountains surrounding the town. The way to the peak is winding, treacherous and not for the faint hearted. However, those who are able to brave it are assured of sumptuous meals, barbeques, music and entertainment. Trophies were presented to the oldest climber who makes it first to the peak as well as the first woman to brave it. With all the unification process that the festival bestows on the community, Eniolorunda said in the words of the townâ&#x20AC;&#x2122;s anthem, Ogidi has indeed risen.

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T H I S D AY ˾ MONDAY JULY 23, 2018

63

STATEMENT TO THE NIGERIAN STOCK EXCHANGE AND SHAREHOLDERS ON THE UNAUDITED RESULTS FOR THE PERIOD ENDED JUNE 30, 2018.

CONSOLIDATED & SEPARATE STATEMENT OF COMPREHENSIVE INCOME

CONSOLIDATED & SEPARATE STATEMENT OF FINANCIAL POSITION

For the period ended 30th June 2018

For the period ended 30th June 2018

Group

Company

Group

Company

June

June

June

June

2018

2017

2018

2017

2018

2017

2018

2017

N'000

N'000

N'000

N'000

N'000

N'000

N'000

N'000

Gross Earnings

3,881,023

3,876,115

1,168,017

1,012,441

Investment income Fee and commission income Net trading income Net interest margin Net operating income

1,774,133 930,349 121,213 272,850 3,098,545

2,015,607 842,147 55,270 300,947 3,213,971

530,100 228,992 759,092

173,690 433,246 606,936

758,469 24,009

649,323 12,821

388,331 20,594

405,505 -

Total Revenue

3,881,023

3,876,115

1,168,017

1,012,441

Personnel expenses Other operating expenses Depreciation and amortisation Impairment allowance as a result of application of IFRS 9

(633,696) (726,203) (53,839) (73,623)

(636,904) (809,247) (52,398) -

(158,328) (213,258) (39,386) (3,540)

(218,698) (261,817) (36,129) -

(1,487,361) (1,498,549)

(414,512)

(516,645)

Other income 1HW JDLQV ORVVHV IURP Ã&#x20AC;QDQFLDO assets fair valued through profit or loss

June

Cash and cash equivalents Investments in financial assets Investments in subsidiaries Property, plant and equipment Intangible assets Trade and other receivables Dividend receivable from subsidiaries Deferred tax assets TOTAL ASSETS

(382,986)

(380,410)

(120,561)

(79,327)

PROFIT FOR THE PERIOD

2,010,676

1,997,154

632,945

416,469

TOTAL LIABILITIES

Other comprehensive income, net RI LQFRPH WD[ Items that will not be reclassified subsequently to profit or loss Net fair value loss on investments in equity instruments designated as at FVTOCI

2WKHU FRPSUHKHQVLYH LQFRPH IRU WKH SHULRG QHW RI WD[HV

(96,632)

-

-

-

1,924,046

1,389,089

30,367

53,169

465,955

25,081,054 1,412,838 3,003,858 87,244,678 29,414,020 29,249,603 900,000 900,000 248,155 175,961 168,192 24,736 10,604 16,376 23,530,983 19,582,368 19,371,356 600,000 2,400,000 465,955

134,039

134,039

135,294,072 136,595,561 52,229,830 55,243,424

68,786,515 70,492,088 41,410,827 41,412,677 4,670,460 5,661,473 2,159,140 2,262,424 219 219

41,410,827 41,412,677 526,896 1,808,500 876,077 1,063,309 -

117,027,161 119,828,881

42,813,800 44,284,486

Share capital Share Premium Retained earnings Other reserves

3,000,000 3,000,000 683,611 683,611 12,657,552 14,608,581 1,925,748 (1,525,512)

3,000,000 683,611 5,659,307 73,113

3,000,000 683,611 7,204,066 71,261

TOTAL SHAREHOLDERS FUND

18,266,911 16,766,680

9,416,031

10,958,938

TOTAL LIABILITIES AND SHAREHOLDERS FUND 1,827,414

7RWDO FRPSUHKHQVLYH LQFRPH IRU the period

1,389,089

30,367

53,169

3,386,243

663,312

469,638

3URÃ&#x20AC;W IRU WKH \HDU DWWULEXWDEOH WR Equity holders of the Company

2,010,676

1,997,154

632,945

416,469

Total comprehensive income DWWULEXWDEOH WR Equity holders of the Company

3,838,090

3,386,243

663,312

469,638

34

33

Earnings per share-basic (kobo)

22,608,520 87,903,788 245,034 18,636 24,052,138 -

SHAREHOLDERS FUND

,WHPV WKDW PD\ EH UHFODVVLÃ&#x20AC;HG VXEVHTXHQWO\ WR SURÃ&#x20AC;W RU ORVV Net fair value gain on investments in financial instruments designated as at FVTOCI

December

LIABILITIES

Income tax expense

3URÃ&#x20AC;W EHIRUH LQFRPH WD[

June

ASSETS

Managed funds Other borrowed funds Other liabilities Current tax liabilities Deferred tax liabilities

7RWDO ([SHQVHV

December

11

135,294,072 136,595,561

52,229,830 55,243,424

7

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64

T H I S D AY ˾ ͰͱË&#x153; ͰͮͯͶ

T H I S D AY ˾ MONDAY JULY 23, 2018

65

66

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T H I S D AY ˾ MONDAY JULY 23, 2018

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68

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69

70

MONDAY JULY 23, 2018 Ëž T H I S D AY

FOREIGN/DIPLOMATIC AFFAIRS

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

In Brief Pompeo Follows Up Trump/ Putin Summit On July 21, Secretary Mike Pompeo spoke with Russian Foreign Minister Sergey Lavrov, according to a release on Sunday by State Department spokesperson Heather Nauert. They discussed a broad range of issues, some of which were following up from the meeting between President Trump and President Putin. Among the topics discussed was the fact that Russia had violated its commitment in southwest Syria. The two also discussed how to implement ideas on counterterrorism process coordination and the mutual goal of establishing business-to-business dialogue between private, nongovernmentally controlled entities in each of the two countries. The need for Russia to provide equal diplomatic access to the United States, at a level that is fair and reciprocal, was also discussed.

Israel Evacuates White Helmets Members from Syria

Cameroonâ&#x20AC;&#x2122;s Paul Biya, president since 1982 is seeking another term in October

EPA/Ian Langsdon.

Biya Must Stop the Killings in Cameroon Julius A. Amin

I

spent part of last month in Cameroon travelling to various communities and listening to ordinary voices about the on-going Anglophone crisis. I witnessed the devastating impact of the conflict on people and their community. In city after city, businesses have shut down, night life is almost absent and kids gallivanted the streets instead of going to school. In some places, things had deteriorated to a point that residents sleep on the floor in their homes for fear of stray bullets. Homelessness, previously a rarity, is now a fixture on the urban landscape. And there is an increasing number of â&#x20AC;&#x153;internally displaced personsâ&#x20AC;? â&#x20AC;&#x201C; those who abandoned their homes and communities for safer places. Given the absence of reliable figures, itâ&#x20AC;&#x2122;s impossible to tell the number of people displaced or killed. Armoured vehicles escorted public transportation vehicles between the different cities in the region. Significant parts of the Southwest Region, a vital Anglophone territory, looked deserted. The situation is the result of a peaceful protest started two years ago by teachers and lawyers that turned into a brutal conflict between government forces and those fighting for secession over the marginalisation of Anglophone regions. After two years of brutal conflict, the crisis needs urgent attention. One useful option would be to reschedule the presidential elections recently announced for October 7. Even if that doesnâ&#x20AC;&#x2122;t happen, the Anglophone region needs help now. There will be debates about restoring federalism, and constitutional amendments but immediate relief cannot wait until those issues are all resolved. The killing, displacement, destruction of property and businesses, and capital flight need to stop immediately.

Historical sources Annexed by Germany in 1884, Cameroon remained a German colony until 1916 when Germany was pushed out of the colony. Three years later, it was split into two unequal halves and handed to Britain and France after Germany lost the war. In that division, Britain received one-fifth

of the former German Kamerun, which was a narrow strip of territory stretching from the Atlantic Ocean to Lake Chad. Britain sought to use the Cameroonian territory as a buffer to protect its larger Nigerian colony. The administration of British Southern Cameroons became a â&#x20AC;&#x153;colonyâ&#x20AC;? of Eastern Nigeria. The people were exploited, brutalised, and turned into second class citizens. The Igbos, then labelled as â&#x20AC;&#x153;Black imperialists,â&#x20AC;? were the de facto colonialists of British Southern Cameroons. Their behaviour turned English speaking Cameroonians against any illusion of joining Nigeria when the 1961 plebiscite was organised. On the other side, Ahmadou Ahidjo, Cameroonâ&#x20AC;&#x2122;s first president, launched a pro-reunification campaign in towns in the British Southern Cameroons region. He promised Anglophones equality and respect, insisting that Anglophone Cameroonâ&#x20AC;&#x2122;s political, economic, and social institutions would thrive in a new federal system. In the plebiscite, the people of British Southern Cameroons voted in support of reunification with East Cameroon. The decision was approved by the UN General Assembly. Soon after reunification, Ahidjo began to renege on promises heâ&#x20AC;&#x2122;d made and systematically ignored agreements that had been reached. He finally dealt a crushing blow to the federal system in 1972 when, in a hurriedly organised referendum, he replaced it with a united republic. Over the past nearly 50 years voices of protest have kept reminding the government to keep to its promises to Anglophone Cameroon. Each time the response from the men in YaoundĂŠ was either intimidation, bribery, jail, or sometimes, death. Unaware of changing times, a similar approach was taken to the current crisis when teachers and lawyers went on strike two years ago. They were demanding changes to government policy which increasingly undermined the use of English and Anglophone values in schools and the judicial system.

A Different Time

Government responses included arrest, jail, beatings, and intimidation. Disconnection of the internet in the Anglophone region changed little, as images of police brutality and killings shown on social media became an embarrassment for

the Paul Biya regime, and garnered sympathy for the push for a return to the pre-1972 federal system. The Biya team failed to read the signs of the times. What changed the dynamics of the current protest was social media and the resilience of the young people. Simultaneously, another faction intensified demand for Anglophone Cameroonâ&#x20AC;&#x2122;s complete secession. Leaders of that group formed the Ambazonia Republic, created the Ambazonia Defence Force, and used it to hit back at government forces. A year into the crisis, Biya, reacting to the killing of six military officers in the Anglophone region, declared war on those he termed â&#x20AC;&#x153;separatists,â&#x20AC;? vowing that they would be â&#x20AC;&#x153;eliminatedâ&#x20AC;?. The Ambazonia Defence Force responded that war was made on them by Biya, and raised the stakes, promising to fight to the end. Both sides were now on a collision course, and increasingly, the population felt trapped between the two. Massive casualties have been reported on both sides. Poverty, crime, and despair have reached a new level in the country, and there is no end in sight. Major powers such as the US, China, France and the UK have done little. Cameroonians need to stop looking to these major powers for solutions to the problems. They must realise that only they can solve their problems.

Way Forward

The president needs to go on nationwide television to assure the people that he heard the grievances, call for an immediate ceasefire, and implement immediate relief and recovery programmes. He must also commit to releasing those arrested for exercising their political and freedom of speech rights. The problems are daunting, and the president and his team must mobilise the country to be involved in finding solutions. There should be a public debate on the restoration of a federal system in the country. Leadership alone cannot solve the problems. Each one should be asked to do their part. As I was repeatedly told, â&#x20AC;&#x153;Enough is enough.â&#x20AC;? r"NJO JT 1SPGFTTPS %FQBSUNFOU PG )JTUPSZ 6OJWFSTJUZ PG %BZUPO 0IJP 6OJUFE 4UBUFT

Israel rescued about 800 members of the humanitarian organisation, White Helmets, from Syria overnight Saturday, allowing them across the Syrian-Israeli border and then transporting them to Jordan. The operation was confirmed by both the Israeli army and the Jordanian Foreign Ministry. â&#x20AC;&#x153;Following an Israeli Government directive and at the request of the United States and additional European countries, the IDF recently completed a humanitarian effort to rescue members of a Syrian civil organisation and their families,â&#x20AC;? a statement from the Israeli military said. Prime Minister Benjamin Netanyahu said U.S. President Donald Trump and Canadian Prime Minister Justin Trudeau were two of the Western leaders who asked Israel to help get members of White Helmets out of Syria. â&#x20AC;&#x153;These people who saved lives were now under mortal threat,â&#x20AC;? Netanyahu said in a statement. â&#x20AC;&#x153;I therefore authorised transferring them through Israel to other countries as an important humanitarian measure.â&#x20AC;?

Pakistan Election Candidate Killed In Suicide Attack A suicide bombing killed a candidate in Pakistanâ&#x20AC;&#x2122;s general election in the northwestern town of Dera Ismail Khan, the latest in a series of deadly attacks targeting the polling process, Al Jazeera reported on Sunday. Ikramullah Gandapur was killed after his convoy was attacked in the townâ&#x20AC;&#x2122;s Kulachi area on Sunday, police said. Gandapurâ&#x20AC;&#x2122;s party, the Pakistan Tehreek-e-Insaf, condemned the attack, but campaigning continued ahead of Wednesdayâ&#x20AC;&#x2122;s polls. â&#x20AC;&#x153;Saddened to learn that Ikram Gandapur succumbed to his injuries,â&#x20AC;? tweeted party chief Imran Khan. â&#x20AC;&#x153;My prayers go to his family. May Allah give them the strength to bear this loss.â&#x20AC;? Dera Ismail Khan, located adjacent to the South Waziristan district, which was once a stronghold of the Tehreek-e-Taliban Pakistan (TTP), has seen several such attacks in recent years. â&#x20AC;&#x153;Ikram Gandapur was wanted for having been responsible for the killing of tens of Taliban members,â&#x20AC;? alleged Muhammad Khurasani, a TTP spokesperson, in a statement released to the media.

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Nigeria Loses 3,036MW as Six Power Plants Remain Shut Generation dips to 3,399MW N1.46bn lost in one day Chineme Okafor in Abuja Nigeria loses 3,036 megawatts of electricity as six gas-fired power generation plants have not been able to generate electricity to the national grid as a result of operational challenges and gas supply constraints, a daily operational record for July 21, which THISDAY obtained from the Office of the Vice President, Yemi Osinbajo, has shown. As the power sector contends with the challenges of inadequate supply of gas and other operational challenges, the 11 electricity distribution companies (Discos) yesterday claimed that they lose an average of N48 from every kilowatt hour (kWh) of electricity they distribute because of the nonreview of electricity tariffs in the past 30 months. The power plants, which do not have gas to operate were the 634.5 megawatts (MW) Calabar National Integrated Power Project (NIPP) plant built in the Odukpani area of Cross River State by the Niger Delta Power Holding Limited (NDPHC); 754MW Olorunsogo NIPP plant; and 504MW Alaoji NIPP plant. According to the record, the three plants could not generate 230MW; 360MW; and 360MW respectively. However, the reasons for the shutdown of three other plants 270MW AES power plant; 180MW Rivers IPP and ASCO plant were not stated. Other plants such as the Omoku in Rivers State; Omotosho NIPP in Ondo State; Geregu NIPP in Kogi State; Omotosho II; Olorunsogo in Ogun State; Geregu 1; Afam VI; Azura Edo; Egbin in Lagos State; Delta; Shiroro; and Jebba had challenges of gas, and water, as well as frequency constraints. For the period under consideration, the record indicated that these constraints prevented the generation of 3,036MW of power, while only 3,399MW was available to the grid.

It further explained that 1,664MW was not generated due to unavailability of gas, 1,293MW due to frequency constraints, 39.4MW due to unavailability of transmission infrastructure, and 40MW due to water management issues. Further the record showed that for the period, Delta; Egbin; Shiroro; Azura Edo; Afam VI; Geregu; Olorunsogo; and Omotosho NIPP plants could not generate 431.25MW; 445.66MW; 230MW; 211MW; 225MW; 168MW; 140MW; and 120MW respectively because of frequency constraints. Also, the Jebba power plant could not generate 40MW because of water management, while Olorunsogo; Omotosho; Geregu and Omotosho NIPPs lost 152MW; 152MW; 145MW; and 120MW respectively on account of gas constraints even though they were operational. Equally, Ibom power plant could not generate 39.4MW because of line constraints. “On July 21, 2018, average power sent out was 3,399MWh/ hour - down by 81MWh/h from the previous day. 1,664MW was not generated due to unavailability of gas. 39.4MW was not generated due to unavailability of transmission infrastructure, while 1,293MW was not generated due to high frequency resulting from unavailability of distribution infrastructure. 40MW was recorded as losses due to water management. The power sector lost an estimated N1, 457,000,000 on July 21, 2018 due to insufficient gas supply, distribution infrastructure and transmission infrastructure,” said the report. It further explained: “On July 20, 2018, average power sent out was 3,480MWh/hour - down by 381.22MWh/h from the previous day. 1,626MW was not generated due to unavailability of gas. 196.6MW was not generated due to high frequency resulting from unavailability of distribution infrastructure. 160MW was recorded as losses due to water management.

