Monday 27th August 2018

FX Window Records $34bn Turnover in Seven Months External reserves drop to $46bn

Obinna Chima

The Investors and Exporters’ (I & E) foreign exchange (forex) window recorded a total turnover of $33.67 billion

between January and July 2018. The FMDQ OTC Securities Exchange revealed this in its report for July 2018. This is just as Nigeria’s external reserves dropped

to $46.129 billion as of last Thursday. The depreciation represented a decline by $944 million, compared with the $47.073 billion it was at the beginning of August.

The FMDQ report showed that total forex market turnover in July was $12.61 billion, a 36.31 per cent ($7.19 billion) decline from the turnover recorded in June ($19.80 billion).

Also, turnover at the I&E forex window in July was $3.39 billion, a 13.74 per cent ($0.54 billion) decline from the value recorded in June ($3.93 billion). The decline was attributed

to events in the political space ahead of the 2019 general election and the external environment, in light of the Continued on page 16

Operators Back New CBN Real Sector Support Facility…

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Buhari: Rule of Law Must be Subject to Supremacy of National Security, Interest Meets APC national caucus tomorrow Onyebuchi Ezigbo, Alex Enumah in Abuja and Segun James in Lagos President Muhammadu Buhari has urged legal practitioners in the country to place national interest, particularly peace and

security far above regards to the rule of law in the discharge of their professional duties. The president who gave the charge yesterday in Abuja, while declaring open the 58 Annual General Conference of the Nigerian Bar Association

(NBA), stressed that the rule of law can only be optimally practiced in a peaceful environment, advising lawyers and all Nigerians to contribute to the achievement of peace and security in the country. The president was emphatic

Imo stakeholders adopt him

that the "Rule of Law must be subject to the supremacy of the nation’s security and national interest," adding that "where national security and public interest are threatened or there is a likelihood of their being threatened, the

individual rights of those allegedly responsible must take second place, in favour of the greater good of society." The president, who is scheduled to host the meeting of the All Progressives Congress (APC) national

caucus tomorrow in Abuja, commended the association for its theme, “Transition, Transformation and Sustainable Institutions,” which he said is not only Continued on page 10

PDP Asks President to Sign Electoral Act Amendment Bill Presidency: He will act within the constitution Deji Elumoye, Omololu Ogunmade, Adedayo Akinwale in Abuja The Peoples Democratic Party (PDP) yesterday urged President Muhammadu Buhari to sign the Electoral Act (Amendment) Bill 2018 without further delay, contending that his vacillation over the bill was inimical to the conduct of the impending general elections slated for the

first quarter of next year. The president has eight more days to append his signature to the bill that was transmitted to him on August 3, 2018 by the National Assembly after two earlier ones were returned to the federal legislature unsigned. The PDP through its National Publicity Secretary, Mr. Kola Ologbondiyan, told THISDAY Continued on page 16

AND THE LAW… NBA NEC Ratifies Usoro as SECURITY Chief Justice of Nigeria, Justice Walter Onnoghen; President Muhammadu Buhari; President of the Nigerian Bar Association Mr. Abubakar Mahmud; and President-elect, Mr. Paul Usoro, during the NBA Annual General Conference in Abuja… President-elect… Page 10 (NBA), yesterday GODWIN OMOIGUI

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NBA NEC Ratifies Usoro as President-elect Davidson Iriekpen

The National Executive Committee (NEC) of the Nigerian Bar Association (NBA) yesterday ratified the election of Mr. Paul Usoro (SAN) as the President-elect of the association. Usoro was last Monday declared winner of the NBA presidential election by the Electoral Committee of the association, ECNBA. The president-elect polled 4,509 votes to beat Chief Arthur Obi Okafor (SAN), who scored 4,423 votes, and Prof. Ernest

Ojukwu (SAN), who got 3,313 votes. Mr. Stanley Chidozie won the race for First Vice President with 6,188 votes, while Mr. Dada Olayemi was elected Second Vice President with 4,242 votes. Mr. Taidi Gunu won the post of General Secretary with 3,574 votes, beating Mr. Mobolaji Idris, who polled 1,993 votes, and Mr. Balogun Oyeyemi, who got 1,630 votes. However, Okafor and Ojukwu faulted the result, insisting that the election was rigged. In a letter to the outgoing

NBA president, Mr. Abubakar Mahmoud (SAN), Okafor rejected the result and called for a post-election audit. He said, “I participated in the aforesaid election to conclusion. It is in my candid view that the election was rigged by which I was denied victory. “In the course of the election, my team made complaints of obvious malpractices, including harvesting of voters’ details using some funny email domains. These complaints were not attended to. “I do hereby reject the result of the elections. Whilst considering various options open to me, I call

for a participatory post-election audit of both the verification process and voting.” On his part, Ojukwu, a former Law School Deputy Director-General, claimed that he contested against corruption, rigging and a skewed process, but said he would not challenge the result. In a message to his supporters, he said, “Though a winner has emerged from this present contest, remember that we contested against corruption, massive vote buying, vote capture, rigging and a skewed process. “These reasons make

a challenge of the result important but because of my long and selfless commitment to regenerating the Bar, and the need not to create tension in our legal profession, I shall not contest it.” But the NEC yesterday described the election as free and fair, rejecting the claims of irregularities by the two contenders. A statement by the Chief of Staff of the outgoing president of the association, Mr. Muritala Abdulrasheed, said the NEC unanimously ratified the results of the election. The statement added that

the motion was moved by Mr. Solomon Umoh (SAN) and seconded by Mr. Ferdinand Orbih (SAN). THISDAY gathered that following the ratification, Usoro was yesterday consequently given a Certificate of Return by the Chairman of ECNBA, Professor Auwal Yadudu. The NBA NEC is the highest decision-making organ of the association. The body comprises the past presidents of the association, vice presidents and secretariesgeneral and other senior lawyers.

buy it once it fits the pricing structure of the goods or whatever you want to do. "And that has helped to some extent in complementing the flow of Forex into the market and has resulted in the appreciation that we have seen. It is the market that determines the direction of the exchange rate." The central bank had listed eligible transactions under new window to include

invisible transactions such as loan repayments, loan interest payments, dividends/income remittances, capital repatriation, and management service and consultancy fees. Also, on the eligible list were software subscription fees, technology transfer agreements, personal home remittances and any such other eligible transactions including ‘miscellaneous

payments’ as detailed under Memorandum 15 of the CBN Foreign Exchange Manual. While explaining that the invisible transactions under this window excludes international airlines ticket sales’ remittances, the CBN had said the window covers Bills of Collection and any other trade- related payment obligations, which are at the instance of the customer.

FX WI N D O W R E C O R D S $ 3 4 B N T U R N OV ER I N SEV EN MO N TH S policy normalisation in the United States. The I & E forex window, where buyers and sellers are free to agree on exchange rate, was introduced by the Central Bank of Nigeria (CBN) in April last year, to try to attract foreign investors into the country and boost the supply of dollars. “Actually, a lot has changed in the macroeconomic space over the last 12 months.

Although foreign direct investment (FDI) flows have remained lean, the adoption of the I&E Forex window has triggered a massive inflow of foreign portfolio investments (FPI) and the economy has also witnessed significant improvement in terms of headline inflation, currently at 11.4 per cent. “However, for the private sector to thrive, the government

still needs to create that enabling environment,” the Group Chief Executive Officer of United Capital Plc, Mr. Peter Ashade said. CBN Governor, Mr. Godwin Emefiele, had told Arise TV, that the I & E window was opened to ease Forex transactions. He said, "That was why we introduced the I & E window. We said if you wanted Forex, you can go to that market and

B U H A R I : R U L E O F L AW M U ST B E S U B JECT TO SU PR EMACY O F N ATI O N A L SECU RIT Y, INT EREST apt in the light of the contemporary domestic and global challenges today, but a demonstration of "the willingness of the NBA to address issues, not only related to the immediate practice of law but more importantly, to solutions of wider society’s problems." Buhari said his government had taken various measures to bring about speedy transformation of the Nigerian nation, both economically and otherwise, but its efforts are being hindered by the activities of some few individuals he claimed are highly corrupt. According to him, "While we have made appreciable progress in several sectors, including public awareness of the need to challenge the corrupt and the brazen in our midst, we have also learnt useful lessons on the dynamism of our society. “However, elements within every society, including some lawyers, can equally become unduly resistant to change, even where it is proven that such change is to serve the interest of the larger society. At worst, corruption fights back. "As we gradually move into another season of intense political activities preparatory to the 2019 General Elections, I enjoin you to remember that by reason of your profession, you all have a responsibility to work for national cohesion and unity through your speeches and public positions and most importantly in your advocacy in court. "In the context of opinions and narratives about our past and present political and socio-economic experience, you cannot afford to jettison rational and proper analysis of issues in a manner which builds, rather than destroys the nation.” He urged lawyers you to work to uphold and improve the sanctity and integrity of

our judicial and electoral institutions, which play a fundamental role in the sustenance and growth of our democracy. In his speech, the Chief Justice of Nigeria, Justice Walter Onnoghen, called for the independence of the judiciary, which he said is relevant to the sustenance of the nation's democracy. The CJN said that with the independence of the Judiciary, it can be bold to play its role without fear or favour, calling on politicians to conduct themselves lawfully so as not to endanger the peace and stability of the country. The President of the NBA, Mr. Abubakar Mahmoud SAN, said the NBA remained deeply concerned that the nation’s transformative journey to a stable prosperous country remained hampered by the absence of strong accountable and sustainable institutions. He said, "We are convinced that our huge potentials, either as a country or as a continent, cannot not be unleashed until we overcome the challenge of institution building. Rule of Law and Democracy can only be guaranteed or anchored on strong institutions built on clear, fair and transparent processes with predictable outcomes".

Buhari Meets APC National Caucus Tomorrow Meanwhile, Buhari will tomorrow meet the National Caucus of APC in what THISDAY sources said was part of the president’s efforts to consolidate his base in the party ahead of the 2019 general elections. The president, who earlier in the year declared his intention to pick up his party’s ticket for the presidential contest next year, had in spite of his caution to his supporters to halt electioneering until the Independent National

Electoral Commission (INEC) clears the coast, had been mobilizing underground for the realization of his aspiration. Last Thursday, he met with some governors and senators of the party in his Daura, Katsina State home, telling them that the recent gale of defections from APC to the main opposition party, the Peoples Democratic Party (PDP), would not hurt the party in 2019. The governors were led to Daura by the Chairman of the Progressives (APC) Governors Forum, Chief Rochas Okorocha of Imo State. Tomorrow’s meeting, which was confirmed by the Acting National Publicity of the party, Mr. Yekini Nabena, would be attended by APC governors and its national leadership. THISDAY also gathered that another meeting would be held tomorrow by the national leadership with members of the National Assembly caucus and the governors to decide strategies for the 2019 general elections. Part of the agenda for the all-important meetings is to resolve issues relating to modalities for the conduct of the party’s primaries. At the moment, there is a sharp disagreement among the party’s leaders over which options: Direct or Indirect primary should be adopted, with each side holding strongly to their views on the advantages of the two options. A member of the party's National Working Committee (NWC), who spoke with THISDAY on Sunday on condition of anonymity, said the meeting of the national caucus, which would hold at the Presidential Villa, would be followed by the meeting of the National Executive Committee (NEC) on Wednesday at the national secretariat of the party in Abuja.

As a prelude to the caucus meeting, the APC chieftain told THISDAY that the National Chairman of the party, Adams Oshiomhole and other NWC members will meet today to review issues affecting the ruling party in order to set agenda for the national caucus and NEC meetings. It is also expected that the ruling party will consider the precarious state of affairs of the National Assembly, especially the threat of APC losing the control of the Senate chambers to the PDP. It was learnt that the issue of the demand for automatic ticket by the lawmakers elected under the platform of the party, which has been on the table since the spate of defections began, would also be discussed and final decision taken on the matter. Speaking on what the NWC may likely recommend as agenda for the meeting, the NWC member said, "Of course the agenda will focus on resolving the issue of modalities for primary elections and other steps the party is expected to take to prosecute the forthcoming 2019 general elections.’’ Among the leaders expected at caucus meeting are the national leader of APC, Senator Bola Tinubu, Oshiomhole, governors elected on APC's platform, leadership of the party's National Assembly caucus and members of the NWC.

Imo APC Stakeholders Adopt Buhari In a related development, APC stakeholders in Imo State rose from a meeting last weekend with a resolution to adopt President Muhammadu Buhari as its presidential candidate for the 2019 election and to embark on a massive membership registration drive in all the 305 wards in the state.

The meeting which attracted top politicians from the state, including the former deputy governor, Mr. Ada Okwuonu, former secretaries to the state government (SSG), former state chairmen of PDP, National and state Assembly members, both serving and former, local government council chairmen from the 27 L.G.A’s of the state, was at the instance of Sen. Hope Uzodinma, Imo west, and was held at the old PDP secretariat on Okigwe Road, Owerri, now the state headquarters of Buhari Campaign Support Group. Uzodinma who presided at the meeting used the opportunity to inform the over 2000 APC Leaders that the political leadership in the South-east have already agreed that the zone will do everything possible to ensure a win for Buhari in 2019 to position Ndigbo properly to reap the full benefits that will accrue from the federal government. Uzodinma, who pulled thousands of his followers in Imo State to APC when he joined the party, explained that it was only by voting massively for APC and Buhari in 2019 that the South-east can make a valid claim to the next president of Nigeria in 2023. The motion for the adoption of Buhari, coming on the heels of the party primaries, was unanimously adopted by a yes vote from the over 2000 strong APC members present at the meeting. It was moved by Hon C.C. Osuala, member, House of Representatives and seconded by Hon Ifeanyi Agwu, member, Imo state House of Assembly. The meeting also resolved to embark on a massive registration drive in all the 305 wards in the state, stressing that it was important for the APC to ensure that majority of Imo people were registered

members of the party. In her contribution the former deputy governor, Okwuonu, said that the massive registration of Imo people in APC was imperative to demonstrate the strong grassroot base of the party in the state and to prepare for direct primaries of the party coming up in the next few weeks. Also to ensure a united front for the 2019 election, the stakeholders resolved that all pending court cases relating to the state congresses should be withdrawn to allow for amicable resolution of all issue in contention even as the Senator assured the meeting that the national leadership of the party will soon come up with a harmonized state exco list that will accommodate all interests. To spur members to take the membership registration excise serious, Uzodinma, who is the chairman of Southern Senators Forum and Senate Committee on Customs Excise and Tariffs, said that he will give a juicy price for three wards with the highest number of registered APC members.

TOP GAINERS NGN NGN SKYEBANK 0.23 2.58 NEWRESTASL 1.70 36.05 JAPAUL 0.06 1.29 NEM 0.25 5.95 FLOURMILLS 0.04 0.98 TOP LOSERS NGN NGN UPL 0.02 0.21 AFRIPUD 0.16 1.90 REGENCYINSURE 0.02 0.24 WAPIC 0.65 8.90 WEMABANK 1.45 27.55 HPE Nestle Nig Plc ₦1,500.00 Volume: 527.740 million shares Value: N4.527 billion Deals: 3,313 As at 24/8/18 See details on Page 37

% 9.7 4.9 4.6 4.3 4.2 % 8.7 7.7 7.6 6.8 5.0

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COMMENT

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

COMMUNITY JOURNALISTS AND JUSTICE IN AFRICA

Citizen journalists enhance access to information and empower communities to support inclusive policies, writes Darren Walker

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uring the days leading up to South Africa’s first democratic election, Nelson Mandela stood before the International Press Institute Congress in Cape Town and declared that “a critical, independent and investigative press is the lifeblood of any democracy.� Nearly a quarter century later, a free press continues, as Mandela described it, to be “the vigilant watchdog of the public interest.� The free press has helped topple dictatorial regimes in the Middle East, expose state capture in South Africa, and shed light on injustice in Sudan and Syria, North Korea, and Nicaragua. Yet, this essential guardian of the public interest has been subject to frequent attack, particularly from those wishing to use it for their own political or economic gain. Across the continent—and in some places around the globe—media outlets are increasingly under obligation to wealthy advertisers and corporate will, or wielded as instruments of unethical state leaders. As a result, too often, large media organisations fail to represent the issues that most concern the communities they serve. Worse, other communities, cut off from the radio or internet, have no access to vitally important information at all. And when brave journalists attempt to defy powerful interests, they are sometimes met with imprisonment and violence, state-sanctioned or otherwise. Despite this opposition, a number of individuals and organisations across Africa are persisting, wielding the power of the press to challenge injustice and champion their communities. These community journalists report on the topics that media outlets bound to ad revenue often fail to cover adequately, making them an invaluable resource across the continent. That is why the Ford Foundation is thrilled to partner with Bloomberg on the Community Media Fund, which aims to strengthen community media intended for provincial, urban, and rural lower income audiences. These citizen journalists— located in Kenya, Nigeria, and South Africa—work to enhance access to relevant information, enable readers to understand business and finance principles, and empower their communities to support inclusive policies and practices. Already, we’ve seen how grassroots organisations like these have changed and saved lives. In Sierra Leone, for example, local

INDEPENDENT JOURNALISM REMAINS AN INVALUABLE TOOL IN A DEMOCRACY: FOR HOLDING REPRESENTATIVES ACCOUNTABLE, FOR ENHANCING FINANCIAL AND POLITICAL LITERACY, FOR ELEVATING THE VOICES OF THE UNDERREPRESENTED

women disseminated information about the Ebola virus through community radio networks. And in Nigeria, the South Saharan Social Development Organisation created a radio station that lets citizens pose critical financial and budget-related questions to their local representatives. These examples show us the path forward. There is, however, plenty more work to do. This year—with the help of the Community Media Fund—the Kenya Community Media Network will kick start development of a community media hub, which will provide technical support to citizen journalists. They will also build a web-based platform for compiling and amplifying citizens’ voices on issues related to government accountability. In Lagos, the Nigerian Community Radio Coalition will provide sustainability training to five newly licensed community radio stations across the country, and spread information on transparency in local governance. And in South Africa, Sonke Gender Justice will continue to use community radio stations to promote gender equality, domestic and sexual violence awareness, and HIV/AIDS education. In a world where ignorance and misinformation constitute some of the gravest threats to freedom, the importance of these programmes cannot be understated. These organisations—along with the seven others awarded Community Media Fund Grants—are especially needed in rural areas where community journalism may be the only source of reliable information or alternative views. And more broadly, independent journalism remains an invaluable tool in a democracy: for holding representatives accountable, for enhancing financial and political literacy, for elevating the voices of the underrepresented. We therefore have a responsibility to support, and defend, those who seek to fill the gaps and tell the stories not being told. Ultimately, community media is not only the “lifeblood of democracy,� but a necessary precondition for justice. In giving voices to the voiceless—and information to the ignored—we can strengthen human understanding, push back against narratives that fuel intolerance, and disrupt inequality. Each and every radio segment and educational article advances the inspiring democratic vision for this continent that Mandela described more than two decades ago—and brings us one step closer to a just, fair society. Walker is President of the Ford Foundation

AL MUSTAPHA AND NIGERIA’S SPIRALLING INSECURITY Francis Kpoda argues that Nigeria needs an experienced hand to reverse the deteriorating security situation

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resident Muhammadu Buhari recently met with service and security chiefs to review the precarious security situation in the country. It was the first and only official function of Buhari before he left Abuja for Daura, his hometown, for the Eid-el-Kabir holidays, an obvious attestation to the importance the president attaches to national security. At the end of the meeting the Chief of Defence Staff, Gen. Abayomi Olonisakin, and the Minister of Defence, Brig-Gen. Mansur Dan Ali (rtd), said the president has asked them to step up their game. Olonisakin said Buhari asked them to “step up our game,� to ensure that the nation is safe and people go about their daily activities in a very safe manner. On his part, the Minister of Defence said the meeting looked critically at the “worrisome report� from the North-east part of the country and took “an absolute decision.’’ For a president whose main electioneering promise thrust was security and ending insurgency in the country, the fact that Boko Haram has continued to grab media headlines as a result of incessant attacks on civilians and military targets must be troubling. Just as the meeting with security chiefs was going on for instance, news broke about another attack on Malari village, Borno State, which added 19 lives to scores of thousands that have been cruelly sent to the world beyond by Boko Haram insurgents. In the past few weeks, there have been daring attacks (and carting away of prized equipment) by the insurgents on military formations in Yobe and other parts of the North East, a situation which prompted a visit to the area by the Chief of Army Staff, Lt. Gen. Tukur Buratai and ultimately, the recent reshuffling of military commanders.

Without a doubt, insecurity is not the exclusive preserve of the North-east, it is prevalent in the North-west, where cattle rustlers have turn many towns, particularly in Zamfara State, to grave yards. The situation is the same in the Northcentral, where armed herdsmen have plundered farmlands and farmers, killing and maiming at will in Benue, Plateau and Nasarawa States. Major highways, including Kaduna-Abuja as well as Lokoja-Abuja Expressways have been taken over by kidnappers, cultists, armed robbers, who continue to send many to the world beyond, at their prime. Many other parts of the country and the Federal Capital Territory are not spared of the spiraling crime rate in spite of its status as the nation’s capital and the seat of the federal government. With Nigeria hemmed in by blood shedding criminals in all angles, it is not a surprise that issues of insecurity and killings have become major campaign issues as the nation prepares for general elections next year. For the opposition, the aim is to ‘de-market’ the president by portraying him as incapable of living up to the constitutional mandate of guaranteeing protection of lives and property as well as fulfilling his electoral promise of securing the country. Yet, even the security chiefs have at one time or the other commended the president for the support he has given them in terms of procurement of weapons and permissions to recruit personnel since he assumed office in 2015. But analysts have pointed out that the missing link in Nigeria’s battle against insecurity is availability of accurate “intelligence.� Nigeria’s main intelligence agency, the DSS was until recently headed by Lawal Daura, speculated to be a relation of the president. As the DSS boss, Daura ordinarily was expected to work closely

with the office of the NSA, which is in charge of the coordination of all security agencies in the country and should have been a platform for sharing of intelligence gathered by the agency to all other security agencies for tackling of myriad of security challenges facing the country. But this was not the case as sources say Daura rather became the biggest albatross of the NSA, Major-Gen. Babagana Monguno’s (rtd.) security plans for the country. The NSA, according to newspaper reports, confirmed this to senators at a forum convened to discuss the rising security challenges in the country about two months ago. The recent sack of Daura is therefore seen as an opportunity for the president to overhaul the nation’s security architecture with the appointment of a fit and proper Director General for the DSS. Such new appointee must not only be versed in intelligence with visible achievements and knowledge in Nigeria’s security set up, he or she must be a team player, ready to work and collaborate with other security chiefs for the overall interest of the country. The argument is that the president must be ready to break convention and seek help from the best hands possible in the country. One name being touted by some knowledgeable persons in the security circle is Major Hamza Al Mustapha (rtd), the former Chief Security Officer (CSO) to a former Head of State, the late General Sani Abacha from November 1993 to June 1998. He was trained as an intelligence operative by the Army. Al-Mustapha began working as an Aide-de-Camp to Abacha when the latter was the Chief of Army from August 1985 to August 1990. Abacha was said to have been impressed by the level of intelligence displayed by Al-Mustapha in some military assignments he was saddled with before choosing him as his ADC. The retired Major Al Mustapha also had

extensive training in Libya and North Korea and had many members of the nation’s security officers who were actively involved in the protection of Abuja and his boss, trained in these countries as well. Those canvassing for his appointment as the new Director General of the State Security Services noted that the series of trainings in asymmetric wars that Al Mustapha has received have given him a good knowledge of the method and tactics of insurgents penetrating the country through the nation’s porous borders. He is also said to have a very deep understanding of the ways of insurgents from the Maghreb region. In addition, Major Al Mustapha is known to have deep and meticulous understanding of the nation’s security architecture as security experts easily recall that as CSO to late Abacha, residents of Abuja and its environs lived in near absolute safety. Residents of FCT, in those days, were said to have felt safe enough to leave their cars and even homes unlocked in the night. Al Mustapha monitored movements in and out of the FCT and persons with bad intentions were usually fished out. They also posit that given his affable nature and legendary inclination for loyalty, Al Mustapha will work well with Monguno who is described as one of the best security czars the country has ever produced. The experts contend that but for Mongonu, the security situation in the country would have been far worse. The consensus is that the very profound NSA would enjoy working with Major Hamza Al Mustapha as the Director General of the DSS. They easily recall that President Ibrahim Babangida brought Col. HaliluAkilu to head the DSS at some point just as President Obasanjo appointed Col. Kayode Are (rtd) as the DG of the DSS shortly after he (Obasanjo) assumed office as a democratically elected President in 1999. Kpoda, a security expert, wrote from Lokoja

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EDITORIAL THE ABUJA BUILDING COLLAPSE There is need to overhaul the nation’s building regulations

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he recent building collapse in Abuja which claimed no fewer than two lives with several others injured should spur the authorities into looking into how we can avert this recurring tragedy in our country. While we commiserate with the families of victims, we reiterate that unless drastic steps are taken, the nation will continue to experience these avoidable serial disasters with the attendant loss of lives. It is indeed noteworthy that in order to address the problem of the all-too frequent cases of collapsed buildings in the country, the National Council on Lands, Housing and Urban Development resolved last year that the Nigerian Society of Engineers (NSE) should liaise with the Council for the Regulation of Engineering in Nigeria (COREN) to establish a committee to review the urban planning law. They also urged the government to facilitate the early passage of the bill for the enforcement of the provisions of the revised Nigeria National Building Code that is currently before the National THERE IS A GLARING Assembly. Unfortunately, FAILURE OF THE REGULATING AGENCIES there has not been TO PROPERLY PERFORM any follow-up in that direction. THEIR SUPERVISORY Yet all over the ROLES, GIVING RISE TO country, there is a A SITUATION WHERE glaring failure of the regulating agencies QUACKS HAVE TAKEN to properly perform OVER THE BUILDING their supervisory SECTOR roles, giving rise to a situation where quacks have taken over the building sector. Indeed, some land speculators have also become estate developers and self-styled construction experts all rolled into one. Unfortunately, most of these characters seem interested only in how to cut costs, even if it means circumventing laid down

regulations. Such a state of affair can only breed the kind of disaster we experience from time to time. In other climes buildings don’t just collapse every other day. From the architectural design stage to civil and structural engineering, actual construction and completion of a project, efforts are made to ensure that stipulated regulations are strictly adhered to and there are no shortcuts aimed at minimising costs. That unfortunately is not the case in our country today. Ordinarily, the construction of a building is expected to be managed by qualified professionals including structural engineers, mechanical engineers, electrical engineers, architects and quantity surveyors, among others. All these professionals are to be supervised by site engineers and inspectors whose duty it is to ensure that everything is done in accordance with approved plans and standards, but above all, they are expected to pay attention to the use of quality materials.

T H I S DAY

EDITOR BOLAJI ADEBIYI DEPUTY EDITOR DAVIDSON IRIEKPEN MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR KAYODE KOMOLAFE CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN MANAGING EDITOR JOSEPH USHIGIALE

T H I S DAY N E W S PA P E R S L I M I T E D

EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU, IJEOMA NWOGWUGWU, EMMANUEL EFENI DIVISIONAL DIRECTORS BOLAJI ADEBIYI, PETER IWEGBU, ANTHONY OGEDENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEH ASSOCIATE DIRECTORS PATRICK EIMIUHI, SAHEED ADEYEMO CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO

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t is very clear that we continue to witness this unfortunate occurrence on a frequent basis is due largely to unethical dealings by project promoters. In most of the instances, the collapse could be attributed to the distortion of original building plans by adding more floors regardless of the weight the foundation was erected to carry. To add to all this is the failure of oversight and negligence by the appropriate authorities for supervision and monitoring of physical structure that are prone to collapse due to wear and tear. While we reiterate our recommendation that appropriate sanctions be meted to those who may be found guilty of the criminal negligence that led to the collapse of buildings in recent years, we subscribe to the decision for a complete overhaul of the nation’s building and construction regulations. That is the only way to stop what has become serial disasters with the attendant avoidable loss of innocent lives.

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MOBILE MONEY AND BANKING AWARENESS INITIATIVES

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espite the rapid growth in many other emerging markets and the high penetration rate of mobile phones in Nigeria (60.4% of Nigerian adults), the uptake and awareness of mobile money and agent banking have been persistently low at 1% and 16% respectively according to the EFInA Access to Financial Services in Nigeria 2016 Survey. Mobile money is an obvious channel for Nigerians at the bottom of the pyramid to use as they adopt financial services for the first time. Up to 25 mobile money operators (MMOs) have been licensed since the launch of mobile money service in Nigeria in 2009. Despite this large number of MMOs, high mobile phone and SIM card ownership, mobile money uptake and usage is still low in Nigeria. The Central Bank of Nigeria (CBN) issued the guidelines for agent banking and agent banking relationships in Nigeria in 2013; and the operating framework for super agent in 2015 in its bid to deepen the uptake of mobile money and agent banking products. Low awareness, access and trust are some of the key obstacles affecting the uptake of mobile money in Nigeria. Awareness and understanding remain important drivers of mobile money uptake and usage. Customers need to be fully aware of the mobile money service and understand how it could be beneficial to them. To ensure mobile money and agent banking

services get the best visibility possible in Nigeria, operators need to consider a wide variety of marketing strategies and options. Based on findings from the EFInA Access to Financial Services in Nigeria 2016 Survey, the fact that 73.4% of adults who have not heard of mobile money are prepared to use new technology shows an immense opportunity for mobile money and agent banking penetration in Nigeria. EFInA has therefore developed and engaged in different initiatives, working closely with financial services providers and the regulator to promote awareness, uptake and usage of these services in Nigeria. Some of the low-cost options which have been identified for improving mobile money awareness in Nigeria include: Word of mouth/confidence, which usually result from up-and-running platforms; liaisons/collaboration with community or market leaders; campaigns through local transport systems e.g. slogans and pictures displayed in buses; mass awareness campaigns through market storms, road shows, use of branded items and leveraging on existing market clusters or the different associations; referral method (loyalty). This could be effective as 41.5% of those aware of mobile money heard through family and friends; set up awareness booths at local festivals/fairs/community events. Henry Chukwu, Programme Specialist, agent networks at EFInA

HAVE WE LEARNT OUR LESSONS?

