Wednesday 8th August 2018

Crude Oil Price Rises above $74 as US Sanctions on Iran Take Effect

Ejiofor Alike with agency reports

Oil prices rose yesterday with the global benchmark crude, Brent soaring above $74 per barrel as the United States revived sanctions against Iran, a major producer, tightening

supply to the international market. A first batch of US sanctions against Iran, which shipped out almost three million barrels per day (bpd) of crude in July, officially came into effect yesterday. While Brent crude oil futures

were up 75 cents to $74.50 per barrel, the US West Texas Intermediate (WTI) crude futures were up 32 cents at $69.33 per barrel. The President Donald Trump administration has urged all countries to end imports of Iranian oil by

November 4 as part of its new policy of hostility towards Tehran after Washington’s unilateral exit from the 2015 nuclear agreement. President Trump tweeted yesterday that the sanctions were “the most biting sanctions ever imposed.”

He noted that “Anyone doing business with Iran will NOT be doing business with the United States.” The re-imposed sanctions target Iran’s US dollar purchases, metals trading, coal, industrial software and its auto sector.

US sanctions on Iran’s energy sector are set to be re-imposed after a 180-day “wind-down period” ending on November 4. However, many European countries, China and India, Continued on page 10

BPP Deploys Data Exchange Tool to Check Corrupt Bidding Process… Page 8 Wednesday 8 August, 2018 Vol 23. No 8513. Price: N250

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Ending Impunity, Osinbajo Sacks DSS DG, Lawal Daura

Matthew Seiyefa takes over as head of secret service Saraki, Dogara, others condemn DSS siege to N’Assembly

Iyobosa Uwugiaren, Deji Elumoye, Omololu Ogunmade, Onyebuchi Ezigbo in Abuja, Olawale Olaleye, Shola Oyeyipo in Lagos and James Sowole in Akure Acting President Yemi Osinbajo yesterday dismissed the Director-General of the

Department of State Services (DSS), Mr. Lawal Daura, for the invasion, at dawn, of the National Assembly by the operatives of the service. "The Acting President, Professor Yemi Osinbajo, SAN, has directed the termination of the appointment of the Continued on page 8

At War with Monguno, Aligned with Daura, Lawal was the Cabal’s Face

Segun James in Lagos

For watchers of the power configuration in the Buhari administration, the sack of Lawal Daura, former Director-General of State Security Services, yesterday was the end of a chapter in a complex power play at the presidential villa.

Recalled from retirement on July 2, 2015 by President Muhammadu Buhari to head the secret service, Lawal, a close associate of the president from his Daura homestead, was destined to be a major pillar of the power structure of the Buhari presidency. Continued on page 8

Former Kano Deputy Governor, 10 others defect to PDP... Page 10

A COUP AGAINST THE LEGISLATIVE BRANCH... Armed operatives of the Department of State Security (DSS) block the gate of the National Assembly, Three Arms Zone in Abuja… yesterday

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BPP Deploys Data Exchange Tool to Check Corrupt Bidding Process Moves to prevent obstacles to 2018 Budget Ndubuisi Francis in Abuja The Bureau of Public Procurement (BPP) has deployed a data exchange strategy in the bidding process with a view to eradicating the patronage of portfolio companies as well as prevent companies from providing false claims in their submissions to gain undue competitive advantage. The agency recently deployed an updated version of the National Database of Contractors, integrated with other governmental agencies, including the Corporate Affairs Commission (CAC), Federal Inland Revenue Service (FIRS), Industrial Training Fund (ITF),

Nigeria Social Insurance Trust Fund (NSITF) and the National Pension Commission (PenCom), for real-time data exchange. The BPP Director General, Mamman Ahmadu, who spoke yesterday at the opening of a six-day sectoral capacity building workshop on public procurement process, also disclosed that the agency had moved to address procurement impediments that may affect the smooth implementation of the 2018 federal government budget. He stated that the capacitybuilding programme, which is being attended by heads of procurement departments in Ministries, Departments

and Agencies (MDAs) of government, was part of measures to have an allinclusive procurement process. As the regulatory agency responsible for the monitoring and oversight of public procurement, he stated that the BPP was putting in place adequate measures to have an efficient procurement system. According to him, as part of BPP's drive for innovation in running a sustainable public procurement process, the agency recently deployed an upgraded version of the National Database for Contractors. The database, he noted, is integrated with other sister government agencies such

as the Corporate Affairs Commission (CAC), Federal Inland Revenue Service (FIRS), Industrial Training Fund (ITF), Nigeria Social Insurance Trust Fund (NSITF), and the National Pension Commission (PenCom), for real time data exchange. " This data exchange is aimed at fighting corruption by eliminating the use of falsified documents in the bidding process. "The exchange of data also aims to eradicate the patronage of portfolio companies, prevent companies from providing false claims in their submissions to gain undue competitive advantage. "For instance, the number of

personnel a company claims to employ in a bid to secure a contract should match the number making contributions in pensions, ITF and employee compensation scheme," he said. Ahmadu also stated that the BPP had deployed a National Open Contracting Portal (NOCOPO), to ensure that public procurement information is publicly available so that all stakeholders can engage with the entire procurement cycle. This would enable interested parties such as civil society organisations and the private sector to monitor every contract awarded by the Federal Government to

ensure that they are delivered as expected, he said. He added: "When things are hidden it is very easy to do sharp practices, thinking that nobody would detect what you are doing. "However, when they are open, you have no place to hide and if you are doing something untoward, it will easily be noticed by others and be brought to public notice and that is the reason we want to be open in the procurement process. "This will also be an avenue to curb instances of project abandonment, as contractors that are bad performers will be easily detected through the portal," Ahmadu added.

‘’The acting president was angry with the whole situation; Lawal Daura’s action was a threat to the national security and no responsible, sensitive and responsive government will tolerate his action.’’ Broadly condemned by Nigerians, the invasion of the National Assembly by security operatives was said have been planned and executed by the Adams Oshiomhole-led All Progressives Congress (APC) leadership in conjunction with APC’s senators in order to forcefully remove the Senate President Bukola Saraki and his deputy, Senator Ike Ekweremadu, from office.

They noted that yesterday was a sad day for democracy as very early in the morning, they got reports backed by video and pictures, from members of staff of the National Assembly, their colleagues from both chambers and other individuals, about the heavy presence of security personnel, who insisted that nobody would enter the complex except certain senators who were to be conveyed into the complex in a Coaster bus. They said but for the outcry of the public and the negative signals from the international community, the siege to the legislature would have been sustained. According to them, "It is not clear what the plan of the government is but information reaching us indicated that some senators who are proexecutive arm are being camped somewhere in Abuja and they are being compelled to sign an impeachment notice that would later be brought to the Assembly complex. “The Senate Chamber will now be forced open to enable an illegal change of leadership take place in the Senate.” Saying the Senate was properly adjourned on July 24, 2018 and it stood adjourned, they warned that any attempt to reconvene without following the rules of the Senate would be unlawful. They emphasised, "To reconvene, there is a process, which has to be followed. Also, it should be clear that these senators who are camped

somewhere know the procedure for changing the leadership of the Senate. Both the leadership of the All Progressives Congress (APC) and the Presidency officials masterminding this illegality know that they do not have the numbers to lawfully carry out this action.” Saraki and Dogara, therefore, urged Nigerians and the international community to condemn, what they called the illegal invasion of the National Assembly complex and the attempt to asphyxiate the legislature, as undemocratic, uncivilized and irresponsible. They said, "Let us use this opportunity to thank our colleagues in the Senate and House of Representatives who immediately mobilized to resist this coup against democracy. Their action will be recorded as one taken at a time when the soul of this country is being imperiled. They have acted to avert the breakdown of constitutionalism and collapse of the rule of law. They have stood up to dictatorship and demonstrated that this country belongs to all of us. "We also thank members of the press, local and international, and all Nigerians whose support for the cause of democracy have sustained us this far.” They announced the postponement of the joint meeting of the leadership of the National Assembly earlier scheduled for yesterday.

Ending Impunity, Osinbajo Sacks DSS DG, Lawal Daura Director-General, State Security Service, Lawal Musa Daura with immediate effect,” a terse statement by the Senior Special Assistant to the Vice President on Media and Publicity, Mr. Laolu Akande, said, adding, "Mr. Daura has been directed to hand over to the most senior officer of the State Security Service until further notice."

Mr. Mathew Seiyefa was last night appointed the acting DG of the secret service to replace Daura. The nation had woken up to the rude shock of an early morning blockade of the National Assembly by hooded and heavily armed operatives of the secret service who prevented federal legislators and staff of the legislature from accessing the complex. The action, claimed to have been ordered from above, effectively truncated a scheduled meeting of the principal officers of the National Assembly intended to review an executive request to reconvene the federal legislature from its recess to consider urgent matters of national importance placed before it by President Muhammadu Buhari. As the blockade drew instant public opprobrium, an embarrassed Osinbajo, THISDAY learnt, sought to know from Daura, by whose authority the operation was carried out but was reportedly rebuffed by the director general of the secret service, leading to a face

off that eventually yielded his summary sack. Akande’s statement yesterday, however, explained that the secret service’s operation was unlawful and done without the knowledge of the Presidency, insisting that it was condemnable and completely unacceptable. "Acting President Yemi Osinbajo, SAN, has described the unauthorized takeover of the National Assembly complex earlier today as a gross violation of constitutional order, rule of law and all acceptable notions of law and order,” it said, adding, "According to him, the unlawful act which was done without the knowledge of the Presidency is condemnable and completely unacceptable.” It said the acting president would go beyond the sacking of the head of the secret service and proceed to deal with all other operatives that participated in the unlawful and unauthorized invasion of the National Assembly. THISDAY gathered yesterday that had Daura comported himself properly and responded respectfully to the queries from the acting president, his job might have been saved. According to impeccable presidency sources, upon learning of the development at the National Assembly, the acting president called the DG of DSS and asked to know what was going on especially given the unsavory public attention it had attracted. But in his response, Daura was

said to have told Osinbajo he was acting on an ‘order from above,’ to which a stunned Osinbajo was said to have sought to know which ‘other above’ was greater than him as the acting president. Not pleased with his response, the acting president, it was said, insisted on knowing the rationale behind an action that had earned the government more public opprobrium than it deserved, but this time, Daura was said to have told him not to interfere, because it was beyond him and hung up, in clear disregard for Osinbajo. Justifiably livid, Osinbajo was said to have immediately asked for a meeting with him and the Inspector-General of Police, Ibrahim Idris, whose men too were said to have aided the operations of the DSS at the National Assembly. However, while the Police IG was alleged to have reached the office of the acting president about 10 in the morning following the emergency summon, Daura was said not to have come until 1pm, a development that further angered Osinbajo, who not only fired him but ordered his arrest for undertaking an action that could harm democracy. A source related what transpired, ‘’Even after keeping the Acting President waiting for hours, the sacked DG, Lawal Daura, responded to Professor Yemi Osinbanjo’s questions indecently, and was reluctant to take instruction from him on the invasion of the National Assembly by his men.

Saraki, Dogara, Others Condemn Siege to N’Assembly Senate President, Dr. Bukola Saraki, and Speaker, House of Representatives, Hon. Yakubu Dogara, condemned yesterday’s siege to the National Assembly premises by operatives of the Department of State Security, saying it's another attempt to subvert democracy in the country. In a statement jointly signed by the two presiding officers of both Chambers of the National Assembly on Tuesday, Saraki and Dogara said the heavy presence of armed security men who unnecessarily militarised the legislative complex and harassed legislators and the workers in the complex could not be justified in a democracy.

Continued on page 10

At War with Monguno, Aligned with Daura, Lawal was the Cabal's Face And in the bipolar struggle for power at the presidency, Lawal understandably aligned with Mamman Daura, an erstwhile journalist and powerful business mogul nephew of Buhari, whose enormous influence on the president is well known. On the other side of the polar was Babagana Monguno, the National Security Adviser, who had on his side, Ibrahim Magu, the controversial boss of the Economic and Financial Crimes Commission (EFCC). Coming from the Daura homestead of the president and being a close ally of his powerful nephew, the former head of the secret service easily became the feet of the ‘cabal’ at the villa with so much gut and gusto that he could take any of the other power contenders without much ado. This much played out in two instances. First was the controversial security report the DSS wrote to the Senate that effectively blocked Magu’s confirmation as the chairman of the EFCC. This brought him eyeball to eyeball with Osinbajo, who was favourably disposed to

Magu’s appointment. In spite of the efforts of the vice president, who clearly by implication had pitched his tent with the NSA camp, Senate confirmation was withheld. But using his vast knowledge of the law, the vice president exploited a loophole in the 1999 Constitution to maintain Magu in office in an acting capacity. That fight was barely over when another battle front was opened through the clash between Magu’s EFCC and the National Intelligence Agency over the latter’s safe house that was invaded by the former where about N13billion in several foreign currencies were seized. With the Director-General of the agency, Ambassador Ayo Oke sent on suspension and made to face an administrative enquiry at the instance of Osinbajo, who headed the panel with Monguno and the Attorney-General of the Federation, Mr. Abubakar Malami, as members, the stage was set for the second fight. Perhaps motivated by the need to protect the independence of the intelligence community,

Lawal stood behind Oke and offered to appear before the panel. Osinbajo working with Monguno blocked Lawal. And in spite of his working alliance with the Malami, Lawal could not stop Osinbajo from producing an adverse report on Oke. But as it happened in the Magu’s confirmation fight, the NIA investigation has effectively ended in a stalemate as nothing concrete has happened since the report was submitted to the president more than a year ago. Osinbajo, no doubt, saw the hidden hand of Lawal in this. While Osinbajo might have seen Lawal as a law enforcement officer who seem to have taken undue advantage of his close association with the president to become a law on to himself, answerable to no one, the former head of secret service felt he had a responsibility to defend the independence and integrity of the intelligence community from the prying eyes of the noninitiates, including Osinbajo and Monguno. Intelligence community watchers think though that Lawal was on the right path

and they praised him for elevating the status of the DSS and preventing it from been humiliated. But he probably allowed such silent praises to get into his head and thought he could act with impunity. During the DSS invasion of the residence of some justices of the Supreme Court and judges of high courts, Osinbajo was said to have expressed deep concern quietly that Lawal was going too far outside the law. But Magu expressed his own objection openly. Meanwhile, the DSS under Lawal had become bad news in the human rights community, with most abuse of law that had darkened the image of the Buhari administration attributed to it. Its refusal to release former NSA Sambo Dasuki and Shiite Leader El-Zakzaky after several courts had granted them multiple bails were the main reference point of anyone who wanted to carpet the administration for rights abuse. But had Lawal limited his fight to struggle for power over security issues, presidency sources told THISDAY, he

probably might have survived. He was said to have strayed into the political tough, allying with Mamman Daura and a governor from the South-west to shop for a South-east replacement for Osinbajo in the impending 2019 presidential election. This, more than anything else, the sources said must have put him at loggerheads with south-west leaders in the APC. Yesterday when the siege to the National Assembly occurred, with the attendant embarrassment to the federal government. The former DSS boss feeling not particularly responsible to the acting president, sent his men to the National Assembly, without the authorization of the acting president, to provide safe passage for federal legislators, who wanted to effect leadership change at the Senate. The move backfired hugely, and the public outcry as well as the anger it generated within the international community was the perfect chance Osinbajo needed to ease out Lawal, who hitherto had become untouchable and above the law.

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Former Kano Deputy Governor, 10 Others Defect to PDP Six APC lawmakers set to join PDP

Ibrahim Shuaibu in Kano The immediate past Deputy Governor of Kano State, Prof. Hafiz Abubakar and 10 of his aides, who resigned from Governor Abdullahi Ganduje’s administration yesterday defected to the Peoples Democratic Party (PDP) from the ruling All Progressives Congress (APC). This is coming as six proKwankwasiyya APC lawmakers in the state House of Assembly are set to defect to the PDP. Abubakar who announced his defection at a ceremony organised by the Kwankwasiyya loyalists held at Mambayya House in Kano, the state capital yesterday, said he decided to defect to the PDP to toe the line of his godfather, Senator Rabiu Kwankwaso who defected to the PDP last week.

An immediate past Special Adviser attached to the Deputy Governor’s office at the state Government House, Hafiz Ahmed Bichi, who is among the 10 Senior Special Advisers (SSAs), who tendered their resignation letters on Monday, confirmed the development to journalists. He attributed their actions to the unresolved dispute between the state Governor Ganduje and his predecessor, Kwankwaso, saying since their leader (Kwankwaso) had left the party for the PDP, they have no choice than to follow suit. One of the former aides, Dr. Abdullahi Zubairu Chula , who addressed the press conference on behalf of his aggrieved colleagues, said their decision was informed by their desire to join their leader and former deputy governor. Chula, who, was the Special

Adviser on Non-Governmental Organisation, said among those who also resigned were: Shamsu Aliyu Samanja (Senior Special Assistant on Public Affairs) and Alhaji Hafizu Bichi (Special Adviser attached to Deputy Governor’s office). He also said “We decided to resign because our leader, the Deputy Governor, Prof Hafiz Abubakar has also left the government.’’ Others are: Dr Bakari Ado Hussaina (Special Adviser on Education), Alhaji Nagoda (Special Adviser on Graveyard), Habibu Abubakar (Senior Special Assistant) and Idris Salisu Rogo (SSA attached to Deputy Governor’s office). The rest are: Usman Kassim Bichi (Special Assistant to Deputy Governor on Education), Hafizu Alkali Jingau (PA at Deputy

Governor’s office), Shamsu Kura (Special Adviser Media) and Rukayya Jibrin (Senior Special Assistant on Drug). He said all the 10 aides had since forwarded their resignation letters to the Secretary to the State Government (SSG). In a related development, six pro-Kwankwasiyya APC lawmakers in the state House of Assembly are expected to defect to the PDP, following the resignation of the deputy governor. An immediate Special Adviser attached to the Deputy Governor’s Office at the state Government House, Hafiz Ahmed Bichi, who was among the 10 Senior Special Advisers (SSAs), that have tendered their resignation letters on Monday, confirmed the development to reporters in Kano yesterday.

Abubakar

CRUDE OIL PRICE RISES ABOVE $74 AS US SANCTIONS ON IRAN TAKE EFFECT oppose the sanctions, but the US government said it wants as many countries as possible to stop buying Iranian oil. “We are going to work with individual countries on a caseby-case basis, but our goal is to reduce the amount of revenue and hard currency going into Iran,” Reuters quoted a senior US administration official as saying on Monday. The sanctions are already brewing a potential confrontation between the US and Iran as

Tehran has threatened to block the Strait of Hormuz, an important sea route through which tankers ship more than 30 per cent of crude oil to the international market, in retaliation to the sanctions. All the Persian Gulf oil exporters such as Saudi Arabia, Iran, Iraq, Kuwait, Qatar, the UAE, and Bahrain, ship their crude oil to the international market through the Strait of Hormuz. But the US military has

promised to counter any blockade of the Gulf passageway. Iran’s President, Hassan Rouhani responded during a rare visit to Europe last month that Tehran could disrupt regional crude shipments and cut its cooperation with the UN nuclear watchdog. The Guardian of the UK reported that the commander of Iran’s elite Revolutionary Guards, whose forces patrol the Strait of Hormuz, had stated that the guards were ready to

put Rouhani’s words into action if necessary. However, the US navy promptly signalled it was ready to confront Tehran militarily in response. The Guards commander, Mohammad Ali Jafari, was quoted by the semi-official Tasnim news agency as saying: “We will make the enemy understand that either everyone can use the Strait of Hormuz or no one.” A spokesman for US Central

Command, Bill Urban, said Washington and its allies provided security in the region and would not stand idly by. “Together, we stand ready to ensure the freedom of navigation and the free flow of commerce wherever international law allows,” he said. Analysts have cautioned that a global heatwave could affect oil demand. Much of the northern hemisphere has been gripped by extreme heat this summer,

pushing up demand for industrial and residential cooling. This mostly affects demand for power fuels such as thermal coal and natural gas. But US bank, JPMorgan, said a warmer-than-usual fourth quarter could stem from a potential El Niño weather pattern that “can cause droughts, flooding and other natural disasters across the globe, including heatwaves in the US that affect commodities.”

The National Chairman of the PDP, Prince Uche Secondus, urged the United Kingdom to expel President Muhammadu Buhari over alleged complicity in the siege to the National Assembly. He commended the courage of the Osinbajo in sacking Daura. The national chairman said that Britain should not allow its environment be turned into a haven for anti democracy conspirators. Secondus said in a statement signed by his media adviser, Mr. Ike Abonyi, that the president left the country to UK for 10day medical leave to enable the nefarious activities they lined out against democracy be executed in his absence. The Northern Leaders and Stakeholders Assembly (NLSA) also deplored the siege, describing it as the worst form of impunity the country has witnessed in recent history. In a statement by the Secretary of group, Alhaji Umar Ardo, it said it watched with awe the trampling of Nigeria's democratic values as perpetrated by the President Buhari-led APC federal government. NLSA added that the attempt to unlawfully open the Senate chambers by the siege on the National Assembly for whatever reason in a Gestapo-like manner by the Nigerian security forces was perhaps the worst form of impunity the country had witnessed in recent history.

way of saving the country from an imminent collapse. The party said that by sending armed security men to invade the National Assembly and blocked lawmakers from accessing the legislative chambers; President Buhari had crossed the line and put the democracy in jeopardy. In a statement issued by its National Publicity Secretary, Mr. Kola Ologbondiyan, the PDP condemned what it said was an attempt to shutdown the highest lawmaking organ of the Nigerian government. "The invasion of our highest legislative institution by agents of the Buhari-led executive, a few months after the Senate mace was blazingly carted away by armed hoodlums, is condemnable, reprehensible, unpardonable, and completely unacceptable,” the party said. It added, "With this siege, barely a week after presiding officers of the Senate were held hostage at their residences, it has become clear that the Buhari Presidency and the All Progressives Congress (APC) intend to forcefully overrun and ultimately shutdown the highest lawmaking organ of the Nigerian government and pave the way for the total suspension of constitutional rule in the country.”

Secretary, Mr. Yekini Nabena, “Our Party remains a law abiding political organisation and advises every constituent part to abide by the tenets of our constitution and our democracy. “While our contention with the leadership of the National Assembly as currently constituted is a matter of public record, we still believe that the legislature as an independent arm of government must be allowed free reign for vibrant contestation of ideas and values amongst its members within the context of their constitutional mandate and for the benefit of the Nigerian people. “We call for a more harmonious working relationship between the various arms of government in the general interest of the country.” rAPC Condemns DSS Action The reformed All Progressives Congress (rAPC) condemned what it described as reckless conduct exhibited by the DSS in authorising the siege to the National Assembly. In a statement by its spokesman, Prince Kassim Afegbua, rAPC said the sacking of the Director-General of DSS was good riddance to bad rubbish. rAPC said rather than devote its energies to fighting Boko Haram and other cases of insecurity to give Nigerians a new lease of life, the DSS under Daura had become one of a partisan lot against the collective interest of the state and Nigerians. It added that President Buhari had not shed the military toga despite his allusion to being a democrat. Benue State Governor, DR. Samuel Ortom, also condemned the invasion urging all patriots to resist what he described as impunity.

ENDING IMPUNITY, OSINBAJO SACKS DSS DG, LAWAL DAURA "Following this unpleasant development, the joint leadership meeting slated for this afternoon has been postponed till further notice because under the prevailing circumstances, we cannot guarantee the safety of the 20 members from both chambers expected at the meeting," Saraki and Dogara stated. Backing their leaders yesterday, the National Assembly Caucus of the Peoples Democratic Party, PDP, called for the sack of the Inspector-General of Police, IGP, Ibrahim Idris, over his alleged role in the invasion of NASS premises. Senator Abiodun Olujinmi (Ekiti South) who spoke on behalf of the caucus at the NASS lobby yesterday afternoon said the IGP should also be given the boot for the role his officers and men played while NASS invasion lasted.

More Reactions from Notable Nigerians Notable Nigerian leaders and groups yesterday described the siege as a coup d’état for which the perpetrators must face treason charges. Those who spoke with THISDAY also commended the sack of the Director General of the DSS, Mr. Lawal Daura, by the Acting President, Prof. Yemi Osinbajo. In separate phone interviews with THISDAY, the leaders insisted that such action on the National Assembly was an assault on democracy. Septuagenarian former Liaison Officer to former president, Alhaji Shehu Shagari, Alhaji Tanko Yakassai, while reacting described the development as a coup d’état. While he suspected that the

president might have deliberately excused himself by travelling to London to pave the way for the clamp down on the legislative chamber, he feared that such actions might impact negatively on the 2019 general election. "It is an indication that what I fear in the next election will come to pass, that the security forces and probably the Independent National Electoral Commission (INEC) will not allow free and fair election. That will be the beginning of the end of democracy for now in Nigeria," he warned. Prominent Yoruba leader and Afenifere chieftain, Chief Ayo Adebanjo, said the actions of the security operatives were a shame on Nigeria. He said, “It shows the level to which we have degenerated in this country; a country that claims to be the leader of the African world. There is nothing to say about it. I am just ashamed. "The head of the security; the acting president asked him, does he know about it and he said order from above and he sacked him and you said he doesn't have the right to sack him. What kind of a country is that? That is the head of security that was in conflict with other security arms. Not even a word from the president! "It is unfortunate for the country. We can just say law and order has broken down!" National Publicity Secretary of Afenifere, Mr. Yinka Odumakin, said, "What happened is a coup d’état and when there is coup; if it is under the military, he will go to the tribunal. What he has done is treason! So, Daura and his accomplices must be charged for us to know that there is no cover up somewhere." According to him, "The sacking of the DSS boss by Osinbajo

may suggest that that may be why Osinbajo was not carried along, but may be Daura got instructions from those higher than Osinbajo. "The only thing that we will not accept is to say that Daura carried out this coup on his own. They have to look for a fall guy and that is why we accept the sacking of Daura as too token. It is tokenism." Also, former Vice President, Atiku Abubakar, commended Osinbajo for listening to the clarion call of Nigerians and taking action to halt the illegal and anti-democratic siege of the National Assembly by the DSS. Atiku noted that by firing Daura, the acting president gave meaning to the cries of Nigerians that we would not tolerate such anti-democratic actions. In a statement issued yesterday by his Media Office, former vice president urged all statesmen and political leaders to put aside partisanship and rally round the acting president during these fragile times for our democracy. “These are delicate times for Nigeria and all lovers of democracy and the rule of law must be extra watchful lest antidemocratic forces take advantage of all we have worked hard to build, he said.” Similarly, former Secretary to Government of the Federation, (SGF), Chief Olu Falae, described the sack of Daura as a welcome development to save the nation's democracy from total collapse. Falae, who spoke in Akure, the Ondo State capital, after the state congress of the Social Democratic Party (SDP), said the action of Osinbajo, has helped to stabilise Nigerian polity and saved the nation's democracy from total collapse calling for punishment for any erring public officers in the country.

PDP Asks N’Assembly to Invoke Powers against Buhari In its reaction, the PDP urged the National Assembly to immediately pull the full weight of all legislative instruments against President Buhari as a

APC Condemns National Assembly Invasion The APC too condemned in strongest terms, what it described as the unfortunate invasion of the National Assembly by security forces, saying the party wholly dissociates itself from any act of brigandage and affront on the sacred symbols of our budding democracy. According to the party in a statement by its Acting Publicity

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NEWS

ĂœĂ™Ă&#x;Ăš Ă?ĂĄĂ? ĂŽĂ“ĂžĂ™Ăœ Ejiofor Alike Ă—Ă‹Ă“Ă– Ejiofor.Alike@thisdaylive.com, 08066066268

FG Cautions Politicians against Security Breach at Airports FAAN to allocate designated areas for political activities Airbus confirms talks with FG over national carrier Chinedu Eze The federal government has cautioned politicians to desist from encouraging their supporters to access restricted areas of the airports, insisting that such action constitute security threat to travellers and other airport users. Also, following the recent invasion of the Sultan Abubakar 111 International Airport, Sokoto, by the supporters of the former Governor of the state, Senator Aliu Wamakko, the Federal Airports Authority of Nigeria  (FAAN) has been directed to designate an area at every airport in the country, especially domestic airports where supporters of political parties should wait and receive their leaders. These developments are coming as the major aircraft manufacturer, Airbus has confirmed that it is in talks with the federal government on aircraft order for national carrier, Nigeria Air. The Minister of State for Aviation, Hadi Sirika, gave the warning yesterday after a meeting with the Managing Director of FAAN, Saleh Dunoma, and the Director General of the Nigerian Civil Aviation Authority (NCAA),

Captain Muhtar Usman, in Abuja.  The meeting was convened following last Friday’s invasion of the Sultan Abubakar 111 International Airport, Sokoto, by the supporters of Wamakko. The minister condemned the invasion, saying it is against global standard practices and insisted that a solution must be found to avert such incidents in the future. A source privy to the meeting told THISDAY that after deliberations, it was agreed that FAAN must designate an area at every airport in the country, especially domestic airports, where such supporters must wait and receive their leaders. It was also agreed that the FAAN should sensitise politicians on the need to ensure that security regulations are not breached to avert threat of lives and property at the airports. In reaction to the incident, NCAA in a statement said it has commenced a full scale investigation into the wanton security violation. It called on FAAN, the police and other security agencies to continue to work together to ensure that all airports are safe and secure for airline operations.

Spokesman of NCAA, Mr. Sam Adurogboye, said the agency would carry out full scale investigation into the incident.  “The Nigerian Civil Aviation Regulations (Nig.CARs) Part 17.48.3(c), which stipulate that access by persons and vehicles to restricted areas, enhanced security restricted areas and sterile areas are restricted only

to persons who have a clear need for such access by virtue of their duties,� Adurogboye said. He stated that the NCAA would not tolerate the reoccurrence of any such safety and security violations at any of the country’s airports, adding that in view of the anticipated increase in aviation activities, FAAN as well as other State and private

aerodrome operators should beef up safety and security systems at their airports. The agency also cautioned the public to desist from the unlawful acts, adding that it will not hesitate to impose severe sanctions on any person, group of persons or organisations found culpable. Meanwhile, a major aircraft manufacturer, Airbus has

confirmed that it is in talks with the federal government on aircraft order for national carrier, Nigeria Air. Airbus made the confirmation in response to THISDAY request, saying that it is at different levels of discussion with the federal government over the national carrier.

Cont’d on Pg 50

Akpabio Resigns as Senate Minority Leader Gov Emmanuel sacks culture and tourism commissioner Okon Bassey Ă“Ă˜ ĂŁĂ™ The Senate Minority Leader, Senator Godswill Akpabio has resigned his position in the Senate. This development is coming as the Akwa Ibom State Governor, Udom Emmanuel has sacked the state Commissioner for Culture and Tourism, Victor Antai from the state executive council with immediate effect. Akpabio’s resignation was contained in a letter dated August 4, and addressed to the Deputy Senate Minority Leader, Senator Emmanuel Bwacha. “This letter is to formally inform you of my resignation as the Senate Minority Leader with effect from August 4, 2018,â€? Akpabio said in the letter. The former Akwa Ibom State governor, who released the letter yesterday, thanked the Senate leadership, his colleagues, and the Peoples Democratic Party (PDP) for the opportunity given to him to lead the PDP caucus in the Senate for the past three years. Akpabio has been on the spotlight in the past few days, following his planned defection from the opposition PDP to the ruling All Progressives Congress (APC). He is scheduled to be formally received into the APC on Wednesday in a rally in Ikot Ekpene, Akwa Ibom state. Akpabio, though a first-timer, was elected Senate minority leader in 2015, against known

parliamentary convention where leadership positions are usually given to ranking senators. Akpabio is believed to have left the PDP as a result of his political differences with the Governor of Akwa Ibom State, Udom Emmanuel, may be responsible for his leaving the PDP. There were also speculations that the ruling APC may have used the Economic and Financial Crimes Commission (EFCC) to force the former senate minority leader to defect to the ruling party. Meanwhile, the Akwa Ibom State Governor, Udom Emmanuel has sacked the state Commissioner for Culture and Tourism, Victor Antai with immediate effect. The Secretary to the State Government; Dr. Emmanuel Ekuwem announced this yesterday in a statement issued in Uyo, the state capital. According to the statement, Antai was removed from the State Executive Council following his reluctance to comply with good governance processes of the state government. With the development he has been mandated to handover to the Permanent Secretary in the Ministry before close of work today August 8, 2018. The removal of the commissioner may not be unconnected with the planned defection of Akpabio to the APC as the former commissioner is his close ally.

YOU ARE WELCOME

L-R: Kwara State Governor, Dr. Abdulfatah Ahmed, presenting sourvenir to Chairman, Kwara State RoadTransport Employers Association of Nigeria (RTEAN), Alhaji Abdulrahaman Onikijipa, during courtesy visit to the governor at Government House, Ilorin..yesterday

PSC Boss, Smith Decries Bad Image of Police Senator Iroegbu Ă“Ă˜ ĂŒĂ&#x;ÔË˿ The Chairman of the Police Service Commission (PSC), Alhaji Musiliu Smith, has stated that the commission is worried over the current bad image of the Nigeria Police Force, an Institution that has continued to receive a lot of bashing from the public. In a statement issued yesterday by the Head, of Press and Public Relations, Mr. Ikechukwu Ani, the new PSC boss also called for the sack of recalcitrant officers in the police. Smith stated these when he received in audience, a delegation from the West African Conflict and Security Team from the British High Commission and United

States Embassy in Nigeria. He said the “commission will not hesitate to flush out any policeman found to be undisciplined and incompetent,� stressing that recruitment and promotion in the force will now be based on competence. The former Inspector General of Police (IG) disclosed that the commission would soon hold a retreat to set an agenda for its work. According to him, “The Nigeria Police are getting a lot of bashing; we are aware of our responsibility to sanitise the place and we are going to ensure that recruitment and promotion will henceforth be based on established rules and majorly on competence.�

Smith said the commission would give Nigerians a disciplined police force, a force they would be proud of and the one that would work within the dictates of the law and established rules and regulations. He said the commission was aware of the huge responsibilities before it and was prepared to make a success of the challenges. “We have a very good team; we are focused; we are already discussing on solutions and best ways to improve the police and ensure obedience to law and order. We will maintain close and cordial relationship with your team,“ he said. He requested for assistance from the delegation in the area

of building a PSC data base so that the commission would have a reliable data base to manage the personnel of the Nigeria Police Force. He also requested for assistance during the commission’s retreat. The delegation from the West African Conflict and Security Team were represented by Katrina Aitken-Laird, Security and Justice Adviser, British High Commission and Michael Bonner, Senior Police Advisor, United States Embassy. They pledged their support to the PSC in the areas of institutional reforms in the police, community policing and capacity building.

No Plan to Adopt Buhari, Says LP National Chairman Hammed Shittu Ă“Ă˜ Ă–Ă™ĂœĂ“Ă˜

Omotosho  spoke with  journalists in Ilorin, the The National Chairman of  the Kwara State capital, yesterday Labour Party(LP), Dr. Mike after  meeting with the executive Omotosho, has said the party officers and stakeholders of the does not have any plan to adopt party in the state. President Muhammadu  Buhari When asked whether the party as its presidential candidate. is adopting President Buhari as He however, expressed the its presidential candidate, he said: desire of the party to form an â€?We do not have the ambition alliance with the ruling All of adopting Buhari but it is not Progressives Congress (APC) impossible. after wide consultations with “When we are going to do that, the other stakeholders in the party  we will consult with everybody;Â

we will not work unilaterally; whatever we will do will be for the progress of the masses. If we have to do that, we will come with terms that they will accept which will benefit the masses. It is all about providing equal opportunities.� He also declared that he would not work with the Senate President, Dr. Bukola Saraki, saying: “Absolutely no! I, Mike Omotosho, stand alone as the National Chairman of LP as I speak with you; if at any time, it is needful

to associate with anybody, it will not be by proxy. We will associate with people based on the ideals that we believe in.� “If they believe such similar ideologies with you, automatically you can work with them. As Labour Party, we are standing alone today even if we may have cause to go into coalition, we will ensure that  agreements and ideals of Labour Party are protected which is providing equal opportunities for all,� he said.

WEDNESDAY, AUGUST 8, 2018˾ T H I S D AY

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REACTIONS TO THE INVASION OF THE N’ASSEMBLY …

NGF: Siege to the National Assembly Despicable Our Correspondents The Nigeria Governors’ Forum (NGF) yesterday condemned the attempted take-over of the National Assembly by operatives of the Department of State Services (DSS). NGF said it was an aberration. The Forum, without equivocation, reasoned that the siege on the National Assembly was a most despicable action, one that challenged the core of the nations democracy and threatened Nigeria’s corporate existence in the long run. The Chairman of the Forum, Governor Abdulaziz Yari, who is also a former member of the National Assembly, called on the Acting President to ensure that the participants in the unwise action are met by the full wrath of the law. Yari described the National Assembly as the bastion of democracy and added that an attack on it is an attack on the collective conscience of the country at large. He warned against such actions in the future, saying that such unbridled meddlesomeness by the nation’s security operatives was capable of plunging the country into the unfortunate circumstances of unnecessary confusion.

Democracy is Under Threat Due to Terrorist Style of APC, Says Wike Rivers State Governor, Nyesom Ezenwo Wike, has declared that the nation’s democracy is under threat as result of the military-terrorist style of the present administration. Wike, while, speaking on the invasion of the National Assembly by the Department of State Services (DSS), said that democracy revolves around diplomacy and lobbying. Wike urged Nigerians to rise up against the growing dictatorship of the APC-led federal government. He said: “I have said it before and I will continue to say it. There is a threat to democracy. When they started with Judiciary, I raised alarm that this thing will happen to all arms of government. Now it has spread to the legislative arm. “If well meaning Nigerians don’t speak up, our democracy will be truncated. Just one week ago, they laid siege and locked the Benue State House of Assembly. To the chagrin of all Nigerians, they invaded the beacon of democracy at the federal level.”

Ortom Condemns Action of DSS Benue State Governor, Samuel Ortom, has condemned the police and DSS invasion of the National Assembly, urging Nigerians to resist what he described as impunity. The governor insisted that the action of the security operatives has made the country a laughing stock and is capable of degenerating into lawlessness. “I condemn police invasion of the National Assembly and urge patriotic Nigerians to reject this impunity which is an assault on our democracy. We cannot afford to remain the laughing stock of the world,” he states. He said there are rules and procedures as well as constitutional provisions that govern the conduct of the business of the National Assembly and that any attempt to break them is condemnable. Ortom said a similar breach of democratic norms is also happening in the Benue State House of Assembly, and stresses that if it is tolerated at the highest level, the impunity would spread across the country. He described the sack of DSS DG, Lawal Daura, as a step in the right direction. The governor said the sack of the Daura was long expected, following the manner he ran the service. He urged the presidency to also look into the operations of other security agencies to save the country from the current wave of impunity.

Ihedioha Slams APC over Invasion Former Deputy Speaker of the House of RepresentativesHon. Emeka Ihedioha, has condemned the invasion of the National Assembly, by a team of Department of State Services and the Nigerian Police, blaming the ruling All Progress Congress (APC) for such illegality. The former Deputy Speaker, warned that Nigeria is too big for any individual or group to hold to ransom, adding “This democracy is too precious to Nigerians for any individual or group to hold to ransom. I wish to alert Nigerians that the APC National Chairman, Mr. Adams Oshiomhole and his band of notorious gangsters have become a nuisance and an increasing threat to our democracy and must not be allowed to truncate our hard earned democratic government. “I call on fellow democrats, civil society organisations, professional bodies, Nigerians and the international community to continue to be on alert to the anti-democratic vices of the APC-led government with a view to resisting their desperation to truncate our unity and plunge our nation into anarchy,” he stated.

Turaki: Invasion Threat to Democracy A presidential aspirant of the Peoples Democratic Party (PDP), Kabiru Tanimu Turaki (SAN) yesterday lauded the sack of Mr. Lawal Daura by Acting President Yemi Osinbajo. Turaki who was in Ibadan to seek Oyo PDP members’ support for his aspiration ahead of the party’s primary election, described the invasion of the National Assembly by security agents as threat to democracy and reversal of democratic credentials of the past 19years in the country. Aside, Daura, Turaki urged Osinbajo to give directive for the arrest

Staff and journalists locked out of the National Assembly complex by the Department of State Services (DSS) in Abuja... yesterday and prosecution of other officials involved in the despicable act. Turaki said the unfortunate incident was as a result of the failed government, led by the All Progressives Congress (APC). He noted that if the National Assembly which is a symbol of democracy could be trampled upon with impunity, the right of ordinary Nigerians can easily be threatened.

Ekiti PDP Upbraids DSS, Hails Sacking of Daura The Ekiti State chapter of the Peoples Democratic Party (PDP) has condemned the blockade of the two chambers of the National Assembly and prevented some federal legislators from entering to perform National assignment. The PDP said what the men of the Department of State Services (DSS) allegedly did at the Senate was tantamount to desecration of the legislature , which it described as a potent arm of government that gives lubricants and supports to the executive for good governance and giving efficiency to government’s policies. The party also hailed the sacking of the Director General of DSS, Lawan Daura, saying his action since assuming the top security seat in 2015 had been dogged with controversies, accusing the ex-security chief of always acting in a way that could erode the country’s democratic foundation. Speaking with newsmen in Ado Ekiti yesterday, the PDP state Chairman, Gboyega Oguntuase, said it was a national disgrace for masked DSS operatives to have blocked the National Assembly and insulated elected officials from performing their duties.

