Monday 30th July 2018

Recapitalisation: Low Stock Prices Expose Insurance Firms to Hostile Takeover Goddy Egene Following the recapitalisation timeline announced last week by the National Insurance Commission (NAICOM), fears of hostile takeover has gripped some owners of insurance companies due to their low

share prices on the Nigerian Stock Exchange (NSE).

Since the NSE introduced a new pricing methodology and par value rule on January 29, 2018, the share prices of insurance stocks have suffered significant value erosion.

While the entire market

value of the insurance sector on the NSE has declined from N159.432 billion, to N133.974 billion, many of the stocks are trading below their 50 kobo par value.

This development has exposed most of the companies to corporate

raiders. And the situation, THISDAY learnt, was made worse following the new recapitalisation policy by the NAICOM, which has raised the minimum capital base for composite insurance companies (life and non-life underwriters) that want to get licenses to

underwrite all risks in the country from N5 billion to N15 billion.

Although the regulator said insurance companies operating with the old capital requirements would not be forced to recapitalise, but would be restricted to

underwrite only certain business, market analysts said any firm that really wants to do well must not wait to be forced to recapitalise.

Findings by THISDAY revealed that the Continued on page 8

NNPC Records N240bn Loss in 13-month Petrol Supplies … Page 8 Monday 30 July, 2018 Vol 23. No 8504. Price: N250

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Defections Can’t Halt Buhari’s Victory in 2019, Says Campaign Organisation Enumerates how president will win PDP: You are deluding yourself Vincent Obia in Lagos and Ademola Babalola in Ibadan Muhammadu Buhari Presidential Campaign Organisation has said recent defections from the ruling All Progressives Congress (APC) to the main opposition Peoples Democratic Party (PDP) will

not affect the president’s reelection bid.

The organisation said in a statement yesterday by its Director of Strategic Communications, Mr. Festus Keyamo (SAN), that Buhari won overwhelming support in Continued on page 10

Kwankwaso Reconciles with Shekarau, Moves against APC Galadima: President didn’t want to deal with Tinubu Ibrahim Shuaibu in Kano and Mohammed Aminu in Sokoto In what appears to be an unprecedented twist in the politics of Kano State, two former governors and erstwhile political archrivals in the state, Senator Rabiu Kwankwaso and

Malam Ibrahim Shekarau, met at the weekend in Abuja.

THISDAY gathered that the meeting, which was the first since Kwankwaso’s defection from the All Progressives Congress (APC) to the Peoples Continued on page 8

Notore, Eroton Partnership Enhances READY FOR THE SUMMIT… Muhammadu Buhari (left) with President Faure Gnassingbe of Togo during a reception by the Togolese president Productivity at Fertilizer Plant ... Page 48 President for the Nigerian president ahead of ECOWAS-ECCAS Summit in Togo…yesterday

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NNPC Records N240bn Loss in 13-month Petrol Supplies Indicates Nigerians consumed 80.26 million liters in March Country lost over 7m barrels of oil in February 2018 to multiple shut-ins Chineme Okafor in Abuja Between March 2017 and March 2018, a period of 13 months, the Nigerian National Petroleum Corporation (NNPC) incurred a loss of N240,304,755,518 as under-recovered expenditure in importing petrol at the international market price and selling at the federal government’s regulated pump price of N145 per litre, according to the corporation’s monthly financial report.

Also, the report, which showed that 80.26 million litres of petrol was consumed in March 2018, also indicated that in February 2018, Nigeria’s oil production volumes declined by about 7.588 million barrels on account of multiple production shut-ins mostly on crude oil export terminals and pipelines.

Under-recovery is another term to describe subsidy, which arises as a result of the difference between the landing cost of refined products and the official prices.

The corporation in its March

2018 financial and operations report - the latest so far, indicated that it lost N240.3 billion for keeping petrol pump price at N145 per litre at that period, and this loss represents the amount that should be paid to it afterwards as petrol subsidy claims, assuming the federal government is still operating the subsidy regime.

The monthly report was released in Abuja by the NNPC and obtained by THISDAY. According to the NNPC report, N240,304,755,518 was recorded as under recovery for the 13-month period; N17,619,360,579 recorded as crude oil losses; products losses was N8,334,022,400; while pipeline repair and management costs resulted in N129,688,449,152.

A further breakdown of the figures indicated that in March 2017, NNPC recorded an underrecovery of N8,206,727,836; in April, it was N8,206,727,836; and in May, it was N7,743,923,020; and between June, July, August, September, October, November, and December

of 2017, the corporation netted under-recoveries of N11,792,197,288; N10,250,012,947; N7,938,985,582; N7,521,590,052; N6,848,622,525; N16,785,193,827; and N15,676,576,185, respectively.

In January 2018, it recorded N45,782,705,844 as underrecovery; N59,519,058,738 in February; and then N34,032,433,839 in March.

NNPC said: “In the downstream sector, NNPC continued to ensure increased petrol supply and effective distribution across the country.

In March, 2018, 2.49 billion litres of petrol were supplied

by NNPC translating to 80.26 million litres/day to sustain seamless distribution of petroleum products and zero fuel queue across the nation.

“The corporation is maintaining an eagle eye on the daily or petrol evacuation figures from depots across the nation, and engaged where necessary the Nigerian Customs Service (NCS) through existing Joint Monitoring Team.

“In March 2018, pipeline break

stood at 224, of which 25 pipeline points either failed to be welded or ruptured/clamped. Thus 199 pipeline points were vandalised as against 125 recorded last month. PHC-Aba and Aba-Enugu pipeline segment accounted for 177 points or 88.94 per cent of the affected pipeline points,” it added.

“NNPC transferred the sum of N73.01 billion into Federation Account for the month under review. From March 2017 to March 2018, Federation, JV, and FG for debt repayment received the sum of N851.65 billion, N672.02 billion and N6.33 billion respectively,” said the report The NNPC further explained that while the country’s total oil production at that period was 56.24 million barrels, it could not get about 7.588 million barrels to the surface and market because it had issues at the Qua Iboe; Forcados; Bonny; Bonga; and Agbami oil terminals.

Based on the report’s claim that the average price of crude

oil at that period was $63.37 per barrel, THISDAY’s calculations indicated that about $480,851,560 (7.588 million barrels multiplied by $63.37 per barrel) may have been the possible monetary loss from the shut-ins.

It stated that out of the 56.24 million barrels of crude oil and condensate that was produced, and which represented an average daily production of 2 million barrels, Joint Ventures (JVs) and Production Sharing Contracts (PSC) contributed about 33.44 per cent and 38.14 per cent respectively, while Alternative Financing (AF), Nigerian Petroleum Development Company (NPDC) and independents accounted for 13.55 per cent, 7.32 per cent and 7.54 per cent respectively.

On the production shut-ins, the report stated that at the Qua Iboe Terminal, about 160,000 bpd of oil was shut-in throughout February 2018 due to the aging facilities and integrity issues.

At the Bonny Terminal, it noted that the Trans Niger Pipeline

(TNP) was shut down from February 13 to 16, 2018 due to a leak in the Bodo area with the loss of approximately 120,000 bpd of production.

At the Forcados Terminal, it explained that about 180,000 bpd of production was deferred due to shut down of the Trans Forcados Pipeline (TFP) as a result of leakage of hot taps in the Oteghele axis for five days in February 2018.

The Bonga Terminal, it noted experienced about 55,000 bpd of shut-in due to plant shutdown for water flood gray lock leak repairs from February 4 to 15, 2018.

In addition, it said a shut-in of 215,000bpd was experienced as a result of complete shut down for water flood gray lock leak repairs for five days at the Bonga Terminal.

At the Agbami Terminal, it said production was shut-in for seven days to mitigate the impact of wind direction on flare that set off smoke and thermal alarms resulting to the shut-in of about 24,000 bpd.

from its mandate and failed to meet the yearnings of Nigerians.

According to him, he has no other option than to leave the ruling party because of lack of inclusiveness and the quest for the survival of democracy in the country.

Danbaba posited that he was compelled to leave the party because of the failure of the party leadership to address their grievances.

He lamented that the APC had failed to address the three core issues of security, economy and corruption that it was voted into power in 2015.

"I left the APC to join the PDP because the leadership of the party has derailed and ignored the advice of members, despite all our efforts to salvage the situation. I also consulted my constituency before doing so,” he said, adding, “Whatever affects Nigeria affects all Nigerians. We campaigned on three cardinal issues of security, economy and corruption in 2015 based on the integrity of President Buhari but unfortunately there is no improvement on the three issues.”

Danbaba said the PDP would take over 10 northern states in the forthcoming election.

"The stronghold of APC is in the north. PDP will soon take over Benue, Kaduna, Kano, Plateau, Kogi, Kwara, Bauchi, Gombe, Adamawa and Sokoto states in 2019. The balance of power is now tilted in favour of the PDP," the senator said.

The lawmaker emphasised that the party leadership dissipated its energy in fighting perceived enemies rather than working assiduously to meet the yearning and aspiration of Nigerians.

He also accused the party leadership of persecuting the Senate President, Dr. Bukola Saraki, thereby derailing from its core mandate of meeting the yearnings of the people.

Danbaba said, “The ongoing fight against corruption is selective because the Code of Conduct tribunal had no jurisdiction to take Saraki to court.

"Saraki offended the powers that be and they are determined to send him to prison. We did not envisage such kind of vendetta when we worked for APC in 2015. We expected that the party will meet the aspiration of Nigerians but it failed to do so."

KWA N KWAS O R EC ONC ILES W IT H SHEK ARAU , M OV E S AGAI N ST APC Democratic Party (PDP) recently, was to bury their differences and form a formidable team that would mobilise the electorate in the state against President Muhammadu Buhari and Governor Abdullahi Ganduje ahead of 2019 elections.

It was also gathered that it was the first formal meeting of the former political opponents in 15 years when Kwankwaso paid a congratulatory visit to Shekarau for defeating him in the 2003 governorship election.

According to impeccable sources, the brief meeting took place at Shekarau’s Asokoro residence in Abuja on Saturday night.

Although the two Kano political gladiators held the meeting behind closed-door, an excited Shekarau who was heard telling his visitor “no hard feelings, and I don’t bear any grudge,” at the end of the meeting.

In reply, Kwankwaso also said he did not bear malice against him, promising his commitment and collaboration towards the success of the party.

Following Kwankwaso’s defection to the PDP last week, the senator has been extending

olive branch to politicians in the PDP towards realigning the party structure at the state level.

THISDAY reliably gathered that the party leaders at the national level had favoured Kwankwaso to have 51 per cent stake in the party structure, having joined the party alongside nine members of the House of Representatives.

“The party leaders know the political weight of the senator.

Aside his being a serving senator, he currently has a serving deputy governor, nine serving members of the House of Representatives and six serving members of the state House of Assembly in his political kitty.

“Essentially, he is the most powerful force in the state today.

This is what the party at the national level considered to cede the control to him,” said a source familiar with the equations.

Galadima: President Didn’t Want to Deal With Tinubu Meanwhile, the Chairman of the reformed All Progressives Congress (rAPC), Mr. Buba Galadima, has said the cosy relationship between President Buhari and the National Leader

of the APC, Senator Bola Tinubu, is an afterthought.

In a tell-all account in the current edition of The Interview magazine, Galadima said he was principally responsible for the alliance between the Congress for Progressive Change (CPC) and the Action Congress of Nigeria (ACN), against Buhari’s wishes.

Buhari and Tinubu were the leaders of CPC and ACN, two of the five legacy parties that formed the APC in 2014.

Galadima said, “Buhari was the one against the alliance with Tinubu and I don’t want to say anything. Let Buhari deny what I have said. I was for it and I organised it and wrote a memo that even produced a candidate for the vice presidency, this same Osinbajo.”

Galadima gave a hint that Buhari might have, in fact, pencilled in another running mate candidate in the INEC form that was to have been submitted.

A statement, the MD/EditorIn-Chief of The Interview, Mr. Azu Ishiekwene, described the Galadima interview as “the stuff of a broken love affair, with no closet details spared.”

Using a slogan, ‘Anybody

but Buhari (ABB),’ Galadima said he was planning to write an open letter to Buhari very soon, adding that the president was a “floored candidate” who will lose his deposit if he contests re-election.

“If he was raising cattle in Daura, I wouldn’t bother about him. I’m criticising him because he’s the President of Nigeria and he’s not doing very well,” Galadima said.

He did not spare the Chairman of the APC, Mr. Adams Oshiomhole, whom he described as a latter-day Buharist bent on hijacking the ship.

APC Will Lose 10 Northern States to PDP in 2019, Says Senator Danbaba In a related development, the senator representing Sokoto South Senatorial District, Senator Ibrahim Danbaba, yesterday said he defected from the APC to the PDP because of lack of equity, justice and fairness to members.

He also said the ruling APC would lose 10 northern states in the 2019 general election.

Speaking with journalists at his residence in Sokoto, Danbaba maintained that the APC-led federal government had derailed

RECAPITALISATION: LOW STOCK PRICES EXPOSE INSURANCE FIRMS TO HOSTILE TAKEOVER low stock prices and new capital requirement were beginning to be a serious source of worry for shareholders of listed insurance companies.

“With these developments, the insurance companies are now highly exposed to corporate raiders, who need very little amount to acquire some of the companies from existing owners,” a stockbroker, whose firm focuses on the insurance sector told THISDAY at the weekend.

According to him, “NAICOM has said there would be no mandatory injection of fresh capital funds by insurers, no cancellation of licence of any operator is anticipated, but the truth of the matter is that any firm that want to be a real player in the industry and wants to

be taken seriously must get the needed capitalisation.”

About 16 of the 26 insurance stocks on the NSE currently are trading below 50 kobo par value since the new pricing methodology was introduced in January.

Those trading below their par values are: African Alliance Insurance Plc; Consolidated Hallmark Insurance Plc; Cornerstone Insurance Plc; Sunu Assurance Plc; Guinea Insurance Plc; International Energy Insurance Plc; Standard Alliance Insurance Plc; LASACO Assurance Plc; and Mutual Benefits Assurance Plc. Others are: Niger Insurance Plc; Regency Alliance Insurance Plc; Sovereign Trust Insurance Plc; UNIC Diversified Holdings Plc; Veritas Kapital Assurance

Plc and WAPIC Insurance Plc. Also, most of the stocks are trading between 60 per cent and 16 per cent lower than their 2018 opening prices.

Market analysts said although the lower prices offer new entry opportunities in some of stocks, investor apathy for insurance stocks are basically caused by two major factors.

“Investors’ low demand for insurance stocks stemmed mostly from their poor corporate performance, which often makes them to pay low dividends. Besides, low awareness about their operations equally discourages investors from the sector,” a stockbroker, Mr. Ayo Oguntayo, had said.

According to him, while some insurance companies

have strong fundamentals and have put in place strategies to deliver improved returns to shareholders, most potential investors are not aware of such prospects.

When introducing the new pricing methodology, Head, Market Surveillance and Investigations Department, NSE, Mr. Abimbola Babalola, had said it was aimed at making the market more efficient.

The amendments to the pricing methodology rule led to the introduction of a new price group – “Group C.” “It should be noted that the new Group “C” consists of equity securities that are priced below N5.00 per share, for at least four of the last six months, or new security listings that are

priced below N5.00 per share at the time of listing on the NSE. The minimum pricing increments and minimum quantity traded for equity securities will no longer be the one-size-fits-all of One Kobo (N0.01k) which has been used in the market for all equity securities.”

According to the new rule, a trade of 10, 000 units is required to move the price of equities trading at N100 or above (Group A) by 10kobo. A trade of at least 50,000 units is required to move the price of equities trading at N5 or above but lower than N100 (Group B) by five kobo, while a trade of at least 100,000 units shall be required to move the price of equities trading at N0.01k or higher but below N5 (Group C) by one kobo.

TOP GAINERS NGN NGN CCNN 2.85 31.35 DANGSUGAR 1.50 16.50 UNIONDAC 0.02 0.22 WAPIC 0.04 0.44 VITAFOAM 0.32 3.57 TOP LOSERS NGN NGN NPFMFB 0.15 1.57 BERGPAINTS 0.55 8.00 SEPLAT 25.00 625.00 LASACOASSURE 0.01 0.32 LIVESTOCK 0.02 0.67 HPE Nestle Nig Plc ₦1,501.00 Volume: 311.362 million shares Value: N3.487 billion Deals: 3,735 As at 27/7/18 See details on Page 35

% 10 10 10 10 9.8 % 8.7 6.4 3.8 3.0 2.9

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STARTERS

FG Recalls 2.4m Bottles of Codeine Paul Obi in Abuja In an effort to curtail abuse of Codeine containing cough syrup, the federal government has recalled about 2.4 million bottles of codeine from circulation.

The move, according to the Ministry of Health, demonstrates the federal government’s determination to stem the abuse of Codeine, containing cough syrup and other substances across the country.

The recall, which was effected by the Federal Ministry of Health, was carried out to withdraw about 2,405,724 bottles of Codeine containing cough syrup after a recent audit trail of the substance by National Agency for Food and Drug Administration and Control (NAFDAC).

The Minister of Health, Prof. Isaac Adewole, while receiving the final report of the stakeholders committee set up by the ministry to address the worrisome menace, said, "The audit trail and subsequent recall of the substance, was part of the recommendations submitted by the 22-man committee drafted from a broad spectrum of the health sector

Adewole

to collaborate with relevant agencies.’’ He added that the recall was also part of pharmacy vigilance and renewed effort to actively monitor drug distribution channels and sanitise the system.

The minister said the committee was an offshoot of the press statement by the ministry on the temporary ban of

Codeine production and distribution and further directive for NAFDAC to convene a committee of stakeholders to chart the way forward.

The committee has the following as members: Director General, NAFDAC, Professor Christianah Adeyeye (Chairman); Chairman, National Drug Law Enforcement Agency (NDLEA), Alhaji Muhammad Abdullah; and the Registrar, Pharmacists Council of Nigeria (PCN).

Others include Director, Food and Drugs Services (FMOH), Mr. Elijah Mohamed; President, Pharmaceutical Society of Nigeria (PSN), Mr. Moshood Lawal; Executive Secretary, Pharmaceutical Manufacturing Group of the Manufacturers Association of Nigeria (PMG-MAN), Dr. Okey Akpa; and Alhaji Ahmed Yakasai.

The report involved 87 per cent of the manufacturers, 20 out of the 23 of the companies.

All the recalled products have been warehoused in the respective companies accredited by the Federal Ministry of Health.

DEFECTIONS CAN'T HALT BUHARI'S VICTORY IN 2019, SAYS CAMPAIGN ORGANISATION previous elections in many of the states where the defections occurred without the backing of the defectors, arguing that their movement to the opposition would have little or no effect on the outcome of the 2019 presidential poll.

Besides, it said with APC gaining a lot of ground in formerly opposition territories, President Muhammadu Buhari had nothing to fear.

But the PDP in a swift reaction by its National Publicity Secretary, Mr. Kola Ologbondiyan, said the Buhari campaign was deluding itself with salacious figures that were based on bogus assumptions. “It is imperative to state that the figures put forward by the Buhari campaign are all predicated on bogus assumptions that have no space for human behavioural patterns of responding to situations correspondingly with stimuli,� it said yesterday.

APC has been hit by a gale of defections, with 14 senators and 32 House of Representatives members leaving the party for PDP in one fell swoop last Tuesday. The next day, Governor Samuel Ortom of Benue State announced his defection to PDP and rumours are rife that at least two other governors and some key leaders of APC, including Senate President Bukola Saraki would also leave soon.

Owing to the defections, there are fears that Buhari’s 2019 re-election bid may be terribly hurt.

But the Buhari presidential campaign said the president would be re-elected with the combined votes of his diehard supporters and many new converts he had won through his performance, especially in core opposition areas. “The president won with large margins in the past in some states without the support of majority of the politicians from those states who moved recently to join the opposition party. Also, we are all witnessing the significant gains Mr. President is making in several places where he lost in the past, notably in the South-south and South-east,� the statement said. “From the demographics we have now, the historic figures and the present realities that we know, these defections will have little or no impact on the chances of Mr. President’s re-election.�

Keyamo stated that Buhari had always won with significant margins in 12 states, comprising Jigawa, Kaduna, Kano, Katsina, Kebbi, Sokoto, Zamfara, Bauchi, Borno, Gombe, Yobe and Niger, which have over 30 million registered voters in past elections, especially in 2011 and 2015, despite the states largely being controlled by political parties other than his.

“As we can see, any defection within these states would have little or no consequence on President Buhari’s chances as he had always won those states, irrespective of the party in power in those states,� Buhari campaign said.

It said in Kano State in 2015, the coming of Senator Rabiu Kwankwaso, then governor of the state, who was among the latest defectors, made minor impact on Buhari’s victory.

As for the five South-west states of Lagos, Oyo, Ogun, Ondo, and Osun, three North-central states of Kwara, Kogi, and Benue, and Adamawa in the North-east, which the president lost in 2011 but won in 2015, Buhari campaign said the South-west states with voters strength of over 14 million out of the about 20 million from the nine states, were controlled by APC. It said with Ekiti joining the APCcontrolled South-west states, following Dr. Kayode Fayemi’s elections as governor, and all the political gladiators in those South-western states that helped to tilt the election in favour of the president in 2015 still solidly with him and more have joined, the president would have an even easier win in 2019. “In terms of defections in the western states, the party has gained more than it has lost as the likes of Senator Musiliu Obanikoro, Senator Fatima Raji-Rasaki, Prince Dayo Adeyeye, Chief Olusegun Osoba, Senator Gbenga Kaka, former Governor Adebayo Alao-Akala, to mention a few, are now with APC,� the campaign said.

It said in 2011, in Adamawa, Kwara, Kogi and Benue States with over six million registered voters, despite having governors from other parties in 2011, with current Senate President Bukola Saraki as then PDP governor of Kwara State, Buhari posted 670,080 votes.

In 2015, with only one APC governor in the four states, the president got 1,315,659 votes, gaining over 330,000 votes. With APC currently in charge of three out of the four states, the campaign organisation said the defections will have no effect, “especially with Senator Gbemisola Saraki and Alhaji Lai Mohammed, Minister of Information, leading the efforts in Kwara State, and the APC structure in Benue State still firmly in the hands of Senator George Akume (the same structure on which Governor Ortom rode to victory), the defection of the senators from these states will have little or no effect on the difference gained.�

In the 15 states, comprising 11 states of the South-east and South-south, and Plateau, Taraba, Nasarawa, and Ekiti States, which the president lost in the

2015 election, the campaign organisation said APC currently controlled Edo and Imo States, in the South-south and South-east, respectively.

It said, “With the exemplary work of the president in the South-east and South-south, especially in terms of infrastructural developments, like the Second Niger Bridge and a whole lot of road constructions, APC is on the rise in these states and this momentum will surely rub off on the electoral fortunes of the president.�

The Buhari campaign also said while the “PDP harvest of defections is gradually winding down, the harvest of the APC is about to begin� with the expected defection of dissatisfied PDP members after the forthcoming primaries. “In the final analyses, despite all the noise from our ‘noisy neighbours’, we may be in for a landslide victory for the president in 2019,� the Buhari campaign stated.

Meanwhile, the senator for Oyo North, Senator Fatai Buhari, and founder of One Love Family, Sat Guru Mahrajji, has said Buhari will still win in 2019 because of his performance. They said this in separate interviews with THISDAY at the weekend in Ibadan.

PDP: You are Deluding Yourself The PDP responded yesterday that it would not have responded to what it called phantom calculations but for the need to stop the Buhari Campaign from beguiling Nigerians ahead of 2019. “It is also unfortunate that the Buhari Campaign dubiously limited its analysis to 2011 and 2015 when its candidate, President Buhari, ran against President Goodluck Jonathan but chose to gloss over the outcome of the 2007 presidential election where he was roundly defeated by the late Umaru Musa Yar'Adua,� it said, adding, “This, indeed, is a shameful contrivance plotted to belie the unpopularity of Buhari.�

The PDP said, “The Buhari Campaign by this nebulous catalogue of figures has clearly shown that it has a plot to fabricate, falsify, forge, manufacture and post fictitious figures through compromised officials of the Independent National Electoral Commission (INEC) officials during the 2019 Presidential Election.�

The party, therefore, urged Buhari Campaign to accept the possibility of its principal's loss to PDP candidate in 2019, contending that it could be manifestly seen from the ongoing defections from the APC, that Buhari had lost a lot of ground.

Two-Minute BrieďŹ ng NEWS Notore, Eroton Partnership Enhances Productivity at Fertilizer Plant The strategic gas supply agreement entered into by a leading fertilizer producer in the country, Notore Chemical Industries‌ Page 48

EDITORIAL The Challenge Of ChOlera

epidemiC No fewer than 17 persons were last week confirmed ead from an outbreak of cholera in Kwara State.

But it is not an isolated incident as theWorld Health Organisation (WGO) says Nigeria has the highest ...

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BUSINESS Investors Awaits N540bn

Maturing Treasury Bills Treasury Bills worth N539.95 billion are expected to mature via both the primary and secondary markets.

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FEATURES Tackling Unemployment the ITF Way Seriki Adinoyi looks at how the IndustrialTraining Fund is trying to reduce the unemployment rate in Nigeria through skills acquisition training.

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POLITICS Season Of Outrage, Miscplaced ed Courage It does not look like anything can save the All Progressives Party (APC) from a continuous slide into the conundrum of anarchy as high profile members continue to decamp from the party in droves.

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CITYSTRINGS Dangerous Rise of Internet

Fraudsters By the day, internet fraudsters, otherwise known as yahoo boys, are acquiring new techniques and sophistication, and posing more danger to society. David- Chyddy Eleke looks at the ever changing modes of operation...

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INTERNATIONAL Why Zimbabwe’s First Elections after Mugabe Ouster Are So SigniďŹ cant The July 30 general election in Zimbabwe is significant because it marks the end to a campaign season which for the first time in decades has been‌ Page 46

SPORTS New Role for Carl Ikeme in

Super Eagles In a rare show of solidarity, the Nigeria Football Federation (NFF) at the weekend announced that it will offer retired Super Eagles’ safe hands‌ Page 54

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THISDAY HEALTH SUMMIT

Celebrating Champions at THISDAY Healthcare Summit Martins IďŹ jeh reports on how the eight states honored at the 3rd THISDAY Healthcare Policy Dialogue distinguished themselves in the provision of basic health services to their people While the 3rd THISDAY Healthcare Policy Dialogue held last weekend in Abuja focused on addressing issues around provision of healthcare to vulnerable Nigerians, it also provided an opportunity for states that have distinguished themselves in healthcare services to be honored.

It was a time for pump and cheer, as eight states emerged best in different areas of primary healthcare services to their people using the Saving One Million Lives Performance for Results (SOMLPforR) programme put in place by the federal government.

Under the programme, the federal government, had last year, disbursed $1.5 million to each state of the federation to support them in the improvement of health outcomes in their states with key focus on: provision of quality healthcare in primary health facilities, vaccination coverage among children; contraceptive prevalence rate; skilled birth attendance; HIV counseling/testing among women attending antenatal care; and use of insecticide treated nets by under five children, among others.

But as some states have continued to struggle towards making impact with the funds, those who have hit the ground running are already making impact in their respective states with independent/non-partisan verifiable performance index showing they are moving one step at a time towards helping the country achieve Universal Health Coverage (UHC).

States honored for distinguishing themselves are Zamfara (North-west), Adamawa (North-east), Federal Capital Territory (North-central) and Cross River (South-south), which were selected as best improved states with overall improvement in key maternal, newborn and child health indicators; Lagos and Anambra won as best performing states on immunisation; while Delta and Kano States emerged states with the most people covered under State Social Health Insurance Agency, with a focus on poor and vulnerable population covered mandatorily with public financing.

The SOMLPforR, according to the Minister of Health, Prof.

Isaac Adewole, is a tool that helps Nigeria address the burden of healthcare, especially in rural and hard to reach areas of the country, where mostly, the poor and the vulnerable live.

Adewole said at the Summit that the grant already given to states represents just part of what they will get under the project as they continue to push towards UHC in their various states, adding that the idea was so states do not relax in the provision of healthcare to their people.

He said as states judiciously follow through with the SOMLPforR programme, it will go a long way in moving Nigeria towards “healthcare for all�, a slogan global health bodies believe can solve healthcare challenges across the globe.

Giving details of how the eight states emerged during his presentation at the Summit, the National Programme Manager, SOMLPforR, Dr. Ibrahim Kana said the method of selection followed a painstaking process which then identified eight states in a comprehensive evaluation process carried out by the Federal Ministry of Health.

He said the performance rewards were calculated based on five Disbursement Linked Indicators (DLIs) under the SOMLPforR. “The first, DLI 1, which is the increasing utilisation (quantity) of high impact reproductive and child health and nutrition interventions, relies on results from SMART surveys (the 2015 SMART Survey is the baseline for this DLI under the SOMLPforR). This survey mainly looks for improvements in six key indicators of maternal & child health, which are; immunisation coverage, bed net use by children under five, vitamin A supplementation, family planning, HIV testing during pregnancy, and use of skilled birth attendance (SBA). “Results from the 2016 Multiple Indicator Cluster Survey (MICS) were compared against results from the 2015 SMART survey (baseline) in order to determine which states had improved on the above indicators,� Kana said.

He said the performance result shows that more than half of the states did worse in 2016 as compared to 2015 in most indicators, adding that 29 states had a lower modern contraceptive prevalence (CPR) in 2016 as compared to 2015, while 27 states had a lower immunisation coverage with a mean decrease of 6.4 percentage points in 2016. “Slightly more than half of the states improved on skilled birth attendance and insecticide-treated net (ITN) use, with mean increases in coverages at 1.5 and 3.2 percentage points respectively—this performance is less than ideal according to analysis by the assessors. In the 12 states that improved on overall composite indicator in 2016, most of the improvements came from ITN coverage, followed by prevention of motherto-child transmission of HIV (PMTCT), and then SBA.�

He explained that on DLI 2, which is the Increasing Quality

L-R: Minister of Health Professor Isaac Adewole ; Vice President Yemi Osinbajo present an award of Best Improved State to FCT Minister, Mohammad Bello while Chairmman , THISDAY Newspapers , Prince Nduka Obaigbena looks with interest

L–R: Minister of Health , Professor Isaac Adewole ; Vice President Yemi Osinbajo present an award of Most People Covered Under its State Social Health Insurance Scheme with a Focus on Poor and Vulnerable Population to Delta State Deputy Governor , Barr. Kingsley Burutu Oturo

of High Impact Reproductive and Child Health and Nutrition Interventions, the survey relied on results from the National Health Facility Surveys (the first of which was conducted in 2016) and states were assessed according to the SOML-PforR’s Quality of Care (QoC) Index which has five indicators: clinical competence (adherence to guidelines, accuracy of diagnosis, management of maternal, neonatal complications), availability of drugs and basic equipment, readiness to deliver key SOML services, quality of supervision, Financial management and quality of HMIS data “On DLI 3, which is the improving M&E systems and data utilisation (and implementing a performance management system in all states, the Federal Ministry of Health committed to helping state Ministries of Health develop and operate performance management systems with the aim of strengthening accountability mechanisms and fostering evidence-based decision making in health.

Under the SOMLPforR, the implementation of a performance management system is meant to ensure that states remain laser focused on results by linking their actions/interventions directly with measurable outcomes in the shortest possible timeframe.�

He said on DLI 4, which is the Increasing Utilisation and Quality of Reproductive and Child Health and Nutrition Interventions through Private Sector Innovation, the survey looked at how implementation of innovation fund that help address SOML challenges like small grants (up to $100,000) to test or develop new techniques, technologies; larger grants (up to $1 million) to test new approaches to improving the delivery of SOML services; and proposals judged ‘blindly’ by independent panel using explicit criteria. “On the DLI 5, which is the Increasing Transparency in Management and Budgeting for PHC, the survey looked at transfer of staff at facility level to SPHCDA, and consolidated

budget execution report produced and published annually,� he added.

While making his remarks after the presentation of awards to the star states, Vice President Yemi Osinbajo said the THISDAY health initiative had helped in honouring high performing states, adding that with the initiative, more people can now hold states accountable for the funds given to them for the provision of primary healthcare in their various states.

He urged state governments to make good use of the funds, warning that states which fail to make judicious use of such funds will be denied access to further grants in future.

Arguing that the dialogue platform does not recognise performance on the basis of political affiliation but rather on merit, Osinbajo pointed out that the output of the initiative so far had shown that Nigeria’s healthcare was not only functional but health workers were also trained and motivated. “With the policy, Nigerian children would no longer suffer from preventable diseases, adding that maternal mortality will be put under control while parents will be helped to engage in effective family planning.