Four Killed as Cult Groups Clash in Kogi Yekini Jimoh in Lokoja Four persons were confirmed dead at Idah in Kogi State, following a clash among two cult groups over the weekend. THISDAY gathered that the incident occurred when the two rival cult groups clashed at about 10p.m on Friday, leading to the killing of four persons. Source close to the Federal Polytechnic Idah disclosed to THISDAY that some members of the cultists were from the school, while other members came from another institution outside the state. The source stated that dangerous weapons such as guns, charms and cutlasses were used among the cultists freely during the clash. The source added that the four persons died on the spot as people were afraid to come out at that time to carry them to the hospital. However, the Chairman of the Kogi State chapter of Ukomu Igala Organisation, Prince in a statement issued yesterday in Lokoja, has condemned the recent spate of killings in Idah, Idah Local Government Area (LGA) and its environs. According to the statement, apart from cult killings and sponsored assassinations, there

was a recent clash between rival cult groups, which led to the death of four young men in Idah and described the trend as worrisome. The statement noted that the people of the community are living in fear as a result of the gruesome murder of Director of Works at the Federal Polytechnic Idah, Mr. Solomon Ayegba Sani by unknown gunmen. The statement added that a trader was robbed of money and other valuables and killed recently in front of the polytechnic. The statement, which explained that the development was not acceptable as it was alien to the people, called on security agencies in the state to address the ugly situation. The organisation also urged security agencies to deploy more personnel to the area and called on the traditional and religious leaders as well as well-meaning individuals to intervene. Meanwhile, all efforts to speak with the Police Public Relation Officer (PPPRO) of the Kogi State Police Command, Mr. William Ayah, on the killing of the four persons failed, as he refused to take his calls.

“The power sector lost an estimated N1,432,000,000 on July 20, 2018 due to insufficient gas supply, distribution infrastructure and transmission infrastructure. The dominant constraint on July 20, 2018 remained unavailability of gas - constraining a total of 1,626MW from being available on the grid.” Meanwhile, the 11 electricity distribution companies (Discos) yesterday claimed that they lose an average of N48 from every kilowatt hour (kWh) of electricity they distribute because of the nonreview of electricity tariffs in the past 30 months. According to a statement

from their umbrella body – the Association of Nigerian Electricity Distributors (ANED) – in Abuja, the loss started from February 2016. ANED said the suspension of the review of tariffs, which ought to be done every six months by the Nigerian Electricity Regulatory Commission (NERC), had added to the performance issues in the sector it described as being capitalintensive. “Through the regulatory and policy actions that have been principally driven by the minister, the Discos have been forced to sell their product which should retail for an average retail tariff that is more than N80/kWh, at an average

retail price of N32/kWh,” ANED said in the statement. It further claimed that a government agency like the Rural Electrification Agency (REA) was using tax payers’ funds to do three megawatts (MW) project in Sokoto at $5.6 million per megawatts; and $2.02 million for a two megawatts project in Anambra. “It is remarkable because the government has robustly challenged, as exorbitant, the proposed price of $1.5m/MW put forward by power developers from the private sector and sought a reduction of same,” the Discos claimed. “While we acknowledge and are

sympathetic to the government’s challenge of maintaining the balance between the myriad of its obligations and its fiscal constraints, continued failure to address this pricing gap means that we will only arrive at, and continue to exist in our current situation - N1.3 trillion of market shortfall and growing; absence of the pricing signal that will grow electricity supply along the NESI value chain,” the Discos added. ANED said Nigerians were not getting value for taxpayers’ funds being channelled to misguided projects by REA, and the Transmission Company of Nigeria (TCN).

COURTESY VISIT

L-R: Former Minister of Water Resources, Mrs. Sarah Reng Ochekpe; Bayelsa State Governor, Mr. Seriake Henry Dickson; Governor of Osun State, Rauf Aregbesola; former Governor of Niger State, Alhaji Mu’azu Babangida Aliyu, during a courtesy visit at the Government House in Osogbo, Osun State... yesterday

JAMB Remits Another N7.8bn to FG The Joint Admissions and Matriculation Board (JAMB) has said it has remitted another N7.8 billion to the federal government. The board’s Head, Media and Information, Fabian Benjamin, made this known to the News Agency of Nigeria (NAN) yesterday in Lagos. According to him, the board had planned to remit the amount as surplus to the federal government as was done in 2017. Benjamin said the amount was the surplus generated from the conduct of the board’s 2018 Unified Tertiary Matriculation Examination (UTME). “However, government in its

magnanimity, graciously directed that we remit about N5.6 billion and use the balance for restructuring of the board’s headquarters to meet up with its international status. “We, therefore, want to appreciate the governing board of JAMB led by Dr. Emmanuel Ndukwe for the tremendous support in ensuring that the current administration’s vision of transparency and accountability as fully embraced by JAMB is sustained. “The Ndukwe-led board had, within its short period of inauguration, contributed immensely in some ground breaking innovations.

“One of such innovations is the quick remittance of the 2018 surplus. Whatever candidates pay for JAMB’s examination is a trust and must be accounted for. “The board, though not a revenue generating agency, will continue to be judicious with resources at its disposal,” he said. Benjamin said cumulatively and technically, the board had remitted a total of N15.6 billion in less than two years. “The board is thinking of how to ensure that candidates benefited from the surplus. “We are currently looking at a number of ways to enhance the

conduct of the examination where candidates will benefit by way of conducive environment in writing the examination. “We are also looking at putting more mechanism in place that will ensure absolute equity and fairness in the selection of candidates through enhanced technology as currently being done by the Central Admission Process Selection (CAPS),” he said. Benjamin said the board was set to acquire cutting edge technology to give candidates the best registration procedure, examination and a more improved selection process.

Fayemi Urges Fayose to Set Aside N5.5bn June Allocation to Pay Salaries Workers, CNPP issue 14-day ultimatum over salary Victor Ogunje in Ado Ekiti The Ekiti State Governor-Elect, Dr. Kayode Fayemi, has asked the outgoing Governor, Mr. Ayodele Fayose, to set aside the June 2018 federal allocation of N5.52 billion for the payment of salaries and other entitlements of workers. A statement by Fayemi’s Media Director, Wole Olujobi, said that henceforth, Fayose must make accountability and human face critical factors in the policies of his administration. He said the usual practice by the governor to collect federal

allocations and call stakeholders meetings to deceive Ekiti people on the sharing formula between the state and local governments would no longer be acceptable. “But we want to say that the state has received N5.52 billion fresh June federal allocation and we demand that the money be spent to pay salary, and should not be subjected to the circus of lies and deceits that often accompanied the sharing of the allocations in the past whereby local governments were given their shares in the morning and in the night they would be coerced to return the money to

the governor’s office while local governments workers remained unpaid for nine months. Fresh reports on the status of the state’s internally generated revenue (IGR) have indicated that between October 16, 2014 to date, the state has a revenue profile of N34,560,000,000 kept in secret accounts in one old generation bank account and another new generation bank account, yet there is nothing to suggest that the money was spent for the benefit of Ekiti people,” he explained. Meanwhile, workers of the state have issued a 14-day ultimatum to

Fayose to pay all arrears of salaries and pensions of retirees. Acting under the aegis of Ekiti State organised labour, said the Fayose government must clear all arrears of workers’ entitlements before a new government takes office on October 16. Also, the Conference of Nigerian Political Party (CNPP), Ekiti State chapter, has cautioned the civil servants in the state not to be part of alleged altering of official documents in a desperate attempt by Fayose to cover up some of the shoddy deals embarked upon by his administration.

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PDP’s Haunted by Past Misdeeds, Says Oshiomhole Yari submits Osun primary report Onyebuchi Ezigbo in Abuja The National Chairman of the All Progressives Congress (APC), Mr. Adams Oshiomhole, has dismissed the reported threat by the Peoples Democratic Party (PDP) that it

might boycott the next year’s general elections as irrelevant and an indication that the party was being haunted by its past misdeeds, where it treated electoral contest as a do or die affair. This is coming as the Chairman

Senator: Why State Police Bill will Fail in Senate The Chairman, Senate Committee on Police Affairs, Abu Ibrahim, said the fear of indiscriminate arrest and detention by state governors may kill passage of the State and Community Police Bill. Ibrahim, who made this known in an interview with journalists in Abuja, said the bill which had passed first reading in Senate, may not get two third majority to allow for a third reading and passage. He said while lawmakers from some parts of the country may vote in favour of the bill because of their control system, others may not for fear of abuse. “My fear is the required numbers. The disagreement between the national assembly members and governors may kill it. “This is because I know many senators and House of Representatives members think that if state governors get state police, they can trample on them, arrest and detain them. “From my assessment, there is no way it will get two thirds in the National Assembly. “Probably the bulk of Southwest senators will go for it because in the area, there is some control and there is synergy because of the control system. “I do not want to mention

names but there are states that there is no way they will vote for its passage. “From the way I see it, nine states out of 37 will not vote for it. But let us see how it goes,” he said. On whether or not there is merit in the clamour for state and community police, the lawmaker said if passed and signed into law, it would help in tackling security challenges in the country. However, he said, besides the fear of intimidation and abuse, there were other factors that may not allow the structure to work effectively. According to him, basically, the problem with the police is funding. “If you create state police, will you get a better funding? These are the things we should ask ourselves. “What are the main reasons for failure of the federal police system if it is regarded as failure. The reason is lack of funding. “You give Nigeria Police N20 billion as budgetary allocation when they require about N300 billion. “Even the N20 billion is not fully released. It is sometimes between 40 per cent and 50 per cent.

Bindow Denies Link With Atiku’s Rally Governor Muhammadu Bindow of Adamawa State has described as “malicious and false” an online report alleging that he gave N70 million to the organisers of Saturday’s rally in Yola, the state capital, by a former Vice President, Atiku Abubakar, who is a presidential aspirant of the Peoples Democratic Party (PDP). Bindow in a statement yesterday by his Special Adviser, Press and Media Affairs, Mr. Martins Dickson, said the report trying to portray him as engaging in anti-party activities was cheap blackmail by those worried over his rising profile and that of APC

in the state. “The publication is false, malicious, misleading and an attempt to mask the rising profile, good virtues and sacrifice of Bindow in upholding and promoting APC as the most popular party in Adamawa. “The authors of the fabricated lies have run out of substance with which to discredit him and have resorted to cheap blackmail and childish stories.” The statement, according to the News Agency of Nigeria (NAN), urged journalists and the media to always strive to verify their facts and be professional in their operation.

Osun Guber: Ekundayo Emerges APP Candidate Yinka kolawole in Osogbo The Action Peoples Party (APP) in Osun State has elected Ekundayo Precious Ademola, as its candidate for the September 22, governorship election in the state. Ekundayo, who emerged through consensus arrangement at the party’s governorship primary election held in Osogbo at the weekend was supported by all the delegates from the 30 Local Government Areas of the state and the Area Office. The election monitored by officials of the Independent National Electoral Commission (INEC) and observed by security operatives was conducted by national officers of the

party. Members of the APP who converged on Zaso hotel, Osogbo, venue of the election unanimously pulled their weight behind the candidature of Ekundayo. Ekundayo, a former state chairman of the Parents Teachers Association (PTA) was untill recently a cheiftain of the All Progressives Congress (APC). The governorship hopeful hails from Ofatedo in Egbedore Local Government Area of Osun West senatorial district of the state. In his acceptance speech, Ekundayo, promised to abolish poverty in the state if voted as the next governor of the state.

of the Osun APC Primary Election Committee and Governor of Zamfara State, Abdulaziz Yari, has submitted the report of the election to Oshiomhole. Speaking on Saturday night at the party headquarters in Abuja while receiving the report of the primary election, Oshiomhole described the move by the PDP as akin to that of “a rabbit jumping out of a hole in the afternoon because a hunter has come to put fire to smoke it out”. “We know that it has already seen its end. So, I think that they are haunted by own forces and because they have taken election matters as if it is a do- or -die affair and they perfected the language of rig them out and let them go to court; now their rigging machine has been destroyed, how can they

survive without it,” he added. Oshiomhole who insisted that the APC would not be intimidated by the threat of the PDP, said the ruling party was committed to the sustenance of democracy and the sanity of ‘one man, one vote’. He also boasted that if the APC could defeat the PDP while it still held power in 2015, it would repeat the feat now that PDP is out of office and divided. “We are not like them; we have worked hard to defeat the PDP. If we were able to defeat the PDP while they were in power, when they do not have factions, when all the founding fathers and founding mothers were in the house, we defeated them and the Nigerian people rejected them on account of 16 years of absolute misrule at the peak of our prosperity as a nation; if with all those huge revenues that

accrued to them people still complain of bad rule, whether from the North or South, they have nothing new to offer to Nigerians,” he said. “The glue that held them together which was cheap money from the federal treasury has been cut off. What they now have, they will be chewing all day, all night and that it is almost three and half years they were out of power, now they are worried how they can sustain power,” he added. He said nobody should threaten democracy,adding that Nigerians have accepted it, bought into it, have shown their belief in it by the sheer number of people that voted in the last time. He added, “This has shown that beyond political parties, Nigerians are committed to the sustenance of democracy. This democracy is not at the mercy of any particular political party. We will not be intimidated

and we are committed to one man, one vote, we will sustain it. That is the way to go.” While commenting on the outcome of Osun governorship primary election, Oshiomhole said he was very excited at the success recorded by the party in use of direct voting method. He however, said that any of the aspirants who was not satisfied with the outcome, would have the opportunity to present such complaint before a three- man appeal panel on beginning sitting today. According to the APC chairman, over 200,000 party members participated in in the exercise, adding that there is every likelihood that these members will act as canvassers for the party’s candidate for him to emerge victorious.

WELCOME ON BOARD

L-R: Newly- elected Vice President, Association of Advertising Agencies of Nigeria (AAAN), Mr. Steve Babaeko; immediate past President, Mr. Kayode Oluwasona; newly- elected President; Mr. Ikechi Odigbo; AAAN Trustees, Steve Omojafor; Mrs. Bola Thomas; and Mr. Lolu Akinwunmi; and AAAN past President, Mr. Rufai Ladipo, at the 45th AAAN Annual General Meeting/Congress in Abeokuta, Ogun State… recently

Apapa Gridlock: Ambode Extends Operation to 48 Hours The Lagos State Governor, Akinwunmi Ambode, has extended the operation of the operation of the Joint Task Force set up by the state government to remove all containerised trucks and tankers parked along the Oshodi-Apapa Expressway, which has already opened up the service lane in the axis. Speaking with reporters after inspecting the progress of the operation in company of the heads of security agencies and other stakeholders, the state Commissioner for Transportation, Mr. Ladi Lawanson, said it was

gratifying to report that the task force was able to free the road from Toyota to Mile 2 in a rigorous operation which lasted for 72 hours between Friday and Sunday. He said to build on the gains so far recorded, Ambode had already extended the operation of the task force for another 48 hours, while he would also host a meeting involving all the stakeholders in Alausa today to come up with lasting solution to the menace. He said: “Tomorrow (today), the governor is engaging all the stakeholders further to his interventions through the

palliative measures that the state Commissioner of Police, Imohimi Edgal is implementing to come up with lasting solutions. “The governor will specifically be meeting with the Nigeria Ports Authority (NPA), shippers council, tank farm owners, Department of Petroleum Resources (DPR), among others because that is where the problem is really emanating from. “What we are doing now are just palliative measures and we have to solve the problem from the source. Even though this is not within the governor’s jurisdiction but he is adopting a collaborative

approach with these agencies of the federal government which are the root cause of the problem to look for a medium to long term solutions in support of the palliative measure that the governor has started,” Lawanson said. Giving details on the operation, Commissioner for Information and Strategy, Mr. Kehinde Bamigbetan, said over 2,000 articulated vehicles were removed from the road including Oshodi-Apapa Expressway, Funsho Williams Avenue and Mile 2-Orile Road and taken to seven designated holding bays.

Again, Otti Seeks Abia Guber Seat, Gives Ikpeazu Quit Notice Emmanuel Ugwu in Umuahia The leader of the All Progressives Grand Alliance (APGA) in Abia State, Mr. Alex Otti, has formally declared his intention to once again, seek to become the governor of God’s own state, saying that the incumbent, Dr. Okezie Ikpeazu, has nothing to offer and should prepare to leave the government house in 2019. He declared his renewed ambition at the weekend to a large crowd of supporters, party members, leaders and stakeholders that gathered to grace the event at Ngwa High School Aba where,

incidentally Otti had his secondary education. Otti was APGA’s governorship standard bearer in the 2015 general election and almost realised his ambition but for the Supreme Court which saved Ikpeazu at the last frontline of the legal battle that ensued after Otti and his party claimed his “mandate was stolen”. But despite the 2015 disappointment, the former bank boss said he was not done yet in his mission “to rescue Abia State” noting that he was poised to “reclaim the mandate you gave me in 2015, which according to him, was lost in “a daylight robbery”.

“I invited you to tell you that come 2019, I’m offering myself again to reclaim the mandate you gave me in 2015,” he announced to his supporters and party chieftains, including BoT members. Otti explained that he decided to throw his hat in the ring once again because Abia was still in crying need of the right leader to take it out of the woods and direct the state to the proper course of development. “I came out in 2015 to rescue our people from the pharaohs of Abia and since the pharaohs are still there, I won’t retreat and I won’t surrender,” he asserted, adding,

“In 2019, Abia State will be freed from bondage by fire or by force. We can’t go to sleep”. He noted that Abia has been grappling with development challenges but when an opportunity came in 1999 at the inception of the present democratic dispensation “we lost it” because the state was entrusted into the hands of predators. According to him, with the mistake of giving leadership to a wrong person, no solid foundation was laid for the development of God’s own state and the situation has remained the same till the present administration.