Ozekhome Calls for Daura’s Prosecution Following the pronouncement of a sack order on the Director General of the Department of State Security (DSS), Malam Lawan Daura by the Acting President, Prof. Yemi Osinbajo on Tuesday for security breaches, Human rights activists, Mike Ozekhome (SAN), has called for the prosecution of the former Director General of the Department of State Services (DSS), Malam Lawan Daura, for leading his men to invade the National Assembly. He described him as political usurper and a threat to the county’s democracy for. According to Ozekhome, the crude invasion and condoning off of the National Assembly, was hatched by top APC echelon and the presidency to illegally and unconstitutionally overthrow the leadership of the Senate. He said while treason is punishable by death, treasonable felony is punishable by life imprisonment. He added that all those who participated in the national shame that has caused Nigeria monumental international odium, opprobrium and derision, must surely fall into one of these limbs and must be treated as such. He called on President Muhammadu Buhari to exonerate himself, for once, by speaking up loud and clear in condemnation of this subversive and criminal acts against Nigeria’s sovereignty

HURIWA Describes Unconstitutional

Invasion

as

A non-governmental organisation, Human Rights Writers Association of Nigeria (HURIWA), has described as unconstitutional and treasonous, the invasion of the precinct of the National Assembly by masked armed operatives of Department of State Service (DSS) and the police. The rights group for the umpteenth time warned the executive branch of government which controls armed security forces to stop forthwith the desecration of the legislative arm of government with

the subterranean motive to unseat the leadership of the National Assembly. HURIWA faulted the invasion of the National Assembly by the armed security forces when their presence was not occasioned by any official invitation by either the principal officers of the National Assembly namely the Senate President, the Speaker of the House of Representatives, the Deputy Senate President; the Deputy Speaker or the Clerk of the National Assembly. HURIWA warned the rebellious All Progressives Congress senators plotting to illegally unseat the constituted authority to know that their illegality would not have the cobstitutional force of legitimacy and therefore any outcomes of their deliberations for a regime change amounts to an unmitigated illegality which remains null, void of of no moment. In a statement by the National Coordinator, Emmanuel Onwubiko and National Media Affairs Director Miss Zainab Yusuf, HURIWA called on the United Kingdom, United States, Germany and European Union to use their collective influences as world leaders of democracy to call on President Buhari to desist from using armed security forces to arm twist and undermine the independence of the legislature.

Adegboruwa Flays Invasion A lawyer and activist, Ebun-olu Adegboruwa, has condemned in its entirety the invasion of the National Assembly yesterday by operatives of Department of State Security Services (DSS). The operatives invaded the legislative house and prevented officials and lawmakers from gaining access to their offices and chamber respectively. Adegboruwa in a statement made available to THISDAY, said there was no prior notice of any security issue in the National Assembly to justify the invasion. He explained how some of the legislators, like Hon. Goodhead Boma resisted the invasion and called the bluff of the DSS operatives, by taking their rightful space in the National Assembly premises. He said that not long thereafter, the President of the Nigerian Bar Association (NBA), issued a stern statement, warning of dire consequences for the government, if the DSS operatives were not withdrawn and the Acting President, Yemi Osinbajo, immediately condemned the invasion and thereafter sacked the Director of DSS.

Group Calls for Probe, Prosecution A pro-democracy group, Movement for Democratic Goals (MDG), has called for strict and unbiased probe of yesterday Gestapo invasion of the National Assembly by masked armed officials of the Department State Service (DSS). The group in a statement by its National Coordinator, Umar Abdulahmed described the siege on the NASS complex as a treason offense and a legislative coup aimed at toppling a democratic institution. It said: “If such coup attempt which could be described as a treasonable act is allowed to be swept under the carpet without adequate probe and prosecution of all perpetrators, it will set a terrible precedence for the nation’s nascent democracy. While it is note worthy that the Acting President, Prof Yemi Osinbajo has sacked the Director General of the DSS, Mamman Daura for his involvement in the gestapo operation, there is still more to be done, all those involved must also face the full wrath of the law. There should be no sacred cow. “We also commend members of the National Assembly for confronting the tyranny being forced down the throat of Nigerians and we urge them not to bend to any form of threat, tyranny and impunity that could plummet the nation into anarchy. Nigerians are counting on them to help sustain this hard earned democracy,” the group said.

T H I S D AY ˾ WEDNESDAY AUGUST 8, 2018

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COMMENT

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

POLITICIANS FOR SALE,VOTERS FOR AUCTION No society has been held captive for ever, writes Tola Adeniyi

“

Ogede ree olobo yo! Olobo [okobo] yo nii’Korodu o!�[This is banana the ultimate delight of the eunuch! The Ikorodu eunuch!] That was the common marketing slogan of the banana hawker in those days when banana was considered as aphrodisiac and was potent enough to cure the eunuch. There were several other marketing slogans in those days of old, and even up till now. “E wo’ju obe, k’e mu’yon!� [Take a look at my soup and grab your wrap of pounded yam!] was another popular marketing slogan which perhaps is very appropriate in the marketing of purchasable politicians of today’s Nigeria. The ‘come and chop’ politics that has been in the vogue since 1999 has reached its crescendo in the present climate of politics of the stomach which serves the selfish interests of both the politician and the voter. Politics has become the most lucrative business in Nigeria today, rivalled perhaps by the prosperity factions of the Church and the Mosque. And the leading entrepreneurs in the politics industry have perfected their marketing strategies. Politics entrepreneurs start their industry by creating a political party. Thereafter they scout for like minds; usually greedy money bags, influence peddlers and loud mouthed media practitioners. Thereafter they acquire office spaces, even if it is just one room, in the 36 states of the country plus one in the Federal Capital Territory. The next stage is party registration. As soon as the entrepreneur is armed with certificate from the relevant authority, he launches his new business with fan fare. A political party, like a new prosperity Church is born. Nigeria is awash with political parties mostly pretenders as opposed to the genuine. And because the space is littered with mushroom political parties there is cutthroat struggle to gain dominance. All sorts of marketing strategies are brought into play like the slogan for selling banana as a cure for erectile dysfunction. With politics industry now in its advanced stage, major entrepreneurs of political parties have set up sales offices throughout the country for the single purpose of buying and selling politicians. Attractive incentives are dangled before prospective politicians that are on sale. Incidentally, in an industry devoid of any ideology or philosophy or manifesto, every politician is sellable and buyable. Purchased politicians are like serfs of old. Most of them have no mind of their own, they stand for nothing and they are usually deployable for any dirty assignment. They suffer low self esteem and they are prepared to lick the boots of their masters. At the end of the day they are left with only the crumbs off their masters’ tables. With such characters crowding our political space is there any wonder why Nigerian politicians have not been able to deliver meaningful services to the citizenry? Is there any wonder why the country is in a confused state? Is there any wonder why there is no cohesive policy that can move the country forward? The situation has now become compounded by the deliberate pauperisation and impoverishment of the generality of the populace to the extent that some citizens with Masters Degree will stop you on the street and beg for a mere N500. It is saddening that millions

WE NOW HEAR PITIABLE SLOGANS LIKE ‘VOTE AND COOK STEW’, ‘VOTE AND COLLECT N4000’ AND SUCH SIMILAR NONSENSE. NIGERIANS HAVE BECOME MALLEABLE CLAY IN THE HANDS OF POLITICS ENTREPRENEURS

of Nigerians will readily sell their conscience and future for a mere pittance. We now hear pitiable slogans like ‘vote and cook stew’, ‘vote and collect N4000’ and such similar nonsense. Nigerians have become malleable clay in the hands of politics entrepreneurs. Voting is decided by the amount of cash at the disposal of contenders to political office. Voters are induced with cash and other miserable gifts to harvest their votes. It is like a bazaar at voting points. Voters are up for auction while their votes go to the highest bidder! It is the same scenario at the primaries. What all these translate into is that we do not get true representatives of the people. And to make matters worse, those who have opinions, those who are informed, those who are rightly the leaders of the society run away from active participation in the charade that eventually produce ‘political leaders’. This is why Nigeria is in serious trouble. Politicians are traders and business men and women. They are crude hustlers and gamblers. They are basically devoid of any emotions. And because they are hustlers and gamblers, they gamble with the collective future of the masses of the country. They are not concerned about the ethnic cleansing going on in major sections of the country. They are not bothered by all the kidnapping, ritual murders, severe insecurity and the hopelessness of Nigerians. They are not concerned with the growing lawlessness, impunity and tyrannical dictatorship ravaging the country. They are not bothered about the military document we operate as ‘Constitution’. They are not concerned about the crying need for restructuring or returning the country to workable confederation and parliamentary system. No. All that they are concerned with is how to win elections and continue with their ruinous occupation of killing the country. How do we terminate this vicious cycle of terrible politicians and impoverished voters? How do we free ourselves from this yoke? Let me say though that there are still a few genuine men and women who are patriotic and concerned about the future of this country. Even among the politicians there are a tiny few who can run the affairs of this country along civilised pattern if allowed to emerge. That is the hope Nigerians have to salvage the country from the shackle of politics entrepreneurs. Voters and those who count the votes as well as those who collate and announce the results of the votes should be aware that at the end of the day, we shall all sink with the directionless boat. With all the blood money in the hands of those who have held Nigeria by the jugular, how safe and secure have such rogues been? Which of them can walk the streets of their communities without heavy police protection? Politicians offering themselves for sale and the voters who are on auction, your days are numbered. It should be borne in mind that no society has been held captive for ever. And those who are relishing the criminal occupation of Nigeria and dehumanisation of Nigerians should know that there is law of karma! And should the bubble burst, hell fire would be child’s play. History is my witness! Adeniyi is a former Managing Director of Daily Times

OGUGUA CHIOKE AND THE LION

Sonnie Ekwowusi pays tribute to Chioke, a friend and professional colleague

T

he sudden death of Ogugua Austine Chioke hits us hard. What came flooding my memory when the sad new broke was the image of a lion and the meaning it denotes in the Bible. “Do not weep; behold, the lion of the tribe of Judah, the root of David, hath conquered to open the scroll and its seven seals� (Apocalypse 5:5). In this passage the omnipotence of Divine Good is compared to a lion. God is called a lion from the omnipotence belonging to His Divine love and the Divine truth. In other passages of the Bible, the Lord is also compared to a lion. In Hosea, it is written “they shall go after the Lord, he will roar like a lion; yea, he will roar, and the sons shall come trembling from the West....� (Hosea 11:10) The Biblical lion, for me, is a metaphor fitting for Chioke. He was leonine in heart. He was a man of astonishing energy. It was uncommon to see a stationary Chioke. The last time I met him was about two years ago or so. No sooner had he firmly shook my hands and said, dianyi kedu, than he started blowing up my mind with a business idea that had at that time would soon blossom out into a money-spinning empire. If you were in front of Chioke, even for a second, and heard his roaring voice like the conquering lion of Judah, all fears, all timidity, all cowardice in you would have vanished. I do not think the word failure ever existed in Chioke’s dictionary. He was a big man, both in stature and in ideas. He walked big. He talked big. He dreamt big. Although he sometimes felt quiet, seemingly in recollection - only to wake up faster and roar once again like a lion pouncing upon ideas. Ogugua, unarguably, easily fits in the estimation of many as a renaissance man. There is, first and foremost, the sheer scope of Chioke’s kingdom as an intellectual. Law, Politics, Theology,

Philosophy, Telecommunication, Government, Community building: Chioke roamed with confidence and authority through all territories and trajectories. How to capture the essence of Chioke and his impact on others? I think Chioke was capable of multiplying himself. He was capable of building dens that could accommodate not only his thoughts but the thoughts of others. He was a consummate wag. He possessed a good sense of humour. He was a good story teller too; a conversationalist to the core. He had a knack for spicing up his conversations with nimble-wits and jokes that provoked laughter. Ogugua had a contagious smile capable of instilling hope in the hopeless and succour in the suffering. He was always brimming over with the sanguinity of a self-made man. He was generous, not only with his money but with his time as well. We live in an age in which unbridled hubris has been arrogated to statecraft. Anybody who by any chance feels that he or she has climbed up the professional ladder looks down on other “inferior mortals� or may even stop mingling with them. This was not the case with Chioke. Chioke cultivated friendship across the different divides. He maintained an unbroken link with his own friends. Ugo Njere recalls an incident that occurred one evening last year. He was on his way back home from office. Suddenly his phone rang. A powerful, resonant baritone voice introduced the caller as Chioke. He was calling to invite Ugo to one “joint� (not an isi-ewu “joint�) where he and his old friends had gathered to celebrate his 60th birthday. What further edified Ugo was that on sighting him departing the joint after the lavish entertainment, Chioke called him aside and insisted that he must take some snacks home for his kids.

Chioke was never inhibited by difficulties and seemingly impossible tasks. He was an optimist. He relished seeing only the positive side of things. He exuded the overweening confidence of a fulfilled man. Once in a gathering of lawyers Chioke narrated his first appearance in court. At that time he was a junior lawyer at the law firm of Chief Debo Akande (SAN) & Co., then situate at Western House, Lagos. One day Chief Akande SAN, of the blessed memory, called Chioke aside and inquired from him whether he would be capable of appearing at the Lagos High Court the next day to move a motion in an important case being handled by the law firm. Even though Chioke had never moved a motion since he was called to the bar he took up the challenge to appear in court the next day to move the motion. Seeing the confidence in his face, Chief Akande surrendered the case file to him and wished him good luck. Thereafter Ogugua sat down in chambers that evening and meticulously read up the case file. The next day he swaggered into the court room in his wig and gown. Not only did he successfully move the motion but he was able to convince the court to grant him all the prayers sought. That was quintessential Chioke, a man never inhibited by any difficulty. I first met Chioke at the University of Nigeria, Enugu Campus (UNEC). My vivid recollections of Chioke are of him presiding over an argument between him and his fellow students on variegated issues. He was always seen in an old Peugeot saloon car (“404�) which presumably he inherited from his Dad. During my law school attachment at the chambers of Chief A.C. Tagbo (Oil Mill Street, Lagos), Chioke was a visiting lawyer to the chambers. Austine Tagbo held Austine Chioke in high esteem. As fate would have it, I crossed the

path of Chioke again at Simon Ugwu & Co. (Barristers & Solicitors, Hawley Street, Lagos). Simon Ugwu was Chioke’s classmate at UNEC as well as his bosom friend. Years afterwards Simon Ugwu perceived a higher calling and handed over his law practice to me in order to travel to Rome to study to become a Catholic Priest. Nevertheless I did not shrink from maintaining an unbroken contact with Chioke. When eventually Simon Ugwu returned to Nigeria as Rev. Fr. Simon Ugwu, our association and friendship with Chioke not only strengthened but reached its crescendo. Undoubtedly in the death of Chioke we have lost a good man. Chioke’s eloquence on behalf of law, faith and reason will be missed. We pray that all those who loved and admired and were inspired by Chioke especially his wife, children, brothers and sisters and all his colleagues and friends may find consolation in and be strengthened by our Christian faith in our Lord’s Resurrection by virtue of which our brother will resurrect from death on the last day. Already yesterday a Service of Songs was held in honour of Ogugua at the Church of Divine Mercy, Lekki Phase 1, Lagos amidst tears. On Friday 10th August 2018 his remains will be committed to mother earth after a requiem Mass at St. Theresa’s Catholic Church, Obioma, Udi Local Council, Enugu State. Surely, when the remains of Chioke would be wheeled out for burial on Friday, torrents of tears shall roll down the cheeks of many upon remembering that Chioke lived a useful life. Like an inviting hearth, Chioke gathered different people into different dens of warmth, friendship, laughter, conversation and fellowship. And now, we trust and pray that he has been drawn into that great convivium; into that great bosom of Abraham where fellowship, laughter and conversation will never end.

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T H I S D AY WEDNESDAY, AUGUST 8, 2018

EDITORIAL THE INVASION OF SOKOTO AIRPORT RUNWAY The authorities should ensure that the airports are safe and secure

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n yet another disgraceful breach of security to score cheap political point, loyalists and supporters of the former governor of Sokoto State, Aliyu Wamakko last Friday invaded the restricted area and the runway of the Sultan Abubakar 111 International Airport, Sokoto. Video evidence now in circulation reveals that the safety of aircraft that brought Wamakko, currently a senator representing Sokoto North, was also threatened as the pilot of the flight had to take protective measures by not landing at the apron of the airport which was already crowded by supporters. Immediately the aircraft landed, supporters of the politician, including hundreds on motorbike riders had already forced their way into the runway, speeding freely towards the aircraft that was taxing to the tarmac. More troubling is that Wamakko’s supporters were allowed the security breach for his homecoming by the ruling All Progressive Congress (APC) to which he belongs, following the defection from the party to the opposition Peoples Democratic Party (PDP) by Governor Aminu Tambuwal.

WHAT ANY EASY ACCESS OF UNWANTED PERSONS TO THE RESTRICTED AREAS OF THE AIRPORT INDICATES IS THAT SUCH AIRPORTS ARE NOT SECURE AND ARE EXPOSED TO BREACHES

airside of the Sokoto airport, it is obvious that the facility is not fully protected. Yet after the September 11 attacks in 2001 in the United States of America, it became the standard of the International Civil Aviation Organisation (ICAO) that every airport should have both security and perimeter fences. What any easy access of unwanted persons to the restricted areas of the airport indicates is that such airports are not secure and are exposed to breaches which could be dangerous for passengers.

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This is condemnable as it reveals the extent that the security agencies in the country have been compromised by political partisanship. This is not the first time political supporters have invaded the airside of the airports in Nigeria. During the last administration of President Goodluck Jonathan, supporters of the present governor of Rivers State, Nyesom Wike and that of his political rival, the current Minister of Transportation, Chibuike Amaechi had on several occasions invaded the airside of the Port Harcourt International Airport, Omagwa during the build-up to the 2015 election. From the easy access of the political supporters to the

Letters to the Editor

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DSS, POLICE, SENATORS AND DEMOCRACY

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have become flaccid to the unending drama at the National Assembly. And I have lost erection for the routine executive-legislature dominatrix. The reason is that I am in a “fair weather” relationship with both parties.

In July, I raised my feeble voice against the police blockade of Senate President Bukola Saraki’s convoy. I did that principally because of his office. Saraki is only a tenant in that office; Nigerians are the landlord. We must protect our institutions regardless of the tenants who happen to find themselves there now. They will remain long after the present occupants have left the scene. Undoubtedly, the DSS siege of the National Assembly is condemnable. The action makes true the fear that Nigeria has come under the cumulus of tyranny. The Buhari administration has broken all human rights violation records. From the harassment of judges, to the illegal detention of citizens to the attack on the media, President Buhari has shown himself to be a “congenital dictator”. It is said in Igbo, “it is difficult to learn new dance tricks in old age”. Buhari cannot change. However, I will not be sympathetic with the National Assembly because it is not sympathetic

e are aware that the Sokoto airport has some peculiarities that make it susceptible to such invasion. That explains why Wamakko’s supporters could easily push down part of the fence to gain entry to the airside of the airport despite the presence of about 30 security personnel from the Federal Airports Authority of Nigeria (FAAN) and Aviation Security (AVSEC). But this penchant to invade airports by political supporters has become a national security problem which must be tackled decisively in order to avert possible disaster in future. Indeed, it is a crying shame that most of the airports in the country do not have comprehensive security and perimeter fences, including that of the Nnamdi Azikiwe International Airport, Abuja and the Murtala Muhammed International Airport (MMIA), Lagos, certified last year by the Nigerian Civil Aviation Authority (NCAA). To stop further invasion, those who manage the airports across the country should talk to the political and traditional leaders so that they will agree on designated areas where their supporters can wait for them. FAAN should also reinforce efforts to protect vulnerable and valuable areas of the airport to ensure they are not accessed by unwarranted persons. The Sokoto incident has again helped to expose how porous Nigerian airports are, as stowaways are known to gain access to the airport restricted areas and hide in airplanes that take them mostly to their tragic end. The insecurity also raises the question of priorities in the aviation industry: whether it is more important to secure the airports or to establish a national carrier.

to the pains of Nigerians. The legislature will only amplify the refrain “our democracy is under threat” whenever the executive does it dirty. But whenever citizens cry under the brutality of SARs, the National Assembly will not comfort them. Nigerians continue to suffer DSS and police harassment, extortion and intimidation, but the legislature has done nothing to bring them respite, besides politicising the issue? For example, Jones Abiri, a journalist, has been in DSS detention for more than two years extra-judicially, what has the National Assembly done to get him out of captivity? Of course, he does not matter because he is not a senator. The National Assembly must understand that our democracy is under threat whenever a citizen is harassed, arrested and detained without charge by agents of the state. I believe Nigerians will join the fight of the legislature when it starts fighting their battles too. In fact, sometimes, when the legislature takes the side of the people on a policy or government decision, it quickly re-aligns itself with the executive for political ends. It is this reason that Nigerians have stopped taking the institution seriously. Our democracy is under threat when any citizen is a victim of state assault, not just senators. FredrickNwabufo, fredricknwabufo@yahoo.com

PAGANISM AND HYPOCRISY OF NIGERIANS

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igeria is a deeply fetish nation. Forget the monopoly of the other two major faiths, the serpentine lengths of cars parked along these big worship centres or the drove of garb-wearing Muslim faithful commuting for Sunday morning ‘Àsàlátù.’ A cursory look at any T-junction, at least in the Southwest, is a brazen sight of propitiatory offal provided for the ‘Òsòròngà mothers to feast on. You might probably think such offering of sacrifices is an antiquated practice restricted to the crude villages of Abeokuta and Oyo. Lagos, for all its claim of urbanity, has greeted my eyes several times with orotund portions of sacrifices even in the most exotic places.

Do I have a challenge with paganism? No! Nigeria is a secular state allowing the freedom of worship. However, my anguish is the hypocrisy of Nigerians who openly align with the two popular faiths but openly deny paganism. From Nigeria’s high office holders to her politicians to her musicians to her civil servants , all benefit in one way

or the other from the prebends that falls from the table of paganism. Up till now, adherents of the two popular faiths have not stopped patronizing ‘Òsun’ the riverine goddess for children, only for them to give birth and deny the source of the gift. Nigerian politicians kill each other through the instruments of voodoo (If they decide not to use assassins), holders of big offices repress and oppress others from ever getting to their exotic positions through fetish powers, people in civil service pulverise each other’s seats to eliminate dissenting colleagues through voodoo; musicians sing about God in heaven but make wanton sales because they have submitted themselves and their music to higher spiritual deities yet non of them admits he is an adherent of Ògún or Òbàtálá because it’s more fashionable to be called a Christian or a Muslim. Our adherence to faith isn’t about God but about the most popular movement. Paganism is a tragic victim of Nigeria’s knack for talking more than doing. I have encountered at many occasions the outright contravention of rules people initially defended with their blood. Kehinde Oluwatosin Babatunde, Lagos

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T H I S D AY ˾ WEDNESDAY AUGUST 8, 2018

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T H I S D AY • WEDNESDAY, 8, AUGUST, 2018

MIDWEEKPOLITICS

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

THE NEWSMAKER

Man with The Hammer of Justice Anytime he stands in for President Muhammadu Buhari, Vice President Yemi Osinbajo hits the headlines with his landmark actions, writes Shola Oyeyipo

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igeria’s Vice President, Professor Yemi Osinbajo is back on the centre stage and has managed to salvage what would have been another devastating dent on the image of the President Muhamnadu Buhari-led administration. Striking with an unbelievable blow at a high-ranking government official who holds a very insensitive office , Osinbajo sacked the Director General of the Department of Secret Service (DSS), Mr. Lawal Daura. His courage at taking the decision to punish the Secret Service boss for not clearing with his office before laying siege on the National Assembly, while Buhari is a 10-day vacation demonstrates without his preparedness to give any challenge confronting him the seriousness it deserves. It is a familiar terrain for Osinbajo, who has been president in acting capacity for varying durations on six different occasions since 2015 when the President Buhari-led administration came on board. With his latest travel to London, the president would have been out of the country for more than 180 days altogether and during those periods, Osinbajo was firmly in charge to the admiration of many. Firstly, in consonance with Section 145 (1) of the Nigerian Constitution, President Buhari, always transmitted a letter to the National Assembly to state that during his leave, Osinbajo would act as president. That act of the president effectively rests leadership on his shoulders. Osinbajo always seized the opportunity to exemplify his ability to stand in for his boss. The Vice President represents Buhari perfectly whenever he is away. The last time Buhari was away for a long stretch, Osinbajo used the period to sign some Executive Orders, particularly the EO on Ease of Doing Business which was widely commended. Ordinarily, 10 days may seem too short, but it is long enough to make some impact in governance, and this is more so in a country like Nigeria where there are countless national issues begging for urgent presidential attention. It is nearly impossible to think that the acting president can deal with issues relating to the Boko Haram war, which President Buhari has worked tirelessly to end, but which remains a problem. Finding lasting solutions to herders/ farmers clashes is another niggling problem that the leadership addresses daily and which Osinbajo must also attend to. Anti-corruption campaign, one of the fulcrums on which the Buhari administration based its electioneering campaign will continue receive attention from Osinbajo. Anyone with the responsibility of leadership must be seen to increase the tempo of the anti-corruption war. Osinbajo’s achievements during Buhari’s absence would also be evaluated in this context. Apart from the daily smooth running of government, and ensuring that it is devoid of scandals and mishaps, Osinbajo would have the major responsibility of overseeing the crises ridden All Progressives Congress (APC) from which its lawmakers, including the Senate President recently decamped to the opposition Peoples Democratic Party (PDP). That is perhaps the biggest issue before him and already there are insinuations that President Buhari took the 10-days leave to pave way for Osinbajo to do the dirty job. This unsubstantiated insinuation was raised by the House of Representatives lawmakers under the aegis of Parliamentary Democrats Group (PDG), while accussing the acting president and the APC National Chairman, Comrade Adams Oshiomhole. The lawmakers alleged that Osinbajo and Oshiomhole will be sponsoring some APC senators to cause chaos and instability in the

Osinbajo

National Assembly. The opposition PDP has maintained that President Buhari’s planned 10-days leave to London was a plot to be away while Saraki’s impeachment is perfected. Similarly, the APC, and its splinter group, Reformed All Progressives Congress, r-APC, have had heated arguments over allegation that the ruling party plans to induce each senator with N50 million to forcibly reconvene the Senate and remove Saraki as President of the Senate. So, it was refreshing to see Osinbajo swing the hammer of justice and strike swiftly at Daura whose action would have been interpreted as a collusion between the security services and The Presidency to oppress the opposition. Apparently an egg ihead n Buhari’s government, Osinbajo, who was employed as a law lecturer at the University of Lagos, Nigeria at age 23 in 1981, taught from 1983 to 1986. From 1988 to 1992, he was an Adviser (legal advise and litigation) to the Attorney-General

Osinbajo always seized the opportunity to exemplify his ability to stand in for his boss. The Vice President represents Buhari perfectly whenever he is away. The last time Buhari was away for a long stretch, Osinbajo used the period to sign some Executive Orders, particularly the EO on Ease of Doing Business which was widely commended

and Minister of Justice, Bola Ajibola. From 1997 to 1999 he was made Professor of Law and Head of Department of Public Law, University of Lagos. From 1999 to 2007, Osinbajo was a cabinet member, serving as Attorney-General and Commissioner for Justice. He returned to the Faculty of Law, University of Lagos from 2007 to 2013 and was made Senior Partner, Simmons Cooper Partners (Barristers and Solicitors) from where he was selected to be President Buhari’s running mate by his former boss and National Leader of the APC, Senator Bola Tinubu. He is a leading lawyer in the area of Law of Evidence and as the Pastor in charge of the Lagos Province 48 (Olive Tree provincial headquarter) of The Redeemed Christian Church of God, Ikoyi before his inauguration into office as the Vice President of Nigeria, Osinbajo has insisted that he remains the pastor-in-charge of the province and that he is only on loan to the federal government. . “I am still the pastor-in-charge of Province 48 in Lagos and my wife remains wife of the pastor-in-charge and wife of the Vice President,” But the question now is, will the Vice President join the fray by getting involved in the politics of removing the Senate President as being alleged by the PDP or would he seize the opportunity, as he did before, to quickly embark on activities capable of moving Nigeria forward. He seems to have demonstrated a willingness to move Nigeria by showing his disdain for illegality as exhibited in the DSS blockade of the National Assembly. Its on record that it was when he was acting president that as part of plans to sort out the issue of resurgence of militancy in the Niger Delta region that has led to dwindling revenue from oil production that he visited Oporoza, headquarters of Gbaramatu Kingdom, home of Chief Government Ekpemupolo a.k.a Tompolo in Warri South-west Local Government Area of Delta State on a facts-finding mission in January. The second leg of his peace and dialogue tour of the oil-rich Niger Delta region, which took him to Bayelsa, Rivers and Imo States had far-reaching impacts because he did not only reaffirm government’s commitment to

addressing the sufferings of the people of the Niger Delta, where Nigeria gets its major income, he openly agreed that the region has been largely neglected and promised that the federal government would discontinue the ugly trend. Later in Bayelsa, he assured the people that the federal government would provide rapid development for oil-producing communities in the region. According to Osinbajo, while addressing the Bayelsa State stakeholders’ meeting, since oil is the dominant source of foreign exchange earnings in Nigeria, it is only proper that the country adds value to crude oil. To him, adding value to crude oil will bring enormous economic benefits to the oil-bearing communities. In Rivers State, Osinbajo held another town hall meeting with governors, former governors, community leaders, women and various youth groups in the region and he underscored the fact that Rivers was critical to the development and stability of the country. He pleaded with vandals of petroleum infrastructure to desist from act, assuring them that unlike at any time in the past, the current administration is prepared to ensure that the needs of the region are met. It was at the Rivers State meeting he hinted that the federal government had secured funding of over $1 billion from Shell Petroleum Development Company (SPDC) to develop the Niger Delta region, a piece of news well received by the people. He also noted that the template for the ‘Clean up Ogoni’ project of the federal government would be replicated in other oil producing communities affected by oil exploration. From Rivers, Osinbajo made a stop in Imo State on a one-day working visit. There, he informed the people that he was there at the instance of President Buhari to consult with stakeholders in the oil producing communities of the Niger-Delta region, of which Imo is one. Just as he did in Delta, Bayelsa and Rivers, Osinbajo, while at the palace of Imo State Chairman of Traditional Rulers Council, Eze Samuel Ohiri, owned up to the fact that the people of the state have been largely marginalised as an oil-bearing state of Nigeria, reiterating that the federal government would correct the anomaly. Overall, that he was received with pomp and pageantry in the three states of the South-south is noteworthy. This is because the three states are controlled by opposition Peoples Democratic Party ((PDP). Again, that the people were convinced somewhat that government is truly ready to walk its talk is a pointer to an enduring peace in the region as leaders in the region enjoined the militants to give government the chance to make good its promise. Back then, in Gbaramatu, militant leader, Tompolo and his kinsmen rolled out the drums to welcome Osinbajo. Hence, some lessons were learned from the Niger Delta tour. First, that irrespective of party affiliation, every Nigerian should have equal access to the federal government. The second is that the people in the oil-producing communities, who have been agitating for a better deal from government, could be pacified if government is committed to meeting their needs. Some other interesting achievements of Osinbajo as acting president was that he enlisted the support of the duo of Saraki and Speaker, House of Representatives, Hon. Yakubu Dogora, to approve the federal government’s $1 billion Eurobond. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

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POLITICS

Bad Birthday for the Secret Service Boss Segun James reports that the sack of the Director General of the Directorate of State Security, Mr. Lawal Daura, follows a catalogue of illegal actions perpetrated and recorded against him

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ugust is usually a memorable month for Mr. Lawal Daura. It is his his birth month. Normally, he should still be receiving belated birthday courtesies from friends and acquaintances, but four days after his August 5 birthday, his shinning day suddenly became dark, as he was fired from his exalted position as the Director General of the Department of State Security (DSS). Instead of being in an extended jolly good mood, a pall of gloom has been cast on Daura’s household. When the federal government announced the sack of the Director General of the DSS, Mr. Lawal Daura, it made it plain that it was because he ordered the invasion of the National Assembly Complex without any authorisation. The federal government in its statement condemned the action which it said is not in conformity with democratic tenets which is hinged on the separation of powers among the three tiers of government. Given recent happenings in the polity, the federal government may have decided to make the high ranking Daura a scapegoat. With his sacking, President Muhammadu Buhari and his party, the All Progressives Congress (APC) are beginning to look like true democrats. Truth be told, the invasion of the National Assembly and the prevention of lawmakers and others from entering the complex was done without permission of the Acting President. This nearly passed as another trampling on the personality and office of Osinbajo by officials thought to be close to President Buhari, who have constituted themselves into cabal around the President. Lawal Daura was one of the principals of the group. They routinely undermined the office of the Vice President. That was the situation when on Tuesday morning, security operatives barred some lawmakers, newsmen and staff of the National Assembly from entering the National Assembly complex. The security operatives barricaded entrance to the complex very early. The men from the DSS gave no reason for their action. But barely three hours after the invasion, the Acting President announced the sack of the Director General of the DSS. The sack came via a terse tweeter statement by the Senior Special Assistant to the President on Media, Mr. Laolu Akande: “The Acting President Prof. Yemi Osinbajo has directed the termination of the appointment of the DG of the DSS, Mr. Lawal Musa Daura,” the statement reads, adding that “Mr. Daura has been directed to hand over to the most senior officer of the State Security Service until further notice.” We hear that, Daura was arrested and placed under house arrest. The clear reason for Daura’s sack was revealed when the Presidency in another statement denounced the invasion of the National Assembly Complex, saying it was inconsistent with the tenets of democracy and separation of powers. But what may have been the reason for the immediate sack of Daura by the acting President barely three hours after the invasion? The presidency hinted on this when it said that it was not informed nor was there approval for the action of the DSS. It could not be ruled out that the Acting President may have informed the President who is on a 10 vacation in the United Kingdom of the events that took place at the National Assembly complex, however, the President must also have given his deputy broad powers that, as the Acting President, he was free to do what he thought best in the circumstance. Acting on such assurances, Osinbajo must have taken the decision to sack Daura who is from the same community as the President immediately. If nothing, Osinbajo by his action may have sent signals to others who have been undermining his office and castigating his

DSS Director, Daura

person that he will surely use his powers if and when necessary. Like most officials close to Buhari, Daura, did not pay due courtesies to the office of the Vice President in the last three years, particularly anytime Osinbajo had to act for the president.

Like most officials close to Buhari, Daura, did not pay due courtesies to the office of the Vice President in the last three years, particularly anytime Osinbajo had to act for the president. At such times, Daura and his cohorts did all in their powers to frustrate him

At such times, Daura and his cohorts did all in their powers to frustrate him. But not surprisingly, the President reposts so much confidence in his deputy. The sack of Daura who was previously believed to be an untouchable is a pointer to Buhari confidence in the decision of his deputy. It would be recalled that soon after the coming of President Buhari into office, Lawal Daura, Mr. Mamman Daura, the influential nephew of President Muhammadu Buhari, and Mr. Abba Kyari, Chief of Staff to President Buhari, secretly began working on a plan to have Mr. Ibrahim Magu, acting Chairman, Economic and Financial Crimes Commission (EFCC), redeployed back to the Nigeria Police Force. The appointment of Magu was announced while Vice President Yemi Osinbajo was Acting President. The surreptitious move of the three men was not with the knowledge of President Buhari, who was not willing to replace Mr. Magu. The President was said to be unconvinced by the negative DSS report on Magu’s integrity. However, the President’s nephew, the DSS boss and Mr. Kyari were said to be exploiting President Buhari’s brittle health to replace Magu. But Osinbajo stood solidly by Magu. The scheming against the Vice President began in earnest afterwards. “They are capitalising on Buhari’s failing health to execute their project of getting Magu

out because he has refused to be considering their advisory role in carrying out his job. “The DSS boss was behind all the reports against Magu. Behind him are Maman Daura and Abba Kyari. They have failed to convince President Buhari that Mr. Magu has integrity issues.” So the acting president must have relished the sacking of Daura even as events continue to unfold in the polity. Lawal Musa Daura was born on the August 5, 1953 in Daura, a town in Katsina State, Northern Nigeria. He was the Director General of the Department of State Security from July 2, 2015 until August 7, 2018, when his appointment was terminated by Acting President, Prof. Yemi Osinbajo. He was appointed following the dismissal of Mr. Ita Ekpeyong in July 2015 by President Buhari. He received a bachelor’s degree from Ahmadu Bello University in 1980 and also trained at the National Institute for Policy and Strategic Studies, Kuru, Nigeria. Daura began his career in 1982 at the State Security Service where he rose to the position of director. In 2003, he was appointed, Deputy Director Presidential Communication, Command and Control Centre at the Presidential Villa, a position he held till 2007. On July 2, 2015, he was appointed Director General of the State Security Service before his appointment was unceremoniously terminated the acting President Prof. Yemi Osinbajo.

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FEATURES

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

In Pursuit of New Vision for Niger Delta Special Adviser to the President on Niger Delta and Coordinator of the Presidential Amnesty Programme, Professor Charles Dokubo, is pursuing the federal government's ‘New Vision for Niger Delta’ initiative with ambition and determination. Ndubuisi Francis writes

Prof. Dokubo, Special Adviser to the President on Niger Delta Aairs (middle) in a group photograph with phase one leaders

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esides the task of rebooting the amnesty programme, the recent appointment of Professor Charles Dokubo as Special Adviser to the President on Niger Delta and Coordinator of the Presidential Amnesty Programme (PAP) was part of the overall effort by the President Muhammadu Buhari administration to reassure the people of the oil-rich region of his commitment to the development of the area as encapsulated in the “New Vision for Niger Delta� initiative. One hundred days after taking over the mantle of leadership, having been appointed on March 13, 2018, Dokubo has pursued with uncommon vigour the assignment entrusted to him by the president – to give a new lease of life to and totally recalibrate the programme for ex-agitators. Unlike some newly-appointed chief executives assuming such key offices, Dokubo did not enjoy the usual backslapping and congratulatory messages that ought to come with his announcement as the PAP coordinator and special adviser to the president. Past Grievances It is an unassailable truism that the amnesty initiative designed for former

A veriďŹ cation exercise of delegates for educational programmes ordered by Dokubo has helped uncover hundreds of students enrolled in universities across the country on the ticket of the amnesty programme, but who are not known to the ofďŹ ce, as they were not captured in the data base of beneďŹ ciaries of the initiative

armed agitators in the Niger Delta, who had been demanding more control over the oil and gas resources of the region, but decided to turn their backs on armed struggle, has since 2010 helped in the sustenance of peace and conducive environment for oil production, the mainstay of Nigeria’s economy. But the grumbles by the beneficiaries and other stakeholders about how the programme was managed in the three years preceding Dokubo’s appointment were causing apprehension. There were fears of a possible relapse into restiveness that might upset the relative the peace and security in the region. Some of the grievances range from lateness to outright failure to pay stipends to the enrolled ex-agitators, mismanagement of mobilisation of beneficiaries for training, mismanagement of funds, and inefficiency in the running of the operations of the Amnesty Office itself. The laxity and sometimes tardiness in the management of the programme also gave vent to speculations that the federal government might be planning to stop the programme. Reassurance Beyond the task of rebooting the Demobilisation, Disarmament and Reintegration and (DDR) programme, the appointment

of Dokubo was also part of steps by the Buhari government to reassure the people of the oil-producing region of its commitment to the programme in particular, and the development of the region in general as encapsulated in the administration’s “New Vision for Niger Delta.� With the huge burden of expectations from stakeholders and the government at the back of his mind, the consummate researcher and university teacher had to roll up his sleeves and go to work from the word go. Although it is still early days, there is no doubt that Dokubo has succeeded in reigniting confidence in the programme among all stakeholders in his first 100 days in office. He has also succeeded in laying and streamlining structures and processes to address all the previous complaints and agitations about the management of the programme, especially from beneficiaries. Working with the recommendations of a committee he set up on assumption of office to help sieve through the haystack of problems militating against the programme, Dokubo has since activated sweeping reviews of all contracts awarded by his predecessor to enable him have a grasp of the financial assets and liabilities. Similarly, a thorough audit of all departments and personnel in the office carried

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FEATURES out by the committee led to Dokubo’s engagement of a new lead reintegration consultant who subsequently superintended a reappraisal of the personnel and their deployment to relevant departments at the Amnesty Office. Rejig Based on the recommendations of the Programme Review Committee, he carried out the rejigging of all on-going vocational, educational and post-training empowerment programmes of the Amnesty Office in the country and offshore in the past 100 days. A verification exercise of delegates for educational programmes ordered by Dokubo has helped uncover hundreds of students enrolled in universities across the country on the ticket of the Amnesty Programme, but who are not known to the office, as they were not captured in the data base of beneficiaries of the initiative. It was also discovered that some universities, apparently colluding with some corrupt personnel in the Education Unit, were engaged in rampant, unpatriotic act of inflation of fees to be paid for students by the Amnesty Office. While investigation into how the fraud was perpetrated under the previous managers of the programme is on-going, Dokubo had promised that rather than wholesale disowning of the students, he would work out ways to tackle the problems with the management of the institutions involved. Interface with Beneficiaries About two weeks ago, Dokubo was in London to meet with the amnesty programme’s education delegates studying at universities across the United Kingdom. The presidential adviser used the opportunity of the meeting, which was attended by 47 delegates from 25 institutions across the United Kingdom, to assure the students that they had not been abandoned. It was also an opportunity for the students to meet a coordinator of the programme for the first time in over three years. At the interface, he encouraged and reassured the students of his commitment to their welfare and well-being. The students also took advantage of the forum to pour out their complaints, most of which centred around payment of their school fees, living expenses, opportunities for post graduate studies, employment after graduation and the possibility of getting back on the programme for those expelled for one reason or the other. While Dokubo gave detailed answers to the questions, the most significant outcome of the meeting was no doubt, the unveiling of a new set of guidelines for the offshore education programme. The special adviser had set up a committee to draft new policies to guide and address some of the regular concerns of delegates for offshore education some weeks before the London event. This was with the understanding that such set policies and procedures will help to streamline responses to such concerns and prevent abuses which have resulted in so much confusion and allegations of favouritism in the past. The new policy guiding the offshore education programme which has already been adopted clearly stipulates conditions for the continuation or discontinuation of sponsorship of beneficiaries, conditions for sponsorship of students for second degree and guidelines for new offshore deployment of students, among others. In his response to the various concerns of the students at the London Forum, the presidential adviser relied on and quoted copiously from the new policy, thus ensuring that the delegates went away from the interaction with clear answers to many of the issues that have been of concern to them. For stakeholders, the interface with the students as well as the new draft policy was a fresh start for the offshore education component of the Amnesty Programme. But such redefinition and engendering of a more robust relationship between

Some of the ex-agitators

the amnesty office and the programme’s critical stakeholders can also be said to be one of the key achievements of the coordinator in the past 100 days. Parley On assumption of office, Dokubo had stated that engagement with stakeholders would be key to his efforts in rebooting and regaining the confidence of critical stakeholders in the amnesty programme. In actualisation of this promise, the coordinator, even as he battled with finding solutions to the many challenges he inherited on assumption of office, had held fruitful engagements with all the critical stakeholders across the programme’s spectrum in the past

The presidential aide also repeatedly assured the exagitators that he would do everything necessary to ensure that all aspects of the programme deliver the expected beneďŹ ts for them and the Niger Delta in general. The exagitators departed from the session conďŹ dent that their concerns would be taken care of

three months. The first of such meeting was in Lagos where he met with the key leaders of ex-agitators enlisted in the first phase of the PAP. The very crucial meeting was for the “Big Five,� leaders of the ex-agitators who led thousands of Niger Delta ex-agitators to disarm and accept the offer of amnesty from the federal government in 2009. The leaders included Chief Government Ekpomupolo (popularly known as Tompolo), King Michael Ateke Tom, Dr. Ebikabowei Victor-Ben (also known as Boyloaf), Hon. Farah Dagogo, and Chief Bibopre Ajube (Shoot-at-Sight). Tompolo and Tom were represented at the meeting. The Lagos meeting with the ‘Big Five' was the first of its kind in about five years and was therefore seen as an indication of their confidence in the new leadership at the amnesty office. Dokubo followed up with meetings with leaders of phase two and three of the ex-agitators in Abuja as well as an enlarged meeting of larger stakeholders in the Niger Delta in Lagos attended by key political actors, traditional rulers, civil society groups, and academicians, among others from the oil producing region. The meetings were essentially interactive forums where the leaders of the ex- agitators tabled their various complaints against the way the amnesty programme was managed under the previous administration, especially on issues relating to payment of stipends, training and empowerment opportunities for ex-agitators and their leaders. While Dokubo did his best to answer the questions and allay their various concerns concerning the amnesty programme, he was also explicit in his explanations to the former agitators on the new direction he will pursuing in the spheres of education, vocational, post training engagement and job placement as the coordinator. The presidential aide also repeatedly assured the ex-agitators that he would do everything necessary to ensure that all aspects of the programme deliver the expected benefits for them and the Niger Delta in general. The ex-agitators departed from the sessions confident that their concerns would be taken care of given that the

amnesty programme is now being driven by a steady hand. The leaders of the exagitators who attended the stakeholders’ meeting in Abuja and Lagos as well as other stakeholders of the programme had in similar vein, been expressing their support for Dokubo’s efforts to turn around the amnesty programme. The coordinator has also in the past 100 days, initiated concrete steps to actualise the promises of change he has been dishing out to the ex-agitators. To tackle the problem of delay in payment of students' allowances, for instance, the presidential adviser had on assumption of office asked the onshore education unit to develop a sustainable payment plan for the next two years. He has also worked hard to ensure that stipends and other allowances are paid to ex-agitators, though such efforts have sometimes been hampered by the delay in the release of funds to the amnesty office by the Budget Office of the Federation and the Federal Ministry of Finance, which is clearly beyond Dokubo’s power. The PAP coordinator has also been pursuing aggressively, the completion of the Amnesty Office’s vocational training centres spread across five states in the Niger Delta. This is critical with the realisation that out of 30,000 agitators who dropped their guns and ammunition to embrace the amnesty programme, 11,297 are still waiting to either undergo vocational training that will enable them to be self-employed or be deployed for formal education. Already, 200 ex-agitators have been sent for training as automobile technicians at a facility owned by foremost indigenous vehicle manufacturing company, Innoson in Anambra State, while over 500 others have been deployed for training in other vocations during Dokubo’s first 100 days in office. To facilitate the re-integration of exagitators who have successfully gone through the proper demobilisation, Dokubo had on assumption of office created a Job Placement and International Development Partners Engagement Unit (JPIDPEU) in the Amnesty Office. The unit has already profiled delegates for various vocational, civil service, catering services, hotel and fast food jobs among others. Truly, for Dukubo, it has been 100 days of hard work.