According to the vice president, the initiative will also help Nigeria in achieving universal health coverage which he said included the agenda to save one million lives (SOML) annually, adding that the initiative would also help the country in driving institutional process on primary healthcare. “This initiative had also provided the platform to reward improvement in primary healthcare provisions and as well served as a useful platform for decision makers through the deployment of measurable indicators.�

The 3rd THISDAY Healthcare Policy Dialogue, which brought together under one roof, the presidency, governors, ministers, state commissioners of health, development partners, healthcare stakeholders, and the public, was co-sponsored by the Federal Ministry of Health and the World Bank Group.

T H I S D AY ˾ MONDAY JULY 30, 2018

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COMMENT

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

THE ABSURD WORLD OF POLITICS

Victor C. Ariole writes that the country has descended to doing so many unreasonable things

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f (as women) you are playing football with men(quite uneven competition) you have to use all means, hands inclusive, to score goals‌Zika on STV. Jean Paul Sartre and Albert Camus are two great authors who wrote on backgrounds of the absurd world that got some politicians after the Second World War to rethink. On such writings General Charles de Gaulle recanted his approach to colonisation and the Algerian war as well as pleading for getting China (People’s Republic) replace China (Formosa or Taiwan) in the United Nations Organisation.

In effect de Gaulle could not understand the foul goal intended by UNO as it decided to exclude one-third of humanity in favour of tiny Taiwan.

Wars and killings get so much to absurd levels that those who have no capacity to withstand such could turn inward for their own goals, foul means inclusive so as to obey the immediate quest for survival. Recently, a 92- year-old woman killed his son of 72 years in USA in a struggle of who should live the house and join old people’s home. And, so, which law could attempt at convicting 92- year-old woman? That is absurd world we are in and it is not far from Nigerians, as acollectivity, being asked by NPDP or R’APC to remain forever in irredeemable state so that their quest to amass more wealth, their only goal scoring intent, could be assuaged. It is not far from asking them to dig their own grave and be buried alive as one sees in some war situations when the loser is desperate to sink with whoever is not obeying their orders.

Listening to the same STV on press bill presented to the National Assembly and its absurdity, that is, how to emasculate press freedom one started wondering if Nigerians are not going to see rules which could make them live on SOS, by any foul means, because when a law becomes so oppressive those it is intended for could resolve not to obey it and more prisons could be built to accommodate majority of the collectivity. It is also as debated on that platform that Nigeria is going to import crude oil for a refinery it intends to build on the borders of Nigeria and Niger and the crude is to be imported from north east of Niger, a distance of 900 kilometres. Courtesy of EngrOnovo, it is like carrying coals to Newcastle. It is absurd that Nigeria that ships out about two million barrels of crude needs to import 20,000 barrels to service such refinery.

So, Nigerians are on a field, very much unlevelled, playing with no fewer than 2000 politicians who are about to bury them alive in a non-equitable competition. Remember the tag: we are the 99%. Nigeria is running ž of the year without visible budget implementation and the politicians are still earning, by SanusiLamido’s reckoning, 25% of the nation’s earning and more people in the working class are not yet paid for months. So, where is the level playing ground for the poor masses

WHEN A LAW BECOMES SO OPPRESSIVE THOSE IT IS INTENDED FOR COULD RESOLVE NOT TO OBEY IT

and the politicians? Indeed it is turning to men and women playing football. I just witnessed that in a Lagos market on a Sunday and it was quite absurd. Somebody went to carry the money bag of a seller and started running and people started shouting Ole! Ole! Whereas no one was emboldened to pursue him and I wondered what was going on only to notice that he has lined up his likes and people around just mentioned ‘awonomo xyz niye’. It was as if who dare pursue him when they know where he came from. Quite absurd.

Reading the book of Brigadier General Alabi-Isama on BiafraNigeria, he said that, faced with a stronger competitor like General Madiebo when they were in the same battalion he learnt to observe foul play to win just as Akin Osuntokun just revealed about the success of OlusegunObasanjo as he was faced by uneven competition all the time in the Nigerian army. Noticing the predicament of Brigadier BabafemiOgundipe in which common rank and file disobeyed him, Obasanjo knew that the field had no level playing ground and, so, as politics had permeated the rank and file he had to aim at building his political capital which is now great enough to re-engineer Nigeria as the north still trust him. Even when you listen to some Biafran survivors they reminisce on what they learnt from the man they call Air Raid – only brave soldiers survive the war. Like also in ‘Man of the People’ by Chinua Achebe, historians are the bravest, men go to war, women tell the story. Isama, also, narrated encounters that make him praise the quality of great women of our time, Okereke-Onyiuke and even his own mother who provided materials for filming his war stories; and I agree with him as the woman proved tough on the stock exchange terrain. So, women are to come to the rescue of Nigeria in this absurd politics playing out. Yes, it should be noted that it was Okereke who led the battle to keep NSE in Lagos like it was known of Aba women riot. In deed how I wish a lady of such substance could show up to win Nigeria for Nigerians. I don’t even mind having the wife of the current president as a Presidential candidate as she had proved a great lover of the Nigerian project either as a ‘retribalised’ Nigerian speaking the language of true federalism as against the current language of ‘them and us.’ Only two ‘tribes’ exist in Nigeria now- the tribe that speaks the language of true federalism and the tribe that speaks the language of ‘them and us’ and the woman is on the camp of true federalism. As said let foul play be allowed if only to save Nigerians from digging their own grave just as Spain did by allowing non elected businessman to form a government for it so as to survive disintegration.

Ariole is a Professor of French and Francophone Studies, University of Lagos

REFORMS FOR AMNESTY PROGRAMME The Presidential Amnesty Programme is looking at the grievances of its offshore education delegates, writes ChidiObiando

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iven the frequent complaints from beneficiaries in the mainstream and social media, there is no doubt that the Offshore Education component has been one of the most challenging initiatives of the Presidential Amnesty Programme. While most of the complaints, as learnt, usually turn out as lacking in substance, there have however been genuine grievances by the beneficiaries, most of who are burning the midnight candle thousands of kilometres away from home, relations and friends.

Conscious of this fact, the Coordinator of the Presidential Amnesty Programme, Professor Charles Quaker Dokubo, shortly after assuming office, set up a committee to review the operations of both the onshore and offshore education units of the amnesty office. The committee has since turned in its report and in line with its recommendations, Professor Dokubo has approved sweeping reforms that have since begun easing the burden of the amnesty programme’s education delegates in schools in Nigeria and abroad.

To formally activate the far-reaching reforms and to interface with students directly, Professor Dokubo on Thursday, 19 July, in London, met with all the amnesty programme’s education delegates currently in universities across United Kingdom.

The meeting in a way was a continuation of series of meetings which the presidential adviser has been holding with stakeholders and beneficiaries of the amnesty programme across the country since his appointment.

For Prof.Dokubo, the meeting was also an opportunity to carry out an on the spot-on evaluation of the students’ academic progress, celebrate those completing their programmes and encourage those who may be facing one challenge or the other not to lose focus. This was in addition to the fact that he was able to hear directly from the students on how they are progressing with their academics and general well-being as well as interact with the Nigeria High Commission’s representatives on the welfare of the beneficiaries of the scholarship programme.

In all, 47 students from 25 institutions across the

United Kingdom were at the meeting in London which was also attended by the Nigeria High Commissioner in the UK, George AdesolaOguntade, his deputy,KabiruBala, a representative of the Office of the Vice- President, a few staff members of the amnesty office, some presidential amnesty sponsored PhD students, among others. Having also studied extensively abroad, Prof. Dokunbo did not have any problem in relating and understanding the challenges the students told him they were facing in the United Kingdom.

This was no doubt why the interaction between the scholarship’s beneficiaries and the amnesty team which held at Nigeria House, Northumberland Avenue, London was conducted in a friendly and convivial atmosphere as the coordinator delivered his good will message of encouragement, reassurance and advice, based on his own personal experience as a former student in various locations in the UK. He also spoke on opportunities available for the students in the Presidential Amnesty Programme on completion of their studies while the Nigerian high commissioner and his deputy also took time to encourage the students to be focused.

The welfare and well-being of the students were the main reasons for conveying the meeting. Therefore, the students who said they felt abandoned because they never had the opportunity of meeting any top official from the amnesty office much less, the presidential adviser and the coordinator himself in over three years, were excited at the opportunity to lay down their various challenges at the feet of those they know can provide appropriate solutions to them. Thus, they took time to pour out their complaints which were mostly centered on timeous payment of their school fees, living expenses and various forms of hardship they are experiencing studying in the United Kingdom while the coordinator and the high commissioner patiently listened and took notes.

Prof Dokubo responded with detailed answers to the questions, even as he repeatedly assured the students that the main purpose of his being in the office as the coordinator of the amnesty programme is to ensure their welfare. On the persistent complaints about delay in the payment of the allow-

ances due the students for instance, the coordinator informed the delegates that most times, the problem was beyond his office as it may be due to delay in release of funds budgeted for the programme by government or problems with the account details of the students.

He, however, acknowledged that some of the delays may be due to hitches in the transition from one administration to the other whenever the government appointed a new coordinator for the Presidential Amnesty Programme. Citing specific examples to buttress this point,Dokubo noted that the processing of Jan-Feb 2018 payments for the students were delayed because funds were not released on time to the office by the government.

In response to another question, the presidential aide also explained that there is always a time lag between when the budget is signed into law by the president and release of funds to ministries, departments and agencies of government.

But he ended his explanations with the good news that the processing and gradual payment of allowances to students had commenced with some students in the UK already paid three months intraining and accommodation allowances. He assured that others will get theirs soon. On complaint by some of the students that they have not been paid their due allowances for several months, the special adviser advised such beneficiaries to contact the Head of Offshore Education at the Amnesty Office and supply the details of the missed payments.

Dokubo also revealed that the Offshore Education Unit is currently collating all such complaints of unpaid allowances and asking the Central Bank of Nigeria to provide proof of payment or nonpayment through telex copies. “If there is evidence that you were not paid during that particular period, the Office will process the back payment for you,� the presidential adviser assured.

But he also gladly informed the students that a job placement sub-unit has been set up at the amnesty office to support beneficiaries who have completed their studies to secure jobs while urging them to send their CVs to the office via email. He also reminded the students that the purpose of their sponsorship was to support them as persons

from violence and pollution impacted communities in the Niger Delta in order to get skills that will equip them to get jobs or become entrepreneurs and creators of jobs.

Therefore,Dokubo urged the students to understand that being sponsored for offshore education under the amnesty programme is a privilege which should be appreciated in spite of whatever hardship they may be facing in the cause of their studies in the United Kingdom.

Other questions asked by the beneficiaries included the possibility of continuation of the scholarship if a student failed to complete his degree at the stipulated time as a result of failure of a module or a course, sponsorship for higher degrees, the possibility of beneficiaries whose studies were disrupted by involvement in police case being reinstated to the programme, as well as the likelihood of the amnesty office helping beneficiaries who have completed their degree programmes to get employment.

While such questions are regular concerns that come up in the daily administration of the Onshore/Offshore Education Unit of the amnesty programme, there has not been clearly set out policies to address them over the years. But as part of his desire to retool all aspects of the amnesty programme,Dokubo had set up a committee to draft new policies to guide and address some of the regular concerns some weeks before the London event. This, the special adviser did with the understanding that if there are set policies and procedures, communication with the students will be clear and operation of the education unit can run even more seamlessly. The new policy guiding the offshore education programme which has already been adopted clearly stipulated conditions for continuation or discontinuation of sponsorship of beneficiaries, conditions for sponsorship of students for second degree and guidelines for new offshore deployment of students.

The new policy also addressed the issue of payment of book allowance to the students for the 2016/2017 Academic Session as well as facilitating return of beneficiaries to Nigeria during and at the end of their studies.

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T H I S D AY MONDAY, JULY 30, 2018

EDITORIAL THE CHALLENGE OF CHOLERA EPIDEMIC Government must live up to its responsibility by providing clean water for the people

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o fewer than 17 persons were last week confirmed dead from an outbreak of cholera in Kwara State. But it is not an isolated incident as the World Health Organisation (WHO) says Nigeria has the highest burden of the water-borne disease in Africa. “Cholera is life- threatening. If you get contaminated with cholera bacteria and you do not receive appropriate treatment within 24 – 48 hours, you can pass on. Dysentery can give you some time to take care of yourself but not cholera,” said the United Nations Children’s Fund (UNICEF) water sanitation and hygiene (WASH) specialist, Mr Drissa Yeo. Against the background that cholera, which often leads to the infection of the small intestine, is mostly contracted through drinking of contaminated water and eating of waste products, it is a shame that Nigerians are still afflicted by such a disease in this day and age. But with the systemic collapse of critical institutions and basic THE SPREAD OF health facilities in CHOLERA BECOMES many of the states WORSE WHEN THE across the country ENVIRONMENT IS today, it is little NOT CLEAN; WHEN surprise that many of WATER SYSTEM IS NOT our nationals are still dying of the preventTREATED AND WHEN able disease common SANITATION IS NOT among the poor that TAKEN SERIOUSLY has been eliminated in most countries.

According to the Nigeria Centre for Disease Control (NCDC) that has been monitoring the cholera situation through the technical working group (TWG) in collaboration with key agencies and partners, as at 18th July, a total of 16,892 cases were reported in 17 states cutting across all geo-political zones in the country with 201 deaths. In the three-

conflict affected states of Borno, Yobe and Adamawa in the Northeast, many suffer the affliction because of the state of hygiene, especially in the internally displaced persons (IDPs) camps where 20 percent of the population have access to less than eight litres of water per person per day. Statistics from UNICEF are more damning as 26 percent of the IDP camps have no latrine coverage while13 percent have a ratio of more than 100 people per latrine.

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

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

t is very sad that for more than four decades, a preventable disease like cholera has been a recurring epidemic in Nigeria and has led to the death of thousands of our people, especially children. While there have been some efforts by the federal government to deal with the challenge, we have not seen a corresponding commitment from the state governments yet that is where cholera appears to be ravaging citizens the most.

The spread of cholera becomes worse when the environment is not clean; when water system is not treated and when sanitation is not taken seriously.

The sad part of it is that in many of our states, the villagers and rural dwellers are left to rely on streams as the only source of drinking water and there are no provisions for disposing waste. In most cases also, the people even have to rely on stagnant water for washing their clothes and other items.

Therefore, since cholera is more prevalent in rural areas, the problem becomes more compounded when and where there are no modern medical facilities to assist in the treatment of the disease.

To the extent that the world has moved ahead of the era where cholera kills citizens, Nigerian leaders at all levels and healthcare officials must sit up to do the needful. It is a shame that a disease like cholera is still ravaging our people. While we commend the leadership of the NCDC for their proactive stance on curative measures, the authorities in the states must therefore do more in providing adequate clean water for the citizens, especially for those that are in the rural areas.

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CONSTITUENCY PROJECTS AS SOUVENIRS

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t is commonplace to hear people speak about constituency projects initiated and executed by lawmakers in their various constituencies. In fact, the controversy behind how much Nigerian legislators receive as constituency allowance has been in the front burner of political discourse for quite some time now. How much do you collect as constituency allowance? There is nothing like constituency allowance. It exists only in the imagination of the public.

I am worried by the erroneous impression prevailing in public domain about the execution of constituency projects in Edo State.

They are used as souvenirs for federal lawmakers in Edo State.

Governor Godwin Obaseki has put a stop to using constituency projects as souvenirs for federal lawmakers in Edo State.

Constituency project is a project identified by the lawmaker in his constituency and brought to the knowledge of the state or Federal Executive Council that considers and certifies it based on certain factors. GovernorObaseki has stopped the use of constituency projects as souvenirs for 2019 elections in Edo State.

People make a lot of noise as if constituency projects are a business given to a lawmaker who then becomes a contractor but that is not true. The job of the lawmaker is to identify such projects and it is for the executive to certify and implement them in the constituency of the lawmaker. They call it constituency project because it originates from the lawmaker in his constituency.

The constituency project has to be approved first by the state or FEC and it is then tendered while the contractor that wins it goes

to work and he is paid as he puts in his certificate like every other contractor. But because they call it constituency project, there is an erroneous impression among some persons that it is a ‘gift’ and lawmakers have become contractors but that is not true.

Indeed, beyond just performing other oversight functions as provided for in the constitution, it will be incumbent on the legislature to look beyond the call of duty and political patronage in citing constituencies projects. The needs of the constituency they represent must be seen to be accorded the desired priority if even development must be achieved.

The senator, representing Edo South Senatorial district, Senator Matthew Urhoghide, has cried out that the Edo State government has destroyed all the projects he attracted to his constituency because he is a member of the opposition, Peoples Democratic Party. Senator Urhoghide said agents of GovernorObaseki have begun tearing down the labels on the solar street lights installed in various streets of the senatorial district. A walk round the streets where the solar powered street lights are located showed that the posters of Senator Urhoghide and Hon OgbeideIhama have been removed from the street lights. A statement signed by the Senior legislative aide to Senator Urhoghide, MrNedaImasuen, said the action was condemnable, irresponsible and wasteful of tax payers’ sweat.

Special adviser to Governor Obaseki on Media and Communication Strategy, Crusoe Osagie said the removal of illegal structures. billboards, posters and pictures was because they ran contrary

to the development imperatives of the state government. Osagie noted that it was disruptive of anybody to place structures without due approval from relevant government agencies thereby upsetting development plans for public utilities and other social amenities.

Solar powered street lights influenced by some lawmakers in the National Assembly as part of their constituency projects may soon be removed from the streets of Benin City by the Edo State Government. Posters of the lawmakers are placed on the solar powered street lights erected. It was gathered that the state government has already approved street lights to be erected along some of the street the lawmakers have placed their street lights as constituency project.

Government sources said the posters of the lawmakers placed on the street lights on roads under construction by the state government made the people to believe that the road projects were part of the constituency projects. GovernorObaseki gave the indication when he ordered the removal of substandard and unauthorized road furniture including similar projects, on roads and other projects across the state. The governor who gave the order after the state’s weekly executive council meeting said it was not right to erect substandard electricity poles that are either abandoned mid-way or lack sustainable maintenance plan and pose safety risk.

We must put a stop to using constituency projects as souvenirs for federal lawmakers in Edo State and Nigeria.

Inwalomhe Donald, Benin City

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T H I S D AY ˾ MONDAY JULY 30, 2018

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T H I S DAY ˾ MONDAY ˾ ͱͮ, ͰͮͯͶ

POLITICS

Buhari

Saraki

Dogara

Kwankwaso

Monday Discourse

Season Of Outrage, Miscplaced Courage Nseobong Okon-Ekong, Segun James and Shola Oyeyipo interrogate the basis for boldness of the leadership of the All Progressives Congress (APC), who appear not to be disturbed by the mass defection of its erstwhile members

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t does not look like anything can save the All Progressives Party (APC) from a continuous slide into the conundrum of anarchy as high profile members continue to decamp from the party in droves.

The burst bubble did not happen overnight, it took several days of back and forth talks, missed deadlines; public and private discussions and finally, outrage. The APC is finally unhinged, barely six months to the 2019 general election.

Is this going to have a damaging effect on the party’s chances in the election? Only time can tell. Left to President Muhammadu Buhari and the National Chairman of the party, Mr. Adams Oshiomhole, there is nothing to fret about.

To them, the exit of Governor Samuel Ortom of Benue State, 14 senators and 37 House of Representatives members who hitherto owed alllegiance to the APC is no big deal. While Buhari bid them farewell, Oshiomhole was not as charitable. He emphasised that “these people have no electoral value.” What is the confidence of the President and the Party Chief based on? Nobody knows.

Will Oshiomhole’s words come true?

Happenings in the next few weeks will determine.

After the relative optimism of last year, the situation in the APC has deteriorated badly. The reconciliation committee headed by former Lagos State Governor and National Leader of the party, Senator Bola Tinubu has not been able to make any headway.

What is the way forward for the party and how did the party get to this point where it is struggling for survival, from the lofty position of being the party in

control at the centre?

Under normal circumstances, a public power struggle between the President and the leadership of the National Assembly should leave the legislators with a bloody nose. But this is politics where the expected can end in the unexpected. Following several peace overtures from the party leadership to appease aggrieved members, the President certainly was not expecting this level of grave reaction of the National Assembly members, let alone that of Governor Samuel Ortom of Benue state who became the first governor to leave the APC. As at the time the president signed the Presidential Executive Order (PEO) N0 6, the believe was that it was intended to rein-in the recalcitrant lawmakers, especially from his party, who have been more loyal to the Senate President, Dr. Bukola Saraki than to President Buhari and the APC leadership. However, Buhari is not without supporters in the Senate. His admirers in the Upper House are led by Senators Ovie Omo-Agege and Abdullahi Adamu But the move backfired when the new Peoples Democratic Party (nPDP), one of the original amalgams of the APC indicated that it was being pushed out of the party. They warned that they would leave the APC unless reforms were made to accommodate them. There request for a direct audience with Buhari fell on deaf ears. A couple of fruitless meetings with Vice President Yemi Osinbajo followed.

This was the situation when the APC held its conventions across the country.

Expectedly, parallel meetings were held in 24 out of the 36 states of the federation.

It was a clear and telling sign that all was not well. At the APC National

There is no political party in Nigeria today that does not have one crisis or the other. So, what they used is that there is crisis in the party Conventional, the division was glaring as contending factions fought openly for supremacy.

It was not a surprise, therefore, when the, another group which styled itself the reformed All Progressives Congress (rAPC) soon reared its head making threats similar to those of the nPDP. The former APC stalwarts were undaunted in their battle as the party continued to make blunders.

However, from all indications, the President and the party leadership are not scared. With the confidence that they are showing, they may have some ace up their sleeves, which they are not willing to reveal, for now. Though depleted in number from its former controlling position, the APC continues to hold a slim majority at every strata of governance. The party still has the highest number of senators, house of representative mebers and governors.

As the saying goes, when two elephants fight, the grass suffers. This is the situation in the APC right now as the race towards 2019 election which is just six months away has started.

EXPLOITING SECTION 68

Prominent Lagos lawyer, Mr. Yinka

Farounbi, does not believe that there is a lacuna that politicians are relying to cross carpet and yet evade punishment.

To him, section 68(1)(g) provides a way out for those jumping from one party to another.

He explained, “I do not think there is a lacuna. The constitution is clear, but it is the same the same constitution that says if you cross-carpet, your seat must be declared vacant. It is the same constitution that gave conditions under which they can cross carpet and there will be no sanctions.

“And in which case, the fundamental thing is, is there crisis within the party?

And definitely, all of them that have been cross carpeting have been citing one crisis or the other and if you look at it, there is no way they will not be covered by those crisis.

“The problem we have in this country is that we have political parties without ideologies and we have individuals who do not have the interest of the nation at heart and they can afford to cross at will.

“I would have loved a situation that an amendment is done to the constitution to the effect that once you cross carpet, your seat must be declared vacant.

Because you were in the first instance elected as a member of the National Assembly due to the political party that you belonged.

“Once you’re no longer a member of the political party, it should be automatic, your seat should be declared vacant.

Then in that wise, you will be able to open your eyes wide before you leap. If you want to join a political party, you will look at it very well. Is this the right party for me to join? Once you join one, you should sink or float with that party.

“An amendment to the constitution, I think will do us a lot of good, because

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SEASON OF OUTRAGE, MISCPLACED COURAGE the issue of cross carpeting has been bastardised and reduced to personal ego and personal benefits.”

Another legal luminary, Mr. Akinwale Ojo, said: “The Supreme Court had interpreted that section and held that they should issue their seat vacant. And if you look at that interpretation, which is liberal and straight forward, you will see that there is a problem as regards cross carpeting, which will make them lose their position as members of the National Assembly.

But if you look at this decision in the case of Hon. Ifedayo Abegunde and you look at the proviso - because if you are looking at the constitution you should look at it holistically. If you look at what is happening, we have the APC, which is divided and we have those who have segregated themselves at the national level and I believe that this is what is giving them the hope that when it comes to litigation, they can rely on the proviso that says “provided that his membership of the latter party is not as a result of a division in the political party in which he was previously a member or a merger of two or more political parties, or faction by one which he was previously sponsored.

“So, if he was sponsored by a political party and there is a division; the reason Abegunde lost that case was because there was no division in the Labour Party (LP) at the national level.

Here, we see there is a division in a political party and the person decided to join another political party, so they are being encouraged by the section.

“Section 68 is not new. That proviso I mentioned now, we have it in section 69 of 1963 Constitution and it is also repeated in 1999, now as amended.

Even 1979 constitution, section 64 also has this proviso. It is not a lacuna, but the proviso has given you reason. In all the sections it is only ‘g’ that has that provision and that has no remedy.

“If they can bring evidence in the ruling party that there is fighting - that there is a division in the ruling party at the national level and they can hide under this provision once there is a division in the political party. Because of this proviso, I can cross carpet to another political party and the reason is that the person shouldn’t continue to stay in a burning bush. You cannot be sitting down in a house that is full of fire or you cannot be sitting down on a keg of gun powder and be playing with matches.

“So, in that case, you have a moral justification to say I want to leave a troubled zone for a safe one. It is not that there is a lacuna. The law is also apt. You can’t add anything or remove. The liberal interpretation is that provided that your membership of that later party is as a result of the division in the political party of which he was previously a member or sponsored.

“So, if there is a division in the ruling party at national level, not at the state or ward levels, and you know INEC and the courts have said there is no division, we must recognise that, but once there is division, if I like I can now join the other faction, because that is what the constitution is saying. There is a gateway to get out without loosing your seat.”

Mr. Onyekachi Ubani, on his part, was of the opinion that the Indian constitution can effectively address the culture of cross carpeting. According to him, “I will recommend the method that is used in the Indian constitution. The Indian constitution is very explicit. It says anybody who has been elected under a particular political platform should not join another political party. It didn’t give room for it that ‘unless there is a

Oshiomhole

The reconciliation committee headed by former Lagos State Governor and National Leader of the party, Senator Bola Tinubu has not been able to achieve any headway crisis or trouble in the political party you are coming from,’ and so, if you go to India today, the rate of cross carpeting is extremely low because of the provision of the constitution.

The Nigerian constitution says, “you cannot cross, but once there is crisis you can cross.” So people can engineer crisis.

There is no political party in Nigeria today that does not have one crisis or the other. So, what they used is that there is crisis in the party.

“You can see that Saraki is fighting Buhari. You can see that Dogara is fighting his governor. They can just stir a crisis and jump to another party, which is what they would say when the issue gets to court.

“And mind you, it is a matter of the proceedings of the court. You know our procedure is so long. Before you will succeed in getting that matter determined, they would have enjoyed the benefit. And they would have moved to another political party in another election. The judgment would now be academic.

“We should remove that clause that says unless there is crisis. Let us state clearly that, “no political party member should jump to another if elected under a political platform.”

DEFECTORS TO WATCH RABIU KWAKWANSO (Kano) Rabiu Kwakwanso A two-term governor of Kano State, a former presidential aspirant on the APC platform in the last presidential primary, which saw him coming second after the incumbent president Buhari, the eventual winner. Kwakwanso is not a novice in Nigerian politics. Considering the large following he enjoys in the north which is evidenced by the wide acceptance of his political platform - Kwakwansiya

Tambuwal

Secondus

Movement.

He unarguably would give the APC a run for their money in the coming elections, especially if he chooses to contest the presidency.

senatorial district has also joined the defectors ISA MISAU (Bauchi) The senator representing Bauchi Central senatorial zone, Isah Misau, has been at daggers drawn with the federal government. The FG filed two separate fraud charges against the lawmaker and he has maintained that he is being persecuted by the authorities for revealing corrupt acts done by the Inspector General of Police, IGP, Ibrahim Idris.

His cross carpeting to the PDP will provide him ample opportunity to get his pound of flesh from his former party.

This is more so that his district and state have the opinion that he is being persecuted.

DINO MELAYE (Kogi) Senator representing of Kogi West, is undoubtedly a factor in Kogi politics.

The widely perceived persecution and victimisation of his person and his kind of politics, which seems to be giving him sentimental support within the Kogi West senatorial district may work against the APC. It is however worthy of note that Senator Melaye has continued to put his state in global news. It will be easy for Dino to draw the state back to the PDP basically because of the less than impressive performance of the Governor Yahaya Bello-led administration.

SULEIMAN HUNKUYI (Kaduna) Suleiman Hunkuyi (Kaduna-North), is not a push over in Kaduna State politics. He is one of those who have been at loggerheads with Governor Ahmed El-Rufai. While he has maintained that the governor has not been fair to Kaduna State, he has vowed to “do everything possible” to vote him out in 2019.

In fact, there are indications that Hunkuyi, might be contesting the Kaduna governorship seat in 2019.

By crossing to the PDP, there is no doubt that APC’s fortune have been negatively affected.

USMAN NAFADA (Gombe) Nafada, former member of the Gombe House of Assembly for the All Nigeria Peoples Party (ANPP) from 1999 till 2003. He rose to become Speaker. He had been the Assistant State Auditor of Gombe State. He was elected to the House of Representatives in 2003 as an ANPP candidate for Dukku/Nafada, but he later joined the PDP before joining the APC. With his relevance in the Gombe State politics, he would be expected to attract votes for the PDP in the state.

IBRAHIM DAMBABA (Sokoto) Ibrahim Dambaba, is by every means committed to the decision to quit the APC. He has vowed never to return to the ruling party, he has also assured the people that his supporters are coming with him to the PDP. MOHAMMED SHITTU (Jigawa) Senator Muhammad Ubali Shittu representing Jigawa North East

SULEIMAN NAZIF (Bauchi) Ranked among the 11 youngest lawmakers in the Senate, that both Nazif and Misau - both from Bauchi State left the APC spells doom for the APC in the state.

SHAABA LAFIAGI ̙ áËÜË̚ Former Kwara State governor, Senator Shaaba Lafiagi, though a political ally of the Senate President, Dr. Saraki, but his grip and acceptance in Kwara North, cannot be over emphasised. Apparently working hand in glove with Saraki, it is obvious that Kwara will be a no-go-area for the APC in 2019 BARNABAS GEMADE (Benue) For Barnabas Gemade, one time National Chairman of the PDP, returning to his party is just like a bird going back home to roost. Very easily, Gemade will not only work with Governor Sam Orthom to return to mainstream in the PDP, he would be spreading his tentacles in the North Central region.

It will be easy for Gemade and Ortom to canvass the people of the state against the APC in the sense that their people have been most hit by herdsmen attacks.

SENATOR ABDUL-AZEEZ MURTALANYAKO (Adamawa) Son of former governor Murtala Nyako, Abdul-Azeez Nyako, who is a senator representing Adamawa Central Senatorial District, left the ruling APC with the teeming supporters of his father, on the allegation of marginalisation.

Working with his father and former vice president, Alhaji Atiku Abubakar, who is already signifying readiness to contest the 2019 presidencies, the APC is not sure of victory in Adamawa State.

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

Tackling Unemployment the ITF Way Seriki Adinoyi looks at how the Industrial Training Fund is trying to reduce the unemployment rate in Nigeria through skills acquisition training

A cross section of trainees at their graduation ceremony

U

nemployment is a major challenge to Nigeria’s stability. It is widely believed to be a key incentive for many of the troubles plaguing the country, like youth restiveness, the Boko Haram insurgency, kidnapping, and drug abuse. Many think that if the youth, who are most vulnerable to those vices, are gainfully employed, the motivation to give in to negative pressures would be greatly reduced.

According to projections by population experts, by 2050, Nigeria's population would have soared to over 500 million. It is a projection many fear will escalate societal vices if drastic action is not taken to tackle the burning issue of unemployment.

ITF to the Rescue

The Industrial Training Fund (ITF) is determined to tackle the unemployment problem through skills acquisition trainings. The fund has taken upon itself the duty to reduce joblessness by not only training, but also empowering trainees to turn around their fortunes. ITF has been doing this since over 10 years, and the gains have been enormous.

ITF believes that if Nigerians are equipped with the requisite skills, it would be hugely advantageous and the recent dimension to this has been mindboggling. Since the administration of the current Chief Executive Officer of ITF, Sir Joseph Ari, the fund has not only stepped up its training capacity, it has also churned out thousands of trainees, who have been empowered to start up something for themselves, and are being progressively monitored to self-dependence.

In 2017, the ITF trained over 150,000 Nigerians in various trades and crafts who are today earning sustainable livelihoods either as paid employees or as entrepreneurs that are even employing others.

Rather than being liabilities to others, they have become trainers and employers of labour.

Appeal to Stakeholders

The ITF has also appealed to stakeholders to collaborate with the organisation in order to equip more Nigerians with skills for employability and entrepreneurship as a means of stopping illegal migration to Europe.