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RETURNS ON UTILIZATION OF FUNDS SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 20th-JULY 2018 This publication: Mandated by the Central Bank of Nigeria (CBN)

BANK: ECOBANK NIGERIA LIMITED SN CUSTOMER 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39

S.C JOHNSON AND SON NIGERIA LIMITED RICHYGOLD INTL LTD DAG INDUSTRIES NIGERIA LTD EKO SUPREME RESOURCES NIGERIA LIMI RAGI INDUSTRIES LIMITED SHALINA HEALTHCARE NIGERIA LTD AMARILO PLASTICS LIMITED CROWN FLOUR MILLS LIMITED IRON PRODUCTS INDUSTRIES LIMITED GRITCO NIGERIA LIMITED DANGOTE FLOUR MILLS PLC GODREJ NIGERIA LIMITED MODEL STEEL INDUSTRIES LTD TOMBO INDUSTRIES LIMITED SARO AGROSCIENCE LIMITED MULTI-CHEM INDUSTRIES LTD SKYCHEM INDUSTRIES LIMITED MEGACHEM NIGERIA LTD ANDYCOM TELECOMMUNICATIONS LTD EKO SUPREME RESOURCES NIGERIA LIMI EKO SUPREME RESOURCES NIGERIA LIMI NATURAL PRIME RESOURCES NIGERIA LI REGAL CHEM NIGERIA LIMITED REGAL CHEM NIGERIA LIMITED REGAL CHEM NIGERIA LIMITED REGAL CHEM NIGERIA LIMITED REGAL CHEM NIGERIA LIMITED REGATTA INDUSTRIES LIMITED REGATTA INDUSTRIES LIMITED REGATTA INDUSTRIES LIMITED REGATTA INDUSTRIES LIMITED REGATTA INDUSTRIES LIMITED REGATTA INDUSTRIES LIMITED REGATTA INDUSTRIES LIMITED BOND CHEMICAL INDUSTRIES LTD JUBAILI BROS NIGERIA LIMITED LAWAL COMRADE NIGERIA LIMITED IDDO PLASTICS LIMITED PANGEA INDUSTRIES LIMITED

ITEM OF IMPORT

GLADE I LOVE YOU, GLADE JASMINE AND GLADE LAVENDER IMPORTATION OF PHARMACEUTICAL RAW MATERIAL BAJAJ BOXER - BM100CC MOTORCYCLE IN CKD PACKED CONDITION INVERTER BRAND: ABB TYPE: ACS550 75KW INDUSTRIAL RAW MATERIALS - STYRENE ACRYLONITRILE (SAN) COPOLYMER (REVACRYL AE 4620 JA) MEDICINE PURCHASE OF RAW MATERIALS ( PVC SUSPENSION RESIN) RUSSIA MILLING WHEAT - 10,000 M.TONS RAW MATERIAL FOR MANUFACTURING: HOT ROLLED STEEL CHANNELS TO IMPORT 26 TONS OF LG- 25 AMASTEEL GRIT 1,040/25,000 KG M-BAGS 25KG + EURO 27,000MT +/- 10 PERCENT OF RUSSIAN WHEAT, IN BULK SODIUM PALMITATE HOT ROLLED STEEL SHEETS TO IMPORT CHEMICALS FOR INDUSTRIAL MANAFACTURING AGRICULTURAL HERBICIDES INDUSTRIAL RAW MATERIALS - REFINED GLYCERINE 99.7% MIN. USP GRADE IMPORT OF INDUSTRIAL RAW MATERIAL - CRUDE DENATURED ETHYL ALCOHOL IMPORTATION OF ASCORBIC ACID POWDER BP/USP IMPORTATION OF PANASONIC TELEPHONES AND ACCESORIES SODA ASH LIGHT SODIUM CARBONATE (DENS) TINOPAL CBS-X(OB) TOTALASE WIN (ENZYME) ODORIFEROUS SUBSTANCE SPECKLES SODIUM CARBONATE (DENS) RAW MATERIAL IMPORT - PVC RAW MATERIAL IMPORT PP RANDOM RAW MATERIAL IMPORT - PVC RAW MATERIAL IMPORT - PP HOMOPOLYMER RAW MATERIAL IMPORT - FBB RAW MATERIAL IMPORT - CYCLOHEXANONE RAW MATERIAL IMPORT - PARAFFIN OIL IMPORT OF INDUSTRIAL RAW MATERIAL - PARAFFIN WAX IMPORT OF INDUSTRIAL RAW MATERIAL - ETHYL ACETATE IMPORT OFINDUSTRIAL RAW MATERIAL - IPEA IMPORT OF INDUSTRIAL RAW MATERIAL - STEARIC ACID RAW MATERIAL IMPORTS - CAUSTIC SODA IMPORTATION OF PHARMACEUTICAL RAW MATERIAL & PACKING MATERIAL PERKINS ENGINE FOR GENERATOR ASSEMBLY IMPORTATIONOF STAINLESS STEEL SURFACE FINISH IMPORT OF RAW MATERIALS IMPORT OF TESTLINER / FLUTING FLEXENCLOSURE INTEGRATED UNINTERRUPTIBLE POWER SUPPLY SYSTEM CONS40 M-P INFRASTRUCTURE LIMITED ITING: eSITE K12 UPS MAIN MODULE, eSITE UPS POWER PACK, POLYCRYSTALLINE SOLAR PV PANELS(300Wp) FLEXENCLOSURE INTEGRATED UNINTERRUPTIBLE POWER SUPPLY SYSTEM CONS41 M-P INFRASTRUCTURE LIMITED ITING: eSITE K12 UPS MAIN MODULE, eSITE UPS POWER PACK, POLYCRYSTALLINE SOLAR PV PANELS(300Wp) 42 ABAYOMI OLATUNDE OLUPELUWA BTA PTA 43 ABAYOMI OLATUNDE OLUPELUWA BTA PTA 44 ADENIYI-JONES BABAJIDE RAYMOND BTA PTA 45 OKIGBO LINDA NNANDO RENEE BTA PTA 46 DADA ELIZABETH OLUSOLA BTA PTA 47 HARRY WILSON KITCHNER BTA PTA 48 HARRY ANGELA BTA PTA 49 FAKUNLE IFEOLUWA Moyosoreoluwa AYOMIDE BTA PTA 50 FAJEMISIN ABIMBOLA BTA PTA 51 OBASANYA SIMISOLA T BTA PTA 52 ABIODUN TAIWO ISAAC BTA PTA 53 THEO NNODU OKOYE BTA PTA 54 IZUWA CHIDI KENNEDY BTA PTA 55 AJADI CHINYERE CECILIA BTA PTA 56 WILLIAMS GLORIA TAMUNOINUOMIE BTA PTA 57 POPOOLA OLUKEMI ABINBOLA IRENE BTA PTA 58 GBELEYI JANET ADERIKE BTA PTA 59 IMAFIDON STEVE BTA PTA 60 OJO YINUSA KOLAWOLE BTA PTA 61 ISEL AGATHA ANWULI BTA PTA 62 ADEYEMI EBUNOLUWA BTA PTA 63 BALOGUN AINA MARIAM BTA PTA 64 ANENE MADUKA EMMA EDUCATION 65 UKO ADETOKUNBO EDUCATION 66 KALU IKECHUKWU INNOCENT EDUCATION 67 ANENE MADUKA EMMA EDUCATION 68 UKO ADETOKUNBO EDUCATION 69 KALU IKECHUKWU INNOCENT EDUCATION 70 BLESSED PROSPER NIGERIA LIMITED AOTO INJECTOR 71 BLESSED UBANWA SUCCESS LIMITED TIGER HEAD BRAND PAPER JACKET DRY BATTERY 72 RESOURCEFUL ENKAY LTD TIGER HEAD BRAND PAPER JACKET DRY BATTERY 73 DURO EMMANUEL LEONARD ADEMUYIWA BTA PTA 74 PEREIRA THEODORA OLUYINKA BTA PTA 75 PEREIRA THEODORA OLUYINKA BTA PTA 76 EMMANUEL FRANCESCA YETUNDE BTA PTA 77 MADUBUKO NWAKOLAM ADAMMA BTA PTA 78 AMAKEZE EVELYN BTA PTA 79 ADIE MARY OCHUOLE BTA PTA 80 ONEBUNNE MARTIN OKWUDILI BTA PTA 81 AROLASAFE GBEMIGA BAMIDELE BTA PTA 82 UKO JOY IMAOBONG BTA PTA 83 OYEKAN OLUFUNLOLA ABIMBOLA BTA PTA 84 ERHIANO PATIENCE OVONIMO BTA PTA 85 ERHIANO VICTOR OGHENEBRORHIE BTA PTA 86 OKOLI IFEYINWA SANDRA BTA PTA 87 FAFUNMI OLABISI OLUWAKEMI BTA PTA 88 SHOLOLA JANET BAMIDELE BTA PTA 89 TOYE -AKINDELE FRANCISCA IBIDUN BTA PTA 90 IMAM GARBA YUSUF EDUCATION 91 IMAM GARBA YUSUF EDUCATION 92 IMAM GARBA YUSUF EDUCATION 93 IGBINIGUN RACHEAL EDUCATION 94 KALU IKECHUKWU INNOCENT EDUCATION 95 AMIWERO MICHAEL ABIYE EDUCATION 96 FAWEHINMI OLATUNJI BOLU EDUCATION 97 IMAM GARBA YUSUF EDUCATION 98 IMAM GARBA YUSUF EDUCATION 99 IMAM GARBA YUSUF EDUCATION 100 IGBINIGUN RACHEAL EDUCATION 101 KALU IKECHUKWU INNOCENT EDUCATION 102 AMIWERO MICHAEL ABIYE EDUCATION 103 FAWEHINMI OLATUNJI BOLU EDUCATION 104 INT TOWERS LIMITED TELECOMMUNICATION EQUIPMENT 105 INT TOWERS LIMITED TELECOMMUNICATION EQUIPMENT 14 METER TOWER WITH ACWL, AND 3 GSM ANTENNA BRACKET + 1MW ANTENNA 106 INT TOWERS LIMITED BRACKET, BATTERY - 2V 410AH, SOLAR PANEL 320 WATT , FENCE SET OF 5M X 5M, SOLAR CONTROLLER , BATTERY CABINET, 107 ECOBANK NIGERIA LIMITED CBN INTERVENTION 108 DE-YOUNG DYIKE GENUINE MOTORCYCLE P BICYCLE CHAIN 109 UMBRELLA INTL TRADING CO LTD BULBS(BRAND: PILLA) 110 FRANKENSTEIN INNOVATORS LIMITED IMPORTATION OF ELECTRICALS AND ELECTRONICS 111 MANTRAC NIGERIA LIMITED COMAP CONTROLLER AND COMMUNICATION CARDS 112 MANTRAC NIGERIA LIMITED DSE CONTROLLERS AND DSE BATTERY CHARGES 113 MANTRAC NIGERIA LIMITED GAVE ATS SWITCH CONTROLLERS 114 MANTRAC NIGERIA LIMITED VARIOUS OLYMPIAN DIESEL GENERATOR SETS 115 MANTRAC NIGERIA LIMITED PROGRAMMABLE CONTROLLER TERMINAL BLOCKS 116 MANTRAC NIGERIA LIMITED COMAP CONTROLLER AND COMMUNICATION CARDS 117 MANTRAC NIGERIA LIMITED -2X VENTILATION FAN 118 AMARILO PLASTICS LIMITED PAYMENT FOR RAW MATERIALS 119 CKS INTERNATIONAL LIMITED ESSENTIAL RAW MATERIALS (MSG) FOR SEASONING 120 IRON PRODUCTS INDUSTRIES LIMITED RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL:BEAMS 121 S.C JOHNSON AND SON NIGERIA LIMITED GLADE I LOVE YOU, GLADE JASMINE AND GLADE LAVENDER 122 GLOBAL MANUFACTURING ALLIANCE AND STYRENE ACRYLIC

DATE OF EX- AMOUNT FUND CHANGE PURCHASE RATE 16-Jul-18 333.50 66,000.00 16-Jul-18 335.50 26,000.00 16-Jul-18 335.50 230,000.00 16-Jul-18 330.50 2,500.00 16-Jul-18 335.50 9,509.28 16-Jul-18 336.50 11,000.00 16-Jul-18 336.50 2,000.00 16-Jul-18 336.50 1,000,000.00 16-Jul-18 335.50 40,000.00 16-Jul-18 336.50 10,000.00 16-Jul-18 335.00 270,650.00 16-Jul-18 335.50 30,000.00 16-Jul-18 335.50 133,000.00 16-Jul-18 336.50 30,000.00 16-Jul-18 335.00 509,856.00 16-Jul-18 338.50 26,000.00 16-Jul-18 336.50 33,000.00 16-Jul-18 338.00 21,000.00 16-Jul-18 336.50 19,000.00 16-Jul-18 330.50 60,000.00 16-Jul-18 330.50 14,000.00 16-Jul-18 330.50 53,000.00 16-Jul-18 336.50 70,000.00 16-Jul-18 336.50 41,000.00 16-Jul-18 336.50 221,400.00 16-Jul-18 336.50 848.15 16-Jul-18 336.50 135,625.00 16-Jul-18 336.50 81,510.00 16-Jul-18 336.50 106,000.00 16-Jul-18 336.50 240,000.00 16-Jul-18 336.50 191,520.00 16-Jul-18 336.50 122,880.00 16-Jul-18 336.50 136,000.00 16-Jul-18 336.50 191,698.00 16-Jul-18 336.50 58,000.00 16-Jul-18 338.50 50,000.00 16-Jul-18 337.00 9,000.00 16-Jul-18 336.50 31,000.00 16-Jul-18 336.50 14,000.00 16-Jul-18

336.00

13,300.65

16-Jul-18

336.00

132,439.72

16-Jul-18 16-Jul-18 16-Jul-18 16-Jul-18 16-Jul-18 16-Jul-18 16-Jul-18 16-Jul-18 16-Jul-18 16-Jul-18 16-Jul-18 16-Jul-18 16-Jul-18 16-Jul-18 16-Jul-18 16-Jul-18 16-Jul-18 16-Jul-18 16-Jul-18 16-Jul-18 16-Jul-18 16-Jul-18 16-Jul-18 16-Jul-18 16-Jul-18 16-Jul-18 16-Jul-18 16-Jul-18 16-Jul-18 16-Jul-18 16-Jul-18 17-Jul-18 17-Jul-18 17-Jul-18 17-Jul-18 17-Jul-18 17-Jul-18 17-Jul-18 17-Jul-18 17-Jul-18 17-Jul-18 17-Jul-18 17-Jul-18 17-Jul-18 17-Jul-18 17-Jul-18 17-Jul-18 17-Jul-18 17-Jul-18 17-Jul-18 17-Jul-18 17-Jul-18 17-Jul-18 17-Jul-18 17-Jul-18 17-Jul-18 17-Jul-18 17-Jul-18 17-Jul-18 17-Jul-18 17-Jul-18 17-Jul-18 17-Jul-18 17-Jul-18

360.00 2,000.00 360.00 1,328.70 360.00 4,000.00 360.00 4,000.00 360.00 4,000.00 360.00 3,000.00 360.00 3,800.00 360.00 3,986.10 360.00 4,000.00 360.00 1,129.40 360.00 551.78 360.00 3,986.10 360.00 2,000.00 360.00 3,986.10 360.00 3,600.00 360.00 4,000.00 360.00 3,993.54 360.00 3,000.00 360.00 4,000.00 360.00 3,492.70 360.00 3,000.00 360.00 1,000.00 360.00 12,583.78 360.00 3,808.07 360.00 778.74 360.00 12,583.78 360.00 3,808.07 360.00 778.74 360.00 15,000.00 360.00 20,000.00 360.00 20,000.00 360.00 3,994.44 360.00 3,299.24 360.00 500.00 360.00 3,994.44 360.00 500.00 360.00 4,000.00 360.00 3,990.60 360.00 4,000.00 360.00 4,000.00 360.00 4,000.00 360.00 3,990.60 360.00 4,000.00 360.00 4,000.00 360.00 2,657.40 360.00 3,000.00 360.00 2,000.00 360.00 1,130.67 363.00 15,856.68 363.00 15,145.50 360.00 11,391.70 360.00 4,690.70 360.00 1,020.00 360.00 13,992.23 360.00 400.00 363.00 15,856.68 363.00 15,145.50 360.00 11,391.70 360.00 4,690.70 360.00 1,020.00 360.00 13,992.23 360.00 400.00 361.00 1,200,000.00 360.00 800,000.00

17-Jul-18

360.00

118,980.48

17-Jul-18 17-Jul-18 17-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18

357.00 360.00 360.00 349.01 349.01 349.01 349.01 349.01 349.01 349.01 349.01 349.01 349.01 349.01 349.01 349.01

500,000.00 20,000.00 20,000.00 12,598.37 15,877.00 11,075.00 21,729.00 7,329.96 13,507.63 17,026.50 5,487.81 57,783.00 60,000.00 320,650.00 82,443.00 150,006.46

SN CUSTOMER

ITEM OF IMPORT

123 124 125 126 127 128 129 130 131 132 133 134 135 136 137

BLACKPOOL RES NIG LTD BLACKPOOL RES NIG LTD FAPA COMPANY LIMITED WYNCA SUNSHINE AGRIC PRODUCT NIG LT HANA PACKAGING LIMITED NTA STAR TV NETWORK LTD KRISHAT PHARMA INDUSTRIES LIMITED KRISHAT PHARMA INDUSTRIES LIMITED PENTAGON PLASTIC INDUSTRIES LIMITED CROWNSTAR COMMERCIAL INVEST NIG LTD CROWNPACK NIGERIA LIMITED REGATTA INDUSTRIES LIMITED REGATTA INDUSTRIES LIMITED WHITFIELD VENTURES LTD DEE-LITE NIGERIA LIMITED