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WEDNESDAY, ΀˜ ͺ͸͹΀ ˾ T H I S D AY

DSS SIEGE TO NATIONAL ASSEMBLY

Department of State Services (DSS) operatives at the entrance of the National Assembly

Staff and journalists locked out of the National Assembly Complex by DSS

Member of House of Representatives, Hon. Boma Goodhead (PDP Rivers), challenging hooded armed operatives of the DSS, who laid siege to the National Assembly

Senator Ben Murray-Bruce (PDP Bayelsa) and one of his colleagues await lifting of the siege

Senate President Bukola Saraki with Hon. Boma Goodhead after gaining entry into the National Assembly Foyer

Senator Mathew Irohghide (PDP Edo) with Senate President Bukola Saraki

Locked out Journalists

Some senators keeping vigil at National Assembly

photos: julius attoi

T H I S D AY • WEDNESDAY, 8 AUGUST 2018

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BUSINESSWORLD R A T E S MONEY MARKET OBB OVERNIGHT

A S

A T

A U G U S T

REPO 4.33 5.33

CALL 1-MONTH 3-MONTH

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

3 ,

2 0 1 8

S & P INDEX 5 9.06 10.25

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

EXCHANGE RATE 355.71% 0.13% 0.17% 0.43% 7.96%

N305.95/1US DOLLAR AS AT LAST FRIDAY

Quick Takes W’Bank Commits to Inclusion

BANKING FORUM

L-R: Chief Risk Officer, Risk Management, Stanbic IBTC, Mrs M’fon Akpan; Commercial Consul, Chinese Embassy, Lagos, Liu Jun Sheng and Executive Director, Operations, Stanbic IBTC, Wole Adeniyi, at the Africa-China banking forum in Lagos…recently ABIODUN AJALA

Report: Increased Fiscal Spending Required to Catalyse Growth Nume Ekeghe A report by CardinalStone Partners Limited has stressed that increased fiscal spending is required to catalyse and strengthen growth in the country. The report also envisaged that rise in crude oil price as well as stability in the forex market may result to readmission of Nigeria into JP Morgan Bond Index. The firm stated this in its monthly report for August titled, ‘Navigating the Tide,’ was obtained by THISDAY

ECONOMY on Monday. On the rising debt level in the country, the report stated, “In line with the federal government’s expansionary fiscal stance, the anticipated fiscal deficit for the 2018 budget is at N1.96 trillion ($6.4 billion), representing a 17 per cent decline, compared to the 2017 figures. “The government plan to finance the deficit mainly by borrowing N1.64 trillion ($5.4 billion) of which 51.7 per cent will be from foreign sources,

while 48.3 per cent will be locally sourced. “The balance of the deficit will be financed by proceeds from privatisation and sale of non-oil assets amounting to N311 billion ($1.0 billion). “Already, authorities have announced plans to raise $2.8 billion dollars in Eurobonds later this year. As at March 2018, Nigeria’s debt stood at N22.7 trillion ($74.3 billion), though, at 21 per cent, Nigeria’s debt to GDP is low compared to that of other Sub-Saharan African countries.” It further states, “Instead,

concern mounts over the sustainability of its debt service as capacity to pay will be severely constrained if debt continues to rise and revenue fails to meet expectation. “This is understandable given that debt service to revenue in the approved 2018 budget is 30.8 per cent (2017 estimate: 32.7%). In our view, other than high borrowing costs, we also think the challenge lies in low revenue generation which at 6.2 per cent of GDP is still considerably Continued on page 24

Appetite for Commercial Papers Rise as Sterling Bank Raises N35bn Goddy Egene In confirmation of THISDAY report last week that more firms were eying the Commercial Paper (CP) market, Sterling Bank Plc has raised N35 billion from the market under its N100 billion CP programme. CPs, which are unsecured promissory notes with a fixed maturity of about nine months are 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. They present a costeffective and stable means of sourcing scarce capital as against to bank loans and provide investors avenue

ECONOMY to diversify their portfolios and given their short-term nature, they permitting high relative return on investment, and allow investors to remain relatively liquid. More companies have been accessing the CP market to fund their operations, a development that has increased the value of registered CPs to N1.302 trillion as at July 31, 2018. The latest firm to access the CP market was Sterling Bank Plc, which issued N35 billion worth of the instrument. According to the financial institution, the CP is being issued in Series 6 and Series 7. While the Series 6 is issued for a tenor of 177 days at a yield of 13.63 per cent, the

Series 7 is being issued for 268 days tenor at 13.9699 per cent. The bank said the proceeds of the CP would be used to boost its working financing needs. An investment banker and Co-founder of Cardinal Stone Partners Limited, Mr. Mohammed Garuba told THISDAY in an interview that CPs had increased largely because the banks have refused to drop interest rate. According to him, depositors are seeing very low interest rates. “CP in any market is a rate higher than deposits rates, but lower than bank interest rates. So, the CP market is getting very viable now because depositors instead of going to banks to deposit their monies

are going to the companies to invest in CPs. So, the more CPs we get, the possibility of banks coming to do their roles of intermediation,” he said. He said CP market is the way to go, stressing, “even the banks are doing CPs. If I have some bad loans, one way to manage it is to take CPs and use it to reduce it. Every normal company is going to continue to do CPs until banks go back to their intermediation role. People are taking their deposits from banks and investing in CPs at slightly higher rates as opposed to doing fixed deposits with the banks.” The Managing Director/ Chief Executive Officer of FMDQ OTC Securities Continued on page 24

The Global Disability Summit, co-hosted by the United Kingdom Department for International Development (DfID) in partnership with the Government of Kenya and the International Disability Alliance, the World Bank Group (WBG), along with other Summit participants, has announced its set of ten commitments to accelerate global action for disability-inclusive development in key areas such as education, digital development, data collection, gender, post-disaster reconstruction, transport, private sector investments, and social protection. In line with the World Bank Group’s strategy to develop human capital around the world, the World Bank Group Commitments on Disability-Inclusive Development aims to help developing countries invest more – and more effectively – in persons with disabilities and in accessible services. “It is past time that the voices of a billion people around the world living with a disability are heard – this is a truly powerful group, whose potential is far too often left on the sidelines,” the Chief Executive Officer of the World Bank, Kristalina Georgieva said. “Economic growth and poverty reduction depend on equal opportunities for everyone, and today we are committing to do more and do better to make sure that people with disabilities have an equal chance to succeed.”

Nedbank Profit Rises 26%

South African lender, Nedbank reported a 26 per cent jump in its half-year profit on Tuesday, helped by a recovery in its west African associate, Ecobank. Nedbank owns about 16 per cent of Ecobank Transnational Incorporated (ETI), which is a recovering from weak investment and consumer spending in the commodity-rich west African region. Diluted headline earnings per share (EPS), the primary measure of profit in South Africa that excludes certain one-off items, came in at 1,387 cents in the six months through the end of June compared with 1,098 cents a year earlier. “While risks remain, it is expected that the actions taken to improve ETI’s financial position and governance, along with an improving macroeconomic environment, will continue to drive an improved financial performance in 2018,” Reuters quoted Nedbank to have said in a result filing.

PFA Assures of Customer Satisfaction

Premium Pension Limited has assured its customers within and outside the Federal Capital Territory of equal recognition and treatment. The PFA also said it had set up a new strategy aimed at recognising the competence of the regional spread of the company in discharging its responsibility for effective management. The company stated this at the end of a recent board meeting held in Lagos. The meeting which was the first to be held by the company outside its corporate head office was attended by all members of the board and executive management of the company, led by the Chairman Yunusa Yakubu. The company, explained that the development was part of the Premium Pension’s commitment towards recognising its numerous clients residing and working in and around the Island. “We are bringing relationship closer to our clients and providing environment for them to experience our premium services,” the company’s Chief Executive Officer, Mr. Umar Sanda Mairami.

Ghana Sacks Energy Minister

Ghanaian Presiden,t Nana Akufo-Addo sacked the country’s Energy Minister, Boakye Agyarko on Monday, a statement from the presidency said, giving no official reason. Press reports said Agyarko was removed because Akufo-Addo was unhappy with his handling of an agreement to extend an existing five-year deal with United Arab Emirates-based AMERI Energy to operate a 300MW emergency power plant.

We need to urgently restore order and sanity to the Lagos ports and improve access to them. It is regrettable that Lagos port which are major sources of Customs revenue had to suffer the kind of deterioration and challenges that is currently taking place.

President, LCCI, Paul Ruwase

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T H I S D AY • WEDNESDAY, 8 AUGUST 2018

BUSINESSWORLD REPORT: INCREASED FISCAL SPENDING REQUIRED TO CATALYSE GROWTH low compared to Sub-Saharan Africa average of 17 per cent. “This necessitates the federal government’s drive to aggressively mobilise non-oil revenues.” Therefore, the report noted that given the current state of the economy, increased fiscal spending was required to catalyse and strengthen domestic growth. Hence, it pointed out that increased borrowing was required, saying in a bid to curtail the consequent debt service costs, the federal government had started to channel its debt stock more towards foreign borrowings which are cheaper compared to local debt. It added, “However, we stress that the national leadership must do more to achieve its revenue targets which have consistently underperformed projections.” Also, on the readmission of Nigeria into JP Morgan Bond Index, it said it was imminent factoring to the stability in the exchange rate, liquidity and upward trend in crude prices. In 2015, Nigeria was removed from the JP Morgan Government Bond Index Emerging Market (GBI-EM) on the ground of poor liquidity and lack of transparency in Nigeria’s foreign exchange market. However, following the rally in crude prices and the stability of foreign exchange rates at the Investors and Exporters (I&E) window, with about $45 billion exchanging at hands at the window in 2017, “it could suffice to say that Nigeria might be readmitted into the GBI-EM soon.” APPETITE FOR COMMERCIAL PAPERS RISE AS STERLING BANK RAISES N35BN Exchange, Mr. Bola Onadele.Koko had said the platform had brought an unprecedented transparency, governance and integrity. “The benefits of transparency and governance offered by FMDQ around its CP quotation process and post issuance of the CPs cannot be over-emphasised as they directly impact, not just the issuers, but investors and the market regulators,” he said.

Group Business Editor

Obinna Chima

Capital Market Editor

Goddy Egene

AgriBusiness/Industry Editor

Jonathan Eze

Comms/e-Business Editor

Emma Okonji

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

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

NEWS

FG Deepens Ease of Doing Business Reforms Nosa Alekhuogie Positively reinforced by its numerous achievements in the past 24 months, the Presidential Enabling Business Environment Council (PEBEC) has continued to accelerate its efforts to ensure even better public service delivery and an improved business environment for MSMEs. The Strategy and Communications Adviser to the Federal Ministry of Industry, Trade and Investment, Mr. Bisi Daniels, disclosed this in a statement. “Nigeria must improve its ranking by 45 places in the World Bank Ease of Doing Business Index over the next two years to achieve its goal of attaining the top 100 by 2020,” the PEBEC Secretary and Senior Special Assistant to the President on Industry, Trade and Investment, Dr. Jumoke Oduwole, was quoted to have said this after the presentation of the “2018 Making Business Work Report,” of PEBEC, at a meeting of the council. “Such an ambitious goal requires accelerated and focused execution of Government Executive Order and National Action Plans (NAP),” she added “It is clear that Nigeria must now intensify its reform efforts and the PEBEC will continue to work closely with the public and private sectors to institutionalise its reforms, cascade them to state level, and refine and improve the business environment,” she added. According to the “2018 Making Business Work Report,” the current reform cycle is focused on three pillars to accelerate and expand the impact of completed reforms. They are: deepening existing reforms; through the completion of pending initiatives and ensuring implementation of

completed reforms launched in 2017, including communication and consequence management; making the reforms sustainable; through several measures being put in place to ensure progress is sustainable; and Providing support reforms with a robust operating model to accelerate change and build capacity within MDAs. Continuing, Oduwole said, “Nigeria has come a long way over the past two years, bouncing back from significant macroeconomic distress, and is on the way to becoming a textbook example of how an African country can turn its business.” As part of its implementation strategy, PEBEC is building the

second half of 2018 and into 2019, the PEBEC will focus primarily on regulators, an Omnibus Bill on business facilitation, and consolidating gains for the economy through the deepening of the subnational Ease of Doing Business project.” The PEBEC, chaired by Vice President Yemi Osinbajo, was inaugurated in July 2016 as the administration’s flagship initiative to reform the business environment, attract investment and diversify the economy to reduce the nation’s reliance on oil. The PEBEC’s principal goal is to make it easier for MSMEs to do business, grow and contribute to sustainable economic activity, and provide

the jobs that are essential to improve social inclusion. One of the key indicators of success would be Nigeria’s performance on the World Bank’s Ease of Doing Business indicators, which provide a global snapshot of a country’s business environment in comparison to its peers. “All of the reforms introduced over the past 24 months are reversing decades of neglect and internal governance roadblocks, and improving Nigeria’s business environment,” Oduwole said, noting however that there is still work to do to achieve the PEBEC’s aspiration of achieving a top 100 place on the World Bank’s Ease of Doing Business Index by 2020.

CAREER WOMEN

L-R: Founder, Rise Networks, Toyosi Akerele Ogunsiji; founder, Kudirat Initiative for Democracy (KIND), Hafsat Abiola-Costello; Chief Facilitator, Women in PoliticsNG, Abosede George-Ogan and founder, Women in successful career, Amina Oyagbola, during the second quarter Meet-A- WISCAR series held in Lagos... recently YOMI AKINYELE

Alternative Dispute Resolution Platform for Mortgage Banks Introduced In a renewed effort to build public confidence as well as engender soundness and stability in the mortgage banking sub-sector, the Central Bank of Nigeria (CBN) has established a sub-committee on Ethics and Professionalism for Mortgage Bankers. The committee will ensure the settlement of disputes between mortgage banks and their customers on one hand and among the mortgage banks on the other. The sub-committee which is a self-regulatory body is the Alternative Dispute Resolution (ADR) Platform/ Financial Ombudsman for the mortgage banking sub-sector, has the Chartered Institute of Bankers of Nigeria (CIBN) as the Secretariat. In a statement by the Registrar/CEO of CIBN, Mr, ‘Seye Awojobi, he lauded the establishment of the sub-committee, describing the development as “a noble initiative”.

capacity of the MDAs to deliver; strengthening the capabilities of the MDAs for the long-term, to sustain the improvements on an on-going basis; and garnering strong political will and determination by the government to effect changes and improvement. The statement said the Council was also fostering cooperation between the MDAs and across states, National Assembly and the private sector; ensuring effective coordination between all the relevant agencies to provide a unified view of implications and improvements; and ensuring proper planning to eliminate the critical binding constraints. Oduwole stated that “in the

Awojobi, who also doubles as the Secretary of the subcommittee called on mortgage bank customers and the banks to take opportunity of the platform, which is free, to resolve their disputes with the banks and among themselves respectively. The membership of the Sub-committee includes representatives of the CBN, the Nigeria Deposit Insurance Corporation, CIBN, Haggai Mortgage Bank Limited, Abbey Mortgage Bank Plc, Mortgage Bankers Association of Nigeria (MBAN) and Imperial Homes Mortgage Bank Limited. He enjoined mortgage banks to set up a Complaints Desk to handle customers’ complaints, as only the cases the banks are not able to resolve would be brought before the Subcommittee for adjudication and settlement. Also, “the Sub-committee will not handle cases which had already been reported to and handled by the Regulatory

CBN Raises Supply of Lower Denomination Naira Notes Ademola Babalola in Ibadan Committed to flooding markets with lower denomination currencies in the country, officials of the Central Bank of Nigeria (CBN) recently drummed support for the bank’s efforts to improve the economic well-being of Nigerians. Under the CBN’s FAIR programme with the theme, ‘promoting financial stability and economic development,’ the central bank which tutored over 1,000 participants, said it had commenced the direct disbursement of N200, N100, N50, N20, N10 and N5 denominations to traders, merchants, shopping malls, stores, supermarkets, among others. The Principal Manager, Consumer Protection Department, Mr. Oludamola Atanda, said this during a sensitisation exercise. They sensitised participants on the rights and responsibili-

ties of the consumers and how to lodge complaints to the apex bank. Oludamola, said customers have the right to complain, assuring that the CBN would wade into customers plight anytime an infringement on their rights by any of the nation’s commercial banks was brought to its notice. Also, an Assistant Director, of the Corporate Communication Department, Mr. Sam Okogbue, said the central bank was ensuring that there are no bottlenecks in the system, in order not to hurt economic growth. He added, “The central bank ensures there is sanity in the financial system and protection of all stakeholders like bank customers, from exploitation and other charges, shareholders etc.” Further to the CBN’s FAIR programme, the central bankers said the Bank’s Governor, Mr. Godwin Emefiele, was determined, more than ever

before, to promote financial inclusion for all segments of the society. In his contribution, an Assistant Director, Currency Operations Department of the CBN, Mr. Benedict Maduagwu, said the Bank recognised the important role market players and other economic agents play in economic transactions hence the need for easy accessibility of the lower denomination currency. Maduagwu, stated that the disbursement had started in Abuja, but has been extended to Lagos, Kano, Enugu, Onitsha, Ibadan, Yola, Gombe, Katsina and Plateau. He added, “The bank has evolved a monitoring framework to avoid abuse,” just as he warned against counterfeiting of the nation’s currency; spraying of the naira and abuse of same,” stressing that the naira remained the Nigeria’s pride, heritage and symbol of nationhood.

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T H I S D AY • WEDNESDAY, 8 AUGUST 2018

BUSINESSWORLD

NEWS

Overland Airways Launches W’African Flight Operations Peter Uzoho Overland Airways, has expanded its frontier in the aviation business, moving from local to international routes, with the commencement of its flight operations to West African destinations starting with Lagos to Cotonou and Lome flights. From August 12, 2018, Overland Airways’ flights to these sub-regional routes are billed to officially begin, with the Lagos -Cotonou-Lome flights operating on Mondays, Tuesdays, Thursdays and Sundays. According to the flight schedules, the flight would depart Lagos at 19.00 to arrive Cotonou, at 19.25, and depart Cotonou at 20.00 to arrive Lome at 20.30. Also, the flights would depart Lome at 21.00 to Lagos at 21.45. Speaking at a press conference in Lagos, the Chief Operating Officer, Overland Airways, Mrs Aanu Benson, said the commencement of the regional scheduled flight services marked the take-off of the company’s drive to participate actively in regional socio-economic activities as well as integration in the region. She stressed that Overland Airways’ operations to Coto-

nou and Lome were aimed at offering choices to customers as its contribution to regional integration in West Africa, noting the company wants air travellers in the region to team up and discover each other while enjoying its excellent services. She said the company would deploy two of its fleet of modern aircraft- ATR-72 and ATR-42 for the regional operations, stressing its belief and commitment to offer customers a safe, reliable and comfortable flight services. Benson said: “It is an expression of Nigeria’s renaissance in West Africa. One of the most important missing factors facing sustainable economic transformation in West Africa is smooth interconnectivity. “Over the coming years, Overland Airways will facilitate a new environment for business, leisure travellers, families, friends, students, and more essentially, bolster that boding amongst the people and groupings in the region. “There is need to reinforce unity and prosperity at the regional level.” Benson who emphasised the airlines commitment to grow the economy and serve its customers added, “We invite our customers to enjoy our premium services

as we expand into the region to enable our current and new customers enjoy the Overland Airways’ experience in the region. “We will continue to improve our services and, we are here to serve you.” She also promised that the company would continue to keep to on-time departure according to world standard. Overland Airways was incorporated on September 17, 1998. It is an airline registered to operate charter and scheduled flights. The airline commenced operations in 2002 with the aim of increasing the prosperity of the Nigerian hinterland by facilitating the transportation of business (men), investors, government officials from one point to another and till date, is the pride of Nigeria in the airline industry. Overland Airways operates scheduled domestic flight services within Nigeria called ‘Business Flyer” and has succeeded in bringing air transportation to the hinterland of Nigeria. Its routes include: Lagos, Abuja, Ibadan, Ilorin, Akure, Dutse, Minna, Bauchi, Asaba and Jalingo. Overland Airways also operates charter services to various destinations in Nigeria, West and Central Africa.

FIIRO Partners Niger State Oluchi Chibuzor As part of efforts to increase the state’s internally Generated Revenue (IGR) using sheanut, the Niger State government has concluded plan to develop a master plan aimed at serving as a viable agricultural model in the country. The chairman, Niger State Shea Sector Development Programme, (NASSSDP), Ajibola Oluyede, disclosed this during a visit to Federal Institute of Industrial Research, (FIIRO), in Lagos recently. Oluyede, stated that the visit to FIIRO was timely and critical since the institute remains an authority in the

Shea sector and would serve as a senior partner to Niger State on the project. He also revealed that Niger State has the largest collection of Shea trees in the world with about 54 per cent and produces the largest collection of Shea fruits. According to him, Nigeria was yet to fully tap into the economic potential of its natural resources in developing its various rural areas where they are abundant in supply. He assured that, ‘’NSSSDP was establish to expand the value chain of the Shea sector, thereby empowering the rural indigenes whose livelihood depend on the Shea sector.’’ The Director General,

FIIRO, Prof. Gloria Elemo, acknowledged the effort of NSSSDP Team towards improving quality of Shea nut in Nigeria, while stressing that FIIRO has “mandates on Research and Development in Shea nut processing and the handling of the Shea nut from the fruit to butter refining into exportable products.” Elemo, told the team that FIIRO was willing to partner with the zero-oil initiative of the NSSSDP using shea to attract foreign exchange. She added that, ‘’FIIRO is equipped with the right technology to help the state government meets its objectives in the Shea nut value chain.’’

Windstorm: Jos Disco Restores Power to Affected Bauchi Communities Seriki Adinoyi in Jos Residents of some communities in Bauchi State that were thrown into darkness following the wild windstorm that caused colossal damage to the power lines and infrastructure of Jos Electricity Distribution Company (Disco) broke into jubilation recently, following restoration of power to the communities. A terrific windstorm in some Bauchi communities had on 16th of June, 2018, caused a colossal damage, including the destruction of over 500 poles to some facilities of Jos Electricity Distribution Company. This, therefore threw the affected communities into darkness. Speaking on behalf of the communities, Alhaji Aminu Mohammed, expressed joy at

the restoration of power saying, “we can heave a sigh of relief, and we want to appreciate Jos Electricity Distribution Company for rising quickly to the challenge without delay. “When we saw the monumental damage caused by the windstorm, we were gripped by fear that we would remain in darkness for many months. But we want to thank Jos Disco for coming to our rescue fast.” Also speaking on the effort of Jos Disco, the Acting Head, Corporate Communication Unit, Saratu Aliyu, commended the efforts of the company in restoring power to Bauchi State, adding that, “Jos Electricity Distribution Plc is passionate about service delivery and excellence, fundamentally geared towards the satisfaction of her customers. “This was the reason the

Company’s Chief Executive Officer, Alhaji Mohammed Modibbo ensured that he enlightened and updated customers on the cause of the power outage and the effort the company was making.” Encouraging consumers to increase their response at paying their bills, and to desist from sharp practices that hamper the company’s growth, Aliyu added that despite the company’s many constraints in cash flow, “huge amount of money was invested in restoring the damaged infrastructure.” Also speaking, the Head, Technical Operations, Engineer John Emeruwa disclosed that success of about 95 per cent restoration had been achieved, adding that the restoration process was in phases and would soon be completed.

ELEVATING TO THE NEXT LEVEL Marie-Therese Phido

Do Not Devalue Your Price Many of us think if we lower our price to the barest minimum it will help us attract clients and give us the assignment or project over our competition. This is not always the right course of action to take. I have a potential client who has come back to price the assignment they want from my company at a very ridiculous rate. While I have given them a counter offer and I am waiting for their response. I must admit the pricing option they came back with perturbed me. I have decided not to lower my price, despite the fact that the lower pricing may help me attract this customer. I have also concluded that I would be doing myself a dis-serve by not charging what my business and service is truly worth because I know and can attest to the value I am going to infuse into their business. This attestation is from other customers not mine. Don’t get me wrong, I have lowered my price to get customers before, especially when I know that pricing can be an entry strategy and can enable me make more money down the line. At the start of my business, I conducted a service for a client and charged very little money. Today,

what’s possible to achieve from your service or your work together. They are more likely to stay loyal, instead of leaving for the lowest cost option the moment it appears. In short, they’re easier to work with, easier to satisfy, and they pay a lot more. They know that the old adage “you get what you pay for” is true, and they’re willing to invest in quality and doing things right instead of looking for the lowest price. Your clients will value what you have to offer. When you beg to work with your clients and show that you’re willing to do anything to get the sale, including lowering your prices, you’re showing your clients that you’re a body for hire and that they are in control of the relationship. As a result, you’ll often be treated like an employee rather than a trusted expert. This happened to me recently and I have promised myself never to be in that position again. In every business dealing it has to be a client and business relationship, not someone thinking you are his/her employee. As a business owner, you should never put yourself in this position. When you charge premium prices, offer specific and defined services, and you show an unwillingness to budge on what you’re worth, you will be treated as a respected authority in your market. By creating some exclusivity and by being out of reach to the lower-end customers, you actually shift how your customers view you in their mind. You get to dictate the terms of the arrangement, and you get to decide exactly what value you provide instead of doing anything the client asks. This leaves you a lot more focused, and your client will treat you with respect.

When you switch to premium prices and position yourself as the best at what you do, you’ll attract clients who value your unique offering. that client is paying me many times more than the initial cost because of the value derived from the first project. I am on the third project with this client and having discussions on moving to a fourth. The above example, I can relate with. But, some clients just want to pay you less even though they may be paying your competition more for similar work than what they want to pay you. I have come to realize that charging less than your competitors, signals to potential clients that you doubt the value of what you offer and you should have absolutely no doubt about what you have to offer. You need to value yourself and your business. Being low cost has no advantages says Dan Kennedy, a marketing coach. He advises his clients, “ that the best way to position themselves and their services, is to provide maximum value to both themselves and their clients; that premium pricing (or valuable pricing) can be advantageous if you ensure you constantly provide value and innovation all the time. Being the second lowest price has no advantage”. Indicated below are his reasons: Higher prices attract better quality clients Clients or customers who only want to buy from you because you are the lowest cost provider will treat you as such. These “bottom of the barrel” clients will expect the world from you, blame all of their problems on you and leave you for a competitor in a heartbeat. When you switch to premium prices and position yourself as the best at what you do, you’ll attract clients who value your unique offering. These types of clients tend to take responsibility for themselves and have reasonable expectations about

Your clients will get better results When you charge higher prices, your clients will be more invested in getting results. If you sell training or education, charging low prices will cause your clients to give up at the first sign of resistance, difficulty or struggle. When your clients pay a premium to work with you, they’re much more likely to stick with the process long enough to get results, even if that means trying and failing a few times before getting it right. You can offer better support You will build stronger relationships if you sell to less people than more people. Selling to more people will not make you to form real relationships or provide quality support to your customers. Selling to less people will help you address each client’s unique needs to make sure they get the result they paid for. The second option gives you the freedom to spend the time making sure that every single one of your clients’ needs are addressed, their unique challenges are overcome, and they get the best possible outcome from your work together. Going forward, I have decided to stop devaluing myself, my service and my business by being low cost. I will provide value and innovation to the satisfaction of my clients and charge the right fees for the right service. I hope you will also start to do the same.

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

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T H I S D AY • WEDNESDAY, 8 AUGUST 2018

BUSINESSWORLD

EQUITIES WATCH

Sterling Bank Sustains Growth Momentum Goddy Egene writes that the 63 per cent rise recorded by Sterling Bank Plc in the half year ended June 30, 2018, shows that various strategies put in place by the bank has started paying off

M

ost banks are cautious in creating risk assets due to the high impairment charges they recorded in recent years. The challenging operating business environment made most companies to default in repayment of loans, a situation that forced banks to reduce their level of lending. However, some financial institutions are gradually raising the level of support for the economy by increasing lending once more. One of such is Sterling Bank Plc which increased its loans and advances to N628 billion for the half year ended June 30, 2018, up from N598 billion in 2017. The bank’s credit impairment charges fell from N4.081 billion to N1.844 billion, which is a sign of good risk management strategy. At the end of H1, Sterling Bank Plc recorded significant growth in bottom-line, thereby raising the prospects of higher dividend payment at the end of the year. Financial Performance Sterling Bank Plc posted gross earnings of N77.637 billion in 2018, compared with N52.101 billion in 2017. Net interest income stood at N25.547 billion, as against N27.018 billion, while impairment for credit loss declined from N4.081 billion to N1.884 billion. As a result, profit before tax (PBT) improved 46 per cent from N4.334 billion to N6.363 billion, while profit after tax (PAT) grew faster by 63 per cent to N6.214 billion, from N3.802 billion. More customers are fining the brand appealing, hence a growth in deposits from N684 billion to N690.5 billion. Commenting on the result, Chief Executive Officer, Sterling Bank Plc, Mr. Abubakar Suleiman said, “We sustained our momentum in the second quarter, delivering solid growth across key financial indices. We also achieved a 35.9 per cent growth in gross earnings to N77.6 billion from N57.1 billion in the second quarter of 2017. “This was largely driven by a 25.1 per cent growth in interest income and a 56.5 per cent growth in transaction banking revenues, emphasising our commitment to our retail drive.” Suleiman explained that net operating income was up 29.1 per cent, on the back of a 54.8 percent reduction in impairment charges. “Sterling Bank experienced significant improvement in asset quality as cost of risk declined further by 86 basis points to 0.8 per cent from 1.6 per cent in June 2017, reflecting the strength of our risk management framework. “Overall, PAT by 64.8 per cent to N6.2 billion resulting in a 370-basis point increase in Return on Average Equity to 12.2 per cent.” On the prospect of the bank for the second half(H2) of the year, Suleiman said Sterling Bank would continue to explore and exploit opportunities already identified across the growth sectors of the economy while actively supporting special intervention and social investment programmes. Growth strategies During the review period, the bank launched disruptive market offerings that include Farepay, Specta, and Sterling One Pay. The most recent innovation, One Pay, is an upgrade of the bank’s mobile and internet banking solution in line with its digitisation drive and the promise to continuously innovate to meet customers’ evolving needs. One Pay is designed to create an omnichannel experience for users by integrating both web-based Internet and mobile banking solutions. In addition, the bank’s commitment to partnerships also resulted in the deployment of I-invest, a first-of-its-kind investment app that allows for retail customers instant access to treasury bills. I-invest eliminates entry barriers such as lack of education and information to make smart investment decisions and the ability to get a broker and/or time required to visit banks to fill forms for treasury bills. According to the Chief Marketing Officer

Suleiman

of Sterling Bank, Mr. Dapo Martins said the mobile application would provide customer with a secure, fast and convenient way to access investment opportunities hitherto reserved for the elite. The new application will also provide customers access an array of treasury bill investments to enable them to match their investment maturities with their needs. Some of the advantages of the application include save time for the customer instead of chasing his account officer around or waiting in the bank. Also, any other bank customers can access the offerings through the application. For a potential customer to register, he needs to have a BVN number, valid phone number, utility bill, valid means of identification such as driver’s license or national identity card or international passport. The registration process takes less than five minutes to conclude but the potential customer needs to take a picture with his smart phone and upload it. “A customer can either fund his account with a debit card or pay at any branch of a bank and his account will be funded real time. Also, a customer can top up directly from his mobile banking platform. “If a customer wants to invest, he will

We sustained our momentum in the second quarter, delivering solid growth across key financial indices. We also achieved a 35.9 per cent growth in gross earnings to N77.6 billion from N57.1 billion in the second quarter of 2017

select from the list of available securities, enter the amount to invest and confirm the transaction. The minimum amount one can invest is N100, 000. Interest accrues daily, while the investment amount and interest will be credited to the customer’s account on maturity. “Similarly, if a customer wants to withdraw, he will supply his bank details, enter the amount he wants to withdraw, supply the secret answer to his secret question but needs to update his KYC profile,” he said. On the security of the investment in case the phone of the customer is stolen or lost, the bank said I-Invest application installed on a phone is secured and the money is safe. It also launched a Rent-A-Month Scheme, which creates an opportunity for prospective and existing tenants in well-structured paid employment and self-employed professionals to access rent finance and pay on a monthly basis over a maximum period of two years. “Rent in Lagos is always paid in advance, either for one year (in the case of sitting tenants) or two years (for new tenants). For some tenants, it is difficult to raise the rent amount when it falls due. “The Rent-A-Month scheme enables eligible individuals solve their rent problem by taking a facility for the tenor of the rent, which they can then repay on a monthly basis, thus making payment of house rents convenient and affordable,” Abubakar said. Explaining further, the Group Head, Consumer Lending of the bank, Kike Kuponiyi, said the product was introduced in conjunction with RSL Derivatives Global Services Limited, a risk financial consulting firm which ensures the availability of these facilities to eligible customers, while indemnifying the bank against the risk of default. RSL Derivatives, she said, is also expected to pre-qualify interested customers using agreed standards, to ensure that all recommended customers meet the bank’s credit risk criteria. She stressed that credit relating to the product is processed swiftly and allows quick approval on receipt of full documentation; with convenient and flexible repayment pattern as well as concessionary pricing. Also, the loan is structured in a way that the repayment does not exceed 33 per cent of the borrower’s income at all times. Kuponiyi, explained further that the bank which started the product in Lagos, plans to extend it to other markets in the future. According to her, the bank will charge an interest rate that is in tandem with the bor-

rower’s risk level, adding that such rates will always be competitive. The Managing Director, RSL Derivatives, Lekan Abiola said the product was developed based on customers’ needs. He said the Nigerian housing market needs liquidity and the introduction of Rent-a-Month scheme is expected to provide such succour for the market. He said the product also provides incentives in form of cash-back for the borrower that does not default, which will also stimulate the mortgage market. Fitch Affirms rating Meanwhile, Fitch Ratings has assigned a B- and stable outlook to Sterling Bank Plc in its latest ratings. According to the global rating agency, Sterling Bank’s Issuer Default Ratings were driven by its standalone creditworthiness as defined by its viability rating. The rating agency noted that the lender’s viability rating was constrained by challenging operating conditions in Nigeria, its modest franchise, developing business model and higher risk appetite than its peers. Fitch also noted that positively the bank has successfully attracted more stable retail deposits, including strong growth in ‘noninterest-bearing’ deposits (albeit from a low base), adding that with the rollout of the new strategy and franchise development, they expect any weaknesses in the customer deposit base to be resolved over time. “In addition to higher retained earnings and by repositioning its balance sheet, the bank is expected to raise subordinated debt in the domestic market (which counts towards Tier 2 regulatory capital) to improve capital buffers,” Fitch Ratings noted. The global rating agency, however, observed that these factors were counterbalanced by Sterling Bank’s coherent strategy, especially its business transformation initiatives and strong management team; noting that bank’s financial profile is characterised by high credit concentrations, variable earnings and profitability, modest capital buffers based on its risk profile and its funding and liquidity profile. The analysts were of the opinion that while Sterling Bank’s impaired loans ratio and NPL ratio were below sector averages, they believed that its asset quality remained highly sensitive to loan concentrations by industry and obligor, remarking that it was addressing funding and liquidity risks by raising market funding, demonstrating good access to borrowed funds and debt securities issuance.

T H I S D AY • WEDNESDAY, 8 AUGUST2018

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BUSINESSWORLD

INTERVIEW

Okeowo: Nigerian Debt Market Can Fund Infrastructure Development Deputy Managing Director of FBNQuest Merchant Bank, Mr Taiwo Okeowo spoke to Goddy Egene on the potential of the Nigerian capital market and the role his firm is playing to facilitate funding of infrastructure in the country. Excerpts: The N100 billion Sukuk issuance was the first attempt by the federal government to raise funds through a non-interest instrument in the capital markets for infrastructure development and it was oversubscribed. What do you think was responsible for that high level of subscription? The success of the FGN Sukuk may be attributed to several factors. The Sukuk is secured by the full faith and credit of the Federal Government of Nigeria (FGN) and is equivalent in all respect to an FGN Bond. It also qualifies as investment securities for trustees, pension funds, banks, individuals and various investors. A significant factor in its success was the utilisation of the proceeds for specific projects, in this case the construction/upgrade of sections of 25 key roads and bridges across the country. This was backed by a commitment to private monitoring and reporting of the disbursement to the project. This gave a lot of comfort to investors who can identify with the specific public goods being created with their investment. The positive public perception of the issuance was clearly instrumental to its success, as the investing public was receptive to its purpose of infrastructure development alongside the transparency and accountability offered by the Sukuk structure. In addition to this, the issue was competitively priced at a premium of at least 20 basis points compared to issuances with a similar tenor. Income on the Sukuk is tax-exempt and tradable on the Nigerian Stock Exchange thus creating an exit for investors if the need arises. To drive success, the attractive structure and features of the investment security were a key plank of our communication strategy. We also leveraged on our extensive distribution network both in-house and through the FBN group to achieve result. Given your experience in the capital market, would you advise government to raise additional funds through Sukuk and why? A Sukuk offers an accountable and transparent basis of funding. It also enables the FGN manage its debt profile by using funds raised to execute specific projects. Nigeria is estimated to have a US$100 billion infrastructure gap over the next six years. Prioritising projects and accessing the liquidity pool via a Sukuk structure could offer the sovereign and sub-nationals a competitively priced source of funding, which may be fully harnessed for targeted infrastructural development as a complement to their traditional financing sources. On a mid to long term basis, the Sukuk bond issuance should form a key part of government’s plan to fast-track the development of infrastructure and engage in project-tied capital raising. In all, do you think the Nigerian debt market is deep enough to support infrastructure development? The debt capital market remains a competitive source of funding for infrastructure development. After many false starts, we have finally succeeded in creating a large pool of long-term investment funds which can be deployed in a structured manner for long term infrastructural development. In addition, the recently implemented multifund structure in pension administration is expected to increase the amount of funds available to the debt capital market. Statistics from the Pension Commission (PENCOM) shows that over 70 per cent of Pension Fund Administrator (PFA) assets are invested in Government-issued medium and short-term securities. An increase in the quantum of funds mandatorily allocated to long-term debt funding will certainly assist in deepening the capacity of the debt capital market for

deals in the past three years. Our commitment to quality in execution is validated by the multiple local and international awards we have received. In 2018, we were awarded the “Best Naira Bond”; “Best Social Development Bond”, “Best Local Currency Bond House”, “Best Refinancing in Africa”, “Best Local Investment Bank” and “Best Structured Finance House” by EMEA Finance. We have an active Client Coverage team with strong sector expertise; and a well-connected Institutional Sales team with strong relationships with PFAs), asset managers, banks, insurance companies and other institutional investors - both domestic and international. Our distribution capabilities thus enable us lead marketing efforts on transactions, given our strong relationships with both strategic and financial investors.