Explaining this, Ari, who received some stakeholders of the ITF recently, said equipping Nigerians with relevant skills was not only in line with the federal government’s efforts to create jobs but would also stem the current wave of illegal migration, especially by the youth, which has culminated in enormous

Photos: Seriki Adinoyi

loss of lives and enslavement of thousands of productive Nigerians.

Initiatives

Ari disclosed that it was with a view to equipping Nigerians with skills to fill existing vacancies that the ITF embarked on a number of initiatives and expanded existing programmes to ensure that more Nigerians are empowered with skills for employment and entrepreneurship. He listed the programmes to include the National Industrial Skills Development Programme (NISDP), Passion to Profession, Training on Wheels Using Mobile Training Units, the Women Skills Empowerment Programme (WOSEP), the Technical Skills Development Project (TSDP) as well as the Vulnerable and Indigent Youth Empowerment Programme (VIYEP) among several others.

Throwing more light on NISDP, which has trained over 100,000 Nigerians since it commenced, Ari said

In future, the fund intends to run several streams within a phase. The expansion is premised on our belief that skills acquisition is the way to go if the country will create jobs and diversify the economy as envisioned by the administration of President Muhammadu Buhari

under the current phase that was on-going in the 36 states and the Federal Capital Territory (FCT), the ITF was training 11,100 trainees with skills in welding and fabrication, tailoring and garment making, and plumbing and pipe fitting. He revealed that in the last one year alone, over 70,000 Nigerians had benefited from the skill acquisition programmes, adding that all the beneficiaries were given starter packs to start their businesses.

He said about 90 per cent of the beneficiaries were either currently successful entrepreneurs, or earning livelihoods as paid employees according to the monitoring and evaluation of graduates conducted by the ITF. Ari noted that some of the programmes were carried out in collaboration with several organisations and agencies both private and public in order to check unemployment and promote entrepreneurship.

Aside training the youths, ITF has extended the gesture to women through its WOSEP. The fund had selected 30 women from two states in each of the six geopolitical zones, trained and empowered them with starter packs to enable them start their own businesses. He also said ITF was planning to partner Galilee International Management Institute in Israel on agriculture which enables ITF to align itself with the Federal Government’s diversification programme, adding that the fund was ready to provide dynamic and proactive services aimed at achieving its mandate in line with government agenda.

Review

Ari said the ITF had reviewed its vision and come up with policy and implementation strategies to enable it play a leading role in human capital development.

According to him, ITF intends to convene a Nigeria Skills Summit with the following deliverables: setting actionable steps for developing employable skills in Nigeria and examining best practices for aligning skills development to market needs. wThe fund has crisscrossed the length and breadth of the nation giving requisite training to youths and women with the sole aim to reduce unemployment and fight social vices.

Anambra's 300 Trainees

As part of its nationwide drive, the ITF train recently reached Anambra State. For three months, 300 youths selected from various communities were exposed to a rigorous training organised by the fund under its NISDP. After the training, they were given starter packs to begin a new phase in their lives. The programme was part of the federal

government’s job creation and poverty reduction programme under which 11,000 youths were targeted across the country.

The 300 youths trained were the first set to receive starter packs for their businesses. Even during the period of the training, the youths were paid stipends by the Federal Government to enable them transport themselves to and from the venue of the training.

At their passing out in Awka, one of the trainees, Mr. Chris Arinze lauded ITF, noted that with the equipment given to the beneficiaries, the sky had become their limit. He said, “With this gesture from ITF, I have been made. ITF is the only organisation that truly empowers youths as others are merely used to achieve political purposes.�

In the period under consideration, they were trained in tailoring and fashion design, welding and fabrication, as well as in plumbing and pipe-fitting and at the end, the beneficiaries said with what they got from ITF, they were ready to face life challenges, which they hope to surmount since they have skills to prove their worth in the society.

Anambra State governor, Chief Willie Obiano, who was represented at the graduation ceremony, commended ITF for introducing the programme and urged the organisation to make the empowerment more frequent to accommodate more youths. He also advised the beneficiaries to make maximum use of the opportunity, noting that with what they had received from ITF, the sky had become the limit for them.

Plateau 500

In Plateau State, it was a similar gesture, when the fund graduated 500 Plateau youths in the 2017 NISDP. At Crest Hotel, Jos, during the graduation of the 500 Plateau youths who participated in the programme, the ITF boss warned the youths against selling the start-up packs presented to them to commence their personal businesses.

He said, “Today’s event marks a watershed since we commenced implementation of the NISDP as we have taken a step further from merely training and equipping the youths with knowledge and skills, to providing them with start-up packs to enable them set-up their businesses and hit the ground running.

"The decision to provide the packs was informed by our tracking and monitoring of trainees of earlier phases, which revealed that where supported with start-up packs, 90 per cent of the trainees went on to be successful entrepreneurs, or even employers of labour. Conversely where they were not, they were not as successful.

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L-R: ITF DG, Joseph Ari and Governor Aregbesola presenting the certiďŹ cate of completion to a trainee in Osun

“This phase of the programme will benefit over 11,000 trainees across the 36 states of the Federation and the FCT. The start-up packs that are being distributed today should be viewed as our practical example and message to our stakeholders especially State Governors and other members of the Organised Private Sector (OPS) that training without corresponding support will not lead to expected outcomes.�

While warning the youths not to trade their start-up packs for anything, Ari said, “Here is a word of caution to the beneficiaries; the start-up packs presented to you are of high standard and therefore cost the ITF several millions of naira to procure. Do not contemplate selling any of the items presented to you. Please, go out and prove to the world that the three months you endured were worth the while. Your destiny is in your own hands, do not toy with it.�

He said the trainees, who were carefully selected based on their potential value and trained in tailoring and fashion design, welding, fabrication, plumbing and pipe-fitting, are expected to start their own businesses with the equipment presented to them and train others. He also urged the state governors who have not equipped their respective trainees with start-up packs to emulate their colleagues from different states who have done so to make them self-reliance.

Ari said, “I commend the governors that have so far equipped trainees in their states with start-up packs. We want to urge all states governors and other office holders to follow the examples of their colleagues if the objectives of empowering their citizens with skills acquisition will meet the expected objectives.�

While urging the beneficiaries to take advantage of the training to make them better citizens, the state governor, Simon Lalong, who also commissioned ITF-NECA Computer Laboratory Centre at Government Science Technical College, Bukuru, said the school had done the state proud as one of its students constructed a tractor. The governor promised to support the student with scholarship to study in China to enable him bring to bear new initiatives that will announce the state in the comity of nations.

Starter packs for trainees

unemployment, reducing poverty, achieving growth and realising the government’s goals, including economic diversification, job creation and wealth generation rested on the ITF’s ability as an institution and government at all levels to equip as many Nigerians as possible, with technical and vocational skills for employment and entrepreneurship.

Simon, in his speech, urged the beneficiaries to shun all vices capable of undermining the noble objectives of the programme, and advised them to join hands in building synergy for the greatness

Renewed Effort

Kwara's 2, 500 BeneďŹ ciaries

In Kwara State, where the fund trained 2,500 youths in NISDP, Ari said the programme would equip 300 youths, aged between 18 and 35 years, with skills in wielding, metal fabrication, tailoring and fashion designing, plumbing and pipe fitting.

Ari, who was represented by the Area Manager, ITF, Ilorin Area Office, Mr. Ogbonna Simon, said the selected trades and crafts were chosen based on an in-depth study that revealed their projected value addition to the beneficiaries, and their potential to provide sustainable means of livelihood for the trainees upon graduation. He added that up to 90 per cent of the beneficiaries of the programme had sustainable means of livelihoods, either as paid workers, or as entrepreneurs.

According to Ari, “the roll-out today in all states is the first indication that the fund has expanded the programme so that more Nigerians will benefit.

In future, the fund intends to run several streams within a phase. The expansion is premised on our belief that skills acquisition is the way to go if the country will create jobs and diversify the economy as envisioned by the administration of President Muhammadu Buhari.�

He said the most sustainable solution to combating

of Nigeria.

Kwara State Governor, Alhaji Abdulfatah Ahmed, represented by his Senior Special Assistant on Youths Empowerment, Mr. Babatunde Saka, noted that skill acquisition and employment generation were essential for national development. He reiterated the commitment of his administration to job creation and youth empowerment.

Similar programmes were held in Osun, Sokoto and other states where the governors were elated to see the youths in their states empowered to become self-reliant.

The programmes, which are mostly targeted at the youths, women and the physically challenged, were carefully selected based on projected value addition to nation's economy and the individual beneďŹ ciaries

In its renewed effort to equip more Nigerians with skills in line with its mandate and to ensure the achievement of the federal government’s policy on job/wealth creation, the ITF boss declared 2018 as a year of delivery. The fund said in line with the declaration, it was set to train another 13,000 Nigerians across the country in 11 vocational skills, adding that the implementation of the programmes will commence on various dates between July and August and end in November.

Ari, who was addressing a meeting of area managers of ITF Area Offices and Managers of the Fund’s Training Centres at the ITF Centre for Excellence, Bukuru, Jos, explained that the declaration was informed by the growing realisation that accelerated skills acquisition was the only way to stem the rampant unemployment especially among the youth. He said governments all over the world had turned to skills acquisition, which is the universal currency of the 21st century, to arm their citizenry with skills for employability and growth.

He listed the skills programmes billed for implementation in this phase to include NISDP, WOSEP, Skills Training and Empowerment Programme for the Physically Challenged (STEPC), air conditioning and refrigeration and designing and garment making.

Within the same period, he said five other training programmes including Post-Harvest Techniques and Product Development, Aqua-Culture/Fish Farming, Manure Production, Crop Production/Greenhouse Technology and Poultry Farming, that are aimed at equipping Nigerian farmers with the requisite skills for improved farm yield will be implemented using the Galilee International Management Institute (GIMI) Model.

Noting the focus on agriculture, Ari added, “The emphasis on skills for the agricultural sector was informed by the fact that it is the occupation of majority of Nigerians and a key component of the economic diversification agenda of the Federal Government. “The programmes, which are mostly targeted at the youths, women and the physically challenged, were carefully selected based on projected value addition to nation's economy and the individual beneficiaries.�

Apart from the NISDP that will be implemented in all the states of the federation and the Federal Capital Territory (FCT), he said the other training programmes will only be implemented in some selected states.

He called on the states and even the local governments to collaborate with the Fund for a multiplier effect of programmes. He also urged the state governments and other stakeholders to sponsor additional trainees for the programmes and noted that such stakeholders would be required to cover the monthly stipends of the trainees, provide start-up packs for such additional trainees and also offset any allowances for the master-craftsmen that would be retained as a result of the additional trainees.

With this renewed vigour brought into the fund by the current ITF boss, the onus is now on the federal government to do everything to ensure that ITF is empowered with necessary requirements to do even more of the good job it has started.

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BUSINESSWORLD R A T E S MONEY MARKET OBB OVERNIGHT

A S

A T

REPO 6.83 % 7.25

CALL 1-MONTH 3-MONTH

7.17% 9.44 % 10.64%

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

J U L Y 2 7 , 2 0 1 8 S & P INDEX INDEX LEVEL 1-DAY MONTH-TO-DATE

353.91% -0.16% -0.8%

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

-0.8% 7.42%

EXCHANGE RATE N305.90/1US DOLLAR* *AS AT LAST FRIDAY

Quick Takes Hussani Nominated for ATU Scribe

The federal government of Nigeria has ďŹ elded Dr. Abubakar Sadiq Hussani as its candidate for the position of secretary-general of the African Telecommunications Union (ATU) in the forthcoming conference holding between August 16-17 2018, in Nairobi, Kenya.

Nigeria recently signiďŹ ed its interest to compete for the position of ATU for the period 2019 to 2022.

The country disclosed its intention in a letter dated 13th July 2018, published on the ATU website.

Hussani is a former assistant professor of telecom engineering, Modibbo Adama University of Technology, Yola, and the current Head of Department of Telecommunications and Wireless Technologies of the American University of Nigeria as well as head of programme for the 54-member British Commonwealth ITU Group (CIG).

The diplomatic document stated that Hussaini possesses a great wealth of experience in telecommunications which required to hold the prestigious position.

At the close of nominations on July 17, 2018 only four countries had signiďŹ ed their interest to ďŹ eld candidates for the contest in line with the ATU circular Ref. 06/01/ATU-CIR/2018 of 16th January 2018.

The remaining three are Burundi, Congo Brazaville and Kenya who ďŹ elded Mr. Constaque Hakizimana, Dr Eric Ndoumba, and Mr. John Omo respectively.

ThreeofthefourcandidatesareaccomplishedtelecomsEngineers while the Kenyan Candidate Omo, is a Lawyer.

Entries for Huawei Programme Opens

FARE THEE WELL

L-R: Managing Director, United Capital Securities, Jude Chiemeka; outgoing Group Chief Executive OďŹƒcer (GCEO), United Capital Plc, Oluwatoyin Sanni; new GCEO, Peter Ashade; MD, United Capital Trustees Limited, Tokunbo Ajayi, during a farewell ceremony for Sanni and to welcome Ashade, held in Lagos‌recently

Investors Awaits N540bn Maturing Treasury Bills Treasury Bills worth N539.95 billion are expected to mature via both the primary and secondary markets.

Owing to this, analysts have predicted relative ease in the financial system liquidity with resultant moderation in interbank rates.

Cowry Asset Management Limited stated this in its latest report.

The Central Bank of Nigeria (CBN), last week auctioned treasury bills worth N235.93 billion via open market operation (OMO).

The outflows were offset

by N404.32 billion in matured treasury bills; coupled with the effect of funds from the Federation Account Allocation Committee that was disbursed last week.

As a result of this, the

ECONOMY Nigerian Interbank Offered Rate (NIBOR) for overnight tenor bucket moderated to 7.72 per cent (from 16.75%) amid sustained financial liquidity ease, in line with expectation by the firm.

However, NIBOR for, onemonth, three months and six months tenor buckets rose week-on-week to 12.71 per cent (from 12.63%), 13.7per cent (from 13.15%) and 15.49 per cent (from 14.41%) respectively.

On the other hand, the Also, the Nigerian Inter-Bank Treasury bill True Yield (NITTY) fell for all maturities tracked amid renewed bullish activity as yields on the one month, three months, six months and 12 months maturities moderated to 10.68 per cent (from 10.75%),

11.15 per cent (from 10.99%), 12.58 per cent (from 12.15%) and 12.89 per cent (from 12.60%) respectively.

The report also revealed that last week, FGN bonds traded at the over-the-counter (OTC) segment depreciated in value for most maturities tracked on renewed sell pressure as investors sold their investments in the secondary market for higher stop rates in the primary market.

Specifically, the 20-year, 10% FGN JULY 2030 debt, the 7year, 16.00% FGN JUN 2019 debt and the 5year, 14.50% FGN JUL 2021 debt decreased by N0.29, N0.37 and N0.30 respectively; while their corresponding yields rose to 14.18% (from 14.12%), 12.83% (from 12.47%) and 13.69% (from 13.56%) respectively.

However, the 10-year, 16.39% FGN JAN 2022 debt increased in value by N0.55 and its cor-

responding yield fell to 13.55% (from 13.74%).

Meanwhile, the value of the FGN Eurobonds traded on the London Stock Exchange appreciated for all maturities tracked – the 10-year, 6.75% JAN 28, 2021 bond, the 10year, 6.38% JUL 12, 2023 note and the 15-year, 6.50% NOV 28, 2027 paper gained USD0.62, USD1.04 and USD1.87; their corresponding yields dropped to 4.85% (from 5.12%), 5.86% (from 6.10%) and 6.84% (from 7.13%) respectively. “This week, we expect FGN bond prices to rise (with corresponding decrease in yields) at the OTC market amid expected ease in financial system liquidity,� the report added.

Furthermore, it showed that the naira depreciated week-onContinued on page 24

Group Harps on EfďŹ ciently Managed National Carrier Chinedu Eze The Association of Foreign Airlines and Representatives in Nigeria (AFARN) has stressed that what will guarantee success of the planned national carrier, Nigeria Air is if it is efficiently managed.

The body, therefore called on the federal government to take cognisance of inputs from industry stakeholders and urged the government not to alienate stakeholders in the industry.

AFARN decried the fact that mismanagement by the federal government and its appointees killed the former national carrier, Nigeria Airways, and hoped that the government had

AVIATION learnt a lesson from the past.

The President of AFARN, Mr. Kingsley Nwokoma who made this known, recalled that as at the time the fleet of Nigeria Airways was depleting, its counterparts on the continent, which were equally government controlled - Kenya Airways and Ethiopian Airlines, were increasing their fleet and expanding their routes.

Nwokoma remarked that for the airline to make meaningful impact, the government must be transparent in its dealing while also carrying every Nigerian along in its plans.

He insisted that foreign airlines operating into the country would also be competing with the new carrier when it debuts, stressing that quality of service to consumers, on-time-departure and safety would distinguish the airlines from one and other.

He, therefore called on the Minister of State, Aviation, Hadi Sirika to ensure the payment of the severance package of ex- Nigeria Airways workers, saying that anything short of this amounted to injustice. “Mismanagement killed Nigeria Airways as it flew from one turbulent to the other. As at the time our airline was going through crises, its counterparts like Kenya Airways

and Ethiopian Airlines were doing pretty well and increasing in profitability. “The success of this airline would be determined by its management. The former workers of Nigeria Airways should first collect their severance packages even though the government has approved their severance packages, but they are yet to receive any amount of money,� he said Nwokoma also urged the government to urgently look into the lingering issue of operational cost inhibiting the progress and growth of the industry.

Continued on page 24

HuaweiNigeriahascalledforentriesfromNigerianuniversitystudents to enter for this year’s Seeds forThe Future Programmme. Seeds for the Future is Huawei’s global corporate social responsibility (CSR) agship programme, initiated in 2008, which seeks to develop local Information and Communication Technology (ICT) talent, enhance knowledge transfer, promote a greater understanding of and interest in the ICT sector, and improve and encourage regional building and participation in the digital community.

The Seeds for the Future Program was created by Huawei Technologies to proactively support the development of future leaders and innovators across the world. Huawei is committed to promoting ICT industry development in the countries it operates, and aims to drive long-term economic, social, and environmental sustainability.

Speaking on the Initiative, its Managing Director, Mr. Li Frank said: “Talent is crucial for the growth and development of any industry, the rapidly growing ICTindustry has greatly changed business models. As a result, across the ICT ecosystem there is an urgent need for large numbers of technical sta who can address the challenges posed by this transformation. For true and lasting development in Nigeria, we must look in the area of human capital development with a huge focusonyouths.â€?Overtheyears,HuaweihasbeeninvestinginICTskills and knowledge in Nigeria in an eort to boost employment, foster the development of knowledge-intensive products and services, and enhance the ICT skills of the future generations.

Huaweihasdonethissuccessfullybyimplementingandsupporting a number of schemes such as the Growing Girls andWomen in Nigeria (G-Win), 1000 Girls inTraining, scholarships forThe African University of Science andTechnology (AUST), engineers training programmmes.

Airtel Oers 100% Data Bonus

In line with its brand positioning as Nigeria’s leading mobile Internet services provider, Airtel Nigeria is oering new customers on its network, 100 per cent bonus on any data bundle purchased as well as eight times the value of any recharge.

Under the new oer, new customers get 100 per cent bonus on every data bundle of N100 and above, and also get eight times bonus on any recharge, which will be split along the following: Main account, 100 per cent; Voice, 250 per cent; Data, 250 per cent; Social, 100 per cent and Family & Friends, 100 per cent.

According to the telecoms company, if a new customer buys 3GB data bundle, he/she automatically gets 6GB with a validity period of one month. And when a customer reďŹ lls with N100 worth of airtime, he/she gets credited with N100 in main account; N250 bonus for voice; N250 bonus worth of data; N100 for Social and N100 for Family & Friends, totalling N800.

The truth of the matter is, the knowledge economy is bound to change everything, co-working is bound to change everything, how we learn and work

Vice President Prof. Yemi Osinbajo

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BUSINESSWORLD INVESTORS AWAITS N540BN MATURING TREASURY BILLS

a 0.30 per cent week-on-week decrease in external reserves to $47.27 billion as at last Thursday.

But the naira remained unchanged against the US dollar at the Bureau De Change segment and the parallel market to close at N357/$ and N360/$ respectively as CBN sustained its special intervention.

Also, the nation’s currency closed flat at the interbank foreign exchange market at N330/$ amid weekly injections

by Central Bank of Nigeria (CBN) of $550 million into the foreign exchange market via the Secondary Market Intervention Sales (SMIS).

Meanwhile, all dated forward contracts at the interbank overthe-counter (OTC) segment depreciated – spot rate, one month, two months, three months and six months contracts lost 0.02 per cent, 0.19 per cent, 0.24 per cent, 0.32 per cent and 0.69 per cent, to close N305.90/$, N365.43/$, N368.81/$, N372.34/$ and N385.09/$ respectively.

GROUP HARPS ON EFFICIENTLY MANAGED NATIONAL CARRIER

on some of the issues affecting its members, noting that it was necessary for the government to give everyone in the system sense of belonging for the common good of every Nigerian especially those who had invested heavily in the sector.

Nwokoma charged the indigenous airline operators to code-share and be part of international alliances for them to make impact on the international routes.

The federal government, through the Minister of State for Aviation, Senator Hadi Sirika, recently revealed the new national carrier, Nigeria Air, due to be launched in December. Sirika had performed the unveiling at the Farnborough Air Show in London, United Kingdom.

The minister had said, “I am very pleased to tell you that we are finally on track to launching a new national flag carrier for our country, Nigeria Air. “We are all fully committed to fulfilling the campaign promise made by our President, Muhammadu Buhari, in 2015. We are aiming to launch Nigeria Air by the end of this year.� “Following extensive market research, the branding of our new airline, Nigeria Air, demonstrates a true flag carrier of our nation, soaring through the skies in the shape of our nation’s eagle.�

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)

NEWS

Dakuku Advocates Partnership in Maritime Sector Eromosele Abiodun The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside has stressed that partnership is a crucial element to the effective utilisation of Africa’s maritime resources.

Dakuku, stated this during this year’s celebration of the African Day of Seas and Oceans held in Lagos with the theme: “Partnership Key to a Sustainable Blue World.�

This is just as the NIMASA boss has set up a committee of stakeholders to map out strategies to develop the Nigeria’s Blue Economy.

He noted that the need for countries in the African continent to collaborate has become imperative in order to realise a common goal, geared towards the actualisation of the Blue Economy. “Our passion for Africa’s partnership inspires our leadership role in the Association of African Maritime Administration (AAMA) to continue to innovate with ideas to pull African Maritime Administrations (MARAD) together for sustainable realisation of the objectives of the African Integrated Maritime Strategy (AIMS) 2050 towards a peaceful, prosperous and integrated Africa where there will be equal opportunity to participate towards economic growth,� he said.

Speaking further, Dakuku noted that the world was concerned about the sustainable use of the seas and oceans as it is endowed with enormous resources, hence the need for Africa to utilise the opportunities embedded in it.

While using the opportunity to call for more collaboration

among stakeholders in realising a robust maritime sector in Nigeria and Africa as a whole, he assured that NIMASA will continue to engage and educate the public on the sustainable use of the seas and oceans.

The event also had in attendance the Managing Director, Starz Marine and Engineering Services Limited, Greg Ogbeifun as the chairman of the occasion.

In his opening remarks, Ogbeifun said the world was beginning to go back to the original creation God blessed mankind with, which is the seas and the oceans.

He noted that Nigeria was at a vantage position with a good geographical location with about 900 km coastline, hence the need to work harmoniously to realise the blueprint of the AIMS 2050 with the overall goal of actualising the concept of the blue economy in Africa for continental economic growth.

Mrs. Margaret Orakwusi, who delivered the lead paper titled, “National Maritime Strategy and the National Maritime Transport Policy Framework: How Far is the Road Yet?� said, “For Nigeria to develop a robust and sustainable maritime sector,

there is the need to prepare an all-inclusive framework and strategy based on the development strategies of the African Union in line with the AIMS 2050, Agenda 2063, Lome Charter and the African Maritime Transport Charter.�

In his paper titled; “Developing our Blue Economy as a Critical National Economic Objective: The Partnership Model.� Dr. Chris Asoluka stated that the only way to fully optimise the opportunities embedded in the African seas and oceans is to work collaboratively as a continent, so that we can

compete favourably with our counterparts in other continents.

He also reiterated the fact that Nigeria’s maritime domain remains a fertile ground waiting to be fully utilised for economic growth and development.

On his part, Professor Babajide Alo an environmental expert, advised that beyond the annual celebration of the event, partnership strategies to ensure sustainable implementation of the resolutions must be considered so that in the long run all set goals are achieved for the benefit of the entire African continent.

CAPACITY BUILDING

L-R: Service Delivery Manager, FCMB, Olatunde Ige; ManageEngine Service Desk Product Expert, Charles Arokiaraj; Head, IT Governance, UBA, Chike Emenike; Executive Director, Tranter IT, Melanie Ayoola; Chief Operating Officer, Tranter IT, Adewale Saka and Network Operating Centre Manager, UBA, Richard Onwa, at a workshop organised by Manage Engine in Lagos‌recently PHOTO: YOMI AKINYELE

Akwa Ibom Eliminates Middlemen in Compensation of Property Owners

Total: We Have Injected $10bn into Nigeria’s Economy

Okon Bassey in Uyo

Total E&P Nigeria Limited has put the value of its total investment in the Nigerian economy in the last five years at $10 billion.

The Executive General Manager, CSR, Mr. Vincent Nnadi, said this at the Total Business Sustenance for New Entrepreneurs Graduation ceremony that took place in Abuja.

Nnadi, in an interview, disclosed that the oil and gas conglomerate was also planning projects worth $16 billion and plans to use mostly local skills and talents in order to continue its fight against unemployment. “We have for the first time recorded a high level of local content on this project and 77 per cent of it is fabricated in Nigeria,� Nnadi explained. “It is a very large contribution to the economy and will be using local expertise. “We have a very strong cooperative social responsibility. “We have to support our society to progress by

Akwa Ibom State Government said millions of naria has now been saved by the state through the elimination of estate valuers as middlemen in the payment of compensation on properties marked for demolition in the course of roads construction in the state.

In an interview in Uyo, the State Commissioner for Works, Akparawa Ephraim Inyang-eyen, said hitherto. procedures where estate valuer or agent take all decisions and make payment on properties demolished to create right of way for road construction was no more attainable in the state.

According to him, those eliminated in the payment of compensation to property owners were people who recently raised alarm to the Economic Finance Crime Commission (EFCC) of alleged fraud in the ministry.

He said the compensation payment component met when Governor Udom Emmanuel came on board in 2015, was opened to abuse as “one man, an estate valuer or agent, will value, that same man will make payment and take all decisions�.

In the current arrangement, he explained that the estate valuers are only allowed to value for government and

the report submitted to the ministry of works for physical verification “After the physical verification that I do by myself, not a third party, that report is then approved and given to payment consultant. “So, if you had over value a property for whatever reasons you will not enjoy the goodies because you are not paid, you are not even associated in payment. “If you had overvalued, what I have done that has brought a lot of attack which I don’t mind is that if we go out in the physical examination of every property, if there are five stories building, this one is N20 million , N5 million, N8 million just like that we will call to question why the cost of this story building is high and this one low. “Many of the times the reconciliation had been in favour of government. What I don’t see physical standing as at the day of my verification is eliminated from the list. It is what I have not removed that the payment consultant pays based on the value. “And we pay ninety percent which is the net to the property owner the ten percent is supposed to be kept for the property owner who has not given out power of attorney to anybody. “We also discovered that

some property owners where deceived into given out power of attorney we also discovered that some people created power of attorney, fake the signature, signed it off and claim that was power of attorney�, the Commissioner stated.

He said by the processes adopted by the state government, payments on properties which many people claim ownership are put on hold pending the authentication of the rightful owner. “If you go on Uyo -Ikot Ekpene road, you will see several structures that were not on the right of way and were eliminated and save government that money. “I don’t expect that people will not react. When we do things that are right we are abound to have people criticise; but the payment in this ministry is absolutely transparent, if the right atmosphere is set we make our record available�.

He said by the time the EFCC and stakeholders met on the issue, “I did the explanation and I told EFCC you are not debt collectors if anybody has any problem against government he should go to court�, vowing that if the ministry is probed and discover that one kobo was missing from projects as claim by the estate agents, he will resign his appointment.

helping to solve some of the societal problem. One of these major problems is the issue of unemployment.�

On the skills acquisition training in conjunction with Toncia Energy Consulting and Professional Services Limited, Nnadi said the company would be monitoring the trainees to ensure smooth transitioning from training to practice. “This is the second level of skills training we are doing. The first level was basic skill acquisition. “We mentor them and will expose them backing them up with microfinance. “We are also working with some banks to financially support some of the best business plans and even creating market opportunities for them. “We will continue to monitor them along with Toncia Energy to make sure they are actually practicing what they have studied.�

One of the trainees of the program, Christiana Titus, expressed her gratitude to Total.

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Equities Market Rebounds as Corporate Earnings Trickle In

After a lull, activities at the Nigerian Stock Exchange are picking up, as corporate earnings trickle in slowly, Goddy Egene reports 17.5 per cent to 329.8 million shares and N3.6 billion respectively.

The performance across sectors was bearish as four of the five indices tracked. The NSE Industrial Goods Index led decliners, falling 1.5 per cent while the NSE Oil & Gas Index shed 0.8 per cent. In the same vein, the NSE Consumer Goods Index 0.8 per cent just as the NSE Insurance Index depreciated 0.5 per cent.

But the market rebounded on Thursday, bolstered by gains recorded by Nestle Nigeria Plc, Zenith Bank, FBN Holdings Plc and GTBank Plc to close 0.22 per cent higher at 36,427.22. But volume and value fell by 48.2 per cent and 18.3 per cent to 171 million shares and N3.0 billion respectively.

The positive performance was sustained last Friday as the NSE ASI appreciating by 0.58 per cent to close at 36,636.97. The appreciation recorded in the share prices of some highly capitalised companies such as International Breweries, FBN Holdings , GT Bank, UBA, and Transcorp were mainly responsible for the gain recorded.

The stock market recorded a marginal growth of 0.09 per cent last week after three weeks of bearish trading. The rebound followed investors’ reaction to the release of corporate results by some companies for the half year ended June 30, 2018.

Specifically, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) appreciated by 0.09 per cent to close at 36,636.97, while market capitalisation closed higher at N13.272 trillion.

Similarly, all other indices finished higher with the exception of the NSE Premium, NSE Consumer Goods, NSE Oil/Gas, NSE Industrial Goods, NSE Pension Indices that depreciated by 0.16 per cent, 0.19 per cent, 3.74 per cent, 4.4 per cent and 0.56 per cent respectively.

Analysts at Cordros Capital Limited said their outlook for equities in the near-tomedium term remained conservative, “in the absence of a near term one-off positive catalyst (save for potential better-thanexpected Q2 corporate earnings), more so, amidst brewing political concerns. “However, stable macroeconomic fundamentals – in addition to the likelihood of external jitters settling – remain supportive of market recovery in the long term.�

Daily Performance The market opened last week on a positive note last Monday, with the NSE ASI rising by 0.30 per cent to 36,711.96 as bargain hunting that started the preceding Friday continued.

The appreciation recorded in the share prices of some highly capitalised companies such as UBA, Dangote Cement, Nigerian Breweries, FBN Holdings, and Zenith Bank Plc bolster the performance.

However, Cutix Plc led the price gainers for the day, with 10 per cent, trailed by Continental Reinsurance Plc with 6.0 per cent. Wema Bank Plc chalked up 5.8 per cent, just as Transcorp Plc and Japaul Oil & Gas Plc went up by 4.2 per cent and 4.2 per cent respectively.

Other top price gainers included: LASACO Assurance Plc (3.0 per cent); NASCON Allied Industries Plc (2.7 per cent); GTBank Plc (2.1 per cent); FCMB Group Plc (2.0 per cent) and United Capital Plc (1.6 per cent).

Conversely, Abbey Building Society Plc led the price losers with 10.0 per cent. University Press Plc trailed with a decline of 9.8 per cent. Forte Oil Plc and UACN Property Development Company Plc shed 9.6 per cent and 9.4 per cent in that order. AIICO Insurance Plc, Champion Breweries Plc, Oando Plc and Jaiz Bank Plc went down by 8.9 per cent, 7.3 per cent, 7.2 per cent and 6.1 per cent respectively.

However, activity level weakened as volume and value traded declined 66.8 per cent and 43.4 per cent to 225.9 million shares and N2.2 billion respectively.

Top traded stocks by volume were Medview Airline Plc (100.0 million shares), Transcorp Plc (16.1 million shares) and Zenith Bank Plc (11.3 million shares) while the top traded by value were Dangote Cement Plc (N564.1 billion), GTBank (N315.5 billion) and Zenith Bank (N260.3 billion).