138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248

S.C JOHNSON AND SON NIGERIA LIMITED OMOTOSO DAISI DAVID MABOGUNJE OLUWASEUN CHAMBERLAIN BLESSING UGONMA ASOEGWU SABBAS NWABUEZE OMOLOLU ABOSEDE OPEWUNMI OMOLOLU AJIBADE BABATUNDE CADMUS TITILAYO DEBORAH IZEDONMI CALEB OISEMAIME FIDERIKUMO AMAEBI FIDERIKUMO MERCY ARIBISALA OMOLARA ARIBISALA MOFOLUSO AMADIKE CHIGOZIE ISIDORE AMADIKE AFOMA VIVIAN AINABE IDONGESITE GLORIA OGBONNAYA EDWARD IHEMELANDU ODUNEYE OLUTOSIN SHUAIBU AYUBA MOHAMMED IKE MARGARET ANURI OKEKE UCHENNA AUGUSTA OSIM E EFIOM ADEJUMO SALEEM ADEDAMOLA ODIBO-SATU FRANCIS AND DORIS EZEANA FRANCISCA NKECHI UKO ADETOKUNBO AGABI AGABI OYEKEVWE GABRIEL MGBOH KINGSLEY NYEBUCHI EUPHEMIA AGBO ONYEBUCHI SHUAIBU AYUBA MOHAMMED ADEJUMO SALEEM ADEDAMOLA ODIBO-SATU FRANCIS AND DORIS EZEANA FRANCISCA NKECHI UKO ADETOKUNBO AGABI AGABI OYEKEVWE GABRIEL MGBOH KINGSLEY NYEBUCHI EUPHEMIA AGBO ONYEBUCHI SHUAIBU AYUBA MOHAMMED JUBAILI AGROTEC LIMITED NSIK MOTORS LIMITED VON AUTOMOBILE NIGERIA LIMITED OLAM NIGERIA LIMITED GODREJ NIGERIA LIMITED STUDIO PRESS NIGERIA PLC SARO AGROSCIENCE LIMITED ELIZADE NIGERIA LIMITED SKYCHEM INDUSTRIES LIMITED MEGACHEM NIGERIA LTD INT TOWERS LIMITED A A RANO NIGERIA LTD OUTSPAN NIGERIA LIMITED REGAL CHEM NIGERIA LIMITED PRUDENT ENERGY AND SERVICES LTD PRUDENT ENERGY AND SERVICES LTD JUBAILI BROS NIGERIA LIMITED MITSUMI NIGERIA LTD VIK INDUSTRIES LTD MIKANO INTERNATIONAL LTD CHAB INVESTMENT COMPANY LIMITED VODACOM BUSINESS AFRICA (NIG) LTD VODACOM BUSINESS AFRICA (NIG) LTD STRONG TECHNOLOGIES LIMITED STRONG TECHNOLOGIES LIMITED EMBASSY OF PORTUGAL EMBAIXADA ABUJ ZOMAY MARINE AND LOGISTICS LIMITED E KENKRIS INTEGRATED SERVICE LTD ACOBENT INTERNATIONAL COMPANY LTD ZONA INDUSTRIAL PANEL CONTROL LIMITED NEURONE ASSOCIATES NIG LTD IDYLLIC TECHNOLOGIES LTD ISDORE GLOBAL SERVICES LTD FRANGLY PHARMACEUTICAL AND CO.LTD OKYMBA INTERNATIONAL LIMITED CIJO ENT NIG ONYI CHRIS MULTIPLE OPTIONS LTD TEE AFAM INTERBIZ NIG U C ZEBRA ENTERPRISE NIGERIA VINCENT JACKSON RESOURCES LIMITED AJISAFE ADEWALE IDOWU RAZAK AYODEJI OJIKUTU FALILAT ITSUELI OMOAYA ONONUJU DAVIS MERCY NGOZI ASIANUBA IFEOMA BENARDINE OKOLI CHUKWUEMEKA PETER ADETAYO ADEDEJI CHRIS UMEH EUCHARIA OLUEBUBE EDEKI OLAYEMI AGUNBIADE FLORENCE MODUPE ENI-IKEH OKECHUKWU RAYMOND OLAIWOLA KAMAL BABALOLA ALAO NNEKA FRANCISCA ALAO ADENIYI EMMANUEL UZOR STELLA PUTIFE OLAIWOLA OLANIKE MOJISOLA OWEN JOHNSON ETISANG IMAFIDON FRANCESS OKEWO ALABA ADENIYI ABEBE EDUGIE ABEBE AJIBADE KIKELOMO IBIRONKE ANELE LOVELINE OLUCHI AYOOLA ABISOLA OLAMIDE EDU OLUWAROTIMI IMASUEN VICTORIA OSAS CHIZIM ESTHER ASIAGWU THE SLAY NETWORK LTD SOKOTO STATE UNIVERSITY TET FUND AC ONUH MATHEW AJENE UGWUANYI WILLY NWEKE SAGOE KOFI OFRIBROHNBRA

PAYMENT FOR ADHESIVES PAYMENT FOR ADHESIVES IMPORTATION OF WASHING MACHINE ,FAN PARTS AND ELECTROCAL AND ELECTRONIC PARTS AGRICULTURAL HERBICIDE("SUNPHOSATE 360 SL"BRAND) LLDPE RESIN -GRADE 118 WJ RAW MATERIAL DIGITAL SATELLITE DECODER. MODEL: HS210-HA. BRAND: STARTIMES PHARMACEUTICAL FORMULATIONS PHARMACEUTICAL FORMULATIONS IMPORT OF INDUSTRIAL RAW MATERIAL - MARLEX HDPE ASSORTED VACUUM FLASK MONOSODIUM GLUTAMATE IMPORT OF INDUSTRIAL RAW MATERIAL - METHANOL IMPORT OF INDUSTRIAL RAW MATERIAL - NORMAL BUTANOL PROCUREMENT OF SUPERPHOSPHATES TIARA INSTANT FLAVOUR DRINK PINEAPPLE, BERRIES, MANGO, ORANGE 12 X 24 X 10 GM MONOETHANOLAMINE,CI ACID YELLOW 17-18965 d-ALLETHRIN 92.5%/ PYNAMIN FORTE, SODIUM LAURETH-3 SULFATE 70%, PRALLETHRIN 92%/ ETOC BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION AGRICULTURAL INSECTICIDES PAYMENT FOR IMPORTATION OF 55 UNITS OF JINBEI BRAND BUSES 10 UNITS OF TRUCK CKD KIT FOR ASHOK LEYLAND 1718 AS PER PROFORMA INVOICE NUMBER 13-MAY-2018 NPK 15-15-15 IN BULK MIXTURE OF ODORIFEROUS SUBSTANCE FOR INDUSTRIAL USE INDUSTRIAL RAW MATERIALS: PAPER FOR THE PRINTING INDUSTRY SAROSATE 1L JAC LHD BRAND NEW VEHICLES (SKD) IMPORT OF INDUSTRIAL RAW MATERIAL - CRUDE DENATURED ETHYL ALCOHOL IMPORTATION OF ASCORBIC ACID POWDER BP/USP TELECOMMUNICATION EQUIPMENT IMPORTATION OF PETROLEUM PRODUCTS NPK 15-15-15 IN BULK IMPORT OF INDUSTRIAL RAW MTERIAL - HDPE IMPORTATION OF PETROLEUM PRODUCTS IMPORTATION OF PETROLEUM PRODUCTS PERKINS ENGINE FOR GENERATOR ASSEMBLY LAPTOP, DESKTOP & MONITOR; DELL OPTIPLEX 3050; DELL INSPIRON 5580 LAPTOP; DELL 19" MONITOR RAW MATERIAL - PROPYLENE COPOLYMER 86 UNITS OF CKD GENERATORS CONSISTING OF PERKINS ENGINE and Mecc Alte/ STAMFORD ALTERNATOR importation of calcium carbide NETWORK SUPPORT SERVICE NETWORK SUPPORT SERVICES TRANSPONDER SERVICE FEE TRANSPONDER SERVICE FEE CONSULAR FEES REMITTANCE FOR JUNE 2018 -2ND TRANCH LOAN REPAYMENT 500 BAGS OF ANIMAL FEED PROTEIN SUPPLEMENT FOR FISH LAMPHOLDER BULBS(BRAND:PILLA) SEWING MACHINE NEEDLES SOLAR PANELS AND INVERTERS TAILORING MATERIAL [EMBROIDERY THREAD] 2-PART SYRINGE 10ML,21G*11/2 BULBS(BRAND:PILLA) BAG & SHOE ACCESSORIES (RIVETS, HOOK MAKE UP OF STEEL, EYELETS) AUTO INJECTOR TIGER HEEAD BRAND PAPER JACKET DRY BATTERY TIGER HEAD BRAND PAPER JAJACKET DRY BATTERY STEEL DOORS BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA CCI REPATRIATION EDUCATION EDUCATION EDUCATION EDUCATION

DATE OF EXFUND CHANGE PURCHASE RATE 18-Jul-18 349.01 18-Jul-18 349.01 18-Jul-18 349.01 18-Jul-18 349.01 18-Jul-18 349.01 18-Jul-18 349.01 18-Jul-18 349.01 18-Jul-18 349.01 18-Jul-18 349.01 18-Jul-18 349.01 18-Jul-18 349.01 18-Jul-18 349.01 18-Jul-18 349.01 18-Jul-18 349.01 18-Jul-18 349.01 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 18-Jul-18 19-Jul-18 19-Jul-18 19-Jul-18 19-Jul-18 19-Jul-18 19-Jul-18 19-Jul-18 19-Jul-18 19-Jul-18 19-Jul-18 19-Jul-18 19-Jul-18 19-Jul-18 19-Jul-18 19-Jul-18 19-Jul-18 19-Jul-18 19-Jul-18 19-Jul-18 19-Jul-18 19-Jul-18 19-Jul-18 19-Jul-18 19-Jul-18 19-Jul-18 19-Jul-18 19-Jul-18 19-Jul-18 19-Jul-18 19-Jul-18 19-Jul-18 19-Jul-18

AMOUNT 75,000.00 57,783.00 52,492.47 142,533.20 20,850.00 100,000.00 74,812.95 52,462.51 12,890.00 22,961.40 3,819.00 81,200.00 113,190.00 98,760.00 100,000.00

349.01 82,443.00 360.00 3,000.00 360.00 2,000.00 360.00 1,000.00 360.00 1,000.00 360.00 4,000.00 360.00 4,000.00 360.00 2,630.00 360.00 3,600.00 360.00 3,000.00 360.00 3,000.00 360.00 4,000.00 360.00 4,000.00 360.00 3,945.00 360.00 3,945.00 360.00 600.00 360.00 3,997.60 360.00 1,995.30 360.00 4,000.00 360.00 931.14 360.00 4,000.00 360.00 2,768.08 360.00 1,566.15 360.00 4,323.00 360.00 1,300.00 360.00 3,677.00 360.00 1,649.90 360.00 1,534.00 360.00 1,980.00 360.00 7,916.88 360.00 1,566.15 360.00 4,323.00 360.00 1,300.00 360.00 3,677.00 360.00 1,649.90 360.00 1,534.00 360.00 1,980.00 360.00 7,916.88 349.01 55,167.21 349.01 218,587.50 349.01 248,000.00 349.01 120,004.00 349.01 33,841.57 349.01 89,723.95 349.01 360,000.00 349.01 18,300.00 349.01 40,000.00 315.00 43,000.00 362.50 1,213,000.00 349.01 500,000.00 349.01 113,003.00 349.01 2,875.00 349.01 2,000,000.00 349.01 2,108,847.77 349.01 50,000.00 349.01 35,000.00 349.01 42,881.74 349.01 50,000.00 349.01 129,500.00 360.00 7,200.00 360.00 22,161.21 349.01 50,000.00 349.01 80,000.00 349.01 31,480.95 349.01 83,333.33 360.00 20,000.00 360.00 20,000.00 360.00 20,000.00 360.00 5,000.00 360.00 20,000.00 360.00 4,000.00 360.00 10,000.00 360.00 20,000.00 360.00 10,000.00 360.00 15,000.00 360.00 20,000.00 360.00 20,000.00 360.00 20,000.00 360.00 4,000.00 360.00 3,927.90 360.00 3,999.91 360.00 4,000.00 360.00 3,980.27 360.00 2,630.00 360.00 1,000.00 360.00 4,000.00 360.00 4,000.00 360.00 4,000.00 360.00 4,000.00 360.00 1,600.00 360.00 4,000.00 360.00 4,000.00 360.00 4,000.00 360.00 1,309.30 360.00 4,000.00 360.00 4,000.00 360.00 2,000.00 360.00 2,618.60 360.00 3,927.90 360.00 2,618.60 360.00 4,000.00 360.00 811.77 360.00 3,999.91 360.00 1,702.09 360.00 4,000.00 351.00 150,000.00 360.00 2,642.00 360.00 3,322.00 360.00 4,400.00 360.00 4,003.86

MONDAY JULY 23, 2018 ˾ T H I S D AY

75

RETURNS ON UTILIZATION OF FUNDS SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 20th-JULY 2018 This publication: Mandated by the Central Bank of Nigeria (CBN)

BANK: ECOBANK NIGERIA LIMITED SN CUSTOMER

ITEM OF IMPORT

249 250 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305

GHANA GOVT REMITTANCE DIRECTIVE GHANA GOVT REMITTANCE DIRECTIVE MEDICAL FLASH LIGHT HEAD PHONES INDUSTRIAL ENGINEERING SPARES INDUSTRIAL ENGINEERING SPARES DIGITAL SATELLITE DECODER. MODEL: HS210-HA. BRAND: STARTIMES RECEPTION APPARATUS FOR TELEVISION, COLOURED(CKD) LED DIGITAL TV MODEL: E43BJL4HH BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA BTA PTA GHANA GOVT REMITTANCE DIRECTIVE GHANA GOVT REMITTANCE DIRECTIVE OFF SHORE CHARGES OFF SHORE CHARGES OFF SHORE CHARGES OFF SHORE CHARGES OFF SHORE CHARGES BTA PTA BTA PTA OFF SHORE CHARGES BTA PTA BTA PTA OFF SHORE CHARGES OFF SHORE CHARGES OFF SHORE CHARGES OFF SHORE CHARGES OFF SHORE CHARGES OFF SHORE CHARGES OFF SHORE CHARGES OFF SHORE CHARGES OFF SHORE CHARGES OFF SHORE CHARGES OFF SHORE CHARGES OFF SHORE CHARGES 27,000MT +/- 10 PERCENT OF RUSSIAN WHEAT, IN BULK OFF SHORE CHARGES OFF SHORE CHARGES

SN 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70

GHANA HIGH COMMISSION OLISA AGBAKOBA AND ASSOCIATE KRESTVILLE NIGERIA LIMITED ELITE STORES NIGERIA LIMITED NEAT APPROACH INVESTMENT LTD NMR INTERCONTINENTAL LIMITED NTA STAR TV NETWORK LTD NTA STAR TV NETWORK LTD OGBEBOR MINA LORETTA MBAMARA ANN OMOTOSO IROBOSA OLUWATOYIN OMOTOSO IROBOSA OLUWATOYIN MOMOH PATIENCE AHILE OLOKPA OGHENERUONA RITA OLOKPA PETER MAYIKO EMMANUEL RUME SMAILA AMINA ASIANUBA IFEOMA BENARDINE EKUN WAHEED OKOLI CHUKWUEMEKA PETER UMEH EUCHARIA OLUEBUBE ADEPOJU JEROME AJAYI AIRHIAVBERE CHARLES EHIGIE OGBEBOR HELEN EGBE IMAFIDON FRANCESS TOYE AKINDELE FRANCISCA IBIDUN ABDUL MOJISOLA MUTIAT EDU OLAYEMI OMOTOLA ANOZIE FRANCIS NDUBUISI OLISA AGBAKOBA AND ASSOCIATE OLISA AGBAKOBA AND ASSOCIATE KABOB RESOURCES LIMITED KABOB RESOURCES LIMITED SCC NIGERIA LIMITED MASSILIA MOTORS LIMITED MASSILIA MOTORS LIMITED ASIANUBA IFEOMA BENARDINE OKOLI CHUKWUEMEKA PETER STUDIO PRESS NIGERIA PLC UMEH EUCHARIA OLUEBUBE IMAFIDON FRANCESS A A RANO NIGERIA LTD A A RANO NIGERIA LTD ECOBANK NIGERIA LIMITED ANIMAL CARE SERVICES KONSULT ANIMAL CARE SERVICES KONSULT A A RANO NIGERIA LTD DANGOTE FLOUR MILLS PLC FLOUR MILLS OF NIGERIA PLC ECOBANK NIGERIA LIMITED SCC NIGERIA LIMITED A.A. RANO NIGERIA LTD A.A. RANO NIGERIA LTD DANGOTE FLOUR MILLS PLC DANGOTE FLOUR MILLS PLC STUDIO PRESS NIGERIA PLC