Okeowo

long term financing. FBNQuest Merchant Bank is one of many subsidiaries under FBN Holdings. How are you leveraging the holdco structure to enhance your performance? Given the natural synergies and cross-selling opportunities that exists between the subsidiaries in the FBN Holdings Group, there is a strong drive to continually increase collaboration. This is in pursuit of our relentless focus on providing a comprehensive suite of solutions to every financial challenge our clients may

The debt capital market remains a competitive source of funding for infrastructure development. After many false starts, we have finally succeeded in creating a large pool of longterm investment funds which can be deployed in a structured manner for long term infrastructural development

face. As FBNQuest Merchant Bank, we are in a prime position to leverage our relationship with the commercial banking and insurance businesses of the Group, not only to provide complementary services to the Group’s expansive client base of retail, high net-worth and institutional customers, but offer a broader choice in financing, investments and transaction execution. By expanding clients’ choice, we enhance their preference for our brand. By engaging and delivering through multiple channels, we deepen affinity for our service propositions. Through the ongoing delivery of innovative initiatives, we continue to enhance our positioning to deliver shareholder value across the Group. In what ways is FBNQuest Merchant Bank supporting firms to meet their funding needs? FBNQuest Merchant Bank is a fully-fledged merchant and investment bank with strong expertise in corporate and investment banking, wealth management, and trading of securities, currencies & asset management. The expansion of our subsidiary group’s product platform into merchant banking afforded us the capability to offer a broader set of products and services that not only deepened our existing relationships, but opened up new opportunities for our clients. We are now able to leverage our balance sheet to provide clients a range of products aimed at expanding their business and boosting their growth. Our debt capital market franchise has a rich pedigree in offering alternatives to the traditional bank debt products and has a renowned reputation for successful execution of several big-ticket capital market and commercial debt transactions. In the last 36 months, the bank has raised in excess of N200 billion for clients through commercial paper and bonds. In addition, despite the economic headwinds, we have raised about US$500 million in equity from the public and private capital markets and closed six mergers and acquisition (M&A)

The government is the biggest spender in the economy. How has FBNQuest Merchant Bank played a part in providing funding for the government to contribute to the economic growth of the country? FBNQuest Merchant Bank has assisted the FGN by advising on a wide range of creative, landmark funding mechanisms. We have focused particularly on diversifying the pool of investors addressable by the FG and tapped into a hitherto inaccessible pool of investors in the local and foreign capital market. For instance, the N100 billion Sukuk was the first Islamic investment security issued by a Sovereign in Sub-Saharan Africa outside of South Africa. The offer was not only oversubscribed but attracted over N30 billion from retail and high net investors, thereby reflecting the latent interest and desire of a unique pool of investors for a product that was previously unavailable in the market. It is also a testament to FBNQuest Merchant Bank’s strong and diverse distribution and sales network. FBNQuest Merchant has also successfully assisted the FG in raising funds in the international capital market through the $500m Eurobond issuance in 2011 and the $300m Diaspora Bond issuance in 2017. The Bank has advised key revenue generating Ministries, Department, Agencies (MDAs) of the FG, making their operations and activities more attractive in order to attract private funding. These initiatives are aimed at driving efficiency, reducing over-dependence on allocations from the FG, increasing profitability of MDAs and most importantly, increasing revenue generation for the FG. At a Sub-National level, the bank has played a key advisory role aimed at improving state governments’ Internally Generated Revenue. How is FBNQuest Merchant Bank positioned to contribute to socio-economic growth of Nigeria now and in the near future? Although Nigeria has been predominantly a commercial and corporate banking market, there is an important need for merchant banking and asset management services as the conduit between commercial banks and the capital markets. Through the deep and diverse expertise of our team, we can create bespoke solutions. We have strong expertise and an admirable track record in advising on world-class project finance deals. Since 2008, we have raised over $10.8 billion on behalf of our clients. As a part of the FBN Holdings group, we remain committed to our role of being a leading institution in financing, investing, trading, and advisory. Our positioning is enhanced by our strong track record of delivery, stronger balance sheet as a merchant bank, and access to a wider universe of funding sources, which all enables us to generate real value for our clients.

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T H I S D AY • WEDNESDAY, 8 AUGUST 2018

BUSINESSWORLD

INSURANCE

Repositioning the Insurance Sector The National Insurance Commission recently announced a new capital base for operators of insurance sector. Ebere Nwoji in this report examines the likely impact of the regulation on the industry Eleven years after the recapitalisation exercise that nearly tore the insurance industry and climaxed in removal and jailing of the former Commissioner for insurance, Mr. Emmanuel Chukwulozie, the National Insurance Commission (NAICOM), recently embarked on a fresh recapitalisation exercise. This new recapitalisation exercise classifies insurance firms into different levels of underwriting, based on their financial capacity. But the major difference between the former exercise and the recapitalisation directive is that whereas the previous one was compliance-based, the present exercise is based on risk-based supervision (RBS) model. This means that an insurance company intending to insure business in the peak risk portfolio such as oil, aviation and marine underwriting, must have sufficient financial resources that will meet its obligations with respect to the insured. This becomes effective from January 1, 2019. The RBS, an European Insurance market supervisory initiative, according to the World Bank, is a supervisory approach that considers each of the risks that companies face and through a structured process, identifies the risks that are most critical to the financial viability of the institution. Under the model, the supervisory on-site review process looks at the management of the key risk areas of a company and focuses attention on the critical net risk exposures. NAICOM said in introducing the model, which is expected to place Nigerian insurance industry on global best practices pedestal, it would ride on the solvency supervisory principle in regulating the activities of Nigerian insurance industry operators According to the commission, the objective of the regulation is to achieve solvency in the industry and to ensure that insurers have enough financial resources to meet their obligations with respect to the insured. It is also expected to strengthen the risk management systems of insurers; to carry out preventive control; to have a more flexible regulation emphasising on principles; to have a supervision system in financial sector assessment programme and to evaluate the strength of the financial systems in the country. From all indications, the idea of RBS with the tier-based minimum solvency capital was adopted in Nigeria after the 2008 global financial meltdown. One of the lessons from the global financial crisis was that regulators realised that it is always vital to have sufficient knowledge about significant financial services firms because they have a greater capacity to affect the economy adversely. RBS starts with the premise that not all firms are equally important and that a regulator can deliver most value through focusing its energies on the ones which are most significant and on the risk that pose the greatest threat to financial stability and consumer The new recapitalisation exercise for the sector classified minimum capital requirement of operating firms in the country ranging from N15 billion, N9billion, N7.5 billion, N6 billion to N4.5 billion, depending on the grade of insurance business each operating firm wants to engage in. Specifically, under the new capital regime, insurance companies were classified into three tier groups namely- tier-three, tier-two and tier-one operators. Before now, NAICOM could be said to have prepared the minds of the operators enough to stabilise themselves for the introduction of the recapitalisation. That is the announcement by the regulator has been greeted with mixed feelings by operators in the industry. Whereas the big operators who already have adequate financial muscle to play in the hi-tech and capital intensive classes of business like oil and gas and aviation insurance have welcomed the development, the small firms have been uncomfortable with the impending reform. According to the Director of Supervision, NAICOM, Thompson Barneka, who spoke on

behalf of the commissioner for Insurance Alhaji Mohammed Kari, under the new capitalisation system, operators of life insurance whose current minimum required capital is N2 billion and who want to underwrite life insurance business that fall under tier-1 would have to shore up their capital to N6 billion. Similarly, life underwriters who want to underwrite businesses which fall under tier-2 would have to shore up their capital from the present level of N2 billion to N3 billion, while those who want to underwrite businesses that fall under tier three would need no stress of shoring up capital rather will retain the existing N2 billion. For non-life operators whose existing minimum capital is currently N3 billion, operators who want to underwrite businesses that fall within tier 1 level which include oil and gas and oil related projects, explorations and production and aviation would have to shore up their capital from the present level of N3 billion to N9 billion. Those that would underwrite businesses that fall within tier-2, which includes engineering , marine, and bonds credits guarantee and suretyship insurances would have to upgrade their capital from the present level of N3 billion to N4.5 billion while those that wish to underwrite businesses that fall within the tier-three level which include fire, motor, engineering, general accident and Agric policies would remain within

One of the lessons from the global financial crisis was that regulators realised that it is always vital to have sufficient knowledge about significant financial services firms because they have a greater capacity to affect the economy adversely

the minimum N3 billion capital. For composite insurance firms consisting of insurance firms underwriting both life and non life businesses, those under tier one level will have to increase their capital from the present level of N5 billion to N15 billion, those in tier two level will move up from N5 billion to N7.5 billion, those on tier three would remain on N5 billion capital. The commission said the essence of the new capital classification was to encourage insurance firms specialise on businesses and risks level they have the capital capacity to underwrite and leave those businesses they do not have the financial capacity to underwrite. The commission said in spelling out the new minimum capital, it has not called for raising of capital from the capital market by insurance companies rather it expects firms to limit themselves to risks they have the financial muscle to carry and for mergers among the operating firms. Commenting on the development, the Managing Director Leadway Assurance, Mr. Oye Hassan- Odukale, commended NAICOM for the exercise, saying it would help to restructure the market in a way that insurers can choose which part of the consumer segment is best served based on the capital they have. Hassan-Odukale, who is also the Chairman of the Sub-Committee on Publicity and Communication of the industry’s Insurers’ Committee, stated that with the exercise, restructuring, insurers do not have to be compelled to increase capital to underwrite risks that stress their capital without delivering commensurate returns to capital providers/shareholders. He added that the restriction would foster the emergence of players with capacity to become retail specialists or become specialist underwriters of big-ticket risks in critical sectors of the economy, such as the aviation and oil & gas, whilst accelerating the growth of the industry and its contributions to the Gross Domestic Product (GDP) of the country. Hassan-Odukale added, “I am confident that it is an initiative with potential upside for the industry to grow and take its rightful position as a formidable contributor to our national economic activities, growth and development as it is in developed economies.” Industry watchers said for the insuring public, the capital classification is for good as it will reduce instances of unpaid claims and ensure financial inclusiveness in insurance as more Nigerians will be accommodated in insurance service delivery.

Most importantly, they believe there was every likelihood that it would improve claims payment by insurance companies. Apparently, insurance companies will now be limited to underwrite only the risks they have the financial muscle to bear and when claims arise from such risks, they will be very much on ground to indemnify the insuring public. Currently, some of the claims being repudiated by insurance firms are due to lack of adequate funds to carry such risks as such when claim comes the insurance firm will find a way not to pay the claim. Industry analysts also believed the tier-based capital would compel insurance underwriters to remodel their tools to meet their customer desires. It would also deepen insurance penetration as underwriting firms who will not be able to meet capital that will enable them play in the corporate and public sector business arena will come down to the level of retail and micro insurance which the regulator has been crusading for. The implication is that licences for micro insurance which the regulator has been waiting for subscribers to pick up will now be scrambled for by underwriting firms with less capital. These set of underwriters will be able to penetrate the grass root with low cost insurance products that will suit the needs of the masses. Over the years, insurance operators have concentrated their marketing efforts in the cities and towns, leaving the rural dwellers who need insurance most to bear their risks ignorantly. The new capital requirement would compel insurers to locate these rural dwellers with cheap insurance products that will address their needs. In addition, the new capital regime would inspire insurers to double insurance awareness creation efforts as retail insurance distributors would be compelled to stage enlightenment campaign to sensitise the public on the benefit of insurance in their day to day living. This would increase patronage of the industry and increase the sector’s contribution to the GDP of the economy. It is now onerous on NAICOM to ensure that no insurance firm falls by the wayside rather those with lesser capital should be encouraged or where possible be compelled to switch over to micro insurance level and help to popularise insurance in Nigeria so that the industry would move from the present level of 0.6 per cent contribution to the GDP to at least three percent as projected by a former Commissioner for insurance Mr. Fola Daniel.

T H I S D AY • WEDNESDAY, 8 AUGUST 2018

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BUSINESSWORLD

INTERVIEW

Kola-Balogun: Pension Fund Can Be Used to Develop Housing Sector Owolabi Kola-Balogun is the Chief Executive Officer of OKB and Associates, a construction and real estate firm. In this interview with Ugo Aliogo and Oluchi Chibuzor, he spoke on issues affecting the sector What are the major challenges that make the real estate business an important part of the Nigerian economy? We came up with this idea of development and our emphasis has been on the fact that we can do the minimum standard of development, then we went into partnership with Sterling Bank Plc. The essence of the partnership was to prove that we can deliver this project within a particular time frame. We have been able to deliver a 130 units apartment which is known as the Sterling Court Project. It was to prove that we do a project with zero variation which will be a profitable and affordable housing. Those are examples because there is so much talk in this society not backed by action. So, we were able to tell investors that if they partner with us, we can deliver low cost, durable and sustainable housing for societal good. One of the main challenges facing the sector is the bill of quantity padding. The challenges we have with development is that it starts from your bill of quantity. The higher your bill of quantity, the more expensive the house becomes and the more unaffordable it becomes to the buyer. What is the driving force behind your development business? Designing smart, simplify it and build it smart. As a developer, you must design an apartment to be smart. It must have the ventilation space where everybody can interact. If you have adult children in a large house you may not be able to communicate with them because you will hardly see them due to the large space and distance. When you build it, you simplify the building; don’t put unnecessary designs that increases the cost of building. For instance, if the cost of two windows is more expensive than having a sliding door that gives you better ventilation

required capital for project development? I cannot blame the banks for not investing in real estate anymore. There is a sort of drawback from them because they have been swindled by developers. This is why we came up with our zero-variation policy. In August 2016, we signed the contract with Sterling Bank, inflation in the country has grown by into two digits between 2016 and now. We have not requested for a price increment from Sterling Bank to say we need more money to do this. The second point is that the banks don’t have the requisite knowledge in real estate, therefore they don’t want to invest in it.

Kola-Balogun

than two windows, then get the sliding door. Building it smart means that you have to be efficient with the buying of products. At our quarries today, you find a lot of middlemen that will build 10 per cent in multiple folds which will increase your cost. So, when you are doing it from the quarry, you must make sure that you build smartly. When building, you don’t leave a massive space in the living room which makes it difficult for residents to interact, while a smaller space makes more interactive. What is the relationship between the sector you operate in and the financial industry that is expected to support your industry with the

How are you bridging the gap between the growing demand for housing as a basic human need and affordability of decent housing without compromising on excellence and best industry standards? Whichever way you look at it, housing as a basic human need and affordability are all together. The government has able to decide to use pension fund to drive this need. But the money in the pension fund is owned by individuals and because of the fear that a developer is going to swindle the financier, the government became reluctant to use pension fund to drive this aspect of the economy. But there will still be a need for housing if they are affordable, and if it is accessible. Also, developers must see housing not as luxury, but they must see it as an off the shelf product to be used or discarded. You can’t build a house for N5million and say you want to sell the house for N20 million. If you build a house for N10 million and you put a margin of 32 per cent there, it makes it N13.2 million and you tell a particular off taker to pay you this repayment back in six or seven years at affordable price, he surely do.

People need houses because every man wants to be a king in his own castle. Therefore, we can only drive this if investors have confidence in developers. If developers will respect the trust of parties that involved in their transactions. What are your prospects for the real estate business in the next five to 10 years? It is for us to diversify into social housing so that we build and encourage people to rent it and own it over certain duration of time. They do this social housing initiative in the UK and tell you to pay 400 or 500 pounds sterling monthly as rent, before you can own it. They might spread it for 25 years. if the person dies, his contribution can be liquated, or forfeited depending on the situation of the family. If they can pay up, they will not eject the family from there. The idea of social housing is that the product has to be mass to make it interesting to the financial institution. For instance, it has to be like 1,000 units and if you have 1,000 units, and you have 1,000 people paying you an average of 750 yearly, the banks is interested in that volume. Usually, it is government that drives such investments because of the huge capital involved. Also, because it helps the masses, the low-income earners to have affordable housing. I think developers should partner with companies such as Dangote Groups to assist in this issue of social housing. Dangote cement is one of the biggest cement industries in the world, and whether you buy or don’t, they produce this massive cement which is an integral content in development. I believe that we should maximise Aliko Dangote’s position in our economy to bring about affordable housing because already it gives credit to construction in the industry.

Hope Rising for Mortgage Sector Abimbola Johnson-Idemeto If you’re a Nigerian still agonising about owning your own house because you can’t save enough cash to buy a house and no financial institution is willing to give you a mortgage because you still cannot afford the percentage payment, I have good news for you. The federal government is set to inject N500 billion into the Federal Mortgage Bank of Nigeria (FMBN) over the next five years in a bid to improve access to mortgage loans and home ownership for Nigerians, thanks to the leadership aggression and innovation of the Ahmed Musa Dangiwa led management of the bank. Since he was appointed Managing Director of the FMBN, Dangiwa has focused on expanding the capital base of the bank so it could help to fast-track the bridging of the seventeen million housing deficit said to exist in the country. The current capital base of the bank is a miserable N5 billion described by Ahmed Dangiwa as “grossly inadequate.” The Dangiwa-led management had actively and aggressively promoted stakeholder dialogue on how the FMBN can better serve Nigerians and help to deliver affordable housing to majority of Nigerians. These efforts led to the bill to review the act setting up the FMBN which has been passed by the National Assembly. FMBN seeks to boost its capital base from N5 billion to N500 billion at a rate of N100 billion every year, for five years. It therefore expects proposals on its business recapitalisation to be approved by all arms of government by the end of 2018. Already, the proposed new capital base of the bank as contained in the its amendment bill has been passed by the House of Representatives

and passed to the Senate for concurrence. The recapitalisation of the bank would give it leverage to go from the 2,500 new mortgages it planned to sign this year to 100,000 over the next two years. This would also encourage other investors to inject additional funding into the mortgage/ housing sector. There are currently only 50,000 registered mortgages in Nigeria out of which FMBN holds 18,200. The additional funding expected to take off by end of this year would certainly increase the number of mortgages. This August, the bank would flag off a 1,500-housing project it is funding under a new “rent-to-own” programme that would help create more mortgages and access to housing. Dangiwa

Innovation certainly has its reward. Dangiwa has excited the mortgage industry and he and his team are getting the recognition they deserve. Dangiwa, was recently named 2018 Mortgage Finance Person of the Year in the male category. The award was presented to the FMBN CEO by the organisers of the Nigeria Housing Awards (NHA). The organisers stated that the award was in recognition of the ongoing aggressive and innovative efforts of the Dangiwa-led executive management of the FMBN to reform and reposition Nigeria’s foremost mortgage finance institution, so it can more effectively deliver on its mandate to catalyse the provision of affordable social housing to Nigerian workers. Also, the organisers cited the ongoing N500 billion recapitalisation drive of the bank to boost its capacity to create affordable mortgages which has received federal government and stakeholder wide support. Other ground-breaking milestones recorded

by the FMBN management cited included zero equity contribution for mortgage loans that are N5 million and below, reduction of equity for loans of up to N15 million from 30 to 10 per cent as well as increased tempo in the provision of housing loans to Nigerian workers under the National Housing Fund (NHF). Responding to the honour, Dangiwa, thanked the organisers for the recognition, but dedicated the award to his team at FMBN for their support, contribution and hard work that is driving the reforms in FMBN. He also expressed appreciation to the Honourable Minister of Power, Works and Housing, Babatunde Raji Fashola (SAN) and the FMBN Board Chairman, Dr. Adewale Adeoyo, for their continual support. The NHA is organised by Fesadeb Communications Limited, promoters of one of Nigeria’s biggest annual International housing industry event, the Abuja Housing Show. On the official website of FMBN, Dangiwa, an architect, is described as “ a consummate, fascinating, inspirational, innovative and resilient administrator with over 30 years of Real Estate, Infrastructure Development, Mortgage Banking and Management experience spanning private and public practices as well as in the academia.” These qualities were evidently on display in the negotiations leading to the on-going reforms of the bank and the sector. The unanimity among stakeholders on the way forward for the mortgage industry witnessed during the legislative hearings on the bank’s reform bills attests to the leadership skills and team spirit of the man. Prior to his appointment as the Managing Director/Chief Executive officer of the FMBN, Dangiwa, was the Managing Partner of AM Design Consults, a position he held since 1996, an architectural and real estate development consultancy firm, and Jarlo International Nig. Ltd,

a Construction Company, where he supervised the delivery of several outstanding projects in diverse areas and sectors across the country, mainly in real estate development. He also excelled as a mortgage finance practitioner, rising through the ranks in Sahel Mortgage Finance Limited from a Property Manager to Head of Credit Control to becoming the Manager, Mortgage Banking Division. In this capacity, he was involved in the design and delivery of wide variety of mortgage products and real estate projects, especially social mass housing. FMBN has since embarked on an automation project to achieve full automation of the National Housing Fund (NHF) contributions collection process. This is to ensure more transparency and accountability of the system. Each contributor will receive SMS and email alerts of monthly deductions and access historical contributions records online and in real time. The NHF had funded the origination of more than 18,200 mortgage loans, the delivery of 25,850 housing units across the country, and 11,927 FMBN Home Renovation Loans to federal and State civil servants as well as to employees in the private sector. According to the FMBN, over the years, the NHF scheme has contended with periods of rejection by workers, but as of today, it has recorded a customer base of 4.6 million individual contributors and 22,290 organisations. Currently, workers in 28 states complied with the NHF Act by making monthly contributions, while among the non-salaried, informal sector, a total of 21,320 workers had been registered through 1,078 cooperative societies as contributors to the fund. As things stand today, the mortgage sector has never been more promising. Johnson-Idemeto wrote in from Abuja

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BUSINESSWORLD

NEWS

gni Explains Delisting From NSE Ebere Nwoji Great Nigeria Insurance Plc (gni) said it grew its profit before tax by 202 per cent, from a loss position of N442.7 million in 2016, to a profit of N449.7million in 2017. The company also gave reasons why it recently sought and secured approval of its shareholders to delist its shares from the Daily Official List and trading on the main board of the Nigerian Stock Exchange( NSE). Announcing the financial performance of the company for the year ended December 31, 2017, gni Chairman, Mr Bade Aluko, said its gross premium rose to N3.02 billion in 2017, as against N2.21 billion reported the previous year of 2016, This, it stated indicated a growth of 36.59 per cent. He said the company’s investment income grew by 30.89 per cent from N306 million to N401 million in 2017; while value of the company’s total assets appreciated by 1.2 per cent to N10.12 billion, as against the N10 billion reported in 2016. He said the company’s shareholders’ fund also witnessed a 7.7 per cent growth to stand N5.89 billion, as against the N5.43 billion reported in 2016. Speaking on the company’s performance, its Managing

Director, Mrs Cecelia Oshipitan, said the company had re- engineered its operations and had become more committed to dominating the retail market through continuous and consistent awareness using a motivated retail workforce, improved technology- driven applications and easily adaptable digital platform GNIOnGo to drive its sales. “We will continue to improve our understanding of customer’s evolving needs and how they wish to be served,” she stated. In his comments, one of the shareholders, Alex Adido, commended the company’s board for the bold step they have taken to delist the company voluntarily from the exchange, adding that the company has what it takes to survive after the delisting. According to him, remaining at the exchange has not in any way benefited the company, while assuring that shareholders would support initiatives by the company. Aluko, explained that the decision to delist the company from NSE was as a result of non-trading on the shares of the company over five years. “Over the last five years, there is little or no trading activity with only 0.50 per cent of shares held by the minority shareholders being traded.

Safaricom CEO Defends Company’s Dominance Kenya’s dominant telecoms operator, Safaricom does not hinder competition, its chief executive Bob Collymore told lawmakers on Monday as he returned to work after a nine-month absence for medical treatment. The country’s industry regulator recommended in a draft proposal in May that Safaricom, which controls 67 per cent of Kenya’s mobile market, should offer rivals access to its transmission sites and its vast network of mobile money outlets to increase competition in the sector. “Thirty million customers have made a conscious decision to come onto Safaricom’s network,” Collymore told a parliamentary committee when asked if Safaricom was hindering competition. The committee is looking into whether any measures should be taken to boost competition in the market following the Communications Authority of Kenya’s (CA) draft proposal. Collymore said he was confident authorities would not seek to punish the success of Safaricom, which is 35 percent-owned by South African group Vodacom with the Kenyan government and Britain’s Vodafone also holding stakes. “I didn’t get the sense from the committee that they are looking to cut Safaricom down to size,” he said. “They are really genuinely examining whether there is anything else that needs to

be done to encourage more competition in the market place,” Reuters reported. Collymore, who has been receiving medical treatment for an undisclosed illness, appeared to be in good health during a three and a half hour appearance before parliament’s communication and information committee and told Reuters that he would actively run the company again from now on. He has been in charge since 2010, during which time he has overseen a surge in the company’s share price and dividends as he delivered strong results. The other big players in the market are Bharti Airtel’s Kenyan unit, which has a 19.7 percent market share, and Telkom Kenya, controlled by London-based Helios Investment, with 8.6 percent of the market. Safaricom’s share price continued to rise during Collymore’s absence. It gained 11 percent during the past nine months, despite a wobble after the CA’s proposal, with the company forecasting in May that profit before interest and taxes would rise 7-12 percent in the year through April 2019. “The team has done a fantastic job in my absence, you saw the results in the full year,” Collymore told Reuters after the committee hearing. “Now it is a little bit more about refocusing on the strategy in the company, ensuring that the strategy remains relevant; it is refreshed.”

There has also been a measurable fall in trading volumes over the last 12 months with an average daily volume of circa 1,200 units during the period January 2017 to December 2017. “Neither our company nor you, our esteemed shareholders are benefiting from the

continued listing as shares are not getting any exit opportunity and their investments have been locked up and they find it difficult to dispose of their shareholders. “Moreover, the company is bearing unnecessary cost in complying with its listing obligations.”

The shareholders at the meeting adopted the 2016 and 2017 financial accounts of the company. On the future of the company, Aluko said, “Given our past performance and the competence of our team, I believe we can look ahead with confidence and optimism.

I thank our shareholders for the confidence reposed in us. “Together, we have built a strong business, driven by a single resounding purpose of service delivery to customers by keeping our promises. I believe that, with this focus on the customer, we will achieve and exceed our goal.”

CLOSING GONG CEREMONY

L – R: Chief Executive Officer, the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, presenting a replica of the closing gong to the immediate past President/Chief Executive Officer of Africa Finance Corporation, Mr. Andrew Alli, during a closing gong ceremony in commemoration of Alli’s retirement at NSE in Lagos…recently

Staco Assures Stakeholders on Financial Security Ebere Nwoji The board of Staco Assurance Plc has assured investors, members of the insuring public and other stakeholders in the company that their investments are safe and intact, despite the recent change in the leadership of the company. The company also assured that the board had taken bold steps in laying down proper corporate governance procedures in line with global best practices, promising that the company would continue to be a responsible and dependable corporate entity that is fully committed to protecting all stakeholders’ interests including meeting its obligations to all policy holders. The assurance was informed by the recent changes in the leadership of the company which saw the erstwhile Managing Director and Chief Executive Officer Mr Sikiru Oyefeso handing over the leadership of the company to Mr Bayo Fakorode. A notice to the Nigerian Stock Exchange showed that Oyefeso was removed over allegations of “financial misappropriation, abuse of office and breach of corporate governance best practices.” To this end, the Chairman board of the company, Samuel Turoti, assured all shareholders that their investments were

safe and intact despite the recent change in the leadership of the company. “To this end, the board has taken some bold steps in laying down a proper corporate governance procedure in line with global best practices.” Fakorede, commenting on the position of Staco assured that the company would continue to remain a reputable brand noted for efficient customer service delivery and professional underwriting capacity. According to him, the principal objective of the change process was to deliver exceptional customer service at all times and across all touch-points. “Staco will continue to be a major player in the Nigerian insurance market by bringing to the table, a new customer experience and a robust IT infrastructure. “In the insurance industry, we know that underwriting expertise and capacity are key. This is where Staco derives its strength as capacity building and manpower development will continue to receive maximum attention” he assured. Speaking further he said, “We want to thank all stakeholders for their support to the company and assure them that the company will continue to deliver value added services to them. “Let me assure all policy

holders that we are committed to fulfilling all our obligations and will continue to be their dependable and reliable insurance company of choice. “To our investors, they should be fully assured that their investments are safe and fully protected. They will continue to derive maximum value from their investments in our Company. “Our commitment to proper and good corporate governance in line with global best practices is also being emphasised in our operations as we want to remain an ethical company,”

he stated. He said the company had noted that the new NAICOM initiative to strengthen the capacity of the Insurance sector in delivering the much-needed impetus for the economic growth of the nation. He said Staco’s board was desirous of keying in to the project by shoring up its capital base to play as a tier-1 company. According to him, towards this objective, the board had set in motion the talks with stakeholders to realise this dream.

Tanzania to Build Pipeline to Pump Gas to Uganda Tanzania wants to build a pipeline to pump natural gas to neighbouring Uganda, another step in the two countries’ bid to expand energy cooperation. State-run Tanzania Petroleum Development Corporation (TPDC) said on Monday that the pipeline would start from its capital Dar es Salaam, then pass through Tanga port on the Indian Ocean and to Mwanza, a port on Lake Victoria before crossing the border to Uganda. It said it was looking to hire a contractor to conduct a feasibility study to determine current and future natural gas demand “by identifying all

potential customers”. It did not give an estimated volume. The study would also establish the most economically viable route for the pipeline, it said. Tanzania boasts estimated recoverable natural gas reserves of over 57 trillion cubic feet (tcf), mostly in offshore fields in the south of the country. In 2016 the two countries agreed to develop a crude oil export pipeline to help transport land-locked Uganda’s crude reserves from fields in the country’s west to offshore markets.

T H I S D AY ˾ WEDNESDAY AUGUST 8, 2018

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EDUCATION Varsities Should Access theirValues before Awarding Honorary Degrees, Says BabcockVC The President and Vice-Chancellor of Babcock University, Ilishan Remo, Ogun State, Professor Ademola Tayo, in this interview with Funmi Ogundare is of the view that universities in Nigeria should access their core values before awarding honorary degrees to undeserving politicians. Excerpt 100 percent success rate in the externally moderated exams. The second set had 100 percent also and the secretary general of the council also came here for the induction, which is unheard of. The same thing if you go to our cardiovascular centre , within one year, we have had over 120 successful open heart surgeries. I cannot find anywhere that is done. The university has personnel running the centre. It is the only sustainable cardiovascular centre in Nigeria with professionals working there everyday of the week. Babcock also runs an Independent Power Project (IPP) which supplies electricity for 24 hours everyday to the university community as almost all our programmes are powered by electricity and we cannot afford not to have it.

Babcock postgraduate programmes seem to be attractive, especially the PhD programme, what is the attraction to students? After successfully running undergraduate programme for over 18 years from 1999 to 2017, we discovered that we needed to consolidate on the achievements we have gained at that level. The essence of our postgraduate programmes is to train people that will proffer solutions to the problems inherent in our country which will not just be an esoteric research but that which touches on problems prevailing our society today. That is why we encourage our postgraduate students to identify problems. The attraction is that we have flexible timetable which allows professionals to run their programmes. We offer a wholistic programme, that is why many of our programmes are laboratory attached . For instance, we have a very sophisticated accounting lab where we have current software that would enable the students have hands on experience, an econometric and mass communication labs which will help students bridge the theory and the practical aspect of their study. We also link up with the industry to facilitate an interaction between the town and the gown. Thirdly, there is a robust relationship between the lecturers and students. From what we see in Nigeria today, there is a gap between the lecturers on one side and students on the other side. Lecturers and supervisors are seen as mini gods. We want an instance where students will be able to approach their supervisors. As a way of bridging that gap, we also encourage our faculties to see their students as colleagues because very soon, they will also graduate and see themselves as professional colleagues on the field. They have to be reachable through phone and there should be a one-on-one lecturer/students relationship. Where are your supervisors drawn from? Many of them are from Nigeria, but occasionally, we have some from abroad. For instance, in Computer Science, we have been having a professor coming from Netherlands to co-supervise and that has really enriched our studies. We are in a global village and graduates of today may not necessarily pick up employment in Nigeria, hence the need for us to have broad international perspective. Before our last graduation, we drew our external supervisors from all the geo-political zones in the country so that they can interact with our students, give them valuable advise and inputs as they polish their research work . We also attract supervisors even from outside the shores from this country. That is something which is very important in this present day world because there are movement of workers from one country to the another and we need to expose our students to diverse ways of doing research so that they can be marketable within and outside the shores of the country. What resources are available to support quality postgraduate studies? Aside the fact that we have a very good library, we also have collaborations with so many universities outside Nigeria; University of Birmingham, Savannah State University, University of Georgia, among others. This will enhance our interaction. The use of online also gives us a good pedestal for people to know our graduates and makes them marketable. How would you describe the quality of research and what impact has this made on the development of the institution? It has made a big impact for Babcock University. For instance, two of our graduates established Paystack; a safe payment system, which offers seamless money transactions between businesses and their customers. Within the first three months of this year, they had processed over N3 billion and generated about N40

How do you get funding for that? It is as a result of prudent management of our resources; we have Babcock University Ventures, and our school fees, so through that we are able to generate power for the institution. The IPP has helped for research, laboratory exercise and all other things. Beside that, we have also been able to have a stable calendar. When our medical students came in, we told them the day they will be graduating and it has been like that all the while. The environment is very conducive with 15 halls of residence. Almost 90 per cent of our students live on campus because we believe in wholistic education. Knowledge is not only gained in the classroom but through social interaction in the halls of residence. In essence, it is a total package we have here.

Tayo billion annually for Nigerian businesses. The company is powering over 9,000 businesses in Nigeria alone and creating about 25,000 jobs. The young graduates of the institution brought this into being with about 50 employees under the age of 35 years. You can imagine what these young people coming up with innovation and learnings will do in the next 10 years! There is also ENACTUS Babcock, a student entrepreneurship group in the university. What they did was that they came up with solutions to check road accidents mortality through the use of alcohol detector and car demobilizer. They also presented two smart solutions ; project gel to empower target communities . This project gel involves the use of organic biodegradable material, such as leaves and egg shell to make cooking gel in place of kerosene for local stoves. Secondly, they are involved in roll back malaria project to curb malaria pandemic in some parts of Lagos State. In essence, we train our students to be solution providers not just doing research that will gather dust on the shelf . For instance, they went to Ijebu Ode community, looked at their critical problems and proffer solutions to it. Aside that in our agric department, they invented the integration of Arbusular Mycorrhiza fungi amd poultry manure as alternative to fertilizer in the production of vegetable in Ogun State. This project was co-founded by Adventist Development and Relief Agency (ADRA) in partnership with Babcock to the tune of $153,448 . One of our staff in Babcock University Teaching Hospital, received a research grant from the European Development Countries Clinical Trials Partnership (EDCPT) to solve the problem of malaria among pregnant women. The EDCPT career development fellowship is worth

85,875 Euros. There are lots of researches going on here. But these researches are not esoteric but rather they are that which will impact our society and provide solutions. As I talk to you now, we have 30 of our research that we want to patent. Once it is patented, the implication of that is that it is going to have wider impact on people. In terms of NUC ranking, where does the university stand and how many of its programmes have being accredited? All programmes are accredited. The good thing is that Babcock University as a faith-based institution, don’t believe in running programmes that are not approved because the NUC works in concert with NYSC and a programme that is not accredited places the students’ programme under jeopardy when they want to go for NYSC. Because we have an obligation to our parents and students, we will never subscribe to a programme that is not approved. Since your appointment as VC in the last two years, what would you say have been your biggest achievement? It is in the area of academics. We have been making giant strides in externally moderated exams, especially in Law and Accounting. I foresee a situation whereby in two or three years, we will have chattered accountants in almost all over the country coming from Babcock University. The same thing with Law. Our students are all over law firms. Also in the area of Medicine, we have had two graduations now and the Medicinal and Dental Council of Nigeria (MDCN) came to induct them. The first set had

How do you think university management can perform optimally so that the goals of national development can be achieved? Universities should be a centre of human development. In Africa today, Nigeria is one of the countries that places little attention to education. That can be found in the budgetary allocation to the sector. When you look at the benchmark and gross domestic profit and what is supposed to be attributed to education, that of Nigeria is one of the lowest. That is why many of our laboratories are poorly stocked with consumables, no state-of-the art equipment for students to have hands on experience. Go to the libraries , you have 20 years old books gathering dust there. Check out their ICT, you discover that some universities don’t even have it. I feel it is high time the government should not pay lip service to the funding of education in Nigeria so that we can be in the league of committee of universities that are reckoned with in the society today. I strongly believe that this problem starts from the basic level. Today, a teacher that is disgruntled and not motivated for months will go on doing other businesses while leaving the students to roam about. So when the basic is poor and the secondary too is poor, what do you expect at the tertiary level? Universities seems to be abusing honorary degree awards, what is your institution doing to stem this tide? It is very unfortunate. At the meeting of the Committee of Vice-Chancellors in Nigeria (CVCN), we have agreed that it is not right to give honorary awards to serving officers in government. It makes a mockery of the whole exercise . We believe that before honorary degree should be given , they should ensure that the people to be given such honorary awards have imbibed core values that are in tandem with that institution, such as values of selflessness, dignity and fear of God, not just because you want to get some money from them. We looked at the pedigree of the person we want to give the honorary degree awards to. I think universities in Nigeria should access their core values so that we will not make mockery of the whole exercise. It must be something that will be dignifying.

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EDUCATION

ASUSS Chairman Tasks Ogun Govt on Teachers’ Recruitment Femi Ogbonnikan in Abeokuta Ogun State Chairman, Academic Staff Union of Secondary School (ASUSS), Mr. Akeem Lasisi has called on the state government to recruit more teachers into both teaching and non-teaching positions to reduce the shortage of personnel in the sector. Speaking at the 2018 Ogun State Teaching Service Commission (TESCOM) awards ceremony held recently, at Ontec Events Centre, in Abeokuta, Lasisi noted that the need for recruiting more teachers

has become very imperative considering the vacuum created by those going on retirement every year. The Chairman, Nigeria Union of Teachers (NUT), Ogun State Chapter, Mr. Titilope Adebanjo said the awards for deserving and hard working staff would promote, reward and sustain efficiency and effectiveness in the school system in the state with a view to raising academic performance and meet up with the ‘Ogun standard’. “As stakeholders in the education sector, it is our responsibility to provide the learners with op-

portunities to acquire necessary knowledge, skills and attitudes for the development of the nation. In doing this, it is intended to develop learner’s skills and capacities in Information and Communication Technology(ICT). “The award to teachers and members of the non-teaching staff afford us a good sense of belonging and rewards to those who have been exemplary in the discharge of their duties within and outside the classrooms, for the betterment of our educational system in Ogun State�, Adebanjo stressed.

In her remarks, the Chairman, Ogun State TESCOM, Mrs. Olabosipo Ogunsan, said the motive behind the award was to celebrate excellence, professionalism, loyalty, dedication, innovation a high sense of responsibility of both teaching and non-teaching staff for quality education delivery in the state. According to her, “the awardees have been carefully chosen to put the right peg in a round hole. Though we are not perfect, yet those who are to be awarded today, by the time they are being introduced, will justify whatever decision we

might have taken. Therefore, this award is a wake-up call to the awardees, to work harder because to whom much is given, much is expected. “This is not to say that those who have not been selected for any award are lazy or not recognised or appreciated but the fact remains that, out of the best, there must be number one.� She commended the Amosun administration for its support and creating an enabling environment for teachers to practice their profession effectively.

“ We are indeed very grateful for the brand new bus, constant release of funds for monitoring, provision of fantastic support for this award, linkage with non-governmental organisations, for the training of teachers and so many other things, too numerous to mention. “We shall appreciate it more, if the government could consider for approval, the promotion of teachers and the recruitment of more teaching and non-teaching staff, to fill the wide gap that has been created by deaths, retirements, resignations among others, “ Ogunsan said.

FIIRO, AnchorVarsity Parley to Promote Entrepreneurial Devt The Vice Chancellor of Anchor University, Professor Johnson Afolayan, and some members of the school’s senate, recently paid an official visit to the Federal Institute of Industrial Research Oshodi (FIIRO) in Lagos, to kick start a working partnership and to explore possible ways in which the institute can assist in promoting the ideals of the university. Speaking on the reasons for the visit, the VC said his university intends to harness FIIRO’s wealth of technologies for the upliftment of its academic programmes to meet with world standards. He added that FIIRO will come handy to assist in giving the students qualitative entrepreneurial training, stressing the need for both institutions to formalise the ensuing relationship by signing a memorandum of understanding. According to him, “there would be exchange programmes between the institutions in which scientists and researchers from FIIRO can come over to Anchor university for sabbaticals, jointly organise workshops and seminars and a host of others. Earlier in her remarks, the Director General of FIIRO, Professor

Gloria Elemo stressed the need for strategic collaboration noting that no singular organisation can realise its dreams in isolation. She made reference to collaborative effort made by FIIRO in time past with Landmark, Covenant, Mountain Top universities, among others, saying that the collaboration can be done mainly in the area of entrepreneurial development. “As Anchor university work towards making their students imbibes the culture of selfemployment, FIIRO can bring in her technical know-how. Formalising this relationship, we hope to work together for staff exchange, sabbatical leaves, use Anchor laboratories amd internships. All will be geared towards human capacity development that will help for first grade graduates from Anchor University.� FIIRO’s helmsman later made a power point presentation of some of her organisation’s technologies to the guests, stressing that they are highly sustainable. She said over 500,000 five Nigerians have benefitted from FIIRO’s technologies. The visitors later embarked on a guided tour of FIIRO’s facilities.

Champion Breweries Donates Desks, Chairs to A’Ibom Schools Okon Bassey in Uyo In line with its corporate social responsibility, Champion Breweries Plc, Uyo, Akwa Ibom State, has donated over 200 desks, chairs and tables to schools in its catchment area. The beneficiary schools were St. Athaneous Primary School, Nung Primary School Aka and Offot Jubilee Primary School, Aka Offot, all in Uyo, the state capital. Speaking at the presentation ceremony, held recently, the Managing Director of the organisation, Mr. Patrick Ejidoh said it would address dearth of the facilities in the schools and provide conducive learning environment for the pupils, as government alone cannot shoulder all responsibilities. He urged other corporate bodies and highly spirited citizens to support the efforts of the state government in the development of the education sector, while expressing hope that the facilities would be put to use by the students and the teachers “This is our widow’s mite, we implore the teachers to take good care of these facilities, get the class rooms fortified against theft of the facilities.� The State Commissioner for Education, Professor Victor Inoka described the action of the organisation as encouraging and timely

saying it will further enhance the free and qualitative education of Governor Udom Emmanuel’s administration. “Governor Emmanuel is ready to partner anybody or group that is ready to invest in education in our dear state at any level.� The commissioner advised the benefitting schools to take good care of the facilities provided to enhance better learning and teaching, and cautioned that the government has zero tolerance to any form of levy or extortion from parents. He warned teachers to desist from charging any form of fees by whatever name. He said the state ministry of education will support all actions from public spirited individuals towards improving the living standard of Akwa Ibom people. The Executive Chairman of State Universal Basic Education Board (SUBEB), Professor Maria Ikoro lauded the gesture of organisation towards adding value to the education of youths in the state, saying that the administration places high premium on quality education . Receiving the items on behalf of his school, the Head Teacher of St. Athanasus Catholic School, Nung Uko Ibesikpo, Mr. Nkereuwem Udo Ekong noted that the facilities were one of the most challenging issue that faced the school.