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e have come a long way in our nascent democracy that we should not be swayed by puff of air carried by political propagandist, political marauders and political buccaneers. This is owing to the fact that political temperature has been on the rise as we approach 2019 general elections, an election which promises to be “Battle of the Titans”. Expectedly, Nigeria youth will play a gargantuan role in deciding the side where the pendulum will swing. Nobel Laureate, Prof. Wole Soyinka posited not long ago that only in Nigeria, thieves are re-grouping to loot again and youths whose future will be stolen will be celebrating. It is quite appalling that most of our political leaders have not lived up to our expectations yet more pathetic is the fact that electorate still dances to their tunes. Being an almost disillusioned Nigerian, I continue to ask: Have we really learnt our lessons? I cannot agree any less with St. Thomas Aquinas who said that democracy is not the best form of government. His reason is very succinct. The vote of an illiterate and foolish tout in the motor park has the same power as the vote of a wise and educated professor in the university. The same scenario of political tsunami of 2015 elections when

G-7 governors defected to now running APC government is being reciprocated before our eyes, all in quest for political relevance. We have not answered the call of history...Why will history be kind to us? Granted that we have a PVC, it is high time fresh-blooded technocrats were injected into our political vasculature. The culture of recycling of leaders based on political patronage has to be jettisoned if we are to make any meaningful headway. We cannot be using the same method and expect different result. Money politics is the bane of our democracy. It is synonymous to the Biblical story of Esau selling his birth-right to Jacob over porridge of yam! Unfortunately, Nigerian youth which are beacons of hope have been hood-winked by the gullible political class who use them as their ready tool for achieving their political gains due to the high rate of unemployment and hardship ironically created by them. It is high time we changed our mind-set. The future of a country lies squarely upon the shoulders of her teeming and energetic youth. If we eager to savour the sweetness of victory, we should be ready to sacrifice in order to put up a good fight. It is true that there is too much agony in the land, shall we be perpetually beg for bones? Dr Ugoh-Ezepue Kenechukwu, ezepuekene@ gmail.com

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MONDAY, AUGUST 27, 2018 ˾ T H I S D AY

PAGE SIXTEEN

Operators Back New CBN Real Sector Support Facility Obinna Chima and Nume Ekeghe Some private sector operators have said the real sector support facility (RSSF) introduced by the Central Bank of Nigeria (CBN) will help boost investment and provide low cost funding for businesses. The initiative, according to them, would also support the drive towards economic recovery in the country. The guidelines for accessing the facility through the Cash Reserve Requirements (CRR) and Corporate Bonds (CBs) were unveiled last Thursday. The activities to be covered under the scheme would be Greenfield (new) and expansion (Brownfield) projects in

manufacturing, agriculture and other related sectors approved by the CBN. The CBN pointed out that emphasis would be placed on Greenfield projects. The facility shall have minimum tenor of seven years and two years moratorium. Also, participating financial institutions (PFI) shall bear the credit risk. Speaking in a chat with THISDAY, the Director General, Lagos Chamber of Commerce and Industry (LCCI), Mr. Muda Yusuf, described the initiative as a positive development, saying it would help increase the flow of credit to the private sector. He said, “It is a very good initiative by the CBN. As service sector players, we have always canvassed for low interest rate

and have always complained about high interest rate for businesses. “Each time the Monetary Policy Committee met, they kept tightening the benchmark interest rate, which meant that the cost of borrowing would remain high. “So, the issue of adjusted CRR is an innovative approach, which would help to boost investment through low-cost funds and longer tenor funds as well. So, it is a good initiative.” But, Yusuf appealed to the CBN to also design such intervention schemes for other sectors of the economy, which according to him need support. He listed such sectors to include the service, construction, maritime, transportation,

healthcare, education, entertainment and tourism. The LCCI boss said, “All these sectors also bring value to the economy and generate employment. So, we need to look beyond the agriculture and manufacturing sectors, because these other sectors are also adding value and they also need funding. “The guidelines also said the funds cannot be used for refinancing, but only for Greenfield and Brownfield. But my appeal to the CBN also is that existing investors are as important as new investors.” The Managing Director, Cowry Assets Management Limited, Mr. Johnson Chukwu, welcomed the initiative, saying it would help unlock the flow of credit.

Commenting on the adjusted CRR initiative, he said, “In principle, it is a very creative initiative. It may not completely address the issue of the real sector, but it would help towards improving the performance of firms. “The reality is that it is hard for the real sector operators to be paying interest of between 22 to 25 percent and remain profitable. “So, to give them loan at nine per cent is quite creative and will certainly ease their problems.” Chukwu, however, stressed the need for the monetary policy and the fiscal policy authorities to continue to work towards achieving single digit interest rate in the economy and not just for real sector operators.

Also speaking on the support facility, a senior analyst at Bode Augusto & Co, Mrs. Ada Ufomadu, said, “Banks have been asking CBN to release the CRR because of the impact it has had on profitability. “So, the first upside would be the impact on profits as banks can now lend more. Of course, this will also mean more funding to the private sector, given that government yields have crashed. “However, increased lending can only be possible if capital adequacy ratio is well above the CBN requirement. Banks are still healing from the prior years and generally still cautious in growing risk assets. So, the question is, ‘are there bankable projects that banks can lend to given the state of the economy?”

Amnesty: Beneficiaries Disown Petition against Dokubo Segun James

Following a petition by a Warri based law firm to the National Assembly alleging fraud in the disbursement of funds to beneficiaries of the amnesty programme of the federal government by the Amnesty office, the ex-agitators named in the petition have disowned it. The law firm had on behalf of some persons acting under the aegis of the Niger Delta Ex-agitators Forum (NDEF) petitioned the National Assembly, alleging refusal of the Amnesty Office to pay monthly stipends and diversion of funds meant for training and empowerment of ex-agitators. The petitioners had attached a list of 61 persons said to be victims of the alleged fraud. But in a swift reaction, the Amnesty Office has denied the allegation, saying that contrary to the allegations, there was no fraud as records at the Amnesty Office indicated that all the 60 alleged beneficiaries had not been receiving stipends since the inception of the programme in 2009. Following the petition, a copy of which was addressed to the Special Adviser to the President on Niger Delta

and Coordinator, Presidential Amnesty Programme, Prof. Charles Dokubo, he promptly directed an investigation into the allegations. Investigation by officials of the Amnesty Office soon found that some of those listed in the petition denied knowledge of it. According to Mr. Murphy Ganagana, the Media Assistant to the Amnesty boss, “among them is Amatelemowei, an amnesty beneficiary whose name is number one on the list alleged to have been denied his financial entitlements and enlistment on a training programme.” Ganagana stressed that checks at the Amnesty Office on the list of 61 persons attached to the petition indicated that it comprised 40 beneficiaries enlisted into the Amnesty Programme under Phase One, 20 beneficiaries under Phase Two, and a person from Akwa Ibom State not enlisted in the Presidential Amnesty Programme. Out of the 60 persons on the list, which were verified as beneficiaries of the Amnesty Programme, 33 had already been trained in various areas awaiting empowerment, while the rest are on the queue to undergo training soon.

“Findings revealed that while all beneficiaries enlisted in the Amnesty Programme were expected to fully partake in the Disarmament, Demobilization and Reintegration (DDR) processes, the 60 beneficiaries listed in the petition did not partake in the Federal Government of Nigeria Disarmament Exercises conducted and supervised by the Military Joint Task Force (JTF) in 2009, 2011 and 2012.” He said that contrary to allegations of misappropriation of funds by officials of the Amnesty Office and denial of the N65,000 monthly stipends, records at the Amnesty Office indicated that all the 60 beneficiaries had not been receiving stipends since the inception of the programme in 2009. “But records at the Amnesty Office indicated that from the inception of the Presidential Amnesty Programme, payment of the N65,000 monthly stipends to beneficiaries is strictly based on participation in the Disarmament process. Those involved only in the Demobilization and Reintegration processes are not entitled to payment of the monthly stipends.” Contacted on the development, some of the

60 persons listed on the petition denied involvement in the allegations by the purported group, describing it as the handiwork of some unscrupulous individuals with sinister motive. Among those on the list who disowned the petition, are Amatelemowei, Otutufegha Mike Waibode and Simeon Emmanuel, all of whom said they had completed their training programmes and were awaiting empowerment. Confirming that he had not been paid stipend since the inception of the programme in 2009, Amatelemowei, a beneficiary under Phase One, disclosed that he did not partake in the disarmament exercise due to ill-health, and therefore, never bothered over the none receipt of monthly stipends till date. He said having completed training in a trade area; his prayer is to be empowered soon. Ganagana, therefore, dismissed the allegations in the petition as laughable, saying that it was unthinkable for someone of Prof. Dokubo’s pedigree to be accused of diversion of monthly stipends for beneficiaries of Amnesty Programme or refusal to enlist them on training. He said, “While I can neither

deny nor confirm that some unwholesome practices might have occurred in the past at the Amnesty Office, it is pertinent to note that all the issues raised in the petition had been there since 2009 when the Amnesty Programme started. If successive managers of the programme were not able to address some of the complaints of the 60 beneficiaries listed in the petition due to the fact that the allegations were acts of commission or omission by the beneficiaries, you cannot now turn around and blame Prof. Dokubo who assumed duties barely four months ago. “Let me emphasize that since Prof. Charles Dokubo assumed office in March 2018, no beneficiary of the Amnesty Programme entitled to payment of monthly stipends has been denied his/her financial entitlement. In fact, he has ensured consistent and prompt payment of stipends up to date. “Also, there is no issue of replacement of names of beneficiaries under Dokubo’s watch. Even in a situation where a bona fide beneficiary requests for a change of name from what is termed Bush-name to his/ her real name, it will only be effected if the relevant camp

leader confirms the applicant’s identity to the Amnesty Office in writing, supported by legal identification documents confirming the identity of the applicant and a sworn affidavit for change of name.” On the issue of inclusion of beneficiaries in the Amnesty Programme, he said that the Office of the Special Adviser to the President and Coordinator, Amnesty Programme lacks the powers to add not even a single person to the 30,000 beneficiaries already captured in the programme, as that is the prerogative of the President of the Federal Republic of Nigeria. “Prof. Charles Dokubo has zero tolerance for corruption and has initiated remarkable reforms in the Presidential Amnesty Programme within his short period in office. His efforts aimed at deepening peace in the Niger Delta region is yielding positive results, which have been applauded by critical stakeholders including Niger Delta leaders, traditional rulers and the leadership of exagitators. Concocted petitions and blackmail will not distract him from repositioning the Amnesty Programme towards achieving its original mandate,” Ganagana stated.

Thisday further learnt that the committee may before the end of today's sitting harmonise its position after considering the pros and cons of members argument along party line. The Committee Chairman, Senator Suleiman Nazif had penultimate Friday hinted that the Joint committee will now reconvene on Monday, August 27 to harmonise the 2019 general elections budget proposal for the Independent National Electoral Commission, INEC. Senator Nazif had said in a statement that "It is imperative to state here explicitly that, after an audacious session with all critical stakeholders, the joint Committee dissolved into executive structure and agreed to resume on 27th August, 2018, to consider the Harmonized version of the Budget Report diligently." The Committee Chairman assured the general public that work on the2019 Election Budget is in advanced stage and in line with mandate issued to the joint committee by the leadership of the National Assembly. He further emphasised that " the Joint Committee deliberated on all key attributes of the Budget while taking into cognisance

the imperative urgency for the Budget to be ready in time for the 2019 General Election hence, necessitating sacrifice and selflessness from our Distinguished and Honourable Members." He gave further assurance that the report of the joint Committee will be made available for further and appropriate legislative action in earnest. At its sitting two Fridays ago , members of the Committee had toed their respective party lines while debating the amount that should be approved by the committee for the Independent National Electoral Commission, INEC , to prosecute the 2019 general elections in the country. While Peoples Democratic Party, PDP, Senators and House of Representatives members of the committee canvassed for the approval of N143 billion requested by President Muhammadu Buhari for virement to INEC for the preparations for the polls, their counterparts in the All Progressive Congress,APC, were in support of the approval of N189 billion as presented before the committee by INEC Chairman, Prof Mahmud Yakubu on Wednesday.

P D P AS KS P R E S I D E N T TO S I G N E L E CTO RA L ACT A MEN D MEN T BI LL last night that Buhari’s delay in assenting to the bill, had made the law guiding the conduct of the election uncertain, arguing that in spite of the subsistence of the Electoral Act 2010, even the Independent National Electoral Commission (INEC) would be confused on what to do about certain innovations, including the card reader that the Supreme Court had pronounced desirable but unlawful. The Senior Special Assistant to the President of National Assembly Matters, Senator Ita Enang, however, responded to the PDP’s agitation last night and said the president would act within the 1999 Constitution. He dismissed fears generated by the delay in assenting to bill, saying the president will take decision within the time allowed by the constitution. Enang said nothing had gone wrong and nothing would go wrong as the president is still within such time allowed him by the constitution. According to him, there is no cause for alarm as the president is currently examining the bill and will eventually take the best decision in the end.

"The president is still within the time to take decision on the bill and he will take decision within the time allowed by the constitution. There is nothing to worry about. All is well," he told THISDAY on phone. But Ologbondiyan said his party believed Buhari was buying time, claiming that the president and his All Progressives Congress (APC) were opposed to some of the innovations in amendment bill aimed at delivering a cleaner election in 2019. “The delay in signing the Electoral Act (Amendment) Bill is to further place the general elections in a quagmire,” he said, adding, “The president and the APC are afraid of elections and they are working against any process that can engender credible electoral process.” According to him, “Nigerians can recall that when the Buhari presidency failed to present the INEC budget before the National Assembly proceeded on its annual vacation in July, PDP raised the flag. Today, INEC’s budget is mired in needless controversy just to create confusion.” The first amendment bill was refused assent on March 3, 2019 and returned on March 13, 2019

to the National Assembly, on three grounds, including the president disagreement with the reordering of the sequence of elections, which placed the presidential poll last, with the National Assembly and governorship contests coming first and second respectively. The second bill, which deleted the three offensive sections, and was transmitted on June 27, was also returned without assent because of what the presidency called clerical errors that would lead to constitutional infractions. A third one, which ostensibly cleaned up the clerical errors was passed on July 24 and transmitted to the president on August 3, 2018. Enang told THISDAY yesterday that Buhari would do the needful within the time allowed by the constitution.

NASS Joint Committee Reconvenes Today for INEC Budget Meanwhile, the National Assembly Joint Committee on Electoral Matters saddled with the onerous task of looking into the 2019 general elections budget proposal of the Independent National Electoral

Commission, INEC, is expected to reconvene in Abuja today The committee, which had adjourned ten days ago is meeting principally to harmonise its position on what to approve for the electoral body in preparation for the elections beginning in February, 2019. The joint committee with membership drawn from both the Senate and the House of Representatives headed by Senator Suleiman Nazif had within the month met thrice to consider the INEC election budget but failed to reach a consensus on whether to approve N143 billion or N189 billion for INEC to prepare ground for the 2019 elections. As at Sunday evening, Thisday learnt that not much has changed as the members of the committee had not agreed on what to recommend to the Appropriation Committee which will further look into the proposal before passing it to the leadership of the National Assembly. The source said members of the committee are still divided along party lines with PDP members canvassing for N143 billion while their APC counterparts are rooting for N189 billion.

MONDAY AUGUST 27, 2018 ˾ T H I S D AY

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NEWS

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

APC Accuses Opposition Party of Hoisting Fake Registration Website Cautions against procuring weapons for 2019 elections Onyebuchi Ezigbo in Abuja The ongoing membership registration embarked upon by the All Progressives Congress (APC) has run into a hitch as the ruling party has accused an unnamed opposition party of hoisting its fake registration website. Also ahead of the 2019 elections, the ruling party has asked security agencies to be on red alert and to monitor political activities in the country to ensure that weapons are not imported into the country to cause violence during the elections. The party alleged that some scammers have hoisted a fake membership registration website-apcregistration.com to undermine the exercise. In a statement issued yesterday by its acting National Publicity Secretary, Yekini Nabene, APC accused opposition political parties of sponsoring the scam, saying the

website which is trending on social media is unauthorised. According to APC, “We alert our supporters, members and indeed the public to a purported membership registration website of the APC- apcregistration.com. “Our internal investigation has revealed that the fake website is sponsored by one of the main opposition political parties in its desperate and criminal plot to harvest APC members, ahead of the 2019 general elections.’’ APC failed to name the particular opposition party responsible for the fake online registration website; but said it had asked security agencies to investigate it. “We have deliberately not named the political party and hereby call on relevant security agencies to urgently investigate the website and its sponsors,” the ruling party said. The party explained that the membership registration exercise would include both fresh registrations and revalidation

of existing membership for the purposes of issuance of the party’s permanent membership cards. Meanwhile, APC has also cautioned against procuring weapons for the 2019 elections, and asked security agencies to be on red alert and to monitor political activities in the country. The party also urged the Nigerian electorate to resist

desperate politicians and their political parties bent on deploying illegal, undemocratic and sinister means, including violence to manipulate elections. Nabene said in a separate statement yesterday that APC’s concerns came against the backdrop of the recent seizure of a Nigerian-bound ship detained in South Africa for carrying arms and explosives.

The party pointed to recent arms seizures by the Nigeria Customs Service (NCS). “This is a red-flag security agencies must note and be alert to as political activities heighten in the leadup to coming elections,” the party said. Regarding the 2019 elections, APC urged the opposition parties to wake up to new realities where votes

count and the people’s will prevail in all elections. The party appealed to the National Assembly to urgently do the needful by reconvening to consider and pass the 2019 election budget of the Independent National Electoral Commission (INEC), adding that “it condemns any attempt to weaken INEC ahead of the 2019 election.”

Sultan of Sokoto, Others Seek Responsive Leadership Ugo Aliogo Eminent Nigerians, including the Sultan of Sokoto, have advocated for responsive leadership in 2019 in order to move the country forward and ensure that the tenets of good governance are entrenched, stating that the era of electoral malpractices and vote buying have come to end. They disclosed this yesterday in Lagos at the 1st Stakeholders Dinner and Interactive Session with the theme: ‘Inter-Faith Collaboration in Nation Building’ organised by the Legacy Initiative International (LII). Speaking at the event, the Sultan of Sokoto, Muhammadu Sa’ad Abubakar, who was represented at the event by his Special Adviser, Sarkin Sokoto, Alhaji Muazu Abubakar, said the era of intimidating the electorate is over, while calling on political leaders not to be partisan in playing politics. He charged the electorate to exercise their franchise by collecting their Permanent Voter Cards (PVCs) to vote in the 2019 general election. In his remarks, Senator Ike

Nwachukwu said it is time for all Nigerians to wake up and elect into office only those they believe could serve their interests, urging them to get their PVCs and vote for leaders who can secure their future and that of their children. “Use your PVCs and vote your conscience; vote people who care about Nigeria; people who can secure your future and that of your children,” he stated. Earlier in his remarks, the Grand Patron, of LII, Dr. Kenny Martins, said what they seek to do is to enlist the support of leaders of the two prominent faiths in Nigeria (Christian and Muslim) to work together and lend their experience, integrity and organisational prowess to the development of the country’s democracy. According to him, “Our faith should be our uniting factor rather than a dividing one.” He urged Nigerians to be vigilante and work together to make sure that the prediction in 2007 that Nigeria would cease to exist as a country in 2015 as a result of perceived sectarian differences does not become a reality at any time in the foreseeable future due to our own actions or inactions.

Lagos Reopens Third Mainland Bridge Lagos State Government yesterday reopened the Third Mainland Bridge, which was temporarily closed for Investigative Maintenance Test. The state government in a statement by the Permanent Secretary, Ministry of Transportation, Dr. Taiwo Salaam, said the decision to reopen the bridge earlier than announced followed the completion of the test by engineers.

The statement also thanked motorists and residents for their cooperation and patience while the closure lasted. The Lagos State Government, in partnership with the federal government, had temporarily shut the bridge for the investigative maintenance test with the closure initially scheduled to last from midnight of last Thursday to midnight of Sunday.

90 HEARTY CHEERS, KABIYESI...

L -R: Olori Serifat Adetunji; celebrant and Olubadan of Ibadanland, Oba Saliu Adetunji; Oyo State Governor, Abiola Ajimobi; his wife, Florence, cutting the 90th birthday cake of Olubadan, during his 90th birthday celebration in Ibadan……yesterday PHOTO: FELIX ADEMOLA

Nigeria on a Collision Course again, Says Bakare Says Obasanjo assembled most competent economic team The Serving Overseer of the Latter Rain Assembly (LRA), Pastor Tunde Bakare has raised the alarm that Nigeria was on another collision course, stressing that he worked with former President Goodluck Jonathan and President Muhammadu Buhari to ensure that the country did not disintegrate in 2015. He also declared that the economic team assembled by former President Olusegun Obasanjo was arguably the most competent ever assembled by any government in Nigeria’s history till date, adding that credit must be given to Obasanjo for assembling that team. Speaking in Glasgow, UK, to the African forum Scotland and the Association of Nigerians in Scotland, the fiery preacher

cautioned that Nigeria was on a collision course again as the 2019 elections draw near. “Unknown to many observers, in 2015, following the lifting of the embargo, I worked closely behind the scenes with the two leading candidates in the presidential elections at the time, then President Goodluck Jonathan of the PDP and General Muhammadu Buhari of the APC, towards ensuring that the election results were upheld and that the transition was smooth,” he said. “I saw at close quarters how the fate of a nation could hang on a single decision. Therefore, believe me when I tell you that we escaped disintegration by the whiskers. “Now, four years after that escape, our nation is once again

headed on a collision course with probable instability unless the tense atmosphere associated with our four-year electocratic insanity is managed with utmost wisdom. “Once again, I have found myself in the inner workings of the chaotic political process and I can tell you that we live in precarious times. How long can our nation stand if we continue along this path? Is it not time to address the foundations once and for all? “What, then, is the way forward and what is the role of the diaspora? Answers to these questions will constitute the concluding aspects of this address,” Bakare said, according to The Cable. He told the Nigerians in the

diaspora to observe what he called the Nehemiah model in fixing Nigeria, and the rest of Africa. Bakare shared his Distinct Nationhood Agenda (DNA) and his political family, which “is propelled by one agenda – Restructuring for a United Nigeria (RUN)”. Bakare added that former president Olusegun Obasanjo assembled arguably the most competent team by any government in Nigeria’s history till date but left a lame, limping legacy. He said Obasanjo could have given priority to this team rather than hand Nigeria over to a legacy of lame and limping successor governments that first sunk Nigeria into a constitutional crisis.

Olubadan Marks Birthday in Grand Style Ajimobi pledges to rebuild Ayefele’s Music House Ademola Babalola in Ibadan Ibadan, the Oyo state capital stood still yesterday as the sons and daughters of the city celebrated their monarch, Olubadan of Ibadanland, Oba Saliu Adetunji Ajeogungunniso I who clocked 90 years in grand style. With scores of eminent personalities, including first class traditional rulers across

Yorubaland at the International Conference Centre of the University of Ibadan, the guests praised the celebrant for his sterling qualities and his immense contributions to the development of Ibadanland and humanity. The Oyo State Governor, Senator Abiola Ajimobi used the occasion to pledge that he would ensure that the demolished Music House belonging to the

gospel music icon, Yinka Ayefele, is repaired. Though, other Olubadan High Chiefs were absent at the ceremony , the presence of the Osi Olubadan of Ibadanland, High Chief Rashidi Ladoja was indicative that the festering crisis over the review of the 1957 Declaration of the Olubadan Chieftaincy Laws by the state government is yet to be resolved.

Governor Ajimobi in his short speech, wished the monarch well, describing him as a loving , amiable father and prayed for his longevity on the throne. He pledged to rebuild the Music House belonging to the gospel music icon, Yinka Ayefele, so that the enemies of his government do not capitalise on it to tarnish the good deeds of his government.

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T H I S D AY • MONDAY, AUGUST 27, 2018

POLITICS

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

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

Waiting for the Big Five Nseobong Okon-Ekong and Segun James examine the role of an exclusive group of influential Nigerians whose enormous powers can determine who takes the Peoples Democratic Party presidential ticket

Buhari, Obasanjo and Abubakar

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oday, August 27 is the anniversary of the military coup that installed Gen. Ibrahim Babangida as the first and only military president in Nigeria. While there will be no overt party, a small group of Nigerians known as the ‘IBB Boys’ will gather round the former Nigerian leader to exchange thoughts on the direction of governance in the country, more so that the anniversary comes 10 days after Babangida’s August 17 birthday. The IBB Boys include civilians who are close to Babangida. The majority members of this group were originally in the who were originally in the military but have since retired, while a couple of them are still on the military. At the beginning of the Fourth Republic in 1999, some of the IBB Boys became governors, while a good number went into the federal legislature to consolidate their hold on power and continue to entrench Babangida’s legacy. Babangida is said to continue to have his finger on governance, one way or another. For instance, on the day that former President Goodluck Jonathan made the historic call conceding victory to President Muhammadu

Buhari in the 2015 presidential election, one of the persons who spurred him to accept defeat was former Head of State, Gen. Abdulsalami Abubakar-the man who birthed Nigeria’s Fourth Republic. Indeed, there were other pessimists who were clamouring for a showdown, but Jonathan earned a glorious mention in history for being the first Nigerian leader to relinquish power to an opponent from another party. As the country moves close to another general election, the major opposition, the Peoples Democratic Party (PDP), is still shopping for a presidential candidate to fly its flag. Unlike the party in power at the cnetre, the All Progressives Congress (APC), where it is taken that President Muhammadu Buhari would fly the party’s presidential flag; the PDP has so many aspirants jostling for the ticket without a clear cut leader in view. The race for the ticket has recently been made more complicated by the flurry of defections into the party from the APC by politicians who are openly known to covert the PDP presidential ticket. Prominent among these are the President of the Senate, Dr. Bukola Saraki, the governor of Sokoto state, Aminu Tambuwal and former governor of Kano state, Senator Rabiu

Kwankwaso. Earlier in 2017, former vice president, Alhaji Atiku Abubakar, who has never hidden his presidential ambition had also moved back to the PDP from the APC for the third time. There is Dr. Sule Lamido. Gombe State, Alhaji Ibrahim Hassan Dankwambo is also in the race. The erstwhile APC who are returning to the PDP have come with loads of seeming winning cards to the bargain. They have all returned to the party with several supporters including governors, senators and members of the House of Representatives and others in tow. Their movement back to the party has unsettled the apple cart within the party. What is worrisome is that they have come back to a party that already has many ambitious aspirants who, unlike the returnees, remained loyal to the party. Prominent among these people are the former acting chairman of the party, Senator Ahmed Makarfi who helped stir the party out of turbulence following the crisis that rocked the PDP after the loss of the 2015 election. There is also the former Jigawa state governor, Alhaji Sule Lamido who, like Makarfi, weathered the storm at the most critical period. The challenge of making a choice from this

bunch of brilliant and eminently qualified contestants is often shaped by five Nigerians of immense influence. The Big Five, as they are collectively known, have the financial muscle, goodwill and contacts to sway the PDP presidential flag in their choice direction. The Big Five are former President Olusegun Obasanjo, former military president Ibrahim Babangida; former head of state, Abdulsalami Abubakar; former Army chief and minister of defence, Theophilus Danjuma and national security adviser, Aliyu Mohammed Gusau. Their combined impact pervades the polity. After all these years, the still call the shot on many issues in the polity. The common thread that ties these respected persons is their period of service in the Nigerian Army. At different times in the last 20 years, they have controlled the political levers of the nation. No doubt they played a key role in the political dynamics of the nation. Since 1998, these men have largely determined the leader of the nation. They have done this without hitch until recently when they disagreed with the incumbent President Muhammadu Buhari. Now, they are shopping for a candidate who is politically strong enough within the PDP

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POLITICS The challenge of making a choice from this bunch of brilliant and eminently qualified contestants is often shaped by five Nigerians of immense influence. The Big Five, as they are collectively known, have the financial muscle, goodwill and contacts to sway the PDP presidential flag in their choice direction

GEN. ABDULSALAMI ABUBAKAR: RESPECTED FOR KEEPING HIS WORD He retired on May 29, 1999 as a Military Head of State after a 32-year career in the Nigerian Army. He succeeded Gen. Sani Abacha upon Abacha’s death. He is credited with modifying the 1979 constitution and conducting an elections in which Chief Olusegun Obasanjo emerged as president. Not many people believed he would keep to his of handing over power within one year of assuming office. For this singular effort which became a milestone in Nigeria’s political development, Abubakar been invited to monitor elections in some African countries. He presided over the 2003 peace talks between former Liberian President Charles Taylor and the opposing rebels.

Obasanjo Danjuma

that can give Buhari a run for his money. This seemingly simple assignment, which they previously sorted (at previous times) without much trouble, has become a hard nut to crack. From the choices available, they have not been able to find a candidate without much political baggage. As things currently stand, all the key aspirants have been making serious effort to win the favour of all or a majority of the Big Five. For instance, Atiku Abubakar swallowed his pride to approach Obasanjo, but his former boss reportedly said he would not support him. The entire PDP NWC also visited Obasanjo to plead his indulgence ‘as the father of the nation’. Other visitors to Obasanjo’s Presidential Library for ‘consultation’ include Saraki and Lamido. So far, only Lamido appears to have found favour with Obasanjo. However, Obasanjo had openly denounced his membership of the PDP by destroying his identity card in public. In recent times, he has propped up other political groups, while claiming retirement from active politics. The PDP’s timetable for the collection of nomination and expression of interest forms has elapsed as the leadership waits a pronouncement from the Big Five. This has created a lull in serious political activities within party. A source told our reporters, “you can see that nobody is spending serious money yet. Everyone is waiting. As soon as the Big Five indicate interest in a particular candidate, you will see a change in the tempo of activities. They make up their mind, possibly this week.” Drawing a parallel between the Big Five in the African animal world-the lion, leopard, rhino, buffalo and elephant, it is interesting to note the power, strength and speed with which these animals, like the Nigerian Big Five exert to dominate their environment and keep the less endowed as their perpetual prey. Who are the Big Five? The chairman of the of this exclusive group of influential Nigerians is former military president, General Ibrahim Babangida. He is credited with the wise counsel to release Obasanjo from prison to contest the presidential election of 1999. He hinged his reason on the fact that since the presumed winner of the 1993 presidential election, Chief Moshood Abiola had died; another Yoruba (particularly from the Egba) should be allowed to become the president as part of the healing process at that time. Bagangida’s position was bought by General Abdulsalmi Abubakar who was head of state at that time. Obasanjo’s PDP won the election. Babangida was made a patron of the PDP, a position he holds till date. Between them, the Big Five have controlled the direction of the nation’s politics in the last 20 years. However, Buhari emergence on the scene and his apparent independence at prosecuting an agenda that is averse to the interest has threatened to dislodge the hold of the Big Five.