Meanwhile, performance across sectors on that day was largely bullish as four of five indices tracked closed higher. The NSE Banking Index gained the most with 0.6 per cent.

It was followed by the NSE Industrial Goods Index followed with 0.4 per cent, while the NSE Insurance Index and NSE Consumer Goods Index went up by 0.3

per cent and 0.1 per cent respectively. On the flipside, the NSE Oil & Gas Index shed 1.7 per cent.

Profit taking in bellwether stocks attracted the bears, making the market to close 0.70 per cent lower. Specifically, profit taking in stocks such as International Breweries Plc, Lafarge Africa Plc and Dangote Cement Plc caused the bearish run.

Consequently, the market shed N93 billion, pulling the capitalisation to N13.2 trillion.

But activity level strengthened as volume and value traded advanced 67.6 per cent and 100.1 per cent to 378.7 million shares and N4.4 billion respectively.

The top traded stocks by volume were Medview Air Plc (100.0 million shares), Transcorp (45.5 million shares) and Zenith Bank Plc (42.7 million shares ) while the top traded stocks by value were Zenith Bank (N988.5 million), GTBank (N545.5 million) and Dangote Cement (N499.5 million).

The sell pressure persisted on Wednesday dragging the index lower by 0.30 per cent to close at 36,346.80. Major drags to performance were – Dangote Sugar Refinery Plc; Lafarge Africa Plc; Nigerian Breweries Plc and GTBank Plc. In the same manner, activity level fell as volume and value traded fell 12.9 per cent and

Market Turnover Meanwhile, investors traded 1.417 billion shares worth N16.739 billion in 19,832 deals last week, compared with 1.665 billion shares valued at N14.834 billion that exchanged hands in 18,795 deals the preceding week. However, the Financial Services Industry remained the most active, leading the activity chart with 832.842 million shares valued at N8.823 billion traded in 10,851 deals. The sector thus contributed 58.7 per cent and 52.7 percent to the total equity turnover volume and value respectively.

The Services Industry followed with 320.350 million shares worth N679.981 million in 584 deals, while the third place was occupied by Conglomerates Industry with a turnover of 99.403 million shares worth N147.372 million in 1,000 deals.

Trading in the top three equities - Medview Airline Plc, FBN Holdings Plc and Zenith Bank Plc - accounted for 578.789 million shares worth N5.153 billion in 2,874 deals, Price Gainers and Losers The price movement chart displayed 31 equities that appreciated in price during the week, higher than 16 in the previous week, just as 48 equities depreciated in price, lower than 59 equities of the previous week.

Cutix Plc led the price gainers with 46 per cent, trailed by Cement Company of Northern Nigeria Plc with 25.9 per cent. Continental Reinsurance Plc and FBN Holdings Plc chalked up 12.6 per cent and 10 per cent respectively.

Other top price advancers for the week included: Caverton Offshore Support Group Plc (10.0 per cent); Vitafoam Nigeria Plc (9.8 per cent); Capital Oil Plc (8.7 per cent); and Diamond Bank Plc (7.6 per cent); Skye Bank Plc (7.6 per cent); Sterling Bank Plc (6.6 per cent).

Conversely, Rak Unity Petroleum Company Plc led the price losers with 20 per cent, trailed by UACN Property Development Company Plc that shed 18.8 per cent. Secure Electronic Technology Plc and Royal Exchange Plc dipped by 16.6 per cent apiece.

Other top price gainers were: Lafarge Africa Plc (15.3 per cent); Forte Oil Plc (13.9 per cent); NPF Microfinance Bank Plc (12.7 per cent); Abbey Mortgage Bank Plc (10 per cent); Presco Plc (9.9 per cent) and PZ Cussons Nigeria Plc (9.8 per cent).

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BUSINESSWORLD

EQUITIES WATCH

New Lease of Life for Commercial Paper Market The Commercial Paper market is expected to witness renewed vigour following last week’s pronouncement by the Monetary Policy Committee, writes Obinna Chima Globally, the private sector is critical to economic growth and poverty reduction in any economy.

It is the engine of growth for any economy as successful businesses create jobs and pay the taxes which in turn enables governments to carry out its developmental role.

However, in Nigeria, the flow of banking sector credit to this critical segment of the economy has continued to dwindle.

In fact, figures from the Central Bank of Nigeria (CBN) showed that credit to the private sector fell in May 2018, to N22.207 trillion year-on-year as against the N22.254 trillion it was in April.

The CBN report had shown that industry gross credit recorded a 3.63 per cent decrease in April 2018, the lowest since January 2017.

Therefore, desirous of ensuring that it boost lending to the real sector of the economy, the CBN at the end of its Tuesday’s monetary policy committee (MPC) meeting, announced incentives to encourage commercial banks lend to sector.

CBN Governor, Mr. Godwin Emefiele, also said the new approach, which would be tied to the Cash Reserve Ratio (CRR) mechanism.

According to him, lending to the real sector had declined in recent times, prompting an innovative approach to encourage banks boost credit to the sector.

He disclosed that the new arrangement that would make loans available at single digit with a minimum tenor of seven years and two years moratorium was considered.

He said: “The first approach, where we said, in order to achieve the objective of lowering interest rate particularly to those priority sectors– manufacturing sector, agric sector– that we will encourage large corporates to issue commercial papers (CPs) to the market and there will be a memorandum that will detail explanations of what they are going to do with that money. “In order to complement the effort of the banks, we will expect that these CPs will come at low rate at single-digit of nine per cent or below that, and for long tenor at a period of seven years with a specific purpose for that loan. “If the central bank sees those kinds of notes in the market, we will complement the effort of the banks through a mechanism to support that bank that lends to that corporate at single digit rate. “It is not meant to bring competition in the money deposit banks; it is meant to complement their efforts. The most important thing is that we want to see to it that we achieve a single digit rate.�

The second approach, he disclosed, works in such a way that any bank that lends money for new projects and planned expansion that are verifiable (not refinancing), for seven years (inclusive of two years moratorium) at nine per cent interest rate, would compel the CBN to go into that bank’s CRR and release equivalent of that financing from its CRR at zero kobo spread.

Emefiele said: “We feel this is novel; it is something that we should give a chance. In the past, we had reduced CRR and released liquidity into the market, but the liquidity was not channelled properly to the high impact corporations – we mean employment-generating sectors or output-improving sectors of the economy. “So, we decided we should approach it through this note. We believe this will work because rather than the banks keeping the money in the reserves, they can key into this and promote these transactions as long as they meet the terms and conditions. “More details on this will be provided soon for the banks and everybody to know.�

The development is expected to strengthen activities on the Commercial Paper segment of the market, where transactions had risen to N1.06 trillion from zero level in 2013.

The FMDQ OTC Securities Exchange has done a lot in reviving the CP market.

CPs are unsecured promissory notes with a fixed maturity of less than one year, issued by companies to raise money to meet short term finance obligations. The notes are backed by the promise of the issuers to repay based on certain agreed terms.

Since 2017, several companies which included Rand Merchant Bank, FSDH Merchant Bank and recently, Dangote Cement and Stanbic

IBTC, have issued commercial paper.

To analysts, following banks’ reluctance to lend, CPs have become an increasingly attractive source of funding for corporates with short-term obligations to meet.

CP issuance isn’t for everyone, but corporates with the right credentials could do worse than to sell short-dated paper, a report by Treasury Today stated. “The issuance of CP has to be put within the context of a mix of funding options that are available to corporates. Short-term funding is traditionally cheaper than long-term funding. In addition to size you also need credit quality,� the report quoted Managing Director of Capital Market Daily, Pieter van

It is not meant to bring competition in the money deposit banks; it is meant to complement their efforts. The most important thing is that we want to see to it that we achieve a single digit rate

Dyck, to have said.

Moreover, corporates with active CP programmes are often better able to negotiate with their banks and can take advantage of the arbitrage opportunities available, Dyck added. “It is true corporates with CP programmes are able to negotiate better deals with their banks – which in turn drives down the weighted average cost of funds. This is probably the most important reason why corporates issue CP.�

Also, analysts at Afrinvest Securities Limited, noted that the decision to encourage large corporates to issue commercial papers which the central bank would buy, “is a form of Quantitative Easing (QE) in advanced markets, a last-ditch effort to boost growth after the 2009 global recession which recorded mixed impact.�

Afrinvest added, “We believe this is an unlikely avenue for growth in Nigeria, given a largely informal economy which would not benefit directly from the proposed stimulus, probably targeted at large corporates (prime borrowers), and multiple structural factors that currently inhibit credit transmission. “ Commenting also on the proposal to reduce CRR for banks that direct long-term credit at nine per cent, with seven years tenor and two years moratorium, to critical sectors such as manufacturing and agriculture, Afrinvest stated, “We believe banks will not bite as long as structural barriers to accessing credit - such as lack of credit histories, lack of a collateral registry and poor competitiveness and productivity – are not addressed. Indeed, in November 2015, the MPC attempted the selective CRR reduction to mild reception and success. “As we have noted in our prior reports, the key to unlocking strong and sustained growth lies in resolving the challenges that hinder productivity and competitiveness in Nigeria. While the MPC retained all policy rates and stayed the course as we anticipated, there were welcome surprises. “We observed increased leaning towards a hawkish sentiment as three members voted for a rate hike, up from a member in the May meeting. Generally, risks of foreign capital flows reversal arising from increasing US

treasury yields and near-term risk factors to inflation continue to influence the decision making of committee members. “We expect market reaction to the MPC decision to be neutral, in part, because this has been priced in, and mainly due to the extended disharmony between current market yields and the MPR. The CBN has abandoned rate setting through the MPR in favour of its money market operations which are more indicative of its intentions, and we expect this to continue for the rest of the year. “Equities continue to suffer from foreign capital outflows and in the absence of a positive trigger in the domestic market, we expect investors to continue to trade cautiously.

Political risk and uncertainties ahead of the 2019 General Election are factors that could worsen foreign capital flight,� it added.

Similarly, an analyst at Ecobank Nigeria, Mr. Kunle Ezun, who welcomed the initiative by the MPC, said the move would support the growth of the Nigerian economy. “The idea is that for you to drive growth, you need the banks to lend. Most of the banks today are exposed to foreign currency loans and as such they have huge non-performing loans that is constraining them to give out credit to corporates. “So, the idea is to encourage corporates not only to get liquidity, but get it at a very cheap rate. Today, a lot of the corporates are not comfortable with the rates at which the commercial banks give out their loans. That is where the CBN comes in to bridge the gap. “Most importantly, what the Commercial Paper would do for a lot of corporates is to provide access to fund for expansion,� he said.

On his part, the chief executive of Nova Merchant Bank Limited, Mr. Chinedu Ikwudinma, who welcomed the move by the CBN, explained that, “commercial paper offers corporates a wider pool of funding.�

To analysts at Cowry Asset Management Limited, the proposed special interventions by CBN to directly buy CPs issued by corporates and its encouragement of the deposit money banks to do same via a differentiated dynamic cash reserves requirement regime, would be a catalyst for the much-needed economic growth.

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BUSINESSWORLD NBC Fines Daar Communications over Broadcast Infringement Emma Okonji The National Broadcasting Commission (NBC) has imposed a fine of N500,000 on the Daar Communications Group.

The Director General Mallam Is’haq Modibbo Kawu, who made the disclosure, said the decision to fine the broadcasting house, was sequel to the persistent and flagrant infringement of the provisions of the Nigeria Broadcasting Code through the use of provocative, inflammatory and divisive comments by anchors on a Raypower programme known as ‘Political platform.’ This came after the Commission shut down indefinitely, the Ekiti Radio Station for the abuse of broadcast, during the Ekiti State gubernatorial elections.

The Commission had on 2nd May, 2017, 15th August, 2017 and 7th February, 2018 held meetings with staff of Daar Communications and on each occasion, the NBC Director General, Mallam Is’haq Modibbo Kawu, had expressed concern on the unprofessional manner anchor persons have been handling the programme.

He charged the team on all occasions to be fair and balanced in their reportage devoid of expression of personal opinions.

He had also at the last meeting on 7th February, 2018, sounded a warning to Daar Communications to ensure compliance in order to avoid sanctions.

Political Platform’s episode of Tuesday, 24th July, 2018, was marked by sensational and heated expression of opinion by its anchors, who went on to make unproven and inciting allegations, the

NBC stated.

According to a statement released by the Commission and signed by its Head, Public Affairs, Mrs. Maimuna Jimada, “For the avoidance of doubt, Kawu hereby draws the attention of all, to the following provisions of the Nigeria Broadcasting Code: Section 1.9.3: A presenter/ anchor shall not express his or her personal opinion in the programme. “Section 5.2.7: A broadcaster shall, in using political material for news, avoid taking inflammatory and divisive matter in its provocative form. “Section 5.2.5: Political broadcasts shall be in decent language. Section 3.1.3: The broadcaster shall recognise expression as an agent of society, therefore, he shall not use his medium for any personal or sectional rights, privileges and needs of his own, proprietor, relatives, friends or supports. “Section 3.3.2: A broadcaster shall acknowledge his or her own inherent biases and prejudices, and transparently rise above subjective mindset. Section 3.3.3: All sides to any issue of public interest shall be equitably presented to ensure fairness and balance.

Section 4.5.1: No individual or organisation shall be treated in an unjust or unfair manner in any programme. “Section 5.2.18: While a broadcast producer may interact with politicians in the course of his professional duties, this shall not be such, as to lead to the belief, that he is either a member or sympathizer of any political party.�

Kawu warned that the Commission would impose severe sanctions for any breach of the Broadcasting Code, and called on broadcasting sta-

Inlaks, CBN, Others Promote Digital Banking Emma Okonji Inlaks, a system integrator in sub-Saharan Africa, in partnership with the Central Bank of Nigeria (CBN)and some other other organisations recently organised a forum for financial players in Lagos, where best practices for digital banking was stressed.

The forum highlighted how digital banking technology was reshaping the banking industry and provided insights about various market trends and advances both locally and globally.

Presenting a keynote address at the forum with the theme, “Banking in the Digital Age�, the Deputy Director, Other Financial Institutions Supervision (OFIS) Department, CBN, Adedeji Adesemoye, identified fundamental approaches that banks could use to enhance their digital capabilities.

He listed financial inclusion and digitisation as a means that could foster innovation across products, business models and allow straight-through processing that can automate and digitise a number of repetitive, low-value, and low-risk processes.

He further stressed the need for banks to have a vision of their future, technology, infrastructure and a well-defined corporate culture are major factors that determine whether a bank is successful in this age.

The Head of Sales, Microfinance

and Saas (Africa), Temenos, one of organisers, Nehal Batavia, said Temenos had been providing innovative solutions to financial institutions worldwide for 25 years.

He added that Temenos had been involved in this by building, delivering and supporting financial institutions through the world’s best packaged, upgradeable and open banking software.

In a joint presentation by the General Manager, Enterprise Business, Kingsley Oseghale; Executive Director, Sales and Strategy, Tope Dare, and Cyber Security Manager, Adeyemi Ademiluyi, Ademiluyi stated there was no way that the issue of cybersecurity could be left unattended to when discussing banking in the digital age According to Ademiluyi, “There are opportunities in this digital era, but there are also real threats in digital banking and it is important that organisations stay safe. Every day, attacks are launched at digital companies and these attacks are becoming more sophisticated. “The ‘cyber thieves’ are becoming more creative and innovative in their approach.

Organisations spend thousands and millions of dollars trying to put in place security software and infrastructure to limit these threats. We have been helping our clients to stay safe using multiple steps which will keep them ahead of cyber thieves.�

NEWS

FG Moves against Anti-Labour Practices in Oil Sector Ugo Aliogo The federal government has threatened to withdraw the licence of labour contractors that engage in anti-labour practices in the oil and gas sector.

The Minister of Labour and Employment, Dr. Chris Ngige, gave the warning while hosting the newly- elected members of the National Administrative Council (NAC) of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) in Abuja recently.

He said the ministry was working on reforming the grant and renewal of licence to labour contractors to ensure adherence to expatriate quota

and eschew unfair labour practices.

He insisted that the ministry was poised to redress the situation, saying the sanction against contractors that flout the law was in consonance with the Executive Order of the federal government to ensure that jobs reserved for indigenes are not given to expatriates as well as protect indigenous products over foreign products.

He said they have started reforming the process of granting and renewing recruiters’ licence and that the government would not grant or renew the licence of recruiters who compromise by aiding and abetting ‘yellow dog’ contracts.

He said the ministry was

making effort to close identified gaps in the operational guidelines and labour laws in the oil and gas sector.

On his part, the new President of NUPENG, Williams Akporeha, decried unfair labour practices being perpetrated by labour contractors in the oil and gas sector. “It is so sad that in the oil and gas industry as it is in other sectors, our employees have become more or less slave labour with no hope for career growth and development. “In almost all multinational oil companies in Nigeria, there are no more direct permanent jobs for the middle level to lower level cadre,� he said.

Akporeha, said the union was committed to promoting

industrial peace and harmony in the country.

Recently, the oil workers under the auspices of NUPENGASSAN declared that they could no longer guarantee industrial harmony in the sector if government fails to curb the abuses of workers’ rights by oil companies and labour recruiters.

At the end of their joint NAC and National Executive Council (NEC) meeting under the umbrella of NUPENGASSAN, both NUPENG and PENGASSAN condemned the increasing impunities and anti labour tendencies of most indigenous and multinational oil companies in the oil and gas industry operating in the country.

REWARD FOR DEDICATION

L-R: Senior Driver Operations Manager, Nigeria, Uber, Osi Oguah; Driver-Partner, Banjo Olayemi; General Manager, West Africa, Lola Kassim and Greenlight Operations Manager, West Africa, O’Yoma Ukueku, at the presentation of brand new car to Olayemi to mark the culmination of the uberFREEKICK campaign in Lagos recently PHOTO: ETOP UKUTT

Oil Firm, ExxonMobil Provide Recipe for Healthy Living to Students Chineme Okafor in Abuja International oil firm, ExxonMobil, has engaged the National Basketball Association (NBA) and an international Non-governmental Organisation (NGO), Africare to teach about 300 students from 10 secondary schools in Abuja about how best to live healthily.

The youth development program which focuses on developing life skills and raising public health awareness among high school youths, recently took place in Abuja, with students from Government Model Secondary School, Maitama; Rahinna Model College, Jikwoyi; Raberto Schools, Wuse II; Divine Mercy Secondary School, Asokoro; and Glisten International School, Jahi, in attendance.

Also, in attendance at the programme were students from Bicardos International School, Kubwa; Government Secondary School, Karu;

Government Secondary School, Wuse Zone 3; Government Secondary School, Garki; and Government Secondary School, Airport.

At the event, ExxonMobil disclosed it has continued to be a corporate leader in the fight to reduce the global burden of malaria.

It explained the programme - Power Forward - uses the game of basketball to teach and mentor 300 students from 10 secondary schools annually in Abuja.

Power Forward, it explained was in its fifth year, and teaches health literacy and life skills such as leadership; respect; and personal responsibility through basketball and other programming to positively impact Nigerian secondary school students.

According to the oil company, in 2017, the program reached over 12,000 youth in schools and vulnerable communities with life skills information; distributed 3,700 bed nets;

established 20 hand wash stations to promote hygiene; and promoted exemplary leadership skills It further stated that while 10 secondary schools participated at the 2018 edition of the programme, it has however reached about 30 schools in Abuja to date.

In a brief of the programme shared with THISDAY, ExxonMobil said it was inaugurated in Abuja on November 19, 2013, with a tip-off event featuring NBA and Women’s National Basketball Association (WNBA) representatives, Nigerian policymakers and influential personalities.

It noted that the NBA players and legends who had participated in the program to date include former NBA players; Hakeem Olajuwon; Olumide Oyedeji; Kelenna Azubuike; Jerome Williams; and Obinna Ekezie who is also the current chief executive of Wakanow.

For the WNBA, it noted

that All-Stars Swin Cash and Chiney Ogwumike and former WNBA player, Mactabene Amachree, have all graced the program.

ExxonMobil, equally noted that its supported programs have since 2000, distributed more than 14 million bed nets, nearly three million diagnostic tests and more than four million anti-malarial treatments, thus reaching more than 125 million people worldwide.

Nevertheless, he expressed optimism that the challenges were not insurmountable, adding that a holistic approach alone would set the pace for an enduring solution to resolve the challenges.

He categorised the challenges under three bands which he said were transaction framework; operational issues; as well as policy and regulatory concerns, Okoh explained that solutions proffered without a thorough diagnosis of the issues would fall through in the course of time.

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Chivita Wins Award Chivita has emerged as the Outstanding Juice Brand of the Year at the Marketing Edge awards held recently in Lagos.

Speaking at the award ceremony, the Managing Director of Chi Limited, Mr. Deepanjan Roy, said Chivita had constantly innovated over the years by anticipating trends and focusing on consumer expectations to build a formidable brand that is a huge delight to fruit juice consumers.

Roy, expressed pleasure at the award. “In line with best practices, we would continue to sustain the confidence consumers have invested in Chivita as the preferred fruit juice brand for health, nutrition and refreshment, by ensuring the highest standards of product quality, and consumer benefits,� he said.

The recognition for Chivita was seen as another milestone for a brand that had continually grown its mind share by effective communication campaigns, innovation, and consumer satisfaction.

This award, according to a statement, joined a growing list of recognition awards for Chi Limited which included most recently, the Manufacturers Association of Nigeria’s (MAN) 50th Annual General Meeting and Awards 2018 for Best Kept Industrial Premises, the Guardian Manufacturing Excellence Award 2017 for Beverage Manufacturing Company of the Year, Chivita

Active Vegetable Fruit Nectar and Hollandia Choco Malt Drink category, at the 2017 Marketing World Awards, among others. “Driven by a passion and commitment to excellence, CHI Limited is one of the most admired companies in the domain of Food & Beverages in Nigeria. While it prides itself in offering products that are themselves benchmarks in their respective categories of juice, dairy based-beverages and snacks, each CHI offering is admired for its highest quality, nutrition & health standards. “Today, CHI Limited is the undisputed market leader in juices, fruit drinks, yogurts and value added dairy beverages in Nigeria. The company attained this status by consistently delivering innovative products that have become household names in Nigeria. “In the fruit juice category, mega brands like Chivita 100%, Chivita Active, CHI Exotic, Happy Hour by CHIVITA, CHI Ice Tea and Capri-Sonne occupy leading positions in their respective segments. “CHI Limited also takes great pride in its range of dairy products, such as Hollandia Yoghurt, Hollandia Evaporated Milk, Hollandia UHT Milk, Hollandia ChocoMalt to name a few and its range of snack foods like CHI Superbite Premium Beef Sausage Roll, Beefie Beef Roll, Beefie Meat Pie and CHI Classic Cake.�

Visa Rewards Nigerian Start-ups Visa Inc., one of the world’s leader in digital payment has announced Nigerian startups - CredPal and Zowasel as winners in the Merchant Payments and Financial Inclusion challenges, in its first ever sub-Saharan Africa (SSA) Everywhere Initiative.

The initiative is a global programme that was designed to encourage the development of “the next big thing in payments.�

The winning solutions beat 10 other contenders selected from 238 submissions to emerge as champions.

The programme was structured around three real life business challenges: Merchant Payments Challenge, which has to do with how to enable smaller merchants to accept payments in-store digitally or provide a safe and secure solution for online merchants to drive e-Commerce and reduce cash on delivery.

The other structure Social Business Payments Challenge- was about how start-ups can use Visa’s APIs to leverage mass reach and social media partner platforms like Facebook to

help businesses operating in fast-paced consumer centric environments improve cash flow and receive payments.

The third, being Financial Inclusion Challenge, which was about how start-ups can leverage technology to provide services that are functional for illiterate customers and provide them with secure transaction experiences, to build and enhance their confidence in the banking system.

According to the organisers, CredPal, won the “Merchant Payments� challenge and got

$25,000 for its solution that allows business and individuals to pay for purchases in instalments across online and offline merchants, by providing them with instant access to credit at the point of checkout.

On the other hand, Zowasel, developed a solution which connects under-financed small-holder farmers with investors via mobile phone-based P2P lending and marketplace sales, as well as give them access to best agricultural practices.

Ahmadu Now NIM Fellow The Chief Operating Officer (COO), African Circle Pollution Management Limited (ACPML), Mr. Ahmadu Fidi Ahmadu has been elevated to the status of a fellow of the Nigeria Institute of Management (Chartered).

According to a letter by the President and Chairman of Council, NIM, Prof. Olukunle Iyanda and signed by the Registrar/Chief Executive Officer, Mr. Tony Fadaka, Ahmadu’s nomination and conferment was based on his contributions to the development of the institute, management profession and the civil society at large.

An experienced manager of over 15 years responsibility for all aspects of human resources

including recruitment, staff appraisals, policies and salary implementation and reviews, ACPML has made several strides since Ahmadu mounted the saddle as its COO. The firm has a build, operate and transfer (BOOT) 15-year contract with the federal government.

Among other things, the contract agreement makes provision for the installation of marine pollution facilities at the nation’s seaports situated in Lagos, Port-Harcourt, Calabar and Warri with DV Howells of Milford Haven Pembrokeshire as its technical partners.

As the COO, Ahmadu is responsible for developing, recommending and or imple-

menting personnel policies and procedures, compensation and performance evaluation programmes, preparation and maintenance of handbook on policies.

He is also responsible for communicating and enforcing company policy, developing recruitment strategies and managing the recruitment effort for all personnel, including writing ads, screening applicants, assisting hiring managers with the selection process and ensuring that the hiring process is followed.

A graduate of Business Administration, Ahmadu Bello University (ABU), Zaria, Ahmadu has worked in senior positions in the public and private sectors of the economy

and has communicated at government level.

Besides ACPML, he had worked as the Releasing Officer with RoRo Oceanic Shipping Services, a shipping firm with the largest fleet of roll-on-roll-off (roro) vessels in Nigeria.

The firm is the sole representative of Grimaldi Lines.

He cut his teeth in the Finance and Account Department of Nigerian Telecommunication Limited (NITEL) at its Maiduguri Territorial Headquarters.

Besides NIM, Ahmadu also belong to other professional bodies. These include the Nigerian Institute of Personnel (NIP), and the Nigerian Gas Association (NGA).

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Ikwudinma: We Need to Raise Awareness on Benefits of Merchant Banking

Mr. Chinedu Ikwudinma is Managing Director of NOVA Merchant Bank Limited, which began operations in the first quarter of this year, with a focus on wholesale banking, investment banking, and asset management. In this interview, Ikwudinma speaks on the opportunities in the merchant banking sub-sector and stresses the need for more awareness on the activities of merchant banks. Obinna Chima brings the excerpts: What is your take on measures announced by the Monetary Policy Committee at the end of its meeting last Tuesday, to enhance the ow of credit to the private sector?

I think it is positive. The central bank is acting to support the banking system in terms of providing credit to the private sector. If you note, the banking system had gone through a period of difficulties in the past few years relating to non-performing loans (NPLs) and others. That, and some other issues had constrained the appetite for lending. However, from the central bank’s perspective, they would be interested in certain intervention in some sectors to achieve certain objectives of growth. So, that was the reason the central bank decided to provide some incentives that would accelerate lending to the private sector in particular areas.

Some have argued that regardless of the move by the MPC, if there is no support from the ďŹ scal authorities, the desired objective would not be realised.

How true is that?

Typically, the fiscal and monetary authorities ought to be working together and I believe they are in this case. I don’t think there is any divergence within the policy making circle of government around what the objectives are. If you look at the budget, there is a huge focus on the private sector. So, I agree with the perspective that fiscal and monetary policy needs to be aligned for the best results in the country.

What is the future of merchant banking?

Merchant banking has very bright future in this country because it focuses on wholesale banking activities, investment banking and capital market activities. If you notice in past few years, the country has not had enough of capital market activities for various reason. The merchant bankers are the natural intermediators of those activities. There is a huge need in this country for things like facilitating the issuance of debt, equities, mergers and acquisitions, advisory services in terms of financing. It is just that that need is almost quiet because nobody is nurturing it. In financial services, if people don’t know of something, they won’t invest in it. The average person in the village who only knows about savings account, would only invest in savings account. But, if you become aware of Commercial Paper, Treasury Bills or Eurobond, you would invest in those things. So, the thing there is that the merchant banks need to go out in the market and meet the corporations who have need for these services - to raise capital, debt or equity, to arrange an acquisition, and others. Some of that might involve capacity building because if for example, you are going to attract an investor from Europe into your company to come and invest, assuming you are doing FMCGs activities, your financials must be in order. So, some people have great businesses, but they don’t have the right structure around financial management. They are not producing the right audited accounts to reflect their business. That kind of capacity building is part of what we as merchant banks need to encourage in the system because it provides us with large pool of clients. So, it is not just in terms of future of merchant banks, it is also the need the economy has for merchant banks.

There is a huge need there. Merchant banks are masters in arranging long-term financing, great at arranging commercial papers, they are great at intermediating mergers and acquisitions. You see, for example in this market, some companies failed in the past few years, not because their business essence was weak per say. But maybe they could not import something that they needed to operate. Meanwhile, at same time, there is another company that had access to those same things. So, merchant banks create the environment that enables companies to work together. So, if you were to merge those

Ikwudinma two companies -one that has a need and one that has a surplus - they will both survive and thrive. But in the ordinary circumstance, both companies may fail. So, I think that is where the system needs banks like ours to help in intermediating transactions that will make economic value not just for the companies but for the economy.

Prior to the announcement by the MPC, we noticed a rise in appetite for Commercial Papers by companies, what will you say was responsible for that?

Typically, the ďŹ scal and monetary authorities ought to be working together and I believe they are in this case. I don’t think there is any divergence within the policy making circle of government around what the objectives are

Corporates are issuing commercial papers (CPs) because they seek funding and they seek a wider pool of sources for that funding. When you issue CPs, you can access a wide pool of investors, including individual investors who can invest in your CPs. It is different from a bank making a bilateral loan to you and there is rate on that CP. So, it is not like a bank that can say because its cost of fund has increased, it would increase your rate. In CPs, the rate is fixed. So, on a medium-term basis, it is a cheaper way of sourcing funds.

The renewed interest is because companies have seen spike in interest rates and part of why you see spike in interest rate is because of the rise banks’ cost of funds. So, they want to have an instrument that gives them access to a wide pool of investors at a rate which they find attractive. So, the company may decide to issue the CPs at 18 per cent, even though banks a are lending at 23 per cent. There are people who are prepared to invest at 18 per cent and they invest in that CPs and the company gets the funds for its operations. You don’t have to rely on your relationship with the bank as I said earlier, because rates can vary.

What is the likely impact of the downturn in the stock market on merchant banking business?

Let me give you some indices. As a measure of Gross Domestic Product (GDP), the size of the capital market in Nigeria is about $45 billion.

The size of a capital market in South Africa is about $1.1 trillion. Remember that Nigeria’s economy is bigger than that of South Africa.

Meanwhile, the South Africa capital market is about 25 times the size of the Nigerian Stock

Exchange. That tells you a story. It tells you a story of either something that should depress us or an opportunity story. I choose to see it as an opportunity story. As to what we can do to ramp up activities in this market, what needs to happen is we need more entities listed on the stock exchange. Secondly, we need more efforts to encourage local investors in the stock exchange, including pension funds. Again, pension funds are another part of the ecosystem.

It provides huge opportunity for our country.

Earlier, in the year, the size of the pension fund asset was put at about N7.5 trillion, which is about $25 billion, which is about 7.8 per cent of Nigeria’s GDP. If you compare that again to South Africa, which I will say is a peer country, there pension assets are like more than $300 billion and is about 87 per cent of their own GDP. So, the pension companies are major investors in capital market. So, what needs to happen in Nigeria is we need to expand the scope of the pension activities in our economy.

Right now, only a few companies are in that space. We have between 7.5 and eight million employees out of tens of millions of workers in Nigeria. South Africa has about 15 million people on their pension funds and that is a country whose population is one quarter of Nigeria’s population. So, I think if we look at these indices, focus on them and drive them in a focus way, they will lead to a rise in our capital market. What we have seen in recent times, in my view, is related to election cycle.

And it is related to the fact that the major investors in our stock exchange are foreign portfolio investors. So, when a foreign portfolio is making an investment, they are thinking of country risks, they are thinking of the best time to exit the market, they are looking comparative yields in Kenyan, Ghana, South Africa. But local investors tend to invest much more long-term.

So, if we find ways of encouraging Nigerians to be more active in the capital market in Nigeria, we will reduce the volatility that comes from the play of portfolio investors and we will be able to drive the market forward. I think if you want anything to encourage you, you hear of the fact that MTN is about to be listed on the Nigerian Stock Exchange. That is huge, that is a big firm. The banks are good as well.