L-R: Members of the Board of Directors, Lara Day School, Jumoke Coker, Erelu Adesola Obafunmilola Abisoye,, outgoing Head Boy of the school, Master Onwusika Somkene, outgoing Head Girl, Miss Daniella Barretto and Head of School, Patricia Tioluwani during the celebration of Lara Day School’s 55th anniversary held in Lagos‌recently

WASH Boosts School FSTC Plans Skills Enrolment in Aguata LGA Acquisition for Students Kuni Tyessi in Abuja The Headmistress of Anuli Community School in Ezenifite, Aguata Local Government Area of Anambra State, Mrs. Francisca Onyebuchi, has disclosed that school enrolment and attendance has improved as a result of the availability of Water, Sanitation and Hygiene (WASH) Onyebuchi who made this known when a team of journalists visited the school on an inspection tour of European Union (EU) projects, said before the construction of toilets within the school premises, the teachers and pupils were used to going into bushes to defecate. The headmistress who was grateful to the EU through the United Nations Children’s Fund (UNICEF), which had worked in collaboration with the Anambra state government, said the establishment of WASH did not only improve enrolment and attendance but has improved the hygiene of the pupils especially the girls. According to her, “Enrolment has increased seriously and I am very happy. Before toilets were established, they go to the bush. We were having toilets before, but the toilets collapsed and after that, short put and

digging the ground to bury it was the practice. “The children were used to coming late because they had to fetch water for domestic use before coming to school. They also brought water from their houses for their use in school and this is usually not enough. But all of that has stopped. We have also created a hand washing club which is open for all the pupils and there we teach them how to wash their hands. It is as a result of all this that we have given all of them the title of ambassador,� she said. A primary five and six pupils of the school, Miss Emmanuella Ezeakachukwu and Onyinyechi Iloduba, said before the emergence of WASH, they were known for coming late to the school as they had to fetch water for their parents from distant places. They also revealed that bullying from the boys as a result of stained uniforms during their cycle which could not be immediately taken care of, has become a thing of the past as the availability of water and sanitation had tackled such alongside their hand washing clubs which had helped in adequate sensitisation.

Federal Science and Technical College, Yaba, is planning to introduce short courses on skills acquisition for ex-students and other interested persons, the Principal, Dr Ogochukwu Ufoegbune has said Ufoegbune who disclosed this recently, during the college’s 10th annual speech and prize- giving ceremony/valedictory service, in Lagos, said the short courses to be introduced will be designed to last for three to six months. She said that the need to produce young people who are well equipped with modern skills that will meet the 21st century need informed the initiative. According to her, “We all know that technology is the way to go. Today’s economy world wide is technology driven and therefore, we cannot afford to be left behind as a country. So for us in this college, part of the mandate is to train and graduate students who are well trained and capable of establishing the skills they have acquired. “It is expected that our technical students on graduation must acquire all the skills they are supposed to acquire to become self employed and if possible, employers of labour. That is why we are actually planning to take it further by introducing short skills acquisition courses where even our past students, students from other

schools as well as those who have gone beyond secondary schools, can come in here for a period of three to six months and acquire skills that will enable them set up small scale businesses that will not require so much money to set up.� She however called on federal government to further intensify efforts in upgrading the various workshops in the college, adding that most of the equipment were non- functional and obsolete. The principal said the college is expecting government’s intervention in the area of equipment to enhance teaching and learning objectives. “We are expecting more intervention from government in this regard. It has actually started, but we are expecting that they will do more, so that the workshop will meet up with 21st century needs. Our staff strength, though not adequate especially in the technical aspect, needs to be improved upon. We indeed need more technical teachers. “The Federal Ministry of Education has also started to address this too by sending about 25 teachers recently to the school. It is however an on-going exercise because recently, the ministry recruited about 800 teachers that were spread across the 104 Unity colleges in the country.�

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Schools Should Adopt Mentor/ Mentee System, Says Obaze Mrs. Edna Obaze is the Executive Director of Emerald Schools. She explained to Funmi Ogundare why schools should have a mentor/mentee system in place so that when students have issues, they can always discuss freely WHAT CHIMAMANDA with their mentors. She is of the view that government should support the DIDN’T SAY private sector when it comes to education, among other issues The importance of a mentors in the lives of the youths cannot be overemphasised, as they help to support parents in enhancing their lives and also reinforce good values in them, as well as promote confidence building. Additionally, mentors help children grow and close the social and/or economic opportunity gap, as the Executive Director of Emerald Schools, Mrs. Edna Obaze said once a child is enrolled into the school, he or she is assigned a mentor which might not necessarily be the class teacher, but another teacher that they can discuss private issues with. According to her, “We have to do a background check on the kind of person you are before we assign a mentor to you. So every teacher in the school is a mentor. Before we make you a mentor, we have seminars so that the children can have people to talk to when they may have issues. But it is not necessarily the class teacher. It is somebody outside of the class . With the mentor, you can discuss private issues. “Teenagers have a lot of issues because it is an impressionable age. We purposely do that so that they can have an interaction. These mentors go as far as helping in their academics aside the social aspects of their lives. The child can also report the class teacher to the mentor. With that we found out that the children are more comfortable.� She said her school has been living up to its corporate social responsibility to impact its immediate community through construction of road leading to the school, giving full scholarship to some children of the community, as well as embarking on community development and assisting a public school with different projects. “In this school, we are very much in touch with the community. We do the roads leading to the school. We have some children from this community that are on full scholarship in the school. One will be graduating very soon and one has just joined us. Aside that we have a government school that is not properly run which is affiliated to us and our students are the ones taking care of the school. “We have our community development and our students go there to teach the children. We gave them desks and chairs because when we first got here and visited the school, the children were sitting on the ground, they didn’t also have toilet facility. When you go to the school now, you would see quite a number of projects that Emerald school has done.� Obaze however, stressed the need for government to throw its weight on the private sector when it comes to education noting,

Obaze

“ For example, we cater for our own power and water supply ; and grade our roads . The government should assist us because we are also assisting them in the area of training and development of the environment.� Asked if she shares the view that teachers are often undervalued and underpaid despite global recognition, the executive director said, “It depends on the school, I don’t believe that they are under paid. The money that comes from the school is what the children pays and that extends to the parents. For example, in our school, we pay dividends to our teachers and contributory pension. For this month, they are getting leave bonus, aside their salary and even Christmas bonus. So with that I dont think they are undervalued.� On effort being made by the school to achieve the new global education goal (SDGs), she said, “All those have been taken care of considering our mission and vision . We on our part, right from when the school was established, we are producing children who are global citizens. Because of that, our curriculum are tailored towards that. Our children also go out for competitions even outside Nigeria. For instance, they go for the GIS programme in different countries and our children go out there and compete favorably well. “Aside that, we know that most of our students school in Nigerian and abroad, so we prepare them adequately for that. From our experience, by interacting with other children and benchmarking other schools, our children will not have problem with that at all because they have been well trained for that.� Obaze attributed the suc-

cess of her students in the West African Senior School Certificate Examinations (WASSCE) to collaborative efforts between the school and the parents, discipline and not cutting corners. “If you trace the history of the school, we are very particular about discipline and academic excellence. We put everything in place to make sure that everything that we stand for comes out the way we have highlighted. “For instance, in academics, when the children are in school, under normal circumstances, their exams are done merged together. This means that a year 12 student will be sitting together with a year 11 student and they are in the same hall doing different exams, so you do not even have the option of checking what another person is doing . “When we give results to our children, they are their results, not doctored in any way. In Emerald schools, we don’t want to satisfy the parents at the detriment of their children. We are very particular about their growth and development and that is why whatever we do, we are very truthful about it because we know we are building lives which is very important. “When our children go for exams, the results they take home is their work, so we don’t care if your parents pull you out just because you are failing exams. It is better to present who the child is to the parents so that they can understand. It is all about collaboration and work on the child. “Even with the facilities that we have today, when some of these children got into the school, they were very weak academically, but we do a lot of work on them. For instance, we

organize extra classes for them, and they must work from morning till evening. The success is a lot of things all together.� Empowering the students through vocations, leadership programmes and playing musical instruments, the executive director said are added advantage as these would make them self sufficient by the time they live the school rather than looking for white collar jobs. “For every child in this school, once you come in, you must be able to play two or three musical instruments and those that are not so good in the instrument, they go into the choir. There is something you must be able to do. “Of recent, we have the vocational school where the children can learn a trade and acquire entrepreneurial skills, so that by the time they leave the school, they will be self sufficient, they will not be looking for white collar jobs. They also go to motherless homes to serve for two weeks, attend leadership programme at the sea school. It is based on the leadership programme that we actually pick our prefects,� Obaze stressed. Asked where she sees the school in the next five years, the executive director said, “When you come here next time, it is not what you see today that you are going to see next because we are always thinking of what next. “About our results , last year, we aimed for 100 percent, but we had 93.7 per cent and already we have given ourselves a target that we are going to move further up next year. It is beyond saying 100 per cent. What is the quality of the 100 percent? That is what we are working on now.�

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Ă?Ă?Ă–Ăž ÞÒËÞ Ă™Ă?Ăž Ă™Ă? ÞÒĂ? ĂœĂ?Ă‹Ă?ĂžĂ“Ă™Ă˜Ă? ÞÙ Ă’Ă“Ă—Ă‹Ă—Ă‹Ă˜ĂŽĂ‹ ĂĄĂ?ĂœĂ? Ă’Ă?Ă‹Ă ĂŁĚ‹Ă’Ă‹Ă˜ĂŽĂ?ĂŽ Ă?Ă™Ă˜ĂŽĂ?Ă—Ă˜Ă“Ă˜Ă‘ ĂœĂ?ĂšĂœĂ“Ă?Ă‹Ă–Ă? ĂŒĂŁ Ă—Ă‹Ă˜ĂŁ ĂšĂ?ÙÚÖĂ? ĂĄĂ’Ă™ ÞÙÙÕ ĂžĂ’Ă“Ă˜Ă‘Ă? ÞÙÙ ĂšĂ?ĂœĂ?Ă™Ă˜Ă‹Ă–Ë› Ă’Ă?ĂŁ ĂĄĂ?ĂœĂ? Ă“Ă—ĂšĂœĂ™Ă—ĂšĂžĂ&#x; ĂœĂ?Ă?ĂšĂ™Ă˜Ă?Ă?Ă? Ă–Ă‹Ă?Ă•Ă“Ă˜Ă‘ Ă“Ă˜ ĂŽĂ?ÚÞÒ Ă?Ă™Ă˜Ă?Ă“ĂŽĂ?ĂœĂ‹ĂžĂ“Ă™Ă˜ Ă‹Ă˜ĂŽ ÞÒÙĂ&#x;ÑÒÞ˛ Ă’Ă“Ă—Ă‹Ă—Ă‹Ă˜ĂŽĂ‹Ëœ ĂŒĂ?Ă“Ă˜Ă‘ Ă˜Ă™ĂžĂ‹ĂŒĂ–ĂŁ Ă?Ă?Ă—Ă“Ă˜Ă“Ă?ĂžËœ Ă‹Ă—Ă™Ă˜Ă‘Ă?Ăž Ă’Ă?Ăœ ÙÞÒĂ?Ăœ Ă“ĂŽĂ?Ă‹Ă–Ă? ËÚÚĂ?Ă‹ĂœĂ? ÞÙ Ă’Ă‹Ă Ă? ËŠĂ‹ ĂŽĂœĂ?Ă‹Ă—ËŞ Ă–Ă“Ă•Ă? Ě™ Ă‹ĂœĂžĂ“Ă˜ Ă&#x;ÞÒĂ?Ăœ Ă•Ă“Ă˜Ă‘Ěš ÞÒËÞ Ă™Ă˜Ă? ĂŽĂ‹ĂŁËœ Ă‹Ă–Ă– Ă“Ă‘Ă?ĂœĂ“Ă‹Ă˜ Ă‘Ă“ĂœĂ–Ě‹Ă?Ă’Ă“Ă–ĂŽĂœĂ?Ă˜ ĂĄĂ™Ă&#x;Ă–ĂŽ Ă’Ă‹Ă Ă? Ă‘ĂœĂ?Ă‹ĂžĂ?Ăœ Ă?Ă?Ă–Ă?Ě‹ĂšĂœĂ™ĂšĂ?Ă–Ă–Ă?ĂŽ Ă‹Ă˜ĂŽ Ă?Ă›Ă&#x;Ă‹Ă– Ă?ĂŽĂ&#x;Ă?Ă‹ĂžĂ“Ă™Ă˜Ă‹Ă– Ă™ĂšĂšĂ™ĂœĂžĂ&#x;Ă˜Ă“ĂžĂ“Ă?Ă? ÞÙ ĂŒĂ? Ă?Ă˜ĂœĂ™Ă–Ă–Ă?ĂŽ Ă“Ă˜ Ă?Ă?Ă’Ă™Ă™Ă–Ëœ Ă?ÞËã Ă“Ă˜ Ă?Ă?ÒÙÙÖ Ęś ĂŒĂ?Ă˜Ă?Ă?Ă“Ăž Ă?ĂœĂ™Ă— ĂŒĂ?Ă“Ă˜Ă‘ Ă?ĂŽĂ&#x;Ă?Ă‹ĂžĂ?ĂŽ Ă“Ă˜ Ă?Ă?ÒÙÙÖ˛ Ă™ ĂŁĂ™Ă&#x; Ă?Ă Ă?Ă˜ ĂœĂ?ËÖÓäĂ? ÞÒËÞ ÞÒĂ?ĂœĂ? Ă“Ă? Ă‹ Ă’Ă?ĂœĂ?ĂŽĂ“ĂžĂ‹ĂœĂŁ Ă?Ă‹Ă?ĂžĂ™Ăœ ÞÙ ÞÒĂ? Ă‹Ă?ĂžĂ™Ă˜Ă“Ă?Ă’Ă“Ă˜Ă‘ Ă˜Ă&#x;Ă—ĂŒĂ?Ăœ Ă™Ă? Ă‘Ă“ĂœĂ–Ă? ÞÒËÞ Ă‹ĂœĂ? Ă™Ă&#x;Ăž Ă™Ă? Ă?Ă?ÒÙÙÖ Ă“Ă˜ Ă“Ă‘Ă?ĂœĂ“Ă‹ËŁ Ă’Ă?ĂœĂ? Ă‹ĂœĂ? Ă?Ă“Ă‘Ă&#x;ĂœĂ?Ă? Ă?Ă’Ă™ĂĄĂ“Ă˜Ă‘ ÞÒËÞ Ă‹ Ă–Ă‹Ă?Ă• Ă™Ă? Ă?Ă™ĂœĂ—Ă‹Ă– Ă?ĂŽĂ&#x;Ă?Ă‹ĂžĂ“Ă™Ă˜ Ă™Ă? ×ÙÞÒĂ?ĂœĂ? Ă?Ă™Ă˜ĂžĂœĂ“ĂŒĂ&#x;ĂžĂ? ÞÙ ÞÒĂ? Ă“Ă˜Ă?ĂœĂ?Ă‹Ă?Ă“Ă˜Ă‘ Ă?Ă“Ă‘Ă&#x;ĂœĂ?Ă? Ă™Ă? ĂšĂ™Ă™Ăœ Ă?Ă?ÒÙÙÖ ËÞÞĂ?Ă˜ĂŽĂ‹Ă˜Ă?Ă? Ă‹Ă?Ăž ĂŁĂ?Ă‹ĂœËœ Ă‹ ĂœĂ?ĂšĂ™ĂœĂž Ă“Ă˜ĂŽĂ“Ă?Ă‹ĂžĂ?ĂŽ ÞÒËÞ ÞÒĂ?ĂœĂ? Ă“Ă? Ă‹Ă˜ Ă“Ă˜Ă?ĂœĂ?Ă‹Ă?Ă? Ă“Ă˜ ÞÒĂ? Ă˜Ă&#x;Ă—ĂŒĂ?ĂœĂ? Ă™Ă? Ă‘Ă“ĂœĂ–Ă? ĂĄĂ’Ă™ Ă‹ĂœĂ? Ă?Ă&#x;ĂœĂœĂ?Ă˜ĂžĂ–ĂŁ Ă™Ă&#x;Ăž Ă™Ă? Ă?Ă?ÒÙÙÖ ĂŒĂ™ĂžĂ’ Ă‹Ăž ĂšĂœĂ“Ă—Ă‹ĂœĂŁ Ă‹Ă˜ĂŽ Ă?Ă?Ă?Ă™Ă˜ĂŽĂ‹ĂœĂŁ Ă?Ă?ÒÙÙÖ Ă–Ă?Ă Ă?Ă–Ă? Ă“Ă˜ Ă“Ă‘Ă?ĂœĂ“Ă‹Ë› Ă?Ă?Ă™ĂœĂŽĂ“Ă˜Ă‘ ÞÙ Ă‹ Ă?Ă&#x;ĂœĂœĂ?Ă˜Ăž Ă™Ă˜Ă–Ă“Ă˜Ă? Ă“Ă‘Ă?ĂœĂ“Ă‹Ëœ ĂœĂ?ĂšĂ™ĂœĂž Ě‹ Ă&#x;ËÖÓÞã Ă‹Ă?Ă“Ă? ĂŽĂ&#x;Ă?Ă‹ĂžĂ“Ă™Ă˜Ëœ Ă’Ă? Ă“ĂžĂ&#x;Ă‹ĂžĂ“Ă™Ă˜ Ě‹ Ă?Ă’Ă“Ă–ĂŽĂœĂ?Ă˜ Ă&#x;Ă˜ĂŽĂ?Ăœ ÍŻÍł ĂŁĂ?Ă‹ĂœĂ? ÙÖÎ Ă—Ă‹Ă•Ă? ͲͳϹ Ă™Ă? Ă™Ă&#x;Ăœ ÍŻÍľÍŻĂ—Ă“Ă–Ă–Ă“Ă™Ă˜ ÚÙÚĂ&#x;Ă–Ă‹ĂžĂ“Ă™Ă˜Ë› Ă˜ ĂœĂ?Ă?Ă?Ă˜Ăž ÞÓ×Ă?Ă?Ëœ Ă?Ă Ă?Ă˜ ÞÒÙĂ&#x;Ă‘Ă’ ĂšĂœĂ“Ă—Ă‹ĂœĂŁ Ă?Ă?ÒÙÙÖ Ă?Ă˜ĂœĂ™Ă–Ă–Ă—Ă?Ă˜Ăž Ă’Ă‹Ă? Ă“Ă˜Ă?ĂœĂ?Ă‹Ă?Ă?ĂŽËœ Ă˜Ă™Ă˜Ă?̋ËÞÞĂ?Ă˜ĂŽĂ‹Ă˜Ă?Ă? Ă™Ă? Ă?Ă’Ă“Ă–ĂŽĂœĂ?Ă˜ Ă“Ă˜ Ă?Ă?ÒÙÙÖĂ? Ă“Ă? Ă‹ĂŒĂ™Ă&#x;Ăž ;͎Ϲ˞ Ă“Ă‘Ă?ĂœĂ“Ă‹ Ă?ÞÓÖÖ Ă’Ă‹Ă? Ă‹ĂŒĂ™Ă&#x;Ăž ͎ͯ˛ͳ Ă—Ă“Ă–Ă–Ă“Ă™Ă˜ Ă™Ă&#x;Þ̋ÙĂ?Ě‹Ă?Ă?ÒÙÙÖ Ă?Ă’Ă“Ă–ĂŽĂœĂ?Ă˜Ë› Ă’Ă“Ă? ĂœĂ?ĂšĂ™ĂœĂž ĂŽĂ?Ă?ĂœĂ“Ă?Ă? ÞÒÓĂ? Ă‹Ă? ÞÒĂ? ĂĄĂ™ĂœĂ–ĂŽËŞĂ? Ă’Ă“Ă‘Ă’Ă?Ă?Ăž Ă˜Ă&#x;Ă—ĂŒĂ?ĂœË› Ă&#x;ĂœĂžĂ’Ă?ĂœĂ—Ă™ĂœĂ?Ëœ Ă™Ă? ĂšĂ‹ĂœĂžĂ“Ă?Ă&#x;Ă–Ă‹Ăœ Ă?Ă™Ă˜Ă?Ă?ĂœĂ˜Ëœ Ă“Ă˜ ÞÒÓĂ? ĂœĂ?ĂšĂ™ĂœĂžËœ Ă“Ă? ÞÒËÞ Í´ÍŽĎą Ă™Ă? Ă™Ă&#x;Ăœ Ă™Ă&#x;Þ̋ÙĂ?Ě‹Ă?Ă?ÒÙÙÖ Ă?Ă’Ă“Ă–ĂŽĂœĂ?Ă˜ Ă‹ĂœĂ? Ă‘Ă“ĂœĂ–Ă?Ëœ Ă—Ă‹Ă˜ĂŁ Ă™Ă? åÒÙ× Ă’Ă‹Ă Ă? ĂŽĂœĂ™ĂšĂšĂ?ĂŽ Ă™Ă&#x;Ăž Ă?Ă‹ĂœĂ–ĂŁË› Ă?Ă‹Ă?Ă™Ă˜Ă? Ă‹Ă–Ă–Ă&#x;ĂŽĂ?ĂŽ ÞÙ ÞÒÓĂ? Ă?Ă™Ă?Ă“Ă‹Ă– ĂšĂœĂ™ĂŒĂ–Ă?Ă— Ă“Ă? Ă‹ ÖÙå ĂšĂ?ĂœĂ?Ă?ĂšĂžĂ“Ă™Ă˜ Ă™Ă? ÞÒĂ? Ă Ă‹Ă–Ă&#x;Ă? Ă™Ă? Ă?ĂŽĂ&#x;Ă?Ă‹ĂžĂ“Ă™Ă˜ Ă?Ă™Ăœ Ă‘Ă“ĂœĂ–Ă? Ă‹Ă? ĂĄĂ?Ă–Ă– Ă‹Ă? ĂŒĂ?Ă?Ă˜ Ă—Ă‹ĂœĂœĂ“Ă?ĂŽ Ă™Ă?Ă? Ă?Ă‹ĂœĂ–ĂŁË› Ă—ĂšĂ™ĂœĂžĂ‹Ă˜ĂžĂ–ĂŁ ÞÙÙ ÞÒÓĂ? ĂœĂ?ĂšĂ™ĂœĂž Ă“Ă˜Ă?Ă™ĂœĂ—Ă? ÞÒËÞ Ă?Ă’Ă“Ă–ĂŽĂœĂ?Ă˜ Ă?ĂœĂ™Ă— ÞÒĂ? ĂšĂ™Ă™ĂœĂ?Ă?Ăž ÒÙ×Ă?Ă? Ă‹ĂœĂ? Ă˜Ă™Ăž Ă?Ă Ă?Ă˜ ĂŒĂ?Ă“Ă˜Ă‘ ĂšĂ&#x;Ăž Ă?Ă™ĂœĂĄĂ‹ĂœĂŽ Ă?Ă™Ăœ Ă?Ă˜ĂœĂ™Ă–Ă–Ă—Ă?Ă˜Ăž Ă“Ă˜ Ă?Ă?ÒÙÙÖ˛ Ă’Ă“Ă? Ă“Ă? Ă˜Ă™ĂĄËœ ĂŒĂ&#x;Ăž Ă‹ ĂšĂ™Ă™Ăœ ĂžĂ’Ă“Ă˜Ă•Ă“Ă˜Ă‘ Ă‹ĂŒĂ™Ă&#x;Ăž ÞÒĂ? Ă‘Ă“ĂœĂ–Ě‹Ă?Ă’Ă“Ă–ĂŽ Ă’Ă‹Ă? Ă‹Ă–ĂĄĂ‹ĂŁĂ? ĂŒĂ?Ă?Ă˜Ë Ă?âÚĂ?ĂœĂ“Ă?Ă˜Ă?Ă?ĂŽ Ă‹ Ă?ĂœĂ“Ă?Ă˜ĂŽ Ă™Ă? Ă—ĂŁ Ă?Ă™Ă&#x;Ă?Ă“Ă˜ Ă?Ă–ĂŁ Ă‹Ăž Ă—Ă?Ëœ ĂĄĂ’Ă“Ă–Ă?Ăž Ă™Ă˜ Ă‹ Ă›Ă&#x;Ă?Ă&#x;Ă?Ëœ Ă‹Ăž Ă‹ ËŠ Ă‹ĂœĂ• Ęś ÒÙÚ˪ Ă?Ă&#x;ĂšĂ?ĂœĂ—Ă‹ĂœĂ•Ă?Ăž Ă‹Ă–Ă™Ă˜Ă‘ ĂŽĂ?ÙÖË ĂŽĂ?Ă•Ă&#x; Ëœ Ă?Ù×Ă?ÞÓ×Ă? Ă“Ă˜ ÞÒĂ? Ă?Ă‹ĂœĂ–ĂŁ Í°ÍŽÍŽÍŽË› ĂŁ Ă™Ă?Ă?Ă?Ă˜Ă?Ă? ĂĄĂ‹Ă? ÞÒËÞ Ă’Ă‹ĂŽ ĂŒĂ?Ă?Ù×Ă? Ă‹Ă˜ Ă‹ĂŽĂ&#x;Ă–Ăž Ă?ĂžĂ&#x;ĂŽĂ?Ă˜Ăž ̙ÚÙĂ?Ăž Ă—ĂŁ Ă&#x;Ă˜Ă“Ă Ă?ĂœĂ?ÓÞã Ă›Ă&#x;Ă‹Ă–Ă“Ă?Ă“Ă?Ă‹ĂžĂ“Ă™Ă˜Ă?̚˛ Ă“Ă•Ă? Ă‹ Ă?ĂœĂ?Ă˜Ă¤Ă“Ă?ĂŽ ĂĄĂ“ĂžĂ?Ă’ Ă?Ă’Ă?Ëœ Ă–Ă“Ă•Ă? ĂŁĂ™Ă&#x; Ă?Ă?Ă? Ă“Ă˜ Ă?Ù×Ă? Ă“Ă‘Ă?ĂœĂ“Ă‹ ×Ùà ÓĂ?Ă?Ëœ ÞÙÖÎ Ă—Ă? ÞÒËÞ ĂĄĂ‹Ă? ĂĄĂ‹Ă?ĂžĂ“Ă˜Ă‘ Ă—ĂŁ ÞÓ×Ă?Ëœ ÞÒËÞ Ă‹Ă–Ă– ÞÒĂ? Ă?Ă?Ă?Ă™ĂœĂž ĂĄĂ™Ă&#x;Ă–ĂŽ Ă™Ă˜Ă–ĂŁ Ă?Ă˜ĂŽ Ă&#x;Ăš Ă“Ă˜ ÞÒĂ? Ă•Ă“ĂžĂ?Ă’Ă?Ă˜ Ă‹Ă˜ĂŽ Ă—ĂŁ Ă’Ă&#x;Ă?ĂŒĂ‹Ă˜ĂŽËŞĂ? ĂŒĂ?ĂŽĂœĂ™Ă™Ă—Ë› Ă™ĂœĂŽĂ? Ă?Ă‹Ă˜Ă˜Ă™Ăž ĂŽĂ?Ă?Ă?ĂœĂ“ĂŒĂ? ÞÒĂ? ĂšĂ‹Ă“Ă˜ ÞÒÓĂ? Ă–Ă‹ĂŽĂŁ Ă“Ă˜Ă?Ă–Ă“Ă?ĂžĂ?ĂŽ Ă“Ă˜ Ă—ĂŁ Ă’Ă?Ă‹ĂœĂž Ă™Ă˜ ÞÒÓĂ? ĂŽĂ‹ĂŁË› Ă Ă?Ă˜ ÞÒÙĂ&#x;Ă‘Ă’ ĂĄĂ‹Ă? ĂšĂ‹Ă“Ă˜ĂžĂ?ĂŽ ĂŒĂŁ Ă’Ă?Ăœ ĂĄĂ™ĂœĂŽĂ?Ëœ ĂŽĂ?Ă?Ă“ĂŽĂ?ĂŽ ÞÙ Ă—Ă‹Ă•Ă? Ă’Ă?Ăœ ĂŽĂ‹Ă—Ă˜Ă‹ĂžĂ“Ă™Ă˜ Ă™Ă˜Ă? Ă™Ă? ÞÒĂ? ĂŽĂœĂ“Ă Ă?Ă? ÞÙ Ă?ĂžĂ&#x;ĂŽĂŁ ĂĄĂ?Ă–Ă–Ë› ĂžĂ’Ă‹Ă˜Ă• ÙÎ ÞÒËÞ Ă‹Ă— Ă˜Ă™Ăž ĂĄĂ‹Ă“ĂžĂ“Ă˜Ă‘ Ă?Ă™Ăœ ÞÒĂ? ĂŽĂ™Ă™Ăœ ÞÙ ĂŒĂ? ÙÚĂ?Ă˜Ă?ĂŽ Ă?Ă™Ăœ Ă—Ă?Ë› ÞËÕĂ? ĂŽĂ‹Ă“Ă–ĂŁ ÞËĂ?Ă•Ă? åÓÞÒ Ă‘Ă&#x;Ă?ĂžĂ™Ëœ ĂŒĂœĂ‹Ă Ă?ĂœĂŁ Ă‹Ă˜ĂŽ Ă‹ ĂœĂ?Ă–Ă“Ă‹Ă˜Ă?Ă? Ă™Ă˜ Ă‹ ÙÎ ÞÒËÞ Ă–Ă“Ă Ă?Ă? Ă“Ă˜ ÞÒĂ? Ă‹Ă?Ă?Ă‹Ă“ĂœĂ? Ă™Ă? Ă—Ă?Ă˜Ë› Mrs Kehinde Omoru writes from the UK

Grace Schools Administrator Makes Case for Indigent Students Mary Nnah and Peace Obi The Administrator, Grace Schools, Gbagada, Mrs Tokunbo Edun, has called on corporate organisations and public-spirited individuals to show more commitment to social responsibility initiatives to alleviate the sufferings of the less privileged in the country. Edun who made this known, recently in Lagos, said a huge gap exists between the rich and the poor which has given rise to more out of school children in the country. She called on corporate organisations and other individuals to provide scholarships for the indigent students in the country, adding that her school has over the years focused on being a good corporate citizen through its social responsibility initiatives. “The citadel of learning had deepened its brand equity through various CSR schemes it introduced to create positive impact on the society. Grace Schools has a strong focus in

contributing its quota to the upliftment of the society where it operates. We have continued to provide annual educational scholarship to indigent students to enable them have access to qualitative education regardless of their educational background. This is one area the school becomes socially responsible through scholarships to the less privileged in the society,� she said. The administrator hinted that the scholarship which is worth over N1million per session, covers tuition, books, uniforms, boarding fees and pocket money and even extends to their university education. She noted that over 30 students have benefitted from the awards since its inception in 2004 with over N100 million invested so far in the scheme by the school. “We also support them after their secondary education in Grace schools and up to the university level. This we do paying their university fees, accommodation and giving them a monthly stipend.�

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Author Canvasses Entrepreneurship Skills for Nation Building Funmi Ogundare The Director of Straitgate Nursery and Primary School, Magodo, Lagos, and author of Leadership and Entrepreneurship Series (LESs) , Mr Dapo Ojedeji has stressed the need for the country to ensure that the youths imbibe the proper leadership and entrepreneurship skills, noting that this will assist in solving the emerging and future challenges. Leadership he said entails ensuring a qualitative governance and entrepreneurship, and that both combined, would bring about economic viability. Ojedeji made this known, weekend, during a pre-book launch of Leadership and Entrepreneurship Series (LESs) , in Lagos, designed to develop in every secondary school student an awareness

of his or her leadership and entrepreneurship potentials, as well as assist the youths in building up of such essential qualities. He said it has become imperative for youths in the country to take the mantle of leadership at the local, state and federal levels of government and corporate organisations, considering the fact that they are ICT-driven. He however expressed concern that the country has not done enough to prepare the youths to take cognizance of leadership and entrepreneurship saying, “It is amazing what the world is doing with the transformation of young leaders to leaders and entrepreneurs. It is our committed attempt to move from the realm of discussion amd conferences to the point of action, to move

from telling our children that they are leaders of tomorrow to actually preparing them to be leaders of tomorrow.� Ojedeji recalled a summer camp held last year in Ogun State for secondary school students where he along with his co author of the book, Mrs. Ronke Faseru met a set of young adults who are willing to learn the skills that will help them take up the challenges of tomorrow, adding that this was what led to writing the book. “ Back to Lagos after the camp experience, Ronke shared with me the need for a textbook and curriculum for secondary school students in leadership and entrepreneurship. Unknown to her, her

suggestions ignited a chord and passion which made me to marinate myself in the research of global activities on leadership and entrepreneurship at the secondary school level. The commitment is to deliver a curriculum with books, webpages and other resources that will meet global standard, � he stressed. The director said he had to meet with a team of leadership experts, educators, IT professionals to teach some aspects of the Nigerian constitution , adding that if the youths are going to be leaders of tomorrow, it is imperative that they know the basic contents of the constitution. “The result is the Leader-

ship and Entrepreneurship Series (LESs) which is aimed at preparing today’s young adults in our private and public secondary school all over the nation for an advantage in individual and group leadership responsibilities of our country in tomorrow’s competitive world. Emphasising on the scope of the curriculum , he said, it will include five books relevant for the first five year levels in the junior and Secondary schools. “These series have 17 chapters each, totally looking at 18 leadership characters and five qualities of successful entrepreneurs. At the end of each chapter is the highlight of a vital section or sub-section of

the constitution of the federal republic of Nigeria with brief legal interpretation. Our belief is that a good knowledge of the constitution is imperative for anyone who wants to become a leader in the country.� The co-author of the book, Mrs. Ronke Faseru said the team would work with the school and parents to ensure that the right leadership values and entrepreneurship skills are imbibed, adding, “Leadership and Entrepreneurship Series is about them practicing it and building entrepreneurs for the future. We dont have to wait for the teenagers to become adults before we act, but to build values within them right from the classroom.�

AAU Alumni President Canvasses Students’ Support from Members Funmi Ogundare The President of the Ambrose Alli University, Ekpoma Alumni Association, Professor Edward Omi Ujuanbi has stressed the need for members of its alumni association particularly those in the corporate organisations to have regular interactions with students, noting that this will provide an opportunity for them to gain insights into the operational world and transfer learning. Ujuanbi expressed concern about the falling standard of university education due to poor funding by successive governments in the country saying that as a way of closing the gap over the years, the alumni association in synergy with the university administration has encouraged members to have interactions with students. This, the president who grew from being a student to a lecturer in the university, said has been very impactful, adding that it has also helped in building their confidence and developing curriculum. According to him, “This present Executive Council (EC) strongly believes that the essence of alumni associations, apart from building friendships and supporting the university, is to create platforms for networking among members. Thus, since our inauguration in 2015, we have deliberately focused our attention on establishing new branches within and outside the country and encouraging successful alumni and young graduates to attend meetings. The ultimate benefits for the young graduates would be the creation of employment opportunities, particularly from successful alumni entrepreneurs and mentorship for career development.� Being a member of the alumni association, he said aside the opportunity

it creates for leisure time with old and new friends, it will provide help in the advancement of members’ professional careers and growth of their business endeavours through the platform for networking and mentorship. He said as a professor in the institution, he has leveraged on his presence to draw the attention of students to the need to take advantage of these networks, adding, “Although, ours is a work-in-progress, with the cooperation and collaboration fostered with our branches, we are presently collating a directory of our members working in critical sectors of the economy who are in positions to assist our new graduates, particularly for career placement and other support. This directory will be utilised in creating different channels of communication on several social and professional media platforms.� Asked to what extent the association has achieved its objectives in tandem with the corporate vision of the university and met its needs, the president said,: “The vision of our university is to foster the growth of knowledge for advancement of society. The core activities of the alumni have been in tandem with the corporate vision of our university. Excellence being a core value of our association, we have used multiple approaches to maximize the quality of the students’ learning experience. “ In this respect, we have vigorously mobilised alumni members to support the infrastructural and human capacity development of the university through donations of books to the library, building of critical infrastructures such as students’ hostel, lecture/examination halls, as well as the provision of scholarships to indigent students.�

The Comptroller General, Nigeria Customs service, Col. Hammed Ali (Rtd) (centre) Honorable Yahaya Musa Muhammad representing the Honorable. Minister of FCT, Chairman, The Hillside School, Abuja , ObidinUme and Executive Vice Chairman, Mrs. Nnenna Ume, a parent Dr. Ajijola and Vice Principal of the school To-Anadu, anked by the graduating class of 2018 of Hillside School, Abuja, during its maiden SS3 graduation and prize giving ceremony held recently

Students Advised on Career Choices The Executive Director, Corporate Banking, First Bank of Nigeria Limited, Dr. Remi Oni has advised students to assess and know their academic strengths and weaknesses before making a career choice. Oni who gave the advise, recently, during a career counselling session with theme, ‘Touching Lives: You First’, for students of Fazil Omar High School, Iwaya, Yaba, Lagos, in commemoration of the 2018 Corporate Responsibility and Sustainability (CRS) week of

the bank, said once they know their academic strengths and weaknesses early, they can make informed choices on the paths to take and how they should go about achieving their dreams. According to him, “It is important for you to know your innate skills; the subjects that you are good at and the ones that you find a bit tough. This will help you make the right choice and choose the career that fits into your character.� He said the early discovery of their skills and interests will

lead them into making the right career choices, while appealing to them to be open to ideas and consider how they could contribute to humanity. “It is a fast-changing world and some careers as we know them today are fast disappearing. You need to open your mind, the possibilities out there are very wide, they are huge. Don’t be fixated on the boxes the society has built over the years. Don’t see your career as the end in itself but as a means to an end. You need to see how you can

contribute meaningfully to the world when you grow up.� The career counselling session, facilitated by executive management and staff of the bank for over 3,000 students of public and private schools across communities, is a key component of its 2018 CSR week. The management of the bank and its subsidiaries had earlier visited the Yaba College of Technology Secondary School, for the career counselling session. It is being commemorated in Nigeria and Sub-Saharan Africa.

International Youth Fellowship Appoints Adebogun Advisory Committee Member The Board of the International Youth Fellowship (IYF) has appointed Dr. Ola Adebogun, Founder of Caleb University, Imota, Lagos, as a member of its advisory committee in recognition of his demonstrated passion, zeal and ability in supporting the development of youths across the globe. The appointment and presentation of certificate was held at this year international youth fellowship programme in Busan, South Korea where Adebogun took very active part and featured prominently in all activities.

According to a statement by the Head, Media and Public Relations, Caleb University Otobo Elvis, “Dr. Adebogun’s appointment was in recognition of his demonstrated passion, zeal and ability. He is hereby authorized and empowered to execute and fulfil the duties of that office to further the cooperation and partnership with the International Youth Fellowship to jointly address and strive for the enhancement and betterment of youths of the nation, as well as the nations of the rest of the world.�

In his response, Dr. Ola Adebogun promised to continue to support the cause of youths and contribute meaningfully towards their development anywhere in the world. “I invested heavily in the education sector not for profit making, but to help youths gain world class education, acquire relevant skill sets and impact them positively to enable them gain global relevance and positively influence their generation and fulfil their destinies.� The Vice Chancellor of the University, Professor Daniel

Aina Ayandiji in his remarks described the appointment as a well deserved honour considering the fact that Adebogun has devoted his life and resources in supporting and developing youths across the globe. He noted that the enormous contributions and achievements of the founder of Caleb University in the educational sector today is unparalleled, adding that the global recognition will go a long way to expose its students to the many benefits like global educational exchange programs with other world class universities.

36

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CITYSTRINGS

ĂœĂ™Ă&#x;Ăš Ă?Ă‹ĂžĂ&#x;ĂœĂ?Ă? ĂŽĂ“ĂžĂ™ĂœË? Ă’Ă“Ă?Ă—Ă?Ă–Ă“Ă? äĂ?Ă™ĂŒĂ“ 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 ͖͕͔͑͑͒͑͒͑͑͘

Ogidi’s Festival of Cultural Renaissance Annually, the indigenes of Ogidi and Ogbunike communities in Anambra State throng home for the celebration of the Nwafor Festival. Marking this year’s event, both communities were a beehive of cultural activities. Iyobosa Uwugiaren, who witnessed the festival, writes that one of the highpoints was the grandiose display by the Ijele Masquerade

Members of Olu Ogidi performing during the festival

utside Christmas celebration, only the Nwafor Festival brings Ogidi men and women, across religious divide together. It is therefore not surprising that every sons and daughters of Ogidi and Ogbunike communities, both in Idemili-North Local Government Area of Anambra State, always look forward to it as it is the most important cultural celebration – usually performed after the cultivation of yam to mark the commencement of a resting period. It is characterised by dancing, especially traditional dances by the masquerades, and merriment, occasioned by plenty to eat and drink.