CHIEF OLUSEGUN OBASANJO: PERPETUAL FIGHTER AGAINST NIGERIAN PRESIDENTS Twice he superintended the smooth transition of power to an elected civilian president. In 1979, after serving as Military Head of State for three years, he handed over power to President Shehu Shagari to end his 21-year career as a soldier. His severe criticism of the Gen. Sani Abacha dictatorship led to his incarceration on trumped up allegations of plotting a coup against Abacha. Released from prison after Abacha’s death, he became the first former military ruler to return to power as a civilian in 1999. He served out the constitutionally allowed eight years-two terms of four years each. He was succeeded by President Umaru Yar’Adua. Obasanjo was known to heap a lot of blame of Yar’Adua. Though he welcomed President Goodluck Jonathan who took over after Yar’Adua’s death, Obasanjo soon turned the heat against him. President Muhammadu Buhari was Obasanjo’s clear choice over Jonathan in the 2015 presidential election, but he has since gone back into the trenches to fire salvos of biting condemnation against Buhari. Among the Big Five, no other matches Obasanjo’s global capacity credential. He nearly got elected as United Nations Secretary General if not for a sustained campaign against him led by Nobel Laureate, Prof. Wole Soyinka. But this has not diminished the former president’s reckoning on the international scene, where he continues to champion development issues in leadership, capacity-building, democracy and conflict resolution. He founded the Africa Leadership Forum in 1988. His international exposure may have started with participation in the UN Peacekeeping Force in the Congo in the 1960s. He later consolidated his place as a respected voice out of Africa by making Nigeria a staunch supporter of the efforts to free South Africa from apartheid. His friendship with former American President Jimmy Carter also played a key role in paving a way for him in the group of respected world leaders. At different times, he has been appointed by the UN to mediate in conflicts in Africa and other parts of the world, including conflicts in Angola, Burundi, Namibia, Mozambique and South Africa. Obasanjo was appointed Special Envoy of the United Nations to the Great Lakes region to mediate on the conflicts in the Democratic Republic of the Congo in 2009. Currently, he serves as the Chair of the African Union panel of enquiry on the crisis in South Sudan. He is arguably, the only Nigerian leader who has the ear of the world. Being an influential member of different international bodies including the InterAction Council of Former Heads of State and Government, Eminent Persons Group of the African, Caribbean and Pacific States and African Progress Panel, he has the aptitude to mobilise substantial international pressure against for or against person.

GEN. THEOPHILUS DANJUMA: WEALTHY AND INFLUENTIAL

Abubakar

GEN. IBRAHIM BABANGIDA: SHOT HIMSELF IN THE FOOT

With an estimated wealth of USD1 billion, former Nigerian Minister of Defence, Lt.-Gen Theophilus Danjuma is one of the most sought after power broker in Nigeria. Every serious presidential aspirant in Nigeria must seek Danjuma’s understanding, not only to put in a good for their quest, but for financial support. His wife, Daisy served as a Senator

He could have easily been ranked in the same class (if not higher) than Obasanjo and possibly would have had the distinction of becoming serving as military leader and returning to govern Nigeria again as a civilian; if he had not annulled the June 12, 1993 presidential election. General Ibrahim Babangida imagined himself as Nigeria’s acclaimed leader; so much that he jettisoned the title ‘Head of State’ and opted for ‘President’, though he was never elected and seized power in a coup that ousted Muhammadu Buhari in December 1985. Of late, the former self-styled military president, has betrayed his troubled soul and the trauma he is forced to live with by seeking commendation for conducting the freest election in Nigeria (June 12 presidential election, which was assumedly won by Chief Moshood Abiola). Nonetheless Babangida continues to wield enormous influence on account of enormous and generousity while in power. He is the only one among the Big Five who enjoys enduring and extensive goodwill from loyalists both in the military and across political divides. His Minna Hilltop Mansion home is a Mecca of sorts to politicians who aspire to key offices in the land.

Gusau

GEN. ALIYU GUSAU: THE SPY WHO WANTS TO RULE

Babangida

Aliyu Mohammed Gusau, a retired Lieutenant General served in the Nigerian Army for 29 years in different senior level security, defence, and military roles. Some of these offices include y Minister of Defence, served as National Security Adviser to two different presidents, Chief of Army Staff, headed different intelligence agencies, and was Commandant of the Nigerian Defence Academy. As National Security Advisor to Obasanjo, Gusau remained in office during most of Obasanjo’s presidency.[5] He left office to compete in the 2006 People’s Democratic Party (PDP) primaries for presidential candidate, but lost. He returned to that office under Acting President Goodluck Jonathan. Again, he made an unsuccessful bid for the Peoples Democratic Party (PDP) presidential ticket in 2010.

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FEATURES

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

Lost to Violence: The Harrowing Report about 17,000 Missing Nigerians

The BBOG campaign has been relentless in their quest for the return of the missing girls

R

ecently, the International Committee of the Red Cross (ICRC) made a grisly disclosure about the humanitarian disaster going on in Nigeria as a result of the extremist campaign of terrorist and violent groups like Boko Haram, as well as the farmerscattle herders’ clashes. Detailing the crisis in its report, tagged “Facts and Figures Report: January to June 2018�, ICRC said no fewer than 17,000 Nigerians had gone missing from their homes. ICRC indicated the development was largely caused by the Boko Haram insurgency and other acts of violence in various parts of the country. It recalled how the country witnessed increased cases of violence in states, such as Benue, Kaduna, Nasarawa, Plateau and Taraba since January this year, adding that such violent acts claimed and injured several people and forced thousands of others to flee their homes and take refuge in makeshift camps. Missing People To underline the depth of the situation, the ICRC report stated that of the 17,000 individuals reportedly missing, over 7,100 were children. It noted that 1,960 fresh tracing requests had been made to the Red Cross by people looking for lost members of their families. ICRC explained, “In the North-east,

where the armed conflict is now in its ninth year, violence continues to claim civilian lives and destroy property. Hundreds of thousands of the displaced persons still live in overcrowded camps in the regional centres and depend almost entirely on humanitarian assistance.� The ICRC equally noted that it was working with the Nigerian Red Cross Society and other Red Cross societies in the Lake Chad region to find and reunite

The ICRC and NRCS are currently seeking to clarify the fate and whereabouts of about 17,000 missing persons in Nigeria, including over 7,100 missing children. Over 1,960 fresh tracing requests were opened by persons looking for relatives with the Red Cross

the missing family members and children with their parents or caretakers. “The ICRC and NRCS are currently seeking to clarify the fate and whereabouts of about 17,000 missing persons in Nigeria, including over 7,100 missing children,� said the report. It further stated: “In numbers, over 1,960 fresh tracing requests were opened by persons looking for relatives with the Red Cross. Also, almost 300 Red Cross messages containing family news were exchanged between separated family members.� Driving home the depth of its discovery, the ICRC report said: “Over 770 free phone calls were made available by the Red Cross to persons searching for missing family members. Since the beginning of the year, the states of Benue, Kaduna, Nasarawa, Plateau and Taraba have witnessed an increase in communal violence. Civilians have been injured and killed and thousands of families have been forced to flee their homes. In predominantly agrarian communities, the violence has also disrupted their ability to farm and earn a living. “The herders have lost many of their livestock to violence or lack of animal health care, leaving many to depend on humanitarian assistance to meet their basic needs from food and water to shelter and medical care.�

Weighty Report Stakeholders who spoke to THISDAY on the import of the report noted that it was a weighty one, an indictment of Nigeria’s security system, and a statement of failure on the part of the state as regards its obligation to secure the lives of its people. They said the ICRC must be commended for helping to draw attention to the whereabouts of the 17,000 Nigerians and, more importantly, 7,100 children. Just about two years ago, the National Human Rights Commission (NHRC), in collaboration with other ministries, departments and agencies (MDAs) of government and civil society organisations (CSOs), reportedly commenced the process for the establishment and management of database for missing persons in the country. This, according to experts, would, if implemented, provide some process for families whose members are missing to know the fate and whereabouts of their relatives. It would also provide Nigerians credible information on missing citizens, especially in situations where the government may be tempted to deny the development. Providing some perspectives on the development, the programme coordinator of the Paged Initiative, Ummi Bukar, whose organisation has consistently worked with refuges impacted negatively by the Boko Haram in the Borno State, suggested people could still be missing frequently in

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In the centre of most of the abduction is Boko Haram, a terrorist group that has waged an unrelenting war against Nigeria in the North-east

the North-east on account of Boko Haram’s activities, but their disappearances are seldom reported or told to the hearing of the public. While not expressly validating the report of the ICRC, Bukar explained that the terrains in the North-east were still very dangerous and supported the disappearance of people. “There are still on-going Boko Haram activities in communities in the North-east. Many people have lost loved ones this year alone. Several aid workers abducted by the insurgents and some roads are still very dangerous as travellers often get abducted,� said Bukar.

She explained, “Several people who have lost loved ones are still unable to say if they are still alive or not.� When THISDAY asked Bukar if she had spoken with people whose relatives were still missing during her works in the communities, she stated, “Not those who were abducted this year. But, we have spoken to several people who had loved ones abducted. Some were abducted and escaped by themselves.� She further stated that while most people wanted to go back to their communities, “they don’t think it is safe to do that yet. Some want to return because life as IDPs isn't easy, they prefer to take their

chances in their communities. However they are not allowed to go back.� Against this backdrop, other experts explained it would be reckless of the government to consider and perhaps treat the ICRC report with levity, just the way it had treated similar reports in the past. Many believe that in line with Section 14(2) of the Nigerian constitution, which states that the security and welfare of all citizens of the country shall be the primary responsibility of government, there is an urgent need for the government to partner with the Red Cross to trace and possibly reunite these missing Nigerians with their families. The thinking is that

these missing people may not be dead, as may be commonly concluded, and a realistic attempt to trace their whereabouts would be an immense relief to their families and communities. What is not in doubt is that reports such as the one by the ICRC worsen Nigeria’s image crisis, as they portray the country as a place where less and less value is placed on the lives of citizens by the government. But experts say the government can reclaim its image by taking reports on the humanitarian crisis taking place in the country seriously and acting on them, instead of the clichÊ-ridden resort to denial and criticism.

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IMAGES

L-R: Regulatory Head, Consumer Protection Council (CPC), Lagos OďŹƒce, Susie Onwuka; Admin OďŹƒcer, National Lottery Regulatory Commission (NLRC) Lagos Zonal OďŹƒce, Chigozie Okoro; Assistant Category Manager Skin Care & Deos, Unilever Plc Nigeria, George Enema and Senior Legal oďŹƒcer, Lagos State Lotteries Board (LSLB), Simisola Muniri, at the Live Consumer Draw for the AXE Deodorant 2018, Party of the Year campaign in Lagos... recently

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

Minister of Information and Culture, Alhaji Lai Mohammed (right) and the Director Media, Buhari Campaign Organisation, Mr. Festus Keyamo (SAN) (left) at a public lecture by Mr Keyamo in Ilorin..recently

L-R: President Integra Capital, Dr. Jose Luis Manzano; Chairman Crome Oil, Chief Emeka Ofor; Vice President Yemi Osinbajo; former Senate President, Ken Nnamani and the CEO Eland Oil and Gas, George Maxwell after a meeting the Vice President held with some oil ang gas sector investors at the State House, Abuja..recently

L-R: Principal, Igbobi College, Yaba; Ven. Femi Fashina; Board Member, Joe Nwiloh Foundation, Mr. Akin Omorodion; Chief Operating OďŹƒcer, Joe Nwiloh Foundation, Adedoyin Yusuf; Initiator of the foundation, Dr. Joe Nwiloh; and Occupational Medical Practitioner, Dr. Bukunola Fagade, during the Joe Nwiloh Foundation sponsored medical outreach programme in Lagos...recently

L-R: Head of Commercial, Promasidor Nigeria Limited, Mario Russo; Senior Finance Manager, Promasidor, Yomi Adenson, Director General, National OďŹƒce for Technology Acquisition and Promotion (NOTAP), Dr. DanAzumi Ibrahim; Financial Director, Promasidor, Per Kristensen; and Head of ICT, Promasidor, Olumide Bello, during NOTAP’s assessment of Promasidor’s factory in Lagos...recently

L-R: Guest of Honor, Special Apostle Prophet Emmanuel Ajijolaoluwa; Guest Speaker, Prophet Remi Omoni; special Apostle Kolawole Akinbanjo and Host Minister, Cherubim Seraphim Movement Church ( IMOLE AYO CIRCUIT , BARIGA , LAGOS, Dr. Steven Adenikan Adenikan , during The SEVEN DAYS AND NIGHT PRAYER CONVENTION, at ori oke imuse ileri olorun in igode township along itokin road, Ogun State...recently

President Buhari (middle) in midst of his former classmates that visited him during Sallah holiday in Daura,.. recently

T H I S D AY • MONDAY, AUGUST 27 , 2018

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BUSINESSWORLD R A T E S MONEY MARKET OBB OVERNIGHT

A S

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A U G U S T

REPO 6.75 7.92

CALL 1-MONTH 3-MONTH

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

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Quick Takes Konga Offers Discounts in Promo

As part of efforts to reward its loyal customers, Konga has put on sale thousands of products from its inventory at unprecedented discounts for its Back to School promotion which runs from Monday August 27th to Sunday September 9th 2018. The promotion would offer eager shoppers access to the wide range of products online and offline in every Konga retail store nationwide. Tagged #BacktoSchoolwithKonga, the two-week campaign would see genuine products across multiple categories including mobile phones, laptops and other computing devices such as notebooks, smart printers and Kids tablets, fashion items and accessories, a wide range of Electronics and the best Home and Kitchen appliances from the biggest brands. Further raising the excitement for the Konga Back to School campaign is a series of social media activities including quizzes which will pitch parents against their kids, a hashtag campaign that will see lucky winners visit the Konga office for a one-minute shopping fiesta, a photo contest on how kids spent their holidays, with winners getting Back to School essentials and school supplies as well as kiddies and adult games, among others.

Bank Customers Association Holds Summit

GLAD TO MEET YOU

L-R: President Muhammadu Buhari receiving the Executive Vice Chairman, Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta, when the latter paid visited the president in Daura, Katsina State...recently

Moody’s: US-China Trade Tensions May Hurt Global Growth Obinna Chima The United States trade tensions with China is more likely to deteriorate this year and will dampen global growth in 2019, Moody’s Investors Service, one of the loading global rating agencies have stated in its quarterly Global Macroeconomic Outlook update. “We expect to see more restrictions on Chinese acquisitions of firms in the US and Europe, and our base case scenario now assumes that the US administration will go forward with some of the proposed restrictions on imports from China,” the Chair of Moody’s Macroeconomic Board, Elena Duggar, said. Moody’s, in the report anticipated an implementation

ECONOMY of further tariffs on US imports from China, in addition to the initial 25 per cent tariffs on $50 billion worth of imports as well as the steel and aluminium tariffs currently in effect. Moreover, retaliatory action by the Chinese government was likely to follow. These measures are expected to shave up to 0.3-0.5 percentage points from China’s real GDP growth in 2019, the report stated. However, such measures would likely be met with moderate fiscal policy and liquidity easing measures in China designed to offset most of the effects. For the US, the underlying economic momentum remains

very strong, with the economy adding more than 200,000 jobs a month even with a historically low unemployment rate of 3.9 per cent in July. The credit rating agency estimated trade restrictions would trim off about one quarter of a percentage point from real GDP growth to 2.3 per cent in 2019, offsetting some of the strong momentum attributable to the fiscal stimulus. “Most of the impact of the trade restrictions on economic growth will be felt in 2019,” Moody’s Vice President and the lead author of the report, Madhavi Bokil said. “The magnitude of the macro impacts will depend on market sentiment. Tightening of financial conditions through asset price and currency

adjustment and a broader hit to business and consumer confidence are now more likely than a few months ago and have the potential to derail the global economy.” For most G-20 economies, growth prospects remain solid and the near-term global outlook for many advanced economies is broadly resilient. G-20 countries are expected to grow at 3.3per cent in 2018 and 3.1 per cent in 2019. The advanced economies would also grow by 2.3 per cent in 2018 and two per cent in 2019, while G-20 emerging markets would remain the growth drivers, at 5.1 per cent in both 2018 and 2019. However, overall there are Continued on page 24

Apapa Port Records N57bn Export in Seven Months Eromosele Abiodun The Apapa area command of the Nigeria Customs Service (NCS) has announced that a total of 343, 471 metric tons of agricultural products, mineral resources and other exportable products with Free on Board (FOB) value of N57 billion were exported out of Nigeria through the Apapa port between January and July 2018. Similarly, the command announced that it generation the sum of N210 billion as revenue within the period under review. Outgoing Controller of the

ECONOMY command, Comptroller Jubrin Musa, disclosed this in Lagos, while handing over the mantle of leadership to the newly appointed Controller, Comptroller Abubakar Bashir. Musa said the revenue collected represented a 6.9 per cent increase over the N196.7 billion generated in the corresponding period of 2017, a feat he attributed to the recently launched NICIS 11 platform. According to him, “The improved revenue profile of the

command within the last three months attests to the fact that the NCS is at her best season as far as the statutory role of revenue collection is concern. “Through the NICIS 11, revenue leakages and human related errors and other clearing process abuses are reduced to the barest minimum.” He added, “We have put in place different strategies for more efficient and seamless cargo clearance. Such reinvigorated strategies include thorough documentary checks, continuous stakeholders’ engagement for wilful compli-

ance and 100 percent physical examination of cargo.” The customs boss while also appealing for increased level of compliance to extant laws guiding export business, assured that the command would continue to facilitate export trade in line with the federal government effort at diversifying the economy through encouragement of non- oil export. On anti-smuggling activities, the Comptroller said a total of nine seizures comprising of Continued on page 24

The Bank Customers Association of Nigeria (BCAN) will hold its third Biennial Summit in Lagos on August 30, 2018. The theme of the summit is, “Rights and Obligations of Bank Customers.” According to a press statement issued in Lagos by the Founder/ Chief Executive Officer of the association, Dr. Uju Ogubunka, the summit would be chaired by a former Deputy Governor of Central Bank of Nigeria, Mr. Victor Odozi, while the Special Guest of Honour would be the CBN Governor, Mr. Godwin Emefiele. “Expected participants at the summit include bank customers, policy makers, regulators, representatives of government departments and agencies, officials of inter-governmental organisations, businessmen and women, leaders of the organized private sector in Nigeria and members of the public,” the statement added. The BCAN Biennial Summit is a platform for reviewing the challenges facing bank customers and the evolving banking system. It is also an interactive platform for exchanging views between banks’ chief executives and their customers with the sole aim of resolving lingering issues between the two major parties within the intervention frameworks of regulatory agencies.

NITRA Holds Quarterly Forum

The third quarterly forum of the Nigerian Information Technology Reporters Association (NITRA), under the supervision of the Nigerian Union of Journalists (NUJ), has received the backing of more corporate organisations and industry associations to support the event scheduled for August 30, 2018. The latest to declare their support for the forum are SystemSpecs and the Institute of Software Practitioners of Nigeria (ISPON). The forum, which would focuse on local content in the ICT sector, has the theme: “Local Content Development In Nigeria’s ICTSector: Stimulant for National Economic Recovery.” A letter from ISPON dated August 13, 2018, and signed by its Resident, Dr. Yele Okeremi read, “On behalf of the National Executive Council and members of the ISPON, it is with pleasure that I endorse the NITRA Quarterly Forum 2018. “This year’s event is centered on local content in ICT which is one of the top issues of ISPON’s advocacy.” “As a software practitioner with several decades in the Nigerian IT ecosystem, I understand the importance of the media and duly recognise the immense contribution the media has made to the ITecosystem, particularly by proper reporting of the ITindustry. NITRA can be said to be a body of professionals who know their onions and have made great contribution to our industry and ISPON is proud to be associated with them.

Full automation of the port systems through the single window platform remains the panacea to rising port costs and charges. Most ports in West and Central Africa are fully automated except those of Nigeria CEO, Nigerian Shippers Council, Mr. Hassan Bello

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BUSINESSWORLD MOODY’S: US-CHINA TRADE TENSIONS MAY HURT GLOBAL GROWTH

‘CBN’s Long-term Real Sector Credit Will Strengthen Economy’ Emma Okonji

early signs growth has peaked. Many major emerging market countries have experienced a decline in economic activity owing to elevated oil prices, mounting trade tensions and tightening of financial conditions, while external headwinds additionally constrain others. According to Moody’s, financial market volatility and reversals of capital flows away from emerging markets are to be expected amid tighter global financing conditions. Given the mix of weak macroeconomic fundamentals, loose monetary policy and economic dependence on foreign financing, it is not surprising that Argentina and Turkey have been under most stress. “A risk of wider disruptive contagion event engulfing other emerging market countries remains small, given relatively better fundamentals. Investors’ need for portfolio rebalancing has led to increased exchange market pressure in a number of countries. APAPA PORT RECORDS N57BN EXPORT IN SEVEN MONTHS pharmaceuticals, vegetable oil and other controlled goods including 13 containers of tramadol were recorded within the review period. Meanwhile, Comptroller Abubakar Bashir, has officially assumed duty as the new Comptroller in charge of the Apapa command. Comptroller Bashir was until his redeployment to the flagship command, Comptroller Port Harcourt 11 Onne command. Comptroller Musa who has been redeployed to the Human Resource Development unit at the Customs headquarters, while expressing appreciation to officers for helping him achieve success during his stay at the command appealed to them to extend and redouble same support to his successor. In his remarks, Comptroller Bashir solicited for cooperation of officers to enable him succeed in his mandate even as he promised to sustain and improve on the achievements of his predecessor.

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

The recently introduced guidelines for accessing the Central Bank of Nigeria’s (CBN) real sector support facility will help in strengthening the Nigerian economy. The Acting Director, Corporate Communication, CBN, Mr. Isaac Okorafor, who gave insight to the new guidelines, while speaking on Arise News Television, said it would help in stabilising the economy, boost job creation and further propel economic growth. According to him, “The initiative is an innovation from CBN to stabilise the economy after coming out of recession, and it is targeted at the agriculture, manufacturing, including the micro, small and medium scale enterprises (MSMEs)” Addressing the issue of possible diversion of funds and probably giving such loan facility to friends and allies because of its low interest rate, Okoroafor said CBN had put three monitoring systems in place to check possible abuse. He insisted that the funds were meant for greenfield and brownfield, which are new and existing projects and not for refinancing failed or wobbling projects. He explained that any participating banks that derails from the given guidelines would be severely sanctioned. “Under the CBN long term loan financing, we are giving corporate bonds a new impetus, such that anybody can participate in it and enjoy the long-term financing of the CBN,” Okorafor said, while assuring Nigerians that the

initiative would further strengthen the economy and make it easy for manufacturing and agricultural related businesses to thrive. In the area of deployment of the fund, Okorafor also assured Nigerians of fast deployment to the benefit of all Nigerians that are in manufacturing and agricultural businesses.

At its July 2018 Monetary Policy Committee (MPC), the CBN had emphasised the need to increase the flow of credit to the real sector of the economy, to consolidate and sustain economic recovery. To achieve this objective, the central bank had also stated that banks would henceforth be incentivised to direct

affordable, long-term bank credit to the manufacturing, agriculture, as well as other sectors considered as employment and growth stimulating. Also, it had stated that Corporates/Triple A-rated companies would be encouraged to issue long-term corporate bonds (CBs). But under the new guidelines, the CBN pointed out that

banks interested in providing credit financing to Greenfield (new) and Brownfield (new/ expansion) projects in the real sector (agriculture and manufacturing) may request the release of funds from their CRR to finance the projects, subject to the bank providing verifiable evidence that the funds shall be directed at the projects approved by the CBN.

REWARD FOR HONESTY

L-R: Vice Chairman, Troyka Holdings, Jimi Awosika; Medical Director, Betta Hospital, Agege, Dr Banji Oyegbami; Mssr. Feancis Emepueaku; Achi Daniel; Group Managing Director, Halogen Securities Company Ltd, Mr. Wale Olaoye and Group System and Finance Director, Troyka Holdings, during an award ceremony for the two security guards who found some misplaced items at Murtala Muhammed International Airport, Ikeja and returned them to the owner in Lagos... recently YOMI AKINYELE

NAAPE Urges FG to Employ Indigenous Personnel in Nigeria Air Chinedu Eze The National President of the National Association of Aircraft Pilots and Engineers (NAAPE), Abednego Galadima, has urged the federal government to employ Nigerians as technical personnel in its proposed airline, Nigeria Air. This, he said would be in compliance with the Executive Order Five that stipulates that indigenous personnel should be given first consideration in recruitment by government. He also called on government to consider separate processes of acquiring Air Operators Certificate (AOC) for commercial operators and general operators, stating that the delineation would serve as incentive to investors. Galadima, made this known at the unveiling of NAAPE Compendium of 50 Outstanding Nigerian Aircraft Pilots and Engineers in Lagos at the weekend. He said the national carrier would help in developing the aviation sector by creating jobs, giving pilots and engineers the platform to consolidate on their skills and also grow skilled manpower in the industry. The newly elected NAAPE

President said the five aircraft government said it would kick off the national airline with would employ 50 pilots, noting that the association has over 200-250 unemployed associate pilots and over 600 pilots and engineers. “If the National Carrier comes, it is a plus to us. While they absorb some, I am sure and there will be some migration from one airline to the other. It is our hope that some of the unemployed will find somewhere to fit in. “They are talking about five aircraft to start the operation. You know that will require a minimum of 50 pilots. The spiral effect will require more, 100 people engaged. I will always call on our people to be patriotic. The issue of compliance to Executive Order 5, giving Nigeria jobs to Nigerians is key to us. “It is not justifiable to have an airline and just go and be bringing expatriates, does not speak well of our patriotism. We expect that this patriotic zeal, the investors should have. I want our social partners to see us as such. “We are partners in progress, not competitors. We are not competing with them. We are not in NAAPE to pull

down businesses. No. When I assumed office, my dealings and my philosophy is always aiming at synergistic win-win.

Win for the employer, win for the employee. Let them be rest assured that we are going to be partners. Once we engage,

we understand ourselves more. The erroneous perception on the union is in the past,” Galadima said.

Operator Harps on Capacity Building in Facility Management Sub-sector Adedayo Akinwale in Abuja One of the operators of a facility management firm has decried the lack of growth of the sub-sector. He also expressed dissatisfaction that the profession was not attracting and training talents to fill the increasing demand for skilled facilities and workplace practitioners. The manager therefore noted that it had become imperative to mitigate the possibility of bequeathing an industry which lacks capacity to move forward to the next generation of facility management practitioners. He recognised the fact that without an industry succession plans in place, the visibility and value of the profession on the African continent would erode quickly. An expert in facility management, Mr. Collins Osayamwen, said this at

at a dinner in Abuja, when he launched The Heritage Foundation, a non-profit organisation, dedicated to nurturing young talents and providing the opportunities necessary or attracting young professionals to take up facility management as a career. He explained that the launch of the foundation which also coincided with his 50th birth celebration, would also creates education and mentoring programs that allow existing professionals support those entering or transitioning to facilities and workplace management careers. Osayamwen, stressed that one of the interesting aspects of facilities management was that almost no one in the profession started out intending to be a facility manager. He stated, “When two facility mangers meet, the conversation is likely to start with the

question, how did you get into facility management? This diversity of experience makes for interesting conversation and vibrancy to the field. “However, there is a problem. It will be difficult to move ahead with a new generation of professionals that will start out as facility managers. For facility management to become a profession, it must advance behind on-the-job training. “More than half of today’s Facilities and Workplace Management practitioners are expected to retire within the next 5 to 15 years. Research shows that the average age of a practicing facility manager is 49 years.” Osayamwen stressed that the profession is experiencing increased demand for qualified talents, however, the gap is widening between available talents and job demand.