Only few banks are not listed, including our self. We are going to be listed in the future.

So, we need to encourage companies to be listed. If you will encourage more knowledge of market and more investments by Nigerians, I think that will have some dramatic effects on the market.

Nova Merchant Bank recently acquired a new digital banking platform. Can you tell us about it?

I think it is important to inform you that the bank is doing well, it is profitable. Our figures which we have published showed that we have maintained our track record and our indices in terms of liquidity ratio, capital base and all other ratios are excellent and way ahead of industry standards and regulatory requirements. Our customer base is growing, and we are happy to say that. And we now have the full compliments of the staff we need to deliver the promise we made to our customers. The bank started on a system called IBS in terms of our core banking system. We have now transited to a system called Intellect Digital Core. I will like to share with you that we are the first bank in this country to use the intellect banking platform.

There was a reason we chose that platform.

But before I speak to you about that reason, we went through a very rigorous exercise in terms of selection and consideration going over several months from last year and speaking to different providers of banking solutions. Our aim was to identify a solution provider that is geared for the future, because if you look at the banking systems today there are lots of developments in terms of digital banking and in terms of customer experience. You now

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have many banks trying to transform along those lines. The company that produced this banking platform is a 25-year old company with operation in 40 countries, servicing more than 240 clients, including entities like JP Morgan, Citibank and the Reserve Bank of India.

It is actually their system that the Reserve Bank of India use for their treasury activities and payments across India. Imagine India with a population of 1.2 billion people and for the central bank of India to have chosen this entity to provide that kind of service. So, we went into a deep research and identified this entity and we engaged with them ultimately having considered a broad spectrum.

And we are pleased to say that as at today, we have gone live on that system. So, we are adopting the system for our entire suit of banking applications -the core banking application and the channels, in terms of what customers would engage with, our treasury activities and trade activities. All of that encapsulated, because it is a digital banking platform.

The critical difference I will say to you between what you may hear about online banking and the solutions that Intellect would provide for us is in terms of its flexibility, its agility and capacity to scale services.

That is because the Intellect platform is built around the customer experience. It is not just a channel to deliver the bank’s services and products to the market, it is about what the customers say and the way the customer behaves.

If the customer, for example is travelling and want to be able make payment from wherever they are or wants some kind of efficiency in term of information, you are going to constrain that customer, you will find a way to serve that customer. Again, because of the open architecture of this platform, it allows you to be able to latch on different solutions. We have heard of fintechs coming up with various ideas about how to provide banking services, this platform enables you to use such solutions very easily and to be able to connect with them without having too much issue with interface and connectivity.

This was a challenge with the older platforms. So, our aim is a digital solution for our customer end-to-end and trying to use both the platform and our capacity for things like data analytics, machine learning and so on, to be able to give insights to our customers. So, we are not just a financial services provider to our clients, we are providing solutions around the entire ecosystem of banking.

So, we are excited about that and we have gone live on it.

We have been growing the bank systematically and we now have some of the firepower that we need for the next stage of the institution in terms of growth.

In summary, it is a banking application that was developed with a 21st century application.

How will this digital banking platform support your drive to be ahead of competition in the merchant banking sub-sector?

I think the thing is when you talk of competition, I am sure you must have heard of the Blue Ocean strategy, where you are trying to enter a space that there are not too many people doing that thing. By choosing a banking platform that no other bank is using,

that’s already a journey in that direction. As I said, it allows us to create bespoke solutions that matches your business. I think just the fact we have chosen a different platform, puts us on a certain level. So, our experience with other platforms and our insights into this platform gives us an advantage in serving our clients. Secondly, this is an open architecture that allows you bring solutions easily. A lot of times, what banks struggle with is how to bring in a new solution because you may have a contract with existing provider which requires you to pay huge amount of money, requires you to integrate with them, requires you to come to them for any improvement and that can become very expensive and is part of what hinders development. But we have adopted a solution that is flexible, scalable, agile and enables us to that quickly. And the entity that we engaged has the first fintech centre that is focused on financial services in the world. So, they deliberately created a whole ecosystem where fintechs thrive. That was part of the reasons we chose them.

How is the adoption of digital technology impacting the sub-sector?

Digital banking is essentially the progressive migration into the online space for services at all touch points and the more points of contacts are digitised, the more digital they become. The digital elements speak more to where you are wrapping the solutions around the client. For example, if I have a service today, where the customer has to come to the bank, that’s constraining.

Now, if it is a service that I can load on the customer’s laptop or desktop, which he can use outside this office, that’s better.

But can you imagine it if that service is available on his smart phone and is available wherever he may be. Now, that is an increasing level of digitisation of that service to the client. Now you find that in Nigeria, there has been substantial progress in this country. Now, there are mobile payments, PoS activities and that is very powerful, particularly in retail space. Now from the perspectives of Nova Merchant Bank, we are giving that a boost because right now, it is still more of how to deploy a bank services to customers and there is not enough of the customers influencing the service in terms of you servicing the customer around their own space and how they want to be served and that’s where we are going to make a difference.

So, based on the connectivity and the digital banking services we are rendering, we are also going to have a whole range of activities around of data analytics, machine learning and we deploy artificial intelligence, in trying to understand the way the customer’s business connects to us and the wider environment, so that combining that information, we can advise our customers better. We don’t intend to have too much customers and clients, we are a corporate and investment bank.

We have a limited number of clients, but those clients, we will serve them to the greatest extent. So, we will be able to design solutions around each client based on the capacities of the technologies we are going to have.

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FG Restates Commitment to Innovation Emma Okonji As part of efforts to enhance technology development in Nigeria, the federal government has reiterated its commitment to supporting innovation in the country.

The Vice President, Prof.

Yemi Osinbajo who said this during a programme organised

by Google Nigeria in Lagos, assured the participants that the government would continue to support technology development through policies that will provide the enabling environment for businesses to grow.

Commending Google Nigeria for its initiative to launch public WiFi in targeted public places, through the Google Station,

Osinbanjo, said such initiative would afford more Nigerians the opportunity to have internet access to boost their businesses and lifestyles.

Announcing the launch of Google Station in Nigeria, in partnership with 21st Century Technology, the Vice President, Product Management at Google, Anjali Joshi, said the initiative would help address internet connectivity challenges in the country. According to her, Google Station was launched in Ikeja Computer Village, Ikeja Mall, MMA2, Unilag and Landmark Event Centre, all in Lagos, to provide internet access to people. Google, she said, planned to extend the launch to 200 locations in

five cities across the country by 2019, designed to provide internet access to millions of Nigerians. She said Google Station was first launched in India and Mexico, and that since then, it has been providing internet access to millions of people in those countries.

Welcoming the Google Station initiative, Osinbajo said, “We want Google Station in more public places like the public markets that have large clusters of people.

Beginning with Computer Village, Ikeja Mall, MMA2, Unilag and Landmark Event Centre is commendable, but we want to see this public WiFi in more densely populated public places.

Wapic Insurance Harps on Adherence to Risk Management Ebere Nwoji Wapic Insurance Plc has stressed the importance of adhering to risk management practices by information communication technology (ICT) operators.

This was the thrust of a one-day seminar organised

by Wapic Insurance in Lagos recently.

The seminar, which had the theme, “Mitigating Risk in the Telecoms & ICT Industry: Challenges & Solutions,� according to the company, was targeted at ensuring that its clients in the telecommunications industry manage their risk effectively and efficiently towards greater productivity and value creation.

Addressing participants at the seminar, Managing Director Wapic Insurance, Mrs Yinka

Adekoya, said through the seminar,Wapic Insurance wished to extend its risks management series to stakeholders within the IT sector.

She defined risk as a constant in life and in all business endeavours. “In a progressively globalising world, risk management is in fact a measure that calls for constant remodelling, and fine tuning to fit evolutions in business and the world in general. “Globalisation has allowed for the proliferation of digital solutions, telecoms and insurance is one very important risk management measure. “There are also many more ways that insurance can provide fortification for this industry than the ways in which we currently do. At Wapic, it

is our desire to always lead in all that is worthy, and to provide maximum value to all our clients, and that is why we have organised this seminar,�

Adekoya state She said insurance companies believe that if operators in ICT and telecommunications become more aware of the risk facing their businesses and investments, they will be more proactive and strategic in the process of achieving better productivity.

According to her, this will not only impact the sector, but also contribute significantly to the economy and overall development of the country.

She also said the seminar series, which started in 2017, was organised by the company to add value to the businesses of its clients across different sectors of the economy.

FCMB Group Records 86% Increase in Half-year ProďŹ t The FCMB Group Plc recorded a profit before tax (PBT) of N7.1 billion for the six-months ended 30 June 2018.

This represented an increase of 86 per cent from the N3.8billion it achieved for the same period in 2017.

The bank explained that the positive development reflected the improving performance of the financial institution, as well as the effects of diversification through its investments in asset and wealth management.

From the details of its un-

audited results announced on the floor of the Nigerian Stock Exchange (NSE), the Group’s gross revenue rose to N83.9 billion as at the end of June 2018, compared to N77.5billion in the corresponding period of 2017.

Similarly, net interest income rose by nine per cent year-onyear (YoY) from N32.5billion to N35.3billion, while non-interest income grew to N16.5billion, an increase of 29 per cent, from N12.8billion for the same period of last year.

The Commercial & Retail

Banking group (which comprises First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited) generated a 32.2 per cent increase in PBT to N2.9 billion for half year 2018, from the N2.2 billion recorded at the end of first quarter 2018.

Its revenue increased 3.7 per cent year-on-year, driven by an 8.1 per cent year-on-year increase in non-interest income and an 8.7 per cent year-on-year increase in net-interest income.

NCS, FOU Seize N1.2bn Goods in One Month Eromosele Abiodun The Federal Operations Unit (FOU), Ikeja, of the Nigeria Customs Service (NCS) has announced a seizure of various types of goods which duty paid value (DPV) was put at N1.2 billion. Controller of the unit, Mr. Mohammed Uba who disclosed this in a chat with newsmen in Lagos said the seizures were recorded within one month between June 13 and July 24.

Among the items seized

were 21 exotic vehicles, 9,504 bags of foreign parboiled rice (15 trailers),436 jerrycans of vegetable oil, 333 cartons of frozen poultry products, 287 bales of used clothing, 198 pieces of used tyres, among others.

Uba said the vehicles currently being detained include: Mercedes benz G-500 (2016), six Toyota Hiace Bus (2018); three Lexus Jeep GX460and Lx570 (2017) one Toyota Hilux (2017); one Toyota Land Cruiser Prado(2016); one Toyota Hilux bullet proof

(2014); one Toyota Corolla (2018); three Toyota Camry (2016); one Honda Civic (2016); one Honda Accord (2016); one Dodge Charger (2016). According to him, the duty paid value of the 21 exotic vehicles was estimated at N484,458,778,92 only.

He also disclosed that some of the vehicles were intercepted along Ijebu Ode Expressway while 10 were evacuated from Oluwalogbon Motors at 164 Awolowo Way Ikeja, based on credible information

L-R: Partner, Audit Services at KPMG, Eluma Nneka; Governing Council Member, Financial Markets Dealers Association (FMDA), Ini Ebong; President FMDA, Sam Ocheho; Governing Council Member, Michael Anyimah and acting Executive Secretary, Mary Gbegbaje, during the 25th Annual General Meeting of the FMDA held on in Lagos‌recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

MARCH 2018 Broad Money (M2)

24,303,049.86

-- Narrow Money (M1)

10,912,604.10

---- Currency Outside Banks

1,668,378.21

---- Demand Deposits

9,244,225.90

-- Quasi Money

13,390,445.76

Net Foreign Assets (NFA)

15,619,134.18

Net Domestic Assets(NDA)

8,683,915.68

-- Net Domestic Credit (NDC)

26,267,136.53

---- Credit to Government (Net)

3,823,345.45

---- Memo: Credit to Govt. (Net) less FMA

5,433,209.43

---- Memo: Fed. and Mirror Accounts (FMA)

-1,609,863.98

---- Credit to Private Sector (CPS)

22,443,791.08

--Other Assets Net

-17,583,220.85

Reserve Money (Base Money)

6,746,646.49

--Currency in Circulation

1,668,378.21

--Banks Reserves

4,357,551.58 Ëž Ă™Ă&#x;ĂœĂ?Ă? Ě‹

Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

15.16

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

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

Ëž Ă™Ă˜Ă?ĂžĂ‹ĂœĂŁ ÙÖÓĂ?ĂŁ Ă‹ĂžĂ? Ě‹ ͯ͹Ϲ

OPEC DAILY BASKET PRICE AS AT THURSDAY JULY 26, 2018

The price of OPEC basket of ďŹ fteen crudes stood at $73.62 a barrel on Thursday, compared with $72.87 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

36

Ëœ ÍťÍ¸Ëœ ͺ͸͚͜ Ëž T H I S D AY

Nigeria Daily Stock Market Report:

ŽžĞĆ?Ć&#x;Ä? Ć‹ĆľĹ?Ć&#x;ÄžĆ? DÄ‚ĆŒĹŹÄžĆšÍ— /ŜǀĞĆ?ĆšĹ˝ĆŒĆ? ZĞĂÄ?Ćš ƚŽ

THISDAY AFRINVEST 40 INDEX

,Ď­Í—ĎŽĎŹĎ­Ď´ Ĺ˝ĆŒĆ‰Ĺ˝ĆŒÄ‚ĆšÄž ZĞůĞĂĆ?ÄžĆ?Í™ E^ ^/ ƾƉ Ď­ĎŹÄ?ƉĆ?

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

dŚĞ WÄžĆŒÄ¨Ĺ˝ĆŒĹľÄ‚ĹśÄ?Äž ŽĨ ƚŚĞ EĹ?Ĺ?ÄžĆŒĹ?Ä‚Ĺś ĞƋƾĹ?Ć&#x;ÄžĆ? ĹľÄ‚ĆŒĹŹÄžĆš Ç Ä‚Ć? ĹľĹ?džĞĚ ƚŚĹ?Ć? Ç ÄžÄžĹŹ Ä‚Ć? ƚŚĞ ĹŻĹŻ ^ĹšÄ‚ĆŒÄž /ŜĚĞdž Íž ^/Íż Ä?ĹŻĹ˝Ć?ĞĚ Ĺ?Ĺś ƚŚĞ Ĺ?ĆŒÄžÄžĹś ŽŜ ĎŻ ŽĨ Ďą ĆšĆŒÄ‚ÄšĹ?ĹśĹ? Ć?ÄžĆ?Ć?Ĺ?ŽŜĆ? Ĺ?Ĺś 1 ƚŚĞ Ç ÄžÄžĹŹÍ˜ ŽŜĆ?ĞƋƾĞŜƚůLJ͕ ƚŚĞ Ä?ĞŜÄ?ĹšĹľÄ‚ĆŒĹŹ Ĺ?ŜĚĞdž 2 ĂĚǀĂŜÄ?ĞĚ Ď­ĎŹÄ?ƉĆ? tͲŽͲt ƚŽ Ć?ĞƊůĞ Ä‚Ćš 3 ĎŻĎ˛Í•Ď˛ĎŻĎ˛Í˜ĎľĎłĆ‰Ĺ˝Ĺ?ŜƚĆ? Ç ĹšĹ?ĹŻÄž zd ĹŻĹ˝Ć?Ć? ÄšĹ?ƉƉĞĚ ƚŽ Ď°Í˜ĎŽĐšÍ˜ 4 5 ,Ĺ˝Ç ÄžÇ€ÄžĆŒÍ• Ĺ?ŜǀĞĆ?ĆšĹ˝ĆŒĆ? Ĺ?Ä‚Ĺ?ŜĞĚ EĎ­ĎŽÍ˜Ď°Ä?Ĺś Ĺ?Ĺś ǀĂůƾĞ Ä‚Ć? 6 ĹľÄ‚ĆŒĹŹÄžĆš Ä?ĂƉĹ?ƚĂůĹ?njĂĆ&#x;ŽŜ ĂĚǀĂŜÄ?ĞĚ ƚŽ EĎ­ĎŻÍ˜ĎŻĆšĹśÍ˜ 7 WÄžĆŒÄ¨Ĺ˝ĆŒĹľÄ‚ĹśÄ?Äž ÄšĆľĆŒĹ?ĹśĹ? ƚŚĞ Ç ÄžÄžĹŹ Ç Ä‚Ć? ĹľÄ‚ĹŠĹ˝ĆŒĹŻÇ‡ ÄšĆŒĹ?ǀĞŜ 8 9 Ä?LJ ĹľĹ?džĞĚ ĆŒÄžÄ‚Ä?Ć&#x;ŽŜĆ? ƚŽ Ä?Ĺ˝ĆŒĆ‰Ĺ˝ĆŒÄ‚ĆšÄž ĆŒÄžĹŻÄžÄ‚Ć?ÄžĆ? Ͳ 10 E'^h' Z ĂŜĚ t W K ƉƾÄ?ĹŻĹ?Ć?ŚĞĚ ĹŻÄ‚ĆŒĹ?ĞůLJ 11 12 ƾŜĹ?ĹľĆ‰ĆŒÄžĆ?Ć?Ĺ?ǀĞ ĆŒÄžĆ?ƾůƚĆ? Ç ĹšĹ?ĹŻÄž K E KÍ• hE/KE ĂŜĚ 13 E ^ KE ƉŽĆ?ƚĞĚ ƉŽĆ?Ĺ?Ć&#x;ǀĞ ĆŒÄžĆ?ƾůƚĆ?͘ 14 15

Ä?Ć&#x;Ç€Ĺ?ƚLJ ůĞǀĞů Ç Ä‚Ć? Ä‚ĹŻĆ?Ĺ˝ ĹľĹ?džĞĚ Ä‚Ć? ǀŽůƾžĞ ĆšĆŒÄ‚ÄšÄžÄš 16 ĚĞÄ?ĹŻĹ?ŜĞĚ Ď­Ď°Í˜ĎľĐš tͲŽͲt Ä¨ĆŒĹ˝Ĺľ ĎŻĎŻĎŽÍ˜Ď´Ĺľ ƚŽ ĎŽĎ´ĎŻÍ˜Ď°Ĺľ 17 18 ƾŜĹ?ĆšĆ? ƚŚĹ?Ć? Ç ÄžÄžĹŹ Ç ĹšĹ?ĹŻÄž ǀĂůƾĞ ĆšĆŒÄ‚ÄšÄžÄš ŽŜ ƚŚĞ E^ 19 Ĺ?ĹľĆ‰ĆŒĹ˝Ç€ÄžÄš Ď­ĎŽÍ˜Ď´ĐšÄ¨ĆŒĹ˝Ĺľ EĎŻÍ˜ĎŹÄ?Ĺś ƚŽ EĎŻÍ˜ĎŻÄ?ĹśÍ˜ dŚĞ ƚŽƉ 20 ĆšĆŒÄ‚ÄšÄžÄš Ć?ƚŽÄ?ĹŹĆ? Ä?LJ ǀŽůƾžĞ Ç ÄžĆŒÄž & E, ÍžĎ­ĎŻĎŻÍ˜Ď°ĹľÍżÍ• 21 22 E/d, ÍžĎ­ĎŹĎ°Í˜ĎłĹľÍż ĂŜĚ h ÍžĎ´ĎľÍ˜ĎłĹľÍż Ç ĹšĹ?ĹŻÄž E/d, 23 ÍžEĎŽÍ˜Ď°Ä?ŜͿ͕ E' D ÍžEĎ­Í˜ĎľÄ?ŜͿ͕ ĂŜĚ E/' Z/ E 24 Z t Z/ ^ ÍžEĎ­Í˜ĎąÄ?ŜͿ Ç ÄžĆŒÄž ƚŚĞ ƚŽƉ ĆšĆŒÄ‚ÄšÄžÄš Ä?LJ 25 26 Ç€Ä‚ĹŻĆľÄžÍ˜ 27

28 29 /Ĺś ĆšÄžĆŒĹľĆ? ŽĨ Ć?ÄžÄ?ĆšĹ˝ĆŒ Ć‰ÄžĆŒÄ¨Ĺ˝ĆŒĹľÄ‚ĹśÄ?Ğ͕ ĎŻ ŽĨ Ďą Ĺ?ŜĚĹ?Ä?ÄžĆ?

30 ĆľĹśÄšÄžĆŒ Ĺ˝ĆľĆŒ Ä?Ĺ˝Ç€ÄžĆŒÄ‚Ĺ?Äž ĚĞÄ?ĹŻĹ?ŜĞĚ tͲŽͲt͘ >ĞĂĚĹ?ĹśĹ? 31 ĹŻÄ‚Ĺ?Ĺ?Ä‚ĆŒÄšĆ? ƚŚĹ?Ć? Ç ÄžÄžĹŹ Ç Ä‚Ć? ƚŚĞ /ŜĚƾĆ?ĆšĆŒĹ?Ä‚ĹŻ 'ŽŽĚĆ? Ĺ?ŜĚĞdž͕ 32 ÄšĹ˝Ç Ĺś Ď°Í˜Ď°Đš tͲŽͲt ŽŜ ƚŚĞ Ä?Ä‚Ä?ĹŹ ŽĨ Ć?Ğůů ŽčĆ? Ĺ?Ĺś EE 33 34 ÍžÍ˛ĎŽĎąÍ˜ĎľĐšÍż ĂŜĚ t W K ÍžÍ˛Ď­ĎąÍ˜Ď°ĐšÍż Ä¨Ĺ˝ĹŻĹŻĹ˝Ç Ĺ?ĹśĹ? ƚŚĞ Ć‰Ĺ˝Ĺ˝ĆŒ 35 Ć‰ÄžĆŒÄ¨Ĺ˝ĆŒĹľÄ‚ĹśÄ?Äž Ĺ?Ĺś ,Ď­Í—ĎŽĎŹĎ­Ď´Í˜ /Ĺś ƚŚĞ Ć?ĂžĞ ǀĞĹ?Ŝ͕ ƚŚĞ KĹ?ĹŻ 36 Θ 'Ä‚Ć? ĂŜĚ ŽŜĆ?ĆľĹľÄžĆŒ 'ŽŽĚĆ? Ĺ?ŜĚĹ?Ä?ÄžĆ? Ä‚ĹŻĆ?Ĺ˝ Ć?ŚĞĚ 37 38 ĎŻÍ˜ĎłĐš ĂŜĚ ĎŹÍ˜ĎŽĐš ĆŒÄžĆ?ƉĞÄ?Ć&#x;ǀĞůLJ tͲŽͲt Ä‚Ć? &KZd ͞Ͳ 39 Ď­Ď°Í˜ĎŹĐšÍżÍ• ^ W> d ÍžÍ˛ĎŻÍ˜Ď´ĐšÍżÍ• E/' Z/ E Z t Z/ ^ ͞Ͳ 40 ĎŻÍ˜ĎŻĐšÍż ĂŜĚ W ÍžÍ˛ĎľÍ˜Ď´ĐšÍż Ä?ĹŻĹ˝Ć?ĞĚ Ĺ?Ĺś ƚŚĞ ĆŒÄžÄšÍ˜ KĹś ƚŚĞ ŇĹ?Ɖ Ć?Ĺ?ĚĞ͕ ƚŚĞ /ĹśĆ?ĆľĆŒÄ‚ĹśÄ?Äž ĂŜĚ ĂŜŏĹ?ĹśĹ? Ĺ?ŜĚĹ?Ä?ÄžĆ? ĂĚǀĂŜÄ?ĞĚ ĎŽÍ˜ĎŽĐš ĂŜĚ ĎŽÍ˜ĎŹĐš tͲŽͲt ĆŒÄžĆ?ƉĞÄ?Ć&#x;ǀĞůLJ ĚƾĞ ƚŽ Ć‰ĆŒĹ?Ä?Äž Ä‚Ć‰Ć‰ĆŒÄžÄ?Ĺ?Ä‚Ć&#x;ŽŜ Ĺ?Ĺś // K ÍžĐ˝Ď°Í˜ĎąĐšÍżÍ• D E^ Z ÍžĐ˝ĎŻÍ˜ĎľĐšÍżÍ• 'h Z Edz ÍžĐ˝Ď°Í˜ĎŽĐšÍż ĂŜĚ E/d, ÍžĐ˝ĎŻÍ˜ĎŹĐšÍżÍ˜ /ŜǀĞĆ?ĆšĹ˝ĆŒ Ć?ĞŜĆ&#x;žĞŜƚ Ä‚Ć? žĞĂĆ?ĆľĆŒÄžÄš Ä?LJ ĹľÄ‚ĆŒĹŹÄžĆš Ä?ĆŒÄžÄ‚ÄšĆšĹš ͞ĂĚǀĂŜÄ?Ğ͏ĚĞÄ?ĹŻĹ?ŜĞ ĆŒÄ‚Ć&#x;ŽͿ Ć?ĆšĆŒÄžĹśĹ?ƚŚĞŜĞĚ ƚŽ ĎŹÍ˜Ď˛Ç† Ä¨ĆŒĹ˝Ĺľ ĎŹÍ˜Ď°Ç† ƚŚĞ Ć‰ĆŒÄžÇ€Ĺ?ŽƾĆ? Ç ÄžÄžĹŹ Ä‚Ć? ĎŻĎŹ Ć?ƚŽÄ?ĹŹĆ? ĂĚǀĂŜÄ?ĞĚ Ä‚Ĺ?Ä‚Ĺ?ĹśĆ?Ćš Ď°Ďł ĚĞÄ?ĹŻĹ?ĹśÄžĆŒĆ?͘ dŚĞ Ä?ÄžĆ?Ćš Ć‰ÄžĆŒÄ¨Ĺ˝ĆŒĹľĹ?ĹśĹ? Ć?ƚŽÄ?ĹŹĆ? ƚŚĹ?Ć? Ç ÄžÄžĹŹ Ç ÄžĆŒÄž hd/y ÍžĐ˝Ď°Ď­Í˜ĎłÍżÍ• EE ÍžĐ˝ĎŽĎąÍ˜ĎľĐšÍżÍ• ĂŜĚ & E, ÍžĐ˝Ď­ĎŹÍ˜ĎąĐšÍż Ç ĹšĹ?ĹŻÄž h WZKW ÍžÍ˛Ď­Ď´Í˜Ď´ĐšÍżÍ• ZKz > y ÍžÍ˛Ď­Ď˛Í˜ĎłĐšÍż ĂŜĚ E^>d , ÍžÍ˛Ď­Ď˛Í˜ĎłĐšÍż ĚĞÄ?ĹŻĹ?ŜĞĚ ƚŚĞ žŽĆ?ĆšÍ˜ /Ĺś ƚŚĞ Ä?ŽžĹ?ĹśĹ? Ç ÄžÄžĹŹÍ• Ç Äž Ä?ĞůĹ?ĞǀĞ ĹľÄ‚ĆŒĹŹÄžĆš Ć‰ÄžĆŒÄ¨Ĺ˝ĆŒĹľÄ‚ĹśÄ?Äž Ç Ĺ?ĹŻĹŻ Ä?Äž ÄšĆŒĹ?ǀĞŜ Ä?LJ Ĺ?ŜǀĞĆ?ĆšĹ˝ĆŒĆ? ƚĂŏĹ?ĹśĹ? Ä?Ä‚ĆŒĹ?Ä‚Ĺ?Ĺś ƉŽĆ?Ĺ?Ć&#x;ŽŜĆ? Ĺ?Ĺś ĨƾŜĚĂžĞŜƚĂůůLJ Ć?ŽƾŜĚ Ć?ƚŽÄ?ĹŹĆ? ƚŚĂƚ Ä‚ĆŒÄž ĞdžƉĞÄ?ƚĞĚ ƚŽ ĆŒÄžĹŻÄžÄ‚Ć?Äž ƉŽĆ?Ĺ?Ć&#x;ǀĞ ,Ď­Í—ĎŽĎŹĎ­Ď´ ÄžÄ‚ĆŒĹśĹ?ĹśĹ?Ć? Ĺ?Ĺś ƚŚĞ Ç ÄžÄžĹŹÍ˜

Afrinvest Securities Limited (RC 603 315) (A Dealing Member of the Nigerian Stock Exchange)

Monday, July 30, 2018

Ticker

THISDAY AFRINVEST 40

Current Price

1,509.46

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

1.08%

-2.2%

50.9%

ROE

ROA

P/E

P/BV

18.5%

6.6%

6.8x

0.8x

Divinden Earnings d Yield Yield

5.7%

11.7%

Guaranty Trust Bank PLC

39.60

1.4%

21.3%

-2.8%

-2.3%

32.6%

5.2%

6.4x

2.2x

6.8%

15.6%

Zenith Bank PLC

23.70

0.0%

12.3%

-7.6%

-8.6%

26.3%

3.6%

4.0x

1.0x

11.3%

25.2%

104.00

0.0%

7.1%

-22.9%

-23.0%

17.4%

n

26.1x

4.4x

4.0%

3.8%

1,501.00

0.0%

7.9%

-3.5%

-3.5%

73.3%

18.9%

35.0x

22.3x

2.8%

2.9%

Nigerian Brew eries PLC Nestle Nigeria PLC Dangote Cement PLC

234.00

0.0%

6.5%

1.7%

1.7%

21.7%

9.9%

23.9x

5.6x

4.5%

4.2%

FBN Holdings Plc

10.00

3.6%

6.4%

13.6%

13.8%

6.7%

0.8%

7.2x

0.5x

2.5%

13.9%

Access Bank PLC

10.05

0.0%

4.4%

-3.8%

-5.2%

12.7%

1.5%

4.9x

0.6x

6.4%

20.2%

9.70

0.5%

4.2%

-5.8%

-6.8%

15.9%

1.9%

4.3x

0.7x

8.7%

23.3%

United Bank for Africa PLC Ecobank Transnational Inc SEPLAT Petroleum Development C

20.55

2.8%

4.1%

20.9%

26.3%

12.2%

1.0%

6.7x

0.8x

625.00

-3.8%

3.1%

-0.2%

-0.2%

22.3%

13.2%

3.2x

0.7x

2.9%

31.2% 10.8%

15.0%

Stanbic IBTC Holdings PLC

48.65

0.3%

3.5%

17.2%

18.9%

30.8%

4.1%

9.2x

2.5x

1.0%

Unilever Nigeria PLC

52.55

0.0%

3.3%

28.2%

30.7%

20.4%

8.7%

29.0x

3.8x

1.0%

3.4%

Guinness Nigeria PLC

96.00

10.2%

2.4%

2.1%

2.1%

15.4%

6.1%

18.3x

2.4x

0.7%

5.5%

Lafarge Africa PLC

27.50

0.0%

1.0%

-38.7%

-38.7%

-54.0%

-10.1%

1.7x

5.5%

-32.7%

Fidelity Bank PLC

1.95

5.4%

1.0%

-20.7%

-24.4%

10.4%

1.4%

1.5x

0.3x

5.9%

65.2%

Oando PLC

5.25

8.2%

1.2%

-12.4%

-12.4%

10.3%

1.5%

4.6x

0.4x

16.05

7.0%

0.9%

-19.8%

-21.2%

41.5%

18.1%

5.4x

1.9x

7.8%

18.4%

4.0%

11.2%

3.7%

16.8% 15.9%

Dangote Sugar Refinery PLC Okomu Oil Palm PLC

83.00

0.0%

1.4%

22.6%

22.6%

35.8%

26.6%

8.9x

2.9x

International Brew eries PLC

37.00

4.2%

0.5%

-32.1%

-32.7%

24.6%

7.4%

38.7x

8.8x

Flour Mills of Nigeria PLC

27.20

0.0%

0.6%

-6.2%

-6.2%

10.4%

2.8%

5.9x

0.8x

Transnational Corp of Nigeria

21.6%

2.6%

1.22

3.4%

0.5%

-16.4%

-17.6%

12.9%

2.8%

6.3x

0.8x

1.7%

UAC of Nigeria PLC

13.20

0.0%

0.5%

-21.9%

-21.9%

1.5%

0.6%

21.5x

0.6x

4.9%

Diamond Bank PLC

1.40

7.7%

0.5%

-6.7%

-10.8%

-5.8%

-0.7%

199.80

-0.1%

0.5%

-13.1%

-13.1%

25.0%

5.3%

9.7x

2.3x

8.5%

2.04

3.6%

0.7%

29.1%

5.8%

0.9%

3.4x

0.2x

4.9%

29.8%

180.00

0.0%

0.5%

-7.5%

-7.5%

40.2%

16.0%

6.2x

2.2x

4.4%

16.2%

Forte Oil PLC

24.00

0.0%

0.3%

-44.8%

-42.9%

17.6%

1.6%

13.0x

2.0x

PZ Cussons Nigeria PLC

15.15

0.0%

0.3%

-26.5%

-28.4%

10.7%

5.0%

14.4x

1.5x

3.3%

7.0%

Cadbury Nigeria PLC

10.40

-2.8%

0.3%

-33.6%

-33.3%

2.0%

0.8%

48.6x

1.7x

1.5%

2.1%

Presco PLC

59.55

0.0%

0.3%

-13.1%

-13.1%

35.8%

24.8%

2.5x

0.8x

3.3%

40.5%

NASCON Allied Industries PLC

20.50

0.0%

0.4%

10.8%

6.7%

62.4%

20.6%

9.7x

5.6x

7.3%

10.3%

UPDC Real Estate Investment Tr

9.00

0.0%

0.3%

-10.0%

-10.0%

0.8x

8.4%

Total Nigeria PLC FCMB Group Plc 11 PLC

0.1x

4.7% -52.3% 10.3%

7.7%

Union Bank of Nigeria PLC

5.60

0.0%

0.2%

-28.2%

-25.4%

5.3%

1.1%

8.5x

0.6x

Julius Berger Nigeria PLC

25.00

2.9%

0.3%

-10.7%

-10.7%

17.3%

1.8%

6.9x

1.1x

4.0%

14.4%

Sterling Bank PLC

1.45

2.8%

0.4%

34.3%

28.3%

10.7%

1.0%

4.3x

0.4x

1.4%

23.0%

Dangote Flour Mills Plc

8.95

8.5%

0.2%

-26.3%

-26.3%

0.0%

0.0%

1.1x

2.2%

GlaxoSmithKline Consumer Niger

15.40

-6.1%

0.2%

-28.7%

-28.7%

4.4%

2.8%

22.1x

1.1x

48.7%

Chemical and Allied Products P

35.00

0.0%

0.2%

2.9%

-2.0%

66.2%

30.2%

16.4x

10.9x

5.9%

6.1%

Beta Glass PLC

78.00

0.0%

0.2%

52.0%

52.0%

17.7%

11.5%

9.5x

1.6x

1.4%

10.6%

7.45

0.0%

0.1%

3.3%

3.3%

5.3%

2.9%

19.5x

1.0x

1.8%

5.1%

Transcorp Hotels Plc

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

T o p 10

P ric e

P ric e C hg %

16.50

10.0%

T ra de s

T ic k er

D A N GSUGA R UN ION D A C

0.22

P ric e C hg %

1 00.0

0.0%

32.1

0.5%

10.0% UB A

CCNN

31.35

10.0%

WA P IC

0.44

10.0%

Z EN IT H B A N K

31 .3

0.0%

F ID ELIT YB K

24.0

5.4%

T R A N SC OR P

1 2.6

3.4%

NB

1 2.0

0.0%

1 0.4

0.0%

VIT A F OA M

3.57

9.8%

D A N GF LOUR

9.05

9.7%

A GLEVEN T

0.46

9.5%

A C C ESS

OA N D O

5.25

8.2%

ST ER LN B A N K

9.4

2.8%

N EIM ET H

0.42

7.7%

FB NH

9.3

3.6%

D IA M ON D B N K

1.40

7.7%

GUA R A N T Y

8.2

1 .5%

T o p 10 L o s e r s T ic k er N SLT EC H

T o p 10

P ric e

P ric e C hg %

0.40

-9.1%

T ra de s

by V a lue

T ic k er

Value

P ric e C hg %

NB

1 256.1

0.0%

Z EN IT H B A N K

743.0

0.0%

GUA R A N T Y

323.3

1 .5%

UB A

31 0.8

0.5%

NP FM CRFB K

1.57

-8.7%

B ER GER

8.00

-6.4%

SEP LA T

625.00

-3.8%

LA SA C O

0.32

-3.0%

M ED VIEWA IR

21 4.0

0.0%

LIVEST OC K

0.67

-2.9%

A C C ESS

1 04.7

0.0%

WEM A B A N K

0.72

-2.7%

FB NH

93.1

3.6%

N EM

2.90

-0.3%

WA P C O

72.3

0.0%

199.80

-0.1%

F ID ELIT YB K

45.4

5.4%

N EST LE

34.8

0.0%

T OT A L

4.5%

by V o lum e

Vo lum e

M ED VIEWA IR

11.8%

Investment Research

Brokerage Ayodeji Ebo | aebo@afrinvest.com

Robert Omotunde | romotunde@afrinvest.com

Bolaji Fajenyo | bfajenyo@afrinvest.com

Eronmosele Aziba | eaziba@afrinvest.com

35

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MARKET NEWS

Oando CEO Assures Shareholders of Return to Dividend Payment Goddy Egene The Chief Executive Officer (CEO) of Oando Plc, Mr. Wale Tinubu last Friday said the company would soon begin to deliver returns to shareholders.