O

The festival

History has it that the festival customarily takes a period of 11 days, between the first Friday (Afor) in the month of July and for the next 10 days. A few days to the festival, specifically on the

Orie market day, several traditional masquerades perform the traditional dance from one place to another in the community, setting the pace for the main event. Thereafter, the

It was a moment of thanksgiving to God for the successful planting season, while also preparing for the harvest. The people of Ogidi kingdom celebrates the festival in the last week of July every year but this year’s celebration was unique because the Ijele Masquerade made its ďŹ rst appearance after a long year

highpoint, which is usually on Sunday, occurs when the people gather at the Igwe’s (the king) Palace to say prayers and thank God for a successful cultivation period and also pray for a bulky harvest of the New Yam. This year ’s edition was not different. For three days, starting from Friday July 27, 2018, the Ogidi and Ogbunike communities were beehive of cultural activities: the available rooms in all the hotels in the town were fully booked and occupied by guests, as sons and daughter of the town came from all parts of Nigeria, and the Diaspora to celebrate this year ’s edition of the famous Nwafor Festival. Described as ’unique’ to the Ogidi people, an Igbo cultural enthusiast, who also doubles as the Chairman and Chief Executive Officer of The Dome Entertainment and Hospitality Center in Abuja, High Chief Obiora Okonkwo, told THISDAY that this year ’s edition was taken further toward the revitalisation of culture

and tradition of the people. He further said the festival was remarkable because it was the first since the community regained its monarchy, adding that Ogidi Kingdom had been without a tradition ruler for 20 years. He said the interval caused a lot of cultural dysfunction in the community leading to efforts by great sons of the land to reconnect with their culture and tradition. Okonkwo noted that leaders of Ogidi, who were associated under a common platform known as Olu Ogidi, agreed to ensure that the town invigorated its tradition and culture having successfully installed a monarch who, he said, is blessed with ‘’intellect, wisdom and insight’’, to lead the people. He extolled sons and daughters of Ogidi for turning out in their numbers to celebrate this year ’s event, which he promised will get bigger with time, as plans are underway to mold the festival into the cultural calendar of Anambra

37

T H I S D AY Ëž Ëœ ÍśËœ Í°ÍŽÍŻÍś

CITYSTRINGS State for tourism purposes. Kicking off the event, the paramount ruler of Ogidi, the Igwe Ezechuamagha the First of Ogidi Kingdom, Igwe Alex Onyido, blessed his subjects in prayers and supplications to God for their progress and success. A pharmacist of ‘great repute’, the Igwe was spectacular in his royal crown as he stepped out at the palace square, to the thundering hailing by thousands of the Ogidi people, friends, associates and foreigners, who thronged to witness the festival. With kinetic movement that is wellknown for Igbo cultural dances, Igwe Onyido danced alongside members of his cabinet, reminding the people of the prodigious affluences of Ogidi Kingdom. Explaining this year edition of the Nwafor Festival, Igwe Onyido said it was a moment of thanksgiving to God for the successful planting season, while also preparing for the harvest, adding that the people of Ogidi kingdom celebrates the festival in the last week of July every year. He said this year ’s celebration was unique because the Ijele made its first appearance after a long year.

The Ijele Masquerade

Some people conversant with the rich culture of Ogidi, said it ‘’reignited the beginning of a cultural renaissance’’ in the town with the appearance, for the first time in many years in Ogidi land, the biggest of all masquerades, the Ijele. The masquerade is now named by Ogidi people ‘’Ijele Inwelle.’’ Ijele Masquerade is recognised as the ’biggest masquerade in SubSaharan Africa’, and is a tradition of the Ogidi people. It was listed in the UNESCO archives as an ‘’intangible cultural element in need of urgent safeguarding.’’ And those who know the significance of the masquerade said it ‘’evokes fertility and a bountiful harvest.’’ Cultural studies have shown that the Ijele Masquerade has its ancestry from the Akunechenyi Dance Group in Umuleri and Aguleri communities, also in Anambra State. And obtainable resources also show that the innovative idea was for the masquerade to drive away the early missionaries as well as showcase royalty and greatness in Igboland. Standing at about 14ft to 15ft, it is believed that in the olden days, about 45 other masquerades performed on top of the Ijele -- suggesting its kingship above all other eastern masquerades. These masquerades are represented today by 45 figurines on top of the new designed Ijele Inwelle. Those who know said it took about 100 men to put the Ijele Inwelle costume in order. Apart from during the Nwafor Festival, Ijele Inwelle performs at the death of important people in the village, members of the Ijele family and during the death of the oldest person in the village. It holds other plentiful significances. ‘’For instance, the fact that the Ijele can bow down to royalty and authority shows that no one is above bowing down. The Ijele must never touch the ground; if it does, it is

Though the culture of the people had been eroded by the impact of Christianity, he, alongside others, are working very hard to ensure a renaissance that will clean up culture of the people, by retaining the good aspects and dropping the negatives

The paramount ruler of Ogidi, Igwe Alex Onyido breaking the kolanut during the Nwafor Festival

considered dead and the carrier and his family can never bear the Ijele again,� a guest said. So, with the presence of Ijele Inwelle Masquerade, the colourful celebration recently was hallmarked with traditional music and dance that dotted the palace square. And from the audience’s reactions, the people of Ogidi enjoyed every bit of the event and asked for more.

The king speaks

Earlier while chatting with THISDAY, Igwe Onyido talked about the great prosperities of Ogidi land, stating that the progenitor of the town, Ezechuamagha, was a hunter and warrior who gave birth to Ogidi, who in turn gave birth to nine children, represented by the nine villages in Ogidi land today. The Igwe also stressed the importance of Ezechuamagha in the life of Ogidi town, nothing that the cultural renaissance of the people is paramount in his assignments. He stated that though the culture of the people had been eroded by the impact of Christianity, he, alongside others, are working very hard to ensure a renaissance that will clean up culture of the people, by retaining the good aspects and dropping the negatives. He added that part of the renaissance taking place in Ogidi today, is the drastic change in burial and marriage rites of the town. “Marriage rites are now not as expensive. We have so many beautiful girls and we can even waive the rites for you if you desire so long as you show that you can take good care of her�, he said. Findings show that apart from the cultural importance of the Nwafor Festival, the celebration is also economically beneficial to the community, with increase in trade. Outside Christmas, many said ‘’only Nwafor Festival brings Ogidi men and women’’, across religious divide together. During the festival, people send word home, by way of money

The Ijele Inwelle masquerade and his utist

or materials to support those at home in order to celebrate. And unlike other festival dates that could be changed, Nwafor has a fixed date well-known to everybody, giving

enough room for preparation. Traditionalists said that as part of the celebration, there are no funerals and wedding ceremonies in community for that period.

38

T H I S D AY • WEDNESDAY, AUGUST 8, 2018

BUSINESS/MONEYGUIDE

FirstBank Redeems $300m Subordinated Notes Obinna Chima First Bank of Nigeria Limited yesterday effected payment to holders of its $300 million 8.25 per cent subordinated notes due for August 2020. This followed a notice given on 6th July, 2018, by First Bank of Nigeria Limited to FBN Finance Company B.V, of its intention to redeem the notes due August 2020. The debt instrument was issued to investors in 2013. However, the bank in a statement by its Managing Director/CEO, Mr. Adesola Adeduntan, revealed that, “payment of $300million to all bondholders, has been made today, Tuesday, August 07, 2018.” According to Adedutan,

the redemption of the notes ahead of maturity further demonstrated the strength of the bank’s foreign currency liquidity and the resilience of its balance sheet. “Despite the 2020 bond being a subordinated tier-2 instrument, we are able to redeem this without any impact on our capital ratios, as a result of the surplus tier-2 capital we currently hold which confirms the robust capital base of our bank. “To ensure the smooth redemption, we had systematically built up internal foreign currency liquidity on the back of our strong franchise and our deep market access in the course of the last year. “We are unlikely to be re-issuing debt in Eurobond

markets in the near term following this planned redemption, as reissuance will be a function of our funding needs, market conditions, expected pricing in relation to alternative funding structure and sources,” he added. He maintained that presently, the bank has ample liquidity to meet its foreign and local currency funding needs and maintains sufficient market access to raise additional funds, if required. According to him, the bank remains focused on delivering on its strategic objectives and continues to execute towards; improving its asset quality and risk management; enhancing revenue generation; and optimising operational efficiency.

Forex: CBN Intervenes with Fresh $210m In another round of intervention, the Central Bank of Nigeria (CBN) yesterday injected the sum of $210 million into the interbank foreign exchange market to ensure the availability of forex and also meet customers’ requests in various segments of the market. A statement revealed that at the auction yesterday, the central bank offered $100 million to authorised dealers in the wholesale segment of the market, while the small

and medium scale enterprises (SMEs) segment received the sum of $55 million. Customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million. The bank’s Acting Director, Corporate Communications Department (CCD), Mr. Isaac Okorafor, confirmed the figures and reiterated that the central bank would continue

to intervene in the interbank foreign exchange market in line with its quest to sustain liquidity in the market and maintain stability. He added that the steps taken so far by the bank in the management of forex had paid off, as reflected by reduction in the country’s import bills and accretion to its foreign reserves. But the naira traded at about N360 to a dollar on the BDC segment of the market yesterday.

Zenith Bank Foresees Return to Loan Growth Zenith Bank Plc expects to grow its loan book by 2.5 per cent this year, as a recovering economy and a drive to win business with manufacturers helps to offset a decline in credit in the first half, it said on Tuesday. The bank said weak economic growth affected lending last year. However, as the economy improves it expects loans to grow, especially as the central bank introduces liquidity to the banking sector targeting credit to manufacturers. “For the manufacturing

sector, we still see some opportunity there. We believe that there would be an incentive for the manufacturers ... and the engagement has started,” Reuters quoted Zenith Bank to have said. Zenith Bank Plc had announced an interim dividend of N9.42 billion for the half year (H1) ended June 30, 2018, following the release of the bank’s results. The dividend, which translated to 30 kobo per share, is higher than the N7.5 billion or 25 kobo paid in the

corresponding period of 2017. Zenith Bank Plc posted gross earnings of N322.2 billion in 2018, down from N380.4 billion in 2017. Net interest income stood at N154 billion compared with 139 billion in 2017. Impairment charges fell from N42.4 billion to N9.7 billion, while non-interest income reduced from N118.2 billion to N93.5 billion. Profit before tax improved from N92.2 billion to N107.4 billion, while PAT stood at N81.7 billion, compared with N75.3 billion in 2017.

LBS to Launch Digital Financial Inclusion Report Nosa Alekhuogie The Sustainable and Inclusive Digital Financial Services initiative (SIDFS) of the Lagos Business School (LBS) has announced a partnership with Dalberg, to launch a report intended to create an inclusive ecosystem for financial services in Nigeria. The launch, which is expected to take place in Lagos, would also feature a two-week art exhibition to present the result of a new digital financial inclusion report titled, “The Consumer Segmentation Framework (CSF).” SIDFS and Dalberg with the support of the Bill & Melinda Gates Foundation, undertook a deep study of the under-banked and unserved consumer segments to uncover insights and present data which can aid the achievement of the National Financial Inclusion Strategy (NFIS) goal of 80 per cent financial inclusion by 2020. The LBS said it planned to

present the annual research report in a curated exhibition portraying the persona of customer segments identified to help key stakeholders such as regulators, operators and development organisations connect with the realities of the segments that they seek to serve, in the drive towards developing a sustainable framework to attain financial inclusion for Nigerians. Research Fellow, SIDFS, LBS, Immanuel Umukoro, explained in an event yesterday that this years’ report is focused on the economics of financial inclusion and customer segmentation. According to him, “The just concluded CSF study is an artistic presentation of the findings of the study which introduces the different customer personas of the unserved and under-banked to aid intervention efforts. “We used a human centre design approach methodology which enables people interact one-on-one.

“The launch and exhibition will provide an opportunity for stakeholders of the financial service industry to experience and learn more about the different personas of Nigerians who live day to day without financial services through the use of certain materials like scenario simulation which they would be able to relate to better than abstract. “The exhibition is intended to help key stakeholders better appreciate and come to terms with the reality of the audience that they seek to serve. “Our evidence-based approach employs scientific and analytical methods to acquire and explore consumer and operator data, from which we uncover insights which drive innovative product development. “These are not just economic in nature but consumer-centric and will also spur reforms that are able to catalyse the digital financial services ecosystem in Nigeria,” he added.

L–R: Head, Shared Services Division, The Nigerian Stock Exchange (NSE), Bola Adeeko, presenting a replica of the closing gong to the Managing Director/CEO, C&I Leasing Plc, Andrew Otike-Odibi, during the ‘Facts Behind the Figures’ presentation by the company at the NSE in Lagos…yesterday

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA) 2018

Month

MARCH

Broad Money (M2)

24,303,049.86

-- Narrow Money (M1)

10,912,604.10

---- Currency Outside Banks

1,668,378.21

---- Demand Deposits

9,244,225.90

-- Quasi Money

13,390,445.76

Net Foreign Assets (NFA)

15,619,134.18

Net Domestic Assets(NDA)

8,683,915.68

-- Net Domestic Credit (NDC)

26,267,136.53

---- Credit to Government (Net)

3,823,345.45

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

5,433,209.43

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

-1,609,863.98

---- Credit to Private Sector (CPS)

22,443,791.08

--Other Assets Net

-17,583,220.85

Reserve Money (Base Money)

6,746,646.49

--Currency in Circulation

1,668,378.21

--Banks Reserves

4,357,551.58 • Source - CBN

MANAGED FUNDS Month Inter-Bank Call Rate

MARCH 15.16

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

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55 • Monetary Policy Rate - 13%

OPEC DAILY BASKET PRICE AS AT, MON, 6, AUGUST , 2018 The price of OPEC basket of fifteen crudes stood at $72.27 a barrel on Monday, compared with $72.07 the previous Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). SOURCE: OPEC headquarters, Vienna

39

T H I S D AY •WEDNESDAY, AUGUST 8, 2018

MARKET NEWS

C & I Leasing MD Assures Shareholders of Dividend Payment Goddy Egene and Nosa Alekhuogie

company’s ‘Facts Behind the Figures’ presentation at the Nigerian Stock Exchange (NSE) in Lagos. According to Otike-Odibi, the company did not pay dividend for two year due to retention of funds to grow the business, saying it is stronger now and in a better position declare a dividend. “We appreciate the fact that the business has not paid divi-

After two years without dividend, shareholders of C & I Leasing Plc will smile at the end the current financial year. This indication was given by the Managing Director/ Chief Executive Officer of C & I Leasing Plc, Mr. Andrew Otike-Odibi, yesterday at the

dend in the past two years. Last year we were all very expectant for that to happen but it did not happen. One of the things we did last year was to set aside money to grow the business. It did not make sense for to raise fresh capital and then begin paying dividend. We needed to plough back funds as much as possible. But that said and done, our plan is to pay

dividend by the end of this financial year. The business is stronger now and cash flows are better. Shareholders have been more than magnanimous because with the patience they have excercised so far, we will definitely want to reward them with dividend and given the way our share price is moving, they will also enjoy capital appreciation,” Otike-Odibi said.

PRICES FOR SECURITIES TRADED AS OF

Reviewing the performance of the company for the half year ended June 30, 2018, the MD/ CEO said gross earnings of N12.8 billion, was recorded, showing an increase of 11 per cent above the same period in 2017. He explained that the gross income was driven by growth the company’s rental income on the back of volume increase in the fleet and marine

business. “Profit after tax of N682.2 million, up 17.6 per cent was achieved through a combination of cost reduction initiatives and optimal utilization of assets. We successfully raised a N7 billion bond, the largest ever raised in the company. The funds will be used for debt refinancing and business expansion,” he said.

A S AT 2 5 / 0 7 / 2 0 1 8

Price List (Equities) PRICES FOR PREMIUM BOARD SECURITIES FINANCIAL SERVICES

S/N 1 2 3 BANKING S/N 4 OTHER FINANCIAL INSTITUTIONS FINANCIAL SERVICES INDUSTRIAL GOODS S/N 5 6 BUILDING MATERIALS INDUSTRIAL GOODS OIL AND GAS S/N 7 EXPLORATION AND PRODUCTION OIL AND GAS PREMIUM BOARD TOTALS Price List (Equities) PRICES FOR MAIN BOARD SECURITIES AGRICULTURE S/N 8 9 10 CROP PRODUCTION S/N 11 FISHING/HUNTING/TRAPPING S/N 12 LIVESTOCK/ANIMAL SPECIALTIES AGRICULTURE CONGLOMERATES S/N 13 14 15 16 17 DIVERSIFIED INDUSTRIES CONGLOMERATES CONSTRUCTION/REAL ESTATE S/N 18 BUILDING CONSTRUCTION S/N 19 20 INFRASTRUCTURE/HEAVY CONSTRUCTION S/N 21 REAL ESTATE DEVELOPMENT S/N 22 23 24 REAL ESTATE INVESTMENT TRUSTS (REITS) CONSTRUCTION/REAL ESTATE CONSUMER GOODS S/N 25 AUTOMOBILES/AUTO PARTS S/N 26 27 28 29

BANKING ACCESS BANK PLC. UNITED BANK FOR AFRICA PLC ZENITH INTERNATIONAL BANK PLC OTHER FINANCIAL INSTITUTIONS FBN HOLDINGS PLC

MARKET CAP(Nm) 290,726.11

TRADES

VOLUME

30 BEVERAGES--BREWERS/DISTILLERS S/N

10.05

0.50

121

39,218,652

324,894.50

9.50

3.83

164

51,696,669

729,968.48

23.25

0.65

334

20,395,987

619

111,311,308

32

PRICE %CHANGE

TRADES

VOLUME

33

269

88,103,288

34

269

88,103,288

888

199,414,596

TRADES

VOLUME

71 171 242 242

1,566,520 3,389,126 4,955,646 4,955,646

TRADES

VOLUME

MARKET CAP(Nm) 337,415.75

MARKET CAP(Nm) DANGOTE CEMENT PLC 4,004,519.24 LAFARGE AFRICA PLC. 238,519.28

BUILDING MATERIALS

EXPLORATION AND PRODUCTION SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD

PRICE %CHANGE

MARKET CAP(Nm) 382,488.96

9.40

2.17

31

35 36

PRICE %CHANGE 235.00 27.50

-5.98

PRICE %CHANGE 650.00

-

1

23

1

23

1 1,131

23 204,370,265

37 38 FOOD PRODUCTS S/N 39 40 FOOD PRODUCTS--DIVERSIFIED S/N 41 42 HOUSEHOLD DURABLES S/N

MARKET CAP(Nm) 440.00

43

CROP PRODUCTION FTN COCOA PROCESSORS PLC OKOMU OIL PALM PLC. PRESCO PLC

0.20

-

1

6,000

79,174.53

83.00

-

5

52,070

59,550.00

59.55

-

4 10

2,331 60,401

FISHING/HUNTING/ TRAPPING ELLAH LAKES PLC.

MARKET CAP(Nm) 511.20

TRADES 0 0

LIVESTOCK/ANIMAL SPECIALTIES LIVESTOCK FEEDS PLC.

DIVERSIFIED INDUSTRIES A.G. LEVENTIS NIGERIA PLC. JOHN HOLT PLC. S C O A NIG. PLC. TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC.

BUILDING CONSTRUCTION ARBICO PLC. INFRASTRUCTURE/ HEAVY CONSTRUCTION JULIUS BERGER NIG. PLC. ROADS NIG PLC. REAL ESTATE DEVELOPMENT UACN PROPERTY DEVELOPMENT CO. LIMITED REAL ESTATE INVESTMENT TRUSTS (REITS) SKYE SHELTER FUND PLC UNION HOMES REAL ESTATE INVESTMENT TRUST (REIT) UPDC REAL ESTATE INVESTMENT TRUST

MARKET CAP(Nm) 1,890.00

MARKET CAP(Nm) 1,217.75

PRICE %CHANGE

PRICE %CHANGE 4.26

-

PRICE %CHANGE 0.63

-10.00

PRICE %CHANGE

TRADES

VOLUME

44 PERSONAL/HOUSEHOLD PRODUCTS CONSUMER GOODS FINANCIAL SERVICES

TRADES

VOLUME

20

1,381,338

20

1,381,338

30

1,441,739

TRADES

VOLUME

47 48 49 50 51 52 53 54 BANKING

41,429 2,484 0

45,932.23

1.13

-0.88

141

15,088,087

55

38,033.11

13.20

3.41

57 211 211

918,564 16,050,564 16,050,564

57

TRADES

VOLUME

59

0 0

0 0

60

TRADES

VOLUME

61

8

44,977

-

165.00

6.60

-

MARKET CAP(Nm) 4,417.27

S/N

56

58

24.30

PRICE %CHANGE 1.70

-

62 63

0

0

8

44,977

64

TRADES

VOLUME

65

6

10,032

66

6

10,032

67

TRADES

VOLUME

MARKET CAP(Nm) 1,900.00

95.00

-

0

0

11,300.89

45.20

-

0

0

70

24,014.43

9.00

-

0

0

71 72

AUTOMOBILES/AUTO PARTS DN TYRE & RUBBER PLC

MARKET CAP(Nm) 954.53

BEVERAGES--BREWERS/DISTILLERS CHAMPION BREW. PLC. GOLDEN GUINEA BREW. PLC. GUINNESS NIG PLC INTERNATIONAL BREWERIES PLC.

MARKET CAP(Nm) 16,363.65

PRICE %CHANGE

69

0

0 55,009

TRADES

VOLUME

74

-

2 2

50,000 50,000

75

PRICE %CHANGE

TRADES

VOLUME

76 77

73 0.20

2.09

10.00

9

181,940

242.22

0.89

-

0

0

210,276.75

96.00

-

29

56,204

322,344.82

68

14 PRICE %CHANGE

37.50

-

10

MARKET CAP(Nm) 28,255.67

46

1 0

32,076.00

MARKET PERSONAL/HOUSEHOLD PRODUCTS CAP(Nm) P Z CUSSONS NIGERIA 60,152.73 PLC. UNILEVER NIGERIA 301,900.03 PLC.

0 0

12

PRICE %CHANGE

3,387.70

DIAMOND BANK PLC ECOBANK TRANSNA366,991.02 TIONAL INCORPORATED FIDELITY BANK PLC 54,762.37 GUARANTY TRUST 1,141,929.75 BANK PLC. JAIZ BANK PLC 16,499.98 SKYE BANK PLC 9,299.80 STERLING BANK PLC. 40,882.39 UNION BANK NIG.PLC. 163,076.22 UNITY BANK PLC 10,052.83 WEMA BANK PLC. 29,702.34

-

MARKET CAP(Nm)

MARKET CAP(Nm) 1,680.31

45

-

-

HOUSEHOLD DURABLES NIGERIAN ENAMELWARE PLC. VITAFOAM NIG PLC.

VOLUME

0.58 3.25

4.79

FOOD PRODUCTSMARKET -DIVERSIFIED CAP(Nm) CADBURY NIGERIA 20,096.76 PLC. NESTLE NIGERIA PLC. 1,149,351.57

BANKING

0.46

PRICE %CHANGE

MARKET FOOD PRODUCTS CAP(Nm) DANGOTE FLOUR MILLS 43,500.00 PLC DANGOTE SUGAR 186,000.00 REFINERY PLC FLOUR MILLS NIG. PLC. 117,680.89 HONEYWELL FLOUR 13,639.94 MILL PLC MULTI-TREX INTE1,340.10 GRATED FOODS PLC N NIG. FLOUR MILLS 1,167.21 PLC. NASCON ALLIED 52,988.77 INDUSTRIES PLC UNION DICON SALT 3,676.41 PLC.

S/N

225.71 2,111.93

MARKET CAP(Nm) 711.32

NIGERIAN BREW. PLC. 835,676.26

26,600

78 79

INSURANCE CARRIERS, BROKERS AND SERVICES AFRICAN ALLIANCE INSURANCE COMPANY PLC AIICO INSURANCE PLC. AXAMANSARD INSURANCE PLC CONSOLIDATED HALLMARK INSURANCE PLC CONTINENTAL REINSURANCE PLC CORNERSTONE INSURANCE COMPANY PLC. GOLDLINK INSURANCE PLC GREAT NIGERIAN INSURANCE PLC GUINEA INSURANCE PLC. INTERNATIONAL ENERGY INSURANCE COMPANY PLC LASACO ASSURANCE PLC. LAW UNION AND ROCK INS. PLC. LINKAGE ASSURANCE PLC MUTUAL BENEFITS ASSURANCE PLC. N.E.M INSURANCE CO (NIG) PLC. NIGER INSURANCE CO. PLC. PRESTIGE ASSURANCE CO. PLC. REGENCY ALLIANCE INSURANCE COMPANY PLC SOVEREIGN TRUST INSURANCE PLC STANDARD ALLIANCE INSURANCE PLC. STANDARD TRUST ASSURANCE PLC SUNU ASSURANCES NIGERIA PLC. UNIC DIVERSIFIED HOLDINGS PLC. UNIVERSAL INSURANCE COMPANY PLC VERITAS KAPITAL ASSURANCE PLC

MARKET CAP(Nm)

104.50

-0.95

PRICE %CHANGE 8.70

120

1,838,853

168

2,103,597

TRADES

VOLUME

-3.87

111

1,855,941

15.50

-8.82

137

3,475,870

28.70

-3.37

41

399,972

1.72

-

23

413,062

0.36

-

0

0

6.55

-

1

100

20.00

-

20

148,647

13.45

-

0

0

333

6,293,592

TRADES

VOLUME

-0.93

36

214,832

-

58 94

85,880 300,712

PRICE %CHANGE

TRADES

VOLUME

PRICE %CHANGE 10.70

22.10

-

0

0

3.25

-

18 18

418,355 418,355

PRICE %CHANGE

TRADES

VOLUME

15.15

-

18

93,754

52.55

0.86

59

672,868

PRICE %CHANGE

77

766,622

692

9,932,878

TRADES

VOLUME

79

17,963,392

1.22

-6.15

20.00

-2.44

30

1,206,671

1.89

9.88

153

13,867,658

38.80

-0.51

132

7,843,882

0.56 0.67 1.42 5.60 0.86 0.77

-8.20 -1.49 1.43 -2.61 -4.44 2.67

29 36 753 55 10 44 1,321

3,220,000 4,050,686 6,526,046 1,313,640 580,262 3,616,619 60,188,856

PRICE %CHANGE

TRADES

VOLUME

4,117.00

0.20

-

0

0

4,296.73

0.62

-

18

78,231

26,775.00

2.55

-

1

1,000

1,890.00

0.27

3.85

6

805,985

16,388.94

1.58

-0.63

6

213,004

4,271.56

0.29

-

0

0

2,411.47

0.53

-

0

0

1,913.74

0.50

-

0

0

2,333.20

0.38

-

0

0

539.32

0.42

-

0

0

2,416.73

0.33

-

4

502,470

4,296.33

1.00

-

2

4,000

6,400.00

0.80

-

4

19,550

2,400.00

0.30

-9.09

13

1,065,386

15,577.48

2.95

-1.67

22

1,065,441

2,012.26

0.26

-

3

99,952

1,985.05

0.52

4.00

6

421,754

1,667.19

0.25

-

14

4,507,300

1,918.39

0.23

-8.00

10

1,094,489

5,422.63

0.42

-

0

0

4,483.72

0.48

-

0

0

2,800.00

0.20

-

2

50,100

516.46

0.20

-

0

0

8,000.00

0.50

-

0

0

4,160.00

0.30

-

0

0

˾ WEDNESDAY, AUGUST 8, 2018

40

Nigeria Daily Stock Market Report: Wednesday, August 8, 2018

Thisday Afrinvest 40 Index Loses 75bps Yesterday, Tuesday 7th August 2018, the Thisday ĨƌŝŶǀĞƐƚ ϰϬ ŝŶĚĞdž ůŽƐƚ ϳϱďƉƐ ƚŽ ƐĞƩůĞ Ăƚ ϭ͕ϱϬϳ͘ϭϯ ƉŽŝŶƚƐ ǁŚŝůĞ zd ůŽƐƐ ƐƚŽŽĚ Ăƚ Ϯ͘ϯй͘ dŚĞ ŶĞŐĂƟǀĞ performance of the index yesterday was due to price loses in GUARANTY (-Ϯ͘ϭйͿ͕ ZENITH (-Ϭ͘ϴйͿ and ACCESS (-Ϭ͘ϱйͿ ǁŚŝĐŚ ĐƵŵƵůĂƟǀĞůLJ ĂĐĐŽƵŶƚ ĨŽƌ ϯϳ͘ϵй ŽĨ ƚŚĞ ŝŶĚĞdž͘

Bearish Run Extends ŝŶƚŽ dŚŝƌĚ ŽŶƐĞĐƵƟǀĞ Session͙ ASI down 45bps ^ƵƐƚĂŝŶĞĚ ƉƌŽĮƚ ƚĂŬŝŶŐ ŝŶ ƚŚĞ ůŽĐĂů ďŽƵƌƐĞ ĚƌĂŐŐĞĚ ƚŚĞ ďĞŶĐŚŵĂƌŬ ŝŶĚĞdž ƐŽƵƚŚǁĂƌĚƐ ĨŽƌ ƚŚĞ ƚŚŝƌĚ ĐŽŶƐĞĐƵƟǀĞ ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶ͕ ĚŽǁŶ Ϭ͘ϱй ƚŽ ƐĞƩůĞ Ăƚ ϯϲ͕ϯϯϯ͘ϴϬ ƉŽŝŶƚƐ ǁŚŝůĞ zd ůŽƐƐ ǁŽƌƐĞŶĞĚ ƚŽ ϱ͘Ϭй͘ Losses in SEPLAT (-ϴ͘ϱйͿ͕ GUARANTY (-Ϯ͘ϭйͿ ĂŶĚ ZENITH (-Ϭ͘ϴйͿ ǁĞƌĞ ƚŚĞ ŵĂũŽƌ ĚƌĂŐƐ ƚŽ ŵĂƌŬĞƚ ƉĞƌĨŽƌŵĂŶĐĞ͘ Ɛ Ă ƌĞƐƵůƚ͕ ŝŶǀĞƐƚŽƌƐ ůŽƐƚ Eϱϯ͘ϭďŶ ĂƐ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝnjĂƟŽŶ ĨĞůů ƚŽ Eϭϯ͘ϯƚŶ͘ ,ŽǁĞǀĞƌ͕ ĂĐƟǀŝƚLJ ůĞǀĞů ƐƚƌĞŶŐƚŚĞŶĞĚ ĂƐ ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ ƚƌĂĚĞĚ ĂĚǀĂŶĐĞĚ ϯϲ͘ϭй ĂŶĚ ϭϬ͘ϰй ƚŽ Ϯϰϴ͘Ϭŵ ƵŶŝƚƐ ĂŶĚ EϮ͘ϮďŶ ƌĞƐƉĞĐƟǀĞůLJ͘ dŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďLJ volume were WEMA ;ϱϯ͘ϱŵ ƵŶŝƚƐͿ͕ GUARANTY ;Ϯϯ͘ϰŵ ƵŶŝƚƐͿ ĂŶĚ UBA ;ϮϮ͘Ϯŵ ƵŶŝƚƐͿ ǁŚŝůĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďLJ ǀĂůƵĞ ǁĞƌĞ GUARANTY ;EϵϮϱ͘ϬďŶͿ͕ DANGCEM ;EϮϴϬ͘ϬďŶͿ ĂŶĚ UBA ;EϮϭϰ͘ϬďŶͿ͘

Bearish Sector Performance The performance across sectors we cover was ďĞĂƌŝƐŚ ĂƐ ϰ ŽĨ ϱ ŝŶĚŝĐĞƐ ĐůŽƐĞĚ ŝŶ ƚŚĞ ƌĞĚ͘ dŚĞ Kŝů Θ 'ĂƐ ŝŶĚĞdž ůĞĚ ůŽƐĞƌƐ͕ ƐŚĞĚĚŝŶŐ ϰ͘ϳй ŵĂũŽƌůLJ ĚƵĞ ƚŽ ƉƌŽĮƚ ƚĂŬŝŶŐ ŝŶ SEPLAT (-ϴ͘ϱйͿ ǁŚŝůĞ ƐĞůů ŽīƐ ŝŶ GUARANTY (-Ϯ͘ϭйͿ͕ ZENITH (-Ϭ͘ϴйͿ ĂŶĚ WAPCO (Ϯ͘ϬйͿ ůĞĚ ƚŽ ĚĞƉƌĞĐŝĂƟŽŶ ŝŶ ƚŚĞ ĂŶŬŝŶŐ ;-ϭ͘ϭйͿ ĂŶĚ Industrial Goods (-Ϭ͘ϵйͿ ŝŶĚŝĐĞƐ ǁŚŝĐŚ ǁĞƌĞ ƵƉ LJĞƐƚĞƌĚĂLJ͘ ^ŝŵŝůĂƌůLJ͕ ƚŚĞ /ŶƐƵƌĂŶĐĞ ŝŶĚĞdž ůŽƐƚ Ϭ͘ϴй ĂƐ ŝŶǀĞƐƚŽƌƐ ĞdžŝƚĞĚ ƉŽƐŝƟŽŶƐ ŝŶ MANSARD (-ϰ͘ϴйͿ͘ The Consumer Goods index was today͛s sole gainer, ƵƉ Ϭ͘ϲй ĨŽůůŽǁŝŶŐ ďĂƌŐĂŝŶ ŚƵŶƟŶŐ in NIGERIAN BREWERIES ;нϮ͘ϭйͿ ǁŚŝĐŚ ůŝŌĞĚ ƚŚĞ ŝŶĚĞdž͘

/ŶǀĞƐƚŽƌ ^ĞŶƟŵĞŶƚ ^ƚƌĞŶŐƚŚĞŶƐ /ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ĂƐ ŵĞĂƐƵƌĞĚ ďLJ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ ;ĂĚǀĂŶĐĞͬĚĞĐůŝŶĞ ƌĂƟŽͿ ĨƵƌƚŚĞƌ ƐƚƌĞŶŐƚŚĞŶĞĚ ƚŽ ϭ͘ϭdž ĨƌŽŵ Ϭ͘ϴdž ƌĞĐŽƌĚĞĚ LJĞƐƚĞƌĚĂLJ ĂƐ ϮϮ ƐƚŽĐŬƐ ŐĂŝŶĞĚ ĂŐĂŝŶƐƚ Ϯϭ ƐƚŽĐŬƐ ƚŚĂƚ ůŽƐƚ͘ dŽƉ ŐĂŝŶĞƌƐ ƚŽĚĂLJ ǁĞƌĞ LIVESTOCK ;нϭϬ͘ϬйͿ͕ AIRSERVICE ;нϭϬ͘ϬйͿ ĂŶĚ UCAP ;нϭϬ͘ϬйͿ ǁŚŝůĞ ƚŚĞ ǁŽƌƐƚ ƉĞƌĨŽƌŵĞƌƐ ǁĂƐ CAP (-ϭϬ͘ϬйͿ͕ MBENEFIT (-ϴ͘ϴйͿ ĂŶĚ SEPLAT (-ϴ͘ϱйͿ͘ &ŽůůŽǁŝŶŐ ƚǁŽ ĚĂLJƐ ŽĨ ůŽƐƐĞƐ ƚŚŝƐ ǁĞĞŬ͕ ǁĞ ĞdžƉĞĐƚ the bearish trend to be extended into tomorrow's ƐĞƐƐŝŽŶ ĂƐ ŝŶǀĞƐƚŽƌƐ ĐŽŶƟŶƵĞ ƚŽ ƌĞĂĐƚ ƚŽ ǁĞĂŬ ,ϭ͗ϮϬϭϴ ĐŽƌƉŽƌĂƚĞ ƌĞůĞĂƐĞƐ͘

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

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

Current Price

Ticker

THISDAY AFRINVEST 40

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

ROE

ROA

P/E

P/BV

Divinden Earnings d Yield Yield

1,507.13

-0.75%

-2.3%

50.7%

19.1%

6.8%

6.5x

0.8x

5.6%

11.2%

1

Guaranty Trust Bank PLC

39.15

-2.1%

21.1%

-3.9%

-3.5%

32.6%

5.2%

6.4x

2.2x

6.8%

15.7%

2

Zenith Bank PLC

23.75

-0.8%

12.4%

-7.4%

-8.4%

25.6%

3.6%

4.0x

1.0x

11.6%

24.7%

3

Nigerian Brew eries PLC

103.00

2.1%

7.1%

-23.6%

-23.7%

15.9%

n

29.6x

4.8x

4.0%

3.4%

4

Nestle Nigeria PLC

1,560.00

0.0%

8.3%

0.3%

0.3%

92.0%

23.0%

32.0x

27.8x

2.7%

3.1%

5

Dangote Cement PLC

228.00

0.0%

6.3%

-0.9%

-0.9%

21.7%

9.9%

23.3x

5.4x

4.6%

4.3%

6

FBN Holdings Plc

9.95

0.5%

6.4%

13.1%

13.2%

6.7%

0.8%

6.5x

0.5x

2.5%

15.3%

7

Access Bank PLC

10.00

-0.5%

4.4%

-4.3%

-5.7%

12.7%

1.5%

4.9x

0.6x

6.5%

20.3%

8.9%

8

United Bank for Africa PLC

9.60

-1.0%

4.2%

-6.8%

-7.8%

15.9%

1.9%

4.2x

0.7x

9

Ecobank Transnational Inc

22.10

0.5%

4.4%

30.0%

35.8%

12.2%

1.0%

7.1x

0.9x

23.6% 14.0%

10

SEPLAT Petroleum Development C

650.00

-8.5%

3.3%

3.8%

3.8%

25.0%

14.6%

3.0x

0.7x

2.8%

33.5%

11

Stanbic IBTC Holdings PLC

49.90

0.0%

3.6%

20.2%

22.0%

30.8%

4.1%

9.5x

2.6x

1.0%

10.6%

12

Unilever Nigeria PLC

52.45

0.0%

3.3%

27.9%

30.4%

20.4%

8.7%

29.0x

3.8x

1.0%

3.4%

13

Guinness Nigeria PLC

94.00

0.0%

2.4%

0.0%

0.0%

15.4%

6.1%

17.9x

2.4x

0.7%

5.6%

14

Lafarge Africa PLC

29.90

-2.0%

1.1%

-33.4%

-33.4%

-54.0%

-10.1%

1.9x

5.0%

-30.1%

15

Fidelity Bank PLC

1.84

-1.6%

1.0%

-25.2%

-28.7%

10.4%

1.4%

1.4x

0.3x

6.0%

69.1%

16

Oando PLC

5.70

-0.9%

1.3%

-4.8%

-4.8%

10.3%

1.5%

5.0x

0.4x

17

Dangote Sugar Refinery PLC

16.00

0.0%

0.9%

-20.0%

-21.4%

41.5%

18.1%

5.4x

1.9x

7.8%

18.5%

4.1%

12.7%

3.9%

15.9% 16.3%

18

Okomu Oil Palm PLC

73.10

0.0%

1.2%

8.0%

8.0%

35.8%

26.6%

7.9x

2.5x

19

International Brew eries PLC

30.50

0.0%

0.4%

-44.0%

-44.5%

24.6%

7.4%

31.9x

7.3x

20

Flour Mills of Nigeria PLC

25.50

3.7%

0.6%

-12.1%

-12.1%

9.8%

2.9%

6.3x

0.7x

19.9%

3.1%

21

Transnational Corp of Nigeria

1.19

0.0%

0.5%

-18.5%

-19.6%

12.9%

2.8%

6.1x

0.7x

1.7%

22

UAC of Nigeria PLC

12.80

2.0%

0.4%

-24.3%

-24.3%

1.5%

0.6%

22.7x

0.5x

5.1%

23

Diamond Bank PLC

1.23

-1.6%

0.4%

-18.0%

-21.7%

-7.2%

-0.9%

-15.2%

-15.2%

33.1%

6.9%

7.3x

2.3x

8.7%

13.7%

25.9%

5.8%

0.9%

3.3x

0.2x

5.2%

30.5%

6.2x

2.2x

4.4%

24

Total Nigeria PLC

25

FCMB Group Plc

195.00

0.0%

0.5%

1.99

3.6%

0.7%

0.1x

4.4% -70.3%

26

11 PLC

180.00

0.0%

0.5%

-7.5%

-7.5%

40.2%

16.0%

27

Forte Oil PLC

23.00

-2.3%

0.3%

-47.1%

-45.2%

17.6%

1.6%

28

PZ Cussons Nigeria PLC

14.00

0.0%

0.3%

-32.0%

-33.8%

10.7%

5.0%

13.3x

1.4x

3.6%

7.5%

29

Cadbury Nigeria PLC

9.95

4.7%

0.3%

-36.5%

-36.2%

2.0%

0.8%

36.4x

1.6x

1.6%

2.7%

1.9x

16.2% -11.5%

30

Presco PLC

60.00

0.0%

0.3%

-12.4%

-12.4%

35.8%

24.8%

2.5x

0.8x

3.3%

39.7%

31

NASCON Allied Industries PLC

19.90

-0.5%

0.4%

7.6%

3.5%

62.4%

20.6%

9.4x

5.4x

7.5%

10.6%

32

UPDC Real Estate Investment Tr

9.00

0.0%

0.3%

-10.0%

-10.0%

0.8x

8.4%

33

Union Bank of Nigeria PLC

5.85

0.0%

0.3%

-25.0%

-22.1%

5.3%

1.1%

8.8x

0.6x

34

Julius Berger Nigeria PLC

25.00

0.0%

0.3%

-10.7%

-10.7%

17.3%

1.8%

6.9x

1.1x

3.7x

35

Sterling Bank PLC

1.40

2.9%

0.3%

29.6%

23.9%

10.7%

1.0%

36

Dangote Flour Mills Plc

8.20

-4.1%

0.2%

-32.5%

-32.5%

0.0%

0.0%

37

GlaxoSmithKline Consumer Niger

17.00

0.0%

0.2%

-21.3%

-21.3%

4.4%

2.8%

38

Chemical and Allied Products P

28.35

-10.0%

0.2%

-16.6%

-20.6%

66.2%

30.2%

39

Beta Glass PLC

78.00

0.0%

0.2%

52.0%

52.0%

17.7%

11.5%

9.5x

40

Transcorp Hotels Plc

6.75

0.0%

0.1%

-6.4%

-6.4%

5.3%

2.9%

18.8x

T o p 10 G a i n e r s

T o p 10

T ic k er

P ric e

P ric e C hg %

UC A P

3.08

10.0%

T ra de s

T ic k er

11.3% 4.0%

14.4% 27.3%

0.4x

1.4%

1.0x

2.4%

24.4x

1.2x

44.1%

4.1%

13.2x

8.9x

7.2%

7.5%

1.6x

1.4%

10.6%

0.9x

1.8%

5.3%

by V o lum e

Vo lum e

P ric e C hg %

WEM A B A N K

53.5

0.0%

GUA R A N T Y

23.4

-2.1 %

UB A

22.2

-1 .0%

D IA M ON D B N K

1 6.9

-1 .6%

UC A P

1 4.2

1 0.0% 8.3%

LIVEST OC K

0.66

10.0%

A IR SER VIC E

4.95

10.0%

N EIM ET H

0.71

9.2%

LA SA C O

0.36

9.1%

N IGER IN S

0.36

9.1%

UN ION D A C

1 3.3

R EGA LIN S

0.26

8.3%

FCM B

1 2.9

3.6%

EQUIT YA SUR

0.26

8.3%

SOVR EN IN S

9.4

-8.0%

UN ION D A C

0.39

8.3%

R EGA LIN S

8.4

8.3%

H M A R KIN S

0.35

6.1%

FB NH

7.2

0.5%

T o p 10 L o s e r s

T o p 10

T ic k er

P ric e

P ric e C hg %

CA P

28.35

-10.0%

0.31

-8.8%

650.00

-8.5%

0.23

-8.0%

M B EN EF IT SEP LA T SOVR EN IN S

T ra de s

by V a lue

T ic k er

Value

GUA R A N T Y

925.0

P ric e C hg % -2.1 %

D A N GC EM

280.0

0.0%

UB A

21 4.0

-1 .0%

Z EN IT H B A N K

1 54.2

-0.8%

M A N SA R D

2.38

-4.8%

NB

89.8

2.1 %

A GLEVEN T

0.44

-4.3%

FB NH

70.9

0.5%

M A YB A KER

2.26

-3.8%

N EST LE

57.4

0.0%

C UT IX

4.25

-3.0%

UC A P

43.2

1 0.0%

FO

23.00

-2.3%

WEM A B A N K

37.4

0.0%

GUA R A N T Y

39.15

-2.1%

N OT OR E

32.0

0.0%

Investment Research

Brokerage Ayodeji Ebo | aebo@afrinvest.com

Robert Omotunde | romotunde@afrinvest.com

Bolaji Fajenyo | bfajenyo@afrinvest.com

Eronmosele Aziba | eaziba@afrinvest.com

41

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MARKET NEWS

Forte Oil Records N7.9 Billion Half Year Profit After Tax Goddy Egene Forte Oil Plc has reported a growth of 93 per cent in profit after tax for the half year ended June 30, 2018. The unaudited results of the company for the period showed a revenue of N61.8 billion, up by 32 per cent compared with N46.7 billion posted in the corresponding of 2017. Profit after tax from continuing and discontinued operations increased by 93 per

cent to N 7.9 billion compared to N4.11 billion recorded in 2017. Earnings per share grew by 47 per cent to N1.54 compared to N1.05 recorded for the same period in 2017, while total assets improved by four per cent to N153 billion, up from N147 billion recorded for the same period in H1 2017. According to the company, the first half of 2018 witnessed a more stable operating environment with higher

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

oil prices, foreign exchange availability and improved petroleum product supply across the country. “As a company, we commenced our strategic plans and initiatives to re-examine our business model and optimizing our balance sheet through asset disposal and expansion of our downstream operations in Nigeria. In May 2018, we obtained the approval of the board and shareholders at the

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 0608-2018, unless otherwise stated.