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BUSINESSWORLD

INSIDE BROADSTREET

CBN and Real Sector Intervention The real sector support facility recently unveiled by the Central Bank of Nigeria is expected to enhance the flow of credit the private sector, writes Obinna Chima Globally, the relationship between the financial system and real sector development remains very critical for any economy to realise its potential. No economy can grow and improve the living standards of its population in the absence of credit to the real sector. That is why the real sector depends largely on the flow of funds from the banking system. Many economists have acknowledged that the financial system, with banks as its major component, provide linkages for the different sectors of the economy and encourage high level of specialisation, expertise, economies of scale and a conducive environment for the implementation of various economic policies of government intended to achieve non-inflationary growth, exchange rate stability, balance of payments equilibrium and high levels of employment. Well-functioning financial systems can mobilise household savings, allocate resources efficiently, diversify risk, enhance the flow of liquidity and reduce information asymmetry. However, in Nigeria, because of the high level of risk in the system, a lot of commercial banks have remained apathetic towards lending and have been largely criticised for this. That is why in addition to its core functions, the Central Bank of Nigeria (CBN) has over the years performed some major development finance functions, focused on key sectors of the Nigerian economy. That was why at its July 2018 Monetary Policy Committee (MPC), the CBN had emphasised the need to increase the flow of credit to the real sector of the economy to consolidate and sustain economic recovery. To achieve this objective, the central bank had also stated that banks would henceforth be incentivised to direct affordable, long-term bank credit to the manufacturing, agriculture, as well as other sectors considered as employment and growth stimulating. This clearly was why its guidelines for accessing the Real Sector Support Facility (RSSF) through Cash Reserve Requirements (CRR) and Corporate Bonds (CBs) was released last Thursday. The New Guidelines In the RSSF, the CBN clearly pointed out that activities to be covered under the programme would be Greenfield (new) and expansion (Brownfield) projects in manufacturing, agriculture and other related sectors approved by the CBN. It, however, stated that emphasis would be placed on Greenfield projects. It prohibited operators involved in trading activities from accessing its real sector support facility and warned banks that attempt to “falsify through presentation of projects that do not meet the eligibility criteria/specified terms and conditions shall attract severe penalties”. The facility shall have minimum tenor of seven years and two years moratorium. Also, participating financial institution (PFI) shall bear the credit risk. But under the new guidelines, the CBN pointed out that banks interested in providing credit financing to Greenfield (new) and Brownfield (new/expansion) projects in the real sector (agriculture and manufacturing) may request the release of funds from their CRR to finance the projects, subject to the bank providing verifiable evidence that the funds shall be directed at the projects approved by the CBN. Also, it stressed that refinancing of existing loans is prohibited for funding under the programme, saying that any attempt to falsify information would also attract severe sanctions. It stated: “This programme involves investment by the CBN and the general public in CBs issued by Corporate subject to the intensified transparency requirements for Triple A-rated entities. “Such requirements would include publishing through printing of an Information Memorandum spelling out the details of the

Banking Hall

projects for which the funds are required together with terms and conditions showing that these are long term projects that are employment and growth stimulating.” The new guidelines stressed that priority would be accorded projects with high local content, import substitution, foreign exchange earnings and potential for job creation. According to the CBN, the objectives of the facility includes to improve access to affordable finance to the manufacturing, agricultural, and other related sectors that are employment and growth stimulating to the economy. In addition, it is aimed at stimulating growth in employment-elastic sectors. Providing insights into the differentiated CRR (DCRR) system, the guidelines stated: “It shall comprise loans to Greenfield or expansion projects using CRR. Emphasis shall, however, be on new projects.” In terms of CBs, which are financing instruments issued by corporates that meet eligibility criteria as specified by the CBN, the tenor shall be as specified in the prospectus by the issuing corporate but not below seven years. Also, the moratorium

According to the CBN, the objectives of the facility includes to improve access to affordable finance to the manufacturing, agricultural, and other related sectors that are employment and growth stimulating to the economy

for such CBs shall be as specified in the prospectus by the issuing corporate. It specified: “The maximum facility shall be N10 billion per project. Facilities are to be administered at an all-in interest rate/charge of 9 per cent per annum. Bank customers are encouraged to report any bank to the CBN’s Director of Banking Supervision, where such DMB may have charged interest rates above the prescribed maximum of nine percent per annum. “Repayments shall be amortised and remitted on quarterly basis to the CBN. “Only CRR contributing DMBs shall be eligible to participate under the DCRR. For CBs, all financial institutions and general public are eligible to participate in investing in CBs.” Boost for Economic Recovery Analysts at CSL Stockbrokers Limited commended the CBN’s efforts to support the sluggish recovery in the economy. They, however, noted that the fundamental structural and socio-economic issues limiting banks from increasing their risk appetite for lending to the real sector needs to be addressed. “Incessant clashes between farmers and herdsmen in the “food basket states” as well as the widening infrastructure deficit (particularly power and road) will continue to hinder the productivity of the real sectors. “That said, if the programme is well implemented, it should ease the liquidity squeeze in the real sectors, providing the finance required for expanding capacity, and ultimately stimulating economic growth,” the Lagos-based investment bank stated. Also, the Director General, Lagos Chamberof Commerce and Industry (LCCI), Mr. Muda Yusuf, described the initiative a positive development, saying it would help increase the flow of credit to the private sector. “It is a very good initiative by the CBN. As service sector players, we have always canvased for low interest rate and have always complained about high interest rate for businesses. “Each time the Monetary Policy Committee met, they kept tightening the benchmark interest rate which meant that the cost of borrowing would remain high. So, the issue of adjusted CRR is an innovative approach which would help to

boost investment through low-cost funds and longer tenor funds as well. So, it is a good initiative,” he added. But, Yusuf appealed to the CBN to also design such intervention schemes for other sectors of the economy, which according to him needs support. He listed such sectors to include the service, construction, maritime, transportation, healthcare, education, entertainment and tourism sectors. “All these sectors also bring value to the economy and generate employment. So, we need to look beyond the agriculture and manufacturing sectors, because these other sectors are also adding value and they also need funding. “The guidelines also said the funds cannot be used for refinancing, but only for greenfield and brownfield. But my appeal to the CBN also is that existing investors are as important as new investors. “If anything, I think we need to get those who are already in business to be properly on their feet. We need to stabilise them and support them to be more productive, to accelerate the economic recovery process. “Many of the firms are under the heavy burden of debt servicing which is very costly. So, I don’t see anything wrong in easing the pressure for them with this kind of facility. “So, I don’t support the idea of excluding them completely from the facility,” the LCCI boss stated. Also, the Managing Director, Cowry Assets Management Limited, Mr Johnson Chukwu, welcomed the initiative, saying it would help unlock the flow of credit. Commenting on the adjusted CRR initiative, he said, “In principle, it is a very creative initiative. It may not completely address the issue of the real sector, but it will would help towards improving the performance of firms. “The reality is that it is hard for the real sector operators to be paying interest of between 22 to 25 percent and remain profitable. “So, to give them loan at nine per cent is quite creative and will certainly ease their problems.” Chukwu, however, stressed the need for the monetary policy and the fiscal policy authorities to continue to work towards achieving single digit interest rate in the economy and not just for real sector operators.

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BUSINESSWORLD

ANALYSIS

A Drive to Keep NSITF Afloat Stakeholders believe there is an urgent need to resolve the crisis at the Nigeria Social Insurance Trust Fund (NSITF) so that the agency can function properly for the benefit of its target audience, writes Chineme Okafor For a while now, the Nigerian Social Insurance Trust Fund (NSITF) has been caught up in a controversy bothering on alleged financial fraud perpetrated by its officials and past board members, and this has continued to impact negatively on its operations and goodwill. Reportedly established through Decree No. 73 of 1993 to succeed the defunct National Provident Fund (NPF), which had been in operation since 1961, the NSITF which chiefly manages the Employee Compensation Act - a social insurance scheme designed to give protection to workers in Nigeria against work-related accidents - needs to move beyond the current financial scandal to stay afloat and alive to its duties to Nigerian workers. Based on this, stakeholders have urged the federal government to as a matter of urgency consider two critical factors in its management and resolution of the crisis in the agency. The factors they noted are the funds for the rehabilitation of injured workers which NSITF holds, and its workforce which could be put out of work if the agency goes under. The crisis rocking NSITF From reports, the immediate challenges of the agency started with the report of an administrative panel of enquiry set up by the government to probe the alleged misuse of N6.2 billion in the NSITF. Having submitted its report to the Minister of Labour and Employment, Dr. Chris Ngige, the panel chairman, Ishaya Awotu, indicated there were irregular allowances which amounted to N5.7 billion that was paid to the staff and management of the agency. Awotu, in the report noted that: “These allowances were paid without the approval of the National Salary, Incomes and Wages Commission.” He also stated they comprised allowances in the forms of management staff allowance; staff education allowance; DSTV subscription allowance; and dressing allowance, as well as generator and motor vehicle fueling allowance which were reportedly not provided for in the Condition of Service of the agency. Awotu, equally said the panel observed that between 2013 and 2017, the internal audit department of the NSITF did not audit the agency’s finances. This has amongst other things, continued to raise concerns on the operations of the agency, especially as the government has reportedly held back the inauguration of a constituted board for it, as well as claims it could review the conditions of service of the agency without a revisit to the collective agreement it had with relevant unions. Keeping NSITF from Going Under Based on the developments, stakeholders such as the National President of Association of Senior Staff of Banks, Insurance, and Financial Institutions (ASSBIFI), Oyinkansola Olasanoye, have continued to express concern about the dangerous twists the allegation was assuming. Olasanoye, specifically stated in a recent interaction with journalists that the immediate concerns of ASSBIFI was the need to ensure the board of the agency is inaugurated and put on the path of development where corruption and abuse of power by a few privileged Nigerians will no longer be the practice. According to Olasanoye, the union was not worried about the recommendation of the Awotu-led administrative panel of enquiry on the financial state of NSITF, and more so on the dressing allowance of the staff which she said was a subject of collective bargaining, but that it wanted the agency to remain afloat and alive to its tasks. “The dressing allowance the administrative committee empanelled by the minister is saying the workers are no longer entitled to is a product of collective agreement with the union. But for us as a union, the struggle is not about allowances, what we are preoccupied with is how to save the Fund from collapsing,” said Olasanoye.

NSITF

She noted NSITF staff are not core civil servants and could not be subjected to civil service rules. “The ministry of labour is supposed to have a representative on the board of the NSITF. The Fund is different from the National Productivity Centre where the ministry of labour can issue directives. “The Act that set up the NSITF does not call it an annex of the ministry. It only asks the ministry to send in a representative who has always been the Permanent Secretary,” the ASSBIFI president added. Expressing worries over the reported choice of the labour minister to withhold the inauguration of a board for the agency, she reminded that there was a court proceeding on the issue, as well as an ongoing investigation of the development by the Economic and Financial Crimes Commission (EFCC), which according to her should truly and really question the reasons proffered by the minister for not inaugurating the board which was reportedly appointed in 2017. She stated, “The so-called fraud the minister

While the panel recommended that the emoluments of the staff should be reviewed without delay, it however did not recommend that this should be done with a revisit to the collective agreement that exists with relevant unions

is talking about took place in 2014 and the matter is already in the court of competent jurisdiction and the EFCC. With a representative of the ministry on the board, there was fraud in 2014, won’t there be more fraud in the absence of a board? “I don’t think Nigerians need the union to tell the minister what is right and what is not right. Our position is that that institution must not die for two reasons. The first is that our members are working there. “The second reason is that the money for the rehabilitation of injured workers is there. “Will the NSITF be able to take care of injured workers with all these distraction and absence of the board? If anything, happen to us, where we will get treatment and compensation from because they are bringing politics and ambition to a programme that is of great national interest.” Olasanoye, however ruled out the possibility of ASSBIFI calling for an industrial strike actions to get the minister to inaugurate the board. She added, “The survival of NSITF is our concern and all hands must be on deck to ensure it survives this turbulent period.” Fresh troubles brew Notwithstanding, the possibility that the government may review some of the negotiated allowances of the staff without a revisit to the collective agreement it had with relevant unions, may set off a fresh round of troubles in the agency. THISDAY in Abuja, gathered that workers of the agency may be gearing up for a showdown on the back of the report of the administrative panel of enquiry which recommended that the conditions of service of staff should be reviewed with immediate effect to correct lapses contained therein. While the panel recommended that the emoluments of the staff should be reviewed without delay, it however did not recommend that this should be done with a revisit to the collective agreement that exists with relevant unions. The committee noted that the payment of some allowances was not approved by the National Income, Salaries and Wages Commission and made allusions to non-compliance with the public service rules. But labour matters experts informed that chapter 16 of the Public Service Rule 2006, specifically made provision for an exemption to the rule, which the NSITF management might have relied on when they negotiated terms with the relevant unions.

These experts also pointed to an April 16, 2003 lawsuit between a former Managing Director of NSITF, Dr. Mohammed Aji, Monisola Adetola and 10 others at the Court of Appeal in Abuja to buttress their position on the independence of the board of the agency. According to them, the lawsuit with case number CA/A/45/2002, reportedly had Justices Oguntade, Z.A Buka Chuwa and Oduyemi, struck out the case of the Plaintiffs against the 1st Defendant Aji (MD of NSITF) on the ground that both the SGF and Minister of Labour and Productivity lacked the power to compel or direct the NSITF Management Board to reinstate the dismissed staff as NSITF MB (NSITF Management Board) is a creation of statute with its own legal personality distinct from even the President, Attorney General of the Federation, the Honourable Minister of Labour and the Head of Service of the Federation who were all joined in the suit as defendants. The court, according to the experts who spoke with the agreement that their names will not be published in the newspaper, further said the SGF had no business interfering with the contract between NSITF board and the dismissed staff of NSITF, and that the letter written from the office of the SGF asking the NSITF to re-absorb the dismissed staff could at best be an advisory. They thus said the Court of Appeal judgement had created a precedent that the minister does not have the legal backing to interfere with any terms of contract between NSITF MB and its employees. Further, they pointed to Rules 160101 and 160103 of the public service which stated the operational structures of government’s parastatal, to claim that NSITF as a parastatal was allowed to have its staff conditions of service, which is purely contractual between the board and its employees different from the conditions of service obtainable in the mainstream civil service. Also, the Technical Committee on Privatisation and Commercialisation (TCPC) headed by the late Hamza Zayyad, they explained, benchmarked and classified NSITF as a financial services provider akin to insurance, banking and other related services and should be allowed to have competitive salaries and allowances. They equally highlighted that most of the allowances now in contention were products of collective agreements secured by various staff unions to which NSITF staff belong, and if they must be reviewed, should be done through the same means of collective bargain.

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MONDAY INTERVIEW

Dahiru-Umar: We’re Working Hard on States’ Implementation of Contributory Pension Scheme The Contributory Pension Scheme (CPS), which replaced the Defined Benefit System of pension payment in Nigeria, is now 14 years in operation, but many Nigerians are yet to fully understand its workings and benefits. In this interview with Ebere Nwoji, Acting Director-General of the National Pension Commission, Mrs Aisha Dahiru-Umar, offers an insight into the operation of the scheme, and explains other initiatives that have been introduced by the commission. Excerpts: Despite the achievements recorded since the introduction of the contributory pension scheme (CPS), the accordance with guidelines issued by the commission. The category of employees referred to under section 2(3) of Pension Reform Act 2014 are not covered by any pension scheme due to the nature of their employment. Therefore, the commission considered it necessary to develop the micro-pension plan to cover this category of employees. The micro-pension plan is an arrangement for the provision of pension to the self-employed and persons operating in the informal sector through the CPS. This means that traders, stylists, farmers as well as self-employed professionals operating on their own such as accountants, architects, lawyers, artisans and others can contribute towards having pension after retirement. Some features of the micro-pension plan include flexible registration, simplified registration process. Contributors can register with a PFA of their choice. There is also flexible modes and rates of contributions and withdrawal of pension benefits will be flexible. The commission is yet to roll out the micro-pension plan because it wants to ensure that it provides a policy that would ensure that the needed flexibility in the system is put in place for these categories of persons; contributors get optimal return on investment and the protection of the rights of contributor. The commission has released the draft guidelines and framework on the micro- pension plan to the licenced pension operators and the various stakeholders. Feedback from the stakeholders and operators have been received, considered and incorporated. The final guidelines for the micro-pension plan (MPP) will be released as soon as they are approved. Meanwhile, the commission is developing the required ICT infrastructure to drive the process, and this is critical to the success of implementing the MPP. It is envisaged that before the year ends, the plan will commence. The transfer window has not seen the light of the day despite calls by contributors/ retirees to have an opportunity to change their PFA. Why is that difficult and when will the guidelines be released? The commission has developed the guidelines for the Retirement Savings Account (RSA) transfer. However, to operationalise the guidelines, a number of initiatives would have to be implemented to ensure its successful implementation. The clean-up of the records and biometric identification of the existing contributors to remove multiple RSA registrations are essential. In addition, the necessary ICT infrastructure to drive the process is also being developed. These initiatives are at an advanced stage of completion. It is envisaged that, all things being equal, the transfer window would become operational before the end of the year. Poor customer service in terms of communication, relationship, delay in pension payment among others, are complaints that come from many contributors. Do you think the availability of transfer window will boost customer service delivery under the CPS? Yes, the availability of transfer window will go a long way in addressing the issue of

appropriately. One can also boost his/her RSA balance by subscribing to voluntary contributions. This would allow contributors to make additional monthly contributions over and above the statutory rate of eight per cent. The employer may also wish to make additional contributions over and above the statutory 10 per cent for its employees. Recently the commission introduced pension enhancement for retirees under the programme withdrawal. This initiative which took effect from December 2017 provides an opportunity for monthly pensions to be enhanced due to income generated by PFAs on the investment of the retiree assets.

Dahiru-Umar

poor service delivery in the pension industry. Contributors will have the liberty of moving from one PFA to another if they are not satisfied with the services being provided by their current PFAs. The transfer window will make the industry become very competitive,

The final guidelines for the micro-pension plan will be released as soon as they are approved. Meanwhile, the commission is developing the required ICT infrastructure to drive the process, and this is critical to the success of implementing the MPP

the operators will come up with so many innovations to attract and retain customers in the market. The transfer window will no doubt, make the operators to improve on their service and strive for excellence. How much is the total pension fund asset as at date and what is the ripple effect of the growth on contributors and the economy? The CPS has consistently accumulated pension assets since inception. It is noteworthy that the value of pension fund assets had grown from N265 billion in 2006 (which was the year of actual commencement of investment activities by the pension operators), to N8.23 trillion as at June 2018. This represents an increase of N716.94 billion, up from the value of N7.52 trillion as at 31st December 2017. This increase is attributed to new contributions received, interest/coupon from fixed income securities and net realised/unrealised gains on equities and mutual fund investments. The number of contributors had grown by 312, 291 as it increased from 7.89 million as at December 2017, to 8.14 million as at June 2018. As at April 2018, the total number of registered RSAs stood at 8.02 million with the public sector (comprising federal and state government employees) and the private sector accounting for 3.53 million and 4.49 million respectively.

PenCom recently released a guideline on multi fund structure. What is the objective and how would it affect the growth of pension fund? The new RSA multi-fund structure involves the creation of multiple RSA funds, with respective assets allocation, made to fit into the different demographic (age) profiles and risk appetites of registered contributors i.e. young, middle-age and retirees. The new structure would ensure that contributions of an RSA holder are invested in assets/ securities with risks profile compatible with his/her age. For instance, it is expected that young contributors who have longer working years and relatively higher risk appetites would desire more investments in variable income instruments (e.g. Quoted Equities, Private Equity, Real Estate, and Infrastructure Fund/Bonds). On the other hand, middleaged contributors or retirees who are risk averse, would prefer fixed income investments, with more stable streams of income. Consequently, the implementation of the multi-fund structure will result to increased returns due to aggressive investments and ultimately growth of the pension funds. What does it mean to contributors and retirees? A major benefit of the introduction of the multi-fund structure is that the contributors’ pension contributions are invested in an optimal manner to achieve enhanced retirement benefits. For example, younger contributors may prefer a pension fund with a higher level of risk and expected return, to increase the expected value of their pension at retirement, while older contributors or already retired, may prefer a low risk fund, to minimise the likelihood of a reduction in the value of their pension. Non-remittance of employee pension by public and private sectors as at when due seems to be eroding the objective of PRA 2014. What are you doing to address the issue? The commission has adopted the strategy of employing recovery agents to recover unremitted contributions including interest penalty from defaulting employers in the private sector. The activities of the recovery agents from inception in 2012, to date has led to the recovery of N14.38 billion made up of N7.42 billion and N6.96 billion as pension contributions and interest penalty respectively.

Some people complain that pension payout is low under the CPS compared to the defined benefits system. Why is it so and how are you addressing it? Pension payment under the Contributory Pension Scheme (CPS) is dependent on the total RSA balance at retirement. The monthly pension is also a factor of the There was a recent cut of over N3 billion lump sum collected. If the lump sum is Continued on page 28 too large, the monthly pension is reduced

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MONDAY INTERVIEW

DAHIRU-UMAR: WE’RE WORKING HARD ON STATES’ IMPLEMENTATION OF CONTRIBUTORY PENSION SCHEME from the appropriation bill, which was meant to offset backlog of pension benefits to retirees under the CPS, by the National Assembly. Kindly tell us how this will affect the commission’s plan and what you are doing about it? The effect of the budget will further compound the payment of outstanding accrued rights benefits due to the retirees of the treasury funded ministries, departments and agencies (MDAs). As at today, there are outstanding arrears for retirees from May 2017. The commission would continue to engage all the relevant stakeholders such as the National Assembly, the Presidency, Budget Office as well as the Federal Ministry of Finance to ensure that all the accrued rights and other pension liabilities are paid. We are also aware that efforts are being made to accommodate the outstanding liability in the supplementary budget to bring succour to teeming federal government retirees who are currently waiting for the payment of their retirement benefits. Accrued rights remain a major issue hindering pension payment. What are you doing to end the problem? Accrued rights is that part of the pension benefits due to employees who were under any retirement scheme, prior to the adoption of the CPS. The outstanding amount for FGN employees has been communicated to the government and in previous times, what was appropriated was short of the amount advised. This is one of the reasons for the delay. But we are confident that money will be released to defray this liability. Last year N54 billion was released when there was some intervention by the federal government. My appeal is for retirees to bear with us. These are liabilities from the government and government is trying. As mentioned earlier, we are engaging all the relevant stakeholders. Government has the will and it has been shown by the release of the N54 billion. Definitely, we are hopeful that as we mount pressure and there is good intention as already demonstrated, this liability will be cleared soon. About 25 state governments are yet to implement the CPS in their states, leaving their pension system in some form of disarray. What are you doing in terms of enforcement of the PRA 2014? You would recall that the Pension Reform Act 2004 did not initially mandate states and local governments to adopt the CPS. However, with its re-enactment in 2014, states and local governments were mandated to adopt the CPS. Accordingly, the commission has relentlessly pursued the engagement of states between March 2016 and July 2017 and

Dahiru-Umar

had engaged key government officials and labour unions in all the states. As a result, 26 states and the FCT had made significant efforts towards implementation of the CPS, nine states are currently at the bill stage of implementation, while only one state had not taken any significant step in this direction. It is, however, imperative to point out that, many of the critical stakeholders at the states are yet to fully grasp the tenets of the CPS and how state governments can achieve full compliance. It is worthy to note that individual states are developing at varying phases based on the resources available to them. However, we are of the view that the CPS would be fully implemented in all the states once there is the necessary political will from the state governors. What are the challenges and constraints encountered by the commission while carrying out its oversight functions in the pension sector? The two major challenges in implementing the CPS borders on funding and are as follows: inadequate funding of retirement benefits. The portion of the federal government’s total wage bill (5%) being set aside for

USAID to Support Nigeria with Additional $26.5m Ebere Nwoji The US Agency for International Development (USAID) has increased its support on developmental assistance for Nigeria to the tune of $26.5 million. The additional funding brings the total US government assistance provided under the five-year development objective agreement to $1.1 billion. The agency which revealed this in a recent statement, also announced its intention to support Nigeria in achieving the development goals outlined in the bilateral Development Objectives Assistance Agreement between the US and Nigerian governments, signed in 2015. Details of the new funding showed that the agency would spend $25 million to strengthen good governance by supporting state govern-

ments’ efforts to bolster Nigeria’s Open Government Partnership commitments to improve transparency and fight corruption. An additional $1.5 million would support a healthier, more educated population in targeted states through the US President’s Emergency Plan for AIDS Relief (PEPFAR), totalling $26.5 million in additional assistance. The USAID said it would also partner federal and state health ministries to build stronger health systems with the aim of guaranteeing equitable access to quality healthcare services nationwide. Acting Mission Director at USAID, Erin Holleran said the United States believes that as the most populous country in Africa, with the largest economy on the continent, Nigeria holds tremendous influence over the future of

Africa. “USAID is committed to partnering with the government and the people of Nigeria to address its development challenges,” Holleran added. USAID collaborated with Nigeria’s ministries of Budget and National Planning, Health, Agriculture, Power, and Education, as well as state-level government counterparts to structure the bilateral assistance agreement, which runs through 2020. USAID leads international development and humanitarian efforts to save lives, reduce poverty, strengthen democratic governance and help people progress beyond assistance. Through social services, it supports transparent and accountable governance, promotes a more market-led economy, and enhances Nigeria’s capacity as a responsible regional and trade partner.

The contribution of pension funds to the nation’s GDP is five per cent. This is low compared to other countries, particularly, South Africa. How can this be improved upon? The CPS in Nigeria has facilitated a pool of pension funds, which have consistently accumulated to over N8 trillion as at June 2018. As you have rightly noted, there are enormous potentials for growth of Nigerian pension funds to account for a significant proportion of the GDP. Indeed, the commission’s ongoing strategy implementation aims at attaining an increase in the ratio of pension funds to GDP to at least 10 per cent by 2019. The specific measures planned to achieve this include, firstly, the expansion of coverage of the CPS to the underserved economic sectors through micro pension and renewed enforcement of compliance. Our objective in this direction is to attain at least 20 million contributors by the year 2019. Secondly, we seek to grow the assets through more investments in variable income instruments that generate higher returns. In order to achieve this, we have commenced implementation of the multi-fund structure in July 2018, which segregates the funds based on the risk profile of contributors and gives them an opportunity to choose subject to age parameters. Furthermore, the increase in contribution rates in the PRA 2014 from a total of 15 per cent to 18 per cent, would also increase the size the settlement of accrued pension rights of pension funds when fully implemented of its employees that migrated to the CPS for treasury funded federal government of from the defined benefits scheme remains Nigeria MDAs. The commission has also inadequate. Furthermore, there are delays intensified efforts at ensuring the payment of in the release of funds into the Retirement all outstanding pension liabilities including Benefits Bond Redemption Fund (RBBRF) accrued pension rights and pension increases Account with the Central Bank of Nigeria by that are yet to be implemented. the federal government. Consequently, FGN retirees are not being paid their retirement What are plans to enhance growth in the benefits promptly. In April 2017, the President sector? approved the release of N54 billion for the In addition to the various measures at payment of part of the outstanding accrued growing the size of pension fund assets pension rights. There were also subsequent highlighted above, the commission is monthly releases of funds for the purpose. leading efforts at attaining excellence in However, there are still subsists outstanding service delivery in the pension industry. The payments for retirees from April 2017 to date. industry is already leveraging on information Another challenge is the non-implementation technology to deliver better services to the of the new rate of pension contributions for contributors and retirees. The Pension Fund FGN employees. Administrators have been expanding their The rate of pension contribution was branch networks in order to ease customer increased by Section 4(1) of the PRA 2014 from interface, while the commission has been a minimum of 15 per cent to a minimum of operating its zonal offices in each of the six 18 per cent, comprising eight per cent by the geo-political zones of the country. We are also employee and 10 per cent by the employer. intensifying efforts at ensuring the adoption However, despite having come into effect and implementation of the CPS by all the since July 2014, when the PRA 2014 was states in the federation. Other measures enacted, these enhanced rates of pension include a wider public enlightenment and contributions are yet to be implemented by education of the CPS in order to attract a the federal government for its employees. wider participation.

Ecobank Supports Artist Ecobank Nigeria has adopted popular child artist, Kareem Waris. The bank signed an agreement with Waris’ parents for educational support/grant and upkeep allowance spanning 20 years. Waris is the 11-year-old hyperrealist artist who sketched a portrait of French President, Emmanuel Macron during his visit to Nigeria recently. A statement said the artist was identified by Ecobank, one of the sponsors of the Celebration of African Culture at the New Afrika Shrine, as a talented young artist and was given the opportunity to paint and present a portrait of Emmanuel Macron on behalf of the bank to the French President during the “Celebration of African Culture” event’. Commenting on the initiative, outgoing Managing Director, Charles Kie said Ecobank considers it a great

privilege to partner with Waris’ family to recognise the child’s exceptional talent as the bank is a firm believer in the development of the African child and the sustainable power of education as well as the diversity obtained in the arts. According to Kie, Ecobank decided to support education of Waris, “to nurture and enable him develop his gifts and other interests he may have in future.” “We today make a commitment to partner with Mr & Mrs. Kareem on this laudable endeavour to help Waris grow in all aspects of life. Ecobank is supporting Waris in furtherance of the Bank’s CSR initiatives with the primary focus of enabling Waris further enhance his talent whilst also ensuring his general educational development through proper monitoring and guidance. “To be sure, good education

makes for good citizens, it is a pathway towards a prosperous, productive life and good citizenship. This is our wish for this unique and talented young man, Waspa,” as he likes to be called. the Kie stated. Advising Waris, the bank CEO said, “we can give you all the support by funding your education and ensuring your wellbeing through your parents - none of these will however matter unless you work hard in school, pay attention to your teachers, and listen to your parents and other adults.” Also speaking Ecobank Company Secretary and Chief Legal Counsel, Adenike Laoye said the bank also extended monetary support to Waris’s art school to recognise their talent, whilst also enhancing the general learning environment for Waris and other talented young boys and girls under their care.