Tinubu, who stated this at the annual general meeting (AGM) of the company in Lagos, said despite the challenging yet improving operating environment, the company remained bullish on its prospects for the

future and ability to grow as a business. “The initiatives executive over the past years have shifted our assets portfolio towards an optimum and efficient level to provide the returns our shareholders deserve. We look forward to a fruitful 2018 when those initiatives begin to deliver the expected returns and in turn grow shareholder value,� he said. Meanwhile, Oando Plc has reported a profit after tax

P R I C E S MAIN BOARD

F O R DEALS

(PAT) of N8.5 billion for the half year(H1) ended June 30, 2018, showing an increase of 86 per cent from N4.6 billion recorded in the corresponding period of 2017.

Commenting on the results, Tinubu said: “I am pleased to report that Oando Plc has made significant progress in 2018, evidenced by our substantial free cash flow generation and profitability. Oil prices have rallied over the last year, a

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

direct consequence of increasing demand and reduced supply.

Higher oil prices, and the resolution of Joint Venture funding challenges with the Nigerian National Petroleum Corporation has driven increased investment in the upstream sector. This stable operating environment, coupled with our fiscal prudence, has reinforced our solid financial footing as we continue to build on the momentum garnered in 2017.�

T R A D E D MAIN BOARD

A S

The company’s performance in the first half of 2018 is a continuation of the strong financial performance delivered last year and in the first quarter of 2018.

Oando continues to increase its market share in the downstream sector through its trading business, Oando Trading (OTD).

OTD recorded average trading volumes of 8.1 million bbl in the six months ended June 30, 2018 with a total of 6.6m barrels of crude oil and 195,497 MT of

O F

petroleum products traded in the first half of the year.

Speaking on the outlook for second half of the year, the CEO said: “We will continue to drive growth and profitability via our dollar earning portfolios. Our plans in the upstream involves production growth via investment in targeted profitable projects whilst maintaining fiscal prudence, to ensure we remain less sensitive to short-term price fluctuations.

2 7 / 0 7 / 2 0 1 8 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

37

˾ MONDAY, JULY 30, 2018

MARKET NEWS

United Capital Eyes More Products, Pan-African Expansion United Capital Plc will embark on more product development as a way of supporting initiatives to improve the depth of the nation’s capital market. The new Group Chief Executive Officer (GCEO) of United Capital, Mr. Peter Ashade stated this while speaking on the future plans of the company.

Ashade, who took over as the GCEO of the company at the beginning of July, commended his predecessor,

Mrs. Oluwatoyin Sanni, for the work which brought the investment banking firm to where it is today as one of the market leaders the financial service industry.

“Going forward, we are not going to rest on these laurels.

We will work on continuous improvement of products and processes structure. We will innovatively change the narrative of financial services in Africa. We will pursue with clarity our pan-African strategy. We are currently

A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager.

Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return.

An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the

in Nigeria but building a critical mass that will enable us operate in other African countries,” he said.

Ashade added that the company would strongly support the initiatives to improve the depth of the capital market in Nigeria and thereafter in Africa by engaging in product development as a means of broadening investment opportunities in our market.

“We shall equally focus on consistent increase in

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 26-July-2018, unless otherwise stated.

the wealth for our teeming shareholders while also ensuring that we keep a healthy relationship with other stakeholders. In driving all these, we shall keep in mind our three core values of Excellence, Enterprise and Execution. We shall also place premium on our people,” he said.

He said the firm’s people are one of its key assets, noting that “ Bearing this in mind, we will ensure that our people are motivated,

exposed and trained as required to deliver the expected value.”

United Capital Plc recently releases its financial results for the half year (H1) ended June 30, 2018, showing gross earnings of N3.88 billion and profit of N2 billion.

Meanwhile, Ashade said weak local participation rate, high transaction cost and socio-political/ economic concerns have constrained demand for Nigerian equities.

According to him, low capital market depth reflects the poor disposition towards the market.

“This is evident in the absence of operators in the key sectors of the Nigerian economy such as upstream oil & gas, retail trade and wholesale, power, telecom, and agriculture in the market. To resolve this, we must stabilise the economy, drive reforms in critical sectors and boost investor education,” he said.

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

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

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 1 270 1680 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 179.40 179.64 0.81% Nigeria International Debt Fund 262.13 262.36 13.22% 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 1.60% ACAP Income Funds 0.63 0.63 4.00% 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 12.50% 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 18.38 18.93 0.58% ARM Discovery Fund 392.59 404.43 0.91% ARM Ethical Fund 28.56 29.42 4.53% ARM Money Market Fund 1.00 1.00 12.63% 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 144.28 145.29 -4.89% AXA Mansard Money Market Fund 1.00 1.00 12.14% 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 10.64% Paramount Equity Fund 11.85 12.15 6.86% Women's Investment Fund 102.89 105.53 2.25% 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 12.58% 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 N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A 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 1,175.18 1,175.89 8.92% FBN Heritage Fund 144.27 145.37 3.35% FBN Money Market Fund 100.00 100.00 12.14% FBN Nigeria Eurobond (USD) Fund - Institutional 113.82 114.24 3.23% FBN Nigeria Eurobond (USD) Fund - Retail 113.68 114.10 3.22% FBN Nigeria Smart Beta Equity Fund 164.90 167.23 2.99% 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 1.30 1.33 0.35% Legacy Debt Fund 3.10 3.10 7.31% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Growth Fund 3,069.30 3,101.32 2.82% Coral Income Fund 2,666.22 2,666.22 8.93% 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 12.33% Nigeria Entertainment Fund 102.48 103.86 2.71% 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 12.25% Vantage Balanced Fund 2.15 2.17 1.77% Vantage Guaranteed Income Fund 1.00 1.00 14.21% Kedari Investment Fund (KIF) 120.88 121.20 5.08%

LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.18 1.20 3.08% Lotus Halal Fixed Income Fund 1,062.58 1,062.58 5.43% 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 12.65 12.76 -3.19% Meristem Money Market Fund 10.00 10.00 11.12% 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 N/A N/A N/A PACAM Fixed Income Fund N/A N/A N/A PACAM Money Market Fund N/A N/A N/A 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 128.23 128.90 -1.04% 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 8.63% 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 2,317.94 2,336.70 3.33% Stanbic IBTC Bond Fund 181.36 181.36 2.78% Stanbic IBTC Ethical Fund 1.00 1.02 0.00% Stanbic IBTC Guaranteed Investment Fund 241.61 241.66 9.71% Stanbic IBTC Iman Fund 171.50 173.42 -4.24% Stanbic IBTC Money Market Fund 100.00 100.00 11.91% Stanbic IBTC Nigerian Equity Fund 9,300.64 9,426.19 -3.82% Stanbic IBTC Dollar Fund (USD) 1.10 1.10 4.16% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.16 1.16 -2.35% United Capital Bond Fund 1.52 1.52 6.90% United Capital Equity Fund 0.77 0.78 -0.25% United Capital Money Market Fund 1.00 1.00 11.54% United Capital Eurobond Fund 103.99 103.99 3.97% United Capital Wealth for Women Fund 1.08 1.09 3.72% 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 12.61 12.81 0.42% Zenith Ethical Fund 13.15 13.28 0.05% Zenith Income Fund 20.60 20.60 8.86% Zenith Money Market Fund 1.00 1.00 11.44%

REITS NAV Per Share

Yield / T-Rtn

11.41

1.01%

136.73

3.22%

51.39

1.10%

Bid Price

Offer Price

Yield / T-Rtn

11.98 138.30 105.71

12.18 141.18 107.65

-0.72% -3.19% -3.26%

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 Griffin 30 Exchange Traded Fund Vetiva Industrial Goods Exchange Traded Fund Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

4.52 8.44 16.92 17.65 145.24

4.56 8.52 17.02 17.85 147.24

-4.55% -11.78% -3.32% -10.21% 6.13%

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

38

T H I S D AY ˾ ͱͮ˜ ͰͮͯͶ

T H I S D AY ˾ MONDAY JULY 30, 2018

39

40

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CITYSTRINGS

Group Features Editor: Chiemelie Ezeobi Ă—Ă‹Ă“Ă– Ă?Ă’Ă“Ă?Ă—Ă?Ă–Ă“Ă?Ë›Ă?äĂ?Ă™ĂŒĂ“ĚśĂžĂ’Ă“Ă?ĂŽĂ‹ĂŁĂ–Ă“Ă Ă?Ë›Ă?Ă™Ă—Ëœ ͖͕͔͑͑͒͑͒͑͑͘

Dangerous Rise of Internet Fraudsters By the day, internet fraudsters, otherwise known as yahoo boys, are acquiring new techniques and sophistication, and posing more danger to society. DavidChyddy Eleke looks at the ever changing modes of operation and affluent lifestyle of the con artists

I

n the capital city of Awka, Anambra State, Friday nights are when the music-loving crowds, mainly youngsters, like to get into the groove. The nightclubs are rushed, busting at the seams with a usual assortment of scantily clad ladies.

At a popular club in the heart of the city, recently, the bouncers had a tough time tending the gate to ensure that urchins didn't find their way inside. Aside fending off those unwanted guests, the mood was pretty much relaxed until about 11pm, when, suddenly, the atmosphere became intensely charged. The excitement in the air was palpable. The reason was that a group of young boys, numbering over 15, were making their way from the parking lot to the club.

At the entrance, the erstwhile hostile bouncers, who had harassed virtually everyone, seemed mesmerised by the presence of the new guests. One of the boys, believed to be the leader, had after passing through the gate, reached into the pocket of his shorts and drawn two bundles of freshly minted N1, 000 notes, removed the wrappers and sprayed the notes over the gate. While everyone, bouncers inclusive, scrambled for their share of the money, boy joined his friends in the VIP section of the club.

Once in the club, all attention was on the boys as they ordered and downed bottles after bottles of exotic drinks. At interval, music and light went off, and a bell tolled. This reporter upon enquiry was told that it was the tradition in the club, anytime a customer was to be served a particular brand of alcoholic beverage named XO. The drink was said to be sold for N180, 000 per bottle, and to accord it respect, it was the tradition to turn off all light and music, while it was being served on a customer.

Seeking to know who the young men were, a fun seeker at the club who gave his name as Nedu told THISDAY, "Is it 'Ome Ego' (money maker) and his boys you are asking after? Who doesn't know them in this town? They are among the big guys here. Any club they patronise, it's a big day there."

About 2am, when they finally left the

club, taking along with them some ladies, and driving in a convoy consisting of various exotic cars, the look of envy on the faces of other young men, and the look of admiration on the faces of the ladies, was clear evidence that they would do anything to belong there. But my fun seeker friend told me in a low tone: "These boys are yahoo boys ooo, I think they have even entered yahoo plus".

The yahoo boys are loud and extravagant.

Widespread Evil Internet fraud has become rampant, and it is no longer seen as evil in some settings. Gone are the days when such persons are named and shamed. These days, one can categorically state that it has more or less become a sort of get-rich-scheme for most unemployed youths. Even in cases where employment is made available, some of these youths would choose it above other gainful employment.

On the trail of Scammers In Awka, diligent investigation shows that a lot of youths are involved in the crime, and have occasionally come by huge cash, swindled from unsuspecting greedy people, both within the country and outside the country.

I must tell you that those boys are truly gifted, just that they are applying their gifts negatively. Among them, they have code breakers who break into peoples' bank accounts and transfer their funds to other accounts

Some unemployed youths at a recruitment exercise...likely tools for fraud A student's hostel in Okpuno area of Awka is reputed to be mostly occupied by scammers. A source said even though the apartments in the hostel, which are single room self-contained, were very expensive to rent, the scammers still preferred to rent them because of the presence of facilities that aide their work.

THISDAY gathered that the rent for the hostel (name withheld) was fixed at N200,000 per annum because of the perks it comes with, including constant electricity supply. Checks further revealed that for days, most of the boys would squeeze themselves in one room and would do not venture out, as they stock their refrigerator with food, while they remained inside for days, thumbing their laptop computers, making endless calls and perfecting their deals.

From their apartments, which are mostly the ones on the top floors of the three- storey building, THISDAY gathered that the boys observed a high level of security consciousness as they had people on guard to monitor movement in the compound for strange faces.

A tenant in the compound, also a student, who refused to disclose her name, said immediately the reporter asked about one of her neighbours, a suspected scammer, "I don't know if he is around, maybe he travelled.

Why not call his number?" From her tone, it was obvious she was merely trying to be cautious, because when this reporter reminded her that the occupants of the apartment were more than one, she excused herself from further discussion.

Photo: Sunday Ehigiator

Modus Operandi However, another student had no qualms about being forthright. The student, one Somtochukwu (surname withheld) told THISDAY that the scammers had several ways in which they operated, ranging from hacking bank accounts and transferring funds to separate account, to offering inexistent goods and services to prospective business men and also posing as lovers to love seeking adventurers, who they eventually scam.

He stated, "I must tell you that those boys are truly gifted, just that they are applying their gifts negatively. Among them, they have code breakers who break into peoples' bank accounts and transfer their funds to other accounts.

They also have connection among their kind all around the world. Let me tell you, because of the spate of arrests they suffer while going to withdraw money transferred to separate accounts, what they do these days is to transfer such funds to foreign accounts, from where their accomplices in those countries withdraws them, takes their commission and remits the balance back to them."

Ezenwankwo said that in love scams, the fraudsters acquire equipment which helps them to successfully hoodwink aged and rich widows from US and UK and other countries. "When professing love to American women, these fraudsters don't pose as Nigerians. Nigeria has a poor image everywhere in the world, so these boys don't accept that they are Nigerians. They pose as whites, and try to show contentment, and in most cases,

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CITYSTRINGS

Inspector General of Police, Ibrahim Idris

Anambra CP, Garba Umar

they take pictures of white people which they steal from people's Facebook wall and send to the women. They go as far as acquiring hi-tech phones that can enable them download software which gives voice enhancement shielding their local accent."

Ezenwankwo told this reporter that they are high-tech phones which have software that change people's voices, and that there are others which have the ability to show fake images installed by the user, in the case of video calls. "Watch most of those boys who do this thing, you will find out that they normally use the same kind of phones, and it is usually iPhones, or other expensive gadgets that have some peculiar features."

A cyber cafĂŠ operator, Mr Ibe Okwudili, told THISDAY that the days when internet fraudsters used commercial computers to carry out their activities were gone.

He said "These days, you don't even see them carrying laptop computers about, they simply lock themselves up at home and do their thing. Before now when they use to go to public cafĂŠs, you had to be careful because those boys are wizards. They can pretend to be using your system, but you won't know they have installed one thing or the other, which they use to pick the passwords of other people who had previously used the system before them."

Okwudili, who marvelled at the ingenuity of these fraudsters, also acknowledged that they spend a lot of money to get their catch. He said, "For those who are mainly into love scams, there are some dating sites where rich men and women go to find love, and for those

sites, you have to pay heavily, using your credit card for you to be able to access them. So, for them to attract rich people, they have to pretend as if they are rich themselves, including spending money to access the site.�

Meanwhile, Ezenwankwo, who seemed to know a lot about fraudsters, said he has friends who are still in the business.

Corroborating Okwudili's claims of the huge expenditure made by the fraudsters to net a client he said, "One of my guys who is into that thing recently made some money. He posed as a Kenyan, while dating an American lady who is single,

For those who are mainly into love scams, there are some dating sites where the rich go to ďŹ nd love, and for those sites, you have to pay heavily, using your credit card. So, for them to attract rich people, they have to pretend as if they are rich themselves, including spending money to access the site

but advanced in age. He did not want to disclose to her that he was a Nigerian because we have become synonymous with fraud. Do you know that this boy will buy gifts here in Nigeria, courier it to Kenya, and now pay again for the gift to be re- routed to US, just to prove that he was a Kenyan. He even promised to send money to the lady, until the lady got curious and invited him to US. He declined, saying he had some debt to pay and needed to work hard to pay off the debt.

"At that stage, their supposed love had advanced, and having been deceived that the 'Kenyan' was reasonably okay and wasn't even interested in her money, she decided to send the money. That was how the lady willingly sent money to him to clear the debt with his business partners.

He also had a tough time withdrawing the money because it was paid to a bank in Kenya. He had to liaise with some of his colleagues in Kenya who charged a certain percentage before pulling the money out. With that, all connection with her was terminated."

Charm Connection He also stated that besides their ingenuity in technology and sheer deceit, manu the fraudsters aided their work with charms. "They patronise traditional medicine men a lot. Sometimes, after chatting a 'client' through messages for long, they now settle for calls, and at that stage, they rely on charms which they have collected from medicine men, in the hope that once you hear their voices, you are compelled by a spiritual force to do what they told you."

GOOGLE

GOOGLE

'Yahoo Plus' Ezenwankwo said there was another category of scammers known as 'Yahoo Plus'. According to him, those ones have gone past just internet fraud. He described this category as those who are involved in money rituals. Noting that most young people are part of this, he said it entails sacrifices which may also include human beings.

He alleged that presently, a lot of young men were into it, with young girls used to perform the ritual. "They pay young unsuspecting girls well, and demand to have sex with them, without protection.

If the girl agrees, they have dug their own grave because from that day, they begin to die slowly, while the young man begins to make real money."

Solution For an Awka based lawyer, Henry Mbaegbu, the only solution to avoiding being scammed was to shun greed. He said greed was the major reason most people fell for the lofty promises of scammers, who they do not know, or never met before.

Many are of the opinion that the value system of the nation needs a major overhaul back to the time when contentment was the order of the day. They also note that one of the key solutions to this menace is making employment opportunities available to the youth to veer them from a life of crime.

Nonetheless, the security agencies also have a role to play in ending this trend by making sure those caught in the act are prosecuted within the ambit of the law and not to be released based on the offer they put on the table.

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FOREIGN/DIPLOMATIC AFFAIRS

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

In Brief Trump Threatens Government Shutdown

U.S. President Donald Trump said on Sunday he would allow the federal government to shut down if Democrats do not fund his border wall and back immigration law changes, betting that maintaining a hard line will work in Republicans’ favour in November congressional elections, Reuters reported. However, a disruption in federal government operations could backfire on Trump if voters blame Republicans, who control Congress, for the interruption in services. “I would be willing to ‘shut down’ government if the Democrats do not give us the votes for Border Security, which includes the Wall! Must get rid of Lottery, Catch & Release etc. and finally go to system of Immigration based on MERIT! We need great people coming into our Country!” Trump said on Twitter.

Israel Expelling Italians Who Painted Palestinian Teen on Separation Wall

Zimbabawe poll campaign

Why Zimbabwe’s First Elections after Mugabe Ouster Are So Significant Gift Mwonzora

T

he July 30 general election in Zimbabwe is significant because it marks the end to a campaign season which for the first time in decades has been without the influence of ousted president, Robert Mugabe.

Unless the election fails to produce an outright winner with a 50+1 majority, as stipulated by law, Zimbabweans will soon know who their next leader will be. The new president will serve a five year term.

The election comes just a few months after Mugabe was ousted at the military’s instigation. It will determine the country’s future in the world after so many years of being ostracised from the

international community. The outcome will also shape Zimbabwe’s political and economic outlook. And it goes without saying that the onus will be on the new leader to usher in a new era for Zimbabweans.

Despite the optimism and cautious hope that surrounded Emmerson Mnangagwa’s ascendancy to power, the economic situation in Zimbabwe has remained unchanged. The economy, which collapsed under Mugabe’s rule, is not yet out of the woods.

Despite its “Zimbabwe is open for business” mantra, Mnangagwa’s administration has battled to resuscitate the struggling economy. In the run-up to the polls, the country remains afflicted by high unemployment, de-industrialisation, and a severe liquidity crisis. This

has affected the livelihoods of ordinary citizens many of who have resorted to eking out a living through street vending to put food on the table. The cost of living remains very high and those in the informal sector have borne the brunt.

Mnangagwa has promised to fix the economy and to lift the majority of Zimbabweans out of poverty.

As if reading from the same script, the main opposition candidate Nelson Chamisa has also promised to open Zimbabwe up to foreign investors, as well as to remedy the economic malaise that spread like a virus during the Mugabe era.

While on the campaign trail, the two main candidates, Chamisa (of the Movement for Democratic Change Alliance) and Mnangagwa (of the ruling Zanu-PF), both promised heaven and earth. It therefore comes as no surprise that opinion polls and support on the ground for both candidates point to the fact that this election is a two-horse race between the MDC-Alliance, and Zanu-PF. Chamisa has promised major infrastructural development that will include the transformation of rural economies into industrial hubs, an effective rail system boosted by the introduction of bullet trains, and the construction of modern freeways in Zimbabwe’s cities and towns.

In terms of economic revival, both candidates have vowed to pursue

foreign direct investment.

Both say they will pay off Zimbabwe’s debts to the International Monetary Fund and the World Bank. They have both promised to root out corruption and address the land issue. Mnangagwa has said that the era of land grabs, multiple farms, and idle ownership is over. This has also been the same narrative from the MDC-Alliance.

Both leaders have also said that they’ll work to salvage Zimbabwe’s international image.

There are clearly more similarities than differences between the two main contenders and their pledges to voters. But a few distinguishing factors remain evident.

Chamisa’s campaign is selling hope to the electorate.

He has made good use of his great oratory skills to strike a hopeful chord with voters.

Mnangagwa, on the other hand, is focused on reform and stability. He has made frequent mention of the “successes” of his “new dispensation”, namely combating corruption, securing investment commitments, and kickstarting economic recovery.

This is a tactic that is designed to justify why the electorate should give him a second bite at the cherry.

It will be interesting to gauge whether rally attendance will translate into votes as Zimbabweans go to the polls. Both Zanu-PF and the MDC-Alliance recorded well-attended rallies, though

the opposition has several times lampooned Zanu-PF for bussing school children in to shore up support at its rallies.

If rally attendance is anything to go by, it would seem that the race is too close to call. With that being said, rally attendance might not be the best yardstick to measure popular support.

Important to keep in mind, however, is that citizens attend rallies for varied reasons.

Some go for entertainment purposes; some are forced, and some are in search of free T-shirts, party paraphernalia, food, and drink. Others attend just to see their political idols in the flesh.

No steps are taken at these rallies to determine if attendees are registered voters.

And then there is the issue of opinion polls. A recent opinion poll by Afrobarometer is predicting that Mnangagwa will garner 40 per cent of the vote, with 37 per cent for Chamisa. About 20 per cent of respondents refused to disclose their preferences and three per cent said they would vote for other parties.

Even with the knowledge that opinion polling is not an exact science, it is likely to be a tight race between Mnangagwa, the establishment candidate, and Chamisa, his youthful contender.

– Mwonzora is a PostDoctoral Research Fellow, Unit of Zimbabwean Studies, Sociology Department, Rhodes University, South Africa.

Israel was expelling two Italian graffiti artists who were painting a mural of Ahed Tamimi, a Palestinian teenager released Sunday from Israeli prison, on the separation barrier in the West Bank city of Bethlehem, according to Haaretz Newspaper. The two, arrested Saturday, were questioned and then transferred to the Interior Ministry, which decided to revoke their tourist visas and to order them to leave the country within 72 hours, the Border Police said.

Tamimi, 17, from Nabi Saleh in the West Bank, turned into a protest icon after she was filmed slapping an Israeli soldier. She was detained for three months before being sentenced in March to eight months in jail after reaching a plea deal. “The resistance will continue until the end of the occupation,” Tamimi said upon her release.

MaliVotes In Presidential Polls Malians voted on Sunday in a crucial presidential election as attacks disrupted polling in areas already beset by deadly ethnic violence, Al Jazeera reported. Despite the deployment of 30,000 security personnel throughout the country, several incidents were reported on Sunday in the country’s northern and central regions. Voting was briefly suspended at a polling station in a village in the northern region of Kidal after the firing of about 10 mortar shells, according to Olivier Salgado, spokesperson for the United Nations’ mission in Mali, MINUSMA. No one was killed and there was no claim of responsibility.

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NEWS

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

Notore, Eroton Partnership Enhances Productivity at Fertilizer Plant Gives Onne-based producer competitive edge

The strategic gas supply agreement entered into by a leading fertilizer producer in the country, Notore Chemical Industries, with Eroton Exploration and Production Company, an indigenous oil and gas producer, in 2015 has enhanced production of fertilisers from the Notore facility, giving the fertiliser, agro-allied, petrochemical and power company, a strong competitive edge over other producers.

Due to the availability of gas to the Notore plant, production days per annum increased from 193 in 2014 to 304 days in 2016. Production was previously constrained because of the number of forced shutdowns the plant had experienced.

Production is expected to increase further to 100 per cent of the plant’s installed capacity after the next planned turnaround maintenance, which is due to happen in a few months.

Speaking on the enhanced productivity from the fertilizer plant, the Group Managing Director/CEO of Notore, Mr. Onajite Okoloko, said the partnership between his company and Eroton has ended the gas supply shortfalls, which hampered productivity at Notore between 2013 and 2014.

According to Okoloko, significant shortfalls to its facility during the period for approximately 234 days cumulative, owing to incessant militant attacks on oil and gas infrastructure in the Niger Delta, led to a significant drop in output from Notore.

“Our fertilizer plant depends on gas as a major feedstock for production, so when the attacks affected gas supply from oil and gas producers, this had a corresponding impact on our productivity.

“Notore’s plant has the capacity to produce 500,000MT of urea annually and 330,000MT of ammonia per annum, but this was halved between 2013 and 2015 because of gas supply challenges.

“But with the gas supply agreement entered into with Eroton which has proven gas reserves of 5 trillion standard cubic feet and is just 14 kilometres away from our facility, production has improved significantly,” he said.

The Notore chief executive said with the security in gas supply and significant gas reserves, the company has not experienced gas supply disruptions since Eroton commenced supply to its production facilities in March 2016, adding: “Notore is almost technically backward integrated on its own feedstock, which provides a strong competitive advantage.”

He said Notore also invested in a maintenance programme on the Onne fertilizer plant in the fourth quarter of 2016

to improve the reliability of the plant, adding that plans were in place for another scheduled maintenance in the first quarter of 2019, in order to optimize production from the fertilizer plant.

Okoloko, however, noted that fertilizer usage in Nigeria remained low, putting consumption at between 10 and 15kg per hectare, in contrast to the Food and Agriculture Organisation’s recommended 200kg/ha.

“But we continue to educate and train subsistence and commercial farmers, as well as give them access to fertilizer through our distribution chain at appropriate pack sizes and affordable prices.

“We have a very effective distribution network that makes sure our fertilizers gets to the farmers. With over 350 trucks, 80 plus distribution partners and more than 3,000 retail outlets, we are able to reach millions of farmers in several local governments and states in the country,” he said.

About Notore Chemical Notore Chemical Industries Plc (Notore) is one of the leading fertilizer, agro-allied, and power companies in Africa and is committed to helping Nigeria and the African continent become selfreliant in food production and economic wealth. Under the leadership of Group Managing Director/CEO, Onajite Okoloko, after acquiring the assets of the former National Fertilizer Company of Nigeria (NAFCON) through the federal government’s privatisation programme, Notore has since grown into an agricultural phenomenon, targeting local markets as well as exports.

The company’s principal activities include the supply of premium fertilizers, appropriate education on best practices for farming, and proper deployment of these practices for optimum results. The company has built a robust network of professionals that support farmers and farming communities across Nigeria.

After Notore acquired the assets of the moribund NAFCON in 2005, the company raised more funds from a syndicate of Nigerian banks and commenced extensive rehabilitation of the plant in 2007. In early 2010, it started commercial production and distribution of fertilizer across the country.

Notore has the largest Agricultural Services and Extension team and is the trusted partner to local, commercial and subsistence farmers in Nigeria. It has over 2,500 agro dealers and has developed and trained over 3,500 Private Extension Workers/Village Promoters and has made fertilizer in appropriate pack sizes available to rural farmers in over 2,500 communities

across 30 states.

Notore has created direct employment for about 500 Nigerians and indirect employment for over 5,000 Nigerians through its Distributors, Transporters and Private Extension åWorkers alone. It has contributed significantly to Nigeria’s Gross Domestic Product (GDP) since production commenced. In 2010, Notore worked with

experts and tackled the onion twister fungal disease experienced in Kebbi State.