39th annual general meeting to pursue our divestment initiatives and the company commenced the process to divest its interest in Power, Upstream Services and Marketing in Ghana (APOG). As at 30 June 2018, these subsidiaries were classified as disposal groups held for sale and as discontinued operations,� it said. The company explained that despite the operational challenges and discontinued

operations, the company recorded 32 per cent growth in revenues, translating to N61.8 billion, compared to N46.7 billion in H1, 2017 as a result of improved product supplies. While administrative expenses reduced by nine from N3.82 billion recorded in 2017 to N3.48 billion in 2018. “Furthermore, the business suffered from huge interest cost occasioned by the non-payment of subsidy, interest and foreign exchange differential. This we

believe would be reduced or eliminated with the disposal of the subsidiaries and eventual payment of the subsidy. Looking ahead, we shall focus on the continuing operationsthe Nigerian downstream business as we continue to drive growth through our expansion drive, backward integration, cost optimisation and the injection of capital through the asset sale to shore up working capital and reduce finance cost,� it 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 180.29 180.62 1.34% Nigeria International Debt Fund 263.10 263.43 13.66% 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 1.57% ACAP Income Funds 0.63 0.63 3.98% 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 N/A 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 18.47 19.02 1.07% ARM Discovery Fund 384.81 396.41 -1.09% ARM Ethical Fund 7,103.76 7,317.94 25900.13% ARM Money Market Fund 1.00 1.00 12.43% 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 144.76 145.78 -4.57% AXA Mansard Money Market Fund 1.00 1.00 12.18% 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 9.98% Paramount Equity Fund 11.87 12.17 7.03% Women's Investment Fund 102.95 105.59 2.31% NAV Per Share Fund Name Nigeria Infrastructure Debt Fund 105.44 CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 12.49% 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 EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 100.00 100.00 12.07% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 12.95% 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 1,179.01 1,179.73 9.60% FBN Heritage Fund 144.28 145.31 3.31% FBN Money Market Fund 100.00 100.00 12.11% FBN Nigeria Eurobond (USD) Fund - Institutional 114.34 114.68 3.72% FBN Nigeria Eurobond (USD) Fund - Retail 114.14 114.48 3.65% FBN Nigeria Smart Beta Equity Fund 165.91 168.32 3.59% 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 1.32 0.00% Legacy Debt Fund 3.11 3.11 7.63% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Growth Fund N/A N/A N/A Coral Income Fund N/A N/A N/A GREENWICH ASSET MANAGEMENT LIMITED assetmanagement@gtlgroup.com Web: www.gtlgroup.com ; Tel: +234 1 4619261-2 Fund Name Bid Price Offer Price Yield / T-Rtn Greenwich Plus Money Market Fund 100.00 100.00 11.98% Nigeria Entertainment Fund 103.05 104.37 3.25% 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 12.01%

Vantage Balanced Fund 2.16 2.18 2.24% Vantage Guaranteed Income Fund 1.00 1.00 14.24% Kedari Investment Fund (KIF) 120.34 120.61 4.59% LOTUS CAPITAL LTD ďŹ ncon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.18 1.20 3.25% Lotus Halal Fixed Income Fund 103.05 104.37 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 12.53 12.65 -4.03% Meristem Money Market Fund 10.00 10.00 11.07% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.33 1.36 11.86% PACAM Fixed Income Fund 11.79 11.85 6.81% PACAM Money Market Fund 10.00 10.00 11.86% 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 1.62 1.62 9.16% 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 2,322.81 2,341.54 3.54% Stanbic IBTC Bond Fund 186.13 186.13 5.49% Stanbic IBTC Ethical Fund 1.01 1.02 0.50% Stanbic IBTC Guaranteed Investment Fund 237.31 237.36 7.76% Stanbic IBTC Iman Fund 172.38 174.41 -3.72% Stanbic IBTC Money Market Fund 100.00 100.00 11.88% Stanbic IBTC Nigerian Equity Fund 9,321.74 9,448.01 -3.60% Stanbic IBTC Dollar Fund (USD) 1.08 1.08 1.59% 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 1.15 1.16 -2.82% United Capital Bond Fund 1.54 1.54 8.05% United Capital Equity Fund 0.75 0.76 -1.90% United Capital Money Market Fund 1.00 1.00 United Capital Eurobond Fund 104.28 104.28 4.25% United Capital Wealth for Women Fund 1.07 1.09 3.35% ZENITH ASSETS MANAGEMENT LTD info@zenith-funds.com Web: www.zenith-funds.com; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Equity Fund 12.66 12.87 1.17% Zenith Ethical Fund 13.14 13.28 -0.14% Zenith Income Fund 20.67 20.67 9.20% Zenith Money Market Fund 1.00 1.00 11.05%

REITS NAV Per Share

Yield / T-Rtn

11.41 137.37 51.45

1.01 3.71% 1.22%

Bid Price

Offer Price

Yield / T-Rtn

11.91 135.93 103.68

12.11 138.82 105.64

-1.36% -4.83% -5.09%

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

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

VETIVA FUND MANAGERS LTD Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Vetiva Banking Exchange Traded Fund Vetiva Consumer Goods Exchange Traded Fund Vetiva GrifďŹ n 30 Exchange Traded Fund Vetiva Industrial Goods Exchange Traded Fund Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

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

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

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

N/A

N/A

N/A

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

42

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T H I S D AY ˾ WEDNESDAY AUGUST 8, 2018

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Ëœ ͸΀˜ ͺ͸͚͜ Ëž T H I S D AY

FOREIGN/DIPLOMATIC AFFAIRS

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

In Brief Bolton: North Korea Not Taking Steps to Denuclearise US President Donald Trump’s top national security adviser said the relaxation of sanctions against North Korea was not under consideration as Pyongyang had not taken the necessary steps to denuclearise. In an interview with US cable channel, Fox News, John Bolton said on Tuesday that US Secretary of State Mike Pompeo was prepared to return to North Korea for another meeting with its leader, Kim Jong-un, Al Jazeera reported. “What we really need is not more rhetoric,� he said. “What we need is performance from North Korea on denuclearisation.� Bolton said the United States had lived up to the Singapore declaration that followed the June 12 summit between Trump and Kim. “It’s just North Korea that has not taken the steps we feel are necessary to denuclearise,� he said.

‘California WildďŹ re’ll Burn Throughout August’

Jean-Pierre Bemba: his acquittal on war crimes charges puts the ICC in deep crisis. Photo credit: EPA/Michael Kooren.

Can A Regional Court Be A Viable Alternative to the ICC in Africa? Michelle Nel

T

he International Criminal Court (ICC) came about after an overwhelming majority of states attending the Rome Conference voted in favour of its adoption 20 years ago. The aim was to combat the grave crimes of genocide, war crimes and crimes against humanity that threaten peace and security in the world. The court seeks to put an end to impunity by ensuring that these serious crimes don’t go unpunished, and ensure their effective prosecution through international cooperation. The ICC was started with the overwhelming support of African states. But this has since waned. African countries have become increasingly vocal in their displeasure on a number of issues, leading to the 2017 AU decision calling on African states to leave the ICC. This followed Burundi and South Africa announcing their withdrawal. The Gambia did too, but then reversed the decision. Historically, the relationship between African states and the ICC can be tracked along governance lines. Those states with poor governance and rule of law were most opposed to international jurisdiction, in fear of personal criminal liability by their leaders. Countries with a history of good governance and rule of law, on the other hand, tended to support the ICC more. But this neat categorisation hasn’t always worked, with South Africa as a notable example. The unhappiness with the ICC can broadly be placed in three categories: The justice versus peace debate, sovereignty, and Africa versus Western imperialism. These arguments have serious repercussions for the future legitimacy of the ICC. With Africa being the largest regional grouping, it has been convincingly argued that the impact of the ICC on global justice will be determined in Africa. I nevertheless believe there’s a case to be made for Africa’s withdrawal from the

ICC. This is because there are alternatives. One of them is the proposed merger between the current African Court on Human and People’s Rights, and the African Court of Justice, established by the AU Constitutive Act. This would lead to the creation of the African Court of Justice and Human Rights. The idea of an African court with international criminal jurisdiction has been debated since 2009, but it’s never been put into operation. With the pervasive anti-ICC sentiment it’s now the most advantageous time for the AU to ratify the protocol and implement the merger. What I envisage is that the ICC would continue to operate, albeit with fewer signatories. The new African court could work side-by-side with it, complementing its work. The merged court would have three main mandates - addressing general affairs between states, human and peoples’ rights, and international crimes. The current African court doesn’t have international criminal jurisdiction. But the Malabo Protocol, which was adopted by the AU in June 2014, extends the African Court on Justice and Human Rights jurisdiction to include 14 international and transnational crimes. These include genocide, war crimes and crimes against humanity. The Malabo Protocol goes further than any other contemporary treaty, including the Treaty of Rome. It provides the African Court on Justice and Human Rights wider jurisdiction than the ICC in addressing the serious challenges Africa faces with transnational crimes. It provides the means of interpreting and applying not only the AU Constitutive Act, but “all other Treaties� adopted within the framework of the AU. Other international courts are limited to a single treaty. The biggest challenge of the Malabo Protocol is arguably Article 46A bis which gives immunity to serving heads of state, or anybody acting in such capacity. This may be in line with international custom but clashes directly with Article 27 of the

Rome Statute, which does not exempt heads of state from prosecution. There is a way round this limitation: it is for the ICC to complement the merged African court. The ICC could exercise its jurisdiction over serving heads of state where African states were unable to exercise their jurisdiction because of the immunity granted by the Malabo Protocol. Now is the time for African states to give serious consideration to the ratification and implementation of the Malabo Protocol. The ICC is facing a legitimacy crisis. The court’s statistics bear witness to the fact that nine out of ten cases before it are African. The ICC is seemingly unable to get past the veto powers of the UN Security Council, where three of the five most powerful countries are not even parties to the Rome Statute. This is a clear predictor that the possibility of any prosecutions of non-African heads of state is little to none. The ICC received a further blow to its stature recently, when one of its few successful prosecutions, that of Congolese military commander, Jean-Pierre Bemba, for crimes against humanity and war crimes, was overturned by the ICC Appeal Chamber in June. In contrast, the Extraordinary African Chambers in Senegal successfully prosecuted deposed Chadian president HissÊne HabrÊ. Although the victims waited 25 years for justice, this case was confirmed on appeal, showing that Africa can indeed successfully prosecute the most serious of international crimes. This strengthens the argument for a regional court. The challenges faced by the ICC in Africa resemble the proverbial Gordian knot. Allowing a regional alternative may just prove to be the undoing of the knot. r .JDIFMMF /FM JT -FDUVSFS JO $SJNJOBM BOE .JMJUBSZ MBX BOE UIF -BX PG "SNFE $POGMJDU BU UIF 'BDVMUZ PG .JMJUBSZ 4DJFODF 4UFMMFOCPTDI 6OJWFSTJUZ 4PVUI "GSJDB

California’s biggest wildfire on record is expected to burn for the rest of the month, fire officials said on Tuesday, according to BBC. The Mendocino Complex Fire has already engulfed 290,692 acres (117,639 hectares) - almost the size of Los Angeles. Barely a third of it is under control, according to the California Department of Forestry and Fire Protection. Fire-fighters are tackling 18 major blazes across the state amid strong winds and low humidity. The fire - which comprises two blazes in the state’s north - was declared the biggest in California’s history on Monday. Officials had set a target to extinguish the fire by mid-August, but they now say they will need until early September.

Trump Faces Political Test in Ohio President Donald Trump faced a test of his political influence on Tuesday in a special congressional election in Ohio that has become a referendum on his leadership and a last chance to gauge Democratic strength ahead of November’s midterm elections, Reuters reported. The Ohio race for a U.S. House of Representatives seat headlined a day of voting across the country that also featured primaries in four other states. Other key contests included a Democratic battle for governor in Michigan between a progressive and a mainstream candidate and a high-profile conservative challenge to the incumbent Republican governor in Kansas. Trump charged into the Ohio race, the final special election before November.

Boris Johnson ‘Won’t Apologise’ For Burka Comments Boris Johnson has stood by his remarks about the burka after the Conservative Party chairman told him to apologise. The former foreign secretary has been criticised for saying Muslim women wearing burkas “look like letter boxes� and comparing them to “bank robbers�. PM Theresa May has backed calls for Johnson to apologise, saying the remarks have “clearly caused offence�. But a source close to Johnson said he “won’t be apologising�, adding that it is “ridiculous� to attack his views, according to BBC. “We must not fall into the trap of shutting down the debate on difficult issues,� the source added. “We have to call it out. If we fail to speak up for liberal values then we are simply yielding ground to reactionaries and extremists.�

WEDNESDAY, AUGUST 8, 2018Ëž T H I S D AY

47

NEWSXTRA

World Bank to Spend $77m on Resettlement of IDPs in North-east Laleye Dipo Ă“Ă˜ Ă“Ă˜Ă˜Ă‹ The World Bank has set aside over $77 million for the resettlement of internally displaced persons (IDPs) in the

North-east. The amount would be committed to the provision of basic social amenities and relocation of the IDPs. The National Coordinator

No Candidate Can Defeat Buhari, Says Campaign Group Onyebuchi Ezigbo A pro-Buhari campaign group, President Muhammadu Buhari Sensitisation/Workshop Committee (PMB-SWC), Northcentral chapter, has declared that no other presidential candidate in the country can defeat President  Buhari in the 2019 presidential election. The committee whose aim is to carry out sensitisation, workshop and rally for the re-election of President Buhari in the Northcentral, gave an assurance that the president would be re-elected in 2019 The Chairman, North-central Division of PMB-SWC, Williams Ozi-Raji, said this yesterday in Abuja while briefing journalists on the activities of the group ahead of the 2019 general election. Ozi-Raji said plans had been concluded to carry out sensitisation

programmes to ensure President Buhari is reelected for a second term. “Within the age bracket of those who have served in government, we do not have anybody that equals President Buhari in terms of character and credibility ,� he said. According to Ozi-Raji, the group will also work for the election of other contestants in the All Progressives Congress (APC), from ward to the federal level. “After President Buhari, only a few of the younger generation can match his character and credibility, but within the age bracket of those who have served in government and still intend to serve they do not have any person that can equally wear his shoe. “In achieving this, a lot has been put on ground structurally because if you do not plan, it simply means you have planned to fail,� he said.

of the World Bank-assisted Community and Social Development Project, Dr. Abdulkareem Obaje stated this yesterday while briefing participants at the ongoing Second Quarter Review meeting of the organisation at the Justice Idris Legbo Kutigi International Conference Centre in Minna, the Niger State capital. Obaje said each community

would be given N10 million to execute projects that would hasten their resettlement, saying also that the organisation would emphasise good sanitation, health care facilities immunisation of children, as well as provision of water for those being relocated. He told the meeting which included general managers of state offices of the organisation

that the federal government would be advised to build what he described as “community houses� for the returning IDPs, saying that such houses were more secured and less prone to attacks by insurgents. Ibaje reminded the participants that the programme should not be politicised as only poor communities were set out

for intervention. He also pleaded with state governments to pay their counterpart funds to enable the programme to reach more people. “We are not intervening in all LGSs, therefore state governments are advised to select focal LGs, we are targeting 224 LGAs for intervention,� Obaje said.

Crisis Looms in Kogi House of Assembly over Sacking of Member sacking of the former speaker since he was no longer in APC. The motion was seconded by Crisis is looming in the Kogi State the Deputy Majority Leader, House of Assembly following Ahmed Muhammed (APC the declaration of the seat of Ankpa I), who noted that the the former Speaker, Hon. Imam motion was timely. Umar, vacant for dumping the According to him, “there All Progressive Congress (APC) is no crisis in APC. The last for the Social Democratic Party time we defected to the ruling (SDP). party, the PDP was in crisis.� At yesterday’s sitting, the He added that the Speaker of the House, Hon. official vehicle given to Matthew Kolawole read a letter the former speaker by the sent to the lawmakers by the state government should be state Chairman of APC, Alhaji withdrawn. Abdullahi Bello, asking the House When the motion was put to declare Umar’s seat vacant since on the floor for deliberations, he has defected from the APC. the speaker of the House and A member representing Hon. Momoh Jimoh Lawal of Ajaokuta State Constituency, the PDP disagreed on the letter Hon. Abdullahi Bello Balogun, written by the APC chairman moved a motion calling for the and the motion moved by the

Yekini Jimoh Ă“Ă˜ ÙÕÙÔË

majority leader. “I disagree with the APC and this motion to declare the seat of our colleague vacant. We are all aware that, at the national level, there is Reformed APC which shows that there is crisis in the ruling party. Only the court of law can declare the seat of any member vacant. Mr. speaker, you are a beneficiary of this defection. So, why was your seat not declared vacant?� Lawal queried. He also cited section 109 subsection (1G) of the 1999 constitution to back his claim. A member representing APC, Momoh Rabiu, in his remark, reminded his colleagues that, they are lawmakers and not law breakers. Also speaking, an APC

member representing  Olamaboro, Hon. Linus Eneche urged his colleagues to have the fear of God. Other lawmakers who distanced themselves from the motion are Oluwatoyin Lawal of PDP Yagba West, Zakari Osewu of APC, and Obaro Pedro. Those who supported the motion are Ododo Moses APC, Abdulkareem Kekere of APC,  Lawi Ahmed of APC, Adoke Muktar of APC, John Aba of APC, and Jimoh Omiata of APC. In his remark, the Speaker of the House, who noted that he was on the side of the law on the matter, directed the Clerk to convey the resolution of the House to the Independent National Electoral Commission (INEC).

Inaugurates tactical c’ttee on recession

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Three Years After Screening,  2,226 Graduate Policemen Protest against Botched Promotion Exercise Seriki Adinoyi Ă“Ă˜ Ă™Ă? Some officers and men of the Nigeria Police Force numbering 2,226 yesterday protested against their botched promotion exercise to the Police Council and the Police Service Commission (PSC), lamenting that having been shortlisted after rigorous promotion screening exercise, the Force has abandoned them to their fate three years after. In a statement signed by Abdul Majeed Lukeman, a Sergeant, the graduate policemen also alleged that the ‘fraudulent promotion exercise’ was going on through the back door for the highest bidders, urging the PSC to intervene and sanitise the process. The statement reads: “In the year 2015, the Nigeria Police leaders at that time in their wisdom saw a need to upgrade inspectors, rank and file with higher educational qualifications. Based on that, they called for aptitude test (examination) and screening of officers with university degrees and HND (higher national diploma) certificates to be upgraded to the rank of Assistant Superintendent of Police (ASP), reference to Police Wireless Message  (Signal) CB:7510/DTD/FHQ/ABJ/

VOL.7/11, DTO151800/06/2015 Promotion General dated 06/2015. “The examination and the screening were done by the police authority in conjunction with Police Service Commission in various state and zonal commands, respectively. After the examination and screening, 50 successful candidates were shortlisted from each state of the federation, including the Federal Capital Territory (FCT), Abuja, according to their states of origins and Local Government Areas (LGAs), including supplementary which make up to 2,226 candidates. “Eventually, in December 2015, the police authority called for the final screening  at  the  FHQ (Force Headquarters),  Abuja  by  signal  No. CB: 7510/DTD FHQ/ABJ/ VOL.7/66 dated December 5, 2015. This final screening was not even supposed to come up again because we have already been screened by representatives of Police Service Commission and FHQ in both zonal and state commands. But to our utmost surprise, at the peak of the screening exercise at FHQ, we were told by the police authority that, we should go back to our various commands/formation for further directives.�

The aggrieved policemen also alleged that the Senate Committee on Police Affairs had said it was in custody of the names of the successful candidates to be upgraded to the rank of Assistant Superintendent of Police (ASP) based on their educational qualifications from the former Inspector General of Police, Mr. Solomon Arase. The committee was also said to have promised that it would make sure that there will be no lopsidedness in the promotion.  “But while we were still waiting and hoping to be called, the police authority differed the  laid  down  procedure  of  appointment  into  the  rank  of Assistant

Superintendent of Police (ASP) as seen in section 39 part IV of Police act and regulation by calling for recruitment of civilian graduates as cadet ASP, without any recourse to us, the serving members, who were earlier screened and waiting to be promoted. “The above provision of the Police Act and Regulation provides that vacancies in ASP cadre can only be filled up with  candidates  from  outside  the  police, by  the  reason  of unavailability  of  suitable  candidates from  within  the force,� the aggrieved policemen explained. The disgruntled policemen said they had taken their complaint to the Chairman, Senate Committee on Police

Affairs, Senator Abu Ibrahim, with some attached documents and publications done in respect of this issue, but did not get any response. They alleged that “special promotion is going on every week at the force headquarters for both senior and junior officers, some special promotion with backdating date of 2016 / 2017, today, about 95 per cent of police officers that are enjoying this special promotion do not deserve it, as most of the special promotions are not based on merit, seniority or breakthrough while on duty, it’s favours the highest bidder and nepotism.� Calling on the new Chairman of the Police

Service Commission, Alhaji Misiliu Smith, and its board members to investigate the recent promotion exercise, the policemen expressed the hope that the Nigeria Police Force would be repositioned for optimum efficiency and effectiveness. “We equally plead with the following: the Police Council, the PSC, the Inspector General of Police (IG), the chairmen, of police committees in both the Senate and House of Representatives, the traditional rulers in Nigeria, National Human Rights Commission (NHRC) and all well-meaning individuals to take a second look at this issue and address it appropriately,� they added.

Benue Groups Raise the Alarm over Alleged Plot to Kidnap, Assassinate Ortom, Others George Okoh Ă“Ă˜ Ă‹Ă•Ă&#x;ĂœĂŽĂ“ Socio-cultural groups in Benue State yesterday raised the alarm over plots to assassinate and kidnap Governor Samuel Ortom and the Clerk of the state House of Assembly, Torese Agena, after the failed impeachment plot against the governor. In a press briefing by the Tiv Youth Organisation (TYO) in Makurdi, the President of the group, Mr. Timothy Hembaor, alleged that enemies of the state  may have concluded arrangements to outrightly eliminate Ortom having failed to impeach him. According to him, the idea was muted sometime ago, but its implementation was pushed to 2019 when, by the plotters’ calculation, Ortom would no longer be the governor. “This was the thinking, which led to the instruction that Governor Ortom be denied the APC (All Progressives congress) governorship ticket,â€? he said. He said the governor’s defection to the Peoples Democratic Party (PDP), however, changed the timeline of the execution of the plot, hence the decision to move for his immediate impeachment. “The plotters are believed to have carefully developed ways to stoke political crisis in Benue State as well as coordinate and supervise another pogrom in the state so that if Governor Ortom cannot be impeached, the coordinated crisis and sponsored mayhem will be escalated enough to declare a

state of emergency in Benue State,â€? he added. He called on the concerned citizens of the country to be vigilant to the plot even as he stated that the citizens owe the state and the country the duty to always make its  position on the matters known without fear of intimidation. In a related development, the Benue Youth Forum, has also alleged that a move to kidnap the Clerk of the House Agena, has been uncovered. According to the President of the group, Terrence Kuanum, efforts have  been intensified by the police and Department of State Services (DSS) to kidnap the Clerk of the state House of Assembly at all costs to force him to conduct an illegal sitting of the assembly so the plotters can achieve their aim. “Information available to us indicates that plain clothes detectives have been deployed to the House of Assembly to execute the plan. Civil servants working at the Assembly complex have been subjected to constant harassment by weird looking security operatives.It is rather shameful that President Muhammadu Buhari who realised after about four months that the Inspector General of Police did not obey his directive to go and secure lives in Benue State without being penalised is so eager to deploy policemen to enforce illegality in the same state he couldn’t secure lives and property,â€? he said.Â

FAMILIARISATION VISIT

R-L: Secretary to the Edo State Government, Osarodion Ogie; Edo State Governor, Mr. Godwin Obaseki; Chairman, National Youth Service Corps (NYSC) Governing Board, Ambassador Fatima Balla Abubakar, and Board Member, Dayo Ajibola, during the courtesy visit by members of the board to the governor, at Government House, in Benin City‌yesterday

Osun Poll: Court Fixes August 27 for Judgment on Suit against Omisore Yinka Kolawole Ă“Ă˜ Ă?Ă™Ă‘ĂŒĂ™ The Osun State High Court sitting in Osogbo, the state capital  will on August 27, 2018 deliver judgment on the suit challenging Senator Iyiola Omisore’s candidature under the platform of the Social Democratic Party (SDP) in the forthcoming September 22, 2018 governorship election in the state. After listening to all the arguments by the counsel, representing both the plaintiffs and the defendants in the matter, Justice David Oladimeji announced yesterday that he would deliver his judgment onAugust 27. Two state officers of SDP - Alhaji Rasheed Mayowa and Chief Azeez Alakinde-Ismaila had

gone to court, asking that the national body of the party be stopped from organising any fresh congress in the state on the grounds that their tenure would end in 2020, going by the congress, which produced the executives in 2016. They argued that the congress which produced Omisore as the party’s candidate was illegal, having been conducted contrary to t w o c o u r t o r d e r s .  The applicants’ lawyer, Olayinka Sokoya told the court that the matter was beyond the internal running of the party but was premised on the constitution of t h e p a r t y. H e argued that the defendants’ disposition against his applications before the court be

discountenance, while noting that disobeying court orders had rendered everything done by Omisore’s group null and void. Sokoya urged the court to sack all the executives elected by the factional SDP congress led by Dr. Bayo Faforiji and declare all actions taken by them so far, including the primary it conducted, which produced Omisore as unconstitutional. He asked to court to fully restore all powers back to the Chief Ademola Isholaled executive which produced an Iwo indigene, Kehinde Atanda as the governorship candidate.   Counsel to the National SDP, Kehinde Adesiyan asked the court to dismiss in its entirety all the applications

filed by the applicants, arguing that the court lacks jurisdiction to entertain the suit in the first instance. Omisore’s lawyer, Adeyemi Adetife while aligning himself with Adesiyan, explained that his client has nothing to do with the suit, wondering why he will be joined in the matter before the court. Counsel to the Independent National Electoral Commission (INEC), Vilba Kinta explained that as an umpire in election matters, the body has nothing to do with the internal problem of the party. Thereafter, Justice Oladimeji who had earlier ruled that the court will hear all the applications, adjourned the matter to August 27 for final judgment.

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Adeleke’s Certificate: PDP Cautions Police, Says ‘Ekiti Model’ Will Fail in Osun Party candidate faces fresh suit over certificate Yinka Kolawole Ă“Ă˜ Ă?Ă™Ă‘ĂŒĂ™ The Peoples Democratic Party (PDP) has cautioned the Nigeria Police Force and other security agencies against moves to use its men to harass and intimidate PDP leaders, especially the governorship candidate of the party in Osun State, Senator Ademola Adeleke. Also, barely 24 hours to the final judgment on a suit challenging the candidature of Adeleke in the September 22 governorship election in the state, a fresh suit been has been filed at the state High Court against the PDP candidate over alleged forgery of school certificate.

The PDP said it was of the opinion that some powerful members of the ruling party are using policemen to harrass Adeleke over ‘largely unsubstantiated allegations regarding his certificate’. The opposition party in a statement issued by its Deputy National Publicity Secretary, Prince Diran Odeyemi, in Osogbo, said regardless of the antics of All Progressives Congress (APC) and its accomplices, the people of the state have resolved to end the seven years of hunger under Governor Rauf Aregbesola leadership in the September governorship election. Rather than acting as an attack

Osinbajo’s Wife Urges Women to Intensify War against Drug Abuse, Hunger Amby Uneze Ă“Ă˜ ĂĄĂ?ĂœĂ“ The wife of the acting President, Mrs. Dolapo Osinbajo, has urged women in the country to be at the forefront of the war against drug abuse, hunger, rape and other vices that hinder the growth of children, adding that women should also champion the course against the female genital mutilation, child labour and girl-childout-of school. Osinbajo spoke yesterday at the Imo Women 2018 August meeting held at the Dan Anyiam ‘Stadium Owerri, the Imo State capital’. The theme of the event is “Sharing Our Common Cultural Valuesâ€?. She stated that the theme of this year’s August Meeting was apt because culture has a way of affecting the lives of the people. “Our society is derailing because we have abandoned our culture. So, this meeting today with the theme is a wake-up call. Women should brace-up and play the expected role especially in the area of fighting the vices that hamper or have

the tendencies of hampering the development or growth of the child and by implication, our society. “The theme of this year’s August Meeting is apt as every culture has a way of affecting the lives of the particular society. And when this culture is neglected, the society is derailed or suffers for it. So, all hands must be on deck to champion the fight against these vices that pose threat to our culture, the society, children, women and so on,� she stated. Wife of the Imo State Governor, Nneoma Nkechi Okorocha, in her address, urged women in the country to close ranks to enable them achieve collective goals, adding that women should avoid dangerous routes like laziness, gossiping insubordination, antagonism and rancour to achieve these goals since the success of one Igbo woman or any other woman is the collective success of all women. According to her, with determination, God’s grace and unity of purpose, we closed routes that diminished our collective conscience and goals.

Again, Aregbesola’s Cabinet Member Quits APC, Osun Govt Yinka Kolawole Ă“Ă˜ Ă?Ă™Ă‘ĂŒĂ™ The Special Adviser to Osun State Governor Rauf Aregbesola on Cooperatives, Gbenga Awosode, has resigned his position from the state government and membership of the All Progressives Congress (APC). Available information has revealed that Awosode sent his resignation letters to the state governor and the state party leadership yesterday. THISDAY gathered that the senior state government official took the decision on the need to further his political aspiration in the

newly-founded Action Democratic Party (ADP). Awosode’s resignation letter to Aregbesola and the APC leadership has attracted mixed reactions from political observers both within and outside the government. The state APC has in recent times suffered mass exodus of its members to ADP including the state deputy chairman and eight members of the state executive committee of the APC in the state.  Other members of the party who had defected to the ADP include ward chairmen and their Exco members.Â

dog for the APC, the country’s main opposition party said it would appreciate the police forming themselves into a political party and come out clear as enemy of PDP, cautioning that the people of the state would go all out to monitor their votes to ensure that the outcome of the poll reflects the wish of the majority. “We are just advising the police to take a plunge into politics rather than serving as attack dog for APC. The organisation should register Nigeria Police Personnel Party (NPPP) and present candidate for election. We have been reliably informed about the involvement of powerful men in President Muhammadu Buhari’s administration in the wild goose chase using the police to harass and frustrate our candidate over

his educational qualification after his clearance by INEC. ‘Ekiti Model’, where policemen were used to do technical rigging by molesting our members will fail in Osun State. The people of this state have slept on empty stomach for most days under Aregbesola’s administration and they want to end that misery on September 22 by voting Ademola Adeleke of PDP,� the PDP explained in the statement. Meanwhile, barely 24 hours for the court to deliver judgment on a suit challenging the candidature of Adeleke, fresh suit has been filed against the PDP candidate over his certificate. The fresh suit was filed by two PDP delegates, Olagboye

Adedamola and Oyetunji Suredi ,over the testimonial and statement of results presented by the senator to the Independent National Electoral Commission (INEC), which they claimed were fake documents. The applicants premised their suit on Section 31 (5) and (6) of the Electoral Act 2010 which gave powers to individuals to challenge in court any candidate who they suspected to have presented fake documents or false affidavits to the electoral body. Adeleke has been embroiled in certificate scandal with two members of the PDP, Rasheed Olatunji and Idowu Oluwaseun going to court to challenge the senator to present his credentials, citing section 177 (d) of the

Nigeria Constitution. Already, the court presided over by Justice David Oladimeji has fixed final judgment on August 8, 2018. In the fresh suit, the applicants also dragged to court the PDP, the state Chairman of the party, Hon. Soji Adagunodo and his state executive council members and the Independent National Electoral Commission (INEC). At the hearing of the matter before the state vacation judge, Justice Oladimeji, the plaintiffs asked for an abridged date for the respondents to appear after the service within seven days instead of 21 days, and the court order to allow them to advertise all their applications in the national dailies.

SIGNED AND SEALED

L-R: Director, Regulation and Monitoring, National Lottery Regulatory Commission, Mr. Sajo Mohammed; Director General National Lottery Regulatory Commission, Mr. Lanre Gbajabiamila; Executive Vice Chairman/CEO, Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta; Executive Commissioner, Stakeholder Management at NCC, Mr. Sunday Dare, during the signing of MoU between the two agencies in Abuja...recently

2019 Pilgrimage: 1,151 Intending Pilgrims Airlifted from Niger Max Air airlifts over 11,000 others Ibrahim Shuaibu Ă“Ă˜ Ă‹Ă˜Ă™ Ă‹Ă˜ĂŽ Laleye Dipo Ă“Ă˜ Ă“Ă˜Ă˜Ă‹ A total of 1,151 Muslim faithful from Niger State have been airlifted from the Minna International Airport in the state capital to Mecca to perform this year’s holy pilgrimage. This is coming as over 11, 000 intending pilgrims have been airlifted by Max Air to Saudi Arabia for 2018 Hajj exercise since the commencement of the airlifting on July 21. The third batch of 555 pilgrims from Niger State made up of 349 males and 206 females departed the Minna airport last Monday. A total of 3022 pilgrims from the state would perform this year’s hajj . It was also learnt that over 16,000 pilgrims from across the country have been airlifted to Mecca since the exercise started

about two weeks ago. The state Governor, Abubakar Sani Bello, who officially flagged off the airlifting of intending pilgrims, cautioned officials of the state pilgrims welfare board against acts capable of jeopardising the welfare of the pilgrims and tarnishing the image of the state and the country while in the holy land. The governor added that the welfare of the pilgrims should be of primary concern to the officials because most of them would be performing the Hajj for the first time. He also told the intending pilgrims to be law-abiding and pray for the country while in Saudi Arabia, adding that anyone caught in acts that contravened the laws of the country or those of the Kingdom of Saudi Arabia would not be spared. In a brief remark, the Director of Operations in

charge of the state Pilgrims Welfare Board, Mallam Attahiru Dukku, said over 2,500 visas had already been secured for the intending pilgrims, assuring them that the remaining visas would be secured soon and therefore, asked those yet to get theirs not to panic. A private airline Max Airline had been commissioned to airlift the intending pilgrims in the state. In a related development, over 11, 000 intending pilgrims have been airlifted to Saudi Arabia from Kano State for 2018 Hajj exercise. The spokesman of the Max Airline, Alhaji Ibrahim Dahiru, told THISDAY in Kano yesterday that the pilgrims were transported to the holy land through various airports across the country in 20 flights. Dahiru explained that the Airline had completed arrangement to commence airlifting of the intending

pilgrims for Zamfara and Bauchi States. “Pilgrims from Zamfara and Bauchi states are on line now as we have concluded arrangement to commence their airlift to the Holy land. According to him, the pilgrims were from Kano, Katsina, Kaduna, Adamawa, Niger, Kwara, Kogi and Nasarawa States. “We are using two Boeing 747 aircraft for the Hajj operation The airline’s spokesman further said the airline had also begun preparation for airlift of pilgrims from Gombe, Yobe, Borno, Taraba, Plateau and Benue States before the end of the week. He assured all intending pilgrims on ground that the airline would transport them to the Holy land before the deadline for the closure of the King Abdul’aziz International Airport Jeddah.

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NLC Accuses NCC of Aiding MTN to Undermine Nigerian Laws The Nigeria Labour Congress (NLC) has accused the Nigeria Communications Commission (NCC) of aiding telecommunications giant, MTN Nigeria, to disobey extant Nigerian laws and international labour laws and convention which the country signed since 1960. Labour is also accusing MTN Nigeria of subjecting Nigerian workers to untold harsh and unfriendly labour practices such as casualisation, disallowing

unionisation among others. It is also accusing MTN Nigeria of being one of the biggest threats to Nigeria’s security, putting the lives of Nigerian security agents at risk and funding their global operation with funds made from Nigeria, while subjecting Nigerian workers to untold hardship. In a letter to the Secretary to the Government of the Federation (SGF) and signed by the President, Ayuba Wabba, the NLC said it was forced to

Youths Protest against SNEPCo’s Plans to Relocate from Onne Free Zone Ernest Chinwo ÓØ ÙÜÞ ËÜÍÙßÜÞ More than 1,000 youths from Onne community in Rivers State yesterday staged a peaceful protest at Shell Nigeria Exploration and Production Company (SNEPCo) in the Oil and Gas Free Zone, Onne, asking the company to rescind its decision to relocate its supply base from the free zone to the Lagos port. The youths under the aegis of Onne Youth Council (OYC) said the planned relocation would lead to the loss of more than 5,000 direct and indirect jobs. The protesters carried placards with various inscriptions condemning the planned relocation of the SNEPCo supply base, and also requested relevant authorities to intervene in the matter. However, the spokesman for Shell Nigeria Exploration and Production Company (SNEPCo), Bamidele Odugbesan, said,“Shell Nigeria Exploration and Production Company (SNEPCo) has no intention of shutting down the Logistics Supply Base in Onne, Port Harcourt”. “The base will continue to be utilised by The Shell Petroleum Development Company of Nigeria Limited (SPDC), operator of the SPDC Joint Venture for SPDC Joint Venture operations. SNEPCO’s operations are in the

Bonga field 120 kilometers off Nigerian coast in the Gulf of Guinea and our operations staff and contractors work offshore in Bonga,” he added. The President of OYC, Philip John Tenwa, who led the protest, told journalists that “we are here today on behalf of our numerous members and indeed the Onne community to draw the attention of the Nigerian Government and indeed the world to the plan by Shell Nigeria Exploration and Production Company (SNEPCo) to relocate its supply base from the Onne port to Lagos. “Indeed, SNEPCo last week surreptitiously directed that all its property and equipment, including turbines, engine spares and miscellaneous equipment spares, be loaded into containers and moved out of the Onne port, where it had operated for more than 20 years, to another port in Lagos. “This move by SNEPCo has serious and far-reaching implications for the Onne community and indeed the entire Rivers State. This is because SNEPCo, which is the operator of the Bonga field, at present, supports more than 5,000 direct and indirect jobs at its supply base in Onne. There are also several small businesses and contractors whose businesses and fortunes are tied to SNEPCo.”

OrderPaper Launches ConsTrack Mobile App on Constituency Projects OrderPaper Nigeria has announced the release of the ConsTrack mobile application, a user friendly and innovative tool for citizens to engage elected representatives on constituency projects across the country. The app is available for download on both Google Play Store andApple Store respectively. Every year, the federal government appropriates at least N100billion for constituency projects of members of the National Assembly. State Governments also allocate billions annually for these projects under the aegies of members of the state assemblies. However, the constituency projects scheme has been entangled in reports of corruption, opacity and non-inclusion in terms of implementation. The ConsTrack app empowers citizens to track the implementation of constituency projects and it comes loaded with verified and validated information on the location of the projects, amount appropriated, level of funding provided the implementing ministry, department or agency, status

of implementation and the profiles of the legislators concerned. With the knowledge and understanding provided by the app and the ensuing engagements, citizens are able to ask the right questions and #Demand2Know how our commonwealth is being expended by government in the name of constituency projects. Adefining feature of the app is that it allows citizens to track and directly report their findings on the projects either by text, audio or videos with their mobile devices in the comfort of their neighborhoods, communities and constituencies. These independent citizens’ reports invariably ignite a chain of updates, reactions and counter reactions from various stakeholders in a continuous stream of engagement. The ConsTrack app is importantly also a veritable platform for legislators to tell their success on constituency projects in order to provide a balanced narrative and healthy interface between citizens and their elected representatives in parliament.

picket the company’s offices across the country because of its clear violation of national and international labour laws especially ILO Conventions 87 and 98, and has denied its workers their fundamental rights at work which Nigeria ratified since 1960. Wabba said it was unfortunate that the NCC that is supposed to be a regulatory agency statutorily charged with the dual role of creating an enabling environment for business operations as well as protecting consumers and workers has failed to play that role. Wabba said: “It is perfidious that NCC sees its role only as that of protecting the telecoms infrastructure, even though none of them came under threat as alleged by MTN during our peaceful picket. “The rush by NCC to report NLC to the Office of the National Security Adviser (ONSA) is both hypocritical and suspicious, but we do know that he who plays the piper, dictates the tune.