DATE OF EX- AMOUNT FUND CHANGE PURCHASE RATE 19-Jul-18 360.00 16,000.00 19-Jul-18 362.00 84,500.00 19-Jul-18 360.00 16,115.31 19-Jul-18 360.00 7,000.00 19-Jul-18 360.00 18,820.80 19-Jul-18 360.00 18,938.43 20-Jul-18 315.00 190,095.00 20-Jul-18 315.00 109,905.00 20-Jul-18 360.00 4,000.00 20-Jul-18 360.00 1,000.00 20-Jul-18 360.00 2,611.40 20-Jul-18 360.00 584.75 20-Jul-18 360.00 3,917.10 20-Jul-18 360.00 2,611.40 20-Jul-18 360.00 2,611.40 20-Jul-18 360.00 3,917.10 20-Jul-18 360.00 3,000.00 20-Jul-18 360.00 1,000.00 20-Jul-18 360.00 500.00 20-Jul-18 360.00 2,000.00 20-Jul-18 360.00 2,630.00 20-Jul-18 360.00 4,000.00 20-Jul-18 360.00 3,273.25 20-Jul-18 360.00 3,000.00 20-Jul-18 360.00 4,000.00 20-Jul-18 360.00 300.31 20-Jul-18 360.00 4,000.00 20-Jul-18 360.00 4,000.00 20-Jul-18 360.00 1,305.70 20-Jul-18 362.00 1,000,000.00 20-Jul-18 362.00 4,700,000.00 20-Jul-18 360.00 236.16 20-Jul-18 360.00 236.16 20-Jul-18 360.00 454.57 20-Jul-18 360.00 105.15 20-Jul-18 360.00 105.15 20-Jul-18 360.00 (2,630.00) 20-Jul-18 360.00 (1,000.00) 20-Jul-18 360.00 299.09 20-Jul-18 360.00 (4,000.00) 20-Jul-18 360.00 (2,000.00) 20-Jul-18 360.00 100.00 20-Jul-18 360.00 100.00 20-Jul-18 360.00 461.18 20-Jul-18 360.00 172.61 20-Jul-18 360.00 652.91 20-Jul-18 360.00 6,402.56 20-Jul-18 360.00 10,395.46 20-Jul-18 360.00 9,667.83 20-Jul-18 360.00 522.52 20-Jul-18 360.00 2,970.11 20-Jul-18 360.00 981.65 20-Jul-18 360.00 4,634.92 20-Jul-18 360.00 76,533.10 20-Jul-18 360.00 49,797.62 20-Jul-18 360.00 529.39

RETURNS ON SOURCES OF FUNDS PURCHASED FROM CUSTOMERS FOR THE WEEK ENDED FRIDAY 20TH-JULY 2018 SOURCE DATE OF FUND PURCHASE EXCHANGE RATE CENTRAL BANK OF NIGERIA 16-Jul-18 338.00 CENTRAL BANK OF NIGERIA 16-Jul-18 336.01 CENTRAL BANK OF NIGERIA 16-Jul-18 335.12 CENTRAL BANK OF NIGERIA 16-Jul-18 334.38 CENTRAL BANK OF NIGERIA 16-Jul-18 330.00 OTHERS 16-Jul-18 305.80 OTHERS 16-Jul-18 305.80 CENTRAL BANK OF NIGERIA 16-Jul-18 357.00 CENTRAL BANK OF NIGERIA 16-Jul-18 357.00 OTHERS 16-Jul-18 362.98 OTHERS 16-Jul-18 305.36 INTERBANK 16-Jul-18 305.80 OTHERS 16-Jul-18 305.80 OTHERS 16-Jul-18 310.00 OTHERS 17-Jul-18 305.80 OTHERS 17-Jul-18 305.80 OTHERS 17-Jul-18 362.98 OTHERS 17-Jul-18 304.79 OTHERS 17-Jul-18 360.00 INTERBANK 17-Jul-18 362.00 OTHERS 17-Jul-18 309.00 OTHERS 17-Jul-18 355.00 OTHERS 17-Jul-18 354.89 OTHERS 17-Jul-18 355.00 OTHERS 17-Jul-18 355.00 OTHERS 17-Jul-18 355.00 OTHERS 17-Jul-18 356.00 OTHERS 17-Jul-18 356.00 OTHERS 17-Jul-18 356.00 OTHERS 17-Jul-18 356.00 OTHERS 17-Jul-18 356.00 OTHERS 17-Jul-18 356.00 OTHERS 17-Jul-18 356.00 OTHERS 17-Jul-18 356.00 OTHERS 18-Jul-18 305.80 CENTRAL BANK OF NIGERIA 18-Jul-18 348.51 CENTRAL BANK OF NIGERIA 18-Jul-18 348.51 OTHERS 18-Jul-18 304.79 OTHERS 18-Jul-18 359.00 INTERBANK 18-Jul-18 314.50 INTERBANK 18-Jul-18 314.50 INTERBANK 18-Jul-18 361.50 OTHERS 18-Jul-18 355.00 OTHERS 18-Jul-18 355.00 OTHERS 18-Jul-18 355.00 OTHERS 18-Jul-18 355.00 OTHERS 19-Jul-18 305.85 OTHERS 19-Jul-18 305.85 OTHERS 19-Jul-18 305.85 OTHERS 19-Jul-18 362.98 OTHERS 19-Jul-18 304.79 OTHERS 19-Jul-18 350.00 OTHERS 19-Jul-18 360.00 OTHERS 19-Jul-18 359.00 OTHERS 19-Jul-18 361.00 OTHERS 19-Jul-18 355.00 OTHERS 19-Jul-18 355.00 OTHERS 19-Jul-18 355.00 OTHERS 20-Jul-18 305.85 OTHERS 20-Jul-18 305.85 OTHERS 20-Jul-18 361.53 OTHERS 20-Jul-18 304.79 INTERBANK 20-Jul-18 361.50 OTHERS 20-Jul-18 356.00 OTHERS 20-Jul-18 356.00 OTHERS 20-Jul-18 356.00 OTHERS 20-Jul-18 356.00 OTHERS 20-Jul-18 356.00 OTHERS 20-Jul-18 356.00 OTHERS 20-Jul-18 361.50 TOTAL AMOUNT AVERAGE AMOUNT

AMOUNT 76,000.00 2,776,481.15 614,249.65 846,506.00 129,500.00 548,021.10 31,397.85 1,000,000.00 1,000,000.00 11,547.81 3,633.47 10,000.00 6,540.22 6,451.61 28,022.76 40,168.94 6,813.58 13,150.83 1,200,000.00 31,002.18 25,889.97 90,115.18 18,135.57 22,014.02 24,476.24 55,085.88 259.59 192,462.01 544.92 61,211.65 263,993.91 104.63 770.09 129,600.27 183,986.83 5,000,000.00 5,000,000.00 3,753.41 200,000.00 500,000.00 500,000.00 6,000,000.00 116,494.47 31,685.75 85,910.07 64,813.84 27,711.89 183,692.24 56,819.14 2,997.41 4,229.08 150,000.00 500,000.00 39,500.00 84,500.00 145,704.40 31,612.61 55,718.76 21,356.13 183,654.74 4,908.62 4,568.75 4,700,000.00 512.51 101,686.10 99,371.34 408.55 179,339.21 558.61 1,000,000.00 34,529,645.54 493,280.65

NEWSEXTRA

One Dead, Several Injured as Crisis Rocks Lagos PDP Police arrest five party chairmen Chiemelie Ezeobi Some suspected thugs, weekend, shot dead the Apapa Local Government Area (LGA) Chairman of the Peoples Democratic Party (PDP) in Lagos State, Omo Oba Adeniyi Aborishade, and left several others with injuries. Aborishade was shot dead at Eti-Osa Local Government Area (LGA) of the state during the crisis that erupted among members of the party. It was gathered that members of the Lagos PDP were on tour of the local government when the fracas erupted and some thugs brandished dangerous weapons like cutlasses and guns. According to reports, the clash was between two factions of the party one faction for the State Chairman, Hon. Moshood Adegoke Sabadon and the other for the Eti-Osa LG Chapter Chairman, Kehinde Fasasi. While the gun duel was ongoing, one of the thugs was said to have targeted the deceased and shot him in the leg and although he was rushed to the hospital, he bled to death on the way. In a swift reaction, the Lagos State Commissioner of Police, Edgal Imohimi, cautioned the PDP leadership to call its members to order. In a statement by the police spokesperson, CSP Chike Oti, the

CP said what was supposed to be a peaceful political meeting of PDP members, in the state, regrettably ended in unnecessary bloodletting. He said, “The incident happened during PDP’s meeting at Igbosuku village, Eti-Osa LGA, attended by Lagos State and Local Government PDP Chairmen. “However, towards the end of the meeting, fracas broke out between contending factions of the party; one faction for the state chairman, Hon. Moshood Adegoke Sabadon and the other for the Eti-Osa LG Chapter Chairman, Kehinde Fasasi. “In the melee, one Hon. Borishade Adeniyi, theApapa LG PDP Chapter Chairman, recognised also as the doyen of PDPLG Chapter Chairmen in the state , was shot and injured on the leg. “He was rushed to First Consultant Hospital, Obalende, Lagos, where he was treated but eventually died. The corpse of the deceased was deposited in the hospital mortuary. “Two other persons allegedly injured during the clash, are also receiving treatment in a hospital in Ajah.” He added, “CP Imohimi Edgal had directed the Area Commander in-charge of Area ‘J’ Elemoro, to ensure the arrests of all those involved in the crime. “Pursuant to the directive, five of the principal suspects were arrested

- Chapter Chairman, Eti-Osa LG, Kehinde Fasasi; Chairman, Lagos Island LG, Hon. Rotimi Kujore; Chairman, Mushin LG, Alhaji Fatai Adele; Chairman, Amuwo Odofin LG, Mr. Ismail Abiola, and Chairman, Surulere LG, Dr. Amos Alabi Fawole. “The five suspects have been transferred to SCIID, Panti, for further investigation. The CP is worried about the use of firearms and the frequency of violence involving the PDP in the state. “It will be recalled that on the July 22, two suspected party thugs, Wale Oye and Ganiyu Ajiboluwa, were arrested at Festac Extention by Apple Junction, Amuwo Odofin with two pump action rifles given to them by their hirer, one Hon. Dipo Olorunrinu, a member of PDP in Lagos State House of Assembly, to escort him to a political rally. “The said Olorunrinu was arrested and they are all helping the police in the investigation of the case. “The CP warns that no political party will be allowed to truncate the peace in the state. He therefore called on all political parties in Lagos to disarm their members as nobody without necessary authorisation is permitted to bear firearms. “He added that henceforth, political party leaders will be liable for the actions of their supporters.”

Kashamu: Fayose’s Arrogance Caused PDP’s Defeat Davidson Iriekpen The lawmaker representing Ogun East senatorial district at the National Assembly, Senator Buruji Kashamu, has blamed the defeat of the Peoples Democratic Party (PDP) in the just- concluded governorship election in Ekiti State on what he termed the arrogance of the state Governor, Mr. Ayodele Fayose. Kashamu, who spoke with journalists at the weekend, described the party’s loss as “an evil foretold.” He said, “I saw it coming. I was not the least surprised at the

outcome. How would the PDP have won when the former interim Caretaker Chairman of the party, Senator Ahmed Makarfi allowed Governor Ayo Fayose to drive away other stakeholders in the party in Ekiti State and the whole of the South-west? After driving away all the bigwigs and stakeholders in Ekiti State, they could not but work against the party. “Makarfi and others encouraged him to perpetrate all manner of illegalities, and the Prince Uche Secondus-led NWC inherited him and never really did anything to rein him in. They were sold the

2016 AUDIT REPORT: PRESIDENCY ILLEGALLY MOVED N14BN TO ESTABLISH ARMY BARRACKS General’s Financial Statements to the National Assembly within 90 days of receipt of the statements from the Accountant-General of the Federation. However, the Auditor-General observed in the 2016 audit report that the financial statements of the federal government for the year ended December 31, 2016 were first submitted to him by the Accountant-General of the Federation on June 30, 2017. “Following my preliminary observations,” he noted, “the Statements were significantly amended and resubmitted on 29th September, 2017. Further amendments to the Financial Statements led to another resubmission on 29th December, 2017 and 16th January, 2018 before the final version was eventually submitted on 20th March, 2018. “The Financial Statements of Government Statutory Corporations,

Companies, Commissions, etc, otherwise called Parastatals are not audited by my Office, in line with Section 85(3) (a) of the 1999 Constitution. However, in accordance with Section 85(3) (b) of the Constitution, their Annual Accounts and Auditor’s reports thereon shall be submitted to me for comments. “Most of the government Corporations, Companies and Commissions have not submitted their audited accounts for 2016 to me. Only 51 audited Financial Statements for 2016 and 149 for 2015 have been submitted to my Office as at 27th December, 2017, despite the provision of Financial Regulation 3210(v) which enjoins the Chief Executive Officers of these bodies to submit both the Audited Accounts and Management Report to me not later than 31st May of the following year of Account,” the Auditor-General added in the report.

lies that he could do it all alone.” According to the lawmaker, the election was a referendum on Fayose, not the PDP. “The good people of Ekiti State wanted to do away with anything Fayose and that was what happened. That is why he lost even in his own local government. It is not that the people do not like PDP. They still like PDP but detest Fayose and his antics. He is cancerous to the PDP and since the leadership of the party could not deal with him, the good people of Ekiti State simply helped us to remove him. “All the political tokenism of frying garri, jumping on okada and going to eat at bukas are not what would impact on the life of the average Ekiti man or woman. To what extent has he gone to make life better for the average Ekiti man or woman? Has he provided a conducive environment for them to realise their full potentials? The people saw through his deceit and rejected him,” the lawmaker said. Kashamu called on the party’s leadership to move in and rescue the party in the South-west so as to shore up its fortune before the 2019 general election. He said: “The earlier the leaders of the PDP restructure the lopsided structure in place in the South-west, the better it would be. The party has to be repositioned and restructured to accommodate all well-meaning leaders and stakeholders. There is no notable leader of the party in the South-west that Fayose has not insulted. He cannot mobilise yet he rubbishes those who can. Most of our leaders do not want to have anything to do with him. Should the party continue to rely on him, the PDP will continue to lose woefully.

76

MONDAY JULY 23, 2018 ˾ T H I S D AY

NEWSEXTRA

I’ll Not Accede to Your Directive, Ngige Tells Oshiomhole Paul Obi in Abuja The Minister of Labour and Employment, Senator Chris Ngige yesterday told the National Chairman of the All Progressives Congress (APC), Mr. Adams Oshiomhole that he would not accede to his directive to inaugurate the boards of agencies under his ministry.

Ngige further stated that he was not oblivious of the fact that Oshiomhole is a very interested party in the matter, having served as chairman of the NSITF board in the past. Ngige, in a letter to Oshiomhole, explained that he would not hastily take directives from the party chairman, but would abide by the directive issued by President

We Don’t Want Colony, Ranches in Esanland, Says Group A group representing the interest of the Esan land, in Edo Central senatorial district of Edo State, has rejected proposals to site cattle colonies or ranches in the senatorial district. The group in a statement issued at the weekend, said the resolution was upon its observations of what it alleged as the deadly fallouts from the activities of herdsmen in the region and other parts of the country that have given land to the herdsmen. A statement issued on behalf of the group by its interim Chairman, Chief Omochiere Aisagbonhi, the Esogban of Ubiaja, called on the

authorities not to contemplate making the senatorial district the location of any cattle colony or ranches for herdsmen. The communiqué read thus: “That Esan people, as a peaceful race with law-abiding citizens, welcome other law-abiding and peace-loving persons who wish to do legitimate and beneficial business in Esanland. “That any business to be so carried out must not be to the detriment of the original inhabitants and owners of the land. “That Esan people have been following events relating to cattle business as carried out by herdsmen in Nigeria.

Muhammadu Buhari, who is the head of the government. The minister’s response to Oshiomhole came on the heels of the latter’s directive, shortly after his inauguration as the APC’s national chairman, directing the minister of labour and employment to immediately constitute boards in his ministry or face disciplinary measure from the party. But responding to Oshiomhole in a letter, Ngige said: “Our National Chairman, I am in receipt of a letter referenced APC/NHDQ/ GEN-S/28/018/003 dated July 11, 2018, which was sent from your Office and received by me on July 12, 2018.

“Ordinarily I would not believe the letter was from you except for the barrage of media statements that came before I saw the letter. I read the contents of this letter with both amazement and utter disbelief. “Firstly, it is not true that I did refuse/neglect to inaugurate members of the re-constituted boards of parastatals and agencies under the supervision of my ministry as alleged in your letter. The Federal Ministry of Labour and Employment has four parastatals namely – the Nigeria Social Insurance Trust Fund (NSITF), National Directorate of Employment (NDE), National

Productivity Centre (NPC), and Michael Imoudu Institute for Labour Studies (MINILS). Boards of the latter three agencies have been re-constituted and members were inaugurated on March 8, 2018, in conformity with a presidential directive,” the letter explained. The minister maintained that all the three boards are currently operational, saying the only agency left out was the NSITF, which before the directive, had been enmeshed in major issues of corruption, involving about N48 billion, comprising federal government and employers’ contributions to the employees’ compensation fund plus some

non-remitted PAYE taxes, which were carted away through well perfected sleaze operation. The minister further stated that given the high prevalence of corruption in the NSITF, the Economic and Financial Crimes Commission (EFCC) is already investigating the matter. “I am sorry that I will be unable to accede to your ‘directives’ to inaugurate all the boards within one week as the ministry had already inaugurated the aforementioned three boards but will in this case of the NSITF adhere to the work plan on the NSITF as approved by the president who is the head of the government of the Federation’’, Ngige said.