T H I S D AY • MONDAY, AUGUST 27, 2018

29

BUSINESSWORLD

PERSPECTIVE

Revving Up Liquidity, Capital Inflows Arize Nwobu The Central Bank of Nigeria (CBN) has systematically evolved innovative policies aimed at revving up liquidity and energetic capital inflows to impact economic activities towards building a healthy and balanced economy. Liquidity is crucial in business and economy and is defined as “a measure of the extent to which a person or organisation has cash to meet immediate and short-term obligations, or assets that can be quickly converted to do this.’’ It engenders a high volume of activity in a market which ultimately impacts the Gross Domestic Product (GDP). A healthy economy is where unemployment and inflation are in balance. Experts posit that the natural rate of unemployment in a healthy economy would be between 4.7 per cent and 5.8 per cent and the target inflation rate would be two per cent. A healthy growth rate would be between two and three per cent. GDP growth above four per cent for several quarters would overheat the economy and create asset bubble and investor ‘madness’ which would eventually throw the economy into recession and finally to a record low before the ‘madness would stop. Unemployment rates in USA, UK, China, Germany and India are 3.90 per cent, four per cent, 3.8 per cent, 3.4 per cent and 3.52 per cent respectively, and the corresponding inflation rates are 2.9 per cent, 2.5 per cent, 2.1 per cent, 2.1 per cent and 4.96 per cent respectively. The figures for Nigeria are a long way from home which tells the health of the economy. Unemployment rate is at 18.80 per cent up from 16.20 per cent in Q2 2017, and inflation rate at 15.37 per cent at end December 2017, having dropped consistently from 18.72 per cent at end January 2017, thanks to CBN tight

Emefiele

monetary policy and other factors. CBN monetary policy, exchange rate policy and development actions contributed to the positive economic development in 2017. The World Bank in its 2017 report commended the central bank policies and called for sustenance. Business mogul and Africa’s richest man, Alhaji Aliko Dangote had also noted that ‘’ the policies of the Central Bank contributed in saving the economy.’’ Also, Lagos Chamber of Commerce and Industry (LCCI) had noted that ‘’CBN has been consistent in its interventions in the foreign exchange market. This has helped to reduce exchange rate volatility. With the interventions, we have seen improved liquidity of the foreign exchange and stability of the naira against the dollar. Confidence is gradually returning to

the market and we hope that this would be sustained.’’ Consumer confidence is crucial for a healthy economy and is one of the five major indicators. Others are, GDP, Money supply (M2), Consumer price index, Producer price index and current employment statistics.’’ CBN’s new policy is the currency swap deal with the Peoples Bank of China (PBoC) which aim to fix the liquidity challenges faced by Nigerian traders and Chinese manufacturers. A currency swap is a ‘’contract to exchange at an agreed future date principal amounts in two different currencies at a conversion rate agreed at the outset.’’ Currency swaps were introduced by the World Bank in 1981 to obtain Swiss franc and German marks by exchanging cash flows with IBM in a deal reportedly brokered by Salomon Brothers with a notional amount of $210 million and a term of over ten years. The US Fed used currency swap transaction during the global financial crisis in 2008 to establish central banks liquidity swaps to provide liquidity in US dollars to overseas markets. Besides Nigeria, other countries that have swap deals with China include South Africa, Malaysia, UK, Thailand, Hong Kong, European Union etc. In 2011, Nigeria was the largest trading partner of China in Africa, and in the first eight months in 2012, it was the third. Overall, Nigeria was rated the most pro-Chinese nation in the world by a poll conducted by BBC World Service. Eighty per cent Nigerian expressed positive sentiment for China and 20 per cent otherwise. It is noteworthy that the flooding of the economy with cheap Chinese goods has affected domestic industries especially textile mills with the closure of 65 mills and lay-off of about 150,000 workers, but CBN has noted that the new swap deal would be mutually beneficial to both economies.

According to the central bank, “the deal which is purely an exchange of currencies will make it easier for Chinese manufacturers seeking to buy raw materials from Nigeria to obtain enough naira from banks in China to pay for their imports from Nigeria. Indeed, the new deal will protect Nigerian business people from the harsh effect of third currency fluctuations.” The new deal has been applauded by some captains of industry. In a recent report, the Director General LCCI, Mr Muda Lawal, noted among other things that “it will impact on trade positively between Nigeria and China because it would make the payment system easier.’’ Prior to the currency swap deal, CBN established the Investors’ and Exporters’ (I&E) FX Window which boosted liquidity with a turnover of $22.85 billion at end December 2017 and kick-started production which hitherto was moribund in the wake of economic recession and dollar scarcity. CBN reported that the aggregate foreign exchange inflow increased by 45 per cent to $91 billion in 2017, compared to $62.75 billion in 2016. Inflow through CBN was $42.17 billion, accounting for 46.30 per cent, while autonomous sources accounted for $48.33 billion or 53.70 per cent. Overall net inflow in 2017 was $57.32 billion compared to $37.19 billion in 2016. CBN net inflow in 2017 was $11.62 billion as against a net outflow of $2.10 billion in 2016. The increased inflow was attributed to the central bank’s interventions in the interbank and Bureau de Change segments of the FX market. Nwobu, a Chartered Stockbroker and Business Journalist wrote via arizenwobu@yahoo.com Tel: 08033021230.

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T H I S D AY •MONDAY, AUGUST 27, 2018

BUSINESS/MONEYGUIDE

FG Urged to Create Enabling Environment for Businesses to Thrive Nume Ekeghe A non-executive director on the board of the Central Bank of Nigeria, Prof. Mike Obadan has urged the federal government to create an enabling environment for businesses to thrive. Obadan said this during his keynote address at the 2018 yearly Lift Above Poverty Organisation (LAPO) development forum and 25th anniversary with the theme, “Towards Sustainable socio-economic transformation of Nigeria: options for non-state intervention,” that took place in Lagos at the weekend. Obadan, while speaking on the role of private sector in Nigeria’s economic transformation said, “In Nigeria, the current consensus which resonated since the structural

adjustment programme of the late 1980s is in favour of the private sector as the engine of growth of the economy, as it is perceived to be in a better position to produce goods and services for local consumption and export, create jobs, develop human resources, satisfy consumers, and assist in effective public policy implementation. “The fact has gradually been appreciated that the public and private sectors should necessarily be complements rather than substitutes and adversaries in the pursuit of national development, most especially as each, left on its own, can fail. “However, while the public sector must generally be seen not to be competing with the private sector, the government

cannot abdicate its catalytic, regulatory and developmental role of ensuring economic and social equality and encouraging economic and social development. “The government would also have to provide the enabling environment and foster private enterprises development.” Speaking further, he added, “Very importantly, the private sector has a major role to play in ensuring efficiency and effectiveness in the use of budgetary resources, especially by cooperating with the government to eliminate corruption from project and programme implementation. “It is a well-known fact that corruption in the public sector is substantially facilitated by private sector operators.

Wapic Insurance Launches Road Safety Campaign Ebere Nwoji Wapic Insurance Plc has launched a three- month safe road-use awareness campaign titled “Road Sense.” The company said the campaign was part of its digital transformation plans to raise awareness and engagement for the Wapic brand and its flagship Motor product (MOOV). It also said the campaign was sequel to the successful “Safety-on-Wheels,” event which the company executed in partnership with some notable government and security agencies, including the Nigeria Police Force (NPF), Federal Road Safety Corp (FRSC) and the Lagos State Transport Manage-

ment Authority (LASTMA) in February. According to Wapic Insurance Managing Director, Yinka Adekoya, unlike the, “Safety on Wheels,” event which enlightened over 1,000 drivers about safe road-use practices, importance of adherence to road traffic regulations as well as vehicle maintenance cultures, the “Road Sense” campaign was designed to promote vehicular intelligence via Digital Media channels. She said as an educational advocacy campaign, “Road Sense,” seeks to change the current road-use culture in Nigeria by calling everyone to responsibility through awareness and knowledge of the different road signs and what they

represent for every category of road users, including motorists and commuters as many drivers in Nigeria do not really understand the rules of the road and thus are unable to abide by the rules which leads to bad driving habits and ultimately accidents. The ultimate plan is to educate as well as encourage sensible behaviour and habits on the roads. “Road Sense Campaign will position Wapic as a responsible, engaging corporate entity and the preferred Insurance brand. The plan is to generate leads through to trivia competition, social media engagement and drive traffic to the Wapic website as well as our other social media platforms.”

Rivers Govt Commend Sterling Bank Nume Ekeghe Sterling Bank Plc has received commendation from Governor Nyesom Wike of Rivers State for the bank’s commitment to the promotion of sustainable environment practices in the state. The governor also urged other banks and corporate organisations doing business in the state to emulate the bank. A statement quoted Wike, to have made the appeal recently at the unveiling of a public artwork, Soiled Soil, at Station Road Roundabout in Port Harcourt. The governor said the artwork was Sterling Bank’s contribution to the

restoration of Port Harcourt to its “Garden City” status. The artwork was created with used tin tomatoes cover, disposable nylon and used sack bags. It was one of the four winning entries from the RecyclArt Competition initiated by Sterling Bank to inspire a new generation of Nigerian artists and art genre. A part of the Sterling Environmental Makeover (STEM) programme, the initiative played a significant part in the fulfillment of the bank’s brand purpose of enriching lives. The governor, who was represented by Prof. Roseline Koinya, Commissioner for

Environment, said the artwork showed that waste could be put into meaningful use. He said, “Port Harcourt used to be the Garden City in Nigeria. We commend Sterling Bank for its role in the restoration of that status. This project will help illuminate the surroundings.” The governor noted that using waste for art and beautification would help reduce flooding, adding that, “Flooding is caused by the activities of human beings. We all have a role to play. Banks and other organisations also have a role to play. Other banks and organisations should emulate Sterling Bank.”

CIBN Holds Annual Banking Conference Peter Uzoho The Chartered Institute of Bankers of Nigeria (CIBN) is set to hold the 11th edition of its Annual Banking and Finance Conference next month. The conference with the theme: “MSMEs: The Game Changer for Economic Growth and Development,” is slated to hold between September 11 and 12, 2018, in Abuja. The programme is the flagship event of the institute hosted annually to provide a platform for all stakeholders in the banking and finance industry including policymakers, regulators, operators, and clients in the financial services

sector, to share experiences and exchange ideas on contemporary issues affecting the sector and the economy as a whole. Speaking at a press conference in Lagos, at the weekend, President/Chairman of Council, CIBN, Dr Uche Olowu, said the event was expected to attract over 500 professionals comprising industry executives, millennials from the banking and finance institutions, players in the MSMEs and the academic community. Olowu who was represented by the second Vice President of the institute, Mr. Bayo Olugbemi, explained that the choice of the theme of the conference was predicated on the need to generate new ideas,

innovation and strategies to address the funding gaps for MSMEs towards engendering economic growth and development in the country. He said Vice President, Prof. Yemi Osinbajo, would declare the event open while the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele would deliver a keynote address on the opening ceremony. Olowu said: “The conference will feature a keynote address, goodwill messages, paper presentations, and panel discussions, all focused on how best to leverage the MSMEs as a key driver for Nigeria’s economic growth and development.”

L-R: Head of Marketing, Africa, Prashant Chacko; Business Head, West Africa, Chitwan Singh; Marketing Manager, Nigeria, Ayodele Otujinrin, Marketing Head, Hair Care, Africa, Ruth Mwangangi and Head of Sales, Nigeria, Chukwuemeka Okeke at a press conference organised by Darling in Lagos… recently

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, THURS, 23, AUGUST , 2018 The price of OPEC basket of fifteen crudes stood at $73.01 a barrel on Thursday, compared with $71.75 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya)A, Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). SOURCE: OPEC headquarters, Vienna

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T H I S D AY • MONDAY, AUGUST 27, 2018

MARKET NEWS

Equities Market Rebounds on Bargain Hunting, Gains 0.45% Goddy Egene The equities market rebounded last week with the Nigerian Stock Exchange (NSE) AllShare Index (NSE ASI) gaining 0.45 per cent after three weeks of decline. Although trading in the week was for only three days due to declaration of Tuesday and Wednesday as public holiday, price apprecia-

tion in Dangote Cement Plc lifted the positive performance for the week. Consequently, the NSE ASI closed higher at 35,426,21, while market capitalisation ended higher at N12.933 trillion. However, all other indices finished lower, save for the NSE Premium, NSE Insurance, NSE Lotus II and NSE Industrial Goods indices that rose by

3.15 per cent, 0.78 per cent, 1.10 per cent and 1.96 per cent respectively, while NSE ASeM Index closed flat. At the start of the week, losses in Guaranty Trust Bank Plc, Zenith Bank Plc, Nigerian Breweries Plc and Unilever Nigeria Plc, had depressed the market by 1.7 per cent on Monday. However, there was sus-

tained bargaining hunting in Dangote Cement on Thursday and Friday. Hence, the market ended the week with a growth of 0.45 per cent. Performance across sectors was bearish as three of the five indicators declined. Specifically, the NSE Industrial Goods Index and NSE Insurance Index appreciated 2.0 per cent and 0.8 per cent

respectively, while the NSE Banking Index shed 3.0 per cent. In the same vein, the NSE Consumer Goods Index and NSE Oil & Gas Index went down by 2.2 per cent and 0.2 per cent in that order. Meanwhile, investors traded 968.947 million shares worth N10.246 billion in 9,654 deals last week, compared with a total of 1.147 billion shares

P R I C E S F O R S E C U R I T I E S T R A D E D A S AT

valued at N12.546 billion that exchanged hands in 16,649 deals the previous week. The Financial Services Industry led the activity chart with 874.023 million shares valued at N7.671 billion traded in 6,029 deals, thus contributing 90.20 per cent and 74.87 to the total equity turnover volume and value respectively.

17/08/2018

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) 277,708.53

TRADES

VOLUME

30 BEVERAGES--BREWERS/DISTILLERS S/N

9.60

-

76

1,661,352

285,565.17

8.35

0.60

203

9,626,390

717,409.88

22.85

-0.44

283

15,871,230

562

27,158,972

32

PRICE %CHANGE

TRADES

VOLUME

33

MARKET CAP(Nm) 351,773.87

MARKET CAP(Nm) DANGOTE CEMENT PLC 3,748,911.63 LAFARGE AFRICA PLC. 241,121.31

BUILDING MATERIALS

EXPLORATION AND PRODUCTION SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD

PRICE %CHANGE

MARKET CAP(Nm) 382,488.96

9.80

-0.51

157

4,754,734

157

4,754,734

719

31,913,706

TRADES

VOLUME

56 49 105 105

347,702 6,757,359 7,105,061 7,105,061

TRADES

VOLUME

31

34 35 36

PRICE %CHANGE 220.00 27.80

6.80 -0.36

PRICE %CHANGE 650.00

-

5

344

5

344

5 829

344 39,019,111

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

MARKET CAP(Nm) 440.00

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

71,113.99 60,000.00

FISHING/HUNTING/ TRAPPING ELLAH LAKES PLC.

MARKET CAP(Nm) 511.20

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) 1,830.00

MARKET CAP(Nm) 1,164.81

43 PRICE %CHANGE

TRADES

VOLUME

-

1

5,000

74.55

-

11

69,082

60.00

-

8 20

11,111 85,193

TRADES

VOLUME

0 0

0 0

0.20

PRICE %CHANGE 4.26

-

PRICE %CHANGE 0.61

-7.58

PRICE %CHANGE

TRADES

VOLUME

13

1,219,115

13

1,219,115

33

1,304,308

TRADES

VOLUME

44 PERSONAL/HOUSEHOLD PRODUCTS CONSUMER GOODS FINANCIAL SERVICES

46 48 49 50 51 52 53 54 BANKING

-

0

0

-

0 0

0 0

46,745.19

1.15

2.68

82

17,405,011

55

36,304.34

12.60

-

30 112 112

192,251 17,597,262 17,597,262

57

TRADES

VOLUME

59

0 0

0 0

60

TRADES

VOLUME

61

6

6,348

MARKET CAP(Nm)

56

58 -

PRICE %CHANGE

33,000.00

25.00

-

165.00

6.60

-

MARKET CAP(Nm) 4,443.26

S/N

PRICE %CHANGE 1.71

-

62 63

0

0

6

6,348

64

TRADES

VOLUME

65

2

10,594

66

2

10,594

67

TRADES

VOLUME

MARKET CAP(Nm) 1,900.00

95.00

-

1

2,500

11,300.89

45.20

-

0

0

70

24,014.43

9.00

-

1

140

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) 14,406.27

PRICE %CHANGE

69

2

2,640

10

19,582

TRADES

VOLUME

-

1 1

3,862 3,862

75

PRICE %CHANGE

TRADES

VOLUME

76 77

73 PRICE %CHANGE 0.20

1.84

-0.54

9

10,198,900

242.22

0.89

-

0

0

197,134.45

90.00

-

38

185,996

302,574.34

68

35.20

-

19

5,312,785

74

78 79

PRICE %CHANGE

151

851,644

217

16,549,325

TRADES

VOLUME

85

1,151,192

177,600.00

14.80

-1.99

51

891,240

90,208.35

22.00

0.45

88

1,871,852

12,529.71

1.58

0.64

44

1,552,600

1,340.10

0.36

-

0

0

1,158.30

6.50

-

1

2,960

52,988.77

20.00

-

24

1,181,110

3,676.41

13.45

-

FOOD PRODUCTSMARKET -DIVERSIFIED CAP(Nm) CADBURY NIGERIA 18,782.02 PLC. NESTLE NIGERIA PLC. 1,188,984.38

PRICE %CHANGE 10.00

58,779 16,216 74,995

PRICE %CHANGE

TRADES

VOLUME

14.05

315,975.30

55.00

4,117.00

VOLUME

20 32

MARKET CAP(Nm) 55,785.20

MARKET CAP(Nm)

TRADES 12

PERSONAL/HOUSEHOLD PRODUCTS P Z CUSSONS NIGERIA PLC. UNILEVER NIGERIA PLC.

MARKET CAP(Nm) 25,244.82

11,703 6,662,657

-

MARKET CAP(Nm) 1,680.31 3,377.28

2 295

-

HOUSEHOLD DURABLES NIGERIAN ENAMELWARE PLC. VITAFOAM NIG PLC.

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

-0.10

1.32

DIAMOND BANK PLC ECOBANK TRANSNA386,258.05 TIONAL INCORPORATED FIDELITY BANK PLC 48,098.16 GUARANTY TRUST 1,118,384.81 BANK PLC. JAIZ BANK PLC 15,910.69 SKYE BANK PLC 6,662.54 STERLING BANK PLC. 36,275.93 UNION BANK NIG.PLC. 161,620.18 UNITY BANK PLC 9,468.36 WEMA BANK PLC. 25,073.40

47

103.00

7.70

45

0.58 3.25

4.79

MARKET CAP(Nm) 38,500.00

BANKING

0.44

PRICE %CHANGE

FOOD PRODUCTS DANGOTE FLOUR MILLS PLC DANGOTE SUGAR REFINERY PLC FLOUR MILLS NIG. PLC. HONEYWELL FLOUR MILL PLC MULTI-TREX INTEGRATED FOODS PLC N NIG. FLOUR MILLS PLC. NASCON ALLIED INDUSTRIES PLC UNION DICON SALT PLC.

S/N

225.71 2,111.93

MARKET CAP(Nm) 711.32

NIGERIAN BREW. PLC. 823,680.91

22.10

-

1

200

3.24

-

9 10

24,849 25,049

PRICE %CHANGE

TRADES

VOLUME

-

30

135,874

3.77

25

233,396

55

369,270

610

23,685,158

PRICE %CHANGE

TRADES

VOLUME

1.09

-1.80

51

3,847,569

21.05

0.24

32

311,295

1.66

3.11

95

7,170,381

38.00

-0.13

149

5,769,685

0.54 0.48 1.26 5.55 0.81 0.65

-7.69 0.79 -2.63 -10.00 4.84

2 48 61 27 9 18 492

109,300 6,161,380 4,841,584 200,778 713,162 161,281 29,286,415

PRICE %CHANGE

TRADES

VOLUME

-

0

0

0.20

4,712.54

0.68

1.49

18

1,274,516

26,775.00

2.55

0.79

3

94,489,040

2,100.00

0.30

-

6

390,197

14,521.84

1.40

-

9

322,014

3,387.79

0.23

-4.17

8

373,672

2,411.47

0.53

-

0

0

1,913.74

0.50

-

0

0

2,149.00

0.35

-

2

1,310

539.32

0.42

-

0

0

2,270.26

0.31

-

8

385,030

3,480.03

0.81

-10.00

2

200,000

5,920.00

0.74

-

0

0

2,400.00

0.30

-9.09

20

2,538,582

15,049.43

2.85

-

19 130,487,918

3,095.79

0.40

-

15

1,099,993

2,175.92

0.57

-

1

1,000

1,533.81

0.23

4.55

9

1,781,738

2,168.61

0.26

-3.85

10

2,237,844

5,422.63

0.42

-

0

0

4,483.72

0.48

-

0

0

2,800.00

0.20

-9.09

7

420,846

516.46

0.20

-

0

0

7,040.00

0.44

-

0

0

3,605.33

0.26

8.33

5

5,000,000

˾ MONDAY, AUGUST 27, 2018

38

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Thisday Afrinvest 40 Index Advances 20bps Last Friday, 24th August 2018, the Thisday Afrinvest 40 index gained 20bps ƚŽ ƐĞƩůĞ Ăƚ ϭ͕ϰϯϯ͘ϱϱ ƉŽŝŶƚƐ ǁŚŝůĞ YTD return stood at –ϳ͘ϭй͘ dŚĞ ŶĞŐĂƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ŝŶĚĞdž ǁĂƐ ĚƵĞ ƚŽ ƉƌŝĐĞ ůŽƐĞƐ ŝŶ GUARANTY ( ϴ͘ϬйͿ͕ ZENITH ( ϭϰ͘ϰйͿ ĂŶĚ NIGERIAN BREWERIES ( Ϯϱ͘ϵйͿ ǁŚŝĐŚ ĐƵŵƵůĂƟǀĞůLJ ĂĐĐŽƵŶƚ ĨŽƌ ϰϭ͘Ϭй ŽĨ ƚŚĞ ŝŶĚĞdž͘

ĂƌŐĂŝŶ ,ƵŶƟŶŐ ŝŶ E' D hƉůŝŌƐ DĂƌŬĞƚ͙ ASI up 0.5% W o W dŚĞ ďĞĂƌŝƐŚ ƐĞŶƟŵĞŶƚ ŝŶ ƚŚĞ ůŽĐĂů ďŽƵƌƐĞ ǁĂƐ ƌĞǀĞƌƐĞĚ ůĂƐƚ ǁĞĞŬ ĂƐ ŐĂŝŶƐ ŝŶ E' D ;нϲ͘ϴйͿ buoyed the ASI ŽŶ ƚŚĞ ůĂƐƚ ƚǁŽ ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶƐ ŽĨ ƚŚĞ ǁĞĞŬ͘ ŽŶƐĞƋƵĞŶƚůLJ͕ ƚŚĞ ďĞŶĐŚŵĂƌŬ ŝŶĚĞdž ƌŽƐĞ Ϭ͘ϱй t o t ƚŽ ƐĞƩůĞ Ăƚ ϯϱ͕ϰϮϲ͘Ϯϭ ƉŽŝŶƚƐ ǁŚŝůĞ zd ůŽƐƐ ƐƚŽŽĚ Ăƚ ϳ͘ϰй͘ ^ŝŵŝůĂƌůLJ͕ ŝŶǀĞƐƚŽƌƐ ŐĂŝŶĞĚ Eϱϳ͘ϵďŶ ĂƐ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝnjĂƟŽŶ ĐůŝŵďĞĚ ƚŽ EϭϮ͘ϵƚŶ͘ DĂƌŬĞƚ ĂĐƟǀŝƚLJ ŝŵƉƌŽǀĞĚ ĂƐ ĂǀĞƌĂŐĞ ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ ƚƌĂĚĞĚ ĂĚǀĂŶĐĞĚ ϱϴ͘ϵй ĂŶĚ ϰϮ͘Ϭй ƚŽ ϯϮϯ͘Ϭŵ ƵŶŝƚƐ ĂŶĚ Eϯ͘ϰďŶ ƌĞƐƉĞĐƟǀĞůLJ͘ UBA ;ϱϲϴ͘ϰŵͿ͕ E D ;ϭϴϴ͘ϰŵͿ and ZENITH ;ϴϵ͘ϯŵͿ ǁĞƌĞ ƚŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďLJ ǀŽůƵŵĞ ǁŚŝůĞ UBA ;Eϰ͘ϲďŶͿ͕ ZENITH ;EϮ͘ϬďŶͿ ĂŶĚ GUARANTY ;Eϭ͘ϰďŶͿ ǁĞƌĞ ƚŚĞ ƚŽƉ ƚƌĂĚĞĚ ďLJ ǀĂůƵĞ͘

ƚ ƚŚĞ ƐƚĂƌƚ ŽĨ ƚŚĞ ǁĞĞŬ͕ ůŽƐƐĞƐ in GUARANTY, ZENITH, NIGERIAN BREWERIES and UNILEVER ĚƌĂŐŐĞĚ ƚŚĞ ůŽĐĂů ďŽƵƌƐĞ ϭ͘ϳй ůŽǁĞƌ͘ ,ŽǁĞǀĞƌ͕ ƐƵƐƚĂŝŶĞĚ ďĂƌŐĂŝŶ ŚƵŶƟŶŐ ŝŶ E' D ;нϲ͘ϴйͿ ůŝŌĞĚ ƚŚĞ ďĞŶĐŚŵĂƌŬ ŝŶĚĞdž ŽŶ dŚƵƌƐĚĂLJ ;нϭ͘ϲйͿ ĂŶĚ &ƌŝĚĂLJ ;нϬ͘ϲйͿ͘ WĞƌĨŽƌŵĂŶĐĞ ĂĐƌŽƐƐ ƐĞĐƚŽƌƐ ǁĂƐ ďĞĂƌŝƐŚ ĂƐ ϯ ŽĨ ϱ ŝŶĚŝĐĞƐ ǁĞĂŬĞŶĞĚ t o t͘ dŚĞ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ĂŶĚ /ŶƐƵƌĂŶĐĞ ŝŶĚŝĐĞƐ ǁĞƌĞ ƚŚĞ ďĞƐƚ ƉĞƌĨŽƌŵŝŶŐ͕ ƵƉ Ϯ͘Ϭй ĂŶĚ Ϭ͘ϴй ƌĞƐƉĞĐƟǀĞůLJ t o t ĨŽůůŽǁŝŶŐ ŐĂŝŶƐ in E' D ;нϲ͘ϴйͿ͕ // K ;нϮ͘ϵйͿ and > ^ K ;нϯ͘ϮйͿ͘ KŶ ƚŚĞ ŇŝƉƐŝĚĞ͕ ƚŚĞ ĂŶŬŝŶŐ ŝŶĚĞdž ůĞĚ ĚĞĐůŝŶĞƌƐ͕ ƐŚĞĚĚŝŶŐ ϯ͘Ϭй t o t͕ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ůŽƐƐĞƐ ŝŶ GUARANTY ( ϭ͘ϯйͿ ĂŶĚ ZENITH ( ϯ͘ϵйͿ͘ ^ŝŵŝůĂƌůLJ͕ ƚŚĞ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ĂŶĚ Kŝů Θ 'ĂƐ ŝŶĚŝĐĞƐ ůŽƐƚ Ϯ͘Ϯй ĂŶĚ Ϭ͘Ϯй ƌĞƐƉĞĐƟǀĞůLJ t o t͕ ĂƐ ƐĞůů ƉƌĞƐƐƵƌĞƐ in &>KhZD/>> ( Ϯ͘ϯйͿ͕ UNILEVER ( ϰ͘ϳйͿ͕ NIGERIAN BREWERIES ( Ϯ͘ϵйͿ͕ dKd > ( ϯ͘ϬйͿ ĂŶĚ &KZd ( Ϭ͘ϲйͿ ĚƌĂŐŐĞĚ ďŽƚŚ ŝŶĚŝĐĞƐ͘

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

MARKET NEWS

Mutual Benefits Assurance Pledges to Focus More on Customer Satisfaction Goddy Egene

Mutual Benefits Assurance Plc has assured customers of more satisfaction as the company plans to make new investments in technologies that would help to eliminate delay in its processes. The Chairman of the company, Mr. Akin Ogunbiyi gave the assurance, saying that part of the N2 billion would be invested in the technologies among others. Mutual Benefits Assurance Plc is currently shopping for N2

billion through a Rights Issue of 4.0 billion shares of 50 kobo each to existing shareholders at 50 kobo per share. The rights issue has been provisionally allotted on the basis of one new ordinary share of 50 kobo each for every two ordinary shares held as at the close of business on November 1, 2017. Shareholders of the insurance company had in on June 27, 2018 approved the recapitalisation plan. Also, the shareholders had expressed their support to the capital raise of the N2 billion

A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager. Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return. An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these â&#x20AC;&#x2DC;sharesâ&#x20AC;&#x2122; on the

rights issue intended to increase the companyâ&#x20AC;&#x2122;s shareholdersâ&#x20AC;&#x2122; funds -strengthen its capital base, deepen capacity to underwrite risks, upgrade its information technology and enhance its working capital. Speaking at the 22nd annual general meeting (AGM) recently the Chairman of the company, Ogunbiyi, reassured the shareholders of the companyâ&#x20AC;&#x2122;s commitment to a sustainable growth in line with its five -year strategic plan. According to him, the 2017

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 2308-2018, unless otherwise stated.

financial year revealed a 15.6 per cent growth in gross premium to N14.04 billion from N12.14 billion in 2016, which puts the company among the league of top Nigerian insurance companies. â&#x20AC;&#x153;Net benefits and claims grew by 53.9 per cent from 2016â&#x20AC;&#x2122;s figures. The significant growth in gross premium and better management of resources made 2017 a turnaround year for the company. Both shareholdersâ&#x20AC;&#x2122; funds and policyholdersâ&#x20AC;&#x2122; funds are represented by the

right portfolio mix of short and long-term investments,â&#x20AC;? he said. Mutual Benefits Assurance had in 2017 started implementation of a fiveyear strategic plan aimed at repositioning it for future opportunities and challenges. The five-year plan focused on four key areas of the groupâ&#x20AC;&#x2122;s business including deepening market penetration and customer acquisition, customer service delivery excellence, transformation of it people and culture and operational

effectiveness. Ogunbiyi said the net proceeds of the rights issue would be used to finance the companyâ&#x20AC;&#x2122;s growth plan including provision of additional working capital and expansion of information and communication technologies to support the company enlarged operations. He said the strategic goal of the company is to become the number one insurance company in Nigeria in terms of growth and profitability.