Notore contributed significantly to the Agricultural Transformation Agenda of the government in recent past and is the primary supplier of fertiliser for the ongoing Anchor Borrowers’ Program (ABP) of the Federal Government. ABP is an intervention scheme by the

federal government through the Central Bank of Nigeria (CBN) to make Nigeria selfsufficient in the production of key crops. Notore has supplied various volumes of fertiliser already to Kebbi, Cross River, Niger, Kaduna, and Benue States under the ABP with more states to be supplied as they sign on for the programme.

The company has positively

impacted its host communities and Rivers State in particular through direct employment of host communities and Rivers State indigenes. It has also developed and engaged several community vendors/ contractors and is involved in the provision of scholarships, execution of electricity, water, and school projects, among others for the host communities.

HAPPY BIRTHDAY

L-R: Governor of Edo State, Mr. Godwin Obaseki; wife of celebrant, Mrs. Uanseru; celebrant, Gregory Uanseru and wife, Mrs. Emma Uanseru, during Gregory’s 60th birthday held in Lagos...recently PHOTO: KUNLE OGUNFUYI

FG Dispatches Combined Security Forces, Fighter Jets to Zamfara

Army kills 16 Boko Haram members Omololu Ogunmade in Abuja The federal government at the weekend assembled what it described as 1,000-strong military force to launch fierce attacks on the bandits terrorising the villages and towns of Zamfara State.

This is coming as the Nigerian Army has said it neutralised 16 Boko Haram members and recovered a cache of weapons during its clearance operation in Mairari village in Monguno Local Government Area (LGA)

of Borno State.

The Senior Special Assistant to President Muhammadu Buhari on Media and Publicity, Malam Garba Shehu said in a statement last night that the force comprised the Nigerian Army, Nigerian Air Force (NAF), Nigeria Police and the civil defence corps.

According to the statement, the NAF, following directives by the president, has begun the deployment of fighter aircraft to Katsina airport, the airport with the closest proximity to Zamfara

State, to make for immediate and effective response to the menace of the bandits.

It added that the move had not been possible in the past because there was no fuel depot facility in Katsina State, noting however that NAF has devised a solution to the problem.

It also said the president had also authorised the engagement

by NAF, of advanced satellite surveillance technology to help in accurate detection of movement and locations of the bandits.

“Following directives from the President, at the weekend, the Chief of Air Staff, Air Marshall Sadiq Abubakar, was in Gusau where he met the Deputy Governor of the State. The Chief of Air Staff reiterated the president’s pledge that he would never abandon victims of attacks to their fate, reaffirming that security remains one of the cardinal pillars of his campaign promises and no leader would be happy to see his own citizens killed by criminal groups across the country,” he said.

SERAP Drags Senate to UN over Repressive Press Council Bill Ugo Aliogo A civil society organisation, Socio-Economic Rights and Accountability Project (SERAP), has petitioned the Special Rapporteur on the promotion and protection of the right to freedom of opinion and expression, Mr. David Kaye, asking him to press the Senate President, Bukola Saraki, and the entire leadership of the Nigerian Senate to immediately withdraw a bill, which aims to undermine constitutionally and internationally recognised media freedom in the country.

The Senate has passed the bill for second reading, despite

a subsisting court case and strong opposition to it.

But in a petition dated July 27, 2018, and signed by SERAP Deputy Director, Timothy Adewale, the organisation said: “Criminalising media freedom would not only violate the rights of journalists and media practitioners to carry out their legitimate work but undermine the ability of Nigerians and others in the country to be informed on events of critical importance and participate in the governance process. The bill would escalate the growing threats and attacks on the right to freedom of expression and media freedom and have a

powerful chilling effect across the country.”

The organisation also said: “The proposed bill by the Senate is a major threat to media independence and diversity in the country and shows lack of understanding of the essential role of independent media in the sustainability of the country’s democratic dispensation.

SERAP believes that a free and independent media would facilitate public participation, governmental accountability and improve democratic institutions.”

The petition copied to Mr. Zeid Ra’ad Al Hussein,

UN High Commissioner for Human Rights, read in part: “The bill by the Senate also stems in part from increasingly irresponsible framing of journalists as ‘enemies’ by political leaders and aims at stifling public debate of issues, such as allegations of corruption in the Senate and investigative reporting in the public interest.

“The bill would also restrict the free flow of information and ideas, which is one of the most powerful ways of combating corruption and holding public officials, including lawmakers accountable,” SERAP said.

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Resign Your Appointments Now or Be Fired, Minister Tells Saraki’s Supporters from Kwara I remain the authentic Kwara APC chairman, Fulani tells Lai Mohammed Hammed Shittu in Ilorin The Minister of Information and Culture, Alhaji Lai Mohammed, yesterday ordered all the members of the Reformed All Progressives Congress (R-APC) in Kwara State, who are in the camp of the Senate President, Dr. Bukola Saraki, currently occupying boards of parastatals at the federal level to resign with immediate effect or risk being sacked.

Also, the minister has expressed the intention of the federal government to dissolve the state working committee of APC led by Alhaji Isola Balogun Fulani, and conduct new congresses for the wards, local governments and state levels.

But in a swift reaction, Fulani said yesterday that he remains the authentic chairman of the party in the state, adding that the party’s state executive committee was duly elected as APC state executive committee for period of your years.

The minister’s threat might not be unconnected with last week’s defection of six members of House of Representatives and two senators from Kwara State that were loyal to Saraki to the opposition Peoples Democratic Party (PDP).

Mohammed, who made the position of the federal government known yesterday at a press conference in his country home, Oro in Irepodun Local Government Area (LGA) of the state, said: “Already, the national

leadership of the APC has been directed to compile the list of the affected federal appointees loyal to Saraki in various boards and parastatals in the country while the National Chairman of APC, Adams Oshiomhole, has adopted the dissolution of the state working committee of APC in Kwara State.” The minister said the new development was as a result of the wide consultations with all the stakeholders in the state since last Friday, which climaxed yesterday.

Mohammed explained that there would be another congress from the ward, to the state, that would produce another leadership in the state, saying that the Bashir Bolarinwa’s leadership would hold sway in the state, pending the elections.

The minister stressed that it is unacceptable that members of the party who refused to desert the party would not benefit from the government, while those who have decamped to other political parties would still hold on to the political appointment of a party they have dumped.

He therefore, cautioned that if they fail to resign from the appointments as directed, the federal government would sack all of them unannounced.

The minister, who said the consultation’s that led to the directives in Kwara State was with the knowledge of Oshiomhole, urged members of the party in the state to remain calm.

He, however, noted that the doors of the party are widely

open to members who are willing to return to the party.

The minister also exuded confidence that the ruling APC would win the gubernatorial election in the state in 2019 election, adding that the electorate would also vote overwhelmingly for the reelection of President Muhammad Buhari and his Vice, Professor Yemi Osinbajo.

He added that the resolution of the party would be made known to the national leadership of the party, who would also decide the date of new convention for the leadership in the state.

According to him, “For the six members of the House of Representatives to defect from APC in Kwara State to other political parties, we don’t need

a rocket science to know that all of them are no longer with us.

“They cannot continue to enjoy the political appointment of a party they have dumped, while those who are our genuine members, still in the party don’t have such benefits.” But reacting to the minister’s threat, Fulani stated that he is the authentic chairman of APC in the state, adding that it was “only last Wednesday, I attended a meeting of APC States chairmen forum in Abuja.”

According to him, “We were not aware of any APC stakeholders meeting in Oro, as neither myself as the state party chairman nor our Kwara South senatorial district Chairman, Alhaji Jimoh Balogun, convened or attended the meeting.”

Ovia Recounts How Zenith Bank Was Established with N20m Obinna Chima The Chairman of Zenith Bank Plc, Mr. Jim Ovia, has advised budding entrepreneurs not to be dissuaded by whatever challenges they might be facing presently, just as he narrated how he founded a bank with N20 million in 1990, despite the uncertain business environment during the military era.

Speaking in an interview on Bloomberg TV at the weekend, about his new book, ‘Africa Rise And Shine: How a Nigerian Entrepreneur from Humble Beginnings Grew a Business to $16 billion,’ he urged entrepreneurs to be responsive to opportunities lurking around.

Specifically, Ovia advised foreign investors not to be deterred by negative news and commentaries about Africa.

He explained: “We started the business with N20 million at an exchange rate of N5 to a dollar. So, we actually started the business with $4 million in 1990, and it has now blossomed.

“We now have a total asset base of $16 billion. If you look at the arithmetic, there have been over 1000 per cent growth. You can’t get that anywhere. Even in the best economies in the world, you are not going to get that

type of benefit.

“So, that is the kind of risk entrepreneurs, businesses or international investors must take in Nigeria or any other African country and reap tremendously in terms of quantum growth in their business.”

According to him, just as he saw opportunities in the banking sector at the time Zenith Bank was set up, there were other opportunities that some other persons had in other industries.

“It was a matter of time and chance,” he insisted.

“Time and chance at that time because at that time, many people were scared to invest in Nigeria.

We are talking about late 80s and to be precise, in 1990, many international investors were scared to invest, simply because we were under military rule.

“So, you could imagine the tremendous opportunities that existed in Nigeria and some other African countries, but because we were indigenous people, we knew that, that meant nothing.

“We had lived through that and we knew it doesn’t really affect the economy tremendously.

Definitely, it was a matter of understanding what you do, because the corporate governance issue had improved significantly,” he said.

IYC Decries Posting of Four Police Commissioners to Bayelsa in Two Weeks The Ijaw Youths Council (IYC) has raised the alarm over the recent decision of the Inspector General of Police (IG), Mr. Ibrahim Idris, to post four Commissioners of Police to Bayelsa State in less than two weeks.

The Secretary General of the IYC, Mr. Alfred Kemepado, said in a statement at the weekend that it was indeed suspicious for the Force Headquarters to post four commissioners of police to one state within such a short period.

The IYC scribe said the action of the Force Headquarters smacks of a surreptitious plot by the All Progressives Congress (APC) to use the police authorities to politicise the security architecture of the state, with the sole aim of causing instability and destabilising Bayelsa State.

Kemepado called on the

police authorities not to allow themselves to be used by politicians, pointing out that the removal of Don Awunah after working so hard in collaboration with sister security agencies to safeguard the state within a short period of his deployment to the state and the frequent change of guard in the leadership of the Bayelsa State Police Command within two weeks were strong indications of politicisation of security in the state.

He listed the police commissioners, who have been posted to Bayelsa State in the last two weeks to include Joseph Mukan, Ahmed Bello, Ahmad Abdulrahman and Austin Iwar. The IYC scribe recalled the repeated warnings by critical stakeholders in the polity against the politicisation of security, which could cause insecurity in the society.

STOCK TAKING

L-R: Deputy Group Chief Executive, Oando Plc, Omamofe Boyo; Chief Compliance Officer and Company Secretary, Ms. Ayotola Jagun; Chairman and Alake of Egbaland, Oba Adedotun Aremu Gbadebo, and Group Chief Executive, Adewale Tinubu, at the company’s 41st Annual General Meeting (AGM) held in Lagos…recently

IATA, ACI Campaign against Human Trafficking Chinedu Eze To mark the World Day against Trafficking in Persons, the International Air Transport Association (IATA) and the Airport Council International (ACI) World have directed airlines and airports to show more commitment in the fight against human trafficking.

The two international air transport organisations urged airlines and airport administrators to put systems in place to monitor and report the activities of the human traffickers

in various countries to curtail the nefarious activities of the global network.

The Director-General and CEO of IATA, Alexandre de Juniac in a statement yesterday said the fight against human trafficking was in support of the United Nations World Day against Trafficking in Persons.

“Airports Council International (ACI) World and the International Air Transport Association (IATA) emphasised their joint commitment and work to help combat human trafficking.

Aviation connects the world,

carrying more than four billion passengers a year, but this global network is also used nefariously by traffickers to transport people against their will,” de Juniac said.

He said airlines and airports were determined to assist authorities by reporting suspected human trafficking cases, and making it as difficult as possible for the global air transport network to be exploited for this evil trade, which affects some 25 million people annually.

The director general said the industry is committed to raising awareness, helping to

train staff to recognise the signs of trafficking, and putting in place reporting protocols to alert the appropriate authorities.

“Human trafficking creates misery for millions, and helps fund criminal gangs and terrorism. Aviation is the business of freedom. And we are taking action to help authorities ensure that our global network is not exploited for evil ends.

As an industry, we have our eyes open, and are working with governments and law enforcement to stop trafficking,” he said.

Old Age Disturbing You, Miyetti Allah Tells Gowon Seriki Adinoyi in Jos Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN) has lashed out at the former Head of State, Gen. Yakubu Gowon (retired), over his suggestion that the leadership of the cattle merchants in Nigeria should be invited by the security agencies for questioning over the ceaseless killings in the

country and the crisis with farmers.

Plateau State Chairman of the MACBAN, Mohammad Abdullah Nuru, in his response to Gowon’s suggestion, said old age was disturbing the elder statesman and should not be taken seriously.

Gowon, 83, made the recommendation at the Benue People’s House, Makurdi, the Benue State capital, when he visited Governor Samuel

Ortom to commiserate with the government and the people of the state over the wanton killings and destruction of property.

But in a swift reaction, Abdullah said Gowon was being “disturbed by old age,” according to media report.

He said the “Gowon is talking rubbish and out of ignorance. He should go back and see what he did before now; when he was Head of

State, Gowon was the person who messed this country up.

So, forget about him, old age is disturbing him.

“When he said he was advising the security agencies to invite the Fulani stakeholders and leaders of Miyetti Allah Kautal Hore, what did he mean? Did he mean that they were the perpetrators of the crimes? If he has facts, let him expose it so that the proper thing will be done.”

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Apapa Gridlock: Lagos Shuts Down 10 Bonded Terminals, Buildings Gboyega Akinsanmi The Lagos State Government at the weekend shut down five bonded terminals located within residential areas in Ajeromi Ifelodun Local Government Area (LGA), and explained that the decision became imperative to end intractable gridlock undermining socio-economic activities in Apapa area of the state.

While it revealed plan to seal all bonded terminals located within residential areas in the state, the state government equally sealed five other buildings in the local council for allegedly contravening the state Urban and Regional Planning and Development Law, 2010.

Officials of the State Building Control Agency (LASBCA) carried out the operation at the weekend with the support of the Lagos State Environmental Sanitation and Special Offences Unit (Task Force).

The operation, which was led

by LASBCA Secretary, Mr. Tayo Fakolujo, specifically affected Queena Bonded Terminal, Don Climax Bonded Terminal, Godday Cinema and several

buildings and terminals.

Godday Cinema, which had existed for decades in Ajegunle, was sealed for alleged violation of the physical planning and development contravention, while buildings converted from residential to commercial purposes suffered the same fate.

The state Governor, Mr. Akinwunmi Ambode, had on Thursday ordered that all illegal bonded terminals in Ajegunle, in Ajeromi Ifelodun LGA be shut for constituting nuisance and contributing to traffic congestion in Apapa Central Business District.

After the structures were shut, Fakolujo said the exercise was part of the efforts of the state “to ensure that building developments in the state followed the approved layouts of the areas and due process.”

He said the state government in its quest to put the state on the pedestal of other smart cities in the world was making Lagos metropolis a well-planned and structured society, where buildings were constructed according to its building plan approval granted by its sister agency, Lagos State Physical

Planning Permit Authority (LASPPPA).

He said all bonded terminals operating within the residential areas would be sealed up, adding that the genesis of Apapa gridlock was as a result of indiscriminate citing of tank farms and bonded terminals in the areas without an approval from the state government.

He, however, said with the new monitoring and auditing of building exercise in the state, the state government would not hesitate to enforce its laws against any recalcitrant operator of a bonded terminal within the state.

He added that property owners, who converted residential buildings to commercial usage without any recourse to proper regularisation, and engineering appraisal of the building would equally face the wrath of the law.

He noted the original master plan of in Ajeromi Ifelodun LGA would be enforced accordingly to stem the tide of non-conformity with the state Urban and Regional Planning and Development Law, 2010 and unplanned development in the state.

Shareholders Rally Support as Oando Returns to Profitability Oando recorded another victory with the successful conclusion of its 41ST Annual General Meeting (AGM) Lagos, where the shareholders rallied support for the company as it published its first half of 2018 results, recording N8.5 billion profit-after-tax.

Shareholders at the AGM were united in their support for the company and applauded the management team for restoring market confidence by maintaining a track record of growth over the last 18 months culminating in the achievement of N8.5 billion PAT in H1 2018, the company’s seventh quarter consecutive profit. According to a statement by the company, the shareholders went on to encourage the management to keep up the good work and avoid distractions.

Speaking at the AGM a shareholder, Adebayo Adetunji

Adeleke commended the management for transforming Oando from a downstream company to a dollar earning upstream focused business.

“The profit declared in H1 2018 has given us hope, I am optimistic that with hard work the company will continue in this stead. I want to commend Oando on the impact of our Corporate Social Responsibility activities, we are touching lives, hundreds of thousands of lives and these same people are praying for the company therefore we will not go down,” he explained.

According to the statement, the company’s profits swelled as oil prices increased.

An analysis of Oando’s financials shows that the company’s turnover grew by 11 per cent to N297.3 billion from N267 billion (H1 2017); gross profit increased by 53 per

cent to N51 billion compared to N33.4 billion (H1 2017); and profit-after-tax increased by 86 per cent to N8.5 billion compared to N4.6 billion (H1 2017).

In its upstream business, Oando recorded a net profit of N27.1 billion ($75.2 million) compared with N16.3 billion ($53.2 million) in the comparative period of H1 2017.

According to the company’s statement, the increase in net income between the quarters was primarily due to higher revenues as a result of a general increase in the price of oil and gas commodities.

Oando picked up on the industry recovery witnessed in 2017. Brent prices averaged $69.87 per barrel, resulting in a 38 per cent increase in realised crude selling price compared to the same period in 2017.

Former PDP Image Maker, Ibeshi, Joins Gubernatorial Race to Rescue C’River State Lauds Duke, Imoke for laying solid devt foundation Bassey Inyang in Calabar Former National Publicity Secretary of the Peoples Democratic Party (PDP), Hon. Emmanuel Ibeshi, has formally declared his intention to vie for the governorship position of Cross River State in 2019 on the party’s platform, saying his mission is to rescue the state from maladministration.

At Transcorp Metropolitan Hotel in Calabar, at the weekend, where he formally threwhis hat into the ring to contest the governorship election in the state, Ibeshi, who presented a 16-page missions statement, declared that he was on a “Mission to Rescue Cross River State.”

Aside from the mission statement, Ibeshi also presented a 71-page manifesto on how he would run the affairs of the

state, if elected governor, but emphasised that his blue-print was laced to a large extent with a fine-tuning of the templates laid by former Governor Donald Duke, and Governor Liyel Imoke when they, respectively, served the people from May 1999 to May 2015.

Ibeshi’s mission statement read in part: “Yes, indeed, we can recall with joy still in our hearts, how the Obudu Cattle Ranch became a global showpiece of attraction, hosting The Mountain Race and Presidential Retreats time after time.

“We used to have at least three airlines flying to and from Calabar on regular schedules with visitors, investors and Seminar attendees.

At the moment we have just one airline plying the Calabar route; a sad commentary on the ordeals of Cross River State within just

three years!!

“It is also still fresh in our hearts, the unforgettable strides of Senator Liyel Imoke, how he opened up the rural areas of our state, and gave our people access, how he brought hope for agricultural revolution with the Songhai Farms model. The projects established by the duo of Duke and Imoke are fresh in our minds. And, I ask: is it not painful that in just three years, we have almost lost all that these two distinguished sons of the state worked so tirelessly to build in 16 years put together? I don’t think posterity will forgive us if we let the gains of those 16 years go to ruin as it is clearly the case now. Outside of these projects, our youth have never been idle, with no hope, no motivation, and no entrepreneurial skills to hold on to,” he said.

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Concerns Mount as Oil and Gas Free Zones’ Policies Hamper Presidential Executive Order Ejiofor Alike Indications have emerged that since Vice President Yemi Osinbajo signed three

Executive Orders in May 2017 as the then Acting President to improve Nigeria’s ranking on the global Ease of Doing Business, some private oil and

Dasuki’s Family Wants Malami Punished for Misconduct Alex Enumah in Abuja The family of the detained former National Security Adviser (NSA), Colonel Sambo Dasuki (retired), has petitioned the Nigerian Bar Association (NBA) over alleged professional misconduct of the Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami, (SAN).

The family in the petition accused Malami of exhibiting unprofessional conduct likely to cause anarchy in the country through his promotion of disobedience to the lawful order of court by the federal government.

In the petition dated July 23, 2018 and received by the NBA the same day, Malami was alleged to have made an unprofessional statement to denigrate the court, violated the constitution and encouraged the continued breach of the fundamental human rights of Dasuki, who has been in detention since December 29, 2015.

They cited the latest judgment of Justice Ijeoma Ojukwu of the Federal High Court, which on July 2, 2018 admitted Dasuki to bail upon -- a discovery that his detention was a breach of the constitution of the Federal Republic of Nigeria and that of the fundamental rights of the ex-NSA.

The family added that upon meeting the bail condition, the warrant of release of Dasuki on bail signed by the court was served on the Director General of Department of State Services (DSS) and the Attorney General of the Federation for their noncompliance with the order of the court.

The family, however, informed the NBA in the petition that rather than complying with the order of the court, the AGF, as the Chief Law Officer of the Federation, made unprofessional remarks that the order of the court as relates to Dasuki would not be obeyed by the federal government.

The family wondered whether a lawyer, let alone a Senior Advocate of Nigeria, ought to have engaged in such unprofessional and unguided utterances capable of causing anarchy for the country.

The NBA was prayed to invoke code of ethics on Malami, investigates him and imposes deserved disciplinary sanctions against him in order to safeguard the rule of law for the country.

The family lamented that Malami’s statement was prejudiced, unwarranted and unbecoming of a legal practitioner, adding that imposing sanctions against Malami will make other Nigerians to respect the rule of law.

gas free zones in the country have continued to frustrate the federal government’s efforts to attract foreign investors.

THISDAY gathered that in spite of the efforts by President Muhammadu Buhari’s administration to woo investors, government’s efforts have been adversely affected by the policies of some private free zones.

It was gathered that since the signing of these Executive Orders, foreign investors are reluctant to make new investments in the privatelyowned free zones due to the investor-unfriendly policies of some of these zones, which have soured the relationship between them and the foreign investors that are currently operating in these zones.

THISDAY learnt from some of the officials of the international oil companies (IOCs) operating in the country that with the unpleasant experiences of the foreign investors currently operating in these zones, prospective foreign investors are scared of coming into the country’s private free zones, despite government’s assurances and guarantees of conducive operating environment.

Citing the case of Samsung Heavy Industries (SHI) of Korea, which is being allegedly

frustrated by LADOL, an official of one of IOCs told THISDAY at the weekend that “some privately-owned free zones are known for blind sighting authorities to raise their own revenue rather than raising public fund.”

SHI has 70 per cent stake in the SHI-MCI FZE, a joint venture company, which is currently integrating the $3.3 billion Egina Floating Production Storage Offloading (FPSO) unit at the LADOL free zone in Lagos, while the offshore logistics provider has 30 per cent stake.

“Global Resources Free Zone Management Company (GRFZMC), which is 100 per cent subsidiary of LADOL, has become notorious for its arbitrary charges, cumbersome procedural imposition, and these have created such unappealing atmosphere to invest,” said the official of one of the IOCs, who opted not to be quoted.

“For instance, LADOL is imposing levy that is not clearly regularised. We gathered that an alleged baseless demand by LADOL for SHI-MCI FZE to pay $33 million as one per cent Free on Board (FOB) charges for the Egina FPSO unit is already tearing the partnership apart and will frustrate federal

government’s efforts to make Nigeria the hub of FPSO integration in Africa and also scare potential investors,” he said.

“If SHI-MCI FZE is levied $33 million, their finance capacity will not last and might face bankruptcy in extreme case, especially since the amount $33 million is far more than 10 per cent of its sales revenue from the sub-contracted works in terms of local fabrication and integration works for the Egina FPSO Project,” he explained.

When contacted by THISDAY, the Managing Director of LADOL, Dr. Amy Jadesimi, stated that she does not have the details of the $33 million FOB charges her company was said to be demanding on the Egina FPSO. She also refuted the allegation that her company is frustrating government’s efforts to improve Ease of Doing Business but added that foreign companies operating in Nigeria should pay statutory charges.

“I don’t know any of the details of the one per cent you are talking about. I don’t have the details but we are championing the Ease of Doing Business. Egina project is a successful project and people should appreciate the fact that the most complicated project

in the world is being done in Nigeria. Foreign companies that want to do business in Nigeria transparently have nothing to fear because the ease of doing business regime operates according to the law,” she explained.

However, another official of an IOC alleged that the free zone management company has usurped the powers of federal government agencies, adding that “we also doubt if the company wants to improve the Nigeria’s economy or to increase its own revenue”.

“The free zone management company is refusing to grant SHI-MCI FZE’s, SHI Nigerian local joint venture company, operating licence renewal without clear legal basis.

Further to this refusal, SHI, which invested over $300 million, has faced the risk of dooming their subsidiaries just after over four years of operation in Nigeria,” he said. He called on the federal government and its various agencies to intervene in the operations of the private free zones in the country to save foreign investments.

“At a time when foreign investments are highly desired, these investor-unfriendly policies have the potential to scare investors,” he added.

Kogi State Govt Denies Losing N36m to Theft State NMA elects new chairman Yekini Jimoh in Lokoja The Kogi State Government has denied a report that a staff of the government house allegedly broke into the office of the director general in charge of administration and carted away over N36 million naira.

It was alleged that the staff allegedly broke into the office at the Director General, Mallam Shaibu Oricha and stole the money.

The staff who was said to be in police custody, was arrested through the CCTV camera mounted in the office.

This is coming as the state branch of the Nigerian Medical Association (NMA), at the weekend elected Dr. Zubair Kabiru has as the new Chairman of the association to steer the ship for the next two years.

Kabiru was elected at the end of the association’s 26th Annual General Meeting (AGM) and Scientific Conference held in Lokoja, the state capital.

Meanwhile, Governor Yahaya Bello’s Adviser in charge of Media and Publicity, Kingsley Fanwo said there was no theft at the government house. “We are not aware of any such development; we don’t keep money in the office; we do online payment to all

our clients. If anyone is in police custody, it might be for other reason but not linked to any money disappearing from any office in government house” he said Efforts to speak with the Police Public Relation Officer of the Kogi State Police Command, Mr. William Ayah to confirm the arrest proved abortive as his GSM line was switch off.

The new NMA chairman is a consultant clinical microbiologist and parasotologist at Federal Medical Centre (FMC), Lokoja.

At the end of the election, he garnered a total of 174 votes to beat his opponent, Dr. Jimmy Idata of the Department of Obstetrics Gynaecology, Kogi Specialist Hospital, who had 58 votes.

Dr Okogbuwa Osaretin, was elected as the Secretary, while Dr. Friday Ameh was elected the Assistant Secretary unopposed.

Other State executive officers were also elected In his acceptance speech, Kabiru said he was very excited about the result of the election.

“I have been a member of NMA for over 10 years, and I have had several experiences from the past leadership,” he added.

THE SPACE

L-R: Visual artist and moderator, Victor Ehikhamenor; Chief Executive Officer, Daria Media, Kadaria Ahmed; Director, MacArthur Foundation, Kole Shettima; Nigerian-American artist and guest, Fatimah Tuggar; and Chief Executive Officer, Sterling Bank Plc, Abubakar Suleiman, at the debut edition of The Space sponsored by Sterling Bank in Lagos...recently

We Strip Prospective Students Naked During Screening to Check Cultists, Says AKSU Okon Bassey in Uyo The Akwa Ibom State University has explained that the stripping of prospective students naked during screening for admission into the university was one of the strategies adopted to check influx of cultists into the institution.

The Vice Chancellor of the University, Prof. Eno Ibanga said during an interview that a prospective student with a tattoos mark on his or her body would not be offered admission by the university.

“That is why we are striping them because they say prevention is better than cure and we will not stop doing it because it pays off in Akwa

Ibom State University. The prevalence is very limited if you have ever heard.

“What we do here is we don’t give them (cultists) opportunity to manifest. As a university we put machinery in place to curb excessive even in synergy with local communities”, he said.

In addition “We will write to JAMB that this person was disqualified because of dangerous tattoos on his or her body” Ibanga stressed that the school authority also work with the community vigilante groups in ensuring that once it is 10 p.m, the movement of students is restricted as they are not allowed to move around to avoid having infraction with the community

and the vigilante groups.

The vice chancellor also linked the steady progress being recorded in the university to the good working relationship and synergy between the visitor to the university, who is the state governor, the Governing Council and the management.

“Akwa Ibom State University is one of the state universities that have been making steady progress. When I came the population was about 3,000 students; before the end of this year we will get up to 10,000.

“There is no fight between management and Governing Council. We have very pragmatic, focus members. This is one of the Governing Council that the chairman is donating

a building to the university.

“When you hear the woes of Vice Chancellors of other universities I count myself blessed. We have that free hand and freedom to operate as an institution.

“Without that autonomy will not succeed and the autonomy has been seriously uphold by the government of Akwa Ibom State”, he said.

Ibanga who said the university presently boost of modern strictures and equipment with facilities upgraded regularly hinted that the National Universities Commission (NUC) is being expected November to offer full accreditation for courses remaining.

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Niger Delta Leaders Deplore FG’s Failure to Implement the Region’s Demands Onyebuchi Ezigbo in Abuja Niger Delta leaders under the platform of Pan Niger Delta Elders Forum (PANDEF), has expressed disappointment over the inability of the President Muhammadu Buhari-led federal government to implement the demands of the people of the region that were presented to it.

It said that apart from

initiatives aimed at promoting development in the region, PANDEF would like the federal government to take immediate steps to restructure the country to ensure justice and equity.

In a statement issued yesterday by the National Publicity Secretary of PANDEF, Anabs Sara-Igbe, the group asked the federal government to implement the

16-point agenda it submitted to President Buhari on November 1, 2016 in Aso Rock Villa, so as to address the needs of the people of the Niger Delta, as well as save the national economy from further interruption.

The elders said the people of Niger Delta are not happy with the present administration for the failure

to fully implement the 16-point agenda, as well as address the plight of the people of Niger Delta.

“The people of Niger Delta are known to be peaceful, accommodating and most friendly in the country but when pushed to the wall, may react dangerously and deadly,” it said.

According to PANDEF, the

people of Niger Delta believe strongly in restructuring of the country, as a panacea for equitable economic and infrastructural development in the country.

The group added, “We are therefore, calling on the Federal Government to urgently address the 16- point agenda of PANDEF and also restructure the country in the

interest of all.

“PANDEF also appeal to the executive and legislative arms of the federal government to ensure that the much needed peace and security of lives and property in the country is always given priority and they should act within the armpit of the Nigerian Constitution and the relevant laws of the country,” PANDEF said.

Youths Beat DPO As Bus Kills Two Persons in Ondo James Sowole in Akure Some youths of Ibule Soro and Ilara Mokin, in Ifedore Local Government Area (LGA) of Ondo State yesterday beat a Divisional Police Officer (DPO) following the death of two members of the community who were allegedly crushed to death by a commercial bus .

The deceased were said to be on a motorcycle on the Ilesa - Akure Expressway when the 18- passenger Toyota commercial bus crushed them to death.

The eyewitness said the accident sparked off a protest by the youths of the community who reportedly set the bus ablaze and molested the security agencies around.

The protest disrupted traffic for several hours on the ever busy, Akure- Ilesha Road.

During the protest, the Divisional Police Officer in the town, Mr. Wole Ogodo was reportedly attacked and beaten while trying to calm the angry protesters .

“The two men who were indigenes of the town were crushed to death by the bus

that was travelling to Lagos and this infuriated the people of the town because they believed the driver of the bus was reckless.

“They immediately organised a protest and burnt the bus and blocked the highway, they also attacked the security agents as the policemen were trying to stop them”, he said.

While many motorists were stranded on the road as the protest lasted, some took alternative routes to their various destinations. The state Police Public Relations Officer (PPRO), Mr. Femi Joseph, who confirmed the incident, alleged the protesters took laws into their hands but the men of the command still ensured that normalcy returned to the expressway.

“There was a fatal accident which claimed two lives but the people of the community were unruly as they burnt the vehicle and as the DPO was trying to prevent them from burning the vehicle, they overpowered him and seriously assulted him,” he said.

Obaseki Predicts Sustained Capital Market Resilience The Edo State Governor, Mr. Godwin Obaseki, has described Nigeria’s capital market as one of the most formidable institutions for finance mobilisation, providing opportunity to raise long-term capital from sectors of the economy with surplus for new projects that will help expand and drive industrialisation.