Osinbajo Canvasses Support for Girl Child Shola Oyeyipo The wife of Nigeria’s Vice President, Prof. Yemi Osinbajo, Mrs. Dolapo Osinbajo, has called on kind-hearted Nigerians to extend helping hands to vulnerable female children to help them attain greatness. Osinbajo, who was a special guest at a fund raising/gala night organised by Diamond Lights Women Empowerment Initiative (DLWEI) at the weekend, said women constituted over 50 per cent of the Nigerian population and that a number of them require help from spirited Nigerians. Earlier, the DLWEI founder and wife of the founder of Foundation of Truth Assembly (FOTA), Pastor Yomi Kasali, Pastor (Mrs) Adefunke Kasali, who said the organisation had assisted no fewer than 150 girls to get higher education in the Southern part of the country, solicited support from Nigerians to enable the body venture into North-central, North-east and other parts of Nigerian ravaged

by insecurity and poverty. Soliciting support for the initiative, Osinbajo said: “I know not many of us have ever known heart break. Perhaps we have never known disappointment. May be we have never had dashed hope or dreams, because we have great support structure. “Let me tell you, many people stand at a cross road. Many choose to drop out of school. They may choose to become a commodity to be sold to men who pretend like they don’t have mothers, wives, sisters or daughters. Yet they buy an hour of their time. “Some are educated but they are helpless and powerless. They are inaccessible and ill-equipped. They stand at a cross road. We stand at cross road. Diamond Light stands at cross road. Diamond Light has chosen to lend a helping hand. Diamond Light has chosen to help them go into greatness, knowing that if you know better, you will do better.

More Winners Emerge in Diamondxtra Season 10 More winners have emerged in the DiamondXtra Season 10 scheme as the bank recently unveiled 1,016 winners in the second quarterly draw held at Asa - Afariogun, Ajao Estate, Lagos State. Addressing journalists after the draw, Head, Mass Market at the bank, Osita Ede said the DiamondXtra Season 10 promises bigger and better rewards for the esteemed customers of the bank. He also stated that the DiamondXtra draws would reward a total of 1,016 customers each quarter -producing a star winner of a brand-new Hyundai car, one winner of an education grant for five years, two winners of a rent grant worth N1, 000,000 each and other prizes. A targeted draw for customers in

Isolo and Ajao environs preceded the quarterly draw and saw customers winning cash prizes ranging from N50,000 to N100,000 amongst other mouth-watering prizes. “The DiamondXtra reward scheme is open to new and existing customers and all you need to do is to visit the nearest Diamond Bank branch, open a DiamondXtra account and fund it with N5,000. The more the multiples of N5,000 you save, the higher your chances of winning. The draws scheduled for this season reaffirms Diamond Bank’s commitment to financially empower more Nigerians by spreading the draws across the six geopolitical zones throughout the four business quarters of the year,” Ede said.

FIVE HEARTY CHEERS

President, ICT University, Baton Rouge, Prof. Victor Mbarika; Secretary General, Ministry of Higher Education, Prof. Gabsa Wilfred; and Deputy President of the Nigerian Senate, Senator Ike Ekweremadu, during the 5th Commencement Ceremony of the ICT University, Baton Rouge, Cameroun Campus, in Yaoundé, Cameroun…recently

TurnYour Phones into Profit- makingVentures, Saraki TellsYouths Deji Elumoye in Abuja The Senate President, Dr. Bukola Saraki, has advised the Nigerian youths to be entrepreneurs by using their phones for self-employment and to create job opportunities for others. Saraki, gave the advise while delivering the Fourth Convocation Lecture of Adeleke University in Ede, Osun state. Delivering a paper titled, “National Economic Development Through Entrepreneurship: The Role of Private Universities in Nigeria,” Saraki said it has become imperative for youths not to see their phones as

fashion accessories alone, but potent platforms to launch themselves into entrepreneurship and gainful self-employment. His words : “I will say that it is perhaps true that Nigerian youths are not currently maximising the potential that social media has for stimulating entrepreneurship in many areas, including those that were unheard of just a few years ago. “I would like to see more young Nigerians put what they learned in the university to impactful use by leveragingonthesocialmedia’sabundant opportunity for business ventures. According to him, entrepreneurship

starts with a mindset; form networks,”begin to see your phone as a business tool and not just a fashion accessory; get tutorials for starting new businesses or to ginger new business ideas. “There is no reason why any of today’s graduating students cannot become a Jack Dorsey, the co-founder of Twitter, net worth $5 billion - or Brian Chesky, a co-founder of Air BnB. Michelle Phan of the cosmetic business Ipsy is now worth $300 million – not bad for someone who first started by uploading her videos on YouTube,” he declared. He stated that due to its belief that entrepreneurship is crucial

to the success of the economy, the National Assembly has since prioritised the passage of landmark economic laws to enable Micro, Small and Medium Enterprises (MSMEs) to grow. Saraki urged private universities to rise to the challenge of promoting private enterprises by ensuring that entrepreneurial skills are taught across various disciplines. He said: “The education ethos ought to move away from the over-emphasis on theory-based approach and paper certification towards inculcating practical skills that support apprenticeship and boost innovation and industry.

Bayelsa Community Gets Water Project from Oando, Partners Oando PLC and its joint venture (JV) partners - Nigerian National Petroleum Corporation (NNPC) and Nigerian Agip Oil Company (NAOC), have provided good drinking water to the over 5,000 residents of Agbere community in Bayelsa State, following the inauguration of a 20,000 -gallon water project in the community. According to a statement by Oando Plc, “the initiative is grounded in the fact that water is a fundamental human need. Each person requires at least 20 to 50 litres of clean, safe water, daily, for drinking, cooking, and simply keeping themselves clean. Sadly, today in Nigeria there is an alarming dearth of access toclean

water, and at Oando, we want to bridge this gap especially in our host communities.” According to the statement, the laudable water scheme will drastically reduce deadly water-borne diseases in the community such as typhoid fever, cholera, diarrhea, dysentery, and hepatitis ‘A’. “The scheme will also reduce the amount of time spent looking for water especially in rural areas, as noted by UNICEF - 19 million Nigerians walk long distances to collect unsafe water from lakes, streams and rivers,” the statement added. The commitment of Oando and its partners was in line with the request of UNICEF

Communications Specialist, Eva Hinds, who said:“Improving water and sanitation services as well as basic hygiene practices in Nigeria, calls for strong commitment from all partners-the government, civil society, the private sector and communities.” He said: “For Nigeria to achieve the global goal of providing access to safe water for every citizen by 2030, it needs to make water, together with sanitation and hygiene, a national priority. This goal is closely linked with three key results for the country-good health, environmental sustainability and economic prosperity.” In order to ensure the water scheme is maintained thereby ensuring it has a long life span and is able to support future generations in

the community, the water plant came fully kitted with a 30KVA diesel power generating set with an external diesel storage tank and power connections as well as a shelter for the generator and treatment plant, a cased borehole of about 200m depth anda10HPsubmersiblepump,3,000m reticulation / distribution water pipes with 30 fetching taps. Speaking during the inauguration of the project, the paramount ruler of the community,Chief John Maseri thanked the JV Partners for completing and inaugurating the project. He notedthat waterwasthemostessentialnecessityof lifeandtherefore,withthecommissioning of the water project, NAOC JV has made life more meaningful for the people of the Community.

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MONDAY JULY 23, 2018 ˾ T H I S D AY

NEWSEXTRA

Panic in Bida as Gunmen Scare Etsu Nupe With Shots Laleye Dipo in Minna Investigation into the circumstances that led to the shooting at the Palace gate of the Etsu Nupe and Chairman of the Niger State Council of Traditional Rulers, Alhaji Yahaya Abubakar, has begun.

Some policemen were said to have shot into the air at the entrance to the palace yesterday morning immediately the monarch who just returned home from an official engagement retired into his room. A source said a mobile police commander said to be from Ilorin,

INEC Fixes August 11 for Bauchi South By-election Segun Awofadeji in Bauchi The Independent National Electoral Commission (INEC) has declared that the Bauchi South senatorial election will hold on August 11, 2018. The state Resident Electoral Commissioner (REC), Ibrahim Abdullahi, who disclosed this at a stakeholders’ meeting held at the INEC headquarters, explained that the commission had received a letter from the senate declaring the Bauchi South senatorial seat vacant on the July 13, 2018. The stakeholders included various political parties under the aegis of the Inter-Party Advisory Council, security agencies and the media. The Bauchi South senatorial seat became vacant when Senator Ali Wakili reportedly slumped and was rushed to the National Hospital, Abuja but was declared dead on March 17, 2018. He further explained that based on the Senate’s action and in line with Section 76 (2) and 25 (2) of the Electoral Act, INEC is mandated to conduct a by-election to fill the vacuum within 30 days. According to him, elections will

be held in 445 voting points, 1,499 polling units in 75 wards of the seven local government areas of Bauchi, Toro, Dass, Tafawa Balewa, Bogoro, Alkaleri and Kirfi, that make up the senatorial district. Abdullahi who said that about 70,000 permanent voter’s cards are still with the commission which had yet to be collected by their owners, appealed to politicians that “that magic you use in mobilising people to come out during elections to vote for you, please use that same strategy to make people come out and claim the over 70,000 PVCs yet to be collected across the local government areas of the state.” While urging politicians and political parties not to be deceived by the crowd that openly show them support, he advised them that “some of them do not even have PVCs while some will forget to pick theirs to the election. According to him, “So I appeal to you all to encourage all your supporters to come and collect their cards so they can use them to vote for you and your party.” The INEC boss said only those who voted in the 2015 general election and those who have collected their PVCs as at December 2017 are the eligible voters in the by-election on August 11, 2018.

African Standards Bodies Partner to Boost Trade with Metrology African standards bodies have collaborated to boost trade in the African bloc by deploying the use of metrological infrastructure. This was the agreement reached when over 25 African countries and its international partners participated during the 12th AFRIMETS General Assembly and related meetings in Enugu State recently. The Chairman, AFRIMET, Mr. Denis Maturi, said the thrust of the event was to create awareness on the impact of metrology in intra-Africa trade. ”This project is in line with the African Union’s effort to facilitate trade within the Africa continent,” he said. He added that using metrology infrastructure to drive trade in the continent had become imperative, pointing out that it would go a long way to complement the African Continental Free Trade Agreement (AFCFTA) Also speaking at the event, the Director General, SON, Osita Aboloma, added that the present administration, through SON, has committed huge resources to human capacity development in metrology and instrumentation. He noted that SON has over the last few years made concerted efforts at creating awareness on metrology services and their benefits to the country’s economy and the welfare of its people. The director general explained that Nigeria’s hosting of the technical committee meetings and general assembly of AFRIMETS was to further boost stakeholders’

awareness of the benefits of metrology to Nigeria and the African continent at large. While restating SON’s efforts at driving the national quality infrastructure project, Aboloma said Nigeria’s membership of AFRIMETS and other continental and international standardisation bodies was a deliberate effort in ensuring that the country participates actively in interlaboratory comparisons amongst National Institutes of Metrology (NMIs). According to him, over the last three decades, SON with the active support of the Federal Ministry of Industry, Trade and Investment and encouragement from its development partners and others. have made huge investments in developing human capacities in the field of metrology. The DG also stated: “I must state however that we still require a lot more training to update the capacities of our NMI staff, and thus look forward to more support from our development partners in that area. “We have also committed huge resources into developing material capacity in collaboration with our development partners- UNIDO as you will see during the tour of the NMI site. The Regional Director, UNIDO, Jean Bakole, said SON’s metrology institute is the first metrology Institute in the country, stressing that the institute would help to add value to goods manufactured by Nigerian companies to gain acceptability in Africa and world over.

Kwara State was behind the shooting following what the source described as his being attacked with teargas by the security men attached to the traditional ruler. It was not known why the MOPOL commander was sprayed with teargas but unconfirmed report had it that he was prevented from overtaking the traditional ruler’s motorcade, a development that infuriated the unnamed commander. During the shooting into the air, a

plain cloth policeman also attached to the palace was reportedly shot in the leg, the source said. However, the names of the MOPOL commander and the policeman shot in the leg could not be ascertained as at press time. However, a public statement from the Bida Emirate Council, which confirmed the incident “dismissed rumours making the rounds” that the convoy of the respected monarch was attacked by “armed robbers or hired assassins”.

The statement signed by the Secretary of the Emirate Council, Alhaji Usman Abdulmalik, said neither the traditional ruler nor his convoy was attacked as being rumoured “What happened was a display of unprofessional conduct between a police officer who claimed to be traveling to Ilorin and the police officers in the traditional ruler’s convoy “The public is therefore, enjoined

to be calm and continue to pray for peace and God’s guidance at all times” Alhaji Usman advised in the statement. All efforts to get the police reaction to the incident either at the Bida area command or the police headquarters in Minna were abortive. It was learnt that the state Commissioner of Police, Mr. Paul Yakadi, had dispatched officers to Bida to commence investigation into the matter.

GRAND DECLARATION

L-R: Campaign Director, National Interest Party (NIP), Mr. Tony Nwisi; 2019 presidential aspirant of the party, Mrs. Eunice Atuejide; and Acting National Chairman of the party, Mr. Azeez Oladapo Yusuf, during Atuejide’s declaration of intention to run for president in the forthcoming general elections held in Abuja ...recently

Rotary Int’l Honours Ugwuanyi for Good Governance The Rotary International District 9142, Nigeria, yesterday honoured Governor Ifeanyi Ugwuanyi of Enugu State with a “Distinguished Service Award of Excellence in Governance” for his outstanding performance in office. The prestigious award was presented the governor at a colourful dinner in his honour, after the installation ceremony of the 2nd District Governor of the Club, Rotarian Dr. Dan Ajawara, held at The Base Event

Centre, Enugu. Presenting the award, the newly installed District Governor, Ajawara, described Ugwuanyi as “a humble, humane, unassuming and visionary leader, who leads by example”, adding that it was based on his sterling performance and leadership qualities that “we are honouring him today”. Ajawara noted that it was rare for Rotarians to come together

to honour a sitting governor, disclosing that they are apolitical. He stressed that Ugwuanyi as a Rotarian and governor has kept faith with the ideals of the Rotary Club through his people-centered programmes that “touch people’s lives in so many ways”, saying: “The people have unanimously agreed he (Ugwuanyi) will continue leading them”. According to him, “Rotary is not into politics. We take note

of the people’s feelings and that is why we are honouring him (Ugwuanyi) today with this Distinguished Service Award of Excellence in Governance. The Coal City experience is really imparting positively on the people. We hope that this honour will spur you to do more”. Responding, Gov. Ugwuanyi, who appreciated the District for finding him worthy of conferment with its highest award, described the gesture as a great honour.

Judgment for Sale: Adegboruwa Sues Igbokwe, Wants AGF to Prosecute Him Davidson Iriekpen The case of the Facebook post of the Lagos State Publicity Secretary of the All Progressives Congress (APC), Mr. Joe Igbokwe, accusing the Supreme Court of selling justice to the Governor of Rivers State, Mr. Nyesom Wike, has taken a new dimension, as a Lagos-based human rights lawyer, Ebun-Olu Adegboruwa, has filed an action before the Federal High Court in Lagos, seeking to sanction Igbokwe

for what he considered to be his reckless utterance against the judiciary. The defendants in the suit are the Attorney-General of the Federation (AGF) and Igbokwe. In the suit, Adegboruwa is asking the court to direct the AGF and Minister of Justice, Mr. Abubakar Malami (SAN), to invite the APC chieftain for interview in order to give him the opportunity to substantiate his allegation against the judiciary, failing which he should

be prosecuted and sanctioned. He is also asking Igbokwe to step down and vacate his office as General Manager of Lagos State Wharf Land Fee Collecting Authority and Publicity Secretary of the APC. Adegboruwa said Igbokwe is not a fit and proper person to be elected or appointed into any public office in any part of Nigeria. On July 16, 2018, at about 15:20p.m, Igbokwe published the following statement on his

facebook page:“Wike will not have the audacity and the temerity to kill again in Rivers State and run to the Supreme Court to buy justice. It will never happen again in nigeria where buhari is the president.” Adegboruwa stated that upon reading it, he immediately took up Igbokwe, to substantiate the allegation. Similarly, the Rivers State Government also demanded explanations from Igbokwe and threatened court action.

Ogunbiyi Rejects Osun PDP Primary Election Result Chinedu Eze The Osun State gubernatorial aspirant on the platform of the Peoples Democratic Party (PDP), Dr. Akin Ogunbiyi, has rejected the primary conducted last Saturday, which was won by Senator Ademola Adeleke. In a statement made available to THISDAY, Ogunbiyi said the outcome of the election was a concern to the majority of the party members who were disappointed

by the exercise. Osun governorship election is slated for September 22, 2018. “The outcome of that primary election has been a subject of concern to a great majority of our party members who have been disappointed, disillusioned and confused by the conduct of the exercise and the results as declared by the panel led by Governor Seriake Dickson of Balyesa State,” Ogunbiyi said. He said some of the major

issues which compromised the integrity of the exercise and made the results clearly unacceptable included the nonadherence to the clear provisions of the electoral guidelines. Ogunbiyi also alleged that there was “unfortunate manipulation of the accreditation, voting, sorting and counting of the votes cast by delegates at the primaries.” He said: “Consequent upon these infractions therefore, the

votes attributed to me at the end of the voting exercise were much lower than what I actually scored as valid votes. I have therefore resolved to use the internal mechanism of the party to seek an immediate redress of this clear case of injustice which is contrary to the spirit of transparency and justice being propagated by the new leadership of our party led by the National Chairman, Prince Uche Secondus,” the aspirant said.