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 171.41 171.89 -3.61% Nigeria International Debt Fund 263.96 264.46 14.06% 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 0.82 0.83 -0.20% ACAP Income Funds 0.63 0.63 4.71% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 12.30% 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 17.60 18.13 -3.66% ARM Discovery Fund 371.66 382.87 -4.47% ARM Ethical Fund 28.44 29.30 4.09% ARM Money Market Fund 1.00 1.00 12.34% 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 139.02 139.99 -8.36% 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 10.70% Paramount Equity Fund 11.74 12.04 5.88% Women's Investment Fund 103.01 105.66 2.37% 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 12.30% CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 12.71% Coronation Balanced Fund 1.17 1.20 11.63% Coronation Fixed Income Fund 1.20 1.23 16.26% 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 N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A FBNQUEST ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund 1,187.02 1,187.74 9.78% FBN Heritage Fund 142.07 143.05 1.70% FBN Money Market Fund 100.00 100.00 11.98% FBN Nigeria Eurobond (USD) Fund - Institutional $113.41 $113.70 2.90% FBN Nigeria Eurobond (USD) Fund - Retail $113.20 $113.50 2.81% FBN Nigeria Smart Beta Equity Fund 159.76 162.05 -0.01% 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 1.26 1.28 -2.80% Legacy Debt Fund 3.12 3.12 8.21% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Growth Fund N/A N/A N/A Coral Income Fund N/A N/A N/A GREENWICH ASSET MANAGEMENT LIMITED assetmanagement@gtlgroup.com Web: www.gtlgroup.com ; Tel: +234 1 4619261-2 Fund Name Bid Price Offer Price Yield / T-Rtn Greenwich Plus Money Market Fund 100.00 100.00 12.11% Nigeria Entertainment Fund 102.67 104.24 2.99% 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 11.95% Vantage Balanced Fund 2.12 2.14 0.26% Vantage Guaranteed Income Fund 1.00 1.00 14.20% Kedari Investment Fund (KIF) 120.86 120.13 4.61%

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 3.17% Lotus Halal Fixed Income Fund 1,069.98 1,069.98 8.47% 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 11.65 11.76 -10.26% Meristem Money Market Fund 10.00 10.00 10.76% 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 1.32 1.35 11.24% PACAM Fixed Income Fund 11.83 11.90 7.22% PACAM Money Market Fund 10.00 10.00 12.40% 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 127.55 128.12 -1.60% 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 1.63 1.63 9.90% 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 2,289.98 2,306.48 2.04% Stanbic IBTC Bond Fund 184.88 184.88 4.78% Stanbic IBTC Ethical Fund 0.97 0.99 -2.97% Stanbic IBTC Guaranteed Investment Fund 238.81 238.85 8.44% Stanbic IBTC Iman Fund 167.46 169.29 -6.51% Stanbic IBTC Money Market Fund 100.00 100.00 11.52% Stanbic IBTC Nigerian Equity Fund 8,850.79 8,959.11 -8.53% Stanbic IBTC Dollar Fund (USD) 1.08 1.08 2.23% 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 -2.85% United Capital Bond Fund 1.54 1.54 7.85% United Capital Equity Fund 0.74 0.75 -3.12% United Capital Money Market Fund 1.00 1.00 11.52% United Capital Eurobond Fund 104.80 104.80 4.76% United Capital Wealth for Women Fund 1.06 1.07 2.16% 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 12.34 12.54 -1.28% Zenith Ethical Fund 12.92 13.05 -1.89% Zenith Income Fund 20.76 20.76 9.66% Zenith Money Market Fund 1.00 1.00 11.56%

REITS NAV Per Share

Yield / T-Rtn

N/A 137.61 51.52

N/A 3.89% 1.36%

Bid Price

Offer Price

Yield / T-Rtn

11.70 127.94 99.36

11.80 130.67 101.23

-3.47% -10.42% -9.05%

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

SPECIALIST FUNDS*

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

4.22 8.17 16.30 17.19

4.26 8.25 16.40 17.39

-10.97% -14.56% -6.77% -12.55%

146.48

148.48

8.63%

NAV Per Share

Yield / T-Rtn

105.44

17.63%

FOR HNI & PROFESSIONAL INVESTORS ONLY

Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

The value of investments and the income from them may fall as well as rise. Past performance is a guide and not an indication of future returns. Fund prices published in this edition are also available on each fund managerâ&#x20AC;&#x2122;s website and FMANâ&#x20AC;&#x2122;s website at www.fman.com.ng. Fund prices are supplied by the operator of the relevant fund and are published for information purposes only.

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New Life for Street Hawkers

A new life is in the offing for street hawkers as Gadal Capacity Development Foundation seeks to unbundle the diverse talents in the hawking business with a view to rightly positioning them as entrepreneurs. Peace Obi writes

T

he search of a viable means of livelihood and employment has pushed many Nigerians into street hawking, an enterprise that has long become an escape for many. The pangs of hunger and the basic needs of life are no respecters of persons. When faced with these challenges with little or no means of livelihood, necessity truly becomes the mother of invention. This probably explains why city dwellers with little or no skills, poorly educated, and not gainfully employed, often resort to street hawking for survival. Interestingly, the enterprise is one that has no age or gender barrier. With a not-so-high start-up capital and no special skills required, the hawking industry has continued to grow, though not without its own attendant risks. Driven by a sense of responsibility, each participant has the family at heart and wants to support his/ her in every way possible. Gadal Intervention Gadal Capacity Development Foundation believes the families and the society at large stand to benefit better when the untapped talents in the street hawkers are properly harnessed. At a recent event held in Lagos, Gadal quoted the report of African Development, which said over 55 per cent of African GDP, as well as 80 per cent of employment, reside within the informal sector. And according to Gadal, the street hawkers actually make a unit of the informal sector. As result, the not-for-profit organisation has advised that the government, as well as other stakeholders in every economy, must recognise the place of the informal sector, show sufficient commitment to harmonise it, so as to make the best of it. In his remarks, the team leader of Gadal Capacity Development Foundation, Emma Esinnah, said that suitable and sustainable solutions to street hawking starts with the understanding of the statistics and data behind the phenomenon. He said that much can be achieved with verifiable facts about street hawkers as "it will help us know whether it is best to help them become better entrepreneurs or train them for employment because hawkers of today can become great entrepreneurs of tomorrow". Designing Workable Solutions Stating that though the profile of most street hawkers would ordinary elicit concern and pity, Esinnah, however, said that Gadal was not out to sympathise with the hawkers but through a scientific research steer government, policymakers, corporate organisations, entrepreneurs, among others into action to address the issue. Esinnah stated, "What Gadal is trying to do is not to sympathise or how we can do charity for this people. We want to find out dimensions of this trade that can be leveraged by anyone of us in different ways we can. We can do that by strengthening the study, broadcast the study to attract policymakers' attention, entrepreneurs, corporate organisations to be part of the solution. Corporate organisations can leverage these people, give them social exposure, and upgrade their entrepreneurial skills. These are the thoughts Gadal wants to provoke. "This study is just the beginning. There are still dimensions of this topic that is yet to be done. For example, what sort of products, solutions can be designed to help entrepreneurs to leverage on this phenomenon? What sort of social policy can be better than just bundling them into trucks or exploiting them by taking money from them? What real social solutions can be designed, Gadal wants to design such solutions, but it costs money to put them out as implementable models, he said.

R-L: Founding Member Gadal, Mrs. Adaora Mbelu-Dania; Managing Partner Leading Edge Consulting, Dr. Ije Jidenma; Founding Member, Gadal, Mr. Kelechi Ekeghe; Bank of Industry's Mrs. Oluwakemi Adekunle; and Economist and Human Development Expert, Prof. Melvin Ayogu at the presentation of ' Hawker and the Urban Informal Sector; a study of street hawking in Lagos State' report... recently

Outcome of Research Presenting a report of a research conducted by the Gadal, a member of the team, Kelechi Ekeghe, noted that the foundation seeks to provide smart solutions to identified social problems using statistics and data. In his presentation of the report titled, "Hawkers and the Urban Informal Sector: A Study of Street Hawking in Lagos State", Ekeghe said the foundation decided to direct its attention on street hawking in Lagos State with a view to finding out the dimensions of the trade that can be leveraged by the foundation along with its development partners in improving the well-being of the people, and the country's economy in general. He noted the foundation was deliberate in its decision to scientifically address the issue rather than relying on the general feelings and beliefs on street hawking. According to him, Gadal as a team of professionals is determined to provide scientific and sustainable solutions to every social issue it beams its light on. ]He stated that though individuals might have different views about street hawkers, Gadal as a team however, had chosen to adopt professionalism in its approach. Adding that the research is intended to provide among

Much can be achieved with veriďŹ able facts, as it will help us know whether it is best to help them become better entrepreneurs or train them for employment because hawkers of today can become great entrepreneurs of tomorrow

others, the true identity of the hawkers, their motivation, dreams, and challenges, so as to proffer solutions that are devoid of sentiments, he said, "Some think they are people who have nothing else to do, others see them as criminals in waiting. We have decided to go further to look at things that gave us a clear picture of who these people are and what future could be if we didn't harness the potential of this unit of informal sector." ]Deliberating on the foundation's findings, Ekeghe said that Gadal through its researchers discovered that 73 per cent of those involved in hawking in Lagos State are men, while the females constitute 27 per cent of the entire figure. He further disclosed that while a greater percentage (54) of the hawkers are secondary school leavers, 22 per cent finished primary school; 14 and 11 per cent dropped out of secondary school and tertiary institution, respectively. Hawking Conditions Speaking on the conditions the hawkers carry out their businesses, he said the nature of the business oftentimes expose practitioners to narcotics, drug abuse, drug addiction, sexual harassment and all sorts of violations. Ekeghe noted that because their sales depend on their ability to take the goods to where they are needed, the hawkers ordinarily walk long distances in order to make sales. A situation it is said increases hawkers vulnerability to health challenges as a result of their exposure to harsh weather. ]He said, "I don't know if you have ever seen hawkers on the third mainland bridge? To get to wherever point you saw them, they must have walked from either end of the bridge. So, you know they are exposed to harsh weather conditions that are obviously not good for their health." ]Ekeghe noted that addressing the issue of street hawking, would, on the other hand, provide solutions to some other problems associated with hawking. Centre for Public Policy Commending the efforts of the Gadal team, the keynote speaker, the Director, Centre for Public Policy, Mr. Melvin Ayogu, said hawking is quite an old enterprise. He stressed that

practitioners should be seen as inventors and creators, who have creatively overcome unemployment in a way rather than being labeled as thieves, miscreants, and dropouts. He noted that uneven distribution of income as part of the things propelling street hawking, a situation he said Nigeria is not alone in. He said that street hawking exists in different countries and in different shapes, such as the shop wagons and that the essence of hawking is its mobility. He said that hawking as a means of livelihood was not too far from what some personal bankers do, "who keep telling you to open an account with them. They are selling money, you know! We need to look at it from this perspective. And rather than saying they are thieves, miscreants, and dropouts, we should see how we can turn that business model around into an opportunity. That is why they need to be screened. "For those who want to make an enterprise out of street hawking and not because they want to rob somebody or disrupt the streets, we have to find a way to encourage them. For those who do not belong there, we need to find a way to discourage them, train and send them somewhere else. That is the beginning of the effort in trying to sanitise hawking enterprise and not to outlaw the entire enterprise." Speaking also, the chairman of the event, Admiral Godwin Kanu (rtd), said he was very proud of what Gadal team has done, noting that it was high time Africa found its own solutions for her problems. "This is a great research you have done. I am very proud that they are able to look at our own society, see what the problems we are faced with and seek for a solution. And they did not just seek for a solution but actually going to the basics. I like the fact that you are scientific in your approach." The chairman, who was represented by Dr. Ije Jidenma, said that it is important that the research has sought to know who hawkers are; what they are made up of; their number, their needs and how their needs can be addressed. Stating that the problem of street hawking would require a dynamic approach, he explained that it was because one size won't fit all kinds of solution.

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CITYSTRINGS

Touching Lives in Kogi About 4,819 persons were recently treated free of charge during a three-day medical outreach organised by Dr. Samuel Duro Oloyo at Ayetoro Gbede in Kogi State. Rebecca Ejifoma reports

One of beneďŹ ciaries of the free outreach

R

ecently, United States-based medical practitioner and indigene of Ayetoro-Gbede, in Kogi State, Dr. Samuel Oloyo, extended philanthropic gestures to his people in the form of free medical care to thousands in the area. The medical outreach was the second session organised by Oloyo, after the success of the first outreach, which was conducted in August 2012, during which about 2,500 people were treated. The medical outreach was carried out by 28 medical doctors, among who were ophthalmologists, dentists, family health physicians, and general medicine specialists. The doctors were supported by 15 nurses, two pharmacists, two laboratory technologists, five opticians, and over 30 non- medical persons, who assisted to organise the large crowd. Initially, the attendance figure was pegged at 3,175, who had registered under the general treatment category, but before the commencement of the outreach, an additional 544 registered at the venue, bringing the initial figure treated to 3,719. Under the eye-related category, 800 persons had registered before the programme commenced, but ultimately, 1,100 persons were treated.

Rather than bemoaning the depressing nature of poor medical facilities available to the people, in the face of their yawning levels of ďŹ nancial disability, it was more effective to intervene at some levels, to reduce the anxiety of the people over their health

Dr. Oloyo

Highlights The highpoint of the philanthropic gesture was the presentation of about 600 free pairs of medicated glasses to beneficiaries. Referrals were also provided for those who needed further investigations or attention. Beneficiaries of the free treatment were drawn from 10 communities in the Ayetoro-Gbede neighbourhood. Some beneficiaries also travelled from Lokoja, Ilorin, Okene, and neighbouring local government areas in Ekiti and Ondo states. During the free medical outreach, the hitherto sleepy government-owned general hospital in

the community came alive, as people trooped to the venue in large numbers to partake of the free offer that was at hand. They sought to soothe the pains they had nursed over time with the relief that was brought to their doorstep at no cost to them. Providing an insight into the motivation for the outreach, Oloyo, who grew up in Ayetoro-Gbede, explained that God had blessed him so much that he could be a blessing to others. He stressed that rather than bemoaning the depressing nature of poor medical facilities available to the people, in the face of their yawning levels of financial

disability, it was more effective to intervene at some levels, to reduce the anxiety of the people over their health. While commending Oloyo for his kindness and humanity, his friend and programme supporter, Mr. Ola Oyelola, a former Executive Director of First Bank plc, who also hails from Ayetoro Gbede, expressed belief that the medical outreach and philanthropic activities were channels of offering worship to God, stressing that worshipping God goes beyond singing and dancing, but also includes giving to the needy. On hand to coordinate the large crowds was another indigene, Elder Ola-Olu Eniolorunda, who had a hectic time managing the large number of people, and who, like the blind Bartimaeus in the Bible, did not want a healing opportunity to pass them by. The beneficiaries were full of appreciation for Oloyo. They prayed he would be blessed with life and resources to do even more. Responding, Oloyo who looked forward to doing more, commended his Ayetoro-Gbede compatriots, some of who contributed in various ways to ensure the success of the programme. He was particularly appreciative of members of Ayetoro-Gbede Global Network (AGN), a socioeconomic club motivated for the development of the community, whom he noted had not only deployed support to the medical outreach but had also put funds together to intervene in rehabilitating buildings at the Community High School, and also intervene in other dysfunctional social infrastructures in the community. At the end of the medical rhapsody, the 28 medical doctors, including eight optometrists, treated a total of 4,866 patients. While 1,147 patients were seen for eye problems, a total of 568 reading glasses were dispensed and 199 prescription glasses fitted on site. Seventy-one people were referred and 498 eye drops prescribed. Meanwhile, patients seen for general medical problems were 3719.

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

In Brief North Korea Newspaper Blasts ‘Double-Dealing’ U.S.

North Korea’s state-controlled newspaper on Sunday accused the United States of “double-dealing” and “hatching a criminal plot” against Pyongyang, following Washington’s abrupt cancellation of a visit by Secretary of State Mike Pompeo. Pompeo has pressed for concrete steps toward North Korea’s dismantling of its nuclear arsenal while Pyongyang wants concessions from Washington first. North Korea’s Rodong Sinmun newspaper said U.S. special units based in Japan were staging an air drill aimed at “the infiltration into Pyongyang”, citing a South Korean media outlet, Reuters reported. “Such acts prove that the U.S. is hatching a criminal plot to unleash a war against the DPRK and commit a crime which deserves merciless divine punishment in case the U.S. fails in the scenario of the DPRK’s unjust and brigandish denuclearisation first,” the paper said. “We cannot but take a serious note of the double-dealing attitudes of the U.S. as it is busy staging secret drills involving man-killing special units while having a dialogue with a smile on its face.”

Russia Condemns Britain’s Black Sea Air Force Interceptions

Senator John McCain (R-Ariz.) arrives on Capitol Hill in Washington in 2017

Photo: Jacquelyn Martin/AP

John McCain: The Passing of an American Patriot of ‘Classic Integrity’ Vincent Obia examines the politics of the late Arizona senator

U

nited States Senator John McCain died on Saturday evening at 81 after about 14 months’ battle with brain cancer. McCain’s death came a day after his family announced he was stopping medical treatment. A former Navy pilot, Vietnam prisoner of war, and Republican presidential candidate, McCain spent over 30 years in Congress as senator for his adopted state of Arizona. But he was far from being a deep-dyed orthodox Republican. He was a maverick who loved debate and used his influence to promote rather than stifle discussion. This quality of his came to the fore on July 27 last year in the Senate, when he voted down the Obamacare repeal bill, the No. 1 legislative priority of his party, which controls both chambers of Congress. Repealing the Affordable Care Act, the signature programme of his predecessor, former President Barack Obama, had become a priority project of the President Donald Trump administration. And the Republican Party struggled for a lean 51-vote majority to repeal the law. But McCain voted against his party, denying them the numbers to overturn the law, in what has been described as one of the most momentous floor votes in recent US Senate history. His grouse was the rush by fellow Republicans to secure Obamacare repeal without proper debate. “I’ve stated time and time again that one of the major failures of Obamacare was that it was rammed through Congress by Democrats on a strict party-line basis without a single Republican vote,” McCain said in a statement after his stunning vote, which finished the Senate’s last and best hope of repealing Obamacare. “We must now return to the correct way of legislating and send the bill back to committee, hold hearings, receive input from both sides of aisle, heed the recommendations of nation’s governors, and produce a bill that finally delivers affordable health care for the American people.” He added, “We must do the hard work our citizens expect of us and deserve.”

He placed loyalty to country and democratic values above partisanship. McCain’s broad-minded virtues were also prominent during the campaigns for the 2008 presidential election, when he stood against racist conspiracies and rants against his Democratic rival, Obama, and after the polls, when he congratulated the victorious Obama. During a town hall meeting in Lakeville, Minnesota, on October 10, 2008, a woman Republican supporter had referred to Obama, then an Illinoi senator, as an Arab. “I can’t trust Obama. I have read about him, and he’s not, um, he’s an Arab,” the woman said. But McCain was reported to have grabbed the microphone from the woman, cutting her off, and saying regarding Obama, “No, ma’m. He’s a decent family man [and] citizen that just, I just happen to have disagreements with on fundamental issues, and that’s what the campaign’s all about. He’s not [an Arab].” Politico reported that at the same event, McCain told a supporter who said he was afraid of Obama that the then senator was a “decent person” and one “you don’t have to be scared of as president of the United States.” The report said the audience booed at his defence of his rival and called Obama a “liar” and a “terrorist.” McCain retorted, “I want to fight, and I will fight. But I will be respectful. I admire Sen. Obama and his accomplishments, and I will respect him.” In 2013, Obama called McCain a “person of classic integrity” who was “willing to say things regardless of the politics.” McCain, who survived five and a half years as a prisoner of war in Vietnam and became one of the most respected, yet most confounding and controversial personalities in American politics, was diagnosed with brain cancer in July 2017. He died at 4:28 pm Saturday, surrounded by his wife of 38 years, Cindy, and other family members. Tributes to McCain have poured in from across the American political divide. Most spectacular, it seems, are those from two men who denied him what was perhaps his highest political aspiration of becoming

the US president: former President George W. Bush, who prevented him from picking the Republican ticket in 2000, and Obama, who beat him at the 2008 election. Bush said in a statement on Saturday, “Some lives are so vivid, it is difficult to imagine them ended. Some voices are so vibrant, it is hard to think of them stilled. John McCain was a man of deep conviction and a patriot of the highest order. He was a public servant in the finest traditions of our country. And to me, he was a friend whom I’ll deeply miss. Laura and I send our heartfelt sympathies to Cindy and the entire McCain family, and our thanks to God for the life of John McCain.” Obama said in a statement, “John McCain and I were members of different generations, came from completely different backgrounds, and competed at the highest level of politics. But we shared, for all our differences, a fidelity to something higher – the ideals for which generations of Americans and immigrants alike have fought, marched, and sacrificed. We saw our political battles, even, as a privilege, something noble, an opportunity to serve as stewards of those high ideals at home, and to advance them around the world. We saw this country as a place where anything is possible – and citizenship as a patriotic obligation to ensure it forever remains that way. “Few of us have been tested the way John once was, or required to show the kind of courage that he did. But all of us can aspire to the courage to put the greater good above our own. At John’s best, he showed us what that means. And for that, we are all in his debt.” Trump, who was always at loggerheads with McCain, said in a brief statement on Twitter. “My deepest sympathies and respect go out to the family of Senator John McCain. Our hearts and prayers are with you!” At a time when the American society is tottering dangerously on the brink of destructive tribalism, McCain will be remembered as a leader who stood for tolerance and principled democracy.

Russia accused Britain’s Royal Air Force (RAF) of intercepting its military aircraft over the Black Sea in a dangerous fashion designed to provoke Moscow after the RAF made two such interceptions in a single week, according to Reuters. The accusation, levelled by Russia’s embassy in London, came after the RAF intercepted a Russian maritime patrol aircraft over the Black Sea on Friday and scrambled to intercept two suspected Russian fighter aircraft on Wednesday. The Russian embassy said in a statement released on Saturday, “What kind of threat to Britain or even its allies does a Russian patrol aircraft hypothetically pose while conducting flights near Russia’s own coastline, more than 2,000 km (1242.74 miles) from the British Isles.”

Zimbabwe Swears in New President

Emmerson Mnangagwa took the oath of office as Zimbabwe’s president on Sunday, after emerging victorious in last month’s bitterly contested election that marked the country’s first vote since Robert Mugabe was removed from power. The Constitutional Court confirmed Mnangagwa’s election victory in a ruling released on Friday, dismissing a challenge by his main challenger in the July 30 ballot, opposition leader Nelson Chamisa. In his oath, Mnangagwa pledged to “protect and promote the rights of Zimbabweans.” He declared, “I, Emmerson Dambudzo Mnangagwa, swear that as president of the Republic of Zimbabwe I will be faithful to Zimbabwe [and] will obey uphold and defend the constitution of Zimbabwe.” Mnangagwa took the oath before Chief Justice Luke Malaba who, together with eight other Constitutional Court judges, had dismissed Chamisa’s petition. Al Jazeera’s Haru Mutasa, reporting from Harare, said Mnangagwa “has to convince Zimbabweans that he will be the president for all citizens not only for the ruling ZANU–PF party.”

ISIL Leader in Afghanistan Killed in Air Raids

The leader of ISIL in Afghanistan was killed in air strikes in eastern Nangarhar province, the fourth head of the armed group to die since it emerged in the country in recent years, Al Jazeera reported on Sunday. Abu Saad Erhabi and 10 other Islamic State of Iraq and the Levant (ISIL, also known as ISIS) members died in a joint operation with coalition forces on Saturday night, the National Directorate of Security said in a statement on Sunday. “The emir of Daesh in Afghanistan - along with 10 others - was killed,” it said, using the armed group’s Arabic acronym. The air attacks on a village in Khugyani district, near the border with Pakistan, also destroyed a large number of weapons, explosives, and ammunition, the agency said.

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PDP Challenges Presidency, APC to Debate on Good Governance Tasks police on Fani -Kayode’s invitation Iyobosa Uwugiaren and Adedayo Akinwale in Abuja The Peoples Democratic Party (PDP) yesterday challenged President Muhammadu Buhari and his party, the All Progressives Congress (APC), to a national debate on good governance, saying the government has ‘’irredeemably failed’’ in every sector of the national life. The main opposition party has also challenged the Nigeria Police to come out clear on the

‘fact-finding’ invitation extended to a former Aviation Minister, Femi Fani- Kayode, to appear on Tuesday for alleged conspiracy, criminal defamation and inciting publication. The National Publicity Secretary of the party, Kola Ologbondiyan, in a statement yesterday in Abuja, noted that available data - both locally and internationally, have confirmed that the President Muhammadu Buhari administration had failed woefully in all its promises and

Atiku Dismisses Rumour of His Alleged Defection Onyebuchi Ezigbo in Abuja Former Vice President Atiku Abubakar has debunked the rumour that he has defected from the Peoples Democratic Party (PDP). In a statement issued yesterday by the Atiku’s Campaign Office, the former vice president described the defection story as malicious and false. The campaign office of the frontline presidential aspirant for the 2019 election said he still remains a member of the PDP and a top contender for its ticket in 2019, describing the report as “a malicious attempt to confuse the public about the aspiration of Atiku ahead of the forthcoming presidential

primaries election of the PDP. “For the avoidance of any doubts, Atiku remains the frontline aspirant for the presidential ticket of the PDP,” it said According to the media office, Atiku had in the past two months moved across states in the country consulting with stakeholders of the PDP and explaining to them his agenda encapsulated in the acronym ‘jobs’- Jobs, Opportunity, Being united and Security for Nigeria. It said the former vice president would continue the nationwide consultations this week with visits to the South-west, North-west and North-central zones of the country.

claims, particularly on the fight against corruption, the need to improve the economy, security, democracy as well as national unity and cohesion. The party also noted that Buhari’s claim over fight against corruption had been exposed to be a big lie, describing it as a charade designed to hound perceived political opponents, while providing cover for alleged humongous corruption and pillaging of resources by agents of the presidency. “Instead of fighting corruption, this administration is practically a felonious empire of corrupt individuals, certificate forgers, contract infiltrators, looters of treasuries and wellknown liars, making it head to toe, the biggest assemblage of plunderers in the history of our country. “We ask, if, the president is

indeed a man of integrity as his handlers want the world to believe, why is he comfortable employing, embracing, surrounding himself with and offering protection to corrupt persons, certificate forgers and liars as ministers, advisers and political associates? ‘’Are there things the president benefits or has in common with such individuals that attract them to him or for which they enjoy his cover to steal public funds in parastatals, agencies and ministries, particularly those under the direct supervision of the President?’’PDP queried. The party further alleged that under President Buhari, Nigeria has become dangerously divided, and violent clashes and bloodletting have become the order of the day. “Rights of citizens are daily violated; democratic institutions,

including the courts and the National Assembly have come under attack; elections are rigged with impunity; the unity of our beloved country is now under stress. “Moreover, the Buhari’s administration cannot boast of any major development project it has initiated, executed and completed in the last three years, in any part of the country.’’ ‘’If anything, the president has been going around the country shopping for projects executed by other persons, including PDP governors, to inaugurate,’’ the party said. The PDP said it was ready to commence a series to expose the lies and failures of this administration as well as the huge liability, woes and dangers it has brought on the country. The party challenged both the presidency and the APC to

an open debate on governance, where it promised to further expose the failures of the APC and Buhari presidency to Nigerians. In a related development, the main opposition party has also challenged the Nigeria Police to come out clear on the ‘fact-finding’ invitation extended to a former Aviation Minister, Femi, Fani Kayode, to appear on Tuesday for alleged conspiracy, criminal defamation and inciting publication. Ologbondiyan said in a statement issued yesterday in Abuja, that the letter inviting Fani-Kayode did not state in specific terms, the alleged issues or conduct bordering on “conspiracy, criminal defamation, inciting publication, injurious falsehood and conduct likely to cause breach of peace”, for which he has been invited.

Kwankwaso Declares Presidential Run Wednesday Former Governor of Kano State, Senator Rabiu Musa Kwankwaso, will on Wednesday declare his presidential ambition on the platform of the Peoples Democratic Party (PDP), a statement from Kwankwaso Presidential Campaign Committee, said yesterday. The declaration, according to the statement, would hold at the Eagle Square, Abuja, by 11 a.m. Kwankwaso, a two-term governor, is one of the founding fathers of the PDP, who is noted to be an apostle of infrastructural development. According to the former governor, “It is imperative for us to embark on massive

infrastructural turnaround across the country with judicious management of the country’s resources without necessarily mortgaging the future of the country on excessive foreign loans and its attendant burden”, adding that he will eliminate insecurity in all its forms across the country and return Nigeria to the path of prosperity. Part of his achievements during his tour of duty as governor of Kano State, according to the statement include his pioneering the popular Free School Feeding Programme and the Treasury Single Account (TSA),based on his ‘Kwankwasiyya’ ideology, among others.

OYES: Osun Recruits Another 20,000 Youths The Osun State Government has recruited another set of 20,000 youths for engagement in the Osun Youths Empowerment Scheme (OYES). OYES is one of the flagship social intervention programme of Governor Rauf Aregbesola’s administration for youths empowerment. It is a rolling scheme of two years for each of the batches, which commenced in 2010. Speaking with journalists in Osogbo at the weekend, the OYES Commandant, Col. Enibunkun Oyewole (rtd), said the newly-enlisted beneficiaries of the scheme would be trained on leadership, social, cultural and economic studies, attitudinal studies and physical training to make a young person holistic. Oyewole said the youths would be taught not only how

to get job placement easily, but also to be enterprising and be independent economically in line with the tenet of hardwork and virtuous character after which they would be deployed into their Local Government Areas (LGAs) for community service. He said the training would start today (Monday), in all the LGAs and end on September 14, followed by the swearing in of the cadets by Governor Aregbesola. He noted that the selection process was ICT-based and gender sensitive with a lot of fairness in it, adding that, “It is not only Osun indigenes that are qualified, but all residents of the state regardless of where they come from”. According to him, the scheme has helped in managing unemployment rate in the state over the years.