Governor Obaseki said this in a lecture themed the importance of capital market in the economic development of Nigeria, delivered at the Investiture Ceremony of Mr. Adedapo David Adekoje, as the 10th President and Chairman of Governing Council of the Chartered Institute of Stockbrokers, in Lagos.

He described Adekoje as a consummate stock broker, who has contributed immensely to the maturity of the capital market, the institute and to the development of Nigeria.

He continued, “With over two decades’ experience of building and leading integrated and marketing operations for high profile companies such as Halifax Building Society (now Halifax Bank) London; Trade Bank, Nigeria, where he was seconded to their stock-broking firm - Professional Stockbrokers Ltd; his personal and official

contributions to the Chartered Institute of Stockbrockers leave us in no doubt that he has very well planted enviable footprints in line with the most desirable, beneficial and acceptable outcomes currently required in taking the Institute and indeed our nation to a globally respectable and prosperous clime.”

On the impact of the capital market on Nigeria’s economy, Governor Obaseki said, “Mobilising resources for national development has for long been the central focus of development economists. As an Institution, which specializes in mobilising finance from the surplus sectors to the deficit sector, the capital market is one of the most acknowledged, resilient and result-oriented means of raising long-term capital for financing new projects, expanding and modernising industrial prospects.”

He argued that even with the buoyant opportunities inherent in the capital market, reaping the full benefits is still largely hinged on the efficient performance of the stock exchange, public understanding of the very specialised and organised nature of the capital market and availability of domestic savings and inflows of foreign capital.

CHANGE OF BATON

L-R: Immediate past President, Chartered Institute of Stockbrokers (CIS), Oluwaseyi Abe; Acting Director General, Securities and Exchange Commission (SEC), Ms Mary Uduk; Executive Governor, Edo State, Godwin Obaseki; President, CIS, Adedapo Adekoje, and CEO, Nigerian Stock Exchange (NSE), Oscar Onyenma, during the investiture of Adekoje as the new President of CIS, and send-off dinner in honour of Abe in Lagos ...recently

Labour Calls for Quick Passage of Wage Bill After Negotiation The organised labour yesterday called for the immediate passage of the National Minimum Wage bill into law as soon as the committee concludes negotiation.

President of the United Labour Congress (ULC), Mr. Joe Ajaero, made the call at the end of its Central Working Committee (CWC) meeting in Lagos.

The News Agency of Nigeria (NAN) reported that the committee is expected to wrap up negotiation on the

minimum wage bill in August.

Ajaero said the minimum wage negotiation had dragged on for too long and the committee should endeavour to meet up with the deadline.

“We also hope that all relevant agencies that should implement the new wage will do so as soon as the bill is passed,’’ he said.

The ULC president also called for the immediate payment of arrears of severance packages owed to defunct Nigeria Airways workers and Power

Holding Company of Nigeria (PHCN).

According to him, this is necessary to end the suffering of 48,000 electricity workers whose payment was not fully made and 2,000 others who were not paid at all.

“50,000 workers were disengaged during the PHCN privatisation in 2013, 48,000 workers received their severance package but short changed by six months while 2,000 workers were not paid,’’ he said.

Ajaero said that in spite of

various negotiations on the issue nothing has been achieved.

The labour leader called on the National Assembly to review exiting industrial relations and other labour laws to alien with modern reality in work places.

He said that it was necessary for all stakeholders to be carried along in the process of crafting a better and progressive law.

He urged President Muhammadu Buhari to assent to the Petroleum Industry Governance Bill since it has already been passed.

YPP House of Representatives Aspirant Backs Restructuring Onyebuchi Ezigbo in Abuja An aspirant seeking to represent the Federal Capital Territory at the Federal House of Representatives on the platform of the Young Progressive Party (YPP), David Adetunji Adeyeye, has said he would support the restructuring of the country if elected.

Speaking at the formal declaration of his bid to contest the 2019 general elections at the weekend, Adeyeye said the new thinking now should focus on how to restructure the affairs of the country to ensure equity, Justice and fair play.

“The reality of the future dictates that we use our diversity for innovative economic

solutions for our problems, unemployment, insecurity, lack of portable water or shelter does not know tribe, gender or religion,” he said.

The aspirant also promised to work towards realizing the desire of the indigenes of the FCT to have a mayoralty as it obtains in major cities in other parts of the world.

A member of the “Not Too Young to Run advocacy group”, Cynthia Mbamalu, who endorsed the aspirant, said the driving force behind the group’s advocacy for youths participation in politics, is based on the fact that over 60 per cent of the population are made up of youths.

She said without the inclusion

of young people, democracy in the country means nothing.

According to her, the politics and campaigns for the 2019 are going to be based on issues rather than sentiments.

According to her, the youth for change slogan is catching on fast and the party said it will leave no stone untouched to galvanise the electorate to vote out the older generation politicians in 2019.

“Enough is enough, we will no longer allow our commonwealth and future to be squandered and mortgaged by the old, corrupt and visionless administration.

“In 2019, we will give back power to the people; me and you will come out and say no

to injustice, nepotism and selfish politics”.

She urged Nigerians to stand up and say no to vote buying and manipulation of elections.

Various party members who addressed the gathering harped on the need for a revolution that would flush out all the dead woods and misfits in the political space.

According to them, the party hopes to leverage on massive youths’ support to clinch victory.

Also, a former presidential candidate on the platform of Nigerian Peoples Congress, Prof.

Vivian Kosoko, said the older generation in the country owes the youths and must be ready to make restitution if progress is to be made.

Ëœ ÍťÍ¸Ëœ ͺ͸͚΀ Ëž T H I S D AY

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MONDAYSPORTS New Role for Carl Ikeme in Super Eagles

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

A F T E R M AT H O F L E U K A E M I A

In a rare show of solidarity, the Nigeria Football Federation (NFF) at the weekend announced that it will offer retired Super Eagles’ safe hands, Carl Ikeme, coaching education as a goalkeeper trainer and then absorb him into the technical crew of the senior national football team.

NFF General Secretary, Dr. Mohammed Sanusi, disclosed that the federation was in contact with Ikeme, who announced his retirement from the game on Friday afternoon, with a view to training him as a goalkeeper coach. “Carl Ikeme was an embodiment of absolute dedication, commitment and patriotic fervour in the games that he played for the Super Eagles. The circumstances of his retirement from the game are somewhat depressing, even as we thank God for his life. “The Nigeria Football Federation will find the resources to send him on a coaching course, and afterwards absorb him into the technical crew of the Super Eagles. That is the least we can do for such a dedicated patriot.�

Dr. Sanusi revealed that the NFF was in the know about Ikeme’s plan to retire from football. “A few weeks ago, he had spoken on phone with the NFF President and 1st Vice President of CAF, Mr. Amaju Melvin Pinnick, to intimate him on his (Ikeme’s) desire to retire. Even though he was sad about, the NFF President commended his fighting spirit and respected his decision, and also said he would rather allow the player or his club to break the news.� Few minutes after Ikeme announced his retirement from football on Friday, tributes began to pour in for the Nigerian goalkeeper.

Super Eagles winger, Ahmed Musa, wrote on Instagram. “We are going to miss you, wish you luck brother.�

Chelsea defender, Kenneth

Omeruo also admitted he would have loved to play more with the 32 year old who he regarded as a legend. “I would have love to play with you more my bro @carlikeme ..But am happy you will be with us in good health.. You are a legend bro‌ and am sure Nigerians will miss seeing you in the national team‌ Good luck my brother and like u said, it’s not a sad day.. where is the retirement party do, â€?Omeruo wrote also on Instagram.

Super Eagles vice-captain Ogenyi Onazi also wrote: “Thank God for your life and your health, this is most important bro @ carlikeme.�

Daniel Akpeyi who was one of the Super Eagles goalkeepers to the 2018 FIFA World Cup also wrote: “Thank God you got your life back bro, better things ahead.�

John Ogu added: “Thank God for restoring back you Health.

And Good luck with your next Chapter. .�

Wolverhampton Wanderers FC of England goalie Ikeme, diagnosed with acute leukaemia in July 2017 but who entered into complete remission only last month, announced his decision to retire from the beautiful game on Friday.

He played 191 matches for Wolverhampton Wanderers FC, and was pivotal in the club’s promotion from League One to the English Championship.

He is currently being heavily celebrated for uniting a club more renowned for its divisive tendencies.

Ikeme was in goal for the Super Eagles in 2018 FIFA World Cup qualifying matches against Swaziland home and away, and away to Zambia; the 2017 Africa Cup of Nations qualifiers against Tanzania home and away, and against Egypt at home, and; in friendly matches against Democratic Republic of Congo, Cameroon and Niger Republic.

NOC Merit Award for Gov Okowa, Athletes, Administrators The Nigeria Olympic Committee (NOC) has selected sports personalities and one serving governor to be honoured with the NOC Merit Award.

It is the first of its kind in the country and both the initiators and the recipients are enthusiastic about the ceremony which has been fixed forAugust 5Â at the Grand Resort Hotel & Convention Centre, Asaba.

According to the Public Relations Officer of the NOC, Tony Ubani, the event to be sponsored by the Delta State Government will witness three administrators, two track & field athletes, one boxer, two Power-lifters and one para-athlete honoured.

Governor Ifeanyi Okowa is to receive a special recognition honour for his tremendous contributions to the development of sports in the country.

Other recipients include; Sir Adetokunbo Ademola, the first indigenous President of the NOC and a former member of the International Olympic Committee.

He is to be honoured post-humously. Other former administrators who will be honoured also include Dr Awoture Eleyae and Alhaji Babayo Shehu.

Carl Ikeme...to get new role as keepers’ coach in Super Eagles

CAF CONFED

Enyimba Beaten in Abidjan, Drops to Third Spot Femi Solaja Nigeria’s lone surviving team in continental club competition this season, Enyimba FC of Aba, risks elimination from the CAF Confederation Cup following a 2-0 defeat the team suffered yesterday at Williamville FC of Côte d Ivoire.

The result of the Match-day 4 fixture played at the Stade Robert Champroux in Abidjan returned Williamville FC to the summit of Group C while former leader, Enyimba, slides to the third place. CARA Brazzaville that won the group’s other match against Djoliba FC 1-0 at the Stade Alphonse Massemba-Debat to stay on the second spot on the log.

Williamville is leading with seven points, just one point better than Congo Republic’s CARA Brazzaville with Enyimba third on account of head-to-head rule

following the 3-0 defeat of the Nigerian side earlier in the round robin tournament.

In yesterday’s match in Abidjan, both teams launched attacks in the opening stages of the game, but it was Enyimba, who dominated possession as they searched for an early goal.

Ibrahim Mustapha saw his shot miss the target in the 13th minute, before he was denied by Williamsville’ goalkeeper Boris Mandjui seven minutes later.

The hosts then took control of the game and they registered their first shot on target on the half-hour mark when Jean N’da Koussi forced Enyimba keeper Fatau Dauda into a save.

Williamsville again broke the deadlock through N’da Koussi, who beat Dauda with a powerful shot to make it 1-0 to the hosts in the 31st minute after bursting into the Enyimba’s vital area.

The momentum was the home side with the halftime break fast approaching and they nearly doubled their lead in the 35th minute.

Djedje Dagrou, who was looking lively for Williamsville, missed the target from close range with Dauda rooted to the ground as Enyimba survived a scare.

Jos High Court to Rule on NFF Crisis Today The Federal High Court in Jos is to rule today whether to vacate the judgment that nullified the September 30, 2014 election in Warri that brought Amaju Pinnick to office as President of the Nigeria Football Federation.

Both Pinnick and Chris Giwa have been in and out of courts in the last four years on who is the authentic NFF president. While Giwa’s case was dismissed at the Court of Arbitration for Sports (CAS), and even slammed with world-wide ban from football

matters by FIFA, the Jos football club proprietor is taking solace in the Jos High Court ruling that upheld his August 26 election in Abuja. Though Pinnick appealed that ruling and won at the Court of Appeal, the Supreme Court ruled in April that the matter should return to the lower court for fresh trial.

FIFA however is backing Pinnick and has been consistent in warning that any attempt to impose Giwa on Nigerian football will face backlash of ban for the country.

ASABA 2018 Okowa Blessing OkagbareIghoteguonor and Falilat Ogunkoya are the two track & field athletes to be so honoured in that category.

The roll call of honour include 1972 Munich Olympic bronze medalist in boxing, Isaac Ikhuoria while Ruth Ogbeifo-Balofin and Maria Usman are they two weightlifters also lifted to be recognised. Lucy Ogechukwu Ejike and Monday Oghene Ochuko Emoghavwe are from powerlifting while Adeoye Ajibola who won gold in both 100m and 200m and silver in Long Jump at the Paralympic Games in Atlanta will be given a posthumous award also.

‘Mutola Express’, Rudisha, Coe, Others Arrive for Senior African Championships The who-is-who in African sports and beyond have arrived in Asaba, Delta State for the 21st African Senior Athletics Championships starting on Wednesday.

According to a statement issued by the Head of Media and Publicity for CAA Asaba 2018, Olukayode Thomas, Maria Mutola and other top world sporting figures were expected to arrive in Asaba last night.

Mutola was a former African and world champion in the 800m and was fondly referred to as ‘Mutola Express’ during her active days on the track.

Also expected in Asaba

last night is IAAF President, Sebastian Coe, and  11 top officials of the world athletics governing body.

The other expected sporting legends in Asaba also include Nawal El Moutawakel, a former hurdler and Olympic gold medalist as well as Kenya’s David Rudisha and Hicham El Guerrouj among many others.

The impressive list of those to be inducted into the CAA Hall of fame Includes the likes of Tirunesh Dibaba, from Ethiopia and her compatriot, Mesert Defar. Other Ethiopians on the list include Genzebe Dibaba, a world record holder and champion;

Almaz Ayana, an Olympics and World Champion; and Kenenisa Bekele, a legend in long distance, road races and marathon and world record holder.

The South African duo of Caster Semenya and Wayde van Niekerk, both Olympics and World Champions, will also be inducted alongside Nigeria’s Olusoji Fasuba and Blessing Okagbare among others.

In a related development, It has also been confirmed that top football administrators will also be in Asaba to savour the best of African athletics that will be showcased from August

1 to August 5Â at the newly completed Stephen Keshi Stadium.

Former Confederation of African Football President (CAF), Issa Hayatou and his wife will be in for the African Championships.

Hayatou’s successor in CAF, Ahmad will also be in town for CAA Asaba 2018.

Both Hayatou and Ahmad are guests of the Confederation of African Athletics (CAA).

Thomas confirmed that all the eminent sporting personalities that arrived Asaba yesterday will be in town till the end of the African Championships.

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T H I S D AY ˾ MONDAY, JULY 30, 2018

MONDAYSPORTS SUMMER TRANSFERS

Ronaldo Arrives Turin, to Train with Juve Today Cristiano Ronaldo will begin training with Juventus today as the Italian press hail ‘the age of the martian’ following his £100million transfer from Real Madrid.

The 33-year-old earned a post-World Cup break and from today will train at Juventus’ new training centre in Continassa, with the likes of Paulo Dybala also joining up with the squad.

Ronaldo has been enjoying some down time since guiding Portugal to the round of 16 at the World Cup finals in Russia.

Having not joined Juventus on their United States tour, the 33-year-old instead made his annual CR7 brand tour of China with Nike.

Ronaldo then hooked up with his girlfriend Georgina Rodriguez and took to Instagram to post a photo of them both posing outside their apartment, accompanied by the caption: ‘Holidays with Love!’

On the back of this, the Portuguese superstar won’t be playing in any of Juventus’ upcoming pre-season friendly matches.

They include a clash against his former side Real Madrid in

the International Champions Cup on August 4, meaning he will avoid an early reunion with his former club.

A winner of the Ballon d’Or on five occasions, he left Real Madrid after a nine-year spell with the Spanish giants in which he scored 451 goals and won four Champions League titles.

He insisted that seven-time defending Serie A champions Juventus were the only ones to make an offer for him this summer.

His absence now leaves a glaring hole in the Real Madrid side. Without him, they could be lacking a goalscorer and free-kick taker as they look to usurp rivals Barcelona in the race for the La Liga title.

Ronaldo is set to make his highly-anticipated debut for the Serie A giants against Chievo on the weekend of August 18-19.

He will want to make an immediate impression on manager Massimiliano Allegri and his new team-mates.

His first domestic game at Juventus’ Allianz Stadium could come against Lazio, who are the first club to visit Turin next season.

Geraint Thomas Becomes Third Briton to Win Tour de France

Boateng

PSG Pulls out of Boateng Deal Considers Bayern demand ‘huge fee’

Chris Froome finishes third Geraint Thomas yesterday became Britain’s third winner of the Tour de France when he crossed the finish line in Paris.

The Team Sky rider, 32, follows Sir Bradley Wiggins in 2012 and four-time Tour champion Chris Froome as Britain celebrates a sixth win in seven years.

Alexander Kristoff won the final sprint finish on the ChampsElysees as Thomas crossed the line arm-in-arm with Froome after three weeks of racing.

He beat Dutchman Tom Dumoulin by one minute 51 seconds, with Froome third.

The Welshman, who rode in support of Froome in each of his four wins, had built up that lead over the previous 20 stages and Tour convention dictates that the yellow jersey is not challenged on the final stage.

“When I rode on the ChampsElysees for the first time in 2007,

that was insane - just to finish the race and just to be a part of it,” Thomas told ITV. “To now be riding round winning it is just incredible. It’s just a whirlwind. I seem to be floating around on cloud nine.

“Maybe when I’m 70, sat in a corner of a pub telling some 18-year-old what I used to be, it will sink in. It’s incredible, the stuff of dreams.”

Froome was heavy favourite to become the fifth rider to win a record-equalling fifth Tour de France title. He came into the race as defending champion and holder of all three Grand Tour titles, having won the Vuelta a Espana last September and the Giro d’Italia in May. However, he was only cleared to race the week before the Tour started, after his anti-doping case was dropped by cycling’s world governing body, the UCI.

Following the payment of huge fees to lure both Neymar and Kylian Mbappe to the Ligue 1 club, Paris Saint-Germain has pulled out of the race for Bayern Munich’s Jerome Boateng. The German giants are reportedly demanding what PSG source considers a ‘huge figure’ for the defender.

The two clubs were working on finalising a deal for the Germany international, who is widely regarded as one of the best defenders in the world. However, they have now been priced out

of a move for the 29-year-old.

Calciomercato reported at the weekend that Bayern Munich demanded a fee of around £53m for Boateng’s services, but PSG believes that Boateng is not worth that kind of money and has now pulled out of the race for his signature.

Manchester United and Juventus have both been linked with a move for Boateng, but there have been no official offers from either club.

Sky Sports news reported that Bayern Munich chief Karl-Heinz

Rummenigge confirmed the discussions between the two clubs, but it now appears as though the move will not be pursued by PSG. The former Manchester City defender has emerged as one of the best centre backs in world football since he joined Bayern Munich in 2011. He has made 258 appearances for the club, and has also made 73 appearances for the German national team.

He featured for his country at the last three iterations of the World Cup, but endured

a horrendous tournament this summer. The towering centre back was one of many German players who looked completely out of sorts during the 2018 competition, making key mistakes as Germany crashed out of the tournament in the group stage.

Despite his challenging summer, Boateng’s abilities are clear to see. However, at 29 years old, Boateng may begin to lose some of his impressive athleticism, meaning the likes of PSG are reluctant to invest heavily in him.

Falconets Win Big, Ready for FIFA World Cup NIigeria’s Under-20 girls, Falconets, will depart from their final training camp in Tirol, Austria on Thursday, August 2 for the FIFA Under-20 Women’s World

STREET TO STAMFORD BRIDGE…

Cup, with high level of confidence after scoring seven goals and conceding none in two friendly games.

The 2010 and 2014 FIFA World

L-R (Front row): Winners of the Rexona Street to Stamford Africa XI competition in Lagos, Ebuka Anumba, Ayobami Jegede and Ayobami Adekunle. L-R (Back row): Coaches Haruna Olubunmi; Steve O Reilly; Freedie Myers; Kennedy Boboye; Laurence Griffin; and Jide Oguntuase during the presentation of the three players to the media recently in Lagos

Cup silver medallists hammered Austrian Women League top flight team, FC Wacker Innsbruck 4-0 in their final pre-tournament friendly in Tirol, Austria on Saturday, with a brace from top scorer Rasheedat Ajibade and one each from Adebisi Saheed and Chinyere Igboamalu. A few days earlier, the Nigerian girls had spanked another Austrian top flight side, FC Bergheim 3-0.

Saturday’s match in Tirol was also watched by Nigeria’s Youth and Sports Minister Solomon Dalung.

Ajibade, who plays for FC Robo Queens of Lagos and also featured at the last tournament in Papua New Guinea, top-scored for Nigeria in the African qualifying campaign and is heavily touted to dazzle the world in France next month.

Nigeria’s Asisat Oshoala was the top scorer and best player at the 2014 finals in Canada, where the Falconets finished as runners-up behind Germany.

The Under-20 girls remain Nigeria’s most successful women’s team at global level, winning silver at the FIFA World Cup twice (Germany 2010 and Canada 2014) and bronze once (Japan 2012), and reaching the quarter finals in Thailand (2004), Russia (2006) and Chile (2008).

The four official host cities

for the 9th FIFA U20 Women’s World Cup are located in the Brittany region: Concarneau, Dinan/Léhon, Saint-Malo and Vannes. The Stade de la Rabine in Vannes will host the opening match on 5th August as well as the final match of the competition on 24th August.

Nigeria will battle Haiti, China and Germany in Group D of the 16 –nation finals, while Africa’s other flag-bearer Ghana must negotiate a tough Group A against host France, New Zealand and The Netherlands.

Group B has North Korea, England, Mexico and Brazil while USA, Japan, Paraguay and Spain fight things out in Group D. The Falconets’ opening match is against perennial foes Germany (who beat Nigeria in the 2010 and 2014 Final matches) at the Stade de Marville in Saint-Malo on Monday, August 6, before clashes with Haiti at the same venue on Thursday, August 9 and against China in Dinan/Léhon’s Stade de Clos Gastel on Monday, August 13.

To qualify for the finals, the Falconets dismissed Tanzania’s U20 girls 9-0 aggregate, brushed aside Morocco 6-2 on aggregate and whiplashed their South African counterparts 8-0 over two legs in January this year.

Monday July 30, 2018

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Price: N250

MISSILE Ohakim to Okorocha ”Okorocha has turned Imo to a monarchical place where a father-in-law wants to handover to his son-in-law. I know what was where in Government House in 2011. I have the experience to repair Imo” – Former Governor Imo State, Ikedi Ohakim, stating that if he returns to office as the governor, he will ensure that Governor Rochas Okorochas refunds every kobo he appropriated from the state treasury.

ALEXOTTI Abia State: Enough is Enough O OUTSIDE THE BOX

n Friday, July 20, 2018, I had the privilege of declaring my intention to recontest for the governorship of my state of Abia atAba. I have taken the liberty to share excerpts of my speech at the ceremony.

Today, I stand before you once again as I did four years ago, to declare my intention to contest for the governorship of our state. In 2015, it was not an easy decision, given the position I occupied as the Managing Director of one of the largest banks in Nigeria, earning very decent living. But the call to service; to liberate our people from the shackles of poor governance and the need to give our people a worthy sense of belonging made me decide to quit my job, to join the turbulence of politics in order to lead my people out of the land of captivity.

Today, I’m here again to remind the Pharaohs of Abia that the time has come for them to let our people go. To our people, the time for liberation has come.

The All Progressive Grand Alliance, APGA, is the party that was led by the great son of Igbo land; a son of Nigeria, a hero of Africa, a citizen of the world, the Ikemba Nnewi, Ezeigbo Chukwuemeka Odumegwu Ojukwu. The unforgettable hero of his people.

Today, we remember him. We salute the man who stood up to give us a sense of pride. It is my privilege to aspire to serve you on the platform of that political party.

Since 1999, one political party; one political dynasty has held Abia State in bondage. This party has cast a spell on Abia State. In 2015, we served them yellow card, as we approach 2019, we are serving them red card. Their time is up! They must pack and go.

Edmund Burke once said that the only condition for evil to triumph is for good men to do nothing. Let it never be said that when evil was reigning in Abia State, the children and grandchildren of the Great Jaja Wachuku, the children and grandchildren of the Great Aguiyi Ironsi, the children and grandchildren of the Great Michael Okpara, did nothing. Today, we have chosen to do something. We have chosen to stand up and fight. We have chosen to say, enough is enough!

Abia is ostensibly the number one state in Nigeria, in alphabetical order, that is. And it is the only state that is found in the Bible, that’s why it is called “God’s Own State”. But is Abia really the number one state in Nigeria today, even in the South East of Nigeria?

How has Abia faired under the leadership of PDP for 19 years? Can Abia compare to Enugu State? Can Abia compare to Anambra State? Have you seen the road network in Anambra. Are teachers being owed in Anambra? Are civil servants being owed in Enugu State? How does Owerri compare with Umuahia? Has anybody here been to Abakaliki in recent times? Have you seen what the governor has turned Ebonyi into? Please, follow me to Abia State and let’s look at the records of the PDP governments.

Abia does not have a government house. The government occupies a makeshift rented property owned by the late Emeka Omerua. What does it take to build a befitting structure for the leadership of the state?

Abia today, has the worst road network in Nigeria.

Look at the pride of the Igbo man, the pride of every Abia indigene, Aba, the Enyimba city. The commercial capital of Abia State is decrepit. It needs total transformation and not the emergency halfhearted interventions by the present government. As the rain comes, residents of Aba have their hearts in their mouths. Many places are now impassable.

Like we have always maintained, you can’t give what you don’t have. The PDP leadership of Abia State is a total and complete failure. It can never succeed because it does not have vision. Quality

alex.otti@thisdaylive.com

Abia People At the Declaration Rally on July 20, 2018 at Ngwa High School, Aba leadership and heart of service are palpably lacking.

What it has is greed and primitive accumulation of wealth. The people are left as hewers of wood and drawers of water. That is why they do not pay salaries as at when due. That is why they owe workers and pensioners. That is why I wrote an open letter to them, recently. And I make a solemn promise to you today that under our stewardship, no worker or pensioner would be left unpaid at the end of every month.

Our healthcare delivery system is in shambles.

Our public hospitals are in terrible state of disrepair while the practitioners are owed several months of salary areas.

Beyond the fact that I contested election in 2015, a few people still have limited knowledge of me.

Some propagandists have described me as some super rich elite who came from nowhere to take away their birth right without any relationship with the ordinary people on the street. Nothing can be further from the truth. I am just like many of you. I was not born with a silver spoon in my mouth. Indeed, I had a very humble beginning.

Our family home in Nvosi, in Isialangwa South Local Government was like many other homes.

My father was a teacher, and later a Clergyman.

My mother was a home maker who supported my father by frying ‘Akara’ and selling with ‘Akamu.’

My brother and I used to wake up very early in the morning to help our mother fry ‘Akara.’ And we would hawk the Akara and Akamu round the villages before going to school every morning. Believe me, I have been there. I had seen poverty, but in the midst of that, my head was never bowed, my spirit was never broken and I remained strong. I remained strong because I had parents who thought me the values of industry, hard work, honesty and enterprise.

I subsequently gained admission into this school; this ground where I stand today, Ngwa High School, Aba. As I look back, I remember the young, smallish boy that was admitted into form one here, decades ago. It is by the grace of God that I’m standing here today, offering myself for service again for the governorship of this state. May all glory be unto the living God. It is God that takes nothing and turns it into something.

This ground brings back fun memories. Ngwa High School was a very great institution. It is this school that has contributed in making me what I am today. It was after here that I went to the University of Port Harcourt where I studied Economics and began my journey in the financial industry.

Because education gave me the opportunity

to attain this height, I want to assure you that every child living in Abia State will get the same opportunity that I had, and it is on that premise that we are going to inaugurate a comprehensive scholarship programme for every outstanding Abia resident. Education can never fail you. We shall also ensure that our educational system is modernised, in terms of infrastructure, curricular and manpower.

We will not only invest heavily in education, but will encourage the private sector to do likewise.

Politicians tell lies to deceive the electorate. They will offer chicken change to buy your votes and buy your conscience. Politicians preach enmity and hatred using the things that bind us together as a people, against us. So, they tell you, you are not from here; you are not from there, so you cannot belong. Even the faith we all profess; the faith and belief in one God, is not spared. So they say because you don’t belong to one denomination or the other, you don’t qualify. Meanwhile, they are united in sharing our money.

My father was born bred and buried in Ngwa land. He told me that his grandfather migrated from Arochukwu, also in Abia State. And so, I proudly trace my lineage from Ngwa land all the way to Arochukwu. And as some scholars are presently finding out, many of us here, the great Igbo nation, take our bearings from far away Israel. That is why many people see us as the Jews of Africa.

We must overcome the artificial divisions created by corrupt politicians who lack vision; who don’t love their people, who loot; whose only mission is to promote disunity. They hide their incompetence under the cloak of ethnicity, religion and nepotism.

Today, I stand here to proclaim that Abia is one.

Under our watch, there will be no discrimination, no nepotism, and no favouritism. The indigene/non indigene divide will cease to exist. I have always challenged the irredentists to show me one city that was developed by indigenes. We will treat every Abia resident fairly, justly and equally. We will give everyone their due, and we will not make it a government of a few people, nor a government of a cabal, nor an occultist government, but a government of the people of Abia State. We will open our doors to every Abia resident and those in the diaspora. We will abolish discrimination and open the doors of equal opportunities to everyone because that is the only route to the future.

I have a special message for the youth who have suffered grievously as many have no dignified means of livelihood. Thousands of them have been employed into roles they call special assistants or senior special assistants to no one in particular without any specific assignment in government. It is a ruse

to hide government’s inability to create jobs. It is also aimed at using them for the 2019 election after which they will be yanked off the payroll.

I want to challenge this government to tell us how many jobs it has created since 2015. How many industries has it attracted to Abia State? They have been junketing all over the world; to Turkey, to China, to Jupiter, to Mars “looking” for investments.

How much investment have they attracted? How many companies have opened business in Abia State since 2015? How many Abia indigenes are working in non government establishments? Even if they permanently relocate abroad in search of investors, nothing will happen until the enabling environment is created. We have no roads, there is insecurity, we lack infrastructure. The state has become one large refuse dump. Abia State today has become a laggard. Many people rank Abia today as the worst performing state in the South East, nay Nigeria. Meanwhile, statistics show that our state has received close to N2 trillion in the last 19 years.

I am yet to see where most of that money went to.

I know people are still angry about how our mandate was stolen in 2015. While we regret what happened, it is important to understand that it wasn’t that we didn’t protect our votes. We were coasting home to victory when the leadership of PDP criminally invaded the State Collation Centre and forced the returning officer to admit fake results under threat.

Our option was to unleash Abia people on them but we considered that it may lead to bloodshed on a massive scale and decided to approach the court instead. You will recall that on December 31, 2015, the Court of Appeal pronounced us winners of that election in a landmark judgement. Two months later, the Supreme Court reversed the judgement. Against all odds, we diligently prosecuted that matter to its logical conclusion. What has changed, some people may ask? At least we are witnesses to the last two elections of Anambra and Ekiti which show that the era of rigging is over. I must also add that we have learned some lessons from the last experience.

One major lesson is that the protection of votes is in the hands of the voters. We should not outsource that to candidates alone.

A time comes in the life of a people when they must stand up and say, enough is enough! Today, I stand here on behalf of the suffering people of Abia and say, enough is enough! We have allowed this for too long. The time has come when the children of Abia State, the owners of the state should say, enough is enough! Enough of the lies, enough of the propaganda, enough of the social media achievements, enough of the government by bill boards, enough of the deceit of paid adverts on national television that have no bearing to the reality on ground, enough of the divisions, enough of the looting!!! It is now time for action; it is time for all of us to join hands and save Abia State. History will not forgive us, our children will not forgive us, the gods of our land will not forgive us; if we allow this opportunity to pass us again.

Yes, they will make you offers. Collect their N5000, it is our money. When they bring rice, collect it, it’s our money. None of them is a rice farmer. Collect their wrapper, it’s our money. None of them is a merchant. Whatever they give you is not a privilege, it is a right; it is your own, collect it, but when you go into the polling booth, vote your conscience.

Vote for your future. Let us defeat them, let us create a new day for Abia, let’s recreate Aba. Let’s make Abia the model state it was meant to be. I challenge the women and youth to rise up and shine, take your destiny in your own hands so that when you match out as proud Abians and sing that song: “Nzogbu Nzogbu, Enyimba, Enyi” You will mean it and it will reflect our proud heritage.

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