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MONDAYSPORTS

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

SUMMER TRANSFERSâ&#x20AC;Ś

Lazio to Match ÂŁ22m on Iwobi, Leicester Rejects ÂŁ12m for Ahmed Musa Duro Ikhazuagbe with agency reports Italian Serie A club, Lazio, is reported to be preparing a bid to match the ÂŁ22m asking price tag hanged on Super Eagles forward, Alex Iwobi by Arsenal. The future of Iwobi who has managed to chalk up nearly 100 appearances for the Gunners since making his senior debut remains uncertain under new Arsenal Manager Unai Emery who replaced Arsene Wenger. According to Italian

publication, Il Messaggero, Iwobiâ&#x20AC;&#x2122;s time at the Emirates could come to an end with Lazio willing to match his ÂŁ22m valuation. Aside from Iwobi, Danny Welbeck has also been linked with a possible move to Everton amid claims that the club has placed a ÂŁ15m price tag on his head. Lucas Perez, formerly an outcast under Arsene Wenger, has been one of those who has earned a second chance with Emery ahead of the pre-season

tour in Singapore. Arsenal has recently been tipped to pursue a young winger in the transfer window but so far, they have not found much success in terms of adding a forward recruit. Despite winning just 22 caps for Nigeria, Iwobi was one of the more experienced figures in the Super Eagles squad that was the youngest of all the teams in Russia, with an average of 25 years. He really could not make great impact with his debut at the Mundial. Iwobi represented England at Under-16, Under-17 and

Under-18 level before switching allegiance to Nigeria to follow in the footsteps of his uncle and former Super Eagles Captain Austin Jay-Jay Okocha. In October 2015 he made his debut against DR Congo in a friendly in Vise, Belgium and has scored five goals including one in the 2-1 friendly defeat by England at Wembley before the World Cup in Russia. Another Nigerian player on the radar of Saudi Arabian club Al Nassr, Ahmed Musa, may not realize his dream of switching to the oil-rich nation as Leicester

City has rejected the ÂŁ12million bid from the team. The Nigerian striker whose stunning goals against Iceland last month in Russia are still talking points as one of the two goals is short listed among possible 18 that could win the best goal of the Russia 2018, is easily the best Super Eaglesâ&#x20AC;&#x2122; player at the World Cup. He joined Leicester City from CSKA Moscow two years ago for ÂŁ16.6million. This is perhaps the main reason the Premiership side is holding on tenaciously to him as they need to recoup

the money. While Leicester City are holding on to Musa, they are easily disposed to release Algeriaâ&#x20AC;&#x2122;s Islam Slimani on loan as his former club, Sporting Lisbon have made a loan enquiry. Musa may be willing to leave Leicester City as he did not have much time to express himself while there and had to return, on loan to CSKA Moscow where he is better respected. That loan spell expired just before the kick-off of the World Cup. Returning to CSKA helped in getting him back to shape.

CAF Plaudits for Pinnick in Morocco The ongoing two-day symposium of the Confederation of African Football (CAF) in Morocco has praised the President of the Nigeria Football Federation (NFF), Amaju Melvin Pinnick, for being a good ambassador of the continent at the just concluded World Cup in Russia. Pinnick who also doubles as the 1st Vice President of CAF was one of the few FIFA members to commission six matches at Russia 2018 including the semi final clash between France and Belgium and the Third Place game between Belgium and England (both matches) at the St Petersburg Stadium. The symposium called to x-ray why all five teams from the continent crashed out at the group stage of the Mundial and also proffer way forward, is also aimed to galvanize continental competitions, including the African Nations Cup (AFCON). CAF is aiming to make its inter-club competitions to be as attractive and lucrative as the European and South American championships. Speaking at the meeting, CAFâ&#x20AC;&#x2122;s Third Vice President, Fouzi Lekja congratulated Pinnick for

his latest appointment, saying the NFF boss has brought fresh air to football administration in the continent. He paid glowing tribute to Pinnickâ&#x20AC;&#x2122;s intelligence and knowledge of the game, saying his wealth of experience would help African footballâ&#x20AC;&#x2122;s development. According to Fouzi, â&#x20AC;&#x153;African football is lucky to have somebody as knowledgeable as Pinnick as one of its administrators and I hope he will bring the industry he has demonstrated in his FIFA duties to us. â&#x20AC;&#x153;He is indeed worthy of his position as Africaâ&#x20AC;&#x2122;s number two football administrator,â&#x20AC;? he noted. At the meeting were all the heads of African nationsâ&#x20AC;&#x2122; football associations, including CAF President, Ahmad, Senegal FA boss, Augustine Senghor and Pinnick, among others. Pinnick was recently named CAFâ&#x20AC;&#x2122;s first vice president to replace Ghana FA President, Kwesi Nyantakyi, who was forced to leave the position due to his alleged involvement in corrupt practices.

UI, OAU Highlight HiFL Draw in Lagos The star match of the Higher Institution Football League will see two top universities in the country, University of Ibadan and Obafemi Awolowo University, taking on each other in a battle of supremacy. The draw for HiFL, a football competition among higher institutions in the country, a proprietary asset created by Pace Sports and Entertainment Marketing Ltd, and managed in partnership with Nigeria University Games was conducted at the weekend with some leaders of industries and ex-internationals present. The 16 institutions that will pioneer the league were paired into two zones, Sahel and Coastal, while the two zones were also split into two leading to schools from the Northern part of the country playing in Sahel A and B while those from the Southern part playing against one another in Coastal A and B. In Sahel A, BUK Stallions will be up against UDU Sultans while Ilorin Warriors and ABU

Nobles will fight it out in the other game. Sahel B will see ATBU Bravehearts playing against Jos Highlanders with UNIMAID Desert Warriors and UAM Tillers battling for the other slot in the group. It is going to be a big battle in Coastal A as the battle for supremacy will be between UNILAG Marines and UNIBEN Royals while the top of the bill clash will see UI Pioneers battle with OAU Giants. The four games in Coastal B are UNN Lions versus UNICAL Malabites and UNIPORT Sharks against DELSU Titans. Speaking during the draw, former board member of the Nigeria Football Federation, Gara Gombe, said it was a new dawn in university games as they work hard to improve on the game of football in the country. â&#x20AC;&#x153;Despite the challenges we are facing in the country especially in our football, something good must come out of it and thatâ&#x20AC;&#x2122;s the HiFL,â&#x20AC;? Gara-Gombe said.

Alex Iwobi...exit from Arsenal imminent

NFF Crisis: Dalung Summons Emergency Meeting of State FA Chairmen Olawale Ajimotokan in Abuja Sports Minister, Minister Solomon Dalung, Dalung has summoned an emergency meeting of stakeholders for a round-table parley to deliberate on the leadership crisis that factionalised the Nigeria Football Federation (NFF). The meeting will hold tomorrow at the Federal Secretariat in Abuja. A letter summoning the FA

chairmen and secretaries to the meeting was signed by Simeon Oduyebo, a director of EDP in the ministry on behalf of the Permanent Secretary Federal Ministry of Youth and Sports. The stakeholders are to be accommodated at the expense of the Federal Government at Treasure Suite Hotel, Central Business District, Abuja. The letter acknowledged that the implementation of the

Supreme Court ruling on the parallel NFF board elections had thrown up a number of challenges for the administration of NFF. â&#x20AC;&#x153;In consideration of the far reaching implications of the above development and the genuine concern for long term development of the sport of football in Nigeria, I am directed to invite you, as a core stakeholder in the Nigeria

L:R- Director, Pace Sports and Entertainment Marketing, Sola Fijabi; Managing Director, Media Reach OMD, Nitichandra Nandekar; Acting Head of Marketing & Communications, Stanbic IBTC, Bridget Oyefeso-Odusami; Technical Consultant, Higher Institutions Football League (HiFL), Alhaji, Gara Gombe and the Chairman, Technical Committee for the Nigerian University Games Association (NUGA) at the oďŹ&#x192;cial seeding and draws dinner of the Higher Institutions Football League (HiFL) at the weekend PHOTO: Abiodun Ajala

football, to a dialogue meeting with the Honourable Minister,â&#x20AC;? the letter dated July 20, 2018 said. Nigerian football adminstration has been marred by intrigues since the Supreme Court delivered ruling in June on the matter between Chris Giwa and Amaju Pinnick, seeking interpretation on who was the legal president of NFF. Dalung, acting on the legal advice of the Attorney General of the Federation and Minister of Justice, Abubakar Malami directed that the Supreme court order favouring Giwa should be upheld. But FIFA has declared the Nigerian government action as an act of interference and has warned the country risked a ban from all international football activities. FIFA President Gianni Infantino had during the World Cup final in Russia declared Giwa as an impostor and has insisted that the international body recognised only Pinnick as the validly elected NFF President. Aside FIFA, the momentum appears to be swinging in the favour of Pinnick as virtually, all the state football associations, including Plateau State, incidentally the home FA of Giwa, recognising the board headed by Pinnick. No less than 25 state FAs have thrown their weights behind Pinnick led board.

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MONDAYSPORTS THE BRITISH OPEN

Winners Emerge in â&#x20AC;&#x2DC;Rexona Street to Stamfordâ&#x20AC;&#x2122; Africa XI Competition

Francesco Molinari with the Claret Jug after he was presented the trophyâ&#x20AC;Śyesterday

Molinari Wins after Holding off Tiger Woods, Others Francesco Molinari has become the first Italian to win a major, holding off a pack of star names to claim The British Open Championship at Carnoustie. Molinari produced a faultless final round of 69 in windy conditions on the Scottish links to finish eight under. He finished two ahead of four players, including home favourites Justin Rose and Rory McIlroy, tied on six under. Tiger Woods finished five under after leading midway through the round, with Jordan Spieth on four under. Molinari, 35, emerged from a six-way tie for the lead, when all the players were either on the back nine or in the clubhouse to lift the Claret Jug. The Europe Ryder Cup player started the final day three shots adrift of overnight leaders Spieth, Kevin Kisner and Xander Schauffele, but maintained composure while

his rivals all dropped shots in a thrilling battle for the lead. â&#x20AC;&#x153;It is absolutely amazing,â&#x20AC;? Molinari said. â&#x20AC;&#x153;I think it will take a long time to sink in. It has been a great week. â&#x20AC;&#x153;The course bit me a few times in the first two days, but to go bogey-free around this track at the weekend is incredible.â&#x20AC;? Molinari, ranked 15th in the world, had been tipped by a number of experts before the tournament as a player to watch at Carnoustie - and he proved them right with an assured display over the four days. Despite a modest Open record, he had been backed on the strength of a fine few months that saw him claim the PGA Championship at Wentworth - his biggest win on the European Tour - and his maiden PGA Tour victory at the Quicken Loans Classic. Steady opening rounds of 70 and 72 took him into the

weekend, before a stunning 65 on Saturday propelled him into contention. Molinari stressed the importance of making pars on Sunday in an interview after his third round, and he fulfilled his target by beginning with 13 pars in succession in testing conditions. That steady sequence was ended with a birdie on the par-five 14th, before a glorious approach on the 18th allowed him to pick up another shot. After finishing his round, Molinari looked anxious as he waited in the scorerâ&#x20AC;&#x2122;s cabin, watching nearest remaining challenger Schauffele bogey the 17th. The 24-year-old American needed to eagle the last hole to force a play-off, but his approach landed short, allowing Molinari to celebrate with his caddie and wife. Woods is a global star who has transcended the sport since

he won his first major at the 1997 Masters aged 21. Thirteen more majors followed over the next 11 years as the American looked on course to break Jack Nicklausâ&#x20AC;&#x2122; tally of 18 major victories - a record that has stood since 1986. But his career derailed when a series of personal scandals were followed by a serious back injury, leaving many questioning whether he would ever return to anywhere near his best. Ranked 650th at the start of the year, Woods has answered that positively with his lowest 72-hole total at a major since the 2012 Open. Woodsâ&#x20AC;&#x2122; surge was accompanied by fervent support on the Scottish links, with a buzz of excitement following the 42-year-old around the course and on social media. His challenge helped attract a record crowd of 172,000 attend over the week.

Ozil Quits International Duty for Germany Arsenal midfielder, Mesut Ozil, has said he no longer wants to play international football for Germany. In a lengthy statement, the 29-year-old said treatment he had received from the German Football Association (DFB) had made him â&#x20AC;&#x153;no longer want to wear the German national team shirtâ&#x20AC;?. He also claimed he was being blamed for Germanyâ&#x20AC;&#x2122;s disappointing

World Cup. In May, Ozil was criticised after being photographed with Turkish President Recep Tayyip Erdogan at a London event. Ozil attended the event with fellow Germany international Ilkay Gundogan. Both Ozil and Manchester Cityâ&#x20AC;&#x2122;s Gundogan are of Turkish descent. Ozil says he and Gundogan

talked about football with the president. Afterwards, photographs were released by Turkeyâ&#x20AC;&#x2122;s governing AK Party in the build-up to elections in the country, which Erdogan won outright. Many German politicians questioned Ozil and Gundoganâ&#x20AC;&#x2122;s loyalty to German democratic values. Germany has previously criticised

the Turkish leaderâ&#x20AC;&#x2122;s crackdown on political dissent following a failed coup. Ozil said he would have been â&#x20AC;&#x153;disrespecting his ancestorsâ&#x20AC;&#x2122; rootsâ&#x20AC;? had he not posed for photographs with the Turkish president. He added that he and his family had received hate mail, threatening phone calls and comments on social media.

L-R: Head Local Coach, Rexona XI Street to Stamford Academy, Kennedy Boboye; Category Manager, Skin Care & Deodorants, Unilever Nigeria, Toun Adegbite; Head International Coach, Chelsea FC Rexona Academy, Laurence GriďŹ&#x192;n; Brand Ambassador, Rexona Nigeria, Austin Jay Jay Okocha; and Assistant Category Manager, Skin Care & Deodorants, Unilever Nigeria, George Enema, at the Rexona Street to Stamford Africa XI media brieďŹ ng in Lagosâ&#x20AC;Śat the weekend

Ayobami Adekunle, Ebuka Anumba and Ayobami Jegede have been selected as the top three winners of the Rexona Street to Stamford competition to represent Nigeria and join Africa XI to train at Stamford Bridge, United Kingdom in September 2018. Leading deodorant and anti-perspiration brand, Rexona, started the â&#x20AC;&#x2DC;Street to Stamfordâ&#x20AC;&#x2122; competition in May 2018 with the participation of young football enthusiasts across the country. Following the digital draws which was witnessed by representatives from the Consumer protection Council, National Lottery Board and Lagos State Lottery Board, the invitation of 100 players to the â&#x20AC;&#x2DC;Rexona Street to Stamfordâ&#x20AC;&#x2122; Africa XI camp at the National Stadium Surulere Lagos. The players showcased their talents and competed for spots in the final top three. Speaking to the media on the competition, Head Local Coach, Rexona XI Street to

Stamford Academy, Kennedy Boboye said: â&#x20AC;&#x153;I was impressed by the talents on display at the academy and it was a pleasure working with such determined group of young players.â&#x20AC;? The coach who led Plateau United to win the Nigeria Professional Football League (NPFL) last season added that the few days he spent training the players and the selection process leading to pruning down to the final three was a difficult one. â&#x20AC;&#x153;It shows the abundant talent available in the country.â&#x20AC;? Boboye urged the players to use the opportunity afforded them to grow and follow their dreams. Head International Coach, Chelsea FC Rexona Academy, Laurence Griffin, similarly shared same sentiments as Boboye and stressed that despite being his first experience in Africa, he was impressed by the passionate football tradition of Nigerians and the level of commitment by players in the Rexona Academy.

1960Bet Woos Sports Fans with Latest Innovations One of Nigeriaâ&#x20AC;&#x2122;s pioneer sports betting promoters, 1960 Bet has announced plans to introduce some incentives and innovations into the sector to make it easier and more rewarding for the countryâ&#x20AC;&#x2122;s gamers. One of such incentives is the introduction of new technology that would ensure gamers could place their bets from anywhere in the country and twice daily payment to winners seven days a week. Speaking with journalists in Lagos at the weekend, 1960 Betâ&#x20AC;&#x2122;s Managing Director/CEO, Dotun Ajegbile said the company has restructured its operations and returned to full business after resolving the issues it had in 2014, adding that it has acquired a new management, which has set the template that would pioneer fresh innovations in the industry. â&#x20AC;&#x153;Before we decided to sit back and restructure our

operations, we had 26,000 cashiers and 8,900 shops nationwide. Now, the brand is empowering 10,000 agents by providing equipment and putting their shops in the right condition to function every day of the week. We are doing an open-day with our agents on Monday (today), where we will listen to their concerns and also bring them up to speed with the latest developments in the industry. â&#x20AC;&#x153;We are doing twice payments daily even on Sundays and as our operation grows, we will make payments more often.â&#x20AC;? Also speaking at the event, 1960 Betâ&#x20AC;&#x2122;s Head of Operations, Federico Caboni, an Italian, said the â&#x20AC;&#x2DC;company is ready to fly.â&#x20AC;&#x2122; He explained, â&#x20AC;&#x153;I arrived in Nigeria in February last year and it took us a long time to put the company right again.â&#x20AC;?