BUDGET DEFENCE

L-R: National Commissioner, Independent National Electoral Commission (INEC), Ms May-Agbamuche Mbu; INEC National Commissioner, Prof Okechukwu Ibeanu; INEC Chairman, Prof Mamood Yakubu, during the defence of the 2019 general election budget proposal, in Abuja... recently PHOTO:JULIUS ATOI

Gunmen Murder Plateau Speaker’s Driver, Security Personnel Seriki Adinoyi in Jos The driver of the Speaker of the Plateau State House of Assembly, Mr. Azi Magaji, and a security personnel attached to the Jos University Hospital (JUTH), Mr. Edward Ankpa, were on Saturday night murdered by some unknown gunmen near the hospital. Two other persons also sustained gunshot injuries and are currently in critical

condition at the hospital. Confirming the attack yesterday, the Plateau State Police Public Relations Officer (PPRO), Mr. Terna Tyopev, a Deputy Superintendent of Police, said the killing occurred on Saturday night in Zarazong community of Jos North Local Government Area (LGA) of the state. He said: “Last night, at about 9 p.m., we received a distress call that there were sporadic gunshots at Zarazong

area of Jos, a community that hosts Jos University Teaching Hospital (JUTH). Immediately, the police mobilised to the area. ”On arrival, Mr. Azi Magaji, the driver to the Speaker, and Edward Ankpa, a security guard with JUTH, were found dead. They were immediately rushed to JUTH, where they were confirmed dead by the doctor on duty.” He added that Mr. Kopdi Monday and Mr. Nenman

Popdak, also security men on duty at JUTH Gate-4, were also found to have sustained injuries and were rushed to the same hospital where they are currently taking treatment. According to him, the police have commenced investigation to unravel those behind the attack. He urged the public to avail the police with useful information that will help in tracking down the perpetrators.

APC Dispels Rumours of Automatic Tickets for Sani, Others John Shiklam in Kaduna The Assistant National Organising Secretary of the All Progressives Congress (APC), Hon. Muhammad Sani Ibrahim, has dismissed speculations of automatic ticket for Senator Shehu Sani, representing Kaduna Central senatorial district, and other

senators in the North-west zone. In a statement issued at the weekend in Kaduna, Ibrahim described such speculations being bandied around as unfounded and very disturbing. Sani was suspended indefinitely by his Tudun Wada ward in Kaduna. The state chapter of the APC had kicked against directives by the National Secretariat of the party

to lift the suspension. Since then, there had been speculations that President Muhammadu Buhari and the National Chairman of the APC, Adams Oshiomhole, had endorsed Sani for automatic ticket. However, Ibrahim maintained that such rumours should be disregarded as there is a standard channel for the

communication of all decisions, including the so-called endorsement or automatic tickets. “As a compatriot, I feel deeply disturbed by the recent developments in our great party, especially the unfounded rumours regarding candidates for the various offices as we approach the 2019 general election.

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Falana Drags Museveni to UN over Human Rights Violations Hamid Ayodeji Human rights lawyer and Senior Advocate of Nigeria (SAN), Mr. Femi Falana, has dragged Uganda and President Yoweri Museveni to the United Nations (UN) over allegations of grave human rights violations in that country. In the urgent appeal sent at the weekend, Falana asked the special rapporteurs to use their good offices and position to “urgently investigate ongoing reports of clampdown on the rights to freedom of expression, peaceful assembly, association, media freedom and to human dignity in Uganda.” The urgent appeal dated August 23, 2018 was sent to the UN Working Group on Arbitrary Detention; Special Rapporteur on extrajudicial, summary or arbitrary executions; Special

Rapporteur on the promotion and protection of the right to freedom of opinion and expression, and the Special Rapporteur on the rights to freedom of peaceful assembly and of association. According to a statement issued yesterday by Tayo Soyemi of Falana and Falana Chambers, the urgent appeal was also sent to the Special Rapporteur on the situation of human rights defenders and Special Rapporteur on torture and other cruel, inhuman or degrading treatment or punishment. The urgent appeal addressed to Mr. Seong-Phil Hong, Ms. Agnes Callamard, Mr. David Kaye, Mr. Clement Nyaletsossi Voule, Mr. Michel Forst, and Mr. Nils Melzer reads: “I am seriously concerned that the Ugandan authorities continue to arbitrarily arrest, detain and brutally beat, torture and humiliate critics, journalists, human rights defenders, activists,

lawyers and opposition leaders and supporters. There are also several cases of unlawful killings during arrests. The authorities hardly investigate allegations of human rights violations and abuses.” “I urge you to closely monitor

and scrutinise the human rights situation in Uganda and to take a more decisive role in combating years of impunity for human rights violations and abuses and erosion of the rule of law as well as the violation of general principles of justice in that

country. I strongly believe that ending impunity and achieving justice in Uganda is central to promoting and ensuring full respect for all human rights.” “The government continues to deploy a range of tactics to stifle critical reporting, from

occasional physical violence to threats, intimidation, bureaucratic interference, and arrest. Station managers of television and radio outfits and journalists often face reprisals if their programmes are deemed critical of the authorities.”

Tucao Deal: Air Chief Urges Prompt Delivery of Aircrafts Iyobosa Uwugiaren in Abuja The Chief of the Air Staff (CAS), Air Marshal Sadique Abubakar, has appealed to the Sierra Nevada Corporation (SNC), manufacturers of the A-29 Super Tucano attack aircraft, to accelerate action on the delivery of the aircraft to Nigeria to enhance Nigerian Air Force (NAF) operational capability in the on-going war against Boko Haram in the Northeast. The Director of Public Relations and Information, the Nigerian Air Force, Air Commodore Ibikunle Daramola, quoted the CAS as making the request at the weekend while receiving a delegation from the company on a courtesy visit at NAF headquarters in Abuja. The visiting delegation, which also included officials from the Office of Security Cooperation (OSC) of the United States Embassy in Nigeria, was led by Senior Vice President of SNC, Mr. Taco Gilbert, who assured the CAS of the company’s determination to deliver quality aircraft capable of providing the needed impetus for NAF air operations. He also expressed the commitment of the company

to provide adequate training for NAF’s air and ground crew to ensure effective and efficient operation of the aircraft. In addition, the SNC vice president noted that the company looked forward to continued collaboration with NAF towards building a new air capability to address the security challenges in the country. While responding, the CAS was said to have expressed his delight at the US government’s support for the fight against insurgency with the signing of the contract to sell the Super Tucano aircraft to Nigeria. He noted, however, that the major concern of the NAF was the time frame for delivery, while expressing confidence that the counterinsurgency operations in the North-east region could be executed more effectively if light attack aircraft like the Super Tucano with its long range, precision munitions as well as day-andnight capability, could be made available to the NAF in good time. The air force chief, therefore, urged the company to expedite production so that at least two of the aircraft would be available to Nigeria within an earlier timeframe to boost counterinsurgency operations.

South-west Accord Party Sets up Committee on Coalition The Chairmen and chieftains of Accord Party in five South-west states - Ekiti, Lagos, Ogun, Ondo and Osun have met to set up an 11-man committee to liaise and promote the party’s agenda with the Coalition of United Political Parties under the leadership of former Osun State Governor, Prince Olagunsoye Oyinlola. The committee, with its members drawn from five of the six south-western states; Ekiti, Lagos, Ogun, Ondo and Osun States (excluding Oyo), is headed by a former Presidential Adviser, Dr Doyin Okupe.

The party chieftains, arising from a meeting in Iperu, Ogun State, over the weekend said “the major task before the committee is to register the interest of the southwest geo-political zone of the Accord Party (excluding the Oyo State chapter) with the coalition and ensure it is properly represented.” The party chieftains also passed a vote of confidence on the leadership of Okupe as the South-west leader of the party, saying they believe strongly in his capacity to lead the Party in the zone to success in the coming election.

ON THE MOVE...

Presidential aspirant of the Alliance for New Nigeria (ANN), Mr. Gbenga Olawepo (in white attire), during the inauguration of the party’s secretariat at Afikpo, in Afikpo LGA of Ebonyi State...recently

APC Jittery Ahead of Osun Guber Poll, Says PDP INEC releases names of candidates Yinka Kolawole in Osogbo The Peoples Democratic Party (PDP) has declared that the ruling All Progressives Congress (APC), is jittery ahead of the September 22 governorship poll in Osun State. This is coming as the Independent National Electoral Commission, (INEC), has released the names of candidates submitted by 48 political parties and promised to be transparent in the conduct of the governorship election. The main opposition party, in a statement signed by its Deputy National Publicity Secretary, Prince Diran Odeyemi, said the rate at

which those he described as “true patriots and critical stakeholders in the affairs of the state”, are moving out of APC has created fear in the ranks of the APC. The party advised APC and its “collaborators” to perish the thought of rigging the poll, saying the people of Osun State have not hidden their resolve to protect their votes, even at the risk of their lives. PDP also cautioned INEC and other security agencies not to succumb to pressure from the ruling party to rig the governorship poll, stressing that “APC would eventually turn whoever join it to rig the poll to ‘sacrificial lamb’.

It also congratulated all old PDP members that are returning to the party for taking a bold step towards rescuing Osun State, and urged those that are yet to return and other people in the fold of the ruling party, with genuine interest of the state at heart, to join efforts aimed at putting a stop to continued annexation of Osun State to Lagos State. “It is obvious there is growing anxiety in the ranks of the All Progressives Congress in Osun State ahead of the governorship poll because of gains the PDP has recorded dislodging the tormentors of Osun. “The apprehension is not out of place. The sinking APC

is however not relenting in its resolve to rig the governorship poll. We however warn the party that Osun indigenes and the entire PDP family across the country will not allow rigging as it was done in Ekiti,” the party said. Meanwhile, INEC has released the names of the candidates submitted by 48 political parties and promised to be transparent in the conduct of the election. INEC’s Resident Electoral Commissioner in the state, Mr. Olusegun Agbaje, who spoke in Osogbo, the state capital, at the weekend, stated that names of 48 governorship candidates and their deputies have been pasted in the state office of INEC.

Bello, Melaye Condole Adeyemi on Wife’s Death Kogi gov tasks traditional rulers on peace Yekini Jimoh inLokoja The Governor of Kogi State, Alhaji Yahaya Bello has described as ‘shocking and sad’ the death of the wife of Senator Smart Adeyemi, Mrs Yemisi Adeyemi. Bello has also charged traditional rulers in the state to maintain peace in their various domains. Also, the Senator representing Kogi West senatorial zone, Senator Dino Melaye, has taken to his twitter account to commiserate with Adeyemi whose wife died in the early hours of Saturday after a brief illness. In a statement released by the Chief Press Secretary to the governor, Petra Akinti

Onyegbule, the Kogi State governor sent his condolences to the husband, children and family of the deceased and prayed for God to console them over the bereavement, which the governor noted would be deeply felt by the family and everyone who knew the deceased. On his part, Melaye wrote : “Sen. Smart Adeyemi accept my empathy over the loss of your beloved wife. It came as a rude shock. Our God who is the greatest comforter will comfort you in times like this. It is well with you. Affliction shall not arise again. God is your strength. “May the Almighty God grant you the fortitude to bear this irreparable loss. May her soul rest in peace.”

Similarly, the wife of the Kogi State Governor, Mrs. Rashida Bello, has condoled with the family of Adeyemi. In a condolence message signed by the Senior Special Assistant on Media, Olamide Tolu Adesoro , she described late Yemisi Adeyemi’s death as not only a loss to the family but also to the whole state. Meanwhile, Governor Bello has charged traditional rulers in the state to maintain peace in their various domains. The governor gave the charge over the weekend during the coronation of Alhaji Mohammed Ireyi Bello as the second Ohi of Adavieba in Advi Local Government Area (LGA) of the state. He also urged the new Ohi of Adavi to use his humility and

contacts to effect development of the land. The governor who described the new First Class traditional ruler as a man of humility and high integrity , urged him to use his work experience as a retired civil servant to weave the people together for the peace and development of the land. While promising to built a befitting palace for the monarch, Governor Bello enjoined the people of Adavi to cooperate with the new Ohi in the interest of peaceful coexistence of the land. In his remark, the new Ohi of Adavi thanked the state government and the people of Adavi for finding him worthy of the highest traditional stool, assuring that he would not disappoint them.

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APGA Decries Alleged Political Intolerance by Abia Govt Emmanuel Ugwu in Umuahia The Abia State chapter of the All Progressives Grand Alliance (APGA) has cried out over alleged intimidation by the state government and its agents, saying the opposition party has been subjected to series of attacks

and disruption of its political activities. State chairman of APGA, Rev Augustine Ehiemere, raised the alarm at the weekend during a press conference in Aba to denounce the “senseless acts of terror sponsored by Abia State Government and directed

Omokri Berates Ex- IG, Says His Poor Memory Exposed His Own Lies Jonathan Eze The allegation by former Inspector General of Police (IG), Suleiman Abba, that he was sacked by former President Goodluck Jonathan, because he refused to rig elections in favour of the Peoples Democratic Party (PDP) in the gubernatorial poll in Osun State, has been described as poor and shameful. Abba, who spoke to Daily Trust at the weekend, had said: “One of the leading stalwarts in the PDP then said to me: ‘IG (you know I was acting then) deliver Osun State to us and we will confirm you quickly.’ I was shocked! That was when I knew that I may not last long in the office.” In his response to Abba’s allegation, former media aide to President Jonathan, Reno Omokri, in a statement made available to THISDAY yesterday said it is unfortunate that the former IG then blamed his failure to influence that election for his sack by then President Jonathan. According to Omokri, “Abba is a proof of the fact that liars need a very good memory otherwise they would contradict themselves with their lies. “Let us examine some facts. The Osun State gubernatorial election held on August 9, 2014. The results of that election were declared the next day on August 10, 2014, still Abba claims to have been sacked because he failed to rig that election for the Peoples Democratic Party (PDP). “However, Abba was appointed acting Inspector General of Police on August

1, 2014, and sacked from office on April 20, 2015. “If it was true that Abba was sacked for refusing to rig the Osun State election, which held on August 9, 2014, why would former President Jonathan wait for seven and a half months before sacking him? “If it was true that Abba was sacked for refusing to rig the Osun State election, which held on August 9, 2014, why would former President Jonathan keep him in office to preside over the Nigerian Police Force during the more important 2015 presidential election which was even more crucial to the then president and the PDP?” He added in the statement that “when juxtaposed with these facts, the accusation of the former IG of Police makes no sense to reasonable human beings. “Former President Jonathan is known as a man who is not desperate for power. He has a reputation for providing the enabling environment for free and fair elections.” Omokri further noted that as a matter of fact, “when the current chairman of the All Progressives Congress (APC), Adams Oshiomhole, was re-elected after the June 2012 gubernatorial election in Edo State, Oshiomhole said on July 15, 2012 as follows: ‘President Jonathan has demonstrated statesmanship. I think there is hope for Nigeria. What the Edo State election has confirmed is that when the President and Commander-in-Chief puts the country first and conducts himself as a statesman, not just as a party leader, credible elections are possible’.”

“South-east Youths Must Renew Revolutionary Instincts to Rescue Nigeria, Says Olawepo-Hashim Presidential aspirant of the Alliance for New Nigeria (ANN), Mr. Gbenga OlawepoHashim said at the weekend that youths of the South-east must renew the revolutionary instincts displayed by youths of the region in the preindependence days to rescue Nigeria in 2019. Olawepo-Hashim, who addressed members of the ANN at the party Secretariat in Abakalili and at a Youth Rally in Afikpo, Ebonyi State, said the youths of the East must re-enact the revolutionary instincts of the likes of Osita Agunna who led the Zikist Movement to deliver a deadly blow to the colonialists during the independence struggles. The rally in Afikpo involved a four-kilometre trek from the

Market square where OlawepoHashim commissioned a constituency project executed by a member of Ebonyi State House of Assembly, Hon. Maria Ude, to the community field where the youth rally held. Olawepo-Hashim said: “The Eastern Region has produced real committed leaders who have displayed the spirit of self service and selflessness, which contributed to the victory in the war against colonial rule. It is that spirit that is lacking in Nigeria now “When Nigeria was going to get out of colonial rule, young men and women in the East gathered together like this and called for a new revolution in the way the war against colonial rule was being prosecuted.”

at APGA supporters and her governorship aspirant, Dr. Alex Otti.” He specifically stated that APGA and its leader, Otti, have been banned by the state government from holding any political activities in Obingwa Local Government Area, where the State Governor, Okezie Ikpeazu, hails from, and therefore considered ‘a no-go-area’ for the opposition party. While recounting several “politically motivated acts of terror directed at APGA and Otti in Obingwa Local Government

Area, Ehiemere said the most recent event occurred on August 21, 2018, when a rally organised by APGA at the premises of the National Institute for Nigerian Languages (NINLAN) was scuttled by the Chairman of Obingwa council area, Hon Hanson Amaechi. The council boss in his reaction to the allegation told THISDAY that he acted to preserve the peace in his domain, insisting that he merely went to prevent the two factions of APGA from tearing each other apart. He said the APGA rally was

not allowed to hold because it was not authorised, adding that he had asked APGA leaders to go and get permission from the Divisional Police Officer (DPO, and the traditional ruler of Umuokahia community before they could hold the rally. However, the state chairman of APGA said police clearance was obtained for the rally which was organised to receive defectors from other political parties, including the ruling PDP, adding that the venue was also paid for before the date was scheduled. “On arrival at the venue

early in the morning of the day (August 21), the leaders of APGA discovered that the venue had been locked. Given that the venue had been paid for and police clearance secured for the event the leaders engaged the school security men who were surprised that the gate had been locked,” he said. According to Ehiemere, it was while they were remonstrating with the school security that the Chairman of Obingwa Local Government Area, Amaechi, “emerged from across the gate with several thugs.”

SUMMER TRAINING

L-R: Board member, Teach For Nigeria, Mrs. Alero Ayida-Otobo; Brand Ambassador, Mrs. Joke Silva; Chief Executive Officer, Folawe Omikunle, and Chairman, Mr Gbenga Oyebode, during the Teach For Nigeria 2018 Summer Training Institute in Lagos… recently

Pope Asks for Forgiveness for All Kinds of Abuse Within Church Pope Francis yesterday in Dublin, Republic of Ireland renewed his plea for forgiveness for all kinds of abuse of power practised by members of the church and all its institutions. In a speech during mass before 500,000 people in Dublin yesterday the pontiff spoke of meeting eight survivors of sexual abuse on Saturday. “We ask forgiveness

for the time that passed without showing compassion to the survivors” he added. “We ask for forgiveness for the persons in charge within the church hierarchy who did not take charges against this kind of abuse”. Pope had earlier said that clergy sex abuse scandals were an “open wound” that must be treated with “firm and decisive” action.

He said this at the Marian Shrine of Knock on Sunday, his second day in Ireland. “This open wound challenges us to be firm and decisive in the pursuit of truth and justice,” Francis said in an Angelus message, drawing applause from the crowd. Pope Francis had on August 15 asked for forgiveness from the families of child sex abuse victims

who had killed themselves as a result of their trauma. He equally commended one survivor for telling his story. In comments published in German tabloid Bild, the pope described Daniel Pittet’s memoir “Father, I Forgive You’’ as a testament to “how deeply embedded evil can be in the heart of a servant of the church.’

Kashamu Plotting to Join APC, Ogun PDP Group Alleges Kayode Fasua The rift in Ogun State chapter of the Peoples Democratic Party (PDP) took a new dimension at the weekend, as a pressure group within the party accused Senator Buruji Kashamu representing Ogun East senatorial district in the Senate of making secret moves to defect to the ruling All Progressives Congress (APC). The group, Ogun Youth Consultative Vanguard, alleged in a statement it issued in Lagos that following Kashamu’s controversial expulsion from the PDP, the senator had been hob-knobbing with chieftains of the APC in Abuja, with a view to defecting to the latter. In the statement signed by its chairman, Mr. Ezekiel

Adeshina, and secretary, Mr Johnson Adetoun, the group described the alleged defection plot as a scheme by the senator to hide under the protection of the ruling party against threats to have him extradited to the United States to answer to charges on drug-related offences. The Ogun Youth Consultative Vanguard, in the statement, also averred that, “lately, capitalising on his recent expulsion from the PDP and the recent gale of defection that led to many senators and House of Representatives members defecting from the APC to the main opposition PDP, Kashamu has intensified moves to defect to the APC . “In achieving this desperate objective, he has already

secured the assistance of a governorship aspirant of the ruling APC in Ogun State, who is also his very close ally, to help him reach out to the powers-that-be in the Presidency in Abuja to apprise them of his desire to move over to the ruling party and convince them to facilitate his defection,” the statement said. The group noted that the purported move through the governorship aspirant was aimed at convincing the ruling party that Kashamu had a large following in the state and as such, would be a worthwhile catch. The group also accused Kashamu of colluding with some APC members in the state on August 2, 2018 to stage a protest against his expulsion.

Furthermore, the group, which expressed solidarity with the state chairman of the PDP, Dr. Sikirullahi Ogundele, argued that the August 2 rally by Kashamu “was purely an APC affair.” It also accused the senator of series of anti-party activities, especially with regard to the July 14 governorship election in Ekiti State, where he allegedly worked for APC. “We also want to remind the federal government that accepting or facilitating Kashamu’s defection into the fold of the ruling party to give him refuge would portray both the APC and the federal government in very bad light as mere hypocrites paying lip service to fighting corruption,” the group added.

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NEWSEXTRA

Leave Us Alone, Rivers Govt Tells EFCC Davidson Iriekpen The Rivers State Government has called on the Economic and Financial Crimes Commission (EFCC) to leave the state alone to concentrate on delivering the dividends of democracy to the people of the state. This call was contained in a statement issued in Port Harcourt by the Commissioner for Information and Communications, Emma Okah, in reaction to an allegation by the EFCC that it was investigating the state government in connection

with withdrawals totalling N170billion from the state governmentâ&#x20AC;&#x2122;s account. According to the statement, the state government denied any illegal operation of her bank accounts as alleged. The statement further added that the state government was not answerable to the EFCC until the court says so. In 2007, the state took the EFCC to court over interferences with the stateâ&#x20AC;&#x2122;s finances and the court restrained the EFCC from probing the accounts of Rivers State as the state

was accountable only to the state House of Assembly. Curiously, the EFCC has not been able to set aside the injunction. â&#x20AC;&#x153;We plead the injunction and advise the commission to respect the laws of the land as anything short of this is equal to political blackmail, the statement added. For the avoidance of doubts, the Rivers State Government is not against the fight against corruption but insists that such fight must be within the ambit of the law and not as a tool of political witch-hunt.

Aâ&#x20AC;&#x2122; Ibom APC Post-congress Leadership Tussle Ends The leadership tussle that arose after the State Congress of the All Progressives Congress (APC) in Akwa Ibom State has ended. The tussle ended on Saturday with members of the former APC state executive led by Dr Effiong Etok, the former state secretary and two former senatorial chairmen, Obong Kufre Inyangette and Obong Uko Umoh announcing the withdrawal of their court case against the APC state chairman, Hon Ini Okopido and other members of his executive. Dr Effiong Etok, the former state secretary spoke on behalf of the former executive and said they refused to join Dr Udoma Ekarika, the man they supported

to be state chairman, when he defected to PDP on Monday because of their love for APC and intervention of former Governor Godswill Akpabio. â&#x20AC;&#x153;We have to move forward,â&#x20AC;? Etok said. Chief Don Etiebet, the Chairman of APC state caucus thanked Dr Etok and other members of the old executive for allowing peace to reign. â&#x20AC;&#x153;We have all sank our differences. All the leaders of the party have resolved to work together. Whatever were our misgivings, we believe what God said that you must love your neighbour as you love yourself. We are forgiving ourselves and we are working together for one

purpose. This is the new APC moving forward.â&#x20AC;? Senator Godswill Akpabio also thanked the members of the former executive for agreeing to withdraw their court case against the state congress that produced the present executive. The former Senate Minority Leader said he intervened in the case because he did not want the party to be bogged down by legal tussle as it prepared for the 2019 elections. Senator Akpabio thanked Obong Nsima Ekere, the Managing Director of Niger Delta Development Commission (NDDC), for strongly backing and enabling the reconciliation process.

Edo Political Leaders Condemn Attack on Obasekiâ&#x20AC;&#x2122;s convoy Ugo Aliogo Political leaders from Edo Central senatorial district including commissioners in the Governor Godwin Obaseki-led administration, have condemned the attack on the governorâ&#x20AC;&#x2122;s convoy by sponsored thugs, distancing the Esan people from such callous conduct. The condemnation was contained in a statement signed by the Commissioner for Wealth Creation, Cooperatives and Employment, Hon. Emmanuel Usoh; Commissioner for Women Affairs and Social Development, Hon. Mrs. Magdalene Ohenhen; Commissioner for Education, Hon. Emmanuel Agbale; Commissioner for Finance, Hon. Osagie Inegbedion; and Commissioner for Infrastructure, Hon. Osahon Amiolemen. According to them, â&#x20AC;&#x153;On the

August 20, 2018, the Governor of Edo State, Mr. Godwin Obaseki, visited leaders and members of the All Progressives Congress (APC) in Edo Central senatorial district, comprising; Esan Central, Esan North East, Esan South East, Esan West and Igueben Local Government Areas of Edo State. The visit was convened for leaders of the party to interact and review the progress report on governance by the Obaseki-led administration in the last one (1) year and half in the state. They said, â&#x20AC;&#x153;To our dismay, and regrettably, some unscrupulous and misguided persons, acting on the instructions of their sponsors became unruly. We wish to state and in very clear terms too, that Esan people are not what was presented by the unguided youths in Irrua on Monday, August 20, 2018, whose sponsors are still stuck with the outlawed practice of engaging young un-

suspecting youths to negotiate SROLWLFDO RIĂ&#x20AC;FHV Âľ They described Esan people as â&#x20AC;&#x153;responsible, decent, hospitable, loving, hardworking and have achieved so much in all aspects of human endeavours. We therefore condemn in strong terms, the ugly incident perpetrated by these unscrupulous persons in the name and particularly, on behalf of Esan people at the party secretariat of the APC in Irrua on Monday, by throwing stones at the car/ convoy of the Governor of Edo State. They explained that â&#x20AC;&#x153;infrastructural development of Edo State since Governor Godwin 2EDVHNL DVVXPHG RIĂ&#x20AC;FH LV XQprecedented, noting that the infrastructural projects so far initiated and completed, with some ongoing, in Esan Land include 21 roads with a total length of 18.4km through which 2,680 perVRQV KDYH EHHQ HPSOR\HG Âľ

A Call for Ethical Reforms at the Bar Today, I call on members of the Bar to spare some moments to reflect deeply on the ethical stock of the profession. Clearly, the time has come for members of the Bar to set new benchmarks for ethical conduct by members while drawing new inspiration to whip erring members in line. The NBA must strengthen its disciplinary mechanism and ensure that disciplinary measures are applied to every errant member no matter how highly placed. This will help to rid the profession of bad eggs and secure its credibility. It is bad enough that our people are at the mercy of

public officers who abuse our common patrimony for personal gain, it is worse to see lawyers who should rise above the rot become complicit in the mindless thievery. I expect members of the bar to frown at many of the shenanigans that still go on in court, especially the tendency by some very senior members of the profession to abuse the processes of court through frivolous applications intended to frustrate trial and outright intimidation of judges. Despite these shortcomings, the EFCC, which I represent, is still indebted to lawyers for the role, they have played in our modest achievements over

the past few years. Without the commitment and dedication of some members of the Bar, the Commission would not have secured a total of 158 convictions so far this year and 189 last years. Finally, I wish to leave members of the NBA with the wise words of President Muhammadu Buhari, that â&#x20AC;&#x153;if we donâ&#x20AC;&#x2122;t kill corruption, corruption will kill usâ&#x20AC;?. I once again humbly invite all lawyers to partner with the EFCC and the generality of Nigerians in the fight against corruption. r.S .BHV JT "DUJOH $IBJSNBO &'$$

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MONDAYSPORTS

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

Keyamo: No Supreme Court Order Restraining Pinnick as NFF President Duro Ikhazuagbe Counsel to the Nigeria Football Federation (NFF), Festus Keyamo (SAN), has dismissed claims that a Supreme Court ruling prevents Amaju Pinnick from serving as president of the NFF. Keyamo, a Senior Advocate of Nigeria also averred that the August 26, 2014 election mandate Christopher Giwa is laying claim to for the coveted NFF position expired yesterday after four years. In a press statement issued yesterday, Keyamo (SAN) wrote: â&#x20AC;&#x153;We have read some reports in the mainstream and online media by some uninformed and/or deliberately mischievous persons to the effect that there is a subsisting Supreme Court Order restraining Amaju Pinnick from acting as President of the Nigeria Football Federation (NFF). â&#x20AC;&#x153;These reports were fuelled by an earlier Press Release by the office of the Hon. Minister for Sports dated July 2, 2018 as well as another Press Release from the same office dated August 21, 2018, regarding the current suit which portrays the current NFF leadership as irresponsible, as usurpers and as contemnors. â&#x20AC;&#x153;It is, therefore, imperative that we put the record straight: There is no Supreme Court Order or any other subsisting Order restraining Amaju Pinnick from acting as president of the NFF or installing Chris Giwa as president of the NFF. â&#x20AC;&#x153;We hereby challenge anybody who disputes this to publish the Supreme Court Judgment or Order where the names of Amaju Pinnick or Chris Giwa were ever

mentioned in any portion of the judgment or as even parties to the case. â&#x20AC;&#x153;The fact is that the court processes filed in the Supreme Court matter do not bear their names as parties to the suit whatsoever. â&#x20AC;&#x153;What the Supreme Court did was to relist the case, remit it back to the Federal High Court for expeditious determination on its merits, while firmly declining the Motion brought by the plaintiffs in the matter to invoke its general powers under section 22 of the Supreme Court Act to deal with the substantive suit,â&#x20AC;? he noted. However, Keyamo stressed that â&#x20AC;&#x153;in delivering judgement, the Chief Justice of Nigeria (CJN) expressed the view that by restoring the suit to the Cause List it followed that all previous orders made in the proceedings in the suit are also restored, irrespective of the fact that the matter may be heard de novo (afresh) before another Judge.â&#x20AC;? Keyamo said that what is important to note in that judgment was that, â&#x20AC;&#x153;as at the time the CJN made the pronouncement, there were five previous orders existing at the Federal High Court, viz: (1)The Order dated 19th day of September, 2014, restraining the Defendants from proceeding with the Congress. (2)â&#x20AC;&#x153;The Order dated 23rd day of October, 2014 nullifying or setting aside the elections conducted into the Executive Committee/Board of the NFF. (3)â&#x20AC;&#x153;The Order dated 30th day of October, 2014, setting aside all the previous Orders made above. (4)â&#x20AC;&#x153;The order dated 8th day of April, 2016, relisting the case and restoring all orders

made by the court when the case was withdrawn on 30th day of October, 2014. (5) â&#x20AC;&#x153;The order dated 14th day of April, 2016 giving leave for NFF to appeal the order made on 8th day of April, 2016 and affirming unequivocally that the orders restored when relisting the case by the court order of 8th day of April 2016 were the orders made by the court when the case was withdrawn on 30th day October 2014 which stated that, â&#x20AC;&#x153;order 50 Rule 2 of the Federal

High Court Rules 2009â&#x20AC;&#x2122; the Plaintiff having withdrawn the suit, all orders made previously including the dissolution of the Executive Committee (Board of) Nigeria Football Federation vide order of this honourable court dated 23rd October, 2014 seizes to have life and this matter stands struck out.â&#x20AC;? â&#x20AC;&#x153;The question to be asked is, which of the foregoing Orders was restored, particularly as the Orders cannot co-exist simultaneously in the same suit

and more so as the Supreme Court did not restore any particular order but merely affirmed that by â&#x20AC;&#x153;restoring the suit to the cause list it means a restoration of all the orders in the proceedings in the suit irrespective of the fact that the matter may be heard denovo before another judge? Keyamo commended Vice President Yemi Osinbajo for taking the right decision in supporting the Pinnick led board of the NFF.