“NCC did not see anything wrong with hosting critical data outside Nigeria or with continual loss of jobs by Nigerians in spite of the unspeakable money made and repatriated by telecoms operators. “It did not see anything wrong with the violation of Nigerian laws, labour laws or security breaches leading to the loss of lives of security personnel, not to talk of huge illicit financial flows as highlighted in the Thabo Mbeki Report which continue to undermine our national wellbeing (security). “In our estimation, the greatest threat to Nigeria’s national security is not by Nigerian workers but the bullish and arrogant attitude of MTN and its co-travellers or collaborators like the NCC. “Let NCC continue to promote this talk about MTN infrastructure constituting core critical national asset. We do not begrudge them. For us at the NLC, however, no asset can be more critical to Nigeria than

Nigerians themselves. “Accordingly, we wish to put NCC on notice that we will picket it the way we picketed MTN if it continues to discharge its duties breaching the law. Let it continue with its ‘Amebo’ instead of doing the work for which it is established. “The NLC is a pan-Nigerian organisation which jealously guards our national interests. No one should blackmail it even though it may not have the wherewithal to organise or sponsor executives to foreign seminars or workshops every week! “A perfunctory look at MTN’s global activities and earnings confirms our assertion that proceeds from MTN Nigeria is used to run the global MTN. Where therefore does this arrogance come from?” NLC further stated: “We insist that companies, no matter how rich or powerful, must respect our leaders, and obey the laws

of the land. We insist they must treat Nigerians fairly and decently, because clearly, Nigerian workers and Nigerians in general have been at the receiving end of the bad behavior of some transnationals in the telecoms sector. Enough is enough! “Workers of Airtel, First Bank, Union Bank and many other companies were salvaged from slave labour by the NLC through this same process or action. MTN therefore, should not be given preferential treatment or consider itself to be above the law. “The three-day picket represents the first step in the series of lawful actions we shall be taking against companies that act in breach of national and international labour laws as well as our national interest. We owe no one an apology for that. We would wish to let everyone know that we are committed to this operation. We have the will and the means to sustain it.”

COURTESY VISIT

L-R: President, Nigeria America Chamber of Commerce (NACC), Mr. Oluwatoyin Akomolafe; former President Olusegun Obasanjo, Executive Director, Africa Leadership Forum, Mr. Olumide Ajayi, during a courtesy visit to Obasanjo to present to him the new African Growth and Opportunity Act (AGOA) implementation plan in Ogun State... recently

FG CAUTIONS POLITICIANS AGAINST SECURITY BREACH AT AIRPORTS Although Airbus refused to give details of the discussion, the company however, hinted that it would lease to Nigeria the initial operational aircraft for long haul service and provide aircraft maintenance facility. “Airbus confirms discussions about Nigeria Air have taken place with the Nigeria government, but we cannot comment on the specifics of them”, the company’s spokesperson said. THISDAY also learnt that there are three levels of discussion which include the establishment of Maintenance, Repair and Overhaul (MRO) facility, the establishment of a leasing company and aircraft order for the national carrier. It also gathered that Airbus is considering these requests, just as the federal government also held discussions with Boeing and other Equipment Manufacturing Organisations (EMOs). Information available to THISDAY also indicates that the federal government does not want

to establish a national carrier without MRO and leasing company in order to guarantee the future of the airline. According to government’s plan, there is need to have major MRO in Nigeria so that the new airline would not ferry its aircraft overseas for maintenance at huge cost as the leasing company is expected to provide the airline aircraft on lease and also service other airlines in the West and Central Africa sub-regions. THISDAY also learnt that government’s plan is for Airbus to provide the new airline bigger, double isle aircraft for long haul flights, while Boeing would supply single isle aircraft for short haul flights, domestic and sub-regional operations. A senior official from the Nigerian Civil Aviation Authority (NCAA), who confirmed the discussions, told THISDAY that talks with Airbus encompassed aircraft order and lease in addition to maintenance facility. The official said, “Nigeria Air will have to start with

leased aircraft because when you order aircraft it takes time to manufacture and supply them. So the airline will start with leased aircraft pending the time the ones ordered would be delivered.” The Director General of NCAA, Captain Muhtar Usman told THISDAY that the maintenance facility that would be established for the national carrier would help to create jobs and further the training and development of indigenous manpower in the technical areas of aviation. He said that it would save money for Nigeria, as domestic carriers would now carry out checks in the maintenance facility and would even attract foreign exchange to the country because airlines from the West Coast would bring their aircraft to Nigeria for maintenance. “It will also help NCAA to monitor the maintenance of the aircraft and safe the money spent in travelling to Approved Maintenance Organisations (AMO) overseas. Now we send them to go and

inspect maintenance of aircraft overseas and that costs money. So we will continue to monitor the aircraft and the airlines closely,” the Director General said. He said that the benefits of a national carrier will extend to the training of personnel and also open up the country, as trainees from overseas would come and train on aircraft maintenance in Nigeria, which would expose Nigeria’s tourism potential. Informed source has also confirmed that after the initial discussions with Ethiopia Airlines at Farnborough Airshow mid last month in London, the company has put in a bid to partner with Nigeria for the national carrier. Ethiopia Airline CEO, Tewolde Gebremariam had earlier confirmed that he held discussions with the federal government on how he would partner with Nigeria on the establishment and running of the national carrier.

WEDNESDAY, AUGUST 8, 2018˾ T H I S D AY

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NEWSXTRA

INEC: Youths Could Determine Outcome of 2019 Elections The Chairman of the Independent National Electoral Commission (INEC), Mahmood Yakubu, has predicted that Nigerian youths, with their population, could determine the outcome of the

2019 general election. He also revealed that the Osun State governorship election, slated forSeptember 22, would feature the highest number of contestants in the history of governorship

Electoral Body Can’t Rig Poll without Security Agents, Politicians, Says Ex-Abia Speaker Emmanuel Ugwu ÓØ ×ßËÒÓË As anxiety grows over the 2019 general election, former Speaker of Abia State House of Assembly, Chief Agwu U. Agwu, has said the Independent National Electoral Commission (INEC) would conduct a free and fair election to the extent politicians and security agencies do the right thing. He expressed this view yesterday in a chat with journalists in Umuahia, saying desperation of political actors and overzealousness of security agencies have always been “the problem with the conduction of elections in Nigeria.” There have been fears that the All Progressives Congress (APC) might not relinquish power in 2019 and that INEC could not be trusted to remain a neutral umpire given the way the ruling party has been using federal

agencies to do its bidding. But Agwu stated that no matter how the electoral body tried to be above board and deliver a transparent poll such efforts would be soiled by people who want to win at all cost and security agents who aid and abet rigging. “Our problem in Nigeria is not INEC but all of us. Security agencies aid and abet election rigging. The winner-takes-all mentality is what is affecting our election,” he said, adding that the INEC chairman and the Resident Electoral Commissioners (RECs) won’t be in the field to enforce directives,” he said. According to him, it would be very difficult to stop security agents, party agents, INEC ad hoc staff who would like to look the other way after receiving gratifications at the poling centres.

elections in Nigeria so far. Speaking during a courtesy visit to the management of Bayero University, Kano (BUK), which hosted the INEC Youth Votes Count Campus Outreach Initiative yesterday, Yakubu revealed that judging from the figures emanating from the on-going Continuous Voter Registration (CVR) exercise, coupled the voting pattern noticed in the 2015 general elections, Nigerian youth currently constitute a sizeable percentage of the total population of registered voters that could be a game changer in the 2019 polls. He averred that since the commencement of the CVR exercise in April 2017, the commission has registered close to 11 million Nigerians. His words: “By the time we suspend the CVR exercise on August 17, the number of registered voters will be well over 11 million. If we add this to the existing Voter Register of 70 million, and by the time we go into the 2019 general elections, we would have had over 80 million voters.”

He continued: “From what we are seeing so far (in the ongoing CVR), 2019 is going to be the year of the youth. Quite a large number of those that have registered to vote are the youth, meaning the young boys and girls between the ages of 18 and 35. When we did the analysis of the 2015 presidential election results, the youth also played a very important role. “So, we are here (Bayero University) to continue to encourage them. We have already announced the date for the suspension of the CVR, which is August 17th. We have been registering eligible Nigerians for the last 16 months (since April 27, 2017). On the Osun State governorship election, Yakubu said that 48 political parties were fielding a record number of 48 candidates for one position, the highest so far in any governorship election conducted by INEC in the country. He said, “We had 37 candidates for Anambra and 35 for Ekiti governorship elections, but Osun

has beaten them all.” He said that while the commission had already registered 68 political parties, it is currently processing over 130 applications from associations seeking registration as political parties. He said: “Our projection is that we might end up with 80 to 85 political parties. If half of them nominate candidates, we may end up with 46,000 candidates for the 2019 general election.” He gave the breakdown: “In 2019, we are going to conduct elections into 1,558 constituencies thus: 1 presidential constituency, 29 governorship constituencies, because in seven states, the governorship elections are conducted off-season. We have done six, and next month, we are conducting the Osun governorship election. Then, we have 109 senators, 360 members of the House of Representatives, 991 members of state Assemblies, and 69 chairmen and Councillors in the Federal Capital Territory (FCT).” The INEC chairman also

revealed that since the 2015 general elections, the commission had conducted elections into 182 constituencies. “These elections have helped us to improve our processes and sharpen our skills.” He thanked the management of the university for producing the kind of workforce the commission needs for election duties, adding that INEC has been benefitting from BUK’s pool of staff members who had served as Returning and Collation officers. Responding, the Vice Chancellor of the institution, Mohammed Bello, said: “We want to thank you for choosing our university for the zonal engagement event. It shows the confidence you have in us and I assure you that we will do whatever we can to give you support on this.” The task before you is a herculean one. But in addition to the foundation laid by Attahiru Jega, anyone that knows you and has seen the difference you have been making where you are, would know that you are up to the task.

Strides Group Seeks End to UK’s Rejection of Nigeria’s Oil Products The Chief Operating Officer, New RIVOC Limited, a member of the Strides Group, Nkem JosephPalmer, has said the rejection of the country’s products, especially vegetable oil would soon be a thing of the past once the company commences operations. This followed the rejection of a large consignment of vegetables and other edibles exported from Nigeria by the United Kingdom at the weekend. In a telephone interview, Palmer said the New RIVOC is determined to raise the bar for the vegetable oil industry with the acquisition of relevant local and international certification from accreditation bodies that would ensure quality that meets international standards. Strides Group, owners of Strides Energy and Maritime Limited (SEML), in a multi-billion naira deal signed in Lagos, by UBA Capital Trustees, on behalf of a consortium of four banks consisting Guaranty Trust Bank, United Bank for Africa, Zenith Bank, and Diamond Bank acquired the mortgaged assets of the Rivers Vegetable Oil Company Limited (RIVOC). According to him, the company billed to commence operation soon would ensure the application of Hazard Analysis and Critical Control Points (HACCP) measures to determine critical control points and assure value is equivalent to best quality. “It is an individual and strategic choice to obtain the

relevant phytosanitary certificates for export. The Strides Group will achieve this with the relevant local and international certifications. “We are determined to ensure that quality systems focused on export in the mid to long term exist in Nigeria, so the UK rejection of Nigerian vegetable oil may soon be a thing of the past. “For us at the Strides Group, we will focus on assuring that our private standards meet international sanitary and phytosanitary measures, and will raise the bar for the industry,” Joseph-Palmer added. Joseph-Palmer revealed that the lack of an ebullient quality management infrastructure is a current problem faced in Nigeria, which if resolved would bring the desired growth to the sector. “We are currently poised to see that our vegetable oil plant meets ISO 9001:2015, ISO 22000:2015 and ISO 14001:2015 standards within the first six months of operations. Currently, we are applying HACCP measures to determine critical control points and assure value is equivalent to best quality. “Looking down the value chain, we are constantly sifting our suppliers to assure quality, from farm to fork. Quality speaks for itself, and the international community understands the language,” he assured.

PROCUREMENT MADE EASY

L-R: Director, Special Procurement, BPP, Eze Obasi; Director General, Bureau of Public Procurement (BPP), Mamman Ahmadu, and Director, Procurement, Power Sector, Ministry of Power, Works and Housing, Ahmed Abdu, during the workshop on public procurement process for designated procurement officers in federal government agencies, and parastatals for the implementation of 2018 budget in Abuja...yesterday.

Duet Private Equity Invests in AJEAST A principal investor in emerging and frontier markets, Duet Private Equity Limited (DPEL), formally announced recently that it had acquired a majority stake in AJEAST Nigeria Limited (AJEAST, also known as the Company). AJEAST is the sub-Saharan Africa subsidiary of AJE Group, globally one of the largest multinational non-alcoholic beverage manufacturers. The company was officially launched in Nigeria in September 2015, with a brand new stateof–the-art factory near Lagos. With brands such as Big Cola, Big Orange, Big Lime and Big Volt, it gained significant market share in the carbonated beverage segment through time-tested marketing strategies and a strong value proposition. AJEAST’s entrance into the Nigerian soft-drink sector is a game-changer in the industry.

This is by offering the consumer more value for less, changing the perception consumers had of carbonated soft drinks. A multiple-award winner over the years, AJEAST Nigeria Limited engaged in projects and events designed to ignite the Spirit of Enterprise, Innovation, Creativity, Service, Excellence and designed to stimulate economic growth in Nigeria and Africa as a whole DPEL is investing over $ 50m into the transaction, a significant share of which is allocated as growth capital. Proceeds of the investment will be used to accelerate in select international territories, facilitate the launch of new products and brands, and increase our production capacity and volume. With this new investment, AJEAST will further intensify its focus on targeting a young

demography of growing socioeconomic segments, capturing both the significant advance of middle-income households, as well as the demographic dividend of the region’s expansive youth base. This transaction marks DPEL’s sixth investment in the FMCG sector in Sub Sahara Africa, and its first in Nigeria. Leveraging on DPEL’s wide experience in the beverage sector in African growth markets, the investment will support AJEAST in further consolidating market share, as well as catalysing further expansion across the continent. Henry Gabay, CIO at Duet Private Equity Limited and CoFounder at Duet Group, said: “At Duet we strongly believe in the African consumer growth story. As the number of middle-income households in Nigeria and select West-African markets keeps expanding, and more consumers are entering the formal economy

through urbanisation, the demand for products such as BIG Cola will grow exponentially. The acquisition of AJEAST follows our previous investments in the beverage sector across Africa, and we are excited to be able to leverage our experience in partnership with a prominent multinational like AJE Group.” Applauding the new partnership, Angel Añaños, Chairman of AJE Group, said that “AJE’s history dates to 1988, and through our innovative approach and passion we became a leading player in Latin-American and Asian markets.” The company, he added, intends to accelerate into the next phase of growth in Africa and was seeking a partner that has the local platform and sector expertise to support its ambitions.

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T H I S D AY ˾ WEDNESDAY AUGUST 8, 2018

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WEDNESDAYSPORTS

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

CAF Hammer Falls on Ghanaian Refs, Others One banned for life, others get 10-year ban respectively

Femi Solaja with agency report The Confederation of African Football (CAF) yesterday descended heavily on 11 Ghanaian referees and assistants indicted in a corruption allegation with David Laryea getting life ban from football. CAF also slammed six other officials with 10-year suspensions from football activities in a new round of sanctions to clean up officiating the game in the continent. Apart from Laryea, CAF also banned Lathbridge Reginal, Nantierre Eric, Fleischer Cecil, Ouegraogo Dawood, Salifu Malik, Akongysm Theresa (woman assistant referee) and Wellington Joseph (technical instructor) all from Ghana FA for 10 years each.

Another set of referes suspended pending when they will appear before the disciplinary committee board of CAF in their next meeting include: Bello Aboudou (Rep of Benin), Baba Leno (Guinea), Aderito Marida Silva (Guinea Bissau), Dauda Guaye (Senegal), Yamba Arnad Gildas (Congo), Biase Boutamba (Congo), Hamada Nampiandraza (Madagascar,) Kokolo Fitial Charel (Congo) while the trio of Adii Prosper, Anafo Nathan, Badiu Ibrahim all from Ghana complete the list. Only few weeks to the last World Cup finals in Russia, the GFA President, Kwesi Nyantakyi, was forced to step down following allegation of bribery after been caught on tape receiving cash to influence

a match which is against the FIFA ethics and his position in CAF Executive Committee was filled by the President of Nigeria Football Federation (NFF), Amaju Pinnick during

the last meeting of the continental football body at the Mundial. Kenyan linesman Marwa Range, who had been due to officiate at this year’s World

Cup in Russia was filmed receiving a $600 bribe during this year’s African Nations Championship (CHAN) in Morocco and was given a life ban.

Range, a reserve official at the 2014 World Cup in Brazil, had earlier been removed from the list of referees for this year ’s tournament in Russia.

Abati Article on Asaba 2018 Unfortunate, Says LOC Chairman Peter Uzoho The Chairman of the Local Organising Committee (LOC) of the just concluded 2018 African Senior Athletics Championships held in Asaba, Delta State, Chief Solomon Ogba, has described a back page article written by Dr. Reuben Abati, published yesterday with the title: ‘The Asaba Disgrace’, as “unfortunate and disgraceful.� In a statement issued Tuesday by the committee’s Head of Media, Olukayode Thomas, made available to THISDAY, Ogba said though Abati, a respected journalist has a right to his opinion but for him to describe the organisation of the Championship as a disgrace showed that he, he was acting in manner that suggested he was being used. According to the statement, Ogba stated that it was regrettable that Abati wrote authoritatively about a subject he has no firsthand information about, and wondered why Abati, who he alleged was not in Asaba, would write authoritatively about an event he did not witness. The statement reads in part: “Abati’s description of the Championship organisation as a disgrace is unfortunate and disgraceful. “Dr. Abati, a respected journalist, has a right to his opinions but to describe the organisation of CAA Asaba 2018 as a disgrace shows he is acting in a manner that suggests that he is being used. “It is regrettable that Abati wrote authoritatively about a subject he has no firsthand information on. He was not in Asaba, so why write authoritatively about an event you did not witness? I am sure if he had contacted his junior colleague, Olukayode Thomas, who is our Head of Media, he would have gotten some firsthand information and clearer insight. “He could have called to check his facts and would have saved himself all the embarrassment the falsehood he penned is causing. He wasn’t even ready to give

the organiser the benefit of the doubt. It is lamentable that a writer of Abati’s status in the media is relying on unverifiable information available on online media to write a sensitive article’’. Ogba said the Championship had hitches that were dealt with swiftly and the few countries involved were grateful for the manner in which the issues were resolved. He said: “Compared to previous African Championships, we witnessed the least complaints, especially in the areas of feeding, accommodation and transportation. Contrary to Abati’s story, no country slept at the airport for three days. “Regular travellers like Abati know that our airports shut down by 11pm, so how can people sleep in an airport that is completely closed down by night? We had four hotels in Lagos. They include the two Ibis near the airport and Novotel where the athletes and officials that could not connect a flight to Asaba stayed and Abati is free to contact the management of the hotels.� Ogba who is apparently furious over the publication, argued that Abati was in a hurry to do a hatchet job and therefore did not tarry to carry out his research properly before going to the press, noting that a simple Google search would have told Abati that Ibrahim Gusau is the President of the Athletics Federation of Nigeria (AFN) and not Solomon Ogba. He added: “The search machine would also have informed Abati that it was not the AFN that organised the championships. Google would have supplied Abati facts to show that Team Nigeria under AFN was just one of the participating countries and that Tanzania was one the few countries that did not even participate.� Describing Abati as a neophyte in athletics, Ogba pointed that such explains why he swallowed the stories he read online about a bad track hook, line and sinker.

Kenyan athletes celebrating topping the 21st African Senior Athletics Championship in Asaba...on Sunday

UNDER-20 WOMEN’S WORLD CUP

Quarter-ďŹ nal Tickets on Offer Today The second round of group fixtures at the ongoing FIFA U-20 Women’s World Cup France 2018 kick off today, where several quarter-final berths could be decided. In Group A in Vannes, France will be out to consolidate top spot against

New Zealand, while Ghana will be hoping to kick-start their campaign against the Netherlands. Meanwhile, in Group B, England leads the way and will run out in Dinan-Lehon against a Brazil side, who have no margin for error.

In the group’s other game, Mexico will be hoping to build on their opening-day win over the South American champions, but face a tough

task against a Korea DPR outfit that are determined to make amends for their defeat to the Young Lionesses on Sunday.

GROUP A: Netherlands v Ghana | France v New Zealand GROUP B: Brazil v England | Korea DPR v Mexico

‘Ibrahim Galadima’s Committee Will Solve NFF Problem’ Laleye Dipo in Minna

A former Technical Committee Chairman of the Nigeria Football Federation (NFF), Sulaiman David, has said that the elders reconciliatory committee set up by the minister of sports and headed by Ibrahim Galadima will solve the lingering crisis at the football federation. David yesterday described the composition of the committee and its membership as a “the right step in the step direction�. “I throw my weight behind the Ibrahim Galadima-led

reconciliatory committee on the crisis rocking the Nigeria football house,� David said in a statement in Minna. “I am particularly impressed with the step that the Minister of Sports, Solomon Dalung, has taken in trying to bring a lasting peace to the NFF. It is a right step in the right direction and he must be commended.� The former NFF technical committee chief said adding that the “wisdom employed by the minister of sports to bring peace to the football house remains the only way out of the logjam�. David described the

membership of the reconciliatory committee as men of high integrity that have played key roles in the development of sports, especially football in Nigeria and therefore have the capacity to bring the warring factions to a round-table for a possible peace in football house. “All the members of the reconciliatory committee are men that command respect within the football family in Nigeria and that is why I am confident that they will succeed in the assignment.� According to David, “the Galadima that I know will

bring his wealth of experience to bear in ensuring that peace is achieved among the two factions�. He described the ongoing crisis in the football house as “very unfortunate and worrisome,� stressing that “the crisis has degraded Nigerian football in the eyes of the football world�. “It is high time something urgently is done to rescue Nigerian football from further degrading. This is one of the longest lasting protracted crisis in Nigeria football, and this is not good for our football development,� David declared.

Duke Calls for Massive Investments in Sports Devt Bassey Inyang in Calabar The Chairman of the Cross River State Sports Commission, Otuekong Orok Duke, has said that youths in Nigeria should not be made to take to sports as a means of escaping from poverty. Speaking at the maiden edition of the State’s Sports Commission Football Clinic at the U. J. Esuene Stadium in Calabar yesterday, Duke said instead, government

and the private sector should invest massively in sports to get the youths engaged and involved in sporting activities that would transform them to productive members of the society. He said it should rather be as a result of having the innate skills for such sports as well as the desire to express it. Duke also said sports is universal, bringing people together and keeping the body and soul healthy.

“We should move away from the notion that poverty fires sports. This is something the government should step in and take over and not to allow sports in Nigeria to be driven by poverty,� Duke said. Lamenting the underfunding of sporting activities in the state, Duke said: “we do not have enough funds to run sports as in the last five years and we have not been able to attend any sports festival.� Duke, however, assured sports

stakeholders that the state will do well at the next youths sports festival coming up in Ilorin next month. “Whether the state government sponsors or not, we will go and we will not take excuses again. We are bent on attending the youth’s sports festival in September in Ilorin and the National Sports festival in Abuja in December which we could not host. We will go out and solicit for funds,� he said.

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WEDNESDAYSPORTS Ambode’s Cash Bonus Awaits Nigerian Winners at ITTF Challenge in Lagos

L-R: Mesut Ozil, Eddie Nketiah, Alex Lacazette and Pierre-Emerick Aubameyang at training yesterday as Gunners continued their preparations for the new Premier League season starting this weekend

Usmanov Accepts Kroenke’s Bid for Arsenal Arsenal shareholder Alisher Usmanov has said that he will accept rival Stan Kroenke’s bid to buy him out for ÂŁ550m and take full control of the club. American billionaire Kroenke owns 67% of Arsenal through his company KSE and announced on Tuesday he had made an offer to buy up the rest of the shares. Usmanov has confirmed he has agreed to part with his 30% stake in the club. “I have decided to sell my shares in Arsenal, which could be the best football club in the world,â€? he said. Despite his shareholding, Usmanov is not part of the board or the decisionmaking at Arsenal.

The metal magnate made a ÂŁ1bn bid to buy the Emirates outfit in May 2017 but this was rejected by Kroenke. Kroenke’s offer to shareholders values the Gunners at ÂŁ1.8bn. Acquiring Usmanov’s shares for ÂŁ550m means remaining shareholders would be legally obliged to sell theirs to Kroenke. The KSE statement to the London Stock Exchange said taking the club private will help to further Arsenal’s “strategy and ambitionsâ€?. “KSE’s ambitions for the club are to see it competing consistently to win the Premier League and the Champions League, as well as the major trophies in the

women’s senior game and at youth level,� it added. Arsenal have a new manager in charge this season after Unai Emery took over from Arsene Wenger, who had been Gunners boss for 22 years. In Wenger’s final season, Arsenal finished sixth in the Premier League as they missed out on the Champions League but qualified for the group stages of the Europa League. The Gunners start their Premier League campaign against champions Manchester City on Sunday. While Kroenke says taking sole ownership will benefit the club, the Arsenal Supporters’ Trust (AST) called the

news “a dreadful day� for the Gunners. “Stan Kroenke taking the club private will see the end of supporters owning shares in Arsenal and their role upholding custodianship values,� said an AST statement. AST added that by becoming the 100% owner, Kroenke would be able to take “detrimental actions� such as paying “management fees and dividends without any check or balance�. It added: “The AST is also extremely concerned to note that this purchase is being funded by a loan. “The AST is wholly against this takeover which marks a very sad day for Arsenal football club.�

SUMMER TRANSFERS

Joe Hart Joins Burnley Burnley has signed goalkeeper Joe Hart from Manchester City on a two-year deal for a fee in the region of ÂŁ3.5m. Clarets boss Sean Dyche has brought in the 31-year-old with fellow keepers Nick Pope and Tom Heaton out injured. Hart, who has won 75 England caps, made nearly 350 appearances for City, winning two Premier League titles and one FA Cup, but fell out of favour. “I was open to anything that came my way and because of circumstances here something popped up,â€? he said. “I feel like I’m in the right place and I feel like this is my time to kick on now,â€? added Hart, who was not picked for England’s World Cup squad,

to Burnley’s website. “I’ve heard such good things about the atmosphere. They say it’s priceless but to be part of a team where everyone is pushing in the same direction is not as normal as you would expect it to be.� Hart had been seeking a permanent move after City manager Pep Guardiola made it clear he had no first-team future. The keeper made only one appearance for City after Guardiola became manager in 2016, spending the past two seasons on loan at Torino and West Ham, and was not part of the City squad which beat Chelsea 2-0 on Sunday to win the Community Shield. Pope, who went to the

World Cup ahead of Hart, dislocated his shoulder during their Europa League qualifying first-leg tie in Aberdeen and was replaced by Anders Lindegaard. Burnley’s other England keeper, Heaton, is still not fully fit as he recovers from a calf injury. Hart would need to be registered by 23:00 BST on Wednesday to be eligible to play in the first leg of Burnley’s Europa League third-round play-off at Istanbul Basaksehir on Thursday. However, there are regulations which might allow Hart to play depending on injuries to other keepers. Hart is Burnley’s second summer signing after the

Turf Moor club added central defender Ben Gibson for a club-record-equalling fee of ÂŁ15m. City signed Hart from Shrewsbury Town in 2006 and they will host a tribute to him in the autumn to recognise his “outstanding contributionâ€? to the club. “Joe Hart’s contribution to Manchester City cannot be overstated,â€? said City chairman Khaldoon Al Mubarak. “His 12 years at the club have seen him produce some remarkable performances and heart-stopping saves that will live in the memory for a long time to come. “He will rightly be regarded as a City legend in perpetuity.â€?

Bournemouth Signs Levante MidďŹ elder Colombia midfielder, Jefferson Lerma, has joined Bournemouth for a club record ÂŁ25m fee from Spanish side Levante on a five-year deal.

Lerma played in all Colombia’s matches at the World Cup in Russia, including their last 16 defeat by England. He is the Cherries’ third

signing of the summer transfer window. The Premier League club had already recruited midfielder David Brooks from Sheffield United and

full-back Diego Rico from Leganes. The fee for Lerma eclipses the ÂŁ20m Bournemouth paid Chelsea for Dutch defender Nathan Ake last summer.

Lagos State Governor, Akinwunmi Ambode has promised to give cash bonuses to successful Nigerian players participating at the ITTF Challenge Nigeria Open which begins today in Lagos. 169 players made up of 101 men and 68 women from 26 countries will compete in six events at the five-day competition which has become Africa’s elite tournament sanctioned by the world table tennis ruling body – International Table Tennis Federation (ITTF). $46,000 prize is at stake for winners to share. The Director General of the Lagos State Sport Commission (LSSC), Babatunde Bank-Anthony disclosed this yesterday at the press conference heralding the tournament. “The Governor’s bonus for this year is that His Excellency, Governor Akinwunmi Ambode of Lagos State has instituted a bonus for Nigerian players that will do well in all categories both Men singles and Women Singles because we know that they may not get to win the titles�, Bank-Anthony said Bank-Anthony also said, “We will make use of the bonus wisely to encourage Nigerian players to go further and we believe that this will help them to at least improve and

perform better�. From the inception of the ITTF Challenge Nigeria Open, no Nigerian player has won the title in the singles events but assurance from Olajide Omotayo and Esther Oribamise has shown that the host will not disappoint this year. Commonwealth Games silver medallist, Olajide Omotayo believes with the present form of some of the players, they are ready to wrestle the titles from the foreigners. “We are all ready for the tournament this year because we have the quality to match the foreigners and I am hopeful that we will give our best and hope for the best this. The likes of Aruna Quadri, Bode Abiodun and Segun Toriola have always inspired us that we can be the best in the game. We are fully ready to see Nigerian players on the podium this year,� he said. Oribamise, a bronze medallist at the 3rd African Youth Games in Algiers is optimistic that things would look up for Nigerian players this year. “We are all in good shape and I can tell you that all of us know what is at stake. Apart from the prize money we are also aiming to improve our ranking with this tournament,� she said.

Stanbic IBTC Unveiled as Major Sponsor of Varsity League Stanbic IBTC Group has announced its sponsorship of the Higher Institutions Football League (HIFL), which kicked off last Wednesday in various centres across the country. Stanbic IBTC said the sponsorship is in tandem with the company’s determination to help grow and develop a vibrant and productive youth population. According to Stanbic IBTC, their involvement is equally informed by the need to foster unity among the youth, the future leaders, and development of sports as well as the economy using the HIFL platform. Chief Executive, Stanbic IBTC Holdings PLC, Mr. Yinka Sanni, said: “We are enthusiastic about our sponsorship of the university league. The sponsorship is in line with our objective to engage the youth in talent-moulding and character-building initiatives and our determination to contribute to the development of sports and by extension the economy.� The organisers of the league commended Stanbic IBTC for its boldness in sponsoring the HIFL. According to them, the sponsorship will be invaluable to the success of the varsity league, even as they promised to stage the best football spectacle that will “convince our

sponsors and indeed Nigerians that collegiate sport is ripe in Nigeria.� This sponsorship is the latest in a long list of youth-centric development and empowerment initiatives by Stanbic IBTC. Organised by Green White Green (GWG) Sports, the maiden edition of the league is featuring the top 16 universities from across the country. The teams will play a total of 30 games over a 14-week period to determine the winner. The draws for the league groupings were held recently. Explaining the rationale for HIFL at the draws ceremony in Lagos, CEO of the Green White Green, Alhaji Shuaibu GaraGombe, said the HIFL is conceived as a platform for students “to exhibit their talents to the world.� The participating universities are Obafemi Awolowo University, Delta State University, University of Benin, University of Lagos, University of Port-Harcourt, University of Agriculture Makurdi, University of Ibadan, University of Nigeria, Bayero University, University of Ilorin, University of Jos, University of Uyo, University of Maiduguri, Usman Dan Fodio University, Ahmadu Bello University, and Abubakar Tafawa Balewa University.

Wednesday August 8, 2018

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MISSILE

APC to PDP “The PDP is trying very hard to scuttle the 2019 general election but we will resist it. The party is afraid that it will be defeated at the polls that is why it is using the National Assembly to frustrate eorts to approve funds for INECâ€? – The All Progressives Congress (APC) accusing the Peoples Democratic Party (PDP) of trying to scuttle the 2019 elections.

CHIDIAMUTA Leadership and the Burden of History T GUEST COLUMNIST

here are far too many reasons to felicitate with my brother and friend Ray Ekpu, a man we fondly call ‘Brother Ray’ as he turns 70. Perhaps the most important and obvious reason is that he is a journalist. The second reason is that he has lived a life of journalism in a place called Nigeria. Ray’s abiding courage and significant leadership lies in the boldness of the choice he made as and when he made that choice. Ray had a copious array of choices. He could have joined the civil service and retired ten years ago possibly in stupendous wealth and opulence. He could even have avoided the entire grueling process of university education and joined the military early enough. There again, he possibly could have ended up dead or joined the pantheon of retired generals for whom most things are possible. Still better, he could have opted for a career as a perennial politician as an illustrious son of Akwa Ibom State. He chose differently. He opted for a lifelong career in a profession with no foreseeable financial or immediate material rewards. In our country, journalists hardly qualify for a pension or gratuity. Most often, the organizations where they spend the better part of their productive years hardly survive beyond a decade and where they do, the great journalists walk in and out through a revolving door. When they leave, they walk into a horizon of uncertainty and sometimes end up in near destitution. While on the job, the contentment of the truly great journalist is in the intangible and grudging role as part of the 4th Estate of the realm where indeed there is a realm. In war and in peace, in crisis and in normalcy, the journalist remains the intangible bridge between what, where, when and how on the one hand and the multitude of humanity waiting anxiously to know why. Humanity will wither in darkness without the multiple exertions of journalists of distinction. We are the unarmed legion of light questing to beam the light on the truth; the gallant avatars that intercede between the jackboots of power and the loud cries of the oppressed. Beyond the general category of journalist, Ray Ekpu and his kindred spirits offer us a lead into the subject of this lecture, namely leadership. Along with Dele Giwa (in memoriam), Dan Agbese, Yakubu Mohammed and Soji Akinrinade, Ray blazed a trail of courageous leadership in the history of Nigerian journalism. Their feat consisted in one novel concept: how to crown excellence in journalism with success in media entrepreneurship. They set out to take the leap from being employees of moneybags to employing themselves and other journalists, a leap that was being taken in the Western world by journalists like those who founded the Independent in London. What distinguishes great leadership is vision and the courage to drive it in order to deliver the overall society-wide impacts of the leading stride. That is one essential quality of leadership that gave Nigeria the uncommon gift of Newswatch. The journalists and their admirers who gathered in January 1985 wore no battle fatigues. If anyone referred to them as ‘revolutionaries’, I suspect that they would, like Hitler’s publicist, Goebbels, have drawn a pistol to silence the misrepresentation. After all, they were all mostly right wing or centre-right idealists at best.

Ekpu

In fact, when the collective of Ray and his colleagues gathered to launch Newswatch in 1985, they probably were unaware of the revolutionary implications of their professional foray. However, they ended up birthing one of the most incisive and authoritative news magazines in Africa at a time when Time and Newsweek maintained unquestioned dominance. These international giants were only being complemented by efforts like Chris Okolie’s Newbreed at the national level and geo-strategic and continental efforts like South, Africa, New African and Africa Now and a host of others. Newswatch quickly emerged as the national gold standard in enlightened journalism. Its columnists were easily the most authoritative, influenced and civilized in the nation. Its cover stories were well researched and grounded. The encyclopaedic research prowess of the Newswatch librarian, Nyakno Osso was everywhere in evidence in an age without today’s Google touch screen access to global information. With the emergence of Newswatch, Patrick Dele Cole’s Daily Times, Abiola’s Concord titles and the arrival of The Guardian, Nigerian journalism redefined itself as a power centre, not just an accessory to power. The lead players at Newswatch were no longer ‘Press Boys’ to be found at Press galleries or the hallways of power. They were purveyors of a certain intangible but real power. Every expression of power comes with inherent dangers. Ray and his colleagues understand this truism all too well as they reflect on the glories, tears and blood of their years in and around real power. In retrospect, the real significance of the leadership of Ray and Newswatch is not in the sacrifices they had to make as leaders. It is in their legacy in Nigerian media and journalism. The abiding gospel of Newswatch is possibility. It is possible to liberate the voice of the people, to give meaning to the freedom of expression as a cardinal aspiration of a free society. Accordingly, independent and private media initiatives stepped forward to replace government monopoly. Individual journalists and groups of them stepped forward to try their hands at publishing or broadcasting. An avalanche of private newspapers, magazines and broadcast media emerged to finally bury

government monopoly or even participation. Truly, a million flowers were blooming. This piece is not strictly about Newswatch. But Newswatch has enabled it. It is also a veritable anchor for understanding the requisites of leadership both in journalism and the wider polity. I know the leadership we all seek to hear more about in this time and place. It is political leadership as it concerns Nigeria, the nation we all love passionately. Let us proceed from the simplest description of leadership. It is the ability to develop a vision of community and the capacity to translate that vision into beneficial reality in a manner that carries the followership along. To envision an alternative higher reality, the leader must be enlightened. To translate that vision into reality, the leader must have executive capacity or find those so equipped. To attract and carry the followership, the leader must possess personal electricity or charisma in the form of oratory, personal carriage, integrity and connectedness to ordinary folks. The people must see aspects of themselves mirrored in the life and story of the leader. Perhaps at no other time in our national history has the issue of leadership presented itself so boldly in the front yard of national discourse. In spite of elections that fill various levels of public office in the land, our people continue to yearn endlessly for purposeful leadership. It has therefore become necessary to make a distinction between power incumbency and leadership in the nation. There is, as they say, no vacancy in either Aso Rock Villa or the 36 state Government Houses across the land. Whether inspiring leadership is emanating from any of these locations is quite another. Make no mistake about it. The drama of power incumbency continues to rage all over the land. The sirens blare even louder; the pomp and ceremony of public office is in full gear; the perfunctory rituals of government continue unabated. So also is the impunity of power, the arrogance of today’s men and the injured ego and deflated importance of yesterday’s people. Genuine leadership is somewhat more subdued than the cacophony of incumbent power. True leadership consists in the ability to inspire and carry an undivided nation along the path of self- realization. It is inspirational; innovative; empathic. In words and actions and personal conduct, the leader touches the vital chord that unites a nation irrespective of creed, ethnicity, class and even circumstance. More often, what the people value in their leader is intangible. True national leadership is perhaps best described and understood by what it is not. It is not water boreholes. It is not endless kilometers of roads or even kilowatts of electricity. It is not the meting out of casual cruelty on your perceived opponents or the shutting of the window of opportunity to all except your friends, loyalists and kinsmen. Nor can we mistake as leadership the subversion of the popular mandate into an instrument for dividing nations along all imaginable lines. If anything, these traits create the hunger for genuine leadership in nations such as ours that are so afflicted. From the immediate post-civil war years till today, the crisis of leadership has plagued our public discourse. It was Chinua Achebe who in the late 1970s identified the crisis of leadership as ‘the trouble with Nigeria’. We

remain frozen in that moment and mired in that intractable crisis. The absence of a coherent national vision and sense of mission has bred a polity whose most recurrent fascination is ‘our immense potentials’. The hope of what is possible and the dream of where we could still be is what holds this behemoth ‘potential’ nation together. But in the interim, this generation of Nigerians remains the orphans of missed opportunities, squandered resources and periodic episodes of mindless leadership. The rhetoric of potential greatness is getting worn out. It is even worse when mouthed by ignorant politicians who want to win an election and further deepen our leadership crisis. There is a potential in every nation, which awaits leaders of purpose to harvest. For how long are we going to remain a ‘potential’ or virtual nation? I have heard it said that Nigeria is still a young nation! Underlying that claim is the false logic that longevity confers on nations a guaranteed greatness. If that were true, the most advanced nations would be the oldest! On the scale of global development, where are Egypt, Greece and Portugal today? Egypt is the home of the great pyramids and of decadent dictatorships. It is also the hotbed of the most dangerous fanatics. Greece has a perennial archival interest with an economy that has developed the bad habit of surviving on frequent bailouts. Portugal used to be a colonial power but is now a virtual third world country with only a football club as its most notable export. At 58, Nigeria is neither old nor young. My fear is that it came into existence with all the infirmities of decadent old age. Now in mature middle age, the nation is afflicted by a cocktail of ailments some of which can only be cured by killing the patient hence the loud cries for restructuring or even outright dissolution. The consequences of past leadership missteps and failures now haunt us all. Our highways are dangerous; our urban streets are dark alleys hiding sinister possibilities, as no one knows what lies in wait; the frontiers of freedom have been fenced by a rampaging insurgency while squads of killers sometimes difficult to name have rendered life in our villages even more capricious, brutish and short. A nation that started out united and hopeful is today torn along all known divides just as the number of optimists has dwindled into miserable insignificance. Our youth walk the streets in quest of nothing in a land full of work but with no opportunities to find work. Yet in the midst of this apparent hopelessness, I could hear the voice of hope rise at the places where our boys were at play in the World Cup. No doubt, the broad majority of Nigerians still love their Naija and wish for no other place to call home. That eternal optimism is for me the loud voice crying for the emergence of true national leadership. Let us not be deceived. Leadership can kill or save a nation. History is as full of nations that have been ruined by bad leadership as it is of others that have been saved and resurrected from Hell because of the emergence of true leadership in the midst of disaster. t5IJT DPMVNO BEBQUFE GSPN B -FDUVSF (JWFO JO -BHPT PO .POEBZ UP NBSL UIF UI #JSUIEBZ PG .S 3BZ &LQV DPOUJOVFT PO XXX UIJTEBZMJWF DPN

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