Over 20 Countries for Freestyle Football African Championship Feet â&#x20AC;&#x2DC;nâ&#x20AC;&#x2122; Tricks, the organisers of Freestyle Football in the country, has announced that over 20 African countries will be taking part in the first-ever Africa Freestyle Football Championship to be hosted by Nigeria. After the successful hosting of the Nigerian championship last year, the Chairman of the organisation, Valentine Ozigbo, said the competition actually gave birth to the African Championships. Speaking during a Press Launch of the championship at the weekend, Ozigbo said the LOC was looking forward to an exciting competition this year with some of the best freestylers on the continent converging on one stage for the most entertaining aspects of football. â&#x20AC;&#x153;We broke a lot of records last year as attested to by the World Freestyle Football Association,â&#x20AC;? he said. â&#x20AC;&#x153;Our event was adjudged to be the one that gave most room to female participants at the championship in the entire world and hope to see more of that this year. â&#x20AC;&#x153;I want to use this

opportunity to appreciate all our sponsors as we try to make this yearâ&#x20AC;&#x2122;s event even bigger and better. â&#x20AC;&#x153;Registration for this tournament is currently open to both male and female freestylers of African descent and it will close on August 15. It will be done via the companyâ&#x20AC;&#x2122;s website, www.feetandtricks.com. â&#x20AC;&#x153;The 2018 championship is being planned as a perfect fusion of freestyle football and entertainment as top musical and dance artistes will be performing. â&#x20AC;&#x153;The final event will also host international freestyle professionals; Guinness World Record holder, Iya Traore and female freestyler, Raquel Benetti from Brazil.â&#x20AC;? Meanwhile, prizes worth over $50,000, include a brand new car donated by one of the sponsors, GAC Motors, as well as qualification and sponsorship for the global championship are available to be won. The three-day championship will take place from September 13 to 15 at the Federal Palace Hotel in Lagos with the best 16 male and eight female competing on the final day.

T H I S D AY ˾ MONDAY JULY 23, 2018

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R I V E R S S TAT E

3 YEARS OF ACTION

Gov. Nyesom Wike's 'Mr. Projects' Giant Strides

...And Commissioning of Super Projects

T H I S D AY Ëž Í°ÍąË&#x153; Í°ÍŽÍŻÍś

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3 YEARS OF ACTION

Gov Wike Commissions 34 Projects: Governor Nyesom Wike of Rivers state is truly "Mr. Projects". To mark his 3rd year anniversary in ofďŹ ce, Gov Wike rolled out 34 super projects, cutting across all parts of the state and sectors. Here are very important personalities during the unveiling of different projects.

Cultural Center Bonny Street, Old Port Harcourt Township

Ooni Of Ife, Oba Adeyeye Enitan Ogunwusi commissions the Modern Rex Lawson Cultural Centre.

Ozuaha-Ipo-Omademe Road...

Ozuaha-Ipo-Omademe Road, commissioned by Former President Goodluck Jonathan.

Faculty of Technical Education...

Gov Wike commissioing the Faculty of Science and Technical Education building funded by his administration at the Rivers State University in Port Harcourt.

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WIKE: 3 YEARS OF ACTION

Isiokpo Internal Roads Phase1...

Isiokpo Internal Roads Phase1... Commissioned by Former Vice President Atiku Abubakar (middle) with ex-Gov Gbenga Daniel (2nd left).

National Industrial Court Complex

Appeal Court and National Industrial Court complex commissioned by Walter Samuel Onnoghen, Chief Justice of Nigeria.

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WIKE: 3 YEARS OF ACTION

Elele - Alimini Internal Roads...

Elele - Alimini Internal Roads. commissioned by Mr. Ayo Fayose, Governor, Ekiti State.

Medical College, Rivers State University (RSU)....

Medical College, Rivers State University (RSU) Commissioned by Sokoto State Governor, Rt Hon Aminu Tambuwal.

24 Nos 3bedroom Fats for Civil Servants Commission Former Plateau State Governor, Senator Jonah David Jang, commissioning the 24 Nos 3bedroom Flats for Civil Servants.

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Road, fertilizer projects Fertilizer projects in Rivers was commissioned by Senate President, Bukola Saraki.

Sultan of Sokoto, Alhaji Sa-ad Abubakar (2nd L), Rivers State Governor, Nyesom Ezenwo Wike (2nd R), The Obong of Calabar, Edidem Ekpo Okon Abasi (l)

8.4 kilometres Garrison-Trans-Amadi-Slaughter-Woji Elelenwo Road 8.4 kilometres GarrisonTrans-Amadi-Slaughter-Woji Elelenwo Road in PH, was commissioned by Former Head of State, Abdulsalami Abubakar.

Multi-billion dual-carriage way Speaker Yakubu Dogara commissioning the multi-billion dualcarriage way.

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WIKE: 3 YEARS OF ACTION

Government Secondary School, Onne

Government Secondary School commissioned by former Jigawa Governor, Sule Lamido.

Nyemoni Grammar School, Abonnema...

Nyemoni Grammar School, Abonnema commissioned by 6HQDWRU $KPHG 0DNDUÆ&#x201C;

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WIKE: 3 YEARS OF ACTION European Union Ambassador to Nigeria, Ketil Karlson during the commissioning of Chief Emmanuel Aguma House by the EU Ambassador

Okochiri Internal Roads, Okrika

Primary Healthcare Board

Primary Healthcare Board commissioned by Gov Nyesom Wike.

With him are... (L-R) Deputy Governor Ipalibo Harry Banigo, Rivers State Governor, Nyesom Ezenwo Wike, Widow of Chief PG Warmate, Mrs Warmate, Speaker of Rivers State House of Assembly, Rt Hon Ikuinyi-Owaji Ibani

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Tourist Beach Street...

Tourist Beach Street commissioned by former Delta State governor, Chief James Ibori.

Government Girls Secondary School, Rumuokwuta

Government Girls Secondary School, Rumuokwuta, commissioned by The British High Commissioner to Nigeria, Mr Paul Awkright.

Mgbuoshimini Health Center...

Mgbuoshimini Health Center. commissioned by Delta State Governor, Ifeanyi Okowa.

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Price: N250

MISSILE Atiku to APC

“Today, we are witnessing the most insecure atmosphere in Nigeria as more people have died in Nigeria during the reign of the APC. We have the highest unemployment rate in the history of this country as more than 10 million of our youths are unemployed. What the PDP is going to do is to reform our economy, unify our country, ensure that we have security of lives and property” – Former Vice President, Atiku Abubakar, berating the All Progressives Congress-led federal government during his declaration to run for president 2019 weekend.

IJEOMANWOGWUGWU BEHIND THE FIGURES

ijeoma.nwogwugwu@thisdaylive.com

The Interlopers in Oando Plc M

r. Wale Tinubu, the chief executive of Oando Plc, and his deputy, Mofe Boyo, must be squirming uncomfortably in their underwear. Despite their attempt to turn the consequential but partial award of the London Court of International Arbitration (LCIA) on its head, it was abundantly clear that the declaration of the arbitration tribunal consisting of Mr. Harry Matovu, QC, Prof. Marco Frigessi di Rattalma and Mr. David Mildon, QC, was unequivocal in its pronouncement that Ocean and Oil Development Partners, a firm registered in the British Virgin Islands (OODP BVI), is indebted to Ansbury Investments Inc. to the tune of $600 million while Whitmore Asset Management Limited is indebted to the Ansbury to the tune of $80 million. Both sums make up the shareholder loans given by Ansbury to OODP BVI and Whitmore for the acquisition and exploitation of ConocoPhillips’ upstream assets in Nigeria. For the benefit of readers, Ansbury, a single purpose investment vehicle incorporated in Panama and owned by the family trusts set up by an Italian-Nigerian businessman, Mr. Gabriele Volpi, entered into a contractual relationship with Whitmore, a BVI registered company owned by Tinubu and Boyo, on June 17, 2013. The objective was to set up a joint venture to raise funds for the acquisition of ConocoPhillips’ upstream assets in Nigeria valued at $1.5 billion. The contractual relationship between Ansbury and Whitmore led to the incorporation of a joint venture vehicle, OODP BVI. By way of shareholder loans provided solely by Ansbury to OODP BVI in the sum of $600 million and to Whitmore in the sum of $80 million, the equity in the venture (OODP BVI) was agreed to be held as to approximately 60% by Ansbury and approximately 40% by Whitmore. The JV OODP BVI itself owns all but one of the shares (99.99%) in OODP Nigeria Limited, which in itself owns 55.96% of Oando. Other investors own the balance of 44.04% of Oando. The agreement between Ansbury and Whitmore provided for the repayment of the shareholder loans on January 1, 2018. However, Ansbury, perhaps, fearful of the mismanagement of Oando Plc and the loss of the loans that it had extended to Whitmore and OODP BVI which owns 99.99% of OODP Nigeria which also owns 55.96% of Oando Plc, prematurely demanded for the repayment of its shareholder loans on March 11, 2017. The premature demand, plus claims by Whitmore that there existed an unsigned Fourth Amended and Restated Shareholders’ Agreement that provides for the transfer of 20% of the shares in OODP BVI to Whitmore, such that that the parties’ respective equity shares in OODP BVI would switch to 60% for Whitmore and 40% for Ansbury; and an alleged oral agreement between the parties to extend the repayment of the shareholder loans to January 1, 2020, form the nucleus of the dispute between Volpi and Tinubu-Boyo. Having sifted through voluminous documents provided by Ansbury and Whitmore and listened to their claims and counter-claims, the arbitration tribunal was unambiguous when it declared on July 6, 2018 that the Third Shareholders’ Agreement (SHA) between the parties was binding, the Fourth SHA never became effective, Whitmore was in breach of the repayment obligations stated in the First Loan Agreement for $80 million, the alleged oral agreement to switch the parties’ respective shareholding in OODP BVI was not binding on the parties, and Ansbury was and remains estopped from claiming repayment of the any of the loans prior to January 1, 2018. The tribunal further held that OODP BVI is presently

indebted to Ansbury in the total principal sum of $600 million, being $130 million in respect of the initial loans and $470 million in respect of the subsequent loans, which sums are overdue and owing. It also declared that Whitmore is presently indebted to Ansbury in the total principal sum of $80 million in respect of the loan made under the First Loan Agreement. The tribunal also reserved its jurisdiction over all issues as to orders for repayment by Whitmore and OODP BVI of the loans due and owing from them, interest and costs. Despite the clear-cut ruling, Oando, through its chief compliance officer and company secretary, Ms. Ayotola Jagun, was quick to assert that based on the shareholding structure of OODP BVI, Volpi would in fact be paying himself $360 million. How? There could be nothing further from the truth. First and foremost, there is a clear distinction between the share capital injected into a company by an investor in exchange for shares in the company and the injection of a shareholder loan to a company, which is also treated as equity. While the former is expected to be held by the shareholder in perpetuity and may be increased or reduced through fresh capital injections or by

sale of shares, the latter is expected to be repaid with low or deferred interest payments. There was nothing in the shareholders’ agreement that suggested that the injection of $600 million by Ansbury into OODP BVI and $80 million into Whitmore were anything other than loans. It must be added that the shareholder loans provided by Ansbury were the ideal debt-financing structure in managing the leveraged buyout of ConocoPhillips’ upstream assets and should not have been trifled with by Tinubu and Boyo. Had Volpi not come to their aid, it would have been next to impossible for them to achieve their dream of turning Oando into a full-fledged integrated energy firm. Second, it will be foolhardy for Oando to continue to maintain that it is not indebted to Ansbury or that the latter is not a shareholder in Oando. Insofar as OODP BVI and Whitmore remain indebted to Ansbury, there is nothing stopping Volpi’s firm from converting its loans into equity, and assuming full control of OODP BVI. Should this happen, Tinubu and Boyo would have no direct or indirect claim on Oando and would have to kiss the company goodbye. Even if we were to buy the argument by Oando that

Ansbury is not a shareholder in the Nigerian energy firm with dual listing on the Nigerian and Johannesburg Stock Exchanges, the same principle would ring true for Whitmore – jointly owned by Tinubu and Boyo. Indeed the view in the market is that Tinubu and Boyo, having long sold their residual direct interests in Oando, may indeed be the real interlopers. Another concern should be the final award of the London tribunal, which is yet to determine the payment terms, timeframe, the interest payments on the unpaid loans, and costs. Having reserved its jurisdiction to order the repayment of the loans owed Ansbury, Tinubu and Boyo have no option than to scurry to the table and agree on a repayment plan with Volpi. As things stand, it is not just the ownership of Oando that is at stake, but all their personal assets in the United Kingdom, Nigeria and in other jurisdictions that could be seized to repay the debt. Add to this the forensic audit of Oando, which the company in cahoots with the Securities and Exchange Commission (SEC) and the Ministry of Finance, have attempted to sweep under the carpet, it will take a miracle for Tinubu and Boyo to wriggle out of their ordeal unscathed.

Requiem for Nigeria Air For those eager to celebrate the launch of a national carrier, let me warn that the stunt pulled off last week by the federal government through its transportation minister responsible for aviation, Mr. Hadi Sirika, at the Farnborough Airshow in England, was nothing more than a statement of intent. It was a cleverly choreographed political sound bite, complete with photoshopped images of an aircraft depicting Nigerian livery. It was targeted at fooling the public into believing that the administration was sticking to its campaign promise to establish a carrier flying the Nigerian flag. What was sorely missing from that presentation was the business case for the so-called airline to be named Nigeria Air, investors that had indicated interest in taking a stake in the airline, a lease/procurement plan with aircraft manufacturers and lessors for the acquisition of aircraft, management and technical services agreements with a prospective operator for the airline, a realisable blueprint for the actualisation of an airline hub possibly in Lagos, targeting first the West African sub-region, and a plan for the establishment of a maintenance, repair and overhaul (MRO) facility as an additional revenue stream for the proposed airline. It must be mentioned that at the presentation at Farnborough, Sirika’s audience was made up solely of officials of his ministry and the regulatory agencies in the Nigerian aviation sector. Not a single prospective investor, aircraft leasing firm or manufacturer, or advisory firm was in sight. The sole foreigner at the Farnborough event was the cameraman hired by the transportation ministry. At the very minimum, the so-called advisors led by Airline Management Group (AMG), which the federal government appointed a year ago at a princely fee of N1.5 million, should have been at the airshow to present their outline business cases for the airline, MRO, aerotropolis, and so on. AMG was named the lead in the advisory consortium after Lufthansa Consulting pulled out five months ago. Citing conflict of interest as

one of the reasons for Lufthansa’s withdrawal, Sirika added last February that his ministry and the German firm were unable to agree on the contract terms for the advisory services, requiring an upfront payment of 75% of the contract fees that would have been payable in euros into an escrow account with a foreign bank. But I digress. Sirika clearly went to the airshow unprepared. He also failed to address the challenging Nigerian aviation environment characterised by undercapitalised airlines, safety concerns, jet fuel shortages, an unattractive fiscal regime, the absence of world-class aviation infrastructure, and shoddy regulation. Even outside Nigeria, the minister was unmindful of the litany of unprofitable, struggling airlines on the African continent and beyond. Examples abound of defunct, bankrupt and unprofitable national and government-owned carriers ranging from Sabena, Swissair, Alitalia, Iberia, British Airways (pre-privatisation), Air Afrique, South African Airways, EgyptAir to Kenya Airways. It would be futile using Ethiopian Airways and Emirates Airline as examples of state-owned airlines that have succeeded. They operate unique models that are difficult to replicate. Whereas Ethiopian Airways has a government-protected monopoly on its domestic routes, has benefitted from economic growth and stability averaging 10% over the past decade, provides a plethora of services including maintenance, catering and training to other airlines, boasts a young and modern fleet, purportedly pays zero landing fees at Ethiopian airports, and controls a large chunk of the air traffic in Africa; Emirates, supported by the government of Dubai’s investment arm, has been accused by its global competitors of benefitting from hidden state subsidies, maintaining a too cozy relationship with Dubai’s airport authority and its aviation regulator – both of which are state-owned entities – and benefitting from reduced borrowing costs by taking advantage of its government shareholder’s sovereign borrower status. But the allegations against Emirates have been debunked, with the airline pointing to the

bailouts provided by the United States government to US-based airlines as a substantial form of state assistance. What was more bemusing was Sirika’s declaration that Nigeria Air would fly on 162 routes! How was this predetermined without the input of investors? Shouldn’t that be the responsibility of the advisers and investors to determine the viability of routes? Rather than dissipate energy on the establishment of a new national carrier that will never see the light of day, Sirika should focus on the low hanging fruit right in front of him. For all intents and purposes, Arik Air, Aero Contractors and the remnants of the defunct Air Nigeria (successor of Virgin Nigeria) currently belong to the Nigerian government. With the still operational Arik and Aero Contractors under the control of the Asset Management Corporation of Nigeria (AMCON), the latter, with the assistance of reputable international consultants, should begin the process of underwriting the liabilities of both airlines, hiving off and disposing of their non-core assets, and merging the airlines into one entity. After the corporate restructuring process, which must include a share restructuring strategy that leaves the owners of the legacy airlines with some minority stake in the emerging entity, the new airline should be sold to a core strategic investor capable of injecting fresh capital into it and expanding its fleet and operations. This avenue available to Sirika is a surer bet of getting an airline with a Nigerian identity off the ground. He needs to bury his ill-fated attempt to start an airline from scratch. The Nigerian government does not need a 5% stake in any airline, nor does it need to provide a take off grant of $300 million. Instead, more resources should be deployed in improving airport infrastructure and the concession of Nigeria’s viable airports to the private sector. As it stands, the Federal Airports Authority of Nigeria (FAAN) has proven to be a basket case. Like the phantom Nigeria Air, it needs to be buried and confined to the dustbins of history.

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