â&#x20AC;&#x153;The Vice- President, and indeed the Federal Government of Nigeria, was therefore right to have thrown support behind the presidency of Amaju Pinnick. â&#x20AC;&#x153;The Vice President (as Acting President) also observed that Nigeria as a sovereign nation has international obligations towards FIFA, particularly as Chris Giwa had earlier lost his bid to validate his election, under extant football statutes, at the Court of Arbitration for Sports (CAS) in Switzerland.â&#x20AC;?

L-R: Former Super Eagles International, Waheed Akanni; Tournament Ambassador, Peter Rufai; Managing Director, SystemSpecs Ltd., owners of Remita, John Obaro; Chairman, Committee on Information Technology, Federal House of Representatives, Hon. Onawo Muhammed Ogoshi; and Financial Director, Friesland Campina, Dirk Breen, during the 2018 Remita Corporate Champions Cup grand ďŹ nale held in Lagos, at the weekend

Nigeriaâ&#x20AC;&#x2122;s U-19 Cricket Team Beat Tanzania, Qualifies for World Cup

Giants of Africa Show Love in Friesland Campina Wins Maiduguri as Senegal Camp Begins Remita Champions Cup

Nigeriaâ&#x20AC;&#x2122;s Under-19 cricket team, Junior Yellow Greens, yesterday defeated Tanzania by 35 runs to qualify for the 2020 Under-19 Cricket World Cup in South Africa. Segun Ogundipe scored 62 runs to win Player of the Match Award while the Nigerian team got promoted to World Division 1 The promotion also means a slot in the 2020 Under-19 Cricket World Cup â&#x20AC;&#x201C; the first time Nigeria will ever participate in an event of this magnitude alongside, India, England, Pakistan, Australia, South Africa and other big cricket playing nations. Vice President of the Nigeria Cricket Federation (NCF), Uyi Akpata, described the achievement as a pass mark for the development plans of the present board of the federation since it was inaugurated. According to him; â&#x20AC;&#x153;everybody associated with cricket in Nigeria is very proud of the achievement of the boys, it was a tortuous journey but they have been very dedicated and disciplined and we look forward to them becoming the crux of the senior national team in the nearest future.â&#x20AC;? Tanzania won the toss and elected to bat taking early wickets in the innings to put the Nigeria batting side under intense pressure in the 50 overs match. The last two partnerships of the Nigerian

Giants of Africa Basketball Camp held in Maiduguri, Borno State over the weekend for the children in the troubled Nigerian city to mark the end of the 2018 activities in Nigeria. The programme run by Masai Ujiri of the Toronto Raptors provided basketball and life training to 105 youngsters at the National Stadium in Lagos between August 21 and August 25 before the team flew out of the Murtala Muhammed Airport Saturday afternoon for the trip to Dakar, Senegal. Thursday was marked out for wheelchair basketball training with a lot donations made to the players in Lagos. The Toronto Raptors President who spoke with journalists at the departure of the airport said going to Maiduguri was quite emotional for the group. He said: â&#x20AC;&#x153;Yes, it was really worth the try for us in Maiduguri. We saw the same kind of passion and talent we have seen in other places. That zone may been quite under turmoil for years now but the children there are humans like us; they love basketball and they want to live like other people in Lagos, Nairobi or New York. The situation over there is quite beyond their control but nobody can put down their passion for sports and good life. â&#x20AC;&#x153;We went there because we wanted people to know that people that can add a lot of value to the game live in Maiduguri. The visit also provided us a lot of opportunities to reflect over a lot of things. â&#x20AC;&#x153;For instance, my partner, Godwin Owinje, lived in that city as a child for about seven or eight years and

batters, Ifeanyi Uboh and Segun Ogundipe boosted their runs by 80 runs to push Nigeriaâ&#x20AC;&#x2122;s total runs in the first innings to 169 runs (all out) in 46.2 overs. In the second innings, Tanzania looked determined targeting 170 runs to win, but were awed by the tenacity of the Junior Yellow Greensâ&#x20AC;&#x2122; bowling and fielding who stopped them at 134 runs (all out) in 43.2 overs. Gokul Das of Tanzania boosted the runs for his team scoring 61 runs off 104 balls with a strike rate of 58.65 before being caught by Nigeriaâ&#x20AC;&#x2122;s Mohamed Taiwo. Nigeriaâ&#x20AC;&#x2122;s Peter Aho was on top of his bowling taking four wickets after bowling his allotted 10 overs conceding 37 runs. Also, Nigeriaâ&#x20AC;&#x2122;s spinning duo, Sylvester Okpe and Isaac Danladi did the cleanup to limit the runs of the Tanzanians while taking wickets to seal Nigeriaâ&#x20AC;&#x2122;s victory. Okpe (who is also the captain of the team), took two wickets after bowling 10 overs and conceding 20 runs while Danladi took three wickets after bowling the last wicket in his total 4.2 overs, conceding just eight runs. Nigeria will play finals with Sierra Leone to determine who will be the champion of the tournament on Tuesday.

had a lot of catching up to do. I lived in Zaria and had visited Maiduguri few times growing up and I saw a lot of old friends over there too. â&#x20AC;&#x153;I canâ&#x20AC;&#x2122;t forget how the teens and adults received us and savoured every moment while it lasted,â&#x20AC;? recalled Ujiri. Giants of Africa, the not-forprofit co-founded by Raptors President, Ujiri, is working across seven countries across the African continent this August. Celebrating its 15th anniversary, Giants of Africa has hosted basketball camps and community outreach initiatives in Rwanda, Uganda, Democratic Republic of Congo, Kenya, Nigeria and Ivory Coast. The programme in Senegal began yesterday morning. Ujiri earlier on said, â&#x20AC;&#x153;Over the past 15 years, I have seen the impact basketball can have not only on one kid, but also on their entire community. â&#x20AC;&#x153;When I started Giants of Africa, I envisioned providing African youth access to the game and empowering them to achieve their greatest potential. With 63% of Africaâ&#x20AC;&#x2122;s population below the age of 25 years, we have a huge goal and responsibility to help them develop. We are excited that this year we are able to extend our reach further across the continent to help realize that dream.â&#x20AC;? The organisation had girlsâ&#x20AC;&#x2122; camps in tandem with its boysâ&#x20AC;&#x2122; camps in Kenya, Nigeria and Senegal. Giants of Africa also activated local outreach initiatives in the communities of Kakuma, Maiduguri as well as Bingereville, Ivory Coast.

Daniel Okoronkwoâ&#x20AC;&#x2122;s lone goal gave Friesland Campina the winning edge to emerge champions of this year â&#x20AC;&#x2122;s Remita Corporate Champions Cup tournament in the final played at Yabatech Sports Complex in Lagos yesterday. Okoronkwo capitalised on a defensive blunders of FCMB defenders to grab the winner in the 64th minutes of the highly entertaining clash. Friesland Campina whose team, Wamco FC, was the better side in the first half, combined hard work with character to seize the momentum. Until that goal came, FCMB defenders were alive and industrious. At the end of the final, Remita Brand Ambassador, Peter Rufai, showered encomium on the company for itâ&#x20AC;&#x2122;s laudable effort at enhancing sportsmanship and bonding among Corporate bodies. â&#x20AC;&#x153;Remita deserves all the accolades for their laudable effort on ensuring that Corporate bodies engage in sports. â&#x20AC;&#x153;It is no small achievement by Remita as corporate bodies come together to unwind

through sport. This will go along way to ensure the much needed bonding between employers and their employees,â&#x20AC;? he said. In the third place match, Leadway Assurance defeated First Bank 2-0 to smile home with Galaxy S7 smartphones. The Remita Corporate Champions Cup tournament is organised by leading Nigerian finTech company and owners of Remita, SystemSpecs for corporate employees. To get competing teams, winners and runners-up from each of the corporate games (Banking, FMCG, telecoms, insurance) are selected to participate in what has been described as the Champions League of the corporate games in Nigeria. It is designed to promote team-building, intercompany networking and wellness among core employees from different corporate organisations in Nigeria, in a fun and competitive way. To reach the final, Friesland Campina defeated First Bank while FCMB triumphed over Leadway Assurance during the semi-final clashes penultimate weekend.

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MONDAYSPORTS PREMIER LEAGUE

Victor Moses Absent as Chelsea Cruises to Victory at Newcastle Nigerian forward, Victor Moses, was left out of the Chelsea squad that maintained their winning start to the Premier League season with 2-1 victory over Newcastle United in a match featuring three goals in 11 second-half minutes. The winger who quit the national team last week to concentrate fully on his club

career has only made one substitute appearance for the Blues under Maurizio Sarri this season. Eden Hazard, on his first start this season for the Blues, netted from the penalty spot in the 76th minute before substitute Joselu levelled with a brilliant header at St Jamesâ&#x20AC;&#x2122; Park. But, having been resolute

in defence for the majority of the game, Newcastle failed to clear their lines and Marcos Alonsoâ&#x20AC;&#x2122;s shot took a deflection off DeAndre Yedlin. Chelsea dominated the game with 82% possession and Pedro, Cesar Azpilicueta and Alvaro Morata missed chances. Antonio Rudiger rattled the crossbar in the 70th minute

but Newcastle contained the pressure until Fabian Schar tripped Alonso in the box. Chelseaâ&#x20AC;&#x2122;s third win in as many matches moved them level on points with Liverpool and Watford at the top of the table, while Rafael Benitezâ&#x20AC;&#x2122;s Newcastle have only one point. Benitez was forced to make six changes to the side that drew with Cardiff last

Eden Hazard (centre) scored his ďŹ rst goal of the season in Chelseaâ&#x20AC;&#x2122;s 2-1 defeat of Newcastle yesterday at the St Jamesâ&#x20AC;&#x2122; Park

weekend, with captain Jamaal Lascelles and midfielder Jonjo Shelvey among those absent through injury. The starting XI, featuring three debutants, held their own in defence for much of the game but never looked a threat up front. Salamon Rondon, making his first start since arriving from West Brom, headed wide in the first half, their only clear chance before Joseluâ&#x20AC;&#x2122;s equaliser. The Germanâ&#x20AC;&#x2122;s goal caused controversy, with Chelsea substitute Olivier Giroud claiming he was elbowed off the ball by Yedlin in the build-up. It did not matter as Yedlinâ&#x20AC;&#x2122;s own goal sent Newcastle to their second defeat of the season. After a World Cup summer and reports of interest from Real Madrid, Belgium forward Hazard had to settle for two appearances from the bench before this match. He received a less than friendly welcome by the hosts on his return to the starting XI. In the first minute, he was caught on the back of the ankle by the studs of Matt Ritchie, and was then clattered on the right leg by Mohamed Diame. Off the ball Hazard moved gingerly at times, but for the most part he was the driving force for Chelsea, whose dogged and unrelenting attack finally came to fruition in the latter stages. Hazardâ&#x20AC;&#x2122;s well-taken penalty

was his 70th Premier League goal for Chelsea, which puts him behind only Frank Lampard (147) and Didier Drogba (104) in the club record books. Elsewhere yesterday, Aleksandar Mitrovic scored twice as Fulham secured their first victory since returning to the Premier League in an eventful match against Burnley. Jean Michael Seri, signed from Nice in July, gave the hosts the perfect start by firing a wonderful 25-yard strike into the top-right corner of Joe Hartâ&#x20AC;&#x2122;s goal after just four minutes. But Burnley were level in the 10th minute as Jeff Hendrick converted at the second attempt after good work from Aaron Lennon down the right flank. Also yesterday, Watford manager Javi Gracia said his side has achieved â&#x20AC;&#x153;something massiveâ&#x20AC;? after beating Crystal Palace 2-1 to win their opening three games of the season for the first time in their top-flight history. The Hornets maintained their perfect start in the Premier League to move behind Liverpool and level with Chelsea on nine points at the top of the table. Roberto Pereyra scored his third goal in as many games with an exquisite curling effort, before Jose Holebas added a seemingly unintentional second from outside the area in a resurgent second-half display.

US OPEN

Four Britons Ready for Opening Day Battles Nadal, Sloane aiming to defend titles Champions Rafael Nadal and Sloane Stephens will be looking to defend their titles as the 2018 US Open, the fourth and final major of the year, begins in New York today. Both the King of Clay and Stephens won their US Open 2017 finals in straight set victories against Kevin Anderson and Madison Keys respectively. Andy Murray however is one of four Britons starting their US Open campaigns today. The 31-year-old Scot makes his Grand Slam return against Australiaâ&#x20AC;&#x2122;s James Duckworth on the new Louis Armstrong Stadium this evening. British number one Kyle Edmund meets Italyâ&#x20AC;&#x2122;s Paolo Lorenzi while Cameron Norrie also plays on court 13 against Jordan Thompson. Heather Watson faces Russian Ekaterina Makarova on court four. Johanna Konta, Britainâ&#x20AC;&#x2122;s fifth representative, plays French sixth seed Caroline Garcia on Tuesday. Six-time champion Serena Williams opens the night session at 7pm local time on Arthur Ashe Stadium - Flushing Meadowsâ&#x20AC;&#x2122; imposing 23,700-seater main court - following an on-court performance by American pop star Kelly Clarkson as part of the tournamentâ&#x20AC;&#x2122;s 50th anniversary celebrations. Following Williamsâ&#x20AC;&#x2122; match against Polandâ&#x20AC;&#x2122;s Magda Linette, world number one Rafael Nadal opens the defence of his menâ&#x20AC;&#x2122;s singles title against fellow Spaniard David Ferrer. Former champion Stan Wawrinka starts the day session on Ashe against eighth seed Grigor Dimitrov, with womenâ&#x20AC;&#x2122;s top seed Simona Halep playing on Armstrong before Murrayâ&#x20AC;&#x2122;s match. Defending champion Sloane Stephens follows Murray on Armstrong, the 14,000-capacity

secondary show court which has been rebuilt with a retractable roof and reopens this year, when she plays Russiaâ&#x20AC;&#x2122;s Evgeniya Rodina. Konta is the only Briton to have gained direct entry to the womenâ&#x20AC;&#x2122;s draw by virtue of her ranking, but is outside of the seedings after a year during which she has tumbled down the rankings to 46th. The 27-year-old was the seventh seed at Flushing Meadows last year and could have ended the tournament as the world number one, but lost to unseeded Serb Aleksandra Krunic in the first round. She has struggled for consistent form since being beaten by Venus Williams in last yearâ&#x20AC;&#x2122;s Wimbledon semi-finals, losing five matches in a row at the end of the year and reaching just one final in 2018. The American hard-court season has given her some positivity going into the US Open, Konta inflicting a career-worst defeat on Serena Williams in San Jose before beating Grand Slam winners Jelena Ostapenko and Victoria Azarenka in Montreal. Edmund, the highest-ranked Briton in either draw and seeded 16th at the US Open, is looking to at least match his run to the last 16 two years ago. The 23-year-old Yorkshireman has only managed one victory in three tournaments on the American hard courts, leading to him accepting a wildcard at the Winston-Salem Open, where he lost in the quarter-finals on Thursday. Norrie is the only other Briton to gain direct entry into the main draw, while Watson earned her place on Friday following three victories in qualifying. Scot Murray pulled out of this yearâ&#x20AC;&#x2122;s Wimbledon on the eve of the Championships, saying he was not

ready to compete in five-set matches following surgery in January. The former world number one, who won his first Slam title at the US Open in 2012, is now ranked 378th in the world but will compete at Flushing Meadows because of his protected ranking. Murray has played tournaments in Washington and Cincinnati in preparation for the fourth and final major of the tennis season. He won three matches at the Citi Open in Washington, including a second-round victory over new British number one Edmund, but lost to Franceâ&#x20AC;&#x2122;s world number 17 Lucas Pouille in the first round at Cincinnati. Murray is one of seven former US Open champions in the menâ&#x20AC;&#x2122;s field and all - except perhaps the Briton and wildcard Stan Wawrinka, who is also returning from long-term injury - are expected to be among the main challengers. Novak Djokovic: After winning his 13th Grand Slam title at Wimbledon last month, the 31-year-old Serb is the favourite to win on his return to Flushing Meadows. He missed the tournament last year with an elbow injury but his triumphs at SW19 and Cincinnati - where he beat Roger Federer to complete the career â&#x20AC;&#x2DC;Golden Mastersâ&#x20AC;&#x2122; - show he has recaptured his best form. Now the sixth seed hopes to match the Grand Slam tally of Pete Sampras, whom he describes as his â&#x20AC;&#x153;biggest role modelâ&#x20AC;?. Rafael Nadal: The world number one has only played in the Rogers Cup since his semi-final defeat by Djokovic at Wimbledon - and won the title. The 17-time Grand Slam champion pulled out of the Cincinnati Masters last week, saying he wanted to rest

his body before the US Open. Roger Federer: Like Nadal, the 37-year-old Swiss has been smart with his scheduling as he continues to defy the ageing process. The world number two, a 20-time Grand Slam winner, made his comeback at Cincinnati, reaching the final in his first outing since Wimbledon. Juan Martin del Potro: When the giant Argentine won the US Open as a 20-year-old in 2009, many expected him to challenge for more Slams over the following years. His career has been hampered by serious wrist injuries but he has battled back and reached a career-high third in the rankings last week. Marin Cilic: The 2014 champion has won five matches in his two tournaments on the hard courts, losing to Rafael Nadal in Toronto and Djokovic in Cincinnati. In the womenâ&#x20AC;&#x2122;s category, despite

Andy Murray

reaching the Wimbledon final, where she lost to Angelique Kerber, Serena Williams says she is still at the start of a â&#x20AC;&#x153;long comebackâ&#x20AC;?. The 23-time Grand Slam champion is seeded 17th at Flushing Meadows, moving up from her world ranking of 26 to take into account tournaments she missed while she was pregnant with daughter Olympia, who was born last September. Williams fell to the heaviest defeat of her career against Konta in San Jose last month, later revealing she discovered shortly before the match that the man convicted of killing her half-sister had been released on parole. The 36-year-old American is bidding for a seventh US Open title. â&#x20AC;&#x153;Iâ&#x20AC;&#x2122;m not going in there thinking Iâ&#x20AC;&#x2122;m going to lose. Thatâ&#x20AC;&#x2122;s not being Serena. Thatâ&#x20AC;&#x2122;s being someone else,â&#x20AC;? she said. Simona Halep: The world number

one lifted her first Grand Slam trophy at the French Open in June which, according to the legendary Martina Navratilova, has increased the 26-yearold Romanianâ&#x20AC;&#x2122;s confidence and belief. However the Romanianâ&#x20AC;&#x2122;s preparation has been disrupted by a heel injury that forced her withdrawal from the final warm-up event in Connecticut. â&#x20AC;&#x153;I think Halepâ&#x20AC;&#x2122;s new confidence and attitude are going to make her more proactive during rallies, and thatâ&#x20AC;&#x2122;s going to help her to play better on the US Open hard courts,â&#x20AC;? Navratilova told the WTA. Sloane Stephens: The defending champion has a formidable record on the North American hard courts, having won 32 matches and lost eight on the surface in the past year. The 25-year-old American, who is ranked third in the world, is aiming to become only the fourth woman to retain the title since 2000 after the Williams sisters and Kim Clijsters.

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Monday August 27, 2018

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Price: N250

MISSILE Buhari to Lawyers

â&#x20AC;&#x153;Rule of Law must be subject to the supremacy of the nationâ&#x20AC;&#x2122;s security and national interest.â&#x20AC;? â&#x20AC;&#x201C; President Muhammadu Buhari speaking at the Annual General Conference of the Nigerian Bar Association (NBA) in Abuja

CHIDIAMUTA GUEST COLUMNIST

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The Shadow of Illiberal Democracy

s Nigerian politicians jostle for winning pedestals, an outlandish reality has sneaked into town. The country is sliding from an opportunity to build liberal democracy towards an Illiberal democracy and, I am afraid, even an outright populist autocracy. The signs are now abundant: the personalization of security institutions, an assault on the legislative branch, a division of the nation into regime devotees and dissenting partisans, a preference for the military over the police in matters of security , law and order, serial blackmailing of honest judges and constriction of media freedom and avenues for civil disobedience. There is above all the increasing use of intimidation strategies to frighten regime opponents. The recent invasion of the Nigerian Parliament by state sponsored masked gunmen was only the more open and brazen prelude to the onset of illiberal democracy. Whether or not he ordered that disgraceful assault , the incident may go down as Mr. Buhariâ&#x20AC;&#x2122;s poster political imprint. His subsequent political career will either be an affirmation of his familiar Illiberal identity or its repudiation in favour of an open democratic agenda. The scene was somewhat reminiscent of the 5th October, 1993 invasion of the Russian parliament by military tanks in support of Boris Yeltsin who was intent on protecting his narrow electoral victory against pro-Gorbachev legislators. With that incident, Russia entered a long night of Illiberal democracy that has endured till the present Putin virtual autocracy. Illiberal democracy defines a systematic assault on the foundations of freedom which make liberal democracy strong. The assault on individual rights , the rule of law and freedom of expression are only followed by invasion of representative structures. Intimidation through the systematic abuse of security institutions completes the picture. What makes Illiberal democracy more dangerous is that it is often the handiwork of an otherwise freely elected header. A fledgling autocrat hides under the banner of democracy and popular mandate to advance an anti democratic one man agenda. The use of the strategies of illiberal democracy to foist an autocracy can resonate in developing societies if the aspiring autocrat is armed with a vision and a thoughtful direction for his nation. To deploy the tools of autocracy in the absence of a vision is the highway to mindless absolutism. Nigerians under the current Buharir rule should , in popular parlance, â&#x20AC;&#x2DC;shine their eyesâ&#x20AC;&#x2122;. There are fundamental cautions and road signs for present day Nigeria.First, It is not just enough to invoke vacuous notions of nationalism or to dredge up a peasant nostalgia of a glorious past that wasnâ&#x20AC;&#x2122;t there to begin with. Second, it does not make much political sense to erect a moral divide between â&#x20AC;&#x2DC;saintsâ&#x20AC;&#x2122; and â&#x20AC;&#x2DC;sinnersâ&#x20AC;&#x2122; on matters of public corruption while frightening honest judges and blackmailing tactful journalists. Third, an open liberal democratic culture requires greater rigor and respect for the independence of the institutions of freedom. Fourth, a pretension to democracy that ascribes to an elected leader the status of

Trump

an infallible pontifax Maximus can only lead to autocracy, fake moral absolutism and ultimately an Illiberal democracy. In many parts of the world, democracy and its liberal foundation is under serious threat from leaders with divergent absolutely agenda. Xi in China, Trump in America, Erdogan in Turkey, Maduro in Venezuela, Putin in Russia, Viktor Orban in Hungary, and the butcher, Duterte, in the Philippines all represent the different faces of a new breed of â&#x20AC;&#x2DC;strong menâ&#x20AC;&#x2122; . They all signal the threatened state of democracy. They all have come to power under the guise of one form of democracy or the other but are all intent on subverting the liberal foundation of democracy. These leaders are different faces of one man rule flying the flag of a new nationalism. They insist that the people desperately want economic power over and above the fine values of liberal democracy- free speech, political correctness and old institutions run by worn bureaucrats. Uniformly, the strategy of rising one man autocracies is to find an enemy to blame the nationâ&#x20AC;&#x2122;s ills on in order to cloak and market their rise to the popular masses. Putin blames pro West elites; Viktor Orban blames George Soros and Nicholas Maduro blames the US and his neighbours. In Nigeria, Mr. Buhari blames his political opponents especially the PDP whose splinter brought him to power for nearly everything from rampant corruption to Herdsmen killings and his incoherent economic policies... He carefully and craftily directs this message at his more illiterate mass audiences while alienating the elite who are likely to ask questions about his basic competence. .Every fledging autocrat still clings to the title of democracy as an instrument for winning the next election and hanging a banner of popular mandate on what is clearly an anti democratic scheme. In the older democracies like the US, a certain resilience of institutions can be trusted to protect and preserve the democratic order. Even then, populist autocrats try and test the resilience of old institutions as we are seeing with Donald Trump in the United States. The plight of young newish and fragile democracies under strong man autocracy

is more worrisome. The institutions tend to be fragile, tenuous and often compromised . Those who head them see their allegiance to the strongman as higher than their sworn obligation to the constitution and the nation. It is a typical African political disease. This is the rule of the president as â&#x20AC;&#x2DC;African Chiefâ&#x20AC;&#x2122; to whom all institutions and privileges of state are extensions of a semi feudal domain. In Nigeria, the tradition of the president as â&#x20AC;&#x2DC;Ogaâ&#x20AC;&#x2122;, a respected elder has been institutionalized. With the succession of ageing civil war generals as elected presidents, we are in an â&#x20AC;&#x2DC;Ogacracyâ&#x20AC;&#x2122;.. Mr. Buhariâ&#x20AC;&#x2122;s flirtation with Illiberal stunts is not entirely his making. Because of his draconian military antecedents, he and his devotees may have come to cast him as the quintessential strong man who can bend institutions to discipline an errant society. Far from it. His leadership of the executive branch in the last three years indicates differently. We may in fact be dealing with a rather weak leader. Urgent decisions are delayed. The most strategic institutions are manned by incompetent

people with private agenda. An entire national security structure is uncoordinated while the machinery of government presents as rustic and rudderless. Key presidential functions appear outsourced to ambitious deputies and clannish warlords. An entire nation is now engulfed by a huge question: Who is in charge here? A weak and incompetent leader straining to foist a populist autocracy is a recipe for tragedy. To do so on the eve of a general election is to bring Armageddon even closer and mortally endanger the possibility of democratic becoming. A diverse and fractious polity such as ours is best left as a very liberal, pluralistic and even noisy democracy. The challenge of leadership in a place like this is to navigate the political complexity of diversity by making political deals when necessary; To seek to â&#x20AC;&#x2DC;conquerâ&#x20AC;&#x2122; partisan opponents.is wrong headed.To insist on a forceful autocratic path is a highway to Yugoslavia. Nigerians, I am sure, donâ&#x20AC;&#x2122;t want to go there. r %S $IJEJ "NVUB B NFNCFS PG 5IJTETZ &EJUPSJBM #PBSE JT $IBJSNBO PG 8JMTPO 8FJ[NBOO "TTPDJBUFT -UE -BHPT

A Call for Ethical Reforms at the Bar Ibrahim Magu

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s lawyers converge on Abuja today for the Annual General Conference of the Nigerian Bar Association (NBA), I wish to seize the opportunity of this momentous occasion to felicitate with all members of the legal profession who are undoubtedly among the most important stakeholders in our countryâ&#x20AC;&#x2122;s fight against corruption. The legal profession is greatly admired for the noble role, which lawyers play in the administration of justice, promotion of the rule of law and ensuring the good governance of society. Nigerian lawyers have historically carried out these responsibilities to public acclaim. Unfortunately in recent times, the conduct of a few members of the Bar has become a source of worry. We are very worried that on a number of occasions, some members of the Nigerian Bar Association (NBA), have elected to side with those who do not want the good of Nigeria. I believe it is part of the professional ethical code of lawyers to ask questions as to the source of their clientsâ&#x20AC;&#x2122; wealth. While we are mindful of the fact that there may be many sides to a situation, which equally deserve of robust presentation and defence, we believe that no matter the positions we take on any issue, Nigeria should come first. As many lawyers frequently say, justice should be a three-way street: justice to the victim: justice to the perpetrator of the crime and justice to the society. But, society is not served when some members of the Bar not only take clearly tainted briefs but even facilitate the commission

of crimes by knowingly supplying the technical know-how and later, helping in the dispersal of the proceeds of crime. It is personally disheartening to see lawyers who invest their talents and expertise to advancing the cause of corrupt politicians and public officials. It is amazing that a senior lawyer can accept professional fees of N1.7 Billion Naira from a politician without scruples! The same lawyer with a turnover ofN3, 765,414,995.24 only paid valued added tax of N7, 051,928.24. The N300million cash payment which the senior lawyer received from a South- South state government in an election petition matter in 2016 was never captured in his tax submissions to the Federal Inland Revenue Service. Yet when he got wind of EFCC investigation he was quick to take advantage of the VAIDS window as cover to shield himself from the Commissionâ&#x20AC;&#x2122;s dragnet. Another senior lawyer, who is quick to advertise himself as the nemesis of the EFCC, has a turnover of over N5.1billion with an assessed total tax liability of over a billion Naira between 2010 and 2017. Sadly, he merely declared a meager N8million as gross earnings for 2014 and 2015, and N10million for 2016. I can go on and on. The catalogue of brazen infractions by some senior lawyers that borders on criminality is legion. The tragedy is that these so-called smart senior lawyers are supposed to be role models for the young lawyers. Young lawyers who worry about their future and the future of the noble profession in Nigeria must rise today and demand the cleansing of the mercantilist tendencies of some of the learned silks. Continued on page 